Salary needed for a good education
How much salary is needed in India to afford a decent education for kids. Im 32M (30LPA, 0 kid) but everything goes in EMIs, rent, medicals and very small investment. Hardly, I can save anything.
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Can you break down your expenses here? You generally want to keep 1.5 cr over a lifetime for your kids?
20% rent
50% in EMIs
5% in investment
5% in medicines
20% in groceries
What are in EMI? When will it end? How much pending?
Why do you have 50-60k in rent for no kids? This could be 15%?
One has more control over their expenses than they have over their incomes (atleast in short term). Also, there's no guarantee that one can save enough even if their incomes are doubled or tripled.
I know colleagues who rent in Bangalore with 20L CTC and manage to save 10L annually.
At 30LPA, increasing CTC shud be motivated only to living upto potential and NOT to have more money or change life materially.