Reached about 2CR! Still Feel Poor! WTH is Wrong!
Here is the break-up - Residential Plot we Just bought from our Indian Stock Selling - 90L Equity - 40L Crypto - 6L US Stocks - 26L Mutual Funds - 10L NPS and EPF - 22L Cash - 6L I have not factored in inheritance of about 1CR which will be passed on to us in a long time but I don't want to count that as mine I want to pass that to my son... As that will be his not mine! 3.5 year back I had a educational loan of 17L and my Wife had Equity of 17L so basically we were at 0 at that time... Nothing has changed at all for me... And I do not think even 10-20CR would change me too 😉 I am still a confused stupid... And will be forever ♾️ I have resigned from my current job as I was not satisfied.. I am looking out for more opportunities outside so that I can build the house with that money! Even with 2 CR I don't think I have achieved anything ... I have a long way to go from here ☺️
Tshirt
Student
7 months ago
Not 2Cr even 20Cr you won't be satisfied.
First, think about what you want out of life, money is not (the only) goal.
Keeping the fire burning is good, but burning yourself in that fire can become madness. Kudos for hitting milestone.
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Bhai kya clickbait title hai.
Happy that you've accomplished so much, congratulations for the goals, but seriously a lot of people may not even make that in their lifetime. And I am not even counting the downtrodden but like legit well earning but unable to save people (due to medical expenses let's say). Your post here has a clickbait title followed by a full flaunt without any usefulness into how you did it, what difficulties you faced or any advice you want to give. I don't want to ruin the joy of your milestone but please go to Instagram if you really want to flaunt.
Let's have better discussions...
Firestop
Stealth
7 months ago
Ok ... Will post soon on my strategy
I was happy with my first 20k. Was Same level of happy at 2L, 20L, 2cr and so on. I get my happiness from family and friends, good movies, music, books and learning. Most of it free only
Treat money like a video game. I’m a Mario. Collecting them coins.
2cr is nothing neither 20cr would be it is a non stop rat race that will eat your fucking life and at the rnd even 1000cr would not be worth it
Firestop
Stealth
7 months ago
I wish you pay off that debt soon and create great wealth for you!
Firestop
Stealth
7 months ago
I meant I had 90L in equity too which I sold to buy the plot
Yeah that's nice. Buying plot in tier 1 city or in tier 2 or 3 cities. Asking this because getting land in tier 1 is not that easy.
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You are doing fine OP.
I see the liquid part is pretty less % of NW.
This can only work if 1) you don’t foresee any big expenses in the near term 2) you consider the inheritance fund as an emergency fund.
No loan liabilities?
Whats the plan to construct on that plot? That’ll be a big ticket item.
I am at (2x + then some) NW btw.
Firestop
Stealth
7 months ago
I have no Loan or Liability at the moment... Bought the plot from our Money alone... Planning to construction by the start of next year.. my estimate the construction cost should be from 50-60L..
Our Expenses our Less and can be managed without you touching our Investments..
The only big expense is the construction cost.. That is something which keeps me awake sometimes to be honest 🙈
Firestop
Stealth
7 months ago
Congratulations dude... On your NW .. Hoping you get to 10 CR soon... As I want to get there too... But hoping that won't change you or me once we get there 🙌
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No finance pro here, but Selling equity to buy plot is probably a very wrong decision. Always take loans, usually loan interest is lesser than what you make in equity. Never exchange lumpsum well invested money for fixed asset. Real estate yield is poor in India. If it's giving you more than the equity then it's good.
Firestop
Stealth
7 months ago
I used to think like that but when I went outside for window shopping for the plots in Delhi... I found out below things are happening -
- There are underdeveloped spaces in Delhi which will appreciate more and in time it will be difficult to buy the plot to one's preference
- Bank won't finance the loan until the Registry is done and paid for the property .. basically they won't approve loan on GPAs i.e General Power of Attorney and Delhi is full of GPAs only
- The Real Estate will start to take off now for some time as power of consumption is going up in India and real estate is becoming scarce in Tier 1 cities ..
- Gold, Real Estate will take off now as people have got more buying power.. Stock market will perform good but real estate and Gold will too...
- Me and My Wife are planning to stay in this city for a longer term now.. may 5-10 years..
- I hate Loan overall even if I would have had an option.. it just makes you wonder why the bank always get a cut of my salary..
Not a real estate Pro here ... But I want to have one house at least which will ours .. won't buy any other real estate after that ..
You said it yourself. Earning more than equity, that's good!
Of course, nothing can compensate for having your own house. Kudos on that! 🙂
But do evaluate your perception of loans, you just might be able to play it to your advantage in a lot of situations. 🙌
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Firestop
Stealth
7 months ago
No sir bro 🤣 I am 33
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Because you still are poor, 2Cr will be gone if you buy a hour and a car, 10Cr is decent amount to aim for
bruda let people enjoy their 2cr milestone.
You are already setting up next milestone for him
Firestop
Stealth
7 months ago
Well yes that's the milestone already... May be that's why I feel poor ... But I will rebuild my portfolio again..
I am super happy with my real estate purchase as real estate and Gold will go up and maybe in mid term will equate to Stock Market Indexes in the mid term... but may be i wrong don't care about that TBH..
IMO real estate and car don't make you poor you life style does and we are under control.. i have already made certain of that... We have a fixed monthly budget.. I am very disciplined in that manner...
I feel you bro. My net worth is much higher than you and I still feel this and try to work on it. It's just scarcity mindset. Growing up poor, you feel that the key to success or happiness lies in some numerical scores. You create a score for yourself and constantly try to keep increasing it. You have a score for all the different aspects in your life like financial security, health, social status etc. And as soon as you reach a higher score, you see that someone else is doing better so you downgrade yourself to a lower score and are constantly rerating yourself and finding inadequacy.
Having a score based system is not the right way to go about this, it takes a lot of effort to get rid of this scarcity mindset.
Firestop
Stealth
7 months ago
Agreed 💯 I will work for 10x from here anyway 🫡
DINK here.
As couples already crossed this milestone last yr. M 35.
Stay in a rented place and getting a good place in a city like Gurgaon or BlR will wipe out most of the corpus, hence 2 cr isn't a lot when you don't own a home.
2cr + excluding your home value and when you don't pay rent is the real deal.
Firestop
Stealth
7 months ago
Agreed ... That's exactly what I aiming next... TBH ... Thanks a lot for the heads-up man .. 😊
Firestop
Stealth
7 months ago
I am yet to pay on taxes on that will update should be 5-6L because most were LTCG Tax but will update once I file return for this year
You can claim tax exemption under section 54F for buying a plot / construction of plot using LTCG.
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samosa
Stealth
7 months ago
bhai kuch lakhs donate karde mujhe, Khushi milegi
Firestop
Stealth
7 months ago
Lol.. I do donation to the needy ... You don't look like one 😅
samosa
Stealth
7 months ago
aise judge krte ho, tabhi khush nhi ho
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Firestop
Stealth
7 months ago
It is Combined... It's mostly of wife's as I do most of things by her name and account only ... plot will be her's too ☺️
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sleep
Stealth
7 months ago
Congrats & f—k you(In Reddit terms).
In schooldays I wanted to make at least ₹40k/month and chill, now I’ve grown up to realise that it might not cover my 2BHK rent in a metro city going forward. 😢
I’m still chasing the ₹1Cr NW & I know by the time I’ll hit it the goalpost will move to ₹10Cr as flats will sell for ₹7-8Cr then. But this doesn’t mean we shouldn’t enjoy the time we have while being financially responsible.
7-8 cr toh even mumbai market has not reached ..after certain peice point the city strtas to expand
sleep
Stealth
7 months ago
bro, Bangalore rents will shoot up when it gets the metro city tag so more people will be inclined to buy properties and then the now selling ₹1-3Cr flat outside Bangalore will start selling at ₹5Cr and the now selling flat at ₹3-5Cr flat will sell at ₹7-8Cr.
The only way to become rich is to leave Bangalore and go back to a tier 2 city & buy a super luxury flat in the middle of the city at just ₹1Cr 🥹
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Firestop
Stealth
7 months ago
Combined
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LikelyFund
Student
7 months ago
Bhai tab ye teri soch ki problem hai , jeetna kama lo Kam lagega
Firestop
Stealth
7 months ago
Sahi bola bhai
