Considering a fresher who will need to do a masters abroad (MiM/Masters not MBA as it needs work ex) with a loan vs a fresher who will start working right after UG in Consulting or Finance Considering the PPP, and also considering that it is a golden decade for India How will it look for these two different routes? Would love to hear your opinion/suggestions
simply compare the cost of living to salary ratio with your country of choice.
If you are thinking of doing PPP, Do understand what you are going to pay in taxes. Lets say you are making 2L a month. Now, since you are in India, very likely you will be a contractor. If you are earning less than 20L per annum, you will be fine. But if your income exceeds 20L per annum, it does not make sense to stay in India.
First you will file ITR 4 as a self employed professional. At 20L per annum with a few rebates, your salary is subject to 30% tax. But that is not all. Since your income exceeds 20 L and you are a self employed service provider, your income is subject to 18% additional tax. So in total you will be paying 48% of tax in India. If you think you can get away by registering a company, a company is subject to 30% corporate tax and 18% GST is still applicable.
Now considering the studying route, if you take a loan to do masters abroad, first and foremost, you need to take living expenses in consideration. To study in canada, germany and some other countries, you will need to lock 10L in a blocked account. Maybe a little less or more depending on rules but 10L is average. You will get this money once you reach the country. This money is your living expenses for 3 to 6 months at max. So you will need to find other ways to afford a living like getting a job. College fees are separate for which you will probably take a loan. Getting a job will depend on the allowed work time by your visa. If you cannot work more than set part time hours, you will earn less. If your visa does not allow working before finishing the studies, you are going to have a hard time affording the fee. If you can afford a living and complete the studies, you will spend many years in paying off a big amount in loan.
Best is to earn here until your salary does not go beyond 15L and once you are earning more, move abroad for better opportunities and lesser tax. To study abroad, get a scholarship.
1.Go for masters in management at INSEAD/LBS/HEC PARIS 2 Target the strategy consulting firms as those are regular hirers from these 3 colleges 3. move to middle East in MBB/STRATEGY & / OLIVER WEYMAN or similar others
why middle East specifically?
Earning & Savings are two different things, maybe u wanna reframe? 😛
Oh you’re right, but I can’t edit itðŸ˜
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