Hello folks. While I'd like to remain anonymous very much, here's what I can share about myself.
No, I'm not selling anything. No commissions, no referral links, no finfluencing.
Just want to talk, exchange ideas, and learn from you all. Maybe I'll feature you in my next book. :)
Ask me anything.
Pardon the grammar and spellers. I just realised there's no way to edit.
Not an issue...It happens with everyone here
Would love to know about the strategies you employed in your 20s for savings and investments. Let's assume your earnings were between 10-15LPA during that time, and with some potential uncertainties, you managed to save 30% to 40%. How would you plan to utilize that saved money?
Thanks for the question. Bold of you to assume I was earning 15L in my 20s. 😁
My 20s, which were a while back, were mostly about focussing on savings and making bad investment decisions.
I didn't hit 7-figures until my late 20s. I went over the mark only because of my stock options going 5x over a two-year period. Good times.
Before that, savings did manage to help me buy a home and my car before I turned 30. The stocks helped me be debt-free.
Most of my investments in my 20s were life insurance policies. Needless to say they didn't pay -- even the ones I held to maturity.
I didn't start an RD till I was 25. They helped quite a bit. I moved to mutual funds in my early 30s, and that was the best investment decision I've made.
I'm currently working towards FIRE and I've realised that 300x my monthly income need is enough. I'm halfway there net of my real estate holdings.
If another bull run happens, I may get there under five years.
Your thoughts on financial inclusion?
People hate Aadhaar, and they're probably going to hate me for saying this, but it's contributed enormously to finclusion. It wouldn't have been possible without Aadhaar. Which is not to say people shouldn't be suspicious of this government's attempts to surveil the citizenry in various ways.
Why do we hate aadhar? We don't?
Because of black money?? That's cool then...
Though life is not straightforward and govt isn't saint & people with black money may not necessarily be too wrong/bad, it's still good that govt aka elected reps get more power than mafia
How do you decide your monthly expenditure and extrapolate that for FIRE? You mentioned 300xmonthly expense is all that you need.
What about kids education? Critical care etc
No kids. I have health insurance. No major liabilities.
There's no way to confidently say any number is good enough. Inflation is an absolute bastard. But the important thing is to spend at a rate lower than it grows at.
FIRE is incumbent on frugal living and allowing your funds to compound in the markets. So if I get there, I intend to go slow the first few years. That will give the money time to grow some more. So 300x could potentially become 600x in 5-6 years if I do this right.
My math says 300x is good enough. I would love to do 500x. But it's not easy and incumbent on several things going right.
Apologies, I am not smart here. May I know what FIRE is? Also, how did you learn about which MFs to invest etc?
@mangoman would you change the amount of savings you did in your 20s and 30s?
Did it in any way mean you had lesser fun? I know it’s tough to say that in retrospect, but curious.
Probably not. My early years were about living paycheque to paycheque. I did try to work on income expansion with limited success.
Adsense for publishers was a huge thing back then, just as Twitter and Youtube payouts are now. I built a few networks that gave me additional monthly income.
My preferred investments were life insurance, which sucked.
I wouldn't change the percentage I saved, because I was maxed out, but I would like to change how I invested. I would put my money in an ELSS and forget about it.
To answer the second part, yes, I had lesser fun for sure. I focussed on being frugal. Plenty of my friends blew their money on foreign trips. I waited for my time.
I don't come from money. But today I have everything I need. My needs are few but wants are many.
I can buy any gadget or vehicle I want. But it's important for me to continue being frugal.
I still drive my 2011 hatchback for family needs, and ride my bike to work.
(This is a networking request but if it comes across as a personal ad against community guidelines, I can take it down.)
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