Mutual funds can be a good option if you are an aggressive investor and want to raise money quickly. You can also become a millionaire by investing in it for some time through SIP. SIP does not have guaranteed returns due to it being market linked. This return is based on the market. But in the long run, returns of 15 to 20 percent can also be obtained.
Its average return is only twelve percent. There is also compounding in this. Wealth creation happens much faster than this. The 15X15X15 formula can be very useful for you if you want to become a millionaire in less time through SIP.
How will a millionaire create the formula of 15X15X15?
According to 15X15X15, you will have to invest Rs 15,000 per month for 15 years, in which you can get 15 percent interest. We are talking about investing in SIP because 15% return in long term in SIP is not a big deal. By adopting the 15X15X15 formula, you can invest Rs 27,00,000 in 15 years if you invest in SIP. This investment will be Rs 15,000 per month.
But at 15% interest meeting it will cost Rs 74,52,946. Thus, the institution and interest invested together made the share worth Rs 1,01,52,946 in 15 years.
The sooner you invest, the sooner you will become rich
The sooner you start investing, the sooner you can become a millionaire. By investing at the age of 25 according to the 15 X 15 X 15 formula, you can become a millionaire by the age of 40. But for this your monthly income should be around eighty thousand (80,000) rupees.
According to financial rules, twenty percent of the income should be saved and invested. If your monthly income is Rs 80 thousand, then 20 percent of it will be Rs 16 thousand. It is very easy to invest 15 thousand rupees in SIP.