Saving of 30 Rs a day Can make you a Crorepati

How to become a Crorepati ?

This is a very simple question with a no specific answer, there is no shortcut of becoming a crorepati . Crorepati’ is a dream that every Indian has. But the critical question is how to do that. 

To be a crorepati, you need time on your side. It is a dream that is quite achievable but requires tons of patience. Time is an important factor when investing your hard earned money into investment vehicles such as mutual funds.

Always remember that one must start saving and investing as early as possible to reap benefits once you take control of your financial destiny. No one said it was easy!

But, it can be achieved.

There is a long but an easy way out to achieve this goal. So Start investing and Start it early. Warren Buffet started investing in stocks at the age of 11 and he became the 2nd most richest person in the world. (How to invest like warren Buffet?)

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There are 3 factors once should keep in mind to get those seven zeros rocking in your account.

1) Amount invested monthly/yearly 

2) Rate of return

3 Harnessing the power of compounding 

Let us understand it with an example and a set of assumptions. Assumptions are as follows:

• Mr. X is 20 years old

• He accumulated 30 Rs per day monthly for 40 years

• At the end of every month he invest the daily saving( Rs 900 appx. ) in a diversified mutual fund.

• Mutual fund gives a return of 12.5% p.a.,

• If Mr. X continues this process for 40 years, he will become a crorepati if all the assumptions mentioned hold good.

Amount invested monthly/yearly:

As the saying goes, “Save today for a better tomorrow”. It is true that when you save today, the amount rewarded at the end of the road is much bigger. A small saving leads you to a modest fortune.