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Financial Planning
Want to build a 1 crore corpus in 10 years? Here is what to do
Want to build ₹1 crore in 10 years? Learn the best investment strategies and monthly savings required to achieve it.
Key takeaways
- Setting a clear financial target helps you stay focused and committed to your investment journey.
- Regular investments, when started early, benefit from compounding and have the potential to grow over time.
- Boost your earning potential through side hustles or business
Yes, you can do that! It is possible to create a corpus of ₹1 Cr in 10 years. It requires you to take more than just an effort to save money. You need to learn a lot of new things and invest a lot too. It is not so difficult to learn. There is a plethora of information on ways to save money and invest. But you need to ask yourself if you have it in you to lead a frugal life. Creating a corpus of ₹1 Cr is based on your ability to create a surplus income every month and invest.
It is good to have a set target when investing. That way, you create a definitive financial goal. You strive towards it and, once the goal is achieved, you can consider exiting, regardless of the market situation. If you want to know how to make ₹1 Cr in 10 years, start with financial education. Good money habits will allow you to save and invest regularly.
Boosting your income potential
If you think your salary is low and inadequate, think about a side hustle or a part-time business. Increased income accelerates the creation of wealth. Professional development through skill building, promotion, or professional change increases earnings.
Stock market
Prudent investment in high-quality stocks, equity-based mutual funds, has the potential to create wealth in the long run. A systematic stock market investment strategy could earn risk-adjusted returns to reach ₹1 crore in 10 years. You need to talk to a professional advisor to help you choose your stocks or mutual funds.
Inflation erodes the purchasing power of idle money. Saving is not enough to make money; only investments fuel growth.
SIPs in Mutual Funds enable you to invest small amounts of money over a period. Compounding and rupee cost averaging in SIPs enable you to make long-term returns. For instance, investing ₹43,000 monthly in equity-linked SIPs with an assumed average annual return of 12% could potentially help you reach ₹1 crore in 10 years.
Business and side hustles
Side hustles or entrepreneurship generates new sources of income. You may take up a part-time job like freelancing or teaching to generate additional income. You could start a business that generates immediate revenue with someone you know who can manage day-to-day operations while you use your skills to remain a sleeping partner. Invest all the income from your second job or source to achieve your target.
Fixed-income instruments
Your ability to save more and spend less matters to you achieving the financial goal of creating a kitty of ₹1 crore in 10 years. You must learn to lead a frugal life too. You may have to give up on your favourite ‘hazelnut’ coffee and settle for home-made one. You may have to use public transport whenever possible and save on fuel and travel fare. On a holiday, you may have to travel light and bear inconvenience to save money. By boosting your savings and investing them well, you will be able to get your goal.
Over the 10 years, you must always maintain a sizeable emergency fund. You cannot take your eyes off your financial goal if any emergency hits you. Your first target towards ₹1 crore is to have nearly six months of your expenses in a fixed deposit or a liquid mutual fund. It is better to buy a comprehensive health insurance policy over and above your corporate insurance policy.
Chasing wild gooses
Buying anything you do not understand to ‘get rich quick’ is a no go. You cannot invest in crypto assets, derivatives, chit funds, peer-to-peer lending schemes or others without understanding the risks associated with them. The last thing you need is a financial loss that would put your goal away by years.
Conclusion
Your answer to “how can I make ₹1 crore in 10 years” lies in careful planning such as income increase, intelligent saving, and investment allocation. A diversified investment portfolio, tax savings, and compounding power can drive growth. Adjust to market volatility in investments and stay up to date with your financial literacy.
Always consider the risk while choosing investment avenues. Small contributions to investments, when repeated consistently, will, in the long term, establish financial independence for the future years. Pursue other avenues for investment and profit from diversification to avoid risks and gain more wealth over time.
Disclaimer: This article is intended solely for informational purposes. The views expressed in this article are personal. Axis Bank and/or the author shall not be liable for any direct or indirect loss or liability incurred by the reader arising from reliance on the content herein. Readers are advised to consult a qualified financial advisor before making any financial decisions. Axis Bank does not endorse or guarantee the accuracy of any third-party content or links included in this article.
Mutual Fund investments are subject to market risk. Please read all scheme-related documents carefully. Axis Bank Ltd. is acting as an AMFI registered MF Distributor (ARN code: ARN-0019). Any purchase of Mutual Funds by Axis Bank’s customer(s) is purely voluntary and not linked to availment of any other facility from the Bank. This content is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future returns. Readers are advised to consult a qualified financial advisor before making any investment decisions. Terms and Conditions apply.
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