Am i okay financially - 31 M
Hi , This is 31 M. Working from last 9 years. Educated from tier 3 college on loan and from very very humble background. Sole earner of the family from age of 22.
Currently working in MSFT from 2 years ( Around 65-70 LPA) Before this i was at around 40-45 LPA for around 3 years Before that i was at around 16-18 LPA for 2 years Before that it was very negligible salary for 2 years
Current Assets - 1.5 cr ( Mutual funds + PF + RSU’s) Own home - Bought by me 1.5 years back ( Bought in around 1.1 cr - Current value around 1.5 cr , Home loan around 50 LPA)
I have my wedding in july so i will take out money around 30-35 lakhs from my savings , so total i will have after that will be 1.1-1.15 cr and at the age of 32 i will have 1.5 cr again( After adding this years savings)
My partner also work and have 30 LPA package Am i on the road to become financially free/secure at the age of 40. I am targetting around 35-40 LPA collective annual saving after marriage
I think that i have saved less as i should have at this age despite working very very hard. As i told i have grown up very poor so the fear of going back to those times haunt me and i am very worried sometimes that what i have and i am not good enough
Help me out !!
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You need at lest 80-90 CR in savings. By this time you must have travelled 40+ countries. Atlist 50+ CR house. And many more. You’re not even at the average my friend. Work hard.
At least a 100cr emergency fund you need now..
U r too behind bro, work hard. And y would anyone buy a used house for 1.5 cr , after a decade or two decades city shifts its focus point or economic activity centre so u r house will have value on paper in reality no one will buy. And if it's flat then forget abt it that someone will buy it in crores instead of buying a new house. If u sold that house in NXT 10 yr then thing is different but if it's flat and it crosses 10 yr mark it's hard
I wouldnt look at the house as a financial asset, while the rates for first hand sales continue to rise, unless you are in specific localities or have land to sell, apartments are not selling for much more than what they were bought for by buyers.
Which MF portfolios are you invested in and for how long have you been invested?
no you are not.