How much money should i pay every month as SIP if I’m 20 year old college student?
Your query is not very clear. Is your query how much sip I should make to get a corpus of 1 crore by the age I am 40. Something like that
How much ever u can save , u can do an SIP with it
First of all u should appreciate yourself for doing financial planning at a very young age. Very vague query with lot of open questions to be asked to answer it
just few points
- Start making a plan or a target for which you want to invest
- Use some online SIP calculator to identify based on your target amount and the no of years. It would give a rough estimated SIP amount
- Now think if you are able to achieve the SIP amount with your monthly savings
These are just my thoughts. You have to do your initial research about risks, strategy etc
There is nothing specific to be paid as SIP if you are a student. There is actually no rule about how much you should be investing as a 2o year old college student. It depends on your ability to invest like the amount you save for investing.
It doesn’t matter whether you are student or professional, one should target saving a % of their earnings. There is no hard and fast rule around it but in my opinion anything in the range of 15-25% of your monthly earning is good. Along with SIP you should also target to ‘increase’ your SIP on early basis. This means that either your annual income should increase or you should think of ways to increase what you save.