Just met a dear friend with 10+ yoe and earning 33L per anam.
He doesn't want to get promoted or salary hike as he is getting enough as per need and wants to have good WLB. He is accumulating a 3cr corpus and planning to retire in 10 years in his hometown in Ranchi.
Debt free - family house in Ranchi and married with no kids - single income.
Isn't the amount very small/too risky? Considering anything can go wrong in future and you should work really hard in 30s to avoid that as much as you can.
What's your opinion?
Ps. He is also active here and I took permission to ask this question here
Seems pretty amusing about folks talking about this and that crores.
People need to get out of their cocoon and maybe try and understand how the vast majority of the population lives.
Most people atleast in this country will not have a total corpus of anything close to 1 crore even at the end of their life, and a lot of them will have happy lives.
Money is important, but let's not make it so important that we forget to smell the coffee
Hit the nail right on the head. Your target corpus really is based on what standard you want to live your life at. Simple living, you can make do with less
3cr is too less, I hope he has great insurance coverage and proper portfolio management!
anyways I would kinda prefer atleast 50Cr consider my lifestyle n spend rate, living minimalistic is kinda not my likes and I think there is nothing wrong.. Avg politicians retire with 150Cr
What's your plan to reach 50 cr? Seems impossible unless inheritance 🥃🥲
ofc, have my generation wealth + wife's generational + my savings and funds, might reach there in 6 years with good passive income and I have also done many angel investments, even if one kicks I can easily 4x that. anyways...what's point of retirement when you can't enjoy it enough? also with 3cr, he can't go on vacations or treat himself
In one of Ravi Handa's FIRE podcast, a financial advisor had the number of 6 CR for a family of 3 with one child living in tier 1 city. 6 CR is reasonable. Considering no kid and tier 2 city, 3 cr should be just about OK.
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For those who are planning for FIRE. Share your-
