[rant] 24 year old anxious about his financial future
I will complete 3 years as a professional soon. Quit a Big4 to join a startup for better pay and faster growth but despite putting in my best work and leading initiatives, going above and beyond all the time, my peers are all earning better than me doing similar jobs.
i never had a financially aware upbringing. my father put us through hell due to his bad decision making and despite me being very financially savvy, am unable to save any money because im so anxious I tend to spend what I dont have. i had to take up a lot of freelancing to aid my lifestyle but now im busy all the time and have no time to myself.
idk what to do. idk how much savings my parents have since I live away from them and dad never discusses his larger financial plans with me. he also does not have a stable job even at his age even though I know he is v hardworking and does his best. i feel i will never have enough money to support my parents and myself and feel like im running out of time. also doing interviews to leave this shitty company as well which is lowballing tf out of me. im not sitting idle at all, trying to startup on the side as well. i workout, eat and sleep healthy, have a great social life. the only problem is money which im constantly worrying about. i feel its a generational curse passed down to me. I know I have 10x earning capabilities but its all so vague and uncertain. I have an amazing support system and I know I can talk to my friends about this too. just thought of coming here first
please share stories if youve ever felt this way. open to advice feedback ideas. how did you get out of it? what can I do?
what are some business/sales roles that pay really well that I can get into as an ex-big4 analyst? i dont think my current profile translates well anywhere. f*ck this company honestly. probably the worst decision I made coming here :(
Talking product sense with Ridhi
9 min AI interview5 questions
Cancel your credit cards and any postpaid credit apps like Paytm or Ola money. Learn to live within your means.
Then start saving small amounts.
Worst advice anyone can ever give. You can use credit cards and still live within your means. Having a credit card doesn’t mean you have to use it no matter what.
Credit cards are the best way to manage cash flows. 45 days of interest free money!!
Everything costs money. Even friendship. Cut loose some. Lead a boring life. Save up. Seek excitement by investing. Start studying real estate. No shortcuts. Slow steady consistent - these are your new favorite words
Spot on!
Gartner mein consulting side or CoE?
I think you know this, but you need to realise this
0-1cr is 1000x times (a lot)
From 1 cr to 2 cr is 100% growth
From 2 cr to 3 crore is 50% growth
From 3 crore to 4 crore is 33.33% growth
Means: with a big corpus, every crore you earn is easier
Meaning, once you get a corpus, money grows on its own. The hardest is to get the corpus and you are in that phase like every 24 year old. Corpus takes time to build, have patience and give it time. No matter what never stop your sip/investment inflow and its going to be fine ob. Carry on with your freelancing, a good side gig.
Corpus is difficult to build, but easy to compound.
You have time, you are already on the brighter side. Atb.
I too used to be too anxious of my finances at this age and still am. My only advice is:
- keep your mind away from thoughts like others moving faster than you (will always happen so no point getting anxious & feeling sad)
- Figure all all pending debts (credit card bills) and clear then first to have a clean slate
- Try to minimise expenses which dont give you joy. But do spend on things you like
- Start saving as like as ₹500 on sips. This will help you start quicker and eventually scale up as you can.
- Try to upskill in your field. Remember the maximum returns you get early on in life is from your skills and not investments. (I 5x my salary in my total 6 years of working)
- The most important one: Don’t hurry. Everything good takes time & the journey is rewarding. Enjoy life just don’t fell in status trap and eventually you will reach your financial freedom.
Most helpful comment so far. Thank you
Here’s the strategy.
- Pay down all debts first thing and live like a beggar if you have to.
- Then, whenever you make any money. Just invest and you’re golden. Live on what you have left.
Invest a part of what you make and spend the rest
I’m 25 and an older daughter to a single mother. My mom spent all her life settling my dad’s loans, paying for my education and my sister’s. She still works and I don’t really support her a lot financially. Although, with my sister just joining college, I just manage to pay her living expenses.
Tbh, you’re young. You have years ahead of you to make more money. I jumped jobs a couple of months ago and make x2 what I did before that. But it took me close to 6 months to land that. So allow yourself some time and keep looking for roles that will fulfil you financially and mentally.
On the other, something I have learnt to do and continue to do regardless of my pay scale is budgeting and setting aside money early in the month.
- Rent, food, etc
- Money to family (includes my sister’s expenses)
- Mutual funds and RD for my mom’s retirement (I started saving about 3k a month and increased it a couple of months ago)
- Savings for myself (which did not start till early this year despite working since 2019)
- Savings for travel/shopping etc
Start small, stay consistent, build habits. It is never too late and no amount is too small.
You need professional help. Engage with a good Financial Planner who will manage your investments/savings.