Investment Tips for Millionaire: In today’s era, every person dreams of becoming rich, but the luck of very few people supports and they become rich in a few years. You must be thinking that what should you do to become rich that you become a millionaire in a few years. After all, what is the formula that will make you rich? How do people who become millionaires do financial planning? We are going to tell you how to do better planning to become a millionaire.
what is the formula
Let’s say 30 years is your age. If you want more than Rs 3 crore till retirement, then you have to invest Rs 10,000 every month. If you get 12% return on your investment, then you can easily become a millionaire till retirement. You can invest in Systematic Investment Plan (SIP). This will reduce the risk on your investment and will also give great returns. Money is invested in mutual funds through SIP.
plan according to age
If you start investing as soon as possible then it will prove to be more beneficial. If you are 45 and 50 years old. So you will get less return on investment. You can do this planning for Rs 25 or 50 lakhs instead of 2 crores. Depositing a little money every month in SIP investment does not affect your household expenses. With the passage of time, a large amount also accumulates.
These things have to be kept in mind
- If you have taken a loan, then avoid delay in payment of its EMI or Credit Card bill.
- Always keep an emergency fund ready.
- Re-invest the income from the investment.
- Focus on increasing your income and cutting expenses.
- Avoid debt and start investing as soon as possible.
- Avoid using the investment for other needs.