Misc Community

by LukewarmRegards

Stealth

10 months ago

[rant] 24 year old anxious about his financial future

I will complete 3 years as a professional soon. Quit a Big4 to join a startup for better pay and faster growth but despite putting in my best work and leading initiatives, going above and beyond all the time, my peers are all earning better than me doing similar jobs. i never had a financially aware upbringing. my father put us through hell due to his bad decision making and despite me being very financially savvy, am unable to save any money because im so anxious I tend to spend what I dont have. i had to take up a lot of freelancing to aid my lifestyle but now im busy all the time and have no time to myself. idk what to do. idk how much savings my parents have since I live away from them and dad never discusses his larger financial plans with me. he also does not have a stable job even at his age even though I know he is v hardworking and does his best. i feel i will never have enough money to support my parents and myself and feel like im running out of time. also doing interviews to leave this shitty company as well which is lowballing tf out of me. im not sitting idle at all, trying to startup on the side as well. i workout, eat and sleep healthy, have a great social life. the only problem is money which im constantly worrying about. i feel its a generational curse passed down to me. I know I have 10x earning capabilities but its all so vague and uncertain. I have an amazing support system and I know I can talk to my friends about this too. just thought of coming here first please share stories if youve ever felt this way. open to advice feedback ideas. how did you get out of it? what can I do? what are some business/sales roles that pay really well that I can get into as an ex-big4 analyst? i dont think my current profile translates well anywhere. f*ck this company honestly. probably the worst decision I made coming here :(

Kamlesh

Stealth

10 months ago

Cancel your credit cards and any postpaid credit apps like Paytm or Ola money. Learn to live within your means.

Kamlesh

Stealth

10 months ago

Then start saving small amounts.

cArnage

Murugappa

10 months ago

Worst advice anyone can ever give. You can use credit cards and still live within your means. Having a credit card doesn’t mean you have to use it no matter what. Credit cards are the best way to manage cash flows. 45 days of interest free money!!

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LaptopStarer

Unnamed

10 months ago

Everything costs money. Even friendship. Cut loose some. Lead a boring life. Save up. Seek excitement by investing. Start studying real estate. No shortcuts. Slow steady consistent - these are your new favorite words

cArnage

Murugappa

10 months ago

Spot on! Gartner mein consulting side or CoE?

lucifer09

Stealth

10 months ago

You should watch Fix Your Finance series by Anshuman on YT.

Shadow_guy

Unnamed

10 months ago

True!! Many situations have been covered in his videos. You might find one relatable to yours.

ElonMast

Amazon

10 months ago

Are you really 24 years old?

LukewarmRegards

Stealth

10 months ago

Yep

salt

Gojek

10 months ago

To me he sounds super old tho tbh.

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salt

Gojek

10 months ago

Invest a part of what you make and spend the rest

fitnesslunch

Deloitte

10 months ago

I think you know this, but you need to realise this 0-1cr is 1000x times (a lot) From 1 cr to 2 cr is 100% growth From 2 cr to 3 crore is 50% growth From 3 crore to 4 crore is 33.33% growth Means: with a big corpus, every crore you earn is easier Meaning, once you get a corpus, money grows on its own. The hardest is to get the corpus and you are in that phase like every 24 year old. Corpus takes time to build, have patience and give it time. No matter what never stop your sip/investment inflow and its going to be fine ob. Carry on with your freelancing, a good side gig. Corpus is difficult to build, but easy to compound. You have time, you are already on the brighter side. Atb.

DelayedFund

Navi Technologies

10 months ago

Here’s the strategy. 1. Pay down all debts first thing and live like a beggar if you have to. 2. Then, whenever you make any money. Just invest and you’re golden. Live on what you have left.

JustAnotherTechie

Swiggy

10 months ago

I too used to be too anxious of my finances at this age and still am. My only advice is: - keep your mind away from thoughts like others moving faster than you (will always happen so no point getting anxious & feeling sad) - Figure all all pending debts (credit card bills) and clear then first to have a clean slate - Try to minimise expenses which dont give you joy. But do spend on things you like - Start saving as like as ₹500 on sips. This will help you start quicker and eventually scale up as you can. - Try to upskill in your field. Remember the maximum returns you get early on in life is from your skills and not investments. (I 5x my salary in my total 6 years of working) - The most important one: Don’t hurry. Everything good takes time & the journey is rewarding. Enjoy life just don’t fell in status trap and eventually you will reach your financial freedom.

LukewarmRegards

Stealth

10 months ago

Most helpful comment so far. Thank you

TallTales69

Unemployed

10 months ago

You need professional help. Engage with a good Financial Planner who will manage your investments/savings.

Celsius_Fahrenheit

Stealth

10 months ago

When you get salary credited to your account, just take a portion of it and put it in a separate bank, or invest in MFs immediately. Treat the remaining amount as something that you have to live with throughout the month.

Pumpkin

Juspay

10 months ago

I'm going through a similar phase. The uncertainty of layoffs due to recession and GPT adds to the stress.

EbookHoarder

Jupiter

10 months ago

Start tracking your expenses using an app like Money Manager or Walnut. This will get rid of the spending anxiety. Start securing basics for yourself and then your family. Emergency fund, health insurance, term insurance - in that order. Park emergency fund in FD & debt funds. Once you are done with this, start investing. Follow the 50/30/20 rule of budgeting. You can tweak it a bit and make it 40/20/40, but lifestyle changes may be needed. Break monthly investing corpus into 4, each one into one of the large cap, mid cap, small cap & us stocks funds. Choose funds that have a low cost, good/okay performance in the past compared to other funds in the same category. This will ensure you beat the market plus diversify. This will set you up to a good path for sustaining with whatever you have. Now, try to increase your income. Side hustle, part time job, upskill, doing some freelancing as analyst. This is all the actions you can do to secure yourself financially. Next part is making yourself mentally prepared. When we are young (I too am) we dream a lot and then reality kicks in, we feel sad. I am not saying become a pessimist but become a grounded optimist, this will help you keep mental peace. For this particular section, reading books on Stoicism has really helped me, but I still feel bad at times which is okay. But I try to remember: Life is journey, sometime it's okay to go a little back given you move forward eventually.

BlickCait

Stealth

10 months ago

I’m 25 and an older daughter to a single mother. My mom spent all her life settling my dad’s loans, paying for my education and my sister’s. She still works and I don’t really support her a lot financially. Although, with my sister just joining college, I just manage to pay her living expenses. Tbh, you’re young. You have years ahead of you to make more money. I jumped jobs a couple of months ago and make x2 what I did before that. But it took me close to 6 months to land that. So allow yourself some time and keep looking for roles that will fulfil you financially and mentally. On the other, something I have learnt to do and continue to do regardless of my pay scale is budgeting and setting aside money early in the month. 1. Rent, food, etc 2. Money to family (includes my sister’s expenses) 3. Mutual funds and RD for my mom’s retirement (I started saving about 3k a month and increased it a couple of months ago) 4. Savings for myself (which did not start till early this year despite working since 2019) 5. Savings for travel/shopping etc Start small, stay consistent, build habits. It is never too late and no amount is too small.

LukewarmRegards

Stealth

10 months ago

Appreciate you for sharing, this helps a lot. Im sure your mom is proud of you

BlickCait

Stealth

9 months ago

I’m sure yours will be as well 🫶 not a lot of people think about their parents these days

SpotlessAcid

ATOS

10 months ago

I feel like you are my lost twin, going through the same stuff and man the anxiety is killing me. Hope things would work out for you someway

LukewarmRegards

Stealth

10 months ago

I just want to show up everyday and do justice to myself. That’s my current motto. Hope it helps you? Goodluck twin 🤝🏽

Gerald_Bieber

Swiggy

10 months ago

Stop blaming your genes and improve your spending habits. Save x% of your salary every month and if you can’t then cut back on your lifestyle. It is all about discipline

constA

Stealth

9 months ago

We have similar story. I am 23 and in same situation. Even with good earning I cannot save penny and due to past expenditures only my debt is increasing

BrownMunde

Decathlon

10 months ago

24 yrs really? Anyways, never too early or late to save. It all depends on the kind of investments you have planned for the immediate and late future that determines your savings. If you aren't able to mange your finances with the amount you earn, more money is just a momentary satisfaction until you end up feeling the same over the course of time(speaking from experience) Two suggestions: 1) Don't spend money you don't have. 2) Adapt the 50/30/20 rule (look it up, it's a legitimate way to start) The day you realise you are able to save with wtv you earn, could even be 100/- it is still better than 0, you'll automatically be at a much more stable situation to take calculated decisions.

charlie508

Deloitte

9 months ago

Relate with you brother, stay strong , looking for the same answers are you are!

xcalabarat

Stealth

10 months ago

Go to r/personalfinanceindia on reddit.

BiryaniEnthuEnthu

Founder

9 months ago

Nice yaar @codebreaker @bootstrapfounder