Crorepati Calculator 2023: How to Become Millionaire in 7 years? Check Investment and Return Here

You can become a millionaire in the next five years depending upon the amount of investment you are making into the instrument, scroll down for more details

Everyone aspires to build up a sizable corpus throughout their lifetime, whether they are employed or run a small business. While it may seem an uphill task to many, according to experts, any earning person can become a crorepati if they chose to invest regularly and systematically in instruments that yield inflation-beating returns in long run. The desire to build significant wealth for the future motivates investors to make investments in a variety of investment options. Investors can choose from a variety of investment options to increase their wealth by methodical planning and carefully selecting the best investment strategies.

Depending on the amount of investment you are making into the instrument, you can become a crorepati in five, ten, or fifteen years. We'll explain the investing method developed by professionals to become a crorepati in 10 and 15 years because the investment amount is too high for a five-year term. It is admirable to want to see a strong return on investments, but to do so, one must consider all the variables that affect long-term wealth building. When invested in the correct plans and through the appropriate channels, investors' hard-earned money can provide impressive returns.

How to become crorepati in 7 years?

So, if you want to become a crorepati in 7 years through the SIP, you will have to invest around Rs 90K per month for 7 years if the rate of return is 8%. By this method, you will invest around Rs 75 Lakh and the maturity amount would be Rs 1.02 Crores. If the rate of return is 10%, you will have to invest Rs 82K per month. The total investment would be Rs 68.88 Lakhs and the maturity amount would be Rs 1.00 Crores. However, if the rate of return is 12%, then one needs to invest Rs 76K per month. The total investment would be Rs 63.84 Lakhs and the maturity amount would be Rs 1.00 Crores.

Planned Investments in the Right Schemes

1. SIP in Index Mutual Funds - Begin by investing, say, 20% of the monthly contribution, through SIP in Index Mutual Funds. Returns are predicted to be between 10% and 12% at moderate to low risk.

2. SIP in equity mutual funds: 30% of monthly investment; returns of 14–18% are anticipated. The best stocks to choose are large-cap, mid-cap, and blue-chip stocks. The corresponding risk is between moderate and high.

3. SIP in Balanced Mutual Funds: 30 percent of monthly investment with low to moderate risk and 12 to 14 percent estimated returns.

4. Investment in Bank Recurring Deposits– 30 percent of monthly investment with an expected annual return of around  7 percent with none to low risk