Five-Step Guide To Becoming A Crorepati

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8 Aug 2025

CA Nitin Kaushik shares a systematic five-step plan to achieve Rs 1 crore wealth


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First, build an emergency fund of Rs 1 lakh for unexpected life or financial emergencies


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Begin investing Rs 10,000 monthly in equity mutual funds through a SIP for long-term growth


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At 12% CAGR, an Rs 10,000 SIP can grow into Rs 1 crore in 20 years


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Start a side hustle like teaching or content creation to earn an extra Rs 30,000 monthly


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Invest all side income to build assets and grow your net worth by Rs 30-40 lakh


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Get risk protection with term insurance worth 10-15x income and adequate health insurance coverage


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Avoid EMIs and high-interest debt to protect your financial health and savings potential


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Multiply your annual expenses by 25 to determine your financial independence or freedom number


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Focus on high-income skills like coding or marketing since skill-based income compounds faster than investments


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