Aiming at my first CRORE
I am a software engineer with 2.5 years of experience. I currently earn around 1+ Lac/month post taxes.
I am looking to sustain and grow in the IT field until it takes a toll on the health and family. I am aiming to reach to my first crore in the next 6-7 years, considering annual growth in salary by 10%, and i do a step up to my SIPs by 15%.
I am looking to be financially independent by the time i turn 45. What should be the corpus i should have at that point (inflation adjusted)?
Here is my current portfolio:
- Indian Stocks (direct) : 2.5 L
- mutual funds : 3 L
- US stocks : 4.5 K
- FD : 1.7 L
- Savings : 1.3 L
- EPF/EPS : 2.5 L
This year only we have bought a 2.5BHK for 82 lacs in Wave city, Ghaziabad, its value is now near to 1Cr. Currently we (me and my father) are bearing home loan and my share of emi is 22K/month
What should be my approach in future investments to achieve my goal. How much of it is realistically achievable in the next 10 years horizon?
How should i tackle inflation and think about beating it by cagr.
If some financial advise can be given would be really appreciated.
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Pay off homeloan faster by prepayment, if your tenure is 30 years make it 20 immediately.
Our emi total goes as 75k/month and it is of the tenure 8 years only. Currently my father is bearing the major part in the emi and he bas 7-8 years before retirement. I am thinking to cover 2-3 extra emi worth yearly to reduce the principle and the interest to be paid on it.
Will increase my share in emi with the increment annually
2.5 years 1 lac + is false
Its true. I started as a fresher in service based company with 65-70k/month inhand. Then last year, switched from service to product based. Got a decent hike
As a fresher getting 65-70K in service based is skeptical , Atleast if 65-70K in product base then I would agree but service based for a fresher giving 65-70K is absolutely no
At your age, it's challenging to determine a specific corpus amount, as it would largely depend on the lifestyle you and your partner will choose after marriage, in case you're planning to get married. Instead of worrying about that now, focus on personal growth, increasing your earnings, and saving as much as you can while still enjoying your youth. You're already on the right track, as your current numbers look promising. Remember to prioritize the essentials: maintain an emergency fund, secure health insurance for your family, and consider term insurance when you have dependents. Once you've covered these basics, you can allocate your remaining investments across equity, debt, and gold (through ETFs). As a rough estimate, I believe that in today's India, a family with two kids would require at least ₹10 crore, excluding the cost of a debt-free home, to be considered financially independent. However, individual circumstances may vary. For now, focus on building a strong financial foundation, and you can reassess your goals and targets as your life and priorities evolve.
Thanks for such a great advise!
I don’t think this is the right place for good financial advice. Anyone can give you any advice behind the curtain of anonymity here. You will have no way of validating the credentials of that person.