We all have dreams, like buying our favourite car or having a destination wedding, which we want to achieve. For example, say you want to get married 7 years down the line, and for this, you need to save Rs 20 lakh. You decide to invest in equity mutual funds, and though mutual funds do not provide any guaranteed returns, the long-term returns for them are in the 12% range. Now for saving Rs 20 lakh in 7 years, you would have to invest Rs 15,000 every month. And the total investment amount would be Rs 12 lakh.
Meanwhile, if you start investing towards the goal 2 years later, then you would have to invest Rs 25,000 per month to achieve that goal in a timely manner. Moreover, the total investments would be Rs 15 lakh.
Similarly for every goal, be it for buying a house or saving for retirement, if you start early then the monthly investments and the total investment amount would be much lesser than if you delay the goal.
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