Advice
Hey All,
I'm 26-M earning a descent salary(approx 40k per month). My family doesn't have any property/gold and we live in a rented house. 90% of my earnings goes to expenditure. And rest 10% goes to some or the other expenditures (like medicine, repairs, travelling etc). At the end of the month my bank account has around 1-2k.
I have no savings, no sip, no shares, no crypto nor additional source of income. I'm only running my entire house.
My parents want me to get married. My parents both have diabetes and my father is 60yrs old. He wants me to get married as soon as possible so that he can have a cool head.
The thing is, for marriage also there's no money saved, I have to take some loan (approx 2-3Lakhs) for the marriage.
Especially in my community, girls are very few in numbers and they have lot of expectations like own house, more than 15LPA, rental income etc etc.
I only expect one thing from the girl i.e she should be having a minimum degree and should be working.
But most of the girl's parents are rejecting because of my financial condition.
I'm in a dilemma whether to stop looking for marriages atleast for 2-3 years(so that atleast my salary would be increased by that time frame). But at the same time I'm feeling scared like once I cross 28 age it would be very difficult to find a match as at that time also I may not own a house.
Any guidance would be helpful😀
Chill dude you are just 26! Grow financially become independent and emotionally capable. Start side hustle. You have a lot of time!
dude i think we are in same dilemma 23 m here making 25 k per month while planning to switch my pland ,might be useful for you
- focus on career with 40 k we cannot live a decent life i am intervieing but no luck to help
- start a side business to help you boost money
focus on these rest will follow
Tq bro.
Chill Bhai. I got married at 28; this was when was 80% sure about my finances; didn't have to take loan to manage wedding expenses (there's no way you are getting that money back or enjoy some monetary returns on it). So , for now, you need to make your parents understand that what you are drawing currently will not be able to help you sustain a call, peaceful life. Work hard, give your health & mental peace the priority they deserve. Trust yourself and things would fall in place. All the best!
Focus on your physical and mental wellbeing first. Apart from that you can pursue any online degree or certification if that helps to grow in your current field. If not, see any side hustle for adding to your financial source. Don't pressurise yourself just because girls are rejecting or parents want you to marry now.
Increasing income is one thing, investing with discipline is another.
Start with safe SIPs With your budget, invest 700 Rs in a monthly SIP. Purchase 1 gm gold every 6 months.
Even if you do this for the next 30 yrs despite a raise in your salary. You'll build
- 25 lac at 12% CAGR in 2064.
- 60 gm gold valued at maybe at 35 lac in 2064.
Meanwhile switch your job to increase income.
40k is the bare minimum for survival. You need to work on your skills and switch jobs. Given the market conditions, it's a bit tough to even switch jobs in a good company. Maybe you can start with some freelancing which will help you with money and boost your skills.
don't marry yet. Save and invest as much as you can and look for better jobs. 40k is not a good salary to afford a family's expenses. If you marry now, you will end up broke pretty fast.
I would recommend that you wait and plan your finances to grow in that time. Marriages often become a bigger responsibility, especially when arranged. It would be better for everyone, especially for you, if you are more confident and stable.