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INVEST FOR LONG: Be a millionaire in whatever you earn!

Money Bhaskar | Last Modified - Jun 27, 2014, 11:41 AM IST

If you make an investment for a long time’ then you would get the benefit of compounding on your money. This simply means, the longer you save and invest, the better the returns you receive in the end.
  • INVEST FOR LONG: Be a millionaire in whatever you earn!
    INVEST FOR LONG: Be a millionaire in whatever you earn!
    To be millionaire is on everyone’s wish list. But, is it really important to earn one of the smartest salary? Probably No. You just need three sure-short formulas to be the millionaire.
    First, investment for a long term; second-good return on your investment; and third-if you vowed to save a limited amount from your earnings, then you must bank that amount monthly.
    For better understanding read on-

    Investment for a long time

    If you make an investment for a long time’ then you would get the benefit of compounding on your money. This simply means, the longer you save and invest, the better the returns you receive in the end.

    Rate of return

    How much time it takes you to be a millionaire also depends on what is the rate of return on your investment. If the time of investment is same, then a difference of 2-3% in rate of return can impact your savings.
    Suppose, every month you make an investment of Rs 3,000 per month for 30 years at 10% return, you would end up receiving Rs 65,13,962. But if your rate of return is 13%, then you will get Rs 1,19,27,340.

    Monthly savings

    It also matters that how much monthly savings you make. This is the universal rule; the more you save, the sooner you become a millionaire. For instance, suppose you save Rs 3200 monthly at 12% return for thirty years, then you will be able to save Rs 1,03,79,234 at the end.
    Now, see how much a little more investment can help you to save more, if you save Rs 3,300 monthly at 12% return, then you will reap Rs 1,07,03,572 at the end.

    Where you will get good returns

    Saving small amount for a definite period can make you a millionaire. It is seen that markets are the best ways through which you can receive 12-13% return. However, equity mutual funds are other options that can offer you significant returns.
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Web Title: Be a crorepati in whatever you earn!
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