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In today's world, everyone dreams of financial prosperity. A corpus of ₹1 crore is considered the magic number to achieve this dream. Many believe that this goal can be achieved through a Systematic Investment Plan (SIP) in mutual funds. But the question arises: can investing just ₹10,000 per month make you a millionaire in 10 to 12 years? Let's understand.

The Truth About Becoming a Millionaire with a ₹10,000 SIP
If you're among those investors who believe that a monthly SIP of ₹10,000 will take you to the magical ₹1 crore mark in a decade, you need to pause and understand the math. According to Ravi Kumar, co-founder of Gaining Ground Investment Services, this goal is nearly impossible with this investment amount and timeframe. His analysis suggests that even assuming an annual return of 12% to 15%, you will need to invest at least ₹25,000 to ₹30,000 per month to build a corpus of ₹1 crore. If you can't increase the investment amount, you'll have to test your patience and extend the investment period to around 18 years.

If the goal is big, the effort is also big.
For small investors, Ravi suggests a practical approach – a 'step-up SIP'. He suggests starting with ₹10,000 per month, but increasing your SIP amount by at least 15% each year as your income grows. This small change, combined with the power of compounding, can bring you much closer to your goal.

Where to invest?
Another common dilemma is whether to invest Rs 10,000 in a single fund or two separate funds of Rs 5,000 each. Experts believe that the quality of funds is more important than the number of funds. However, investing in two different funds diversifies your portfolio, reducing risk somewhat and allowing you to take advantage of different market caps and investment styles. For better results, it may be wise to choose a good multi-cap or flexi-cap fund that invests across all market sectors and capitalizes on prospects.

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Now let's talk about another major problem. Many people make SIP or lump sum investments years ago and then forget. They don't remember how much money they invested in each fund and what its value is today. The easiest and most convenient way to track this is through a 'Consolidated Account Statement' (CAS). It's essentially a record of all your investments (mutual funds, shares, bonds, etc.), which your depository (NSDL or CDSL) sends to your registered email address every month.

You can also access complete investment information by visiting the website of your mutual fund's Registrar and Transfer Agent (RTA). CAMS and KFintech are two major RTAs in India, representing almost all mutual fund companies. Simply create an account on their portal using your registered mobile number or email address, and your entire mutual fund portfolio will be available. Regarding investments in shares, you can access them through your demat account. In essence, CAS is the master key that consolidates your scattered investments into a single location.

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