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How I Turned ā¹5,000/month into ā¹6 Lakhs ā My 3-Year SIP Journey
How I Turned ā¹5,000/month into ā¹6 Lakhs ā My 3-Year SIP Journey
In 2020, I was saving ā¹5,000/month with no real strategy. I stumbled into SIPs by chance. Today, that same habit has grown into ā¹6,12,000 ā and taught me 3 major lessons about compounding, patience, and mistakes I wish I avoided earlier.
š What Went Wrong in Year 1
In my first year, I panicked during a market dip and pulled out my SIP investments. That single move cost me potential gains and broke the compounding chain. I learned the hard way that reacting emotionally to market swings is a recipe for regret.
š Lesson Learned: Consistency Beats Timing
Missed rallies by being out of the market
Lost out on rupee cost averaging
Peace of mind improved with automation and discipline
š My Portfolio Before vs After
Before (2020)
Random savings in bank account
No real investment plan
Low returns (2-3% p.a.)
After (2023)
Disciplined SIPs in diverse mutual funds
Portfolio value: ā¹6,12,000
Average returns: 13-15% p.a.
š§ What Iād Do Differently If Starting Again
If I could start over, Iād set up my SIPs and forget about the daily market noise. Iād diversify a bit more, avoid panic-selling, and trust the process. Most importantly, Iād start even earlier ā because time is your biggest ally in compounding.
Start SIPs as early as possible
Stay consistent, ignore short-term volatility
Review portfolio annually, not monthly
Invest for long-term goals, not quick gains
HYDERABAD: Engineering & expertise options supplier Cyient has sealed a strategic partnership with German regional industrial plane producer Deutsche Plane.As a part of the settlement, the 2 gamers will collaborate on the detailed design for manufacturing of the rear fuselage part of the 40-seater D328eco regional turboprop plane, which is an upgraded model of the Dornier 328 collection.Touted as a fuel-efficient plane, the D328eco is designed to function on regional routes. With an elevated passenger capability, it requires particular structural updates.Cyient CEO & govt director Karthikeyan Natarajan mentioned Cyientās experience within the plane design and improvement lifecycle will play an important function within the improvement of the D328eco.āThis partnership underscores Cyient’s commitment to delivering innovative engineering solutions in the aerospace sector. Together, we look forward to driving advancements in aviation technology and contributing to the success of this transformative project,ā Natarajan mentioned.Deutsche Plane CEO Dave Jackson mentioned Cyientās āvast experienceā within the aerospace & defence trade was one of many key elements in contracting the corporate to be chargeable for the design of the rear fuselage part as a part of the D328eco plane improvement programme.āThis agreement represents a strong commitment to India. This new partnership with Cyient will enable Deutsche Aircraft to work with the best in the field and further enhance the development of the D328eco in a competitive setting,ā added Maximilian Fahr, vice chairman of provide chain at Deutsche Plane.
Use our free SIP Calculator to estimate your investment returns, visualize compounding, and start building wealth today ā no sign-up required.
Why Use Our SIP Calculator?
Simple Inputs
Just enter your monthly investment, time period, and expected return rate.
Visual Growth Charts
See how your wealth grows month by month with powerful visuals.
Customizable Results
Test different scenarios to find the perfect investment plan for you.
Start Building Wealth Today
Don't wait to take control of your financial future. Let compounding do the work for you.
How I Turned ā¹5,000/month into ā¹6 Lakhs ā My 3-Year SIP Journey
How I Turned ā¹5,000/month into ā¹6 Lakhs ā My 3-Year SIP Journey
In 2020, I was saving ā¹5,000/month with no real strategy. I stumbled into SIPs by chance. Today, that same habit has grown into ā¹6,12,000 ā and taught me 3 major lessons about compounding, patience, and mistakes I wish I avoided earlier.
š What Went Wrong in Year 1
In my first year, I panicked during a market dip and pulled out my SIP investments. That single move cost me potential gains and broke the compounding chain. I learned the hard way that reacting emotionally to market swings is a recipe for regret.
š Lesson Learned: Consistency Beats Timing
Missed rallies by being out of the market
Lost out on rupee cost averaging
Peace of mind improved with automation and discipline
š My Portfolio Before vs After
Before (2020)
Random savings in bank account
No real investment plan
Low returns (2-3% p.a.)
After (2023)
Disciplined SIPs in diverse mutual funds
Portfolio value: ā¹6,12,000
Average returns: 13-15% p.a.
š§ What Iād Do Differently If Starting Again
If I could start over, Iād set up my SIPs and forget about the daily market noise. Iād diversify a bit more, avoid panic-selling, and trust the process. Most importantly, Iād start even earlier ā because time is your biggest ally in compounding.
Start SIPs as early as possible
Stay consistent, ignore short-term volatility
Review portfolio annually, not monthly
Invest for long-term goals, not quick gains
Funding in ELSS mutual funds for tax advantages: For those who’re following the previous tax system for the 2023-24 monetary yr, be sure to end your tax-saving investments and bills by March 31, 2024. Whereas the overall tax-saving funding window extends till March 31, this yr’s Sunday deadline requires immediate motion by March 28, 2024 for ELSS mutual fund buyers.Here is why this date is important and the way to make sure your funding qualifies.When investing in an Fairness Linked Financial savings Scheme (ELSS) mutual fund by way of telephone apps or web banking, the cash is usually deducted out of your checking account instantly and transferred to the mutual fund’s account.With banks operational on March 30, 2024, as a result of fifth Saturday of the month, and closed on March 29, 2024, for Good Friday, the window for eligible transactions shrinks. Notably, inventory markets may also stay closed on March 29 and all through the weekend. Consequently, investments made in ELSS mutual funds throughout this era will not qualify for tax advantages within the present monetary yr, states an ET report.Shivansh Dandona, Head of Funding Administration at FinEdge, was quoted explaining that to allocate models in an ELSS mutual fund, the acquisition should happen throughout inventory market hours. Even when the cash is credited to the mutual fund’s account, the models will solely be assigned on the following working day of the inventory market, which on this case is April 1, 2024. Consequently, this funding will not qualify for tax advantages beneath Part 80C for the present monetary yr, 2023-24. Ideally, to make sure eligibility for tax advantages, investments needs to be made a minimum of 2-3 days earlier than the final working day of the inventory market within the monetary yr.ALSO READ | EEE investments: Get utterly tax-free returns with these investments – PPF, EPF and SSY; test detailsAs per the rules of the Securities and Alternate Board of India (Sebi), funds should be credited to the mutual fund’s checking account for an funding to be thought-about full. Moreover, there are particular cut-off instances earlier than which buyers should submit legitimate buy or redemption requests to qualify for a selected day’s NAV.Mutual funds are tied to market efficiency, as they put money into belongings like shares, bonds, or different specified devices, every with its personal mounted buying and selling hours. The Internet Asset Worth (NAV) of a fund is decided by the market worth of its underlying belongings, carefully following market costs. To qualify for a particular day’s NAV, the fund supervisor should know the quantity to be purchased or bought primarily based on market buying and selling hours and settlement durations. This strategy ensures honest therapy for all buyers, whatever the measurement of their funding.Based on Sebi tips, to obtain the identical day’s NAV for bought mutual fund models, the funding funds should be credited to the mutual fund’s account earlier than 3 PM on days when the capital market (inventory market or debt market) is open.For instance, a person invests in a mutual fund scheme utilizing UPI. If the cash is credited to the mutual fund home’s checking account earlier than 3 PM, the person qualifies for a similar day’s NAV. Nonetheless, if the cash reaches the mutual fund’s account after 3 PM, the person will obtain the NAV of the following working day.Based on the report, Bandhan Mutual Fund states that March 29, 30, and 31 of 2024 are non-business days for mutual fund homes. Therefore, it is essential that the funds attain them earlier than 3 PM on March 28, 2024, to make sure eligibility for the Part 80C tax break for the monetary yr 2023-24.The procedures for receiving funds might differ between mutual fund homes and banks. It is really useful to verify along with your chosen mutual fund home earlier than initiating the funding course of. Due to this fact, if you happen to’re investing in an ELSS mutual fund scheme, it is best to finish the method promptly to keep away from any last-minute issues.
Use our free SIP Calculator to estimate your investment returns, visualize compounding, and start building wealth today ā no sign-up required.
Why Use Our SIP Calculator?
Simple Inputs
Just enter your monthly investment, time period, and expected return rate.
Visual Growth Charts
See how your wealth grows month by month with powerful visuals.
Customizable Results
Test different scenarios to find the perfect investment plan for you.
Start Building Wealth Today
Don't wait to take control of your financial future. Let compounding do the work for you.
How I Turned ā¹5,000/month into ā¹6 Lakhs ā My 3-Year SIP Journey
How I Turned ā¹5,000/month into ā¹6 Lakhs ā My 3-Year SIP Journey
In 2020, I was saving ā¹5,000/month with no real strategy. I stumbled into SIPs by chance. Today, that same habit has grown into ā¹6,12,000 ā and taught me 3 major lessons about compounding, patience, and mistakes I wish I avoided earlier.
š What Went Wrong in Year 1
In my first year, I panicked during a market dip and pulled out my SIP investments. That single move cost me potential gains and broke the compounding chain. I learned the hard way that reacting emotionally to market swings is a recipe for regret.
š Lesson Learned: Consistency Beats Timing
Missed rallies by being out of the market
Lost out on rupee cost averaging
Peace of mind improved with automation and discipline
š My Portfolio Before vs After
Before (2020)
Random savings in bank account
No real investment plan
Low returns (2-3% p.a.)
After (2023)
Disciplined SIPs in diverse mutual funds
Portfolio value: ā¹6,12,000
Average returns: 13-15% p.a.
š§ What Iād Do Differently If Starting Again
If I could start over, Iād set up my SIPs and forget about the daily market noise. Iād diversify a bit more, avoid panic-selling, and trust the process. Most importantly, Iād start even earlier ā because time is your biggest ally in compounding.
Start SIPs as early as possible
Stay consistent, ignore short-term volatility
Review portfolio annually, not monthly
Invest for long-term goals, not quick gains
Tax financial savings for FY 2023-24: On the subject of saving on revenue tax, most salaried people flip to the acquainted territory of Part 80C. Providing a deduction restrict of Rs 1.5 lakh yearly underneath the Revenue-tax Act, 1961, it is undoubtedly fashionable.However what when you’ve already used this restrict? Worry not, as there are different avenues to probe for tax financial savings within the present monetary 12 months.As per an ET report, listed here are 5 choices value contemplating:Keep in mind, you’ll want to make investments by March 31, 2024, to avoid wasting on revenue tax for the 2023-24 monetary 12 months.ALSO READ | Not all publish workplace financial savings schemes entail Part 80C tax advantages! Right hereās what you’ll want to knowNational Pension Scheme (NPS) contributionsYou can spend money on the Nationwide Pension Scheme (NPS) to obtain a tax deduction of Rs 50,000 underneath Part 80CCD. That is along with the Part 80C restrict.Medical insurance premiumsPaying medical insurance premiums for your self or your loved ones can result in tax deductions.Below Part 80D, you possibly can obtain a tax deduction of as much as Rs 25,000 for paying the medical insurance premium for your self, your partner, and your kids. In case you pay medical insurance premiums on your dad and mom (beneath 60 years), you possibly can declare a tax deduction of as much as Rs 25,000. For senior citizen dad and mom, the tax deduction can go as much as Rs 50,000 underneath Part 80D in a monetary 12 months.Preventive well being check-upsYou can obtain a tax deduction for preventive well being check-ups, which qualifies underneath Part 80D. Each taxpayer can declare a most of Rs 5,000 for such check-ups, throughout the general restrict of Part 80D.ALSO READ | Save extra tax with NPS funding: How investing Rs 50,000 additional in NPS can cut back revenue tax past Part 80CInterest on financial savings accountsSection 80TTA gives a tax deduction of as much as Rs 10,000 in a monetary 12 months to people and HUFs (excluding these lined underneath Part 80TTB) on the curiosity earned from financial savings accounts opened with a financial institution, publish workplace, or cooperative society.Donations to permitted funds and institutionsIf you’ve got donated to a fund acknowledged by the central authorities underneath Part 80G, you qualify for a deduction on the donated quantity. Be aware that this deduction mustn’t exceed 10% of your adjusted gross whole revenue.This deduction additionally applies to donations made for the renovation of temples, mosques, and church buildings permitted by the central authorities.In case your donations have been directed in direction of establishments engaged in scientific analysis or permitted universities or faculties (underneath sections 35(1)(ii), 35(1)(iii), 35CCA, 35CCB) recognised by the federal government, they’re eligible for deduction underneath Part 80GGA.
Use our free SIP Calculator to estimate your investment returns, visualize compounding, and start building wealth today ā no sign-up required.
Why Use Our SIP Calculator?
Simple Inputs
Just enter your monthly investment, time period, and expected return rate.
Visual Growth Charts
See how your wealth grows month by month with powerful visuals.
Customizable Results
Test different scenarios to find the perfect investment plan for you.
Start Building Wealth Today
Don't wait to take control of your financial future. Let compounding do the work for you.
How I Turned ā¹5,000/month into ā¹6 Lakhs ā My 3-Year SIP Journey
How I Turned ā¹5,000/month into ā¹6 Lakhs ā My 3-Year SIP Journey
In 2020, I was saving ā¹5,000/month with no real strategy. I stumbled into SIPs by chance. Today, that same habit has grown into ā¹6,12,000 ā and taught me 3 major lessons about compounding, patience, and mistakes I wish I avoided earlier.
š What Went Wrong in Year 1
In my first year, I panicked during a market dip and pulled out my SIP investments. That single move cost me potential gains and broke the compounding chain. I learned the hard way that reacting emotionally to market swings is a recipe for regret.
š Lesson Learned: Consistency Beats Timing
Missed rallies by being out of the market
Lost out on rupee cost averaging
Peace of mind improved with automation and discipline
š My Portfolio Before vs After
Before (2020)
Random savings in bank account
No real investment plan
Low returns (2-3% p.a.)
After (2023)
Disciplined SIPs in diverse mutual funds
Portfolio value: ā¹6,12,000
Average returns: 13-15% p.a.
š§ What Iād Do Differently If Starting Again
If I could start over, Iād set up my SIPs and forget about the daily market noise. Iād diversify a bit more, avoid panic-selling, and trust the process. Most importantly, Iād start even earlier ā because time is your biggest ally in compounding.
Start SIPs as early as possible
Stay consistent, ignore short-term volatility
Review portfolio annually, not monthly
Invest for long-term goals, not quick gains
Further NPS deduction of Rs 50000: Tax-saving time is right here. You could have till March 31, 2024, to finalize your tax-saving plans for the 2023-24 monetary 12 months. Should you’re sticking to the previous tax guidelines, there are many deductions and exemptions that will help you save on earnings tax.One frequent tax deduction accessible underneath the previous tax guidelines is Part 80C of the Earnings Tax Act, 1961.It permits people to deduct as much as Rs 1.5 lakh from their taxable earnings every year. To qualify, people should put money into specified avenues like EPF, PPF, ELSS mutual funds, tax-saving FDs, pay tuition charges for his or her kids, or repay dwelling mortgage principal. Investing within the Nationwide Pension System (NPS) additionally falls underneath this deduction restrict of Rs 1.5 lakh.Should you’ve already reached the restrict underneath Part 80C, you may nonetheless get a tax break by investing within the Nationwide Pension System (NPS) underneath a special part of the Earnings Tax Act, states an ET report. This lets you save extra tax on high of the utmost financial savings accessible underneath Part 80C.ALSO READ | PPF, NPS, Sukanya Samriddhi guidelines: Whatās the minimal deposit to be made per monetary 12 months to keep away from penalty or account freezing?How further NPS funding can scale back earnings tax past Part 80CTo perceive how investing in NPS can prevent earnings tax past Part 80C, it is necessary to grasp the next:Part 80CCE: This part of the Earnings Tax Act oversees numerous tax-saving sections, together with 80C, 80CCC, and 80CCD (1). Below Part 80CCE, the overall deductions claimed underneath these sections can not exceed Rs 1.5 lakh in a monetary 12 months.Part 80C: Amongst these sections, Part 80C is well-known, permitting deductions for investments in EPF, PPF, tax-saving FDs, and specified expenditures.Part 80CCC: Deductions underneath Part 80CCC are claimed for investments in specified pension funds provided by life insurance coverage corporations, although it isn’t extensively used.Part 80CCD (1): This part permits deductions for particular person investments in pension schemes notified by the Central authorities, reminiscent of NPS and Atal Pension Yojana. People can declare a deduction of both 10% of their wage earnings or 20% of their gross whole earnings, as much as a most of Rs 1.5 lakh per monetary 12 months.As proven above, investing in NPS qualifies for a deduction underneath Part 80CCD (1), but it surely’s constrained by the general Rs 1.5 lakh restrict set by Part 80CCE. Due to this fact, combining NPS investments with different avenues like these talked about in Sections 80C, 80CCD (1), and 80CCC can not exceed the overall deduction restrict of Rs 1.5 lakh, whatever the invested quantities.How NPS can present an additional deduction of Rs 50,000In addition to the beforehand talked about Part 80CCE, there’s one other vital part within the Earnings Tax Act known as Part 80CCD (1B). Below this part, investments made in NPS may be claimed as deductions, with a most restrict of Rs 50,000.Milin Bakhai, Affiliate Associate, Direct Taxes, N.A. Shah Associates was quoted as saying, āNPS is a voluntary retirement savings plan introduced by the central government. Individual taxpayers get an additional deduction of Rs 50,000 under Section 80CCD(1B), which is over and above the prescribed threshold of Rs 1.5 lakh under Section 80CCE which is available for investment in NPS and also for traditional investments like life insurance policies, tax-saving FDs, ELSS etc.āYou will need to be aware that deductions underneath Part 80C, Part 80CCD (1), and Part 80CCD (1B) are completely relevant underneath the previous tax regime. People selecting the brand new tax regime aren’t eligible to assert these deductions.ALSO READ | New NPS partial withdrawal guidelines: How Nationwide Pension System guidelines work, causes, limits, when to go for them and extra FAQs answeredLet’s take into account an instance as an instance this. Suppose a person, Mr. X, has made the next investments and expenditures in a monetary 12 months:a) Invested Rs 80,000 in EPF.b) Repaid Rs 50,000 in the direction of the principal of a house mortgage.c) Invested Rs 1 lakh in NPS.Based on the earnings tax legal guidelines, Mr. X can declare a Part 80C deduction of Rs 1.3 lakh (Rs 80,000 + Rs 50,000) for his EPF funding and residential mortgage principal reimbursement. Moreover, he can declare a deduction of Rs 20,000 for his NPS funding underneath Part 80CCD (1). Due to this fact, Mr. X can avail a complete deduction of Rs 1.5 lakh (Rs 80,000 + Rs 50,000 + Rs 20,000) utilizing Part 80C and Part 80CCD(1) underneath the umbrella part of Part 80CCE.A further deduction for NPS funding may be claimed underneath Part 80CCD(1B), with a most restrict of Rs 50,000. This deduction is separate from the Rs 1.5 lakh deduction talked about earlier. Due to this fact, for an NPS funding of Rs 1 lakh, Mr. X can declare a complete deduction of Rs 70,000 (Rs 20,000 underneath Part 80CCD (1) + Rs 50,000 underneath Part 80CCD (1B)). Nevertheless, he can not declare a deduction for the remaining Rs 30,000 of the Rs 1 lakh invested in NPS. put money into NPS to assert the extra Rs 50,000 deductionTo declare tax breaks for NPS funding, a person should put money into a Tier-I NPS account underneath their title. Moreover, in accordance with Bakhai, deductions underneath Part 80CCD (1B) can solely be claimed if the Part 80CCE restrict is totally utilized. If there’s any remaining steadiness underneath Part 80CCE (with a restrict of Rs 1.5 lakh), the NPS funding qualifies for deduction underneath Part 80CCD (1), and any remaining steadiness after the restrict is exhausted is eligible for deduction underneath Part 80CCD (1B).Here is an instance to make clear this idea: To illustrate Mr. A invests in EPF, PPF, and repays his dwelling mortgage principal, totaling Rs 1.48 lakh underneath Part 80C. To assert a deduction underneath Part 80CCD (1B), Mr. A invests Rs 50,000 in NPS. Since he hasn’t reached the Rs 1.5 lakh restrict underneath Part 80CCE (combining Part 80CCD (1) and Part 80C), Mr. A should declare Rs 2,000 as a deduction underneath Part 80CCD (1) from the NPS funding of Rs 50,000. The remaining steadiness of Rs 48,000 can then be claimed as a deduction underneath Part 80CCD (1B).Bakhai mentions that each salaried and self-employed taxpayers can declare the extra advantage of Rs 50,000 underneath Part 80CCD (1B).
