So, Ive spent over 13 years in IT. Saved 1.2 cr in FDs, NPS,PPF,PF and mutual funds. Around 15 tola gold il that Inbougt. I am tired and I want to quit and be a full time mother. But my husband is unwilling to support me financially and I carry my own expenses till date. Is the corpus enough to support my 6 year childs education? I am considering separating from my husband because of toxic abuse. Just want to make sure that my childs future is secure if I quit now.I just need a break to enjoy motherhood, managing work and child both together has effected my mental and physical health. I am willing to work 1 more year if required, post which I want a slow peaceful life. Please advice. No real estate till now, its difficult to for me to do all the paper work and house hunting alone.
1.2cr in savings is not much to stop working altogether. Inflation will soon start catching up with you. At some point, you need to start working again - not only to earn but also to stay occupied. But yeah, your corpus definitely gives you cushion to take a nice career break.
Got it. Will try to take up a low pressure job in next 1-2 years once I reach 1.5 cr corpus then.
Are you looking for separation from your husband? Because together or not, the child's expenses are to be borne by both of you.
On another note, my husband has taken around 50L from me till now, I have the evidence of online transfer. Is there any chance to get it back once we separate? I don’t want a long court battle as I cant go on multiple hearings( I wamt a closure soon)
Sorry to hear this. Btw given how screwed the Indian laws are, you can demand way more than that, so definitely you should get your money back. And appreciate your moral values and hard work.
I think you need more money to retire, and by retirement do you mean till the time your son/daughter start working? Any parental backup?
Good luck to you in future.
I have spent far more on my wife. Although we're doing great, this thought of my money versus his money sounds completely toxic.
Have a fresh start. Money will come. Have sound values first
Poor in finances but i can say 6lakh per annum you can earn with FD with that 1.2cr min, so assuming your child fee for school is 1lakh, you will have 40-45k per month with you, comfortable enough if you dont wanna save even single penny for your kids further studies. I mean you could if you live normal life 20k per month and 20k savings. 1bhk-15k and food and other expenses -5k.
20k savings for 14yrs - 28-35lakhs may be. I believe if you are planning for your kids studies in india it will be enough. May not be costly colleges but normal yes.
This calculation may be wrong but just a thought.
I know that school fees changes cost of living changes etc etc
It's better to advice with a financial advisor. Can consult with a fee only financial advisor. They'll help you better
It will be possible if you shift to tier 2 or tier 3 cities. School fees and rents won’t be an issue in such cities. You should however know how to drive a vehicle. Also you might get child support in case you separate from your husband but you should consult a lawyer
I feel it’s a personal choice though IMO, take a less stressful job and move to your hometown or tier 2 city as you mentioned no real estate and start investing your corpus with diversification i.e. part of it in SIP(Index funds) , part of it in FD.
Also, you have option to ask for alimony ; which again is personal choice however as per your description it’s your right to get your money back and contributions to the child future. This could be done in parallel to a less stressful job. File a case in your city/hometown. I understand this could be little tiring but right thing to do.
May peace, prosperity and happiness with you! ☮️😇
I don't have the expertise, nor the understanding to speak here but here just to show support. Hope things turn out for the best!
Shift to a tier 2 city and enjoy a peaceful life. Pick up a job thats remote or monetize on your interests/hobbies. This should cover all daily expenses. That should be enough to grow your savings
I would recommend taking up leave without pay. For a year or two see how things unfold. That will assure 2 things one you have a job security post leave period you can do a job if the thing doesn't work as per plan. Second thing something like medical insurance is provided(not sure) few other facilities are provided during that leave period. In today's dynamic world finance can go wrong no matter how much plan. The more money you have it the better. You can even ask for a part time job. Many organisations provide part-time.
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