(MENAFN- AsiaNet News) Earning ₹1 crore is a dream for every middle-class person. But is it possible to earn ₹1 crore with a salary of a few thousand rupees? By following these strategies, you can easily accumulate ₹1 crore in your account without even realizing it. Let's find out how.
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Generally, wealthy individuals and celebrities earn crores of rupees per day. Their primary sources of income are industries, real estate, stock marketing, and films. The investments they make in these sectors bring them crores of rupees in a short period. However, it is very difficult for middle-class people to make huge investments in these sectors. That's why they have to compromise with what they have and cannot even try to fulfill their aspirations. However, by thinking smartly and investing their earnings every month, they can earn ₹1 crore in a short period.
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The sector we need to choose for this is the stock market. When it comes to the stock market, everyone thinks that most people lose money here. While there is some truth in this, many have now proven that investing in the right company, at the right time, and in the right place can easily yield double-digit returns. So, where should one invest in the stock market?
When it comes to saving money, the first things that come to everyone's mind are banks and post offices. However, due to various reasons, they may not be in a position to offer high interest rates. Compared to RDs and FDs, long-term investments in equity mutual funds yield higher returns. For example, mutual funds that invest in companies listed on the Nifty-50 index offer good returns.
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Investment experts say that by investing in mutual funds through the State Bank of India, your small investment can turn into a huge amount in a specified time. They say that equity mutual funds are suitable for those who are looking for higher returns by investing with a long-term perspective. Being a public sector bank, State Bank has been serving the people for decades and is a trusted bank. Therefore, stock market experts say that investments in SBI are very safe.
If you can invest ₹15,000 per month in equity mutual funds through SBI, it will become ₹1 crore in a short period. How is that possible? If you invest ₹15,000 per month in equity mutual fund schemes, it will give you a return of 12% per annum. This way, your investment will reach ₹1 crore in 211 months. This means it will become ₹1 crore in about 17 years and 11 months. If you invest ₹20,000 per month, you can earn ₹1 crore in just 185 months, i.e., 15 years and 4 months. If you invest as a fixed expense every month, this huge amount will be very useful to you and your family when needed.
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