If your salary is good and you understand the importance of savings and investment well, then becoming a millionaire is not a big deal for you. To become a millionaire, you have to invest for a long time and invest in such a scheme in which you get good returns. In today's time, SIP Mutual Funds is such a scheme whose average return in the long term is considered to be around 12 percent.

This return is very good compared to any other scheme, as well as beating inflation. Due to the benefit of compounding, you can make a lot of money in the long run from this scheme. Here we are going to tell you the method by which you can make yourself a millionaire in just 15 years. If you start investing at the age of 25, then you can become a millionaire by the age of 40. Know how?

This formula will have to be adopted for investment

The 12-15-20 formula can prove to be very helpful for you in becoming a millionaire by the age of 40. In this formula, 12 means 12% return, 15 means investing for 15 years, and 20 means investing Rs 20,000 per month. If you start a SIP of Rs 20,000 at the age of 25 and continue it for 15 years and you get a return of 12 percent on this SIP, then you will become a millionaire by the age of 40.

Understand how with an example

If you deposit Rs 20,000 every month in mutual funds through SIP, then you will invest a total of Rs 36,00,000 in 15 years. According to the SIP calculator, at the rate of 12 percent, you will get Rs 64,91,520 as interest on it. In this way, after 15 years you will become the owner of a total of Rs 1,00,91,520. Since SIP is a market linked scheme, its return is also based on the market. If you get a return of more than 12 percent on it, then your profit can be even more. Suppose you get a profit at the rate of 15 percent, then in such a situation, on an investment of Rs 36,00,000, you will get Rs 99,37,262 only from interest and after 15 years you will get Rs 1,35,37,262.

How to get 20,000 rupees for investment

Another thing that comes to mind is how to get 20,000 rupees for investment? So let us tell you that if your salary is Rs 1,00,000 per month, then you can very easily withdraw 20,000 rupees per month. Financial rule says that every person should invest at least 20 percent of his income. 20 percent of Rs 1,00,000 is Rs 20,000. In such a situation, you can easily withdraw this amount for investment.

(Disclaimer: Investments in mutual funds are subject to market risks. Before investing, do your own research or consult your advisor.)