What am I doing wrong?

[duffy44]

27 F, staying in an old metro city so cost of living is very low.

No intention of marriage or having (adopting) children.

I have started investing since October 2023. Just want a review of how am I doing here.

• Income- 6 L p.a (in hand)Expenses: No rent and food expenses (living with family)
• Travel: 15k per month
• I only spend on tech once a year which is around 50k to 60k, mostly do No Cost EMI
• Investments-FD - 4 L (7% returns) Do not want to touch this
• MF - 48.29k invested (try to invest 10k to 13k monthly here)

• HDFC Mid-Cap Opp Fund
• ICICI Prudential All Seasons Bond Fund
• ICICI Prudential Equity & Debt Fund
• Mirae Asset Large & Midcap Fund (SIP)
• Nippon India Small Cap Fund (SIP)
• SBI Liquid Fund
• Zerodha Nifty Large Midcap 250 Index Fund

Also have around 3L lying in savings account which is managed by my dad. I give him 10k to 20k per month for his peace of mind but he does not spend anything from here that's why there is 3L in it

Goals:

• I want to make a substantial fund for studying abroad by 2027 (in US)
• FIRE by 45 (not written in stone, just an indicator)

Any suggestions, advice welcome

 

[jv926]

@duffy44 You're 27, want to go for higher studies to the US when you turn 30. That means you'll accumulate some debt.

And I don't know if you have any idea but you'll have to start from scratch in the US, your experience in India is going to be more or less irrelevant.

There's no FIRE(ing) by 45. Think things through once again.

 

[jesusiord]

@jv926 Depends on what field she is in and how good she is tbh if she’s got no responsibilities she could be FIRE by 45

 

[duffy44]

@jesusiord I should have realized that people are only going to focus on the FIRE part. It is just an indicator. My world will not end if I do not FIRE by 45, guys! T_T :3

 

[jv926]

@duffy44 My comment was exactly for that last part. People have a wrong idea about the US. Somehow people believe they'll quickly make a lot of money in the US and retire, that is not how it works. Everything else is doable. You can work on your plan but be mentally prepared that the journey is not going to be short lived.

You'll at least be 32 by the time you complete your studies, depending on your course selection, and with your current rate of savings, trust me you'll end up with debt. You'll spend a good part of the next 5-10 years after graduating building a life for yourself, clearing your debt and gradually climbing the corporate ladder because you'll be starting as a fresher.

I wasn't trying to demean you with my original comment. Apologies if you felt that way. Wish you good luck in your endeavors.

 

[duffy44]

@jv926 I understand the realities and also your intentions, thank you. I will keep it in mind. Cheers!

 

[caringhusband]

@duffy44 What does FIRE mean there?

 

[duffy44]

@caringhusband Financially Independent Retire Early

 

[kirsten1214]

@duffy44 How is your travel 15k per month?

 

[duffy44]

@kirsten1214 Considered the higher end. It can reduce to below 10k some months or almost touch 15k. I often cab it to office.

 

[luckyduckydoo]

@jesusiord What's FIRE?

 

[cantplayalick]

@luckyduckydoo You new here?

Financially Independent Retiring Early

 

[piripiri]

@cantplayalick Bhallaldeva was born FIRE'd

 

[luckyduckydoo]

@cantplayalick Thx

 

[cgesange]

@jesusiord Naah irrespective of the field only a few people have that kinda fire specially people having business
This isn't something only fans account

 

[patorianus]

@cgesange Use words properly..madar

 

[duffy44]

@jv926 Thank you, will think it through.

 

[semisilas]

@duffy44 > 27 F, staying in an old metro city so cost of living is very low.

yea Kolkata is nice

 

[duffy44]

@semisilas It's the best city in the world (saying this after living in ZERO other cities)

 

[vespersk98]

@duffy44 I lived my whole life in Kolkata and now Bangalore. Yes, kolkata is better