How to Accumulate 30 Lakhs in 5 Years Through SIP?
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Accumulating Rs 30 lakhs in five years through SIP is a no-brainer approach. Then why an article on such a simple topic? This might be your question. But there’s more to it! Simply by math, if you invest Rs 36,733/month for five years at an assumed 12% rate of return, you will easily reach your goal through the SIP mode. But it is easier said than done. Other qualitative metrics need to be considered before investing in the above-calculated monthly amount. Here are factors that can help you make your wealth creation journey easier: Consider Your Investment Constraints Before investing a pre-specified amount each month to reach your desired level of wealth, you should consider your objectives in terms of risks and returns, time horizon, liquidity or tax constraints, and other unique considerations that might affect you if a severe event occurs during your investment horizon. Differentiate Between Your Ability and Willingness To Take Risks The ability to take risks is...