In addition to market-based returns, you also get the benefit of compounding in mutual funds. This accelerates wealth creation significantly.
If you want to become a millionaire in a short time with the help of SIP, the 15X15X15 Rule can be very helpful.
According to the 15X15X15 rule, you need to invest ₹15,000 per month for 15 years in a scheme that can give you a return of 15%.
By adopting the 15X15X15 rule, if you invest in SIP, you will invest a total of ₹27,00,000 in 15 years at the rate of ₹15,000 per month.
With a 15% return, you'll gain ₹74,52,946. Add your initial investment and in 15 years, you'll have a fund of ₹1,01,52,946.
This is general advice, not financial advice. Investments carry risk and past performance is not indicative of future results. Always consult professionals before investing.