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Finance

Becoming a Crorepati with SIP Mutual Fund Investments: Here’s How

By Tammy Seaton

A January 2022 survey revealed that about 40% of people intend to invest in equities and mutual funds in the near future. While we all might want to build wealth, there are times when we feel that we need money to make money. That is not true with a Systematic Investment Plan (SIP). You can invest in the best mutual funds at just ₹500 per month via the SIP route.

Here are some useful tips on ensuring the best returns for your investment. You never know, the SIP calculator might just predict that you’ll be a crorepati at the end of the fund’s tenure!

Identify Your Financial Goals

Before you choose where to invest, identify your short-term or long-term financial goals. Although SIPs are considered most suitable for a long-term horizon, they can also provide benefits in the short term. So, whether your goals include higher education or the marriage of your children, buying a car or property, knowing the goals will help you choose an appropriate fund and the timeframe of investment.

Begin Small but Begin Early

Beginning as early as possible gives your investment time to grow. Plus, you get to capitalise on rupee cost averaging to maximise your gains. You can use the “crorepati calculator” online to estimate the expected returns and how much to invest to achieve your investment goal. As you earn more and enter new life stages, you can increase the investment amount.

Choose Your Scheme Wisely

There are different types of mutual funds to choose from, such as equity funds, debt funds and hybrid funds. Each comes with its own risk-reward ratio and return potential. While equity funds tend to offer higher returns, they are also considered higher risk since they invest in the stock market. So, once you are sure of your risk appetite and the timeframe of investment, you can choose between the different schemes.

Know How Much to Invest

With an SIP, you can start your investment journey with as little as ₹100 per month with some of the best funds. But the minimum investment won’t help you achieve crorepati status. Use the SIP calculator to identify how much money you need to invest for your desired timeframe to reach your financial goal. This can help you either change the timeframe or choose the amount of funds needed.

Step up Your Investment Regularly

Let’s understand this with an example. Say, you earn ₹20,000 per month and decide to invest ₹1,000 per month in an SIP, which is 5% of your monthly income. After one year, your salary is increases to ₹25,000 per month. Stay with the 5% rule and increase your investment to ₹1,250 per month. The returns are directly linked to the invested amount. The more you invest, the higher the returns you’ll receive.

Investing in an SIP needs patience and discipline. It is a great way to build a saving habit and accumulate wealth without stretching your monthly budget too much. So, go ahead and start your investment journey and get ready for a secure financial future.

Tammy Seaton
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