SIP investment in mutual funds can be done through the basic financial planning rule of 50-30-20. Popularised by Harward Law Professor and US Senator Elizabeth Warren, the 50-30-20 rule says that anyone should put 50 per cent of their monthly earnings towards essential items, 30 per towardss discretionary items, and the rest 20 per cent for savings and investments. So, if one opts for an SIP investment, they can invest 20 per cent of their savings in it. One may start with any amount and increase it by five or 10% annually through step-up SIP. It may help you generate a fund worth crores through SIP investment.
So, we take you through 5 mutual funds that have generated at least Rs 1 crore wealth in 10 years, with a monthly SIP of Rs 20,000.
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