Financial Tips: Do you want your child to become a millionaire before he reaches college? So for this, you should start making the right investments. Yes, if your child is younger than 3 years, then you can secure his future financially through a smart SIP. Yes, you can make your child a millionaire in just 15 years with the help of SIP. So let's understand how and how much money the child can invest to become a millionaire.

Every parent wants their child to be financially strong when he grows up. But for this, it is necessary to do the right financial planning first. If your child is 3 years old or even younger, then with the right financial planning you can make him a millionaire. You can create a fund of Rs 1 crore in 15 years by making small savings through SIP. This fund will be useful for the child's college studies etc.

In view of rising inflation and increasing expenses on children's education, correct financial planning is very important. Without financial planning, you cannot manage expenses. That is, to secure the child's future, you should start investing in SIP. With the help of SIP, you can create a fund of Rs 1 crore in 15 years.

To give security to the child in the future, it is very important to start investing in SIP from now. Long term investment in Systematic Investment Plan (SIP) gives the benefit of compounding. In such a situation, you can create a strong fund with a SIP of just ₹ 16,500 per month. You have to continue this investment for about 15 years.

If you continue SIP of ₹ 16,500 per month for 15 years, then you will get a return of 15%. So with this your total fund can be more than ₹ 1 crore. Your total investment in this fund will be ₹29.70 lakhs. Along with the return, you will get ₹1,01,70,032. This means that this can be smart saving and strong financial planning for the future. In simple words, your investment will be ₹29,70,000, in which your return will be ₹72,00,032. With 15%, your total fund will be ₹1,01,70,032.

If you want to become a millionaire in a short time, then you will have to change the investment amount in SIP. You should invest only ₹30,000 with a monthly SIP and increase it by 10% every year. If you get 12% return on this investment, then you can create a fund of ₹1 crore in just 10 years. Yes, the magic of compounding is such that the first 50 lakhs will be made in 7 years, then the next 50 lakhs in just 3 years and then the next 50 lakhs in just 2 years. In 19 years, this fund can grow to around ₹ 5 crores.