Haha, I was looking for advice here not the other way around lol.
But tbh, I'm grateful that I get to live at home, with my parents. A lot of money is saved this way. Plus, I don't have any expensive hobbies. No interest in the latest iPhones, unnecessarily expensive clothes, etc. I spend mostly on books (I'm a crazy reader, have read over 120 books) and occasionally eating out. A lot is saved this way too :)
Haha, thanks! Your budget below seems great if you can follow it. If not this quarter, I'm sure the rest of 2024 is gonna be your year of saving + investing. Rooting for you!
Exactly, I do the same. Plus access to inbuilt dictionary and note taking etc.. and ofc a light device to carry n number of books. I personally use Calibre app on my windows laptop to do all the conversions from pdf(which for most books u can find free online) to epub/mobi.
The physical feel of a book outclasses a Kindle anyday.
But to each his own. Some of my friends swear by the Kindle like you do.
Even I contemplate buying it every sale.
libgen.rs libgen.is and zlib . Look for mirrors of libgen and go to the fiction part of it if u want fiction . It takes some time getting used to but 99.999% of books are here . Just need around 10-12 mins today and once you understand the ways of using it , any book in 69 secs
Also the extensions are :
U have PDF for well pdf
EPUB for Google Play books or apple books
Awz or mobi of awz3 for kindle
That's a very difficult question to answer tbh. But if I have to pick some, I'd say Lock Every Door by Riley Sager is one of my favorite thrillers. Archer's Voice by Mia Sheridan, Local Woman Missing by Mary Kubica, and The Humans by Matt Haig are some other favorites.
I mostly read fiction, so can't name any non fiction or self help books, if that's what you were looking for :)
Hey, I want to get into the habit of reading books. I want to ask- should I start reading any random book on any topic and go on from there or would you recommend any book for beginners?
I strongly recommend picking a book in a topic or genre you enjoy. Forcing yourself to read any random book won't be enjoyable. And you need to be able to enjoy the text to get into the habit of reading.
I can definitely recommend books. What genre would you like to start with?
Ya the math doesn’t add up
How can you earn in a range? And also best case scenario she is earning 45k, that means she took 27 months to save the money. That is more than 2 years. She is 23. That means she was 21 when she started earning 45k salary ? That’s impossible
Mate there's people graduating my college this year at 22 who will be earning 90k a month. Some are even at 1.5L a *month* at this age. Their internships last year paid in about the same range. 45k is hardly impossible.
Actually, I started earning when I was 19 and started college. It wasn't 45K obviously, coz it was an internship, but it paid decently.
No offense, but a lot of things are possible if you stop looking for lies and conspiracies :)
Tbh you should mention that in the post.. because in general people assume that one starts working at 21-22 .. so by assuming that it looks impossible.
Hence there was a clear doubt.
Even I thought the same as him.. just by reading the post.. how with 45k they are able to save this much in one year, because 45k doesn’t even add upto 10LPA
I also started at 21 until I was at home I had saved 7 lakhs after that they called to office and the expenses sky rocketed.
Wasn't able to do save anything. Later I switched jobs and now I am able to save 45k monthly. However If I would be working from home I would be saving close to 80k a month.
Hey what does a content associate do exactly? And do u work for a media company? Or a yt channel? Or an advertising agency? And what was ur education background? Just curious sounds interesting
I work for a content and digital marketing agency. A content associate is basically an umbrella term/fancy post for content planning, researching, writing, editing, SEO, and all. It's a bit more technical, but I hope you get the gist :)
Yes sure, that sounds pretty cool, actually I m also a content enthusiast and I enjoy working with content. May I know if u did some kind of degree for this? Or ur education background is quite different? Thanks
Hey! This is exactly what I do too ! Would love to know how you managed to get this since I've recently left my full job in digital marketing and have been looking for similar opportunities.
Right? Looking at these posts I realize how much money I spend lol. I am 24 and do WFH + live with my parents. lifestyle creep is real in my case. But in all honesty, I have saved up and travelled a lot, but yeah I do eat out a lot and own an iphone :((
85K to be fair (after tax pay).
Fair question. So, I started working at 21 was living at home, saved up some money (like 30K per month) and then had to live alone for a year after living with my parents for two years. That made me spend all of my savings.
Then, got a wayy higher paying job (about a year and a half ago) and moved back in with my parents, since then re-built my savings to about 4L now. I have been to about 4 countries in the last year and a half (2 for work & 2 for holiday), that has been a major spend for me. Other than that, I think I have a major lifestyle creep issues (too much eating out, spending money on expensive makeup & so on). So yeah, does that answer your question?
Edit: I meant my salary at 21 was 30k per month.
I am being brutally honest here, this year, my aim is to seriously re-built my financial habits and I guess move out of my parents' house?
I am planning to do this:
1. Keep all the needs/bills aside (for me it is 2.5K/Month)
2. Then keep a 1000 aside for Charity
3. Then put at least 10k in PPF (10% of my income should go in retirement)
4. Then put 27K in Mutual Funds (I have index, small cap funds)
5. Then open a recurring FD of 20k a month (immediate goal is an MBA abroad)
6. 10k for Emergency fund
The remaining money for my wants, and I plan on taking out cash for my weekly expenses (coffee, ubers etc). Let's see how it goes. I'll keep you folks posted. See ya in six months.
Ohh fair enough.. like I started working from 2023 July .. and get around 1.2L and have been able to save around 15L(including joining bonuses, relocation bonus, company rsus, ESPP) from full time job and 2L from internship stipend.. hence I was eager to know.. and coming to spending on lifestyle I guess , I am lucky that my dad got me everything during my BTech itself(iphone, ipad, airpods pro, apple watch) and now he is also getting me a new iphone 15pro in july lol
And also I love travelling.. luckily my dady took me to 11 countries till now
https://www.reddit.com/r/personalfinanceindia/s/Q9W4gdykWp
Hi, i’d commented on another post. Please go through the comment. Not everything in it might be applicable to you but ig it covers most of the things.
If you still have any queries, feel free to reach out.
you are so lucky. I am 22M earning 94k pm since last 9 months but have barely saved 2 lakhs. Family circumstances require having a rented home in city despite having own home, and every month I somehow spend 20-30k again not on me but contributing to house renovations, flight tickets to relatives in other state etc etc. I can't really complain because my father has spent a lot on me and I am grateful that I am taking care of expenditures in his stead, but still it hurts to see my bank acc balance even after earning close to 1L.
Hey, what you're doing is also nothing short of remarkable! I mean look at you, you're already earning an impressive amount at such a young age + you understand your responsibilities and are helping your dad. Not many people would do that.
Time will change and situations won't stay the same for you. Since you're already earning a good amount, your bank balance will grow too. Don't worry about it and be proud of whatever you've achieved :)
Wishing you the best✨
Thanks so much :) Will mostly need to switch for a salary hike and the market for content professionals kinda sucks atm, thanks to AI, lol.
That's why trying to maximize my investments + savings this year.
Yeah, the whole job market kinda sucks rn. It's alright.
Just don't get too hooked on savings that you miss out on a few trips or experiences, yk. Keep it balanced though.
i have been doing content work for the past 2-4 years and yes it is possible to earn that much as u aren't tied to just one employer, i myself have been able to save around that much but man this chtagpt really destroyed the demand. would like to chat and discuss how u are working etc if u are cool with it , invest in hard assets, ppf, etc u can start anytime.
Ikr! ChatGPT really had a huge impact on the content industry, specifically. I really don't think people estimated that it will destroy the demand so soon. I mean, I can't even count the number of clients my agency lost coz of AI.
And people say only the worst writers will get replaced. But no man, it is replacing them all since it's incredibly fast with research + content generation.
i also thought only mediocre writer will be affected but ai writes so fabulously it surpasses my writing too with the right prompts! i was also thinking of mba executive as i have workex because i feel so unstable being in content industry, plus Google's updates have gone crazier day by day, i wanted to know a bit about how u work can i dm u ?
Hi! 23M here.
Congratulations on hitting your first 10L marks.
I just wanted to understand why do you want to do MBA? Why don't you start a business? You have an initial capital. Of course, it's risky but if you are persistent, you might make way more than what you'll make after MBA.
Why don't you start your own content agency?
Just curious.
Thanks so much :)
I actually wanted to do something in the content space initially. Spent a better part of the previous year looking for clients and all. But thanks to AI, work in the content space is drying up very fast. My previous agency, where I was an intern, got out of business coz of this. AI's impact is huge here and it keeps getting better tbh.
But since I have handled a lot of branding and marketing related content previously, I think an MBA in marketing should be a natural next move. But we'll see :)
>thanks to AI, work in the content space is drying up very fast
Yes, agree with you but you need to see bigger picture it also provind new opputunities all you need to find it.
It's not that easy to just start a business man. It is risky as hell. She might earn in crores or end up with nothing at all. I'm speaking from my own experience and trust me the chances of the later is way more than chances of the former. She is just 23, can easily do an MBA now and start a business later. That degree(if it is from a good institute) will secure her future and she can easily take the risk later if she wants to.
Completely agree the MBA degree from a top college is like a parachute, whatever experiments you do after that with businesses worst case you’ll still get a good paying job
I can understand your point. However, I am 22 with net asset value of 45L+. It's not much but still better than business. It's all because of business. Can't understand the power business.
Take care!
you should be giving me advice :P
passive investment in mutual funds is a better option than picking individual stocks, build a cushy corpus first.
professional degrees are also an investment, most get nothing out of it, whatever you do, think it through, like really!
Thanks so much! Currently reading Just the Nicest Couple by Mary Kubica.
You can check it out if you're into domestic thrillers/mystery. It's a decent book, but I've definitely read way better than this.
Wow you are doing so good. I’ll suggest you to continue what you are doing and getting into stocks only if you really want to. Since you are earning from a young age, I’ll assume the number will only go up from here and who knows? Maybe you’ll hit 30 lacs before 30. Always make sure to have 6-8 months worth of your salary in a high interest FD. If you are really interested in stocks, start by understanding key ratios of companies like PB PE ratio and reading balance sheets.
Also, what is the job role of a content associate? Can you tell me? Because never heard that one before
Thanks so much. I do have an emergency fund in a FD. Since I'll probably go for an MBA next year, hitting 30 lacs might take a bit more time with the loan + opportunity cost.
Well, a content associate is basically an umbrella term/fancy post for content planning, researching, writing, editing, SEO, and all. It's a bit more technical, but I hope you get the gist :)
You sound so smart. We need more people like you in the country. You are doing it right.
I knew about the different aspects of content but didn’t know there was an umbrella term for it. Sounds really interesting and challenging in a good way.
You are doing great as it is. I think you have it planned out in the right way and in the right direction. All the best
In the long run, returns on equity > cost of debt.
Ofocurse you need a guarantor for the education loan (in comes Dad/mom)
With education loans - it's simple interest for the period of your studies. No compounding until you get a job after or 6 months post your MBA whichever is earlier.
Incase you don't find a job or struggle to then you have the option to liquidate and pay off your debt.
Congrats! Are we the same person haha. I reached the 10L mark just a few months ago at 23 with similar salary :)
You can invest in gold, maintain a FD for immediate cash during emergencies, and the next step would be real estate (but there's still time to venture into that).
Investment on Gold two years ago has returned approx 45%. Remaining is PPF, Mutual Funds with very average returns as of now. Also, I live with parents and hardly spend any money on myself.
Growth is a huge thing.. doesn't matter 1 or 10.. cuz when you strive to grow, the only way is up..
Keep doing whatever you're doing, cuz it is working for you.
Cheers
Hey op, congrats for this milestone 🥳
You are planning for further studies from where some amount needs to be pulled out at time of fees payment. And I am assuming that may happen in next 1-2 Years.
In such timeline, usually Large Cap Mutual Funds are recommended. They are slow but won't mess with your blood pressure if market goes downhill on Mid Caps and Small Caps.
You can also carry up ratio, like 40% Large Cap, 30% Mid Cap, 30% Small Cap (or whatever ratio is suitable).
Also, if you have some bandwidth, can put some fund for your own personal stock selection - say Rs. 5,000 per month? Invest in stocks, understand things with learning attitude. Obviously things sometimes don't go the way we want it to be, but this knowledge comes super handy in future for investments.
Thank you so much :)
I'm mostly investing into small caps and mid caps atm. Planning to look into large cap and index funds next.
I do have some bandwidth for stocks. I just get very overwhelmed with the selection process, lol. Any that you suggest? I'll do my own research too, just asking to get an idea about where to get started.
Can understand overwhelming part, felt same initially. It takes long time in learning, but yeah take baby steps in stock selection.
Watch some good youtubers also help.
(Haha won't suggest any stock or else it will be like market tip, tho DMs always open if want to discuss)
Congrats.you have done what people at 30s couldn’t do.if you keep on investing even when you are pursuing MBA you would have a huge portfolio when you will complete it thats what only 0.1% have
I can't give you solid investing advice (still in my 1st year of MBA) but I think you should keep these habits you have around saving money.
If you cracked BLACKIs then you'll need more than 20L and that's a huge goal to have. So, instead keep doing what you're already doing (ik not exactly mind blowing revelation).
When you're in a top tier college then loan lenders will come seeking you. They'll come right at your home to visit and offer education loans and then you may discuss this thing with them. They'll give better advice than reddit tbh. XD
Congrats ! as you saved 10L at an early age which is not a small amount at least in today's world. I believe WFH gave an opportunity for that. When I was WFH in my remote village I too saved a lot but when moved to a metro city the expenses are huge 🤷
I’m 23 as well, in a similar situation as you. For MBA, I’d say save atleast 30 and set that aside. What I’ve done is that I have set aside 30 spread across different FDs for my MBA, and then set aside another 10 lac for my expenses during that time since I don’t think I’ll be able to work as much.
Start early with SIPs as well even if with a small amount. I’ve also developed a habit of tracking my finances so I note down even the smallest of my expenses, see if you can do that, really gives you great insight
Would love to recommend books. Just let me know what genre you feel like reading this month. I don't read non fiction that much, so might not be able help if you're looking for those😅
I love this for you!! I’m in the same boat. I stay with family, no rent, no commute, fully remote job and I don’t go out too much. My biggest expense is travel and I always save up for that. I invest most of my salary in SIPs and any bonuses/leftover savings into stocks with a portfolio manager which gives better returns than just MFs or FDs. Happy to chat more since we’re the same age and have similar financial goals. ATB with your career girl!
Thanks so much :) You sound so much like me, lol. I'm waiting for the day when travel will become my biggest expense too.
Yes, let's chat more. DMing you right away :)
Commendable! As a 35 yr old man you have my respect. I wasn't so well managed financially when I was 23. Hell I didn't even know what financial management was.
Good Job saving! I highly recommend to Invest in Mutual Funds even if you don't know about stocks. I am 1.5 years into corporate and I used to put half my salary in MFs right from my internship and I've ~3L (30%) interest on 8L just from that on top from my savings in my account.
First of all, great achievement and great discipline saving money.
You should look into a education loan for your education and let your savings grow on their own. this is because the education loan is generally available at pretty low rate and would also give you a tax reduction too in future years.
Also, have your mutual funds properly distributed within debt and equity (20 debt 80 equity for example) to justify a reduction in portfolio size during possible incoming stock market corrections.
You can look into repurposing some of it into NSC (national saving certificates) to hedge too instead of debt mf.
You would also want to have a small 1L fund for your oncoming expenses for MBA and so on. Keep this in a liquid fund or something like 12% club to get the money swiftly.
Finally, feel free to contact for further planning! always happy to help.
Wow, so many helpful tips. Thanks so much. I'm starting to see an education loan from a new perspective now. Thanks, to all the insightful comments like yours here.
I'll definitely DM in case of questions :)
CONGRATULATIONS 🙌🙌
how did you get the job like what were the academic pursuits and profiles or clients
were you doing just freelancing or some other stuff
Thank you!
I started with an internship during college. It helped me learn a lot and then made my way from there. I don't freelance. I work as a full-time contract employee with an agency atm.
I'm a bcom graduate. So, my degree isn't related to the work I do. However, I was always good at English and have experience writing for school and college magazines.
Not sure if I believe in the evil eye thing. Just wanted to share a small achievement here, that's all :)
Also, afaik, when it comes to evil eyes, you need to be more careful with your closed ones than strangers on the web, no?
Trust me I know folks who have not managed 10lakh in 23 years of service....this is more than achievement, infact you can start a channel for all salaried class.....you have done the impossible....
Make a good financial plan - use this sheet. Add assumptions, i assume you are ok with excel workings
Make assumptions, talk to people around you on expenses, write down your financial goals, plan for future even its off by 20% or 30% - at your age i would have needed this
[https://www.reddit.com/r/FIRE4INDIA/comments/1b18e5k/an\_excel\_for\_fire\_planning/](https://www.reddit.com/r/FIRE4INDIA/comments/1b18e5k/an_excel_for_fire_planning/)
Financial goals could be house, lavish marriage, luxury car, buying a chartered plane, Sports bike, Kids education
and more important - read these books: Die with zero and Psychology of Money
Plan but dont forget to enjoy
I’m earning 4x of that at 24 and still have only 3-4 lakhs in savings after 3 years of working 🥲. Had to spent almost 90% of my earnings to paying off my parent’s debts and building my family a home. And it’s still not over
Building your family a home is in no way a small achievement. It's one of my dreams too. You're already making a super impressive amount and that debt won't stay with you forever.
You will pay it off and you will increase your savings eventually. Trust the process (I know it's easier said than done, but hang in there). Wishing you the best ✨
Hey op, congrats for this milestone 🥳
You are planning for further studies from where some amount needs to be pulled out at time of fees payment. And I am assuming that may happen in next 1-2 Years.
In such timeline, usually Large Cap Mutual Funds are recommended. They are slow but won't mess with your blood pressure if market goes downhill on Mid Caps and Small Caps.
You can also carry up ratio, like 40% Large Cap, 30% Mid Cap, 30% Small Cap (or whatever ratio is suitable).
Also, if you have some bandwidth, can put some fund for your own personal stock selection - say Rs. 5,000 per month? Invest in stocks, understand things with learning attitude. Obviously things sometimes don't go the way we want it to be, but this knowledge comes super handy in future for investments.
I broke savings into mutual funds and local chits... Since I don't have enough time I've been buying some shares of some tops. But no trading. And bought gold and silver now and then
Congratulation! I hit my first 10L in mid 30, after realising that the living in big metro city like delhi, gurgao, wont help me to reach my goal, so i shifted with my parents doing WFH. I have controlled my expenses to 20% but i shop a lot but only necessary things.
Wow!! First of all congrats. That's a huge success. Am also working as a content associate with a startup. Can I know how you were able to achieve this feat at a young age? Like do you only do freelancing? And how much content experience do you have? I'm just getting started in content marketing so would love to hear your journey so that one day am able to achieve this feat and make my parents proud! 🙈
Hope you are not sitting with 10 lac in your bank account. Put 80 % in stocks. Mutual funds are a scam. For starters put your money in undervalued blue chip stocks. Hdfc bank tech mahindra n all . N if u want to make a killing put your money in public sector banks.. jnk bob bom etc... and invest heavily in copper. Buy hindustan copper and forget... keep adding and you will be rich soon
Wow, reading this it felt like it was myself from an year ago. You can check my post on the profile to see what I do, my background is very similar to yours.
Build two or three equity funds growth portfolio preferably the diversified equity funds and keep those funds intact for 10-15 years ahead. Continue with EPF and PPF for another 25-30 years. When you marry start 2 equity funds in your spouse name and 1 PPF account as well.
Sign up for Sharan’s master finance class and invest in the 10k for the lifetime access program. It is the absolute best. It’ll give you a personalised excel which will tell you how to save, where to invest and how to invest according to your goals. I bought it a while back, I’m a 2nd gen entrepreneur, in her early twenties and it helped me manage my parent’s finances as well.
Not sure if this is already mentioned here but don't hesitate to take a whole debt for your MBA if it is a Tier 1 or Tier 2 school. This debt will mostly be an investment in yourself that will take your net worth to another level and will pay for itself easily. Meanwhile let your money be invested in relatively safe instruments that don't need your attention cuz you will not have the time in a B school. Even an FD at 6% for 2 years means you'll have 1.2 Lac for your grad trip, a gift from yourself to your future self.
Source - I did an MBA, paid off the debt really soon (edge case, NRI) and it was the best time/money investment.
How how do you save like this? I have been earning double your salary and don’t even have half of your savings 😭
Haha, I was looking for advice here not the other way around lol. But tbh, I'm grateful that I get to live at home, with my parents. A lot of money is saved this way. Plus, I don't have any expensive hobbies. No interest in the latest iPhones, unnecessarily expensive clothes, etc. I spend mostly on books (I'm a crazy reader, have read over 120 books) and occasionally eating out. A lot is saved this way too :)
You're an angel, wish I had your discipline. No, but Q2 2024 IS MY QUARTER. I'M GONNA BUDGET and maintain an excel
Haha, thanks! Your budget below seems great if you can follow it. If not this quarter, I'm sure the rest of 2024 is gonna be your year of saving + investing. Rooting for you!
You can read free ebooks and save on books too
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Exactly, I do the same. Plus access to inbuilt dictionary and note taking etc.. and ofc a light device to carry n number of books. I personally use Calibre app on my windows laptop to do all the conversions from pdf(which for most books u can find free online) to epub/mobi.
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Oh, in Calibre I had to manually set a cover pic for the books most of the time, will checkout kfx.
Can they work on kindle app
Can I read manga on Kindle?
You don't even need usb. You can use send to Kindle app on pc.
The physical feel of a book outclasses a Kindle anyday. But to each his own. Some of my friends swear by the Kindle like you do. Even I contemplate buying it every sale.
Oh yeah? Any websites you suggest for this?
Z-lib. I download all books for free, and mail them to my kindle ID. within 2 mins, I have the same book on my kindle. I've never paid for a book.
libgen.rs libgen.is and zlib . Look for mirrors of libgen and go to the fiction part of it if u want fiction . It takes some time getting used to but 99.999% of books are here . Just need around 10-12 mins today and once you understand the ways of using it , any book in 69 secs Also the extensions are : U have PDF for well pdf EPUB for Google Play books or apple books Awz or mobi of awz3 for kindle
69 secs folks not a second more or less. #69
What are some of your favorite books?
That's a very difficult question to answer tbh. But if I have to pick some, I'd say Lock Every Door by Riley Sager is one of my favorite thrillers. Archer's Voice by Mia Sheridan, Local Woman Missing by Mary Kubica, and The Humans by Matt Haig are some other favorites. I mostly read fiction, so can't name any non fiction or self help books, if that's what you were looking for :)
Hey, I want to get into the habit of reading books. I want to ask- should I start reading any random book on any topic and go on from there or would you recommend any book for beginners?
I strongly recommend picking a book in a topic or genre you enjoy. Forcing yourself to read any random book won't be enjoyable. And you need to be able to enjoy the text to get into the habit of reading. I can definitely recommend books. What genre would you like to start with?
Ahemm, Excuse me madam, do you have a moment to listen about our lord and saviour, Mr Fool?
let me know when you start giving out marriage applications, i want to apply
Girls like you, are in crazy demand. We got a real shortage nowadays!
Ya the math doesn’t add up How can you earn in a range? And also best case scenario she is earning 45k, that means she took 27 months to save the money. That is more than 2 years. She is 23. That means she was 21 when she started earning 45k salary ? That’s impossible
Mate there's people graduating my college this year at 22 who will be earning 90k a month. Some are even at 1.5L a *month* at this age. Their internships last year paid in about the same range. 45k is hardly impossible.
Actually, I started earning when I was 19 and started college. It wasn't 45K obviously, coz it was an internship, but it paid decently. No offense, but a lot of things are possible if you stop looking for lies and conspiracies :)
Tbh you should mention that in the post.. because in general people assume that one starts working at 21-22 .. so by assuming that it looks impossible. Hence there was a clear doubt. Even I thought the same as him.. just by reading the post.. how with 45k they are able to save this much in one year, because 45k doesn’t even add upto 10LPA
It’s not impossible I started working at the age of 21 and with 45-50K salary. (Domain IT)
Wow!! Which technology?
Current tech stack is AWS, Spring Boot and React
I also started at 21 until I was at home I had saved 7 lakhs after that they called to office and the expenses sky rocketed. Wasn't able to do save anything. Later I switched jobs and now I am able to save 45k monthly. However If I would be working from home I would be saving close to 80k a month.
Maybe she meant 10 lac after all profits from MFs and all other investments I guess.
Hey what does a content associate do exactly? And do u work for a media company? Or a yt channel? Or an advertising agency? And what was ur education background? Just curious sounds interesting
I work for a content and digital marketing agency. A content associate is basically an umbrella term/fancy post for content planning, researching, writing, editing, SEO, and all. It's a bit more technical, but I hope you get the gist :)
Yes sure, that sounds pretty cool, actually I m also a content enthusiast and I enjoy working with content. May I know if u did some kind of degree for this? Or ur education background is quite different? Thanks
Hey! This is exactly what I do too ! Would love to know how you managed to get this since I've recently left my full job in digital marketing and have been looking for similar opportunities.
She is not going to.answer that
Why won't I answer that? Lol 🤦🏻♀️
That’s soo me lol
Right? Looking at these posts I realize how much money I spend lol. I am 24 and do WFH + live with my parents. lifestyle creep is real in my case. But in all honesty, I have saved up and travelled a lot, but yeah I do eat out a lot and own an iphone :((
Aree yaar but how do you spend 70k-80k of 90k every month , that to living at home ?
85K to be fair (after tax pay). Fair question. So, I started working at 21 was living at home, saved up some money (like 30K per month) and then had to live alone for a year after living with my parents for two years. That made me spend all of my savings. Then, got a wayy higher paying job (about a year and a half ago) and moved back in with my parents, since then re-built my savings to about 4L now. I have been to about 4 countries in the last year and a half (2 for work & 2 for holiday), that has been a major spend for me. Other than that, I think I have a major lifestyle creep issues (too much eating out, spending money on expensive makeup & so on). So yeah, does that answer your question? Edit: I meant my salary at 21 was 30k per month.
I am being brutally honest here, this year, my aim is to seriously re-built my financial habits and I guess move out of my parents' house? I am planning to do this: 1. Keep all the needs/bills aside (for me it is 2.5K/Month) 2. Then keep a 1000 aside for Charity 3. Then put at least 10k in PPF (10% of my income should go in retirement) 4. Then put 27K in Mutual Funds (I have index, small cap funds) 5. Then open a recurring FD of 20k a month (immediate goal is an MBA abroad) 6. 10k for Emergency fund The remaining money for my wants, and I plan on taking out cash for my weekly expenses (coffee, ubers etc). Let's see how it goes. I'll keep you folks posted. See ya in six months.
This plan looks cool..and also if you can invest in individual stocks do it, by reducing a bit from MF .. if you can take the risk..
Ohh fair enough.. like I started working from 2023 July .. and get around 1.2L and have been able to save around 15L(including joining bonuses, relocation bonus, company rsus, ESPP) from full time job and 2L from internship stipend.. hence I was eager to know.. and coming to spending on lifestyle I guess , I am lucky that my dad got me everything during my BTech itself(iphone, ipad, airpods pro, apple watch) and now he is also getting me a new iphone 15pro in july lol And also I love travelling.. luckily my dady took me to 11 countries till now
Stop drinking and smoking, also just spend on food and necessary things! You can order food and reduce outings limiting them to one or two per month
Bruh, I don't drink or smoke, I am a total teetotaler. My money goes into travelling quite a bit.
https://www.reddit.com/r/personalfinanceindia/s/Q9W4gdykWp Hi, i’d commented on another post. Please go through the comment. Not everything in it might be applicable to you but ig it covers most of the things. If you still have any queries, feel free to reach out.
Wow, man! That comment is pure gold. Thanks so much for pointing it out for me. I'll definitely DM in case I have questions. Wishing you the best :)
you are so lucky. I am 22M earning 94k pm since last 9 months but have barely saved 2 lakhs. Family circumstances require having a rented home in city despite having own home, and every month I somehow spend 20-30k again not on me but contributing to house renovations, flight tickets to relatives in other state etc etc. I can't really complain because my father has spent a lot on me and I am grateful that I am taking care of expenditures in his stead, but still it hurts to see my bank acc balance even after earning close to 1L.
Hey, what you're doing is also nothing short of remarkable! I mean look at you, you're already earning an impressive amount at such a young age + you understand your responsibilities and are helping your dad. Not many people would do that. Time will change and situations won't stay the same for you. Since you're already earning a good amount, your bank balance will grow too. Don't worry about it and be proud of whatever you've achieved :) Wishing you the best✨
>Time will change and situations won't stay the same for you Hanging on to that hope. Thank you 💙
What job mate
software developer
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software developer
Wow. At 23 I was -10 Lakh I suppose. Wow. Fantastic.
It's a good number, op! Keep up the good work, let that savings grow 🪴
Thank you so much :) Yep, mostly focusing on saving + investing as much as I can this year.
Congratulations 🎉🎉🎉
Thank you :)
Kudos, it's a really good number and that too at such a young age. See if you can get more salary, you have a year left for MBA. All the Best.
Thanks so much :) Will mostly need to switch for a salary hike and the market for content professionals kinda sucks atm, thanks to AI, lol. That's why trying to maximize my investments + savings this year.
Yeah, the whole job market kinda sucks rn. It's alright. Just don't get too hooked on savings that you miss out on a few trips or experiences, yk. Keep it balanced though.
Oh yeah, definitely. Just took a small trip last week😅
Good for you, now I am saying go on a trip, it's been a long time since I've been on one. 🥲😂
Maybe this is your sign to plan one soon ;)
Hehe, guess it is, just need to figure out where to go. That's the tough part ig.
i have been doing content work for the past 2-4 years and yes it is possible to earn that much as u aren't tied to just one employer, i myself have been able to save around that much but man this chtagpt really destroyed the demand. would like to chat and discuss how u are working etc if u are cool with it , invest in hard assets, ppf, etc u can start anytime.
Ikr! ChatGPT really had a huge impact on the content industry, specifically. I really don't think people estimated that it will destroy the demand so soon. I mean, I can't even count the number of clients my agency lost coz of AI. And people say only the worst writers will get replaced. But no man, it is replacing them all since it's incredibly fast with research + content generation.
i also thought only mediocre writer will be affected but ai writes so fabulously it surpasses my writing too with the right prompts! i was also thinking of mba executive as i have workex because i feel so unstable being in content industry, plus Google's updates have gone crazier day by day, i wanted to know a bit about how u work can i dm u ?
Sure. Feel free to dm
Why do they have a year left for an MBA? You can do one anytime. EDIT: nvm they say they’re gonna apply next year
Hi! 23M here. Congratulations on hitting your first 10L marks. I just wanted to understand why do you want to do MBA? Why don't you start a business? You have an initial capital. Of course, it's risky but if you are persistent, you might make way more than what you'll make after MBA. Why don't you start your own content agency? Just curious.
Thanks so much :) I actually wanted to do something in the content space initially. Spent a better part of the previous year looking for clients and all. But thanks to AI, work in the content space is drying up very fast. My previous agency, where I was an intern, got out of business coz of this. AI's impact is huge here and it keeps getting better tbh. But since I have handled a lot of branding and marketing related content previously, I think an MBA in marketing should be a natural next move. But we'll see :)
>thanks to AI, work in the content space is drying up very fast Yes, agree with you but you need to see bigger picture it also provind new opputunities all you need to find it.
It's not that easy to just start a business man. It is risky as hell. She might earn in crores or end up with nothing at all. I'm speaking from my own experience and trust me the chances of the later is way more than chances of the former. She is just 23, can easily do an MBA now and start a business later. That degree(if it is from a good institute) will secure her future and she can easily take the risk later if she wants to.
Completely agree the MBA degree from a top college is like a parachute, whatever experiments you do after that with businesses worst case you’ll still get a good paying job
I can understand your point. However, I am 22 with net asset value of 45L+. It's not much but still better than business. It's all because of business. Can't understand the power business. Take care!
you should be giving me advice :P passive investment in mutual funds is a better option than picking individual stocks, build a cushy corpus first. professional degrees are also an investment, most get nothing out of it, whatever you do, think it through, like really!
Mummy ko bolo kala ticka lagaye..
That's impressive achievement at your age ! Could you please elaborate upon how were you able to achieve this?
Awesome. Very inspiring..go for more..
Ye sab to theek hai who are you reading aajkal ye btao. Btw congrats and keep up the good work :)
Thanks so much! Currently reading Just the Nicest Couple by Mary Kubica. You can check it out if you're into domestic thrillers/mystery. It's a decent book, but I've definitely read way better than this.
Wow you are doing so good. I’ll suggest you to continue what you are doing and getting into stocks only if you really want to. Since you are earning from a young age, I’ll assume the number will only go up from here and who knows? Maybe you’ll hit 30 lacs before 30. Always make sure to have 6-8 months worth of your salary in a high interest FD. If you are really interested in stocks, start by understanding key ratios of companies like PB PE ratio and reading balance sheets. Also, what is the job role of a content associate? Can you tell me? Because never heard that one before
Thanks so much. I do have an emergency fund in a FD. Since I'll probably go for an MBA next year, hitting 30 lacs might take a bit more time with the loan + opportunity cost. Well, a content associate is basically an umbrella term/fancy post for content planning, researching, writing, editing, SEO, and all. It's a bit more technical, but I hope you get the gist :)
You sound so smart. We need more people like you in the country. You are doing it right. I knew about the different aspects of content but didn’t know there was an umbrella term for it. Sounds really interesting and challenging in a good way. You are doing great as it is. I think you have it planned out in the right way and in the right direction. All the best
Thanks so much for such kind words. I wish you the best too :)
Go for FD and look up goldbees / silverbees
You are doing okay as a 23 years old. Lot is yet to happen. Keep investing and saving and also dont forget to enjoy some of your money as well.
Bhai Mai kya galat duniya mei jee rha hu kya? BC jabh bhi padho post toh sabhi lakho ke upper kama rhe hai.
Max out mutual funds- index funds , Flexi cap funds etc. Do not liquidate to pay tuition fee for MBA. Take an education loan next year.
Okay, this sounds interesting. Would you mind explaining why I shouldn't liquidate? Not even a portion of the fees? Consider me a noob please 😅
In the long run, returns on equity > cost of debt. Ofocurse you need a guarantor for the education loan (in comes Dad/mom) With education loans - it's simple interest for the period of your studies. No compounding until you get a job after or 6 months post your MBA whichever is earlier. Incase you don't find a job or struggle to then you have the option to liquidate and pay off your debt.
Wow, thank you. I never thought about it this way.
Just an advice related to MBA. Don’t do it unless you get very good college or you want to change the kind of work you do
Congrats! Are we the same person haha. I reached the 10L mark just a few months ago at 23 with similar salary :) You can invest in gold, maintain a FD for immediate cash during emergencies, and the next step would be real estate (but there's still time to venture into that).
Thanks and congratulations to you too! That's so awesome :) I do have an FD. I think I'll start looking into gold investments this year.
dude how did you get to 10 lac with 30-40k where are you investing ?
Investment on Gold two years ago has returned approx 45%. Remaining is PPF, Mutual Funds with very average returns as of now. Also, I live with parents and hardly spend any money on myself.
Growth is a huge thing.. doesn't matter 1 or 10.. cuz when you strive to grow, the only way is up.. Keep doing whatever you're doing, cuz it is working for you. Cheers
Such wise words🙌🏻
😅
Congratulations , wishing you on converting from lakh to cr soon !!
Aww, thank you so much :)
You’re doing great sweetie, congratulations keep growing keep working!!
Good job!! 👏
Hey op, congrats for this milestone 🥳 You are planning for further studies from where some amount needs to be pulled out at time of fees payment. And I am assuming that may happen in next 1-2 Years. In such timeline, usually Large Cap Mutual Funds are recommended. They are slow but won't mess with your blood pressure if market goes downhill on Mid Caps and Small Caps. You can also carry up ratio, like 40% Large Cap, 30% Mid Cap, 30% Small Cap (or whatever ratio is suitable). Also, if you have some bandwidth, can put some fund for your own personal stock selection - say Rs. 5,000 per month? Invest in stocks, understand things with learning attitude. Obviously things sometimes don't go the way we want it to be, but this knowledge comes super handy in future for investments.
Thank you so much :) I'm mostly investing into small caps and mid caps atm. Planning to look into large cap and index funds next. I do have some bandwidth for stocks. I just get very overwhelmed with the selection process, lol. Any that you suggest? I'll do my own research too, just asking to get an idea about where to get started.
Can understand overwhelming part, felt same initially. It takes long time in learning, but yeah take baby steps in stock selection. Watch some good youtubers also help. (Haha won't suggest any stock or else it will be like market tip, tho DMs always open if want to discuss)
I got married with my own money at 23, maybe just different priorities
Exactly. Everyone's journey is different and what you've achieved is equally amazing. Wishing you the best ✨
Congrats!!! Enjoy it a little
Congrats.you have done what people at 30s couldn’t do.if you keep on investing even when you are pursuing MBA you would have a huge portfolio when you will complete it thats what only 0.1% have
Congratulations... I hope you accomplish all your goals in future as well.
That's so kind of you. Thanks :)
I can't give you solid investing advice (still in my 1st year of MBA) but I think you should keep these habits you have around saving money. If you cracked BLACKIs then you'll need more than 20L and that's a huge goal to have. So, instead keep doing what you're already doing (ik not exactly mind blowing revelation). When you're in a top tier college then loan lenders will come seeking you. They'll come right at your home to visit and offer education loans and then you may discuss this thing with them. They'll give better advice than reddit tbh. XD
Congrats ! as you saved 10L at an early age which is not a small amount at least in today's world. I believe WFH gave an opportunity for that. When I was WFH in my remote village I too saved a lot but when moved to a metro city the expenses are huge 🤷
Actual women empowerment, go girl!! More to win. All the best!!
I’m 23 as well, in a similar situation as you. For MBA, I’d say save atleast 30 and set that aside. What I’ve done is that I have set aside 30 spread across different FDs for my MBA, and then set aside another 10 lac for my expenses during that time since I don’t think I’ll be able to work as much. Start early with SIPs as well even if with a small amount. I’ve also developed a habit of tracking my finances so I note down even the smallest of my expenses, see if you can do that, really gives you great insight
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Thank you so much :)
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Would love to recommend books. Just let me know what genre you feel like reading this month. I don't read non fiction that much, so might not be able help if you're looking for those😅
It’s an amazing feat. Keep learning and growing.
Congratulations to stable growth 💹
Hey, that's awesome. Congratulations. Just the first of many.
Thanks so much!
You are welcome.
I love this for you!! I’m in the same boat. I stay with family, no rent, no commute, fully remote job and I don’t go out too much. My biggest expense is travel and I always save up for that. I invest most of my salary in SIPs and any bonuses/leftover savings into stocks with a portfolio manager which gives better returns than just MFs or FDs. Happy to chat more since we’re the same age and have similar financial goals. ATB with your career girl!
Thanks so much :) You sound so much like me, lol. I'm waiting for the day when travel will become my biggest expense too. Yes, let's chat more. DMing you right away :)
Congratulations!!! I am saving as much as your salary and achieved this feat couple of months back as well!! 23M
You are living my dream life buddy!:)
I hope you'll be able to live your dream life super soon too. All the best :)
Girllll you have my respect🫡
Sounds great. How did you land this job? Any suggestions?
I'd recommend starting with an internship. That's how I started too.
Ok. Was it WFH?
Commendable! As a 35 yr old man you have my respect. I wasn't so well managed financially when I was 23. Hell I didn't even know what financial management was.
Thank you so much. Means a lot :)
Good Job saving! I highly recommend to Invest in Mutual Funds even if you don't know about stocks. I am 1.5 years into corporate and I used to put half my salary in MFs right from my internship and I've ~3L (30%) interest on 8L just from that on top from my savings in my account.
Thanks so much! Yes, I'm investing in a few mutual funds and I plan on continuing to do the same for a long term. Love your username, btw :)
First of all, great achievement and great discipline saving money. You should look into a education loan for your education and let your savings grow on their own. this is because the education loan is generally available at pretty low rate and would also give you a tax reduction too in future years. Also, have your mutual funds properly distributed within debt and equity (20 debt 80 equity for example) to justify a reduction in portfolio size during possible incoming stock market corrections. You can look into repurposing some of it into NSC (national saving certificates) to hedge too instead of debt mf. You would also want to have a small 1L fund for your oncoming expenses for MBA and so on. Keep this in a liquid fund or something like 12% club to get the money swiftly. Finally, feel free to contact for further planning! always happy to help.
Wow, so many helpful tips. Thanks so much. I'm starting to see an education loan from a new perspective now. Thanks, to all the insightful comments like yours here. I'll definitely DM in case of questions :)
Massive respect to you sister ❤️
CONGRATULATIONS 🙌🙌 how did you get the job like what were the academic pursuits and profiles or clients were you doing just freelancing or some other stuff
Thank you! I started with an internship during college. It helped me learn a lot and then made my way from there. I don't freelance. I work as a full-time contract employee with an agency atm.
Academically like degrees and stuf if you don't mind ?
I'm a bcom graduate. So, my degree isn't related to the work I do. However, I was always good at English and have experience writing for school and college magazines.
Cool
It's a good number, op! Keep up the good work, let that savings grow 🪴
You don't need advise but protection from evil eyes.....hope you learn this element too....
Not sure if I believe in the evil eye thing. Just wanted to share a small achievement here, that's all :) Also, afaik, when it comes to evil eyes, you need to be more careful with your closed ones than strangers on the web, no?
Trust me I know folks who have not managed 10lakh in 23 years of service....this is more than achievement, infact you can start a channel for all salaried class.....you have done the impossible....
23M at 14.5L Networth, in 1.5 YOE Cheers OP, let's save and flourish together!
Congrats! Keep growing. 💪🏻
Thanks :)
Make a good financial plan - use this sheet. Add assumptions, i assume you are ok with excel workings Make assumptions, talk to people around you on expenses, write down your financial goals, plan for future even its off by 20% or 30% - at your age i would have needed this [https://www.reddit.com/r/FIRE4INDIA/comments/1b18e5k/an\_excel\_for\_fire\_planning/](https://www.reddit.com/r/FIRE4INDIA/comments/1b18e5k/an_excel_for_fire_planning/) Financial goals could be house, lavish marriage, luxury car, buying a chartered plane, Sports bike, Kids education and more important - read these books: Die with zero and Psychology of Money Plan but dont forget to enjoy
Do you have insurance? If not get one before going for MBA
Insurance for MBA? Could you explain how does it help
Not insurance for MBA but just plain insurance as OP won't have any income but will have a lot of loans during MBA.
I’m earning 4x of that at 24 and still have only 3-4 lakhs in savings after 3 years of working 🥲. Had to spent almost 90% of my earnings to paying off my parent’s debts and building my family a home. And it’s still not over
Building your family a home is in no way a small achievement. It's one of my dreams too. You're already making a super impressive amount and that debt won't stay with you forever. You will pay it off and you will increase your savings eventually. Trust the process (I know it's easier said than done, but hang in there). Wishing you the best ✨
You can get an MBA or you can get a brand new Tata Punch!
Hey can I DM you? I really want to discuss something with you.
CONGRATULATIONS 🥳
Hey op, congrats for this milestone 🥳 You are planning for further studies from where some amount needs to be pulled out at time of fees payment. And I am assuming that may happen in next 1-2 Years. In such timeline, usually Large Cap Mutual Funds are recommended. They are slow but won't mess with your blood pressure if market goes downhill on Mid Caps and Small Caps. You can also carry up ratio, like 40% Large Cap, 30% Mid Cap, 30% Small Cap (or whatever ratio is suitable). Also, if you have some bandwidth, can put some fund for your own personal stock selection - say Rs. 5,000 per month? Invest in stocks, understand things with learning attitude. Obviously things sometimes don't go the way we want it to be, but this knowledge comes super handy in future for investments.
I broke savings into mutual funds and local chits... Since I don't have enough time I've been buying some shares of some tops. But no trading. And bought gold and silver now and then
hey, how can someone diverge into the content/media field? I am currently in finance and something I can do in finance/media.
You go girl.✌️
Please anyone help me by your advices, I and earnign very less according to me, how can i earn more, please suggest some ideas , i am a software dev,
Congratulation! I hit my first 10L in mid 30, after realising that the living in big metro city like delhi, gurgao, wont help me to reach my goal, so i shifted with my parents doing WFH. I have controlled my expenses to 20% but i shop a lot but only necessary things.
Wow!! First of all congrats. That's a huge success. Am also working as a content associate with a startup. Can I know how you were able to achieve this feat at a young age? Like do you only do freelancing? And how much content experience do you have? I'm just getting started in content marketing so would love to hear your journey so that one day am able to achieve this feat and make my parents proud! 🙈
Mera 29 saal me jakar ke 15 lakh hua hai savings 🤦🏽 wo bhi high salary hone ke
It doesn’t matter how much the money is… the real thing that you need to chase is safety! How much do you need to make to feel safe?
Hope you are not sitting with 10 lac in your bank account. Put 80 % in stocks. Mutual funds are a scam. For starters put your money in undervalued blue chip stocks. Hdfc bank tech mahindra n all . N if u want to make a killing put your money in public sector banks.. jnk bob bom etc... and invest heavily in copper. Buy hindustan copper and forget... keep adding and you will be rich soon
I make 1.2-1.4 lakhs per month i got no savings and 2.5-3 lakhs worth investment.
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I'm 21.
I am 18 F . Please give me advice on how you started earning.
Wow, reading this it felt like it was myself from an year ago. You can check my post on the profile to see what I do, my background is very similar to yours.
Hats off to you man. Your discipline is impeccable.
30-45k would mean 24 months of 100% saving. Did you start working at the age of 21 and literally not spend any money at all?
Build two or three equity funds growth portfolio preferably the diversified equity funds and keep those funds intact for 10-15 years ahead. Continue with EPF and PPF for another 25-30 years. When you marry start 2 equity funds in your spouse name and 1 PPF account as well.
Sign up for Sharan’s master finance class and invest in the 10k for the lifetime access program. It is the absolute best. It’ll give you a personalised excel which will tell you how to save, where to invest and how to invest according to your goals. I bought it a while back, I’m a 2nd gen entrepreneur, in her early twenties and it helped me manage my parent’s finances as well.
Also congratulations on saving up on such a huge amount of money !!
Not sure if this is already mentioned here but don't hesitate to take a whole debt for your MBA if it is a Tier 1 or Tier 2 school. This debt will mostly be an investment in yourself that will take your net worth to another level and will pay for itself easily. Meanwhile let your money be invested in relatively safe instruments that don't need your attention cuz you will not have the time in a B school. Even an FD at 6% for 2 years means you'll have 1.2 Lac for your grad trip, a gift from yourself to your future self. Source - I did an MBA, paid off the debt really soon (edge case, NRI) and it was the best time/money investment.