FIRE plan backFIRED!!

[resjudicata]

@gypsysoule I like to explore new places.

 

[gypsysoule]

@resjudicata Are baba I didn't know you couldn't live life in your own terms in such societies .. I live in my dad's house 2 bhk . So rent amount im saving in Sukanya samriddhi and ppf . Me n dad plan our insurance and finances accordingly.

Father retired from active service in 2012. Continues to work . I started working in 2016 full time due to post grad , superspecialisation and all that . Post student loan and everything.. now in credit free for 2 years.

We bought our first car for my father this year Jan 2024. Im 40 my dad's 71. I don't know how to drive a 4 wheeler. Use my wife's scooter or metro for hospital commute .

I dont intend to buy/rent house given my current circumstances . Major saving is for daughters future . Then if necessary i will plan for my 'own' house .

 

[resjudicata]

@gypsysoule I like to travel.

 

[gypsysoule]

@resjudicata What mistake ? , im confused .

 

[menicklady]

@resjudicata IT person earning 12LPA with 10yoe is absurd. You can’t achieve FIRE with mediocre salary

 

[susejlx]

@menicklady That's the salary for many in IT, especially in Testing. Corona had increased salaries a lot due to desperation by the companies.

 

[menicklady]

@susejlx Not true unless you are not keeping up with the market and skills.

 

[susejlx]

@menicklady Which is most people.

 

[menicklady]

@susejlx Fire is not for most people. If it becomes that easy, who will work?

 

[resjudicata]

@menicklady My favorite color is blue.

 

[andraus]

@resjudicata Any links /data to support your theory of col increases 10x every 20 yrs will be helpful.

As of today as per my observation 1lac per month is not sufficient to run a family with 2 kids. The future is not very promising for Coming generations.

 

[resjudicata]

@andraus I enjoy spending time with my friends.

 

[thecabinetbarn]

@womble7 Not a financial expert.

I think life expectancy is the problem, maybe try to cut down to 45 to 50yrs, you can save 40+ years Lol.

 

[womble7]

@thecabinetbarn Suicide is on the table bro.. Cheers! JK

 

[gypsysoule]

@womble7 You are doing well boss , starting early. Don't talk suicide and all . No age is old enough to die.

We are all productive in some way or the other at every point in life.

I'm also going through your calculations but factoring in inflation makes things go little haywire .

Keep the faith, and god( whichever way your belief swings) is always with you.

 

[incenzo23]

@womble7 https://www.jagoinvestor.com/calculators/how-long-money-will-last-calculator

Assuming inflation of 8% and returns of 10% and monthly withdrawal of 3L, you'd need 10.5cr at the time of retirement for it to last 41 more years. Add the 15 cr you are expecting for house, kids and car and you get to 25.5 cr required in next 18 years.

https://groww.in/calculators/step-up-sip-calculator

Assuming you have nothing as of now, and the same 10% returns, you need to start a 2L SIP (with 10% step-up).

 

[parabolas]

@womble7 What are you trying to calculate with your GP sum, it looks totally absurd.

The standard accepted calculation for FIRE is a 4% withdrawal rate as per which you need 9 Cr for 36 lakh annual expenses.

You can adjust the factor, I use a more sophisticated excel but the end number should not be as ridiculous as yours.

 

[amazing_henry]

@parabolas Where can I find this sophisticated excel broski

 

[womble7]

@parabolas Thanks for ur reaponse! So basically i need 36l per year from retirement age.
This 36 need will increase by 8% due to inflation.
I will be alive till 90 so i have to sustain the above for 45 years.

With gp sum i tried to reach an absolute value which if i have, i wouldnot need to worry about investment, inflation etc..... Hope i was able to answer ur question.

I know its a far fetched ask but can u plz share ur excel format, over private dm would love to look at this from a more supphosticated pov.

 

[ludicrus]

@womble7 Please go through the wiki, your calculations are absurd.