Reached 50L Net Worth at 28 y/o; where to go now?
Just crossed the 50L milestone recently, all money came from being an engineer across fintech startups and investing in mutual funds mostly
Started my career in 2018 with a service based company at single digit. Switched 3 times, moved to product startups. Current CTC is 35L.
Here is the breakdown now:
- Mutual Funds: 28L (SIPs since day 1)
- Direct Stocks: 12L
- PF: 6L
- Cash/FD: 4L (Emergency Fund)
I haven't counted ESOPs because paper money is paper money until IPO.
But now... after this realization. Wondering where to go from here.
I look at the founders/senior ppl I have worked for; some are smart, some just got lucky. I feel I can build good things too. My parents are pressuring me to take a home loan or get married (settle ho ja)
But I want to quit and build something meaningful. Is 50L enough cushion to survive 1-2 years without a salary in BLR? Or am I being delusional?
Advice needed from folks who took the leap.
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You can marry at 30 also, doesn't hurt. Next 2 years please save aggressively and put it as home loan downpayment fund.
Don’t marry if you want to build something. I might be biased because of my own personal views but adding a girl to your life wouldn’t help you much unless she’s of the same mindset as you and can understand that you’re building something and won’t be earning while you’re doing so. It’s extremely rare to find such a woman. First become whatever you want to become then think about marrying.
How do you know the OP's gender?
Depends on the domain in which you are planning to build your business.
Some businesses may require like few lakhs of investment, while others may end up requiring crores also.
Also, not all businesses are profitable from day also.
So there are lots of factors to consider. But, nonetheless, there is no direct Yes/No answer to your "Is 50L cushion enough" question.
By no means, I am demovating you. Just sharing my perspective. I could be wrong as well.
But, I hope this drive to build something new is not an external influence. If it so, then be more thoughtful and reconsider. But if not, then first do extensive market research, A/B testing (if its viable at minimal cost) to find the problem you are willing to solve.
Please do not build a "solution looking for a problem" product. There are already far too many like that in the maket.
I am rooting for you 😎.
You don't need to quit to build something. You have amazing runway btw. Marriage is personal decision.No harm marrying later. Home loan is a trap personally. Choose your poison:)
Yes home loan is one of the biggest traps what middle class slog with almost till retirement. Fortunately, me and hubby saved enough to not take one. Have experience of 15 years each in software industry,we acquired a plot and build a home from scratch all within 1.5 cr. Frugal living really helps.
Yeah. Whenever you are comfortable,you should take a loan
I think everyone will have a different answer to this.
I am 28
Started my career at 25 , Dont have 50 lac in savings also and getting married this year.
I think i want to have that partner feeling at this stage of my life
stable life and wife make things easier imo.
Baaki hoiye vohi jo raam rachi rakha!!
Bhai! Tu bohot sidha sadha insaan hai..Best wishes for the new life !!!
If your question is would I survive with 50L for 2 years in Banglore, then Yes. Secondaly, if your family is living in rent and need a home, I would probably go ahead with thinking to build a home. Getting married you can do around 30 too.
Congratulations. You are at the springboard phase. So keep the practice up, and maybe increase SIPs in to MFs. Don't withdraw/SWP just yet. Keep investing. I reached 50L in 8years, and after that 4 CR in the next 5. So compounding magic will start to show
