5 Yoe, 1Cr saved, barely into investment, did I just take frugality to another level?
I’m 27 single and have around 1Cr saved if I sell my current company’s RSUs.
I worked at a bank in early career and they used to give 1% extra savings interest to their employees and even to this date, I have 7% savings interest credited monthly.
My family is so conservative when it comes to taking risks and the high interest rate never really pushed me to get into investments.
I started with 6LPA, switched aggressively and now my TC is around 45LPA.
Did I take frugality to next level or it’s common to save this much given my Yoe?
Having 1 CR is certainly a great achievement at your age. I'm assuming you don't have much financial responsibilities. And that is a great enabler from your parents side. Try to start with safe investments like long term Mutual funds. Diversify a particular amount each month & don't look at it for 5 years. You can also look into real estate for investment but that's a lot of headache compared to SIP. And don't forget to enjoy some of your hard earned money, responsibly.
For how long you have been on 45LPA, because somehow math is not mathing here.
Congrats on achieving this. But i am not satisfied with the numbers with yoe. I have also worked with banks no bank give 7%monthly int. However i am not aware of your rsu's numbers.
With your 5yoe it seems like you have never spend a penny from your salary.
Also swithching from 6lpa to 45lpa in 5 years seems hazy, but there are exception cant say.
Even if yoi have swithced every year they might have given you 30% hike. 6+1.8=7.8, 7.8+2.34=10.14, 10.14+3=13.14, 13.14+3.9=17, 17+5.1=21
So i just see this as a self satisfying message unless i know the rsu numbers.
Might b his family has transferred some gift amount to his account. 😀
Umm. Some facts that might help you here
- He's a software developer
- Devs were paid blind CTCs in the post covid market, until 2022. So, given he has 5YoE, maybe his first switch gave him a 150% hike (very common hike % for a current 6LPA in that market) over his 6LPA peanuts. So, taking that alone into account and assuming 30% on all switches, 6 -> 15 -> 19.5 -> 25.35 -> 33 -> 45
RSU amount can stack overtime with performance bonus, yearly refreshers, etc, not impossible but pretty tough even with Walmart pay scale.
1 CR is nothing these days, especially in a metro city. Even in a tier 2 city one definately need 10-15 cr to retire.
In we see in that prospective then evey number seems small, it's upto you how you spent and take care 1 cr also not a small amount
10-15 crore is not needed, even in the next 5 years of you have 5-6 crore you can still retire. The problem is your calculations should be correct or else any amount looks less
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I envy you brother
This is some frugality with your TCs bro, congratulations!!
