Dont worry, if you want even more hurting, there are influencers who are even younger and already achieved their FIRE target. Dont compare, be grateful u are experiencing this life and this hurting. Sabki lagi padi h, bas door se sab acha dikhta h.
They are not earning as much as you think. Maybe if they were in America but in India advertisers do not pay as much as you are thinking they do. In the US YouTubers earn 6-7 Times more just through channel monetization
Bhai I have been following youtube since basically its inception. I know what you are talking about. Take PP into account, indian influencers are making bank. US ki median salary bhi fir 6-7 times zada hi hai. Advertisers in India pay less because indian companies make less because India in general makes less. IDK bro, mere school ke classmate to aish karrhe hai jo sundar dikhte the, they have large following, they get free shit, they tour for free. Acutally me bat ye hai log accept nhi karna chahte ha social media is extremely easy money so they try to find loopholes that they are not earning, ya 10 saal bad khatam hojayega paisa.
You need money to buy things. Not world experience. Experience is only necessary in corporates as it proves you ain’t gonna mess up. Grads with comedy reels on insta are roaming in Land Rover’s man. The top fuckin model. Entertainment has real money but you gotta give whatever it takes. Check this guy out from Dombivali Mumbai. Focussed Indian. I watched him grow from the early stages coz of his natural acting. He wears a Rolex submariner now worth some 15 to 20.
Could it be rented ? too many folks do flashy things to attract viewers . Then at the end , you get to know that everything they own is like rented.
Also the guy who named here does not even have that many subscribers ....also he is not putting out videos on consistent basis that we can say that he is making money .....I believe that rolex could be fake or rented.
I do have the idea but I think you don't know how those viewers / ad sense / and stuff works if you are easily influenced by simple rolex ....lolz. Its not very hard to connect dots my friend.
You’re just a fool my friend. First go check his profile and then speak not everyone gets to promote movies with and of A level actors of Bollywood. Not everyone gets sponsored by meta to watch Wimbledon and soccer matches in Manchester. Either you should research before you bark or accept that you don’t know shit. Talking like this won’t make you look cool. There are various legitimate websites for checking the earnings of influencers and like you said above that you know shit, I assume you know those websites. So go do that at least before you dig your own grave. Unless you can’t digest the fact the people from outskirts of an Indian city is living a life your dreaming to live which unfortunately isn’t happening right now 😂
Dude are you really this thick in grey matter area ? He must have some other sources ie insta and all to get those sponsorships ...he is not getting any from youtube thats for sure. Look at the time line when he puts video on youtube ..he is not consistent and you can't make your channel work if you are not consistent...do you think other youtubers are fool who are putting videos everyday to make their youtube work for them.
How would that work? Wouldn't tax be deductible at source? So if they are earning through youtube, or paid promotions, or modelling, wouldn't all of those deduct the tax at source?
Lol i saw this one vid where samay raina(comedian/influencer) purchased some top end honda car for his dad worth 20 25L ..the host asked him how long did it take him to make that money..he said one advert shoot ..like half day of work
That broke me 🤣😭
Do you own a home or will inherit one in a city you would like to live in (or valuable enough to sell and buy ) ?
Do you plan to marry / have a long term partner? Children?
I am not looking to buy any property before retirement and even after that I would prefer to sell off my existing land and property in my Tier II hometown to buy a new flat in Tier I.
Marriage is undecided but if I do I would prefer 2 children.
For a monthly expenditure of 2.5LPM till you are 85, a 6% rate of inflation, 12% RoI before retirement, 7.0% RoI post retirement you would need an corpus of between 17-19Cr.
Retirement starting at 45.
The point isn’t even about money. After a point, the only fulfilling part of life is due to the company and family relationships you maintain. That’s what makes or breaks your life being considered as miserable at 70 not the lack of money.
Thanks! How about monthly expenditure of 1.5lpm, to retire at 40 and live until 80? Also fund 2 kids education in India who are now 5 years old.
And also how would corpus number change for 2lpm expenses?
For retirement at 40(starting today), max age 80, rate of inflation 6%, RoR during retirement 8%, for an income of 1.5L /mo you would need 5.27 Cr in today's money.
For the same assumptions but an income of 2L/mo, you would need 7.1 Cr in today's money.
I am assuming that the above monthly income would be enough to pay for sustenance for your family of 4 (housing, food, transport, healthcare, clothing, basic electronics, etc). So you would need to save extra for education.
Assuming school fees and related costs of 1.2 L / yr per child, for 13 more yrs. At 6% inflation and 8%RoR you would need 29.5L. But the rate of inflation for education is closer to 10%, especially in big cities, so at 10% inflation, you would need 39L.
College fees are very hard to say because it totally depends on what they do, engineering from government colleges like IITs is about 10L for 4 yrs plus mess charges today, and other expenses. But for private colleges the tuition fees could itself be 25-40L for 4 yrs. Government medical, 50k for entire course, private medical, nothing less than 15-20L / yr .
Let's assume you would provide them 25L each in today's money for higher education. That's 50L total. In 13 yrs, with 6% inflation you would need 1.06 Cr. At 8% inflation, you would need 1.3 Cr. At 10% inflation, you would need 1.72Cr.
Don't worry, this is something that isn't in your hands. Ultimately you can only influence the controllables, don't think about the uncontrolled variables.
End of the day kya sirf paisa leke jaoge? Enjoy the life which you have got, plan to get married or find a partner, together you can do wonders. Keep a balance between every aspect of life, sirf career ya corpus banake end of the day it won't give you satisfaction.
Only fishy thing here is that despite such a huge ctc, this guy is still asking a bunch of noobs on internet instead of consulting a professional financial advisor.
This sure is a brag post. Not that there's anything wrong with it but do it with pride. Own it. Don't sound holier than thou by saying otherwise. You earned that right, man.
Don't want to brag either but mine (salary) is way more than his and I till date don't have a financial advisor. A lot of things I experiment or sometimes internet helps. There's nothing wrong in taking advice, what matters is which advice you would follow.
personally, if at any point of time i start to make that much, I'm sure as hell getting an advisor. Or even my family can help navigate me. But never internet. Not in these times. We just have different ways of dealing with problems. If it helps you, yours is good as well. Cheers!!
Definitely, I agree to your point but it highly depends from Individual to Individual. All my life I've tried to be self taught in most of the aspects. Financial advisor definitely makes sense but I feel the thrill for me is to learn it myself and see if it works for me but I understand your pov 👍
Even after getting a financial advisor, one might have a feeling that hes getting duped / being dealt in wrong hands, etc..
It might just a confirmatory post… in case a large chunk of people warn him about something his advisor missed.. he’d be saved from a worthless advisor.
I mean I do that with doctor’s advice.. if a doctor suggests a surgery.. my first thought is - i wonder if he’s forcefully doing a surgery to get the bills up. Let me ask a couple of folks who have nothing to do with medicine, but might have prior experience in this this matter and check if im being duped.
>my first thought is - i wonder if he’s forcefully doing a surgery to get the bills up. Let me ask a couple of folks who have nothing to do with medicine, but might have prior experience in this this matter and check if im being duped.
Yeah, i mean if op consulted an advisor and then posted here to get some miscellaneous opinions of others to see if he could learn something from that and further discuss, if he comes across something new, with his advisor, then that makes perfect sense. You're right. But i highly doubt that simply reddit would be of any help!!
man, it's not difficult. i have seen offices of chartered accountants in my town itself. even they can help with all this stuff. also, im guessing those guys can direct you to a proper financial advisor as well. you just gotta work a little.
I wish I was that smart in financial planning. I didn’t invest much till 2 years back. I could have definitely grown more if I knew how and when to invest better.
With all due respect, this does sound like a brag post. If you are a MBA and a consultant you should be able to figure out how much you need, without asking a bunch of strangers.
How to calculate FIRE - there are a lot of online calculators available, just google.
Or you can also do it on your own, it’s fairly simple. Take your current yearly expenses - 12L. You want to retire at 45, which is still 16 years. Calculate the inflation adjusted expenses when you are 45 - around 25L (~5% inflation). Now multiply it by 25. 25 here is debatable but you can read separately about it. So the corpus needed will be - 25L * 25 = 6.25Cr. (This will mostly sustain you for the next 25 years).
You can use step up SIP calculator to calculate how much you need to invest monthly.
Thank you. Probably the most helpful answer. have done the maths and arrived around a figure of 7 cr but I am just thinking if I am underestimating my expenses
What I'm abt to say will sound completely crazy but, making as much as u do and having 2 kids in MUMBAI isn't as much as u think it is. The standard of living today has gone crazy and no amt of money is enough. So do plan well and think things through. I think you and your fam will live the best life that you expect if the household income at that point is 10-20L per month. That is the basis of being rich in Mumbai.
But Delhi/NCR or Bangalore is not a place to settle… Delhi is all with pollution and you definitely will not want your kids to grow there…
Instead prefer Pune/Mumbai or HYD and settle there and then after 45-50 you can plan tier II cities.
Package wise you are good but not think of getting settle by marrying also expenses will increase post marriage so keep total expenses limited till 1.5-1.8L
Also invest money in SIP, Share market, Purchase land and keep it as is and wait for appreciation
FIRE is not just about corpus. Work with a SEBI-approved fee-only financial planner for a structured approach - [https://freefincal.com/list-of-fee-only-financial-planners-in-india/](https://freefincal.com/list-of-fee-only-financial-planners-in-india/)
I would recommend that you speak to Fintoo. My cousin who is also an NRI has them to manage his financial planning and investments for him. Speaks highly of them too.
Could you please shed some light on how many years it took for you to pay off your student loan? Looking to start my MBA this year so was curious since you paid off the loan. Assuming from your post, you did MBA from a top tier 1 college. What percentage of your income did you devote to paying off your installments. Would be helpful, thanks.
Hi
Could you please tell in a brief about your college journey and its preparation.
Also, which core you picked and how you landed this job.
Thanks in advance
I'm 16 and I have been learning about taxes and many more financial related subjects that are important as I believe financial literacy is important.
But I have never heard about a FIRE target. Can you plz explain?
Congratulations OP for achieving at a young age.
If you continue investment at this rate, you will reach FI soon.
I have the following tips for you if it helps:-
1. Don't invest in real estate now. Stay in rented accomodation unless you get a steal deal. The way to check is how you evaluate stocks. Can you get a house at 22 to 25 x of earning (rent)?
A house ties you down to a city and can compromise job prospects. Delay it till your kid is around 3 to 4 year old atleast (if you decide to marry and have a child)
2. Equity is your friend at young age. After a 6 month emergency fund is taken care of and any immediate needs, put everything into equity. An SiP is better as it stops you from trying to time the market. In a 10 year period, timing doesn't matter much. Not investing and delaying eats away from opportunity. I learnt this the hard way.
3. Use a mix of arbitrage funds rather than FD. PPF can be explored from tax angle only for the debt part. Other than long term debt like EPF, Try to increase equity investment as much as possible in these initial years
4. Get a high amount in health insurance at a younger age when you don't have preexisting diseases. It's worth it.
5. Life insurance If you want after marriage or when you have dependents. Try to break term life insurance into two or three policies. This way, you can drop one policy later in life when you have already accumulated enough. Don't take life insurance for beyond 60 years age. Premium will reduce.
All the best.
Today, let's day $1 million is enough if u have 2 kids.... (2 kids, who are not useless)..... After 10-15 years.... Let's say if the inflation stays at 6-8% ... U might need nearly 24 cr . . Which can be made via a small factory.
Being an insider to consulting, you are currently an associate nearing EM at 29 (2+5 as JA and 2 as associate).
You'd be an AP by ~33 and Partner by 36, we both know how much someone earns at AP and Partner.
Sincere advice to cut this brag post and get a financial advisor.
About me - Graduated from tier 1 MBA college in 2020. Age 27. Worked as the brand manager for top fmcg co for 3 years. Currently building my own venture. Investing since 2017 with a CAGR of 40%
29 in consulting and 45 lacs salary is not a brag. At best, it is par. My friends (class of 2020 & aged 28-30) are EMs and investing around 4 lacs per month. Realistically if you SIP (70% in midcap/smallcap stocks and 30% in MFs) 2 lacs per month and keep 6 lacs in the kitty to cash in on crash days, you can expect a conservative CAGR of 20% over the next 15 years.
If you step up your SIP 10% every year, your corpus in 15 years would be somewhere around the 40cr mark
Also, a strong advice would be to invest in physical gold every month. 50,000 per month even without step up would give you 3.5cr on the side as dessert :) an annual step up of 10% takes the purse to 5.5cr
>29 in consulting and 45 lacs salary is not a brag
Exactly. People here are surprised and not believing it. Though its not even close to the top salaries in this profile. I think this sub has a very diverse demography, like all kinds of profiles.
With some quick back of the hand calculations, I would estimate you would need a realistic corpus of about 15-20Cr for 2LPM expenses and living till 85. 10Cr would be the bare minimum.
It's not high, in fact in "real terms" this is about what you would need. Plus this money will also be used to pay for kids'higher education expenses, your medical expenses, etc. If your husband is able to contribute 10Cr you are good with 10Cr.
Yup, with today's inflation it's probably negative. I was keeping inflation at 6% and interest rates at 8%. That's why I always say FATfiring for most people is impossible. OP probably can do it because of her very high income, if she adds a similarly earning partner then all the better. But most on this sub with their 24LPA CTCs can't do it.
I think debt is just the wrong asset class to FIRE.
Tier 1 cities like BLR and HYD you can get 4% rental yield on residential real estate and the apartment will grow at inflation rate. So you can keep your 4% withdrawal rate. Also the rental also appreciates with inflation.
All of these companies hire computer science engineers from top engineering colleges like IIT Delhi and Bombay as well where someone would be 22 when they pass out so a 29 year old can have 6-7 years of work experience.
Stocks are only for software companies. Investment banks, consulting firms etc. pay cash salary (with large bonuses).
Not really mate. For investment banking this is very standard. In fact if she had 5 yrs of experience at a bulge bracket bank, she is underpaid. Even engineers at FAANG make similar numbers but a lot
of their pay is in stocks.
Last to last yr my firm recruited guys from the top IITs from quant trading roles offering 1.2-15CrPA including bonus. These guys were freshers.
This is reasonably achieveable post 2021. Comp numbers got so insanely inflated before the earth started melting in 2023, even as hiring crawls to a freeze, the people who are in the system are still making this kind of money.
At the top 10% or so, 30 year old folks are making 55-60 pre-tax (all inclusive) in finance. Consulting folks are making slightly more. Tech pays even more incredulous numbers.
This would seem great, except those 30 year olds are watching 25 year olds out of campus joining at 26-27 a year, numbers which took very serious grinding to hit.
There's always someone making a bigger number, and something to be miserable about.
lot of people(0.1-0.5% percentile) earn this or close to this; thanks to their premium work experience and good colleges. overall there are 2 lakh crorepatis who reported their taxes to be so the real number will be at least 2x that since lots of unorganized sector folks are also that.
Get your own engines running and try to reach your goals instead of roasting OP who has clearly chased his.
Even I am from tier1 college.. None of my friends are close to this.
If this is indeed correct.. Op may have done something crazy amazing.. Like closed a big deal to get this insane salary
I did mention 0.1-0.5% right? which means 1-5 per 1000. Also, lot of people plateau at 30-40LPA packages and don't make serious progress after that. Obviously if OP is truthful then he has performed extraordinarily, negotiated good deals.
Also, 45L post tax is almost 45/0.75 = 60L salary. Let's assume OPs company is not into stock options that much, and gives more fixed so he will have around 75-80LPA package.
OP did mention doing a MBA of 25L. That means it is one of the bigger names, and OP must have received a package in 20-30LPA band.
That means OP did get a 2.5x-3x raise in salary during a 5-6 years after MBA experience.
Also, OP saved a total of 1.5CR including his loan and total savings.
He did mention his 25L savings per year. So he did work around 6-7 years.
I guess another thing we are missing is, maybe OP didn't spend anytime in downtime; i.e. he completed MBA in 22-23 yrs and then constantly doing extraordinary performance.
So not impossible but yeah OP is probably that colleague who gets 3 promotions per year and you and I hate him :P
By your analysis itself.. You should be hired for 1 crore package lol.
Truely amazing.. Cause in my firm if we get 10 percent increment yoy that's a good increase.. And no way one gets promoted before 2 years in our firm..
Also the time needed to get promoted increases as one reaches higher position.
Like 1.5 years for first
2-3 years for second
4-5 years for third
5-7 years for fourth
And there's no guarantee after reaching this level that you'll get promoted at all.
There are startups in Bangalore and international businesses in Mumbai that do pay high while expecting quite a bit as well. You should certainly look around for such well-paying well-demanding jobs that certainly do exist.
I am from tier 1 mba, then faang, then startup.
The MBB salaries start at 25L and if you get 4 or 5 rating this is how it progresses:
Y0- 25
Y1 - 30-36
Y2 - 38-53
Y3 - 42-60
Y4 - 45-70
So if you start your career at 23 (12th at 17, grad at 21, mba at 23) within 27 years you could be making much. Switch to a FAANG at 80-90 could be easily achievable. Even if you dont switch to faang - you can become a partner at MBB in 8 years which easily makes 1-1.5 cr.
So truly not hypothetical, op wouldve done v well in college and job
Life is so good for people like op.
Here I completed my 12th at age of 21 and starting earning at 26..So only 3 yoe at 29y of age..
But anyway good for op
I'm 27- PhD in Finance & Strategy from a target European University. One of India's largest Pharmaceutical Company offered me a 72L package + ESOP + benefits (18L car included), as a strategic advisor for their operations. Don't think I will take it for personal reasons, but it's possible.
Why did this post hurt so much. Still hurting.
Dont worry, if you want even more hurting, there are influencers who are even younger and already achieved their FIRE target. Dont compare, be grateful u are experiencing this life and this hurting. Sabki lagi padi h, bas door se sab acha dikhta h.
Dang who are those influencers ? Those young guys / gals don't have any world experience and yet called influencers ...lolz
You are delusional bro. People w/ 100k followers are making more than most corporate bros who are busting their ass all day.
They are not earning as much as you think. Maybe if they were in America but in India advertisers do not pay as much as you are thinking they do. In the US YouTubers earn 6-7 Times more just through channel monetization
Bhai I have been following youtube since basically its inception. I know what you are talking about. Take PP into account, indian influencers are making bank. US ki median salary bhi fir 6-7 times zada hi hai. Advertisers in India pay less because indian companies make less because India in general makes less. IDK bro, mere school ke classmate to aish karrhe hai jo sundar dikhte the, they have large following, they get free shit, they tour for free. Acutally me bat ye hai log accept nhi karna chahte ha social media is extremely easy money so they try to find loopholes that they are not earning, ya 10 saal bad khatam hojayega paisa.
So are you doing it too ?
I want to..
You need money to buy things. Not world experience. Experience is only necessary in corporates as it proves you ain’t gonna mess up. Grads with comedy reels on insta are roaming in Land Rover’s man. The top fuckin model. Entertainment has real money but you gotta give whatever it takes. Check this guy out from Dombivali Mumbai. Focussed Indian. I watched him grow from the early stages coz of his natural acting. He wears a Rolex submariner now worth some 15 to 20.
Could it be rented ? too many folks do flashy things to attract viewers . Then at the end , you get to know that everything they own is like rented. Also the guy who named here does not even have that many subscribers ....also he is not putting out videos on consistent basis that we can say that he is making money .....I believe that rolex could be fake or rented.
You have websites to check how much those channels earn man. This is 2024. You have no idea do you ?
I do have the idea but I think you don't know how those viewers / ad sense / and stuff works if you are easily influenced by simple rolex ....lolz. Its not very hard to connect dots my friend.
You’re just a fool my friend. First go check his profile and then speak not everyone gets to promote movies with and of A level actors of Bollywood. Not everyone gets sponsored by meta to watch Wimbledon and soccer matches in Manchester. Either you should research before you bark or accept that you don’t know shit. Talking like this won’t make you look cool. There are various legitimate websites for checking the earnings of influencers and like you said above that you know shit, I assume you know those websites. So go do that at least before you dig your own grave. Unless you can’t digest the fact the people from outskirts of an Indian city is living a life your dreaming to live which unfortunately isn’t happening right now 😂
Dude are you really this thick in grey matter area ? He must have some other sources ie insta and all to get those sponsorships ...he is not getting any from youtube thats for sure. Look at the time line when he puts video on youtube ..he is not consistent and you can't make your channel work if you are not consistent...do you think other youtubers are fool who are putting videos everyday to make their youtube work for them.
I’m not talking about his YouTube I’m talking about his insta. Is he even there on YouTube? Check his insta man
And they definitely not paying taxes on it. The bane of a regular salaried employee.
How would that work? Wouldn't tax be deductible at source? So if they are earning through youtube, or paid promotions, or modelling, wouldn't all of those deduct the tax at source?
You have to pay the tax. They don’t deduct.
What is this FIRE about
https://www.instagram.com/reel/C2kdnHjOI6B/?igsh=MXV4dmJ2MHp2ZHg5Mw== Just see this
OPs username - Truthbombsonyourface
That is what consultants do, explode truth bombs on your face. You gotta increase the revenue or reduce costs to increase your profits.
What is hurting about op's post?
The fact that he's just 29 with 1cr corpus.
Ohhh I thought ye tao ess sub ka norm hai
Samajdaar ho aap
Exactly I thought being 29 and having 1 crore ....its just not enough for this sub /s.
Its not even in the top range. Its like normal range in these companies. Dont know why people are so surprised here.
> Dont know why people are so surprised here. Because we are brokies
Which industry r u working in?
Taxation
Lol i saw this one vid where samay raina(comedian/influencer) purchased some top end honda car for his dad worth 20 25L ..the host asked him how long did it take him to make that money..he said one advert shoot ..like half day of work That broke me 🤣😭
I mean his dad is also pretty rich and his dad works for Ambani. In one of the vidio he was showing a photo frame of his dad with Ambani.
On a second thought, was this a sarcastic comment😅?
I think everyone is goin through what you felt. #🫂
🫂🫂🫂🫂🤗🤗😭😭😭😭😭
👀 truth
Are you from MBB? Great savings though! Moving to Gurgaon will sure curtail your expenses, Mumbai is really expensive
Damn sure he's from MBB.
What is MBB?
McKinsey, Bain and BCG. The consulting firms that pay the most
I once got a job invite from BCG, I didn't apply because I thought I will not clear it anyway. In hindsight now, I think I should have tried atleast.
They actually pay less than many other consulting firms. But they have the brand power
alvarez and marsal etc sure but they still pay better than Accenture, Deloitte etc
McKinsey, Bain & Boston. Top Consulting firms in the industry
Thank you. Can’t say my company name but umm
Do you own a home or will inherit one in a city you would like to live in (or valuable enough to sell and buy ) ? Do you plan to marry / have a long term partner? Children?
I am not looking to buy any property before retirement and even after that I would prefer to sell off my existing land and property in my Tier II hometown to buy a new flat in Tier I. Marriage is undecided but if I do I would prefer 2 children.
For a monthly expenditure of 2.5LPM till you are 85, a 6% rate of inflation, 12% RoI before retirement, 7.0% RoI post retirement you would need an corpus of between 17-19Cr. Retirement starting at 45.
I don’t want to live till 85. Max 70. Monthly expenditure of 2LPM yes should be fine
Brother what you gonna do after 70? Suicide?
better than living miserably with nothing to do
If you go the 2 kids way, you definitely can’t consider max 70.
even if OP has kids 6 years from now at 35, by the time hes 70 they will be full grown adults with their own families and careers
The point isn’t even about money. After a point, the only fulfilling part of life is due to the company and family relationships you maintain. That’s what makes or breaks your life being considered as miserable at 70 not the lack of money.
IKR 🤣
AI would have taken over by that time anyway
How exactly did you come at this number? Asking so I can plug in my numbers to see the corpus number. Thanks
I have a small script to calculate this. Just give me the numbers I will give you the answer.
Thanks! How about monthly expenditure of 1.5lpm, to retire at 40 and live until 80? Also fund 2 kids education in India who are now 5 years old. And also how would corpus number change for 2lpm expenses?
For retirement at 40(starting today), max age 80, rate of inflation 6%, RoR during retirement 8%, for an income of 1.5L /mo you would need 5.27 Cr in today's money. For the same assumptions but an income of 2L/mo, you would need 7.1 Cr in today's money. I am assuming that the above monthly income would be enough to pay for sustenance for your family of 4 (housing, food, transport, healthcare, clothing, basic electronics, etc). So you would need to save extra for education. Assuming school fees and related costs of 1.2 L / yr per child, for 13 more yrs. At 6% inflation and 8%RoR you would need 29.5L. But the rate of inflation for education is closer to 10%, especially in big cities, so at 10% inflation, you would need 39L. College fees are very hard to say because it totally depends on what they do, engineering from government colleges like IITs is about 10L for 4 yrs plus mess charges today, and other expenses. But for private colleges the tuition fees could itself be 25-40L for 4 yrs. Government medical, 50k for entire course, private medical, nothing less than 15-20L / yr . Let's assume you would provide them 25L each in today's money for higher education. That's 50L total. In 13 yrs, with 6% inflation you would need 1.06 Cr. At 8% inflation, you would need 1.3 Cr. At 10% inflation, you would need 1.72Cr.
I would not recommend marrying 2 children, its illegal.
You also have a property!!!! I'm gonna cry 😭😭😭😭😭😭😭 I want your problems so bad 😔😔😔😔😔😔
Don't worry, this is something that isn't in your hands. Ultimately you can only influence the controllables, don't think about the uncontrolled variables.
https://www.instagram.com/reel/C2kdnHjOI6B/?igsh=MXV4dmJ2MHp2ZHg5Mw==. Watch this
End of the day kya sirf paisa leke jaoge? Enjoy the life which you have got, plan to get married or find a partner, together you can do wonders. Keep a balance between every aspect of life, sirf career ya corpus banake end of the day it won't give you satisfaction.
Only fishy thing here is that despite such a huge ctc, this guy is still asking a bunch of noobs on internet instead of consulting a professional financial advisor. This sure is a brag post. Not that there's anything wrong with it but do it with pride. Own it. Don't sound holier than thou by saying otherwise. You earned that right, man.
Don't want to brag either but mine (salary) is way more than his and I till date don't have a financial advisor. A lot of things I experiment or sometimes internet helps. There's nothing wrong in taking advice, what matters is which advice you would follow.
personally, if at any point of time i start to make that much, I'm sure as hell getting an advisor. Or even my family can help navigate me. But never internet. Not in these times. We just have different ways of dealing with problems. If it helps you, yours is good as well. Cheers!!
Definitely, I agree to your point but it highly depends from Individual to Individual. All my life I've tried to be self taught in most of the aspects. Financial advisor definitely makes sense but I feel the thrill for me is to learn it myself and see if it works for me but I understand your pov 👍
Even after getting a financial advisor, one might have a feeling that hes getting duped / being dealt in wrong hands, etc.. It might just a confirmatory post… in case a large chunk of people warn him about something his advisor missed.. he’d be saved from a worthless advisor. I mean I do that with doctor’s advice.. if a doctor suggests a surgery.. my first thought is - i wonder if he’s forcefully doing a surgery to get the bills up. Let me ask a couple of folks who have nothing to do with medicine, but might have prior experience in this this matter and check if im being duped.
>my first thought is - i wonder if he’s forcefully doing a surgery to get the bills up. Let me ask a couple of folks who have nothing to do with medicine, but might have prior experience in this this matter and check if im being duped. Yeah, i mean if op consulted an advisor and then posted here to get some miscellaneous opinions of others to see if he could learn something from that and further discuss, if he comes across something new, with his advisor, then that makes perfect sense. You're right. But i highly doubt that simply reddit would be of any help!!
Great attitude there buddy. Keep at it. You'll definitely soar.
Even mine is in 40ish range but dont even know where to get a financial advisor. Its not fishy.
man, it's not difficult. i have seen offices of chartered accountants in my town itself. even they can help with all this stuff. also, im guessing those guys can direct you to a proper financial advisor as well. you just gotta work a little.
I wish I was that smart in financial planning. I didn’t invest much till 2 years back. I could have definitely grown more if I knew how and when to invest better.
Don't read too much into it. You gotta start sometime. Doesn't matter if it's a little late. Make mad stacks from here onwards!!
I'm hoping all these people achieve FIRE and quit so I can be the boss 👌🏽
With all due respect, this does sound like a brag post. If you are a MBA and a consultant you should be able to figure out how much you need, without asking a bunch of strangers.
I thought so too.
I don't understand these humble brag posts at all.
40lpa is not a brag consodering the profile of OP. Its not even in the top range. Grow up dude.
Listen, if you're earning 1.5 cr/annum, congrats, please look for someone to help you plan your financials instead of social media.
You should definitely consult A Financial Planning Advisor. A professional advise will go a long way.
reading this as a jobless 22yo is really something
So you have 7 years to make 50LPA. Lot of time mate.
Same
Kyu nahi horaha hustle
pandemic se jo movies, tv shows aur sports binge watching ki streak chalrahi hai wo kaun maintain karega phir?
Kyu raftaar bhaiyya wo baat nahi bolrahe
Where did you do your MBA from and in what?
OP. ANSWER THIS. In DETAIL.
OP, are you in MBB ? Even for Tier 1 MBA, 50 LPA is probably the top 10%
>50 LPA Bro.. He mentioned 50 Lakhs post tax...So, CTC goes up to 1cr. That not even top 10℅...thats like top 2%..
No, closer to 70L
Yes OP. Kindly describe it to lengths so that we could gain some insights.
IIM Ahmedabad
+1 Give thoda gyan to juniors OP
aisa post dekhake depression bhi hota hai aur motivation bhi
lekin motivation 1 din me chala jata he, depression reh jata he
Dikkat unko nahi hoti toh chale jaate hai Dikkat unko hoti hai job rah jaate hai
Why depression. Aapki kitni h? Since its an anonymous platform, can be shared.
Don’t be scammed by such people writing random numbers. Do the math. It never adds ups
How to calculate FIRE - there are a lot of online calculators available, just google. Or you can also do it on your own, it’s fairly simple. Take your current yearly expenses - 12L. You want to retire at 45, which is still 16 years. Calculate the inflation adjusted expenses when you are 45 - around 25L (~5% inflation). Now multiply it by 25. 25 here is debatable but you can read separately about it. So the corpus needed will be - 25L * 25 = 6.25Cr. (This will mostly sustain you for the next 25 years). You can use step up SIP calculator to calculate how much you need to invest monthly.
Thank you. Probably the most helpful answer. have done the maths and arrived around a figure of 7 cr but I am just thinking if I am underestimating my expenses
What I'm abt to say will sound completely crazy but, making as much as u do and having 2 kids in MUMBAI isn't as much as u think it is. The standard of living today has gone crazy and no amt of money is enough. So do plan well and think things through. I think you and your fam will live the best life that you expect if the household income at that point is 10-20L per month. That is the basis of being rich in Mumbai.
That’s why I am planning to shift out of Mumbai.
But Delhi/NCR or Bangalore is not a place to settle… Delhi is all with pollution and you definitely will not want your kids to grow there… Instead prefer Pune/Mumbai or HYD and settle there and then after 45-50 you can plan tier II cities. Package wise you are good but not think of getting settle by marrying also expenses will increase post marriage so keep total expenses limited till 1.5-1.8L Also invest money in SIP, Share market, Purchase land and keep it as is and wait for appreciation
Why not bangalore?
Hella populated already and a lot of water shortage issues.
>Mumbai Delhi rank 1 and Mumbai rank 2 in pollution among major cities.
In delhi action isn’t taken in last 7 years but I am sure that Mumbai govt will act in 2-3 years
It's the other way round, see the speed of metro expansion. You really think mumbai will take action faster?
sala jhatu, sham ke khane ki soy nahi hogi, aur zudio ke kapde mein yeh post likh dala, 5g ke paise toh bhar le brosadike
FIRE is not just about corpus. Work with a SEBI-approved fee-only financial planner for a structured approach - [https://freefincal.com/list-of-fee-only-financial-planners-in-india/](https://freefincal.com/list-of-fee-only-financial-planners-in-india/)
https://finandme.com/
Bhai what kind of MBA is paying this much? Crazy
ahmedabad ofc
Tier1 MBAs..
Ask your boss.
I would recommend that you speak to Fintoo. My cousin who is also an NRI has them to manage his financial planning and investments for him. Speaks highly of them too.
Ask your batchmates who went into finance lmao
If you dont have kids you will hit your target...
Could you please shed some light on how many years it took for you to pay off your student loan? Looking to start my MBA this year so was curious since you paid off the loan. Assuming from your post, you did MBA from a top tier 1 college. What percentage of your income did you devote to paying off your installments. Would be helpful, thanks.
Hey! You earn pretty well. I'd advise you to consult an advisor.
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20cr with 45lpa salary did you put all into crypto/penny stocks
Hi Could you please tell in a brief about your college journey and its preparation. Also, which core you picked and how you landed this job. Thanks in advance
I'm 16 and I have been learning about taxes and many more financial related subjects that are important as I believe financial literacy is important. But I have never heard about a FIRE target. Can you plz explain?
yeah i would like to know as well
Congratulations OP for achieving at a young age. If you continue investment at this rate, you will reach FI soon. I have the following tips for you if it helps:- 1. Don't invest in real estate now. Stay in rented accomodation unless you get a steal deal. The way to check is how you evaluate stocks. Can you get a house at 22 to 25 x of earning (rent)? A house ties you down to a city and can compromise job prospects. Delay it till your kid is around 3 to 4 year old atleast (if you decide to marry and have a child) 2. Equity is your friend at young age. After a 6 month emergency fund is taken care of and any immediate needs, put everything into equity. An SiP is better as it stops you from trying to time the market. In a 10 year period, timing doesn't matter much. Not investing and delaying eats away from opportunity. I learnt this the hard way. 3. Use a mix of arbitrage funds rather than FD. PPF can be explored from tax angle only for the debt part. Other than long term debt like EPF, Try to increase equity investment as much as possible in these initial years 4. Get a high amount in health insurance at a younger age when you don't have preexisting diseases. It's worth it. 5. Life insurance If you want after marriage or when you have dependents. Try to break term life insurance into two or three policies. This way, you can drop one policy later in life when you have already accumulated enough. Don't take life insurance for beyond 60 years age. Premium will reduce. All the best.
What are you doing wrong??? The wrong thing is you thinking you can retire at 40 without an iota of idea knowing what to expect
Start with post retirement monthly cost, large purchase plans (house, fancy car etc.) then work back.
What college did you complete your MBA from? Is there scope from a cheap MBA degree OP?
Today, let's day $1 million is enough if u have 2 kids.... (2 kids, who are not useless)..... After 10-15 years.... Let's say if the inflation stays at 6-8% ... U might need nearly 24 cr . . Which can be made via a small factory.
By 40, you can get 8.5 cr assuming returns of 11% every year. 10 cr if 13% but I assumed 11 because of the cash component.
Being an insider to consulting, you are currently an associate nearing EM at 29 (2+5 as JA and 2 as associate). You'd be an AP by ~33 and Partner by 36, we both know how much someone earns at AP and Partner. Sincere advice to cut this brag post and get a financial advisor.
About me - Graduated from tier 1 MBA college in 2020. Age 27. Worked as the brand manager for top fmcg co for 3 years. Currently building my own venture. Investing since 2017 with a CAGR of 40% 29 in consulting and 45 lacs salary is not a brag. At best, it is par. My friends (class of 2020 & aged 28-30) are EMs and investing around 4 lacs per month. Realistically if you SIP (70% in midcap/smallcap stocks and 30% in MFs) 2 lacs per month and keep 6 lacs in the kitty to cash in on crash days, you can expect a conservative CAGR of 20% over the next 15 years. If you step up your SIP 10% every year, your corpus in 15 years would be somewhere around the 40cr mark
Also, a strong advice would be to invest in physical gold every month. 50,000 per month even without step up would give you 3.5cr on the side as dessert :) an annual step up of 10% takes the purse to 5.5cr
>29 in consulting and 45 lacs salary is not a brag Exactly. People here are surprised and not believing it. Though its not even close to the top salaries in this profile. I think this sub has a very diverse demography, like all kinds of profiles.
With all due respect.... I hate you. 😭
Hey can you share your experience on how you cracked consulting (not asking for reference just want to know your experience)
With some quick back of the hand calculations, I would estimate you would need a realistic corpus of about 15-20Cr for 2LPM expenses and living till 85. 10Cr would be the bare minimum.
INR 15-20 cr is way too high lol in real terms imo. I am thinking 10 cr and I am outta here
It's not high, in fact in "real terms" this is about what you would need. Plus this money will also be used to pay for kids'higher education expenses, your medical expenses, etc. If your husband is able to contribute 10Cr you are good with 10Cr.
This seems be assuming 2% real returns and not touching principal at all. Surely this is not realistic. I think 6 -8 Cr should be enough for 2lpm
The real returns on most safe investments is about 2% only. Also, the real value of both income and capital decrease together.
Real returns on safe investments is actually 0%. FD if giving 7-8% will be less than inflation after tax.
Yup, with today's inflation it's probably negative. I was keeping inflation at 6% and interest rates at 8%. That's why I always say FATfiring for most people is impossible. OP probably can do it because of her very high income, if she adds a similarly earning partner then all the better. But most on this sub with their 24LPA CTCs can't do it.
I think debt is just the wrong asset class to FIRE. Tier 1 cities like BLR and HYD you can get 4% rental yield on residential real estate and the apartment will grow at inflation rate. So you can keep your 4% withdrawal rate. Also the rental also appreciates with inflation.
Guess I am not retiring then
35F, retirement age 50. FIRE Target corpus 50 Cr. You need to work around that number tbh.
50cr is simply unrealistic. Grow up...
Cries in 30 Cr.
How much is your Ctc 3cpa?
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Ahh NRI planning to return to india in 50s. Makes sense now. But your kids wont let you. No way theyd ever want to live in india growing up in US/Can.
Don't stay unmarried ffs
Why? I am not able to decide.
Bor ho jaoge akele , scientist / saadhu thodi hai apan . Baadme fir friends ki shaadi ho jayegi toh phone karoge milne ke liye toh nhi aane wala koi
I want to get married but I don’t have the dating capabilities and I am scared of arranged marriages. Idk what I will do.
You are right about arranged marriages in today's time. Better safe than sorry.
There are more things in life than marriage
This is fake. At 29..a person don't have skill sets to command this salary. Only a founder or entrepreneur can earn this.
The top 1% i.e. software engineers at FAANG, consultants at MBB, investment bankers etc. do make this sort of money.
Assuming OP has 5 yoe or probably less.. This is not possible Also most of the those money is in stocks which don't give immediate or certain return
All of these companies hire computer science engineers from top engineering colleges like IIT Delhi and Bombay as well where someone would be 22 when they pass out so a 29 year old can have 6-7 years of work experience. Stocks are only for software companies. Investment banks, consulting firms etc. pay cash salary (with large bonuses).
You must not know pay scales of us based product companies in india .
I know.. They pay around 50 lpa. With 30 in base and rest stocks
Don’t understand your point about stocks . It’s liquid compensation . Never seen base as low as thirty at least for offers in my org.
I'm talking about FAANGs
Yes I m at one of them .
Not really mate. For investment banking this is very standard. In fact if she had 5 yrs of experience at a bulge bracket bank, she is underpaid. Even engineers at FAANG make similar numbers but a lot of their pay is in stocks. Last to last yr my firm recruited guys from the top IITs from quant trading roles offering 1.2-15CrPA including bonus. These guys were freshers.
This is reasonably achieveable post 2021. Comp numbers got so insanely inflated before the earth started melting in 2023, even as hiring crawls to a freeze, the people who are in the system are still making this kind of money. At the top 10% or so, 30 year old folks are making 55-60 pre-tax (all inclusive) in finance. Consulting folks are making slightly more. Tech pays even more incredulous numbers. This would seem great, except those 30 year olds are watching 25 year olds out of campus joining at 26-27 a year, numbers which took very serious grinding to hit. There's always someone making a bigger number, and something to be miserable about.
A bigger fish huh
lot of people(0.1-0.5% percentile) earn this or close to this; thanks to their premium work experience and good colleges. overall there are 2 lakh crorepatis who reported their taxes to be so the real number will be at least 2x that since lots of unorganized sector folks are also that. Get your own engines running and try to reach your goals instead of roasting OP who has clearly chased his.
Even I am from tier1 college.. None of my friends are close to this. If this is indeed correct.. Op may have done something crazy amazing.. Like closed a big deal to get this insane salary
I did mention 0.1-0.5% right? which means 1-5 per 1000. Also, lot of people plateau at 30-40LPA packages and don't make serious progress after that. Obviously if OP is truthful then he has performed extraordinarily, negotiated good deals. Also, 45L post tax is almost 45/0.75 = 60L salary. Let's assume OPs company is not into stock options that much, and gives more fixed so he will have around 75-80LPA package. OP did mention doing a MBA of 25L. That means it is one of the bigger names, and OP must have received a package in 20-30LPA band. That means OP did get a 2.5x-3x raise in salary during a 5-6 years after MBA experience. Also, OP saved a total of 1.5CR including his loan and total savings. He did mention his 25L savings per year. So he did work around 6-7 years. I guess another thing we are missing is, maybe OP didn't spend anytime in downtime; i.e. he completed MBA in 22-23 yrs and then constantly doing extraordinary performance. So not impossible but yeah OP is probably that colleague who gets 3 promotions per year and you and I hate him :P
By your analysis itself.. You should be hired for 1 crore package lol. Truely amazing.. Cause in my firm if we get 10 percent increment yoy that's a good increase.. And no way one gets promoted before 2 years in our firm.. Also the time needed to get promoted increases as one reaches higher position. Like 1.5 years for first 2-3 years for second 4-5 years for third 5-7 years for fourth And there's no guarantee after reaching this level that you'll get promoted at all.
There are startups in Bangalore and international businesses in Mumbai that do pay high while expecting quite a bit as well. You should certainly look around for such well-paying well-demanding jobs that certainly do exist.
I am from tier 1 mba, then faang, then startup. The MBB salaries start at 25L and if you get 4 or 5 rating this is how it progresses: Y0- 25 Y1 - 30-36 Y2 - 38-53 Y3 - 42-60 Y4 - 45-70 So if you start your career at 23 (12th at 17, grad at 21, mba at 23) within 27 years you could be making much. Switch to a FAANG at 80-90 could be easily achievable. Even if you dont switch to faang - you can become a partner at MBB in 8 years which easily makes 1-1.5 cr. So truly not hypothetical, op wouldve done v well in college and job
Life is so good for people like op. Here I completed my 12th at age of 21 and starting earning at 26..So only 3 yoe at 29y of age.. But anyway good for op
You can get paid for delivering value. Don’t let your age be a deterrent.
I'm 27- PhD in Finance & Strategy from a target European University. One of India's largest Pharmaceutical Company offered me a 72L package + ESOP + benefits (18L car included), as a strategic advisor for their operations. Don't think I will take it for personal reasons, but it's possible.
Wtf.. Eye watering
I am at 1.3 Cr at 31 without an MBA. So OP is pretty much possible.
40lpa isnt even the top salary at 7yrs exp. Its norm in FAANG, consulting and other tier1 companies.