Everyone wants to be a crorepati, but it often seems that only the lucky ones can fulfil this dream. The reality is that with smart financial planning and a little discipline, you can build a wealth of Rs 1 crore in 10 to 20 years – that too without making major sacrifices.

Set a goal

First, decide how much funding you need. Do you want Rs 1 crore in today’s value or future value after taking inflation into account? This clarity will determine how much you need to save and invest every month.

Small steps, big journey

It doesn’t take lakhs to start investing. Even just Rs 10,000 per month, if invested in the right place, can touch the crore mark in 10-20 years. The biggest mantra here is – “Start early and keep investing consistently.”

Invest in the right place.

It is difficult to become a crorepati with just fixed deposits. For this, you have to adopt growth-friendly investments like equity mutual funds, index funds, and, in part, direct equity. If you are afraid of risk, then keep a balance of debt funds and bonds along with equity.

Mantra of automatic savings

As soon as you get your salary, a fixed amount should be automatically transferred to the investment account. This will make you pay yourself first, and the temptation to spend will be reduced.

Balance of lifestyle

When income increases, expenses often also increase. We forget to increase investment in a new car, expensive gadgets, or a luxury lifestyle. But if you keep increasing your savings rate, then the journey to becoming a millionaire will be faster.

Patience and discipline are the keys

There will be fluctuations in the market. It is not right to withdraw investments in panic. Review your plan once a year and make changes if needed. Remember, only those who stay for a long time win. In simple words, becoming a millionaire is not a distant dream, but a disciplined habit. If you start taking small steps from today, then a fund of Rs 1 crore can become your reality in the next 10-20 years.

Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.