Want to become a Crorepati? Know how long would it take
The Time to become Crorepati Calculator is quite popular among those who are eager to know if you start saving from today, how much time it will take 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 time taken for savings amount to reach 1 crore or more.
Why should you use this calculator?
If you want to become a crorepati and you are looking to start saving today, this calculator is the one for you.
How to use this calculator?
The entries to make are:
Goal Amount – Enter the maturity amount that you would need after investing for few years. By default, this value is 1 crore. You can enter a higher value also.
Current Savings – You might 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 currently hold.
Monthly Savings – Enter the amount of saving you can afford every month or which you are planning for. By default, this value is Rs. 20,000. You can change it to your convenience.
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 time for which you need 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 in the long term by investing in various instruments. It will let you know the time needed to get to a particular target amount.
Can it be used in any other situation?
This calculator is to be specifically used to know how much time it would take for the current and future savings to earn 1 crore or more if you start investing today.
Frequently asked questions about Savings/Investments
Some frequently asked questions related to Savings/Investments have been answered in the following articles:
Different Investment Options – The article aims at describing the various investment options available in India along with their pros and cons and ways to choose the right product.
Systematic Investment Plan – Learn about a unique way of investing monthly, called SIP or Systematic Investment Plan. The article defines SIP and lists the advantages of investing in it.