Made around 15L in the last 2 months as a student through some overseas freelance projects.
Pulled a lot of all-nighters but landed some high-paying clients. No crazy tech stack or genius skills - just got lucky with timing and built good client relationships.
Never handled this kind of money before (used to monthly pocket money of 5-6k from parents). Don't want to blow it on stupid stuff. Would really appreciate advice on where to invest/save as a student. FDs? MFs? Should I keep some for emergency fund? Also wondering if I should tell my parents - they're pretty conservative about money.
What would you guys suggest?
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Can you help me how you got those projects??
Chances are low, but if he responds, ping me too.
Developed 4 websites - billed at around 4k USD for each
For two of these clients some more additional services, made a bit north of 15 lakhs.
Got first one via upwork, one cold dm on linkedin and rest two referrals :)
Well done man!
Keep 5L as emergency fund in a regular savings account - I learned this hard way when freelance work dried up for 2 months. Put 7L in FDs (I use HDFC, getting 7.2% for 1 year). The remaining 3L do index funds. That's what worked for me when I started.
About parents - tell them once you have a proper system going, shows you're handling it responsibly :)
Helpful thanks
Was the FD - normal FD or flexi FD?
In 15L divide it into 5 Part
- Mutual Funds , Indian Stocks ( 1 L )
- Health Insurance ( 1L )
- Emergency Fund ( 4 L )
- Fixed Deposits ( 8L )
- Physical Gold ( 1 L )
Physical gold? Really? Unless someone has keen fondness, it's a bad idea.
Don't buy a gold chain or necklace, instead buy a gold coin which doesn't contain wastage. Buy gold when it dips and sell when it goes up.
Put it in a flexicap or largecap mutual fund. You are young and starting in career. FDs don't make sense at this point. Feel free to DM is you need help with those investments
I think since he’s young enough and long time for investment wouldn’t it be better to go for small and mid cap that will give high returns rather than flexi or large cap though higher risk would be there.
Don't overthink savings. If you can pull off 15L right now, you will pull off 1.5cr before you realise it.
At that time, if you focus on investing and even if your 15L doubles, you'll only think about the missed out experiences/gadget upgrades or upskilling you could've done instead.
PS: Spend on a good CA, and get GST registered if you aren't yet.
Only sensible comment! Don’t focus on investing now, 15L converts into 1.5Cr in catch, better take GST ASAP
Where did you get these projects? And congrats
1st - Upwork 2nd - LinkedIn Cold DM 3rd and 4th - first two referred a client each 🙏🏼
Why don't you invest back into your business and turn it around so that it makes 1.5Cr a month?
Hire people, right people, start small, make the system work for you then expand.
Have the working capital 2x in conservative fund like FD or savings account in a small finance Bank which gives you straight 7%.
While scaling up what all you might need? Marketing , finance, people mnagemet... Think big. All the best.
Maximize for Your Learning
If you don't have any other Financial responsibilities then Save 50% Spend 50% on growth or
Be Aggressive on Growth
Are you front end Or full stack?
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