Want to become a Crorepati? Know how much you should be saving
The Save to become Crorepati Calculator is quite popular among those who are eager to know about how much to save from today to become a crorepati. It is also popularly known as Crorepati Calculator. Such Crorepati Calculators are used by a lot of financial portals. InvestmentYogi provides a very simple calculator for knowing the savings amount needed to earn 1 crore or more.
Why should you use this calculator?
If you want to become a crorepati and are eager to know how much of savings is needed to get there, this calculator is the one you need.
How to use this calculator?
The entries to make are:
Goal Amount – Enter the target goal amount you would like to achieve in the future. By default, this value is 1 crore. In case you want to enter any other value, you can do so.
Current Savings – You could have already saved some amount in the past. In case you want to consider this savings for the above mentioned goal, enter the amount of savings you have currently.
Years to Achieve – Enter the number of years in which you want to get to the target. By default, this value is 10. You can change it to your convenience.
Months to Achieve – Number of months in which you would like to get to the target. In case you have entered the number of years, you need to enter this value only if there are any additional months. Otherwise, you can skip the number of years and enter this value.
Expected Rate of Return % p.a – The annual rate of return by which you expect your investments to grow. By default, this value is 10. You can try different values, though.
Once you enter these values and click on calculate, the result will be stating the amount needed to save/invest every month from today to reach the goal.
When should you use this Calculator?
This calculator is to be used by those who are looking to build wealth by investing in various instruments.
Can it be used in any other situation?
This calculator is to be specifically used to know how much of savings is needed monthly from today for the tenure stated in order to earn 1 crore or more.
Frequently asked questions about Savings
Some frequently asked questions related to Savings have been answered in the following articles:
How to Select Savings bank account? – This article gives an introduction to different types of saving bank accounts, options and features.
Savings Tips for Emergency Fund – It gives an idea on importance of building an emergency fund along with tips to do so.