3 Cr+ in savings : Freelancing now?
I, M 40 have, mostly achieved my fire goal with 3cr+ in savings as liquid assets.
As I am not sure what will I do in my free time I don't want to start right away with full time retirement but take the plunge slowly.
I am looking for advice on how to start a freelancing career as a project manager or agile coach.
How did you save 3cr bro? I'm just starting my career, would like your advice
Bit of discipline and plenty of luck. I am lucky to have a like-minded partner. Keep check on my expenses and save as much as possible without compromising the quality of life I want. Haven't bought any real estate of my own as parents are already heavily invested in real estate.
Generational wealth
Can you please share progression of your salary through out your career?
Do you pay rent or live in your parents house?
Reg freelancing you can get in touch with Indian/US consultancies or platforms like fiverr/upwork etc. LinkedIn also helps
Started with a modest salary like every one else here in typical witch company and switched during peak of covid which has now corrected offshore salary to some extent. 18+ years and counting. Was lucky to have brief onsite tripa during this time for 3-4 years. Hope this helps.
While the actual fire amount is 25x of your annual expenses, I feel it's better if you have a house where you don't need to pay rent. It could be one which is provided by your parents or your own. Because rent is the major expense in metro cities. Also, your expenses might be low now but when your kids get older , the expenses might increase because of marriage and education. Consider these also. And coming to financial investments, I don't think FD is a good investment. It won't beat the real inflation at least in my opinion. Try to invest in bonds or mutual funds that generate more returns.
If you want monthly income, you can invest in a small commercial complex in tier 2 town and can lease it to get rent. It's inflation proof as both property and rent rise accordingly with inflation.
Trust me 3.28cr is not too much if you have 2 kids but it all depends on how comfortable and luxurious we want to live life. I'm 26 and I have 2.2cr
Can you share like how you have made 2.2 cr by 26 ?
3cr savings is enough nowadays in Tier-1 cities? It could be enough in Tier-2. just thinking out loud.
It depends on your expenses as well. What I have seen is that in the good days we had surplus interest for the last two years after accounting for all our expenses. That is the interest or returns generated on assets for the last two years is more than what we spent during that time, so it gives some confidence.
I think you start working on the things you love the most and enjoy your life.
Great going, you are likely a role model for many here.
@HeavyHood are you parents rich? maths doesn't justify
Is 3cr enough for fire? Considering inflation and expenses I'm a little doubtful (not trying to discourage but just cautioning). You can use below calculator in case you haven't already: https://www.finlive.in/page/swp-calculator
