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GroovyWalrus
GroovyWalrus
Deloitte

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 🙏

14mo ago
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DancingBoba
DancingBoba
Swiggy14mo

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

GroovyWalrus
GroovyWalrus
Deloitte14mo

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 😂

DancingBoba
DancingBoba
Swiggy14mo

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

ZoomyMuffin
ZoomyMuffin
Stealth14mo

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.

PeppyMarshmallow
PeppyMarshmallow
Stealth14mo

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.

GroovyWalrus
GroovyWalrus
Deloitte14mo

Thanks for the honest answer!

ZoomyPotato
ZoomyPotato
Stealth14mo

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.

DerpyPancake
DerpyPancake
Stealth14mo

I'm a hoarder, I save ever penny I can I'll come back and haunt my wealth ¯_(ツ)_/¯

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