Confused in life
22YO M Currently, working as a frontend developer and getting 54k per month and it's a Remote job. Currently living in 1BHK flat with my parents in my hometown. I am saving around 40k each month. Also doing 5k sip per month apart from saving. Home loan is 1.5 lakh pending. Planning to close it by jan 2025. Education loan is 5 lakh pending. It's repayment will start from june 2025.
Now in the next 2 years there are high chances of me getting engaged. For that I need a good 2BHK house. Which will cost around 30-40 Lakh. I don't know how I will be able to manage it bcoz there is not any stability and job security inside the IT industry. Having fear that what if I buy it on loan and lose my job and not be able to pay emi
Also getting into a lot of overthinking from the past few days.
My friends and family see me as a winner but deep down I feel like I'm losing everyday.
I don't have anyone to share what I'm feeling.
Well I'm no finance expert but if you want to get the 2BHK and have a stress free life here's what you should do.
- Take a deep breath.
- Sell the 1BHK flat you're living in, usethe money for downpayment. Invest the rest in FD. Take Home Loan. Use the EMI for tax exemptions, pay using FD returns or something
Also constantly upskill yourself:
- That one switch can pay you a lot
- You can also get freelance opportunities
I will advice you to wait and progress in your personal life on the other side of 20s. If you are 22 and making 54k , there is a very good chance you will make at least 2 times that after next couple of years.....
You dont need to have a home to get married : ) you can live on rent.
If you are considering to get engaged at 24ish then it’s kinda too young. You are yet to explore life.
I personally wouldn’t suggest buying a home so soon because it will tie you to that place. You will also lose leverage to negotiate since you would be worried about repaying loans.
As you become 28ish and ready for marriage, you’ll realise you wanna stay separate from parents or would need a bigger house for kid too… a lot of things come into play.
Best is to see if you can get a better job and it’s also advisable to rent and stay at a place before buying so that you are aware of all the pros and cons.
This answer might be a bit biased but this is my stand if were in your situation. 54k per month and you want to get a 2bhk you will be blocked for life. And if you are earning anything below 1 lakh p/m i would suggest you to start investing and upskilling. And with increased job salary use that ss collateral and get loan for a new house. If possible rent 1 or 2 portions of the house and that can help you in the emi
And forgot to add. Don't marry...freedom bhi rahega and time bhi milega for upskilling yourselves