If you want to get rid of your private sector job and want to start your own dream business or want to retire soon, it is possible to do this now. You can make yourself financially strong so that in the future, you can start your own business by leaving the private job and start your business sooner or later of your choice.
For this, we are telling you 10 years of financial planning, so that you can make a fund of 10 million rupees in the upcoming 10 years. With this money, you can start your business or invest in this money in a mutual fund and you can meet the needs of your monthly expenses with money from the returns.
You have to invest a lump sum of Rs 5 lakhs in a mutual fund. With this, you have to start investing 20,000/- rupees every month in Mutual Fund SIP. You need to increase your investment in SIP by 15% every year.
If your investment gets returns in the range of 14% to 16% annually, you will make a fund of 10 million rupees in 10 years. Equity mutual funds can get returns of 14% to 16% in the long term.
Here it is important to keep in mind that returns on investment (ROI) in mutual funds are not guaranteed and the returns on this depend on the performance of the stock market.