@khristine why does everyone want their money to work overtime on steroids !
Stop having unrealistic or over risky targets for yourself - you may lose big trying to make more ROI out of your savings
You are not spending too lavishly, you have a good percentage of your income saved -- why are you worried , don't run behind some imaginary number and lose your sleep over it
@khristine other than taking up freelance projects or consulting to increase income, reaching that goal is unrealistic.
if you’re willing to grind and go through hell of managing multiple projects without risking commitments with your full time role you can definitely achieve more than that.
work with agencies and not the end clients directly to reduce stress of freelancing, depending on how well you’re at what you do, you’ll get continuous flow of work.
collab with any business development rep at any dev shop who can get you work.
Why do you want to achieve that goal by 30, what difference will hitting that goal make to your lifestyle? are you willing to sacrifice peace to achieve that goal?
@khristine I would suggest to take some risk in starting a all business under your father's name, keep it small and eventually it will grow. You can ask your mom or dad to look over it as you will be busy with work.
@khristine I am also in similar boat 28 year old female with very good income, one major thing that has helped is getting married.. Sound silly but hear me out.
My husband earns slightly more than me so income is now doubled.
Expenses did not actually double from when we were living seperately, overall they are only 1.5x of our individual expenses before getting marrieda and living together.
As all of the expenses are actually analyzed by 2 people now, lot of frivolous spending has gone down.
As couple we bought a house, taking advantage of home loan tax breaks with both of us get 2 lakhs limit of housing interest tax free..( We also managed to buy a house in Bangalore in 2021 which has increased in value tremendously due to current boom)
Instead of 2 cars which we definitely would have by now, we are fairly content with 1 car..
Majorly due to this house we have achieved almost 2 Cr in net worth (subtracting pending home loan principal) starting from scratch at the age of 24. so genuinely, finding a partner can help you achieve the goal wayy faster..
@khristine Your income growth was good but man you did so much of wasteful expenses. Why buy a 17lac car when you can get a decent car at half the price. I earn 1.2cr a year, till now still couldn’t convince myself to spend pt 1,2,3. I bought iphone 12 at 50k when iphone 13 was already there in market. You can call me kanjus but I am not spending my hard earned money wastefully. I invest as much as i could and improving my financial health. I plan to buy a nice car like a Mercedes only when i have at least 10x in my savings/assets of car value. I will wait and till then a good i10 works for me. You should limit your expenses and invest more towards wealth building assets. Your recurring expenses seem nominal. Also withdraw money from opens and futurea. Many people burn there hands there. I myself and all my friends have gotten there hands burnt in that segment after a certain point of time. Don’t play with your hard earned money. A rupee is saved is a rupee earned.
@gregoryt89 I can get there within 7 years. Also i truly agree with the statement that spend and enjoy at same time. But that doesn’t have to be at the expense of my future.
@khristine Market is at all time highs so investing aggressively at this point won't get you much in the next 2 years.
As for 1 CR, it might have been possible if you started investing early and didn't buy that car. Now it's only possible if you get highest tier job for this experience or move abroad.
That being said, I wouldn't fret over it. You have done well so far, enjoy your car/TV with zero regret. Plenty of time for investments, but don't go overboard with equities right now.
