jtmsavestheday
New member
I grew up lower middle class. Wealthy in terms of “love from mom”, “friends: we’re all poor to middle class: this meant very little inferiority” and an education( this is the biggest thing).
An aunt helped fund my schooling and even paid my engineering fees( if you are already wealthy, support someone’s education. It’s the best gift)
When I finished engineering I was sitting on 8 lacs debt from dad with no job (due to 2008 recession)
My net worth now: 8 cr
Age: 38 years
My takeaways:
1. Save, save, save: Get to a point where you have money left after your monthly commitments. This is a huge first milestone.
An aunt helped fund my schooling and even paid my engineering fees( if you are already wealthy, support someone’s education. It’s the best gift)
When I finished engineering I was sitting on 8 lacs debt from dad with no job (due to 2008 recession)
My net worth now: 8 cr
Age: 38 years
My takeaways:
1. Save, save, save: Get to a point where you have money left after your monthly commitments. This is a huge first milestone.
- Have 6 months emergency fund in a liquid fund. This gives you lot of mental cushion. Put this in an FD and forget that money
- Start SIP as early as possible and be consistent. This should have a commitment for 5+ years at least. Start with index if you are worried and move to large cap, mid cap and small cap (eg: my large cap has grown around 45% since 2016 while my small cap around 140%). I excited my mutual fund portfolio when I panicked in 2010 and 2014. My biggest regrets!!
- Hold off on your primary home. Buy something small that doesn’t take you into deep debt. You can think clearly after you have enough money. My first land has appreciated 6X in 13 years and my primary home around 0.25X over 9 years
- Invest in yourself: health, friends and skills
- In today’s India, become an entrepreneur: This i high risk high reward