Financial Fix | The Magic Of Growing Wealth: Your Rs 10K Monthly Can Work Wonders
Date
5/14/2024 1:11:49 AM
(MENAFN- Kashmir Observer) The Power of Systematic investment With a disciplined investment of Rs 10,000 monthly in an SIP, you're steadily building a financial fortress. Over 20 years, your total investment of Rs 24 lakh can grow significantly, depending on your rate of return:
With a 7% return, watch your investment bloom to approximately Rs 51 lakh. Jump to 10%, and your growth leaps to about Rs 72 lakh. At 12%, your portfolio burgeons to Rs 91 lakh. Accelerate to 15%, and you're looking at Rs 1.32 crore. At an 18% climb**, your investment skyrockets to Rs 1.92 crore. Hitting a 20% stride, it reaches around Rs 2.47 crore. Reaching a 22% peak, it ascends to a staggering *Rs 3.18 crore.
The Difference Between Saving and Wisely
Investing
Read Also Financial Fix | Unlocking the Power of Compounding: Why Every Percentage Point Matters in Investments Financial Fix | Emotional Trading is Risky Simply depositing your money into a savings account won't shield it from inflation's eroding effects. On the flip side, choosing to invest in a well-strategized mutual fund portfolio allows your wealth to not just maintain its value but significantly grow, thanks to the wonders of compounding interest.
The key lies in choosing the right mutual fund path that aligns with your financial goals. The vast array of choices demands careful navigation.
Pro Tip : Embark on this journey with a trusted financial advisor by your side. Their expertise can simplify the complex process of fund selection, ensuring it harmonizes with your financial dreams, risk tolerance, and timeframe.
Irshad Mushtaq is an entrepreneur, business partner at Sharekhan, and author. Email: [email protected]
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