If this needs to be converted to cumulative amount we would need to find GP sum, where in
a=36
r=1.08
n=45
sum=139.15Cr ~140Cr
If both above to be consolidated as one time value availaibility it comes out to be whooping 155Cr
Else one time at retirement 15Crand a corpus of x which can generate 36L(yearly which also increases at 8% per year for 45 years!)
If i consider an investment product which gives 10% pa returns then, no!!! i am not even able to calculate x here!. can someone help me with this too?
All the above is excluding my costs till retirement which includes-
Marriage
Health of family
Parents
Raising children
Education of children
etc etc!!!!
The above seems impossible. And i did this calculation last month. I have since then literally lost the will of investing with my meagre salary(27LPA) and am not understanding whats the use if my dreams will never come true!!.
Can someone please help me understand if i have gone wrong somewhere in my calculations or if my calculations correct and the dream achievable in any way!!!!
I mean 1.3 crore for raising one kid, I guess maybe if you plan to put them in Mayo College Ajmer which has a 10 lakh annual fee.....
Else most decent day schools top out at around 2 lpa.
@noah_w 1.3crore is too less for total 18 years
Assuming engineering colleges in India cost is increasing by 7-10% yoy .20Lakh degree now will cost 80l ,18years from now
And if kid goes for undergraduate abroad then impossible so will keep that aside .
@isiaih Kaun leta hai 20 lacs BTech ke? Amity Noida which is one of the most expensive private colleges still does it in 14 lacs. Most places even in private you can get an engineering degree in under 6 lacs.
@noah_w bhai, fees at private liberal arts unis like ashoka, flame, jindal, krea, snu, azim, ( with hostel) can easily go upwards of 10 lpa without scholarship. Jindal is 10 lpa for law and 7 lpa for BBA. Nmims is 3.5 lpa tuition + whatever exorbitant accomodation you choose . so, I guess, 30-40 lacs can easily be for a private university in india atleast. cant imagine the situation 10 years l8r
@isiaih Why do parents need to bear the cost of child's college education ? They can either study hard and get scholarships or can take education loan and pay back themselves. I did the first one (with no caste based reservations) and my husband did the 2nd option.
@beyou Brother would you want your child to miss out on anything(like going abroad) because you don’t have money? You should strive to give them the best..
@rockyroad29 Children have to work hard and earn things after a point in time, if you strive to give them the very best in everything then they will not go through those hardships that one must go through to be resilient and successful. Spoon feeding children (and when they are adults) essentially curtails their capabilities.
@rockyroad29 First of all, I am 'sister' not brother
It's possible to go abroad with no parental help for education. I did that with full scholarship. The kid just needs to study well and have ambitions. As a parent, one should motivate (not pressurize) their child and make them feel responsible. Parent cannot provide money for everything like education after school age, marriage, first house etc. Parents can contribute some amount but not sponsor everything, that's my view from my experience.
@beyou It’s great you that you did it yourself but why would u want your child to go through the same hardships you went through?
Sorry for the mistake tho
OP is earning what, 24 lpa at 27, planning to FIRE by 45, and is assuming the worst that their child(ren) will be deadloads who won't be able to get any government college and will depend on them for everything.
@beyou This mindset is correct if parents can’t afford to.
But most aiming to retire at 45 don’t want to do it at the cost of their kids dreams. They would rather work a few years more to support those dreams.
@limit I believe more in making my child responsible from early age.
In the country where I live, most youngsters start working part time jobs in their teens. There is this one kid I came to know about who learned tennis when she was really young. She got so good in it that she is now 17 and is teaching tennis to younger kids and making money. She does this part time and enjoys doing it. She bought a laptop by herself and is saving money for college. Another kid I know is a part time swimming coach. I want my kid to be like that instead of being dependent on me. Who knows how long I will live, I just want my child to be independent and responsible. At the same time I am saving a small amount for his college fund and other future events. But definitely not big enough an amount to cover the whole of it.
@beyou I ain't denying you that you gotta make them responsible at an early age no doubt but at the same time isn't it the parents job to look after their well being
