TwirlyMochi
TwirlyMochi

Is this new normal?

Just met a dear friend with 10+ yoe and earning 33L per anam.

He doesn't want to get promoted or salary hike as he is getting enough as per need and wants to have good WLB. He is accumulating a 3cr corpus and planning to retire in 10 years in his hometown in Ranchi.

Debt free - family house in Ranchi and married with no kids - single income.

Isn't the amount very small/too risky? Considering anything can go wrong in future and you should work really hard in 30s to avoid that as much as you can.

What's your opinion?

Ps. He is also active here and I took permission to ask this question here

15mo ago
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SleepyPretzel
SleepyPretzel
Zepto15mo

That dude has understood life, i’m 25 will do the same

TwirlyMochi
TwirlyMochi

At 25 the world seems different. Give it 5-6 years more.

TwirlyPenguin
TwirlyPenguin

I’m 25 too. Feel what he’s doing is right - what do you think will change in 6 yrs?

JazzyDonut
JazzyDonut

Seems pretty amusing about folks talking about this and that crores.

People need to get out of their cocoon and maybe try and understand how the vast majority of the population lives.

Most people atleast in this country will not have a total corpus of anything close to 1 crore even at the end of their life, and a lot of them will have happy lives.

Money is important, but let's not make it so important that we forget to smell the coffee

CosmicNugget
CosmicNugget
Student15mo

Hit the nail right on the head. Your target corpus really is based on what standard you want to live your life at. Simple living, you can make do with less

DerpyBurrito
DerpyBurrito
Gojek15mo

Please encourage him to do this, he has understood the purpose of his life in some way

TwirlyMochi
TwirlyMochi

Noone is questioning the purpose - I'm just asking if the amount is good enough or not

DerpyBurrito
DerpyBurrito
Gojek15mo

The question which you are asking depends on the purpose of life for person

SillyMarshmallow
SillyMarshmallow

3cr is too less, I hope he has great insurance coverage and proper portfolio management!

anyways I would kinda prefer atleast 50Cr consider my lifestyle n spend rate, living minimalistic is kinda not my likes and I think there is nothing wrong.. Avg politicians retire with 150Cr

TwirlyMochi
TwirlyMochi

What's your plan to reach 50 cr? Seems impossible unless inheritance 🥃🥲

SillyMarshmallow
SillyMarshmallow

ofc, have my generation wealth + wife's generational + my savings and funds, might reach there in 6 years with good passive income and I have also done many angel investments, even if one kicks I can easily 4x that. anyways...what's point of retirement when you can't enjoy it enough? also with 3cr, he can't go on vacations or treat himself

QuirkyRaccoon
QuirkyRaccoon

In one of Ravi Handa's FIRE podcast, a financial advisor had the number of 6 CR for a family of 3 with one child living in tier 1 city. 6 CR is reasonable. Considering no kid and tier 2 city, 3 cr should be just about OK.

TwirlyMochi
TwirlyMochi

Ravu Handa seems really happy after retirement 😄😄

QuirkyRaccoon
QuirkyRaccoon

Not really really but he has been honest about sharing his thoughts.

TwirlyJellybean
TwirlyJellybean

All of this is based on the idea that he will continue to have the 33lpa job for the next decade if he's not interested in advancement.

With the advent of AI, dev salaries are going to come down - the free lunch is basically over

TwirlyMochi
TwirlyMochi

He works in operations - sr ops manager in a reputed edtech

JumpyBanana
JumpyBanana

He is smart, you will keep chasing

TwirlyMochi
TwirlyMochi

Why do you think so?

BouncyNarwhal
BouncyNarwhal

For me, I’m chasing 8cr which seems reasonable enough to provide good passive income to live comfortably.

This is excluding any inheritance that I will gain.

If I take 10+ years to reach that amount, will have to increase the number by a 3-4cr.

Struggling to figure out what is the best way to reach 8cr in the next 8-10 years. Salary is currently 34, which is likely to increase but I still don’t think it’ll be enough to reach the goal in the target time.

Suggestions to reach the goal within the target timeframe would be appreciated, and questions are also welcomed.

QuirkyBagel
QuirkyBagel

Same thought process, trying to figure out the path, though I don’t think I want to retire retire in 10 years so flexible with the timeframe but like the idea of financial independence.

SillyJellybean
SillyJellybean

Doesn't even have kids. 3-5 cr is more than enough for a couple and parents.

FluffyNugget
FluffyNugget
Plivo15mo

Minimalistic living :) we all value different things in life. Whatever floats ur boat, go for it. Future or past is not worth thinking about

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