Srinagar, Dec 26: One crore money is a dream figure for most retail investors. Is one crore rupees enough to reach your dream goals is a different discussion, but the figure with seven zeros is attractive for most of us to achieve. Well, its not a herculean task to accumulate a crore if you start early and continue to invest regularly in a disciplined manner.
Amount of investment and rate of return will guide the speed at which you can become a crorepati. In other words, these two factors will decide how fast you can accumulate ₹1 crore.
Here is a look at some numbers to understand how much money will it take for you to become a crorepati at certain rate of return for specific number of years.
₹1 crore might not suffice to fulfill your goals
While this figure with seven zeros looks humongous today, it might not be enough to cater to your financial needs, five or 10 or 15 or 20 years later. The reason as we all know is inflation. Inflation is eating the value of our money constantly. At an annual inflation rate of 6%, a goal that costs you a crore today, would need ₹1.34 crore after five years or ₹1.79 crore after 10 years or ₹3.21 crore after 20 years.
Talk to your financial advisor to choose an adequate target amount for your non-negotiable goals like retirement, child education.