Want Rs 1 crore in these many years? Tips - Experts reveal money making idea for you

Money Making Idea: How to become rich or 'Crorepati Kaise Bane' is the most regular question that tax and investment advisers come across on a regular basis. However, for all such investors, their answer is the same — 'Mutual Fund Sahi Hai.' As per the tax and investment experts, looking at a Mutual Fund Calculator is a must as it reveals that you can start a mutual fund SIP (Systematic Investment Plan) in the later part of the career too. However, in this case, investors will have to invest more money in a monthly SIP if they want to reap a higher amount of wealth at the time of redemption.

Speaking on money making ideas, SEBI registered tax and investment expert Jitendra Solanki said, "Mutual fund investments are good for long-term investments for more than 10 years. For such long-term mutual funds SIP, one can expect to get at least 12 per cent return on one's money."

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Sharing his money making ideas in regard to the mutual funds, Kartik Jhaveri, Director — Wealth Management at Transcend Consultants said that a mutual funds SIP at the early phase of one's career is always advisable, but in case, if someone couldn't do that it doesn't mean he or she has missed the bus. Jhaveri said that one can start SIP around 10-15 years before its retirement but in that case its monthly SIP will be little higher. He said that investing a higher amount in the later phase of one's career shouldn't be a big ask as one's also grows in proportion to one's career.

Assuming the money ideas are shared by the experts, if someone wants to accumulate Rs 1 crore in 15 years, expecting 12 per cent returns, then the mutual fund calculator says that one will have to start a Rs 20,017 monthly SIP.


Source: Axis Bank Mutual Fund Calculator

In this 15 years of mutual fund investment, the investor would be investing Rs 36,03,060 while in return he will be able to accumulate Rs 1 crore, which is his or her investment goal.