Based on the example provided where the person is investing ₹2.5 lakh annually where you have to invest 25 lakh for 10 years and get 52 lakhs at the end of 15 years. In addition to that, a 25 lakh insurance in case something unforeseen happens to you. 🤑🤑🤑
This might make you feel your money is growing at a rapid pace and you are getting a lot in returns. However, there are alternate ways to grow your money. ☑️☑️
You can invest in a Term insurance plan for the safety of your family if you have an annual salary of 10 lakh. Spending a couple of thousands, you can get a coverage of more than 2 crores! And yes, the earlier you start, the better. 😮😲
And with the remaining money saved for investments you can:
Invest in the stock market or mutual funds where the stock market has given an average of 12% return historically, or tax-saving options like PPF, EPF, NPS or ELSS.
These options can provide you with wealth creation and tax benefits.
It’s important to carefully consider your financial goals and risk tolerance before making any investment decisions.😎😎
Follow FINFACTZ For more finance facts! 💰💰