I'm at 92 Lacs (32M, 30F)
Thank you Grapevine for this community. So excited to find a space for talking about this.
1 Cr includes MFs, Stocks, FDs, ELSS, PPFs, Bonds, Gold. (Thank you COVID for the Amazing returns!)
Our FIRE goal is 6 Cr + a good house by the time I'm 42.
Major Variables:
- My wife wants to do Blr but I come from Belgaum, a house & lifestyle there would be much cheaper there
- Kids. That might stretch the goal to 8 Cr. Schools etc again much cheaper in Belgaum
Post retirement:
- Considering some light freelance projects to keep the money coming but majorly
- Fitness & Traveling for me
- My wife want to teach underprivilaged kids in NGOs
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(Its belagavi isnt it?) Well, 2 things i will say is people from Mysore trying the same regretted it because lost opportunities and growth will start looking significant if you move to tier 2. However spot on on savings and quality of life in Belagavi.
Other one is not to discourage you or anything sir, 1cr at 32? People are earning lot lot more. 2-3 yoe grads get 50 lpa now. If thats ur plan maybe u will be fine more or less but u will lag behind peers and also give less to the future generation than you possibly can.
So not a point of discouraging am just on the side of being against FIRE. That's a very irresponsible term imo especially for a developing nation like us. I got mom working even at 62, dad can't super walk properly but still works at 67, and we have no dearth of money either.
I plan to move there only after achieving FI.
I don’t have expectations to make even half of what I can make in BLR.
Yes, there are kids making 50 LPA a year. It’s not a race with them. I want to achieve RE, take it easy and explore hobbies, get fit.
Who knows what the inflation is like going to be in BLR because of them. Belagavi ftw
Get fit now bruh. Planning to get fit after a goal never works
People ridiculing only 90L or 1 Cr at 32 need to get a reality check.
May not be FIRE level but it's good going for this age.
For freshers earning 50L with 2 YoE, longevity of career is a question mark.
And FYI everyone is comparing total comp with savings. Someone getting 50L will get on hand much lesser after paying Modi govt their cut. On top of it reduce the expenses and you are left with some savings. Here OP has 92L savings which is good.
Don't understand the relevance of modi govt here. Were the taxes lesser during MMS or Sonia rule? We need to accept that we're living in a socialist utopia for masses who feel that it's ok to milk salaried class like us.
Total comp of 50L is jackshit if you don't have generational wealth and need to start with a car purchase. Many high earning fire peeps live a sub - par lifestyle lke a hostel guy with excessive spends on travel/food/tech
Congratulations 🥂
I often wonder if it is really possible for someone from a lower middle class family (now upper) and from a tier 3 college
But I hope I am able to achieve it some day! (22F)
Yes possible, at age 22 I didn’t have any money in the bank, and now I am 32, I do have a good corpus, which is around 1.4 cr.
You are in Amazon, should be happy to start there as it will be exponential growth for you
I am also going to be 32 soon, me and wife combined corpus is around 1.4 Cr. Plus a home (small one) we want to upgrade it in future like after 5 years or something, my FIRE goal is also 6crore. By 40 I will be able to achieve this amount. But I am not too stuck with this FIRE goal and also enjoying freedom that comes with having money. Soon I will be starting my YouTube channel, doing freelance on side. Etc.
Youtube channel on what topic?
Get a BMW
Congratulations OP.
The 6 Cr net worth is approx ~3.5Cr on today's terms. If you live in a tier 2 city, you can manage a decently well with a 12-15L annual spends. Especially if you do not aim for a fancy education for your kids/ don't plan on having kids, the corpus is a healthy target.
Needless to say, don't make the next 10 years of your life needlessly painful in pursuit of the RE - keep taking vacations, leaving unhealthy work environments, spending time with family/ community. Still better would be if you/ your spouse can start spending more time in what you plan to do post RE (the pull for full time travel should be stronger than the desire to not have to work)
Have your insurance/ medicals sorted as well
Yes. We want to enjoy our life in Bangalore.
We’re doing vacations, love to eat out and grab drinks.
We can afford some extravagance too but we’re both raised in a lower middle class family and it feels needless so we’re skipping on that.
And here I am . only 20 L at 26. Maybe I'll never achieve this thing called FIRE. Obviously I'm not into tech but Manufacturing. I often feel left behind
Buddy 20L savings at 26 is not bad in any way. It also matters how much you’re enjoying your life in the 20s.
Hello from another Belgaumite 🙋♂️