How to become rich fast: Money tips for you to get Rs 58 lakh in 5 years

How to become rich fast in India: An investor begins investment with a big financial goal, but whether he or she will be able to generate that much of money is always uncertain.

On how to generate more than Rs 50 lakh in five years, Viresh Patel said, "If someone wants to generate more than Rs 50 lakh in five years, then his or her monthly SIP has to be to the tune of Rs 78,000." Photo: PTI

How to become rich fast in India: An investor begins investment with a big financial goal, but whether he or she will be able to generate that much of money is always uncertain. The idea is to become rich - a millionaire multiple times over and more. To overcome hindrances, the investor's financial plan's performance will need to be continuously monitored and if the money is not coming in fast enough, asset allocation should be changed. This money-making endeavour is lifelong for everyone. There is also a situation when people find out that retirement is looming in the next five years and they are falling short of their investment goal by over Rs 50 lakh? Well to earn the money fast, this is what needs to be done:

Certified Investment Planner Viresh Patel says that in such a scenario, one must continue to focus on one's investment goal and as per the requirement the investor needs to take a look at the asset allocation or start new investment strategy for next five years to generate that much of money and thereby reach the goal.

How To Get Over Rs 50 Lakh in 5 Years
On how to generate more than Rs 50 lakh in five years, Viresh Patel said, "If someone wants to generate more than Rs 50 lakh in five years, then his or her monthly SIP has to be to the tune of Rs 78,000. If the investor's risk appetite is zero then the investment has to be 50 per cent in Ultra Short-term funds while 50 per cent has to be in the Corporate Bonds."

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However, in case the investor has the capability to take extra risk, then he or she should fist make a SIP of Rs 78,000 in large-cap mutual funds for first year and then the entire fund has to be reinvested in the Ultra Short-term funds and Corporate bonds in 50:50 ratio.

Patel said that if someone does Rs 58 lakh can be generated in five years. On why he recommended Corporate bonds, Patel said, "Corporate bonds have investments in medium-term plans and most of the plans they invests in are AAA rated. Apart from this, their default rate is very low. Hence, investing in Corporate Bonds helps garner more returns with low risk of default."

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