Losing hope of to being financially stable
I am 30, working as dev with around 75k in hand salary.
I dont have any loans or emi's.
But in my previous company, i had serious issues in getting salary. Got almost 5 month salary after 8 months of resigning. Due to everything i faced in my previous companies, i have this constant fear of losing job.
When thinking of starting a family, with 75k i believe my life will be pay cheques to pay cheques.
I started working at the age of 27 and have only about 5 lakhs.
I have to spend around 5 lakhs on my marriage if that happens.
Even though financially speaking, a house is a liability, but a home is a home and i really wanted to have one.
I do save at lot now but onces i get married, i dont think i will be able to save.
I feels like infinite loop and not sure if i will be financially stable.
The unstability in job adds to this.
I try max not to take any loans or emi and thus dont have any car or bike.
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First things first, you would need money for your marriage. Instead of breaking your savings, you can use EPF at that point. You might have somewhere around 3L right now, and you should be able to withdraw around 50% of it. This reduces burden on your primary corpus. Next, to address your ergophobia, build a 1.5L emergency fund (to be kept in a liquid or money market fund). This is assuming 30k per month expense. And finally, in no way I mean to be preachy, but you can very realistically save 15k even after marriage. Please try doing that.
I see house is sentimentally dear to you, but please resist the temptation for some time. Build a good credit score, take a very long loan at 8% interest rate and pay if off till the end instead of prepaying. A major factor in buying house would be proximity to your kid's school, if you are in tier 1 city. So at least wait till that time. Till then you should have enough means to support the down-payment + EMI.
One thing that seemingly no one touched on and I feel is super important. When marrying, do not settle for someone that doesn't like working. Find yourself a partner that will sit in the trenches with you. Find someone who has ambition and brings in money. Together, everything is easier. Also, people on GV and in life don't share their good experiences in marriage mostly bec of fear but marriage can not only break but also make you. Good luck friend! 75k is not bad at all!
I would suggest to be a bit about the situation. 75K in hand is not at all a bad salary at 30. Given you will be working at least till 55, with a 25 years time in front of you to save and invest and grow.
Look into your fixed expenses every month first and how much you can save.
Invest those savings into different mutual funds based on risk level ( 3 to 4 mutual funds are enough to make a balanced portfolio)
If you can invest 10k, divide it accordingly in different mutual funds. For retirement I hope you are getting EPF from your employer but additionally one of the mutual funds can be dedicated to retirement ( HDFC Retirement Fund is good)
You can buy a second hand bike if you just need it with ease of transportation in case you are spending a huge amount on cabs. Don't take a loan for that.
If you feel your job rn is not stable, invest your time in refining you skills and start applying very rigorously for new stable jobs.
Trust me you will able to make it