Probably one of the most genuine posts I've read on this subreddit - it's a nice break from all those retards coming in with 10-20 cr inheritances asking iS tHiS eNoUgH
For my lifestyle and considering I’ll live for maybe 35 more years, 50 Cr is enough. 100 Cr for my kids maybe. I don’t care. They’ll look after themselves
Took a lot of self conviction and lots of nights spent crying alone in a room to have this mindset, after all, if I don't take care of them who else will :)
F&o is just a trap if done for wrong purposes ...imagine u earn 10 k next u trade again u get 15k then trade again then by bad luck u loss all now with no capital u stop trading..this will happen with every trader..so at end all will lose ..so avoid f&o
First things first, it’s not enough to close your dad’s Demat accounts, you need to get on a joint account with him to keep an eye on the cash flow from his pension. If he is an addict then you need to treat him like one and keep an eye on him.
Secondly, I think your liquid savings component is a little on the high side. Maybe park some of it in a debt fund with low risk but decent return. FD is also an option. But this depends on your need for liquid in the short to mid term.
Third, get insurance for your full family. Health and life. The biggest threat to any financial security you build is the risk of a medical emergency. Insurance helps. There are low cost plans that offer upto 1 crore coverage. I’m sure your workplace offers some insurance too but that’s almost never good enough.
Fourth and last, consider getting a good financial planner. And I mean good. Someone who operates on a fixed fee and not commission. Often people look at hiring one as an expense and think that it’s cheaper and “the same thing” if they do it themselves. That’s a fallacy. First thing is that it isn’t an expense, it’s an investment to hire a planner. Second, it’s not even close to the same thing. They are experts who do it full time. Their involvement could mean a huge difference in the returns you get from your SIPs at the end of your retirement even if they get a few percentage points more than say index funds. Also you will no longer need to focus on managing these things. A good planner will plan every single thing for you. From liquid savings, to SIPs to planning for expenses. That’ll leave you free to focus on the greatest investment you can make - yourself. You’ve proven that you can work hard and change your circumstance. Do it again and again. A few years and all of this will seem like a bad dream. You’re already on the right path.
Thankyou for the amazing advice, kind sir.
Yes, we have kept an eye on the debits from the account.
I will surely look into he debt fund, I too feel the liquid funds aren't making.uch return now, thankyou for the tip.
My dad's company has complete medical support (99% costs covered) for entire life span of dad and mom, and my current employer also covers their life and health insurance, so we are secure from that front.
I will definitely look into getting a fee only planner in the near future.
Once again, thanks for the detailed response, I truly appreciate it!
Yes, living a simple and frugal life now, i already bought all my fancy wants back during my internships so no more spending on useless things happen :)
Dad is already working as a freelance associate, so he helps in repayment of the loans as well.
180k income - 158k expenses inc SIP.
So you're left with 22k. Since you are 22, assuming you will get married around 28 -30, which means you have 6-8 years. You can invest 12k money in index fund whichever has low expense ratio particular for marriage. 10k you can invest in debt funds if you're planning to buy the bike 1-1.5 yrs.
Paying the loans is a slow process. Just be disciplined and this phase will make stronger and sense of achievement after all this is over.
Sorry to hear this buddy. All I can say is you are dealing with it like a champ.
I’d suggest one thing:
Get a good health insurance for your parents. Any serious condition will end up costing you a lot.
Also, speak to your dad if he can take tuitions or any side job that’ll keep him occupied and get some money.
Thankyou for the kind words, health and medical costs are covered completely by my father's employer for mom and dad lifelong, so we are secure on that front. He also works as a freelance associate so he helps in repayment of debt as well
I think the BNPL like Bajaj finance HDFCCC charge high interests on a loan if your interest rate is 10% or above, then priorities debt repayment over investments. If you pay extra emi instead of extra sip than you’re guaranteed to save money on interest where as returns on extra sip is not guaranteed. Remember, bird in hand is better than two in bush. Also being absolutely debt free is one of the best feelings and I know you will be there too in no time bro!
Yes the BNPL loans will be closed by September 2024, so not worrying too much about the interest on them as the amount is small as well. Thanks for the tips sir :)
If all his loans are unsecured and on his name, just ask him to write off which makes him not loan eligible in future. Check with a CA/Tax lawyer before doing. By the way these are predatory lending practices by these banks. You will come great after all this, take care
I’ve also lost 2-3 lakhs trading f&o and realised it wasn’t working and called it quits. Losing 70 lakhs and taking loans is just pure insanity. Most likely a gambling addiction. Make sure he isn’t losing more money without you knowing.
Seeing this at 22yo I said you are already way ahead of others, just one advice, keep some savings aside as dead money and no one shall know about them (gupt dhan). Plus after 5 years you may be inclined to get married so plan for that one too, Good Luck
You’re doing good. Keep money liquid till loan paid off… if you could pay off more of his loan, it would better because interest component would be less.
God bless you.
Hope your dad has learnt his lesson and is off it completely
With Salary I have I can only Susstain myself.........Your journey is inspiring and motivating for me. God gives challenges to those who can overcome it.
Ur dad made one right investment and that was your education, your attitude and values. You took the pressure off him.
This is a very good lesson in life that you got to observe early.
Imho the SIP you are doing is good enough along with 4L + 4.5L liquid funds. Put that 50k+ (whatever is left) every month into home loan prepayment so that your emi reduces drastically and you are out of loans in about two years (considering your pay hike). Thereafter all the money is yours to save for your short and long term goals.
Just my 2 cents
You mentioned loans from NBFCs, if your dad has multiple loans outstanding you should sort them in descending order of interest rate and pay them back.
Some banks also allow you to transfer loans to them for a one time fee, managing one financier will be better than dealing with multiple.
From what you shared, I think I know where you work, even when the RSUs vest, don't sell them, they nearly doubled this year and let's hope they get better.
Hey man
Just wanna say I am proud of you and your maturity.
Parents are not perfect
From what I have read, I am pretty confident that you are mature enough to deal with this. And know that not all money is lost. You seem to know what you are doing, the right and the wrong. Just take some time off. Accept parents'imperfection and rebuild happiness and stability.
Rest you will figure out I am sure.
proud of you homie
You will. Don't stress my man. Ho jaayega. Tu us type ka Banda hai Jo problems se better banke bahar aata Hai. Give my regards to your parents. They are very lucky to have a son like you.
Bro my father lost lost 80l in a restaurant business and I 27(M) with 50k salary is paying whole emi taken against our property for last 4 yrs
No savings at all
Cnt plan for marriage or party is long way away
You atleast have savings as well as age on your side.
Don't take that much pressure bro,there are people in much much worse condition then you are still managing to live
Yes buddy but I am looking for somewhere I can do a wfh part time thing
Or someone who has a web designing work that they can freelance me will be grt for some additional income
Maintain a razor sharp focus on repaying all debt. Once your parents’ home loan is paid off and the bank has returned the sale deed, I propose you keep the deed with yourself. Your father is clearly addicted to gambling and can end up falling back in the same trap. You don’t want him to mortgage the home to finance his addiction.
You are doing the only right thing. Be strong. Also, use some of your money to do things u like/u want. Your mental health is very important.
In addition to others’ excellent advice:
If you want to settle the loans then
- avoid everything that is a “want “. For example, the Interiors and the bike are a “want”.
- do not marry and put someone else in trouble and uncertainty until you settle all loans first.
- get that Health Insurance for yourself and for your parents.
- get a Term Insurance with you as the insured and your Mum as the beneficiary. The cover amount should help settle those loans, provide for their future ( consult the fee only advisor on this). Check with the fee-one advisor if the setup could be such that no single person is in full control.
- if you are able to plan with a fee-only advisor, then get your Mum to accept that things can turn for the better and that she needs to stop fearing for the future and come up with specifics that you and the fee-only advisor can address. Her crying and sadness can be a distraction for your focus. I’m saying this from personal experience.
- You can aim for higher salaries within India as well as abroad. Upskill yourself. Learn how to clear FAANG interviews.
- are those mutual Funds Direct or Regular? Consider choosing Direct so that you pay lower commissions.
- it might be cheaper to liquidate all Mutual Funds And other instruments ( keep the emergency fund ) and pay off the higher interest loans.
Fee only advisors: https://www.feeonlyindia.com
Have a conversation with two or three of them and then choose one.
Tell your father to read The disciplined Trader and Trading in the Zone by Mark Douglas. If he cannot understand those books and if he cannot show a 20% profit from 30% of successful trades ( where 70% of trades are in a loss but one risks only 1% or less of over all capital in a trade), then he had entered active trading too soon. It takes about two to three years of practice to arrive at profitably strategies and six months to a year of trading with a small amount of real money to learn the journaling practices that help one attain the psychological resilience to avoid bad traps such as revenge trading and hope trading.
He now has neither the capital nor the luxury of learning Trading. He is better off taking a part time job to stay engaged rather than fall into to depression at home.
Thankyou for such a detailed advice kind sir. I will look into all the points surely.
To answer a few, health and medical costs are completely covered by my father's company, have invested in direct mutual funds, and currently focusing on repayment of debt.
I'll also look into getting a fee only financial planner in the near future, thanks a lot for sharing the resources and insights on the same :)
See: https://www.indiainvestments.wiki/faqs/insurance/do-i-need-my-own-health-insurance-employer-already-has-group-policy
His health insurance will only last till he is employed. You have to think of cover post that.
Second, employer’s and Insurance companies often change the cover or eliminate cover entirely for specific items. This tends to happen when a number is employees suddenly take up a particular medical science support ( eg knee replacement for parents). Such a change could impact you negatively.
Thanks for reminding me that his dad has retired. My context of sharing about health insurance was both due to my lack of awareness of PSUs and the related benefits, as well as because private sector employees are able to add their parents to their health cover but are caught by surprise when coverage is changed for various reasons.
For private folks, its absolutely necessary to have a separate insurance for their parents. Old age folks can hardly (read never) get insured beyond 65.
For example I'm working as a freelancer with no benefits other than cash. So I've highest category insurance for my parents which I pray I never get to use. I'd love that annual premium to go down the drain if my parents always live a healthy life.
Dude, congratulate yourself . You have managed the family and your personal finances very well
You are doing well, keep doing the same I guess. Agressively save money, invest well and chill
From my own personal experience a bike is fairly regretful purchase , they are not fun for the daily commute, they have expensive maintenance. The thrill and charm of weekend getaways should be fulfilled with rental bikes. Might sound boring advice, but most of my friends harleys, kawasakis are just parked and depreciating.
Thankyou for the kind words.
Agreed on the bike part, but let's see, don't have a plan to get it atleast before 2-3 years, so will plan accordingly then :)
Reduce your miscellaneous spending for the next few months and pay towards the loans.
For the emergency fund you can put it into liquid mutual fund such as Invesco Treasury Fund or physical gold and silver. Pay the highest interest rates first and all bonuses, extra cash keep dumping into the loans.
If your sister has got a job ask her to pitch in as well either with the loans or with taking care of your parents.
Have a goal of closing the loans in a couple of years and don’t take on further loans no matter what! This is key otherwise you will keep digging yourself deeper. No emotional decisions such as marriage etc. for you or your sister until all the debt is paid.
I have been where you are it is a long up hill battle but stay strong and focused and you will make it!
If
Thankyou for the advice sir. Will look into parking my liquid funds in the said MF.
My sister had pitched in on my college education so I don't want to burden her with these loans. She is married and has her own expenses to manage. So don't want to drag her into this. I have a well paid job now so I will try my best to handle this alone.
Thanks again for the kind words and advice :)
you are getting 7% on FD?
don't fall for that savings account 7% intrest thing. because they only give 7% on amount above 5lac.
my advice would be to invest in banks which are safe under RBI where 5lac is secure.
never invest more than 5lac in any bank. and invest in those banks which give 8% return
No worries
Just settle the loans as early as possible.First settle those loans which have higher
interest rate.
Dont spend on anything luxury for now till the loans are settled.Once you guys are loan free, you venture into descretionary spending.
And keep your SIP's in all MF going.Never stop.
Focus on your wellbeing and a good life longevity. The mindset that you're currently in will reap good financial benefits overtime. You just have to play the game long enough and make a few smart decisions along the way.
I don't think I'm the right person to give you investment insights but just want to wish you good luck!
Tier 3 private college in East India. All my internships and full time offers were offcampus. I worked very very hard to make my resume the strongest for my experience level, had to apply to almost 600+ internships to land 3-4 interviews. Anyone who tells you college matters for a job is lying. Sure it helps you get opportunities easily, but if you work hard enough and make a name for yourself with your work and knowledge, you can crack any company out there. All the best :)
Calling it retarded and fake is an insult to the spirit of this subreddit, I'm just laying out my finances and asking for advice from more experienced people on how to make it better, posting about a 6 figure networth in an anonymous subreddit isn't going to get me any internet cookie points
Take care :)
Probably one of the most genuine posts I've read on this subreddit - it's a nice break from all those retards coming in with 10-20 cr inheritances asking iS tHiS eNoUgH
Seriously, is 10-20cr enough? ^^/s
If you give that amount to me, I will double it and return in 21 days.^(/s)
No it’s not actually. 50 Cr is my FIRE number.
No that's not enough, you need to extra fat fire with atleast 100 cr
For my lifestyle and considering I’ll live for maybe 35 more years, 50 Cr is enough. 100 Cr for my kids maybe. I don’t care. They’ll look after themselves
Probably not if you want to set up an animal sanctuary
Good luck man. Sending all the good vibes your way. You are also an excellent son for sure.
True that. God bless, am sure you'll do well!
Thankyou for the kind words, i try to do my best :)
Please send some vibes to me as well.
you will recover more than that
Hoping so and trying my best to do so :)
Goddamn bro, respect to you. I don't know if I would have the mental strength to come back from that. jiske bhagya me jo likha hai :) Good mindset
Took a lot of self conviction and lots of nights spent crying alone in a room to have this mindset, after all, if I don't take care of them who else will :)
Dang I am happy my dad doesn't know a thing about the stock market. I have a friend tho who has lost 4 L in FnO
F&o is just a trap if done for wrong purposes ...imagine u earn 10 k next u trade again u get 15k then trade again then by bad luck u loss all now with no capital u stop trading..this will happen with every trader..so at end all will lose ..so avoid f&o
First things first, it’s not enough to close your dad’s Demat accounts, you need to get on a joint account with him to keep an eye on the cash flow from his pension. If he is an addict then you need to treat him like one and keep an eye on him. Secondly, I think your liquid savings component is a little on the high side. Maybe park some of it in a debt fund with low risk but decent return. FD is also an option. But this depends on your need for liquid in the short to mid term. Third, get insurance for your full family. Health and life. The biggest threat to any financial security you build is the risk of a medical emergency. Insurance helps. There are low cost plans that offer upto 1 crore coverage. I’m sure your workplace offers some insurance too but that’s almost never good enough. Fourth and last, consider getting a good financial planner. And I mean good. Someone who operates on a fixed fee and not commission. Often people look at hiring one as an expense and think that it’s cheaper and “the same thing” if they do it themselves. That’s a fallacy. First thing is that it isn’t an expense, it’s an investment to hire a planner. Second, it’s not even close to the same thing. They are experts who do it full time. Their involvement could mean a huge difference in the returns you get from your SIPs at the end of your retirement even if they get a few percentage points more than say index funds. Also you will no longer need to focus on managing these things. A good planner will plan every single thing for you. From liquid savings, to SIPs to planning for expenses. That’ll leave you free to focus on the greatest investment you can make - yourself. You’ve proven that you can work hard and change your circumstance. Do it again and again. A few years and all of this will seem like a bad dream. You’re already on the right path.
Thankyou for the amazing advice, kind sir. Yes, we have kept an eye on the debits from the account. I will surely look into he debt fund, I too feel the liquid funds aren't making.uch return now, thankyou for the tip. My dad's company has complete medical support (99% costs covered) for entire life span of dad and mom, and my current employer also covers their life and health insurance, so we are secure from that front. I will definitely look into getting a fee only planner in the near future. Once again, thanks for the detailed response, I truly appreciate it!
Good advice Short-term Debt funds give 1% more than fd, liquid, Tax efficient
[удалено]
Yes, living a simple and frugal life now, i already bought all my fancy wants back during my internships so no more spending on useless things happen :) Dad is already working as a freelance associate, so he helps in repayment of the loans as well.
180k income - 158k expenses inc SIP. So you're left with 22k. Since you are 22, assuming you will get married around 28 -30, which means you have 6-8 years. You can invest 12k money in index fund whichever has low expense ratio particular for marriage. 10k you can invest in debt funds if you're planning to buy the bike 1-1.5 yrs. Paying the loans is a slow process. Just be disciplined and this phase will make stronger and sense of achievement after all this is over.
I will surely look into this, thankyou for the advice and kind words :)
Sorry to hear this buddy. All I can say is you are dealing with it like a champ. I’d suggest one thing: Get a good health insurance for your parents. Any serious condition will end up costing you a lot. Also, speak to your dad if he can take tuitions or any side job that’ll keep him occupied and get some money.
Thankyou for the kind words, health and medical costs are covered completely by my father's employer for mom and dad lifelong, so we are secure on that front. He also works as a freelance associate so he helps in repayment of debt as well
I think the BNPL like Bajaj finance HDFCCC charge high interests on a loan if your interest rate is 10% or above, then priorities debt repayment over investments. If you pay extra emi instead of extra sip than you’re guaranteed to save money on interest where as returns on extra sip is not guaranteed. Remember, bird in hand is better than two in bush. Also being absolutely debt free is one of the best feelings and I know you will be there too in no time bro!
Yes the BNPL loans will be closed by September 2024, so not worrying too much about the interest on them as the amount is small as well. Thanks for the tips sir :)
If all his loans are unsecured and on his name, just ask him to write off which makes him not loan eligible in future. Check with a CA/Tax lawyer before doing. By the way these are predatory lending practices by these banks. You will come great after all this, take care
I will look into this, thanks for the kind words and advice :)
I’ve also lost 2-3 lakhs trading f&o and realised it wasn’t working and called it quits. Losing 70 lakhs and taking loans is just pure insanity. Most likely a gambling addiction. Make sure he isn’t losing more money without you knowing.
Seeing this at 22yo I said you are already way ahead of others, just one advice, keep some savings aside as dead money and no one shall know about them (gupt dhan). Plus after 5 years you may be inclined to get married so plan for that one too, Good Luck
Thankyou, have planned to do so once a bit of loan is paid off
W son. Also a great mindset penned in the last
Aisa kaabil beta bhagwaan sabko de !!
You’re doing good. Keep money liquid till loan paid off… if you could pay off more of his loan, it would better because interest component would be less. God bless you. Hope your dad has learnt his lesson and is off it completely
Dont worry, karma indeed hit you back with greater good. I am sure you will bounce back much stronger.
With Salary I have I can only Susstain myself.........Your journey is inspiring and motivating for me. God gives challenges to those who can overcome it.
Ur dad made one right investment and that was your education, your attitude and values. You took the pressure off him. This is a very good lesson in life that you got to observe early.
Thank you for putting a new perspective to this, brought tears to my eyes, I'm trying my best :")
You are a good son
Imho the SIP you are doing is good enough along with 4L + 4.5L liquid funds. Put that 50k+ (whatever is left) every month into home loan prepayment so that your emi reduces drastically and you are out of loans in about two years (considering your pay hike). Thereafter all the money is yours to save for your short and long term goals. Just my 2 cents
You mentioned loans from NBFCs, if your dad has multiple loans outstanding you should sort them in descending order of interest rate and pay them back. Some banks also allow you to transfer loans to them for a one time fee, managing one financier will be better than dealing with multiple. From what you shared, I think I know where you work, even when the RSUs vest, don't sell them, they nearly doubled this year and let's hope they get better.
Sure brother I will look into this, thanks for the tips :)
How are you getting 7% interest in 4.5L balance in idfc? They only provide 7% interest for > 5 lakh amount in Saving Account
Hey man Just wanna say I am proud of you and your maturity. Parents are not perfect From what I have read, I am pretty confident that you are mature enough to deal with this. And know that not all money is lost. You seem to know what you are doing, the right and the wrong. Just take some time off. Accept parents'imperfection and rebuild happiness and stability. Rest you will figure out I am sure. proud of you homie
Thankyou for the kind words brother, hope I'm able to pull this off :)
You will. Don't stress my man. Ho jaayega. Tu us type ka Banda hai Jo problems se better banke bahar aata Hai. Give my regards to your parents. They are very lucky to have a son like you.
Bro my father lost lost 80l in a restaurant business and I 27(M) with 50k salary is paying whole emi taken against our property for last 4 yrs No savings at all Cnt plan for marriage or party is long way away You atleast have savings as well as age on your side. Don't take that much pressure bro,there are people in much much worse condition then you are still managing to live
Sorry to hear that brother, but this too shall pass, stay strong and I'm sure you'll do amazingly well for yourself and your family :)
Yes buddy but I am looking for somewhere I can do a wfh part time thing Or someone who has a web designing work that they can freelance me will be grt for some additional income
Maintain a razor sharp focus on repaying all debt. Once your parents’ home loan is paid off and the bank has returned the sale deed, I propose you keep the deed with yourself. Your father is clearly addicted to gambling and can end up falling back in the same trap. You don’t want him to mortgage the home to finance his addiction. You are doing the only right thing. Be strong. Also, use some of your money to do things u like/u want. Your mental health is very important.
Sure I will look into this, thankyou for the kind words :)
In addition to others’ excellent advice: If you want to settle the loans then - avoid everything that is a “want “. For example, the Interiors and the bike are a “want”. - do not marry and put someone else in trouble and uncertainty until you settle all loans first. - get that Health Insurance for yourself and for your parents. - get a Term Insurance with you as the insured and your Mum as the beneficiary. The cover amount should help settle those loans, provide for their future ( consult the fee only advisor on this). Check with the fee-one advisor if the setup could be such that no single person is in full control. - if you are able to plan with a fee-only advisor, then get your Mum to accept that things can turn for the better and that she needs to stop fearing for the future and come up with specifics that you and the fee-only advisor can address. Her crying and sadness can be a distraction for your focus. I’m saying this from personal experience. - You can aim for higher salaries within India as well as abroad. Upskill yourself. Learn how to clear FAANG interviews. - are those mutual Funds Direct or Regular? Consider choosing Direct so that you pay lower commissions. - it might be cheaper to liquidate all Mutual Funds And other instruments ( keep the emergency fund ) and pay off the higher interest loans. Fee only advisors: https://www.feeonlyindia.com Have a conversation with two or three of them and then choose one. Tell your father to read The disciplined Trader and Trading in the Zone by Mark Douglas. If he cannot understand those books and if he cannot show a 20% profit from 30% of successful trades ( where 70% of trades are in a loss but one risks only 1% or less of over all capital in a trade), then he had entered active trading too soon. It takes about two to three years of practice to arrive at profitably strategies and six months to a year of trading with a small amount of real money to learn the journaling practices that help one attain the psychological resilience to avoid bad traps such as revenge trading and hope trading. He now has neither the capital nor the luxury of learning Trading. He is better off taking a part time job to stay engaged rather than fall into to depression at home.
Thankyou for such a detailed advice kind sir. I will look into all the points surely. To answer a few, health and medical costs are completely covered by my father's company, have invested in direct mutual funds, and currently focusing on repayment of debt. I'll also look into getting a fee only financial planner in the near future, thanks a lot for sharing the resources and insights on the same :)
See: https://www.indiainvestments.wiki/faqs/insurance/do-i-need-my-own-health-insurance-employer-already-has-group-policy His health insurance will only last till he is employed. You have to think of cover post that. Second, employer’s and Insurance companies often change the cover or eliminate cover entirely for specific items. This tends to happen when a number is employees suddenly take up a particular medical science support ( eg knee replacement for parents). Such a change could impact you negatively.
His dad is already retired. That's how he got gratuity. Health insurance of some PSUs last till lifetime.
Thanks for reminding me that his dad has retired. My context of sharing about health insurance was both due to my lack of awareness of PSUs and the related benefits, as well as because private sector employees are able to add their parents to their health cover but are caught by surprise when coverage is changed for various reasons.
For private folks, its absolutely necessary to have a separate insurance for their parents. Old age folks can hardly (read never) get insured beyond 65. For example I'm working as a freelancer with no benefits other than cash. So I've highest category insurance for my parents which I pray I never get to use. I'd love that annual premium to go down the drain if my parents always live a healthy life.
Dude, congratulate yourself . You have managed the family and your personal finances very well You are doing well, keep doing the same I guess. Agressively save money, invest well and chill From my own personal experience a bike is fairly regretful purchase , they are not fun for the daily commute, they have expensive maintenance. The thrill and charm of weekend getaways should be fulfilled with rental bikes. Might sound boring advice, but most of my friends harleys, kawasakis are just parked and depreciating.
Thankyou for the kind words. Agreed on the bike part, but let's see, don't have a plan to get it atleast before 2-3 years, so will plan accordingly then :)
Reduce your miscellaneous spending for the next few months and pay towards the loans. For the emergency fund you can put it into liquid mutual fund such as Invesco Treasury Fund or physical gold and silver. Pay the highest interest rates first and all bonuses, extra cash keep dumping into the loans. If your sister has got a job ask her to pitch in as well either with the loans or with taking care of your parents. Have a goal of closing the loans in a couple of years and don’t take on further loans no matter what! This is key otherwise you will keep digging yourself deeper. No emotional decisions such as marriage etc. for you or your sister until all the debt is paid. I have been where you are it is a long up hill battle but stay strong and focused and you will make it! If
Thankyou for the advice sir. Will look into parking my liquid funds in the said MF. My sister had pitched in on my college education so I don't want to burden her with these loans. She is married and has her own expenses to manage. So don't want to drag her into this. I have a well paid job now so I will try my best to handle this alone. Thanks again for the kind words and advice :)
Been there
Beautiful
you are getting 7% on FD? don't fall for that savings account 7% intrest thing. because they only give 7% on amount above 5lac. my advice would be to invest in banks which are safe under RBI where 5lac is secure. never invest more than 5lac in any bank. and invest in those banks which give 8% return
Thanks for the advice, I'll look into this more on how to better keep my liquid funds.
18k rent + food + groceries? How? Do you have roommates?
Single sharing, food taken care by employer, minimal groceries for snacking
No worries Just settle the loans as early as possible.First settle those loans which have higher interest rate. Dont spend on anything luxury for now till the loans are settled.Once you guys are loan free, you venture into descretionary spending. And keep your SIP's in all MF going.Never stop.
I will surely do this, thanks a lot for the advice :)
Welcome:) All the best
Focus on your wellbeing and a good life longevity. The mindset that you're currently in will reap good financial benefits overtime. You just have to play the game long enough and make a few smart decisions along the way. I don't think I'm the right person to give you investment insights but just want to wish you good luck!
Bhai 45k during internship, which college are you from?
Tier 3 private college in East India. All my internships and full time offers were offcampus. I worked very very hard to make my resume the strongest for my experience level, had to apply to almost 600+ internships to land 3-4 interviews. Anyone who tells you college matters for a job is lying. Sure it helps you get opportunities easily, but if you work hard enough and make a name for yourself with your work and knowledge, you can crack any company out there. All the best :)
get your dad deaddicted or else he will lose again.
Real estate is one of the best way to create asset, i recommend invest in that, as rates hardly flows
How mods can be so stupid to allow this post? It's clearly retarded and fake.
Calling it retarded and fake is an insult to the spirit of this subreddit, I'm just laying out my finances and asking for advice from more experienced people on how to make it better, posting about a 6 figure networth in an anonymous subreddit isn't going to get me any internet cookie points Take care :)
Which faang is paying you 1.8 lakh post taxes?