SIP plan useful to become a crorepati on a salary of ₹30,000

It is possible to create a fund of ₹1 crore for retirement with a monthly salary of ₹30,000. According to a report by TV9 Gujarati, regular investment is essential to achieve this goal. If a person invests 20% of their earnings, i.e., an SIP of ₹6,000 every month, this target can be achieved in the long run.

This calculation is based on the rate of return. If an annual return of 12% is received, a fund of ₹1 crore can be prepared in approximately 20 years. During this period, the investor's total investment will be approximately ₹41.24 lakh and the remaining amount will be achieved through estimated returns.

According to the report, if the salary increases to ₹40,000 or ₹50,000, the investment amount can also be increased. This method is called 'Step-up SIP', in which the investment amount is increased every year. For example, if there is an SIP of ₹6,000 in the first year, it can be increased by 10% to ₹6,600 in the second year and to ₹7,260 in the third year.

If the investor increases the SIP amount by 10% every year, the goal of becoming a crorepati can be achieved approximately 4 to 7 years earlier. However, for this, it is necessary for the investor to invest the increased amount every year.