If you earn 20+ LPA, what do you spend on?
Recently started earning and honestly living a comfortable life with a much lower salary than most people talk about. Doing the math, I don't see myself needing more than 18L-24L in hand to save and continue living comfortable (but I am someone who always likes to do more and get paid more). If you're <30 and earning this much money, why do you push for higher salary (eg from 30LPA to 40 LPA) - is 30 not enough? Genuine query, open to any perspectives 🙏
Future is uncertain, especially with introduction of AI
Better to accumulate as much money as possible soon and invest for it to become a big corpus
And look for some side hustle in parallel
When you say you are leading comfortable life with lower salary, you may be assuming salary every month all your life, and may be ignoring the fact that in future with your own family (spouse and children), your expenses will exceed your income and then the income you save now will be used
I would suggest to study about financial planning
Thank you for the answer. I only take decisions that are financially viable, so if starting a family isn't viable, it is simply not an option. Of course, all this is easier said and done - just wanted to clarify that I did my math keeping it in mind. The AI point is strong enough to make me want to earn more 😂
Sure, I just want to stress on the fact that financial planning is extremely important
I know numerous people who earn so much but have no financial knowledge and end up keeping money in savings account, not investing, spending exorbitantly, losing in intra day trading etc
Such a waste of high salary
Money is never enough
So if you think you have enough, think again
I am not saying keep thinking about it all the time and take stress
But be wise and always take opportunities to earn higher, because Kal ho na ho
majboormajdoor
Stealth
a year ago
That same monthly salary stops to motivate after a year of work. If the same salary gets credited, I naturally slack off. Increased paycheck motivates for first few months, and That carrot of appraisal helps the last few months.
itachiuchiha
Stealth
a year ago
You won't feel the effect in one year. But over a period of time, inflation will start kicking in, assuming everything else stays the same. Same salary, you won't be able to save the same.
Also, the future is unpredictable right now. No one knows what'll happen down the line. So better to be ready.
I'm a hoarder, I save ever penny I can
I'll come back and haunt my wealth ¯\_(ツ)_/¯
StuckInBlr
Stealth
a year ago
Invest! The world is not enough 😤
I try and save a lot (50% of pay every month). For the rest, tbh don't think you need more than 1 lakh a month to live comfortably
DesignTinker
Stealth
a year ago
After a certain threshold (say 2L per month) salary stopped giving me happiness. CTC might increase 10-20 percent but lifestyle has not changes much. I focus on peace of mind and try to enjoy my work. Stopped running the rat race.
24-30L is good enough if you don’t have a big loan and a lot of dependents. No offence to anyone.
TabsOverSpaces
Stealth
a year ago
Taxes.
But in all seriousness, increasing investments in whatever you are investing in, trying some other ways of investing, like someone who is very risk averse, might want to try to start exploring some MFs or SIPs.
But seeing a big number as your net worth makes you want to chase a higher number.
Engineer404
Stealth
a year ago
Tbh, i get satisfied with my pay for a year or so, then i feel the need to earn more, invest more, save more, buy more. Thats why the hustle.
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