I'm 26 and I had crossed 10L 2 years back, and then went down after marriage, now crossed again a few months back. Make sure you don't give in and spend a lot of money if you are planning to get married. I mean if you want it then do it, but don't do it for anyone else.
Another Important Advice irrespective of gender: Marry a working partner who have similar interest in Financial goals irrespective of the wealthy or not.
Yup. Biggest red flag during marriage is the other person not working and when you ask them what they're plan for the future is, they'd say "I'm prepping for PSC" .
Or marry a partner who doesn't have to be working but family is well off.
Source : Me. Spouse being single child but with rich parents. My wife doesn't even ask me for money
That's true. People who marry an unemployed spouse and expect the other half to cater all your needs irrespective of the financial situation are just committing to financial suicide.
The number is not important, but just don't spend more than 15% of your net worth on it.
I live in a city so, middle class Grooms here spend around 3.5 to 35 lakhs on a wedding. It depends on the number of guests they invite, the venue and the pre-wedding celebrations.
I would love to spend less than 20% of my net worth but the wedding is supposedly the biggest expense after house. I have tried talking to my parents and my gf about having a temple wedding but both of them don't agree. Although I can keep a strong foot that I want to get married only in temple but the gf will not be happy with me post wedding since she wants a big wedding. So in short, I'm fucked up.
I spent 6. Should have just spent 1 . Cause feeding my entire neighborhood was just not worth it. My waifus family spent 15+ and the only good thing from that was the gold, but i would have rather bought gold bonds instead of physical gold.
Gold bonds are better over physical gold most of the times except one: They wouldn't last if the country's economy breaks down and govt. collapses. Physical gold will still hold it's value and will help the person get some food or stuff or buy an escape route to another country.
Even though the chances of this happening seem minuscule, it's better to still herge against it.
Bruv, with that logic, mutual funds, stocks, everything has that risk right? Even money in the bank. Even hard cash, if the govt collapses won't be worth anything.
Exactly. Look what's happening in Venezuela, Zimbabwe, Lebanon and even Turkey. Allocate at least 5-15 % of your portfolio in assets that are not under your govt's control- like physical gold, silver, crypto, foreign currency, foreign stocks, foreign real estate etc.
My budget is 6-7 lakhs from my side which I've kind of already saved but the people around me keep reminding that it's less, I have no financial support from parents since they depend on me and this is all I've gathered. I've tried talking to both my girlfriend and my parents to not have a very flashy wedding but I'm afraid it'll cost too much. Plus I think gold is going to be the biggest expense from my side.
Kinda worried regarding the wedding expenses though. I would love to spend 2-3 lakhs in wedding and 4-5 lakh in honeymoon.
27 and crossed 32 Lacs recently. It’s a different feeling.
Some tips, delete zomato, swiggy, blinkit and stuff. Delete UPI as well, start using cash and believe me you will see changes.
My money is just compounding now & i do 20K SIP everymonth.
EPF has around 1L
2L in PPF
6L in MF
And rest in Equity.
MF breakup is mostly large cap, but considerable small cap stocks as well.
For Equity, I try to get some good dividend paying stocks. But also trying to have some small cap future multibaggers (hopefulyl).
What about some emergency funds? Don't you have any?
I'm mainly interested because I'm in the same age bracket as you and have the same amount of savings lol.
Ahh, Emergency Funds, I bought my first car, so I emptied it cuz I didnt want to break my MF or Equity, and I didn't have a Wad of cash lying around xD.
Congratulations for the car, I had to empty my emergency fund twice lol. One for buying my bike and one for clearing out my education loan. It was a risk that could've backfired but was worth it.
Regarding car, can you tell me which one did you buy and how much did it cost? Also, when do you think one should buy a car? I've been thinking about buying a car but I do not think I need a car as of now, might need it after 3-4 years.
Haha.
It's good to have others in the same boat.
I bought a second-hand 2019 grand i10 sportz top model.
Got it for 450k, but 30k tax 5 year tax on top of it.
So 480k.
I didn't need a car.
I "wanted" it. :(
Best of luck!
Nice, I think you should create your emergency fund before investing it although it's kinda hard to prefer emergency funds instead of investing. Investing gives me that kick with rising numbers in dashboard of mutual funds or stocks.
All the best OP, I started from a similar place, and have had the blessings to come a long way from there. Make sure you keep putting in as much as possible every year. Increase the amount every year, even if it is ₹100.
Manwhile, once you (single or married) cross ₹30L, don't forget to take a trip every year, you never know what tomorrow holds. You are the actual 1% because you may have parents who are not dependent completely on you and you don't live a EMI-fuelled life.
God bless and all the best!
Please don't even wait till you cross 30 lakhs NW to so something you love.
If you love travelling, don't wait for 4 years to take a 15K worth trip to a nice place nearby. Every trip need not be an expensive one.
If you like expensive bikes, definitely don't buy a 4 lakhs bike until you're financially ready. But you can always take a bike on rent and go on a one day road trip.
A happy heart is always ready to learn more and earn more.
Ohh yes, definitely, I was talking about International trips. You can start taking 1 domestic trip per half year post 15L.
Spend on my experiences, not material wealth.
Also, personally, for me buy quality, not quantity. I am second generation top 1% wealthy (above ₹25,000).
In the end, things are metal, plastic and wood that will end up in the trash / landfill. If you are going to use something, spend good money and get quality, it lasts longer and you'll enjoy it.
If you use something more than once a week, you should spend money on it. A great pillow, good curtains, nice place, a laptop are some of mine.
Compromise a little till 25. It'll make normal spends also more enjoyable 😋. Look up the hedonic cycle.
Last quick tip,
We only get a certain number of first time experiences in life. So, if I was buying a TV now, I'd buy a 45/55 inch even if I can afford the 60 inch. Then, a few years later, I get the privilege of enjoying the 60 inch TV.
What do you do with that 45/55 inch plasma?
45/55 Inch plasma,
Could be a car, a bike. Generally asking, isn't it counter intuitive to buy depreciating asset again n again.
Sameee, currently 22M and started my financial investing journey 2 years ago, with starting sip of 2k. Have crossed 10L(equity,MF,EPF, PPF,NPS,FD), few months back, altough a long journey to go!
Congrats keep investing without compromising lifestyle.
Also focus more on increasing income flow, so that NW will consistently grow up..
Also another tip: SAY NO TO CREDIT CARD.
Bro I agree with what you say, last month I had an emergency where I swiped my credit card a lot, even broke my emergency fund, but this month, I am kinda broke this month.
Swiping habit becomes more, I used to payback the same day if I swiped, slowly started swiping more and last things went kaboom. Its kinda addictive.
Don't wanna keep that habit atleast for now, when I cannot afford to spend.
But atleast I'm not in credit card debt, need to bare for a few weeks though.
If you buy all your monthly items on credit card, you receive more points and more monthly interest from bank. I try to do this.
But yes, I agree that one must know their limit otherwise these bad internet stories may happen.
Yes true, bad stories happens people start assuming they have 2 salaries.
And just submit minimum dues which makes 1 salary gap for whole life and thats where the nightmare starts.
But on a high level.
Its 607611/-
81% equity
15% debt
Rest : others
50% Large cap
22% small
Rest mid
Top 5 holdings
Reliance industries 6%
3% hdfc
2.75 jio financial services
Sbi
Icici
(Now that I looked at it.
Gotta change all this, lol. There's too much in one basket, apparently.)
Hope this helps
19% Absolute Gain
33.5 % XIRR
Stupid me started with the one with the maximum return in last 3 years.
The name was quant small cap fund.
You can use the fund or use the criteria or choose to do better.
Anyways. Make SIP a habbit.
Good luck!
Most realistic post I've come across. Thanks OP, All the best.
Thanks Titanium. Best of luck to you too. ❤️🫡
Most welcome.
I'm 26 and I had crossed 10L 2 years back, and then went down after marriage, now crossed again a few months back. Make sure you don't give in and spend a lot of money if you are planning to get married. I mean if you want it then do it, but don't do it for anyone else.
Another Important Advice irrespective of gender: Marry a working partner who have similar interest in Financial goals irrespective of the wealthy or not.
Yup. Biggest red flag during marriage is the other person not working and when you ask them what they're plan for the future is, they'd say "I'm prepping for PSC" .
Or marry a partner who doesn't have to be working but family is well off. Source : Me. Spouse being single child but with rich parents. My wife doesn't even ask me for money
How do you find such partners;)
Damn tell me more.
That's true. People who marry an unemployed spouse and expect the other half to cater all your needs irrespective of the financial situation are just committing to financial suicide.
Thanks for the advice, big bro. Definitely something to consider.
How much should you be spending on your marriage realistically from the groom's side? Do you have any range? How much did you spend.
The number is not important, but just don't spend more than 15% of your net worth on it. I live in a city so, middle class Grooms here spend around 3.5 to 35 lakhs on a wedding. It depends on the number of guests they invite, the venue and the pre-wedding celebrations.
I would love to spend less than 20% of my net worth but the wedding is supposedly the biggest expense after house. I have tried talking to my parents and my gf about having a temple wedding but both of them don't agree. Although I can keep a strong foot that I want to get married only in temple but the gf will not be happy with me post wedding since she wants a big wedding. So in short, I'm fucked up.
I spent 6. Should have just spent 1 . Cause feeding my entire neighborhood was just not worth it. My waifus family spent 15+ and the only good thing from that was the gold, but i would have rather bought gold bonds instead of physical gold.
Gold bonds are better over physical gold most of the times except one: They wouldn't last if the country's economy breaks down and govt. collapses. Physical gold will still hold it's value and will help the person get some food or stuff or buy an escape route to another country. Even though the chances of this happening seem minuscule, it's better to still herge against it.
Bruv, with that logic, mutual funds, stocks, everything has that risk right? Even money in the bank. Even hard cash, if the govt collapses won't be worth anything.
Exactly why you should keep some of your portfolio in non gov regulated assets.
Exactly. Look what's happening in Venezuela, Zimbabwe, Lebanon and even Turkey. Allocate at least 5-15 % of your portfolio in assets that are not under your govt's control- like physical gold, silver, crypto, foreign currency, foreign stocks, foreign real estate etc.
> Gold bonds are better over physical gold most of the times you cannot really give the bride gold bonds, can you?
My budget is 6-7 lakhs from my side which I've kind of already saved but the people around me keep reminding that it's less, I have no financial support from parents since they depend on me and this is all I've gathered. I've tried talking to both my girlfriend and my parents to not have a very flashy wedding but I'm afraid it'll cost too much. Plus I think gold is going to be the biggest expense from my side. Kinda worried regarding the wedding expenses though. I would love to spend 2-3 lakhs in wedding and 4-5 lakh in honeymoon.
Good idea Discuss the last part with your partner.
I've told her. She doesn't have the same perspective as me.
Then your doomed. All the best.
27 and crossed 32 Lacs recently. It’s a different feeling. Some tips, delete zomato, swiggy, blinkit and stuff. Delete UPI as well, start using cash and believe me you will see changes. My money is just compounding now & i do 20K SIP everymonth.
What you say makes sense brother. Zomato and the reckless use of UPI has been a pain in my a##. I will try to do better the coming month.
Same here Delete zomato Swiggy Start using cash
I am 25 with 47l I spend a lot but saved because of company switch and esops
Damn bro out of the matrix
Haha. I wish, brother.
Your already doing better than 90% of indians
10k delta meaning ?
Bit new to investing 😅
+/- 10k
I calculated my net worth this morning. I lowkey forgot the exact figure so saying it could 12L (with 10k deviation possibility) Hope that clears.
Congratulations. care about sharing the breakup?
EPF has around 1L 2L in PPF 6L in MF And rest in Equity. MF breakup is mostly large cap, but considerable small cap stocks as well. For Equity, I try to get some good dividend paying stocks. But also trying to have some small cap future multibaggers (hopefulyl).
What about some emergency funds? Don't you have any? I'm mainly interested because I'm in the same age bracket as you and have the same amount of savings lol.
Ahh, Emergency Funds, I bought my first car, so I emptied it cuz I didnt want to break my MF or Equity, and I didn't have a Wad of cash lying around xD.
Congratulations for the car, I had to empty my emergency fund twice lol. One for buying my bike and one for clearing out my education loan. It was a risk that could've backfired but was worth it. Regarding car, can you tell me which one did you buy and how much did it cost? Also, when do you think one should buy a car? I've been thinking about buying a car but I do not think I need a car as of now, might need it after 3-4 years.
Haha. It's good to have others in the same boat. I bought a second-hand 2019 grand i10 sportz top model. Got it for 450k, but 30k tax 5 year tax on top of it. So 480k. I didn't need a car. I "wanted" it. :( Best of luck!
Nice, I think you should create your emergency fund before investing it although it's kinda hard to prefer emergency funds instead of investing. Investing gives me that kick with rising numbers in dashboard of mutual funds or stocks.
How often and how much do you invest in PPF ? I invest sporadically in PPF so asking
Its 1L per year.
Awesome!!!
All the best OP, I started from a similar place, and have had the blessings to come a long way from there. Make sure you keep putting in as much as possible every year. Increase the amount every year, even if it is ₹100. Manwhile, once you (single or married) cross ₹30L, don't forget to take a trip every year, you never know what tomorrow holds. You are the actual 1% because you may have parents who are not dependent completely on you and you don't live a EMI-fuelled life. God bless and all the best!
Please don't even wait till you cross 30 lakhs NW to so something you love. If you love travelling, don't wait for 4 years to take a 15K worth trip to a nice place nearby. Every trip need not be an expensive one. If you like expensive bikes, definitely don't buy a 4 lakhs bike until you're financially ready. But you can always take a bike on rent and go on a one day road trip. A happy heart is always ready to learn more and earn more.
Ohh yes, definitely, I was talking about International trips. You can start taking 1 domestic trip per half year post 15L. Spend on my experiences, not material wealth. Also, personally, for me buy quality, not quantity. I am second generation top 1% wealthy (above ₹25,000). In the end, things are metal, plastic and wood that will end up in the trash / landfill. If you are going to use something, spend good money and get quality, it lasts longer and you'll enjoy it. If you use something more than once a week, you should spend money on it. A great pillow, good curtains, nice place, a laptop are some of mine.
Thanks for your advice, brother. I generally try not to compromise my lifestyle with what I am left with after my monthly SIPs
Compromise a little till 25. It'll make normal spends also more enjoyable 😋. Look up the hedonic cycle. Last quick tip, We only get a certain number of first time experiences in life. So, if I was buying a TV now, I'd buy a 45/55 inch even if I can afford the 60 inch. Then, a few years later, I get the privilege of enjoying the 60 inch TV.
What do you do with that 45/55 inch plasma? 45/55 Inch plasma, Could be a car, a bike. Generally asking, isn't it counter intuitive to buy depreciating asset again n again.
You will have one crore by next 7-8 years of you continue with same pace.
I want to reach it by 2029, sir. That is 5 years from now. I will let reddit know if I reach before.
I was in a similar position as you at 24 as well, found this relatable.
Great man. Lets go up from here!
Sameee, currently 22M and started my financial investing journey 2 years ago, with starting sip of 2k. Have crossed 10L(equity,MF,EPF, PPF,NPS,FD), few months back, altough a long journey to go!
Here's me 24M with a 40 L debt on me🌚
Damn I have 12 lakhs at 27 💀 Congrats op you are way better than me
24M with 20K net worth here. Just to make the broke guys feel better, lol.
28M with 20k hope u sleep well.
Congrats keep investing without compromising lifestyle. Also focus more on increasing income flow, so that NW will consistently grow up.. Also another tip: SAY NO TO CREDIT CARD.
Why say no to credit card? just use it responsibly. It's free 45 day loan + generous offers in online shopping.
Bro I agree with what you say, last month I had an emergency where I swiped my credit card a lot, even broke my emergency fund, but this month, I am kinda broke this month. Swiping habit becomes more, I used to payback the same day if I swiped, slowly started swiping more and last things went kaboom. Its kinda addictive. Don't wanna keep that habit atleast for now, when I cannot afford to spend. But atleast I'm not in credit card debt, need to bare for a few weeks though.
Credit cards are good. They empty my bank account every start of the month.
😂😂 thats why SAY NO TO THEM. Lots of folks stumbled in credit debt, and its hard to revive from it if you don't have enough money.
If you buy all your monthly items on credit card, you receive more points and more monthly interest from bank. I try to do this. But yes, I agree that one must know their limit otherwise these bad internet stories may happen.
Yes true, bad stories happens people start assuming they have 2 salaries. And just submit minimum dues which makes 1 salary gap for whole life and thats where the nightmare starts.
Just use your credit card for essentials and only for luxuries that you wanted for a long time anyway.
Yess Increasing income flow is a priority without losing my current job xD And my father have never been a fan of credit. So I am just following suit.
Nice all the best
Congrats bud. I know how good that feels. I was there 2 Years back :)
Yes man. Crazzy feeling. Thank you!
Do you mind sharing your current salary and monthly investment?
I make around 110k monthly. SIP around 50k Bumped it up to 60k yesterday. Its a Work from home job so leaves me good room.
Your profession?If IT what is your tech stack?
Congrats bro, around the same position myself .. but I'm planning an MBA abroad and that's prolly going to empty everything...🙃
That's great, man. You will get my Net worth as your first bonus cheque in the States. 😂🫡
How much do you invest in MFs monthly?
It was 50k. Bumped it up to 60k yesterday.
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But on a high level. Its 607611/- 81% equity 15% debt Rest : others 50% Large cap 22% small Rest mid Top 5 holdings Reliance industries 6% 3% hdfc 2.75 jio financial services Sbi Icici (Now that I looked at it. Gotta change all this, lol. There's too much in one basket, apparently.) Hope this helps 19% Absolute Gain 33.5 % XIRR
Apologies, not finding an option to paste image. Help me with that, I will post it here.
I am intern right now and was hearing about SIP a lot. Can you mention some SIP and where to start.
Stupid me started with the one with the maximum return in last 3 years. The name was quant small cap fund. You can use the fund or use the criteria or choose to do better. Anyways. Make SIP a habbit. Good luck!
Thanks
Could you tell do we consider the invested amount+returns for asset calculation?
Good
Great yaa! 26F with around 7l nw, this is motivating me to do better, i guess i should start cutting my expense.
Easier than you think.! Good Luck!