People above 40 years of age can also become millionaire, Just invest in this scheme

It is said that there is no age limit for making money, then why there is an age limit for saving money. Especially people in their 40s and older think that if we haven't saved money yet, what will happen now. Now our dream of becoming a millionaire cannot be fulfilled. But it is possible that even 40-year-olds can become millionaires by saving very little of their own money and by the right strategy. What is needed is a proper strategy and discipline. So let us know how this plan will be possible

Anything possible with SIP

Systematic Investment Plan means that through SIP you can fulfill your dream of becoming a millionaire. There is no age limit for investing in mutual funds, so even if you are 40 years old or older, you can achieve your goal by investing in mutual funds. Mutual funds have to be invested through SIP every month.

That much must be invested

Suppose you are 41 years old and now you are thinking of investing in SIP and you want to become a millionaire before retirement, then you have to invest around Rs 9000 per month. In mutual funds, returns of 11 to 15 per cent are easily available. So by this compensation you will have Rs 2 crore till your retirement age.

Understand mathematics this way

Mutual funds typically offer returns of around 15 per cent, but some funds offer returns of up to 20 per cent. You have invested for 20 years. During this period, if you get a CAGR return of more than 20% per annum, in such a case, an investment of Rs 10,000 per month in your fund will be Rs 2 crore.