What is your target saving number for you to be Financially Independent and freely pursue your hobbies.
Just want to know what your current net worth is (including house, -debt) and what is your target saving for you to not earn anymore?
e.g. 2.25 lacs in hand means 3.3 lacs per month/40lacs per annum before tax, implying at a 4% withdrawal rate, you need 10 crores of savings.
In India it is around 7-9 Crore for tier1 metro cities. Kind of money you need to maintain lifestyle if 80Lakh CTC package. 5 Crore basic minimum. If you are in medium size city, you can reduce it by 30%.
For 80 lacs CTC you need 20 crores of savings assuming your fund grows with inflation
12% ROI assumed. 6% goes for inflation. Rest 6% is around ie around 50 lakh( 6% of 8 Cr)is for expense. A lot depends on kind of investment you have. Also, most people by retirement mean “free to pursue” dream. In 2-3 years, most kinds of dream start getting some $$.
If u live below ur means, it’ll be sooner than later. But the way world is going, education fees et. al. u better live a bit now itself and then if u r lucky, u’ll hit the independence anyway
What is the point of living if you can't do what you want when you want
You guys have hobbies?
60 lakh loan. In BLR, 3 sites and a 3 BHK flat. 57 lakh stocks. 25 lakh MF. 12 lakh PF. 10 Lakh NPS, 5 lakh FD, 5 lakh savings account, 4.5 Lakh SSA, 2.5 Lakh PPF, 25-30 lakh gold, Approx 35 lakh gave it to interest. Expected to get 15 lakh in 1.5 year from another investment.
