rkkaranrk
Skilled
How much money is enough to retire at 30 ?
- Thread starter Arjun
- Start date
cant find any 10% here http://www.bankbazaar.com/fixed-deposit-rate.html
eternoMind
Skilled
FD rate will change with time. Not to forget that FD is not very convenient from tax point of view. There was a time when PPF used to give 12%.
Those 11% and 10% are usually reserved for above 60 people. However, with a sizable deposit, one can negotiate for a slightly higher rate of interest.
Those 11% and 10% are usually reserved for above 60 people. However, with a sizable deposit, one can negotiate for a slightly higher rate of interest.
Retiring so early is pretty risky even if you think you have enough saved up. What if the Indian economy (and Rupee value) crashes and suddenly 1-2 CR becomes the equivalent of 10-20 lakhs? Even if someone "retires" it's best to maintain their skills or "employability" in case they need to come out of retirement and start working again.
buddingwhizkid
Adept
Movie : Zindagi na milegi dobara
Arjun(Hrithik) : Well that's the plan. I mean 40 ke baad I'll retire and
(Well, that's the plan, I mean...I'll retire at 40 and...)
Laila(Katrina) : Dude tumhe kaisa pata he ki tum 40 tak zinda rahoge
(Dude! How do you know if you'll be alive till then?)
Arjun(Hrithik) : (reaction)
Laila(Katrina) : Sieze the day my friend. Phela is din ko puri tarha jiyo phir 40 k bare me sochna.
(Seize the day, my friend. First, live this day to the fullest. Then think about 40.)
Best line!
Carpe Diem!
Arjun(Hrithik) : Well that's the plan. I mean 40 ke baad I'll retire and
(Well, that's the plan, I mean...I'll retire at 40 and...)
Laila(Katrina) : Dude tumhe kaisa pata he ki tum 40 tak zinda rahoge
(Dude! How do you know if you'll be alive till then?)
Arjun(Hrithik) : (reaction)
Laila(Katrina) : Sieze the day my friend. Phela is din ko puri tarha jiyo phir 40 k bare me sochna.
(Seize the day, my friend. First, live this day to the fullest. Then think about 40.)
Best line!
Carpe Diem!
letmein
Skilled
Things to consider:
1) Marriage. If you plan on getting married. And if you plan on having kids. If no, move to step 2.
2) Parents. If they have done retirement planning, or if they will be dependent on you. If they are not dependent on you, move to step 3.
3) House. If you have your own place or not. If you do...
... you need about 1.5 - 2 cr to live in a comfortable life in a metro like Delhi-NCR. This is assuming you choose the easiest (and safest) option of putting the money in FDs instead of actively investing. In case you plan on putting the money in slightly more risky places, or if you live in a smaller city, the corpus you need will be lesser.
1) Marriage. If you plan on getting married. And if you plan on having kids. If no, move to step 2.
2) Parents. If they have done retirement planning, or if they will be dependent on you. If they are not dependent on you, move to step 3.
3) House. If you have your own place or not. If you do...
... you need about 1.5 - 2 cr to live in a comfortable life in a metro like Delhi-NCR. This is assuming you choose the easiest (and safest) option of putting the money in FDs instead of actively investing. In case you plan on putting the money in slightly more risky places, or if you live in a smaller city, the corpus you need will be lesser.
rkkaranrk
Skilled
Buying 5/6 house will make him invest around 3/4/5Cr. (50/60l per flat though this all depends on location) Will get an average rent say 30k per flat into 5 1.5L a month so around 20L yearly. He will be better to invest that money in FD or any other interest scheme where he can get around 8.5/9% which is still higher than the rent.Buy 4 - 5 houses.
Stay in 1 ... give rest for rent. Reap and enjoy.
What to do if you retire at 30 ... gaming esp MMO/MOBA
letmein
Skilled
Agree 100%. A lot of people who don't know the ABC of making your money work for you posting in this thread.
The more the merrier!
In 10~15 years, 1 crore would end up the same value that 10,000 has today. Don't forget that cost of living increases everyday. If you can comfortably live on 50k per month today, compound it with some factor like say 10% for every quarter and keep calculating for how ever many years you need. That will give you a more realistic picture.
Month 1 - 50k
Month 4- 55k
Month 7 - 60.5k
Month 10 - 66.55k
Month 1 - 50k
Month 4- 55k
Month 7 - 60.5k
Month 10 - 66.55k
rdst_1
Skilled
I don't think that this math is right. We bought a Fiat Palio for 4.25L in 2002. We can still buy a similar car for around 5-6L.
Same things can be said for our day-to-day expenses.
letmein
Skilled
This is probably the worst advice I have ever seen.
Almost 5 Cr
Diversify Investments: You can change the percentages according to your area of expertise or convenience.
10% Cash
50% Real Estate : Should give you Monthly Rentals
30% Financial Instruments : Insurance , Pension Plans , Mutual Funds, Shares etc. Stable Monthly income should be a focus.
10% Have your own or Adopt a Kid; Invest in His/her education. Invest Time and money in Relationships & Friends in a Altruistic manner - Many a times Money alone doesn't guarantee your well being.
Diversify Investments: You can change the percentages according to your area of expertise or convenience.
10% Cash
50% Real Estate : Should give you Monthly Rentals
30% Financial Instruments : Insurance , Pension Plans , Mutual Funds, Shares etc. Stable Monthly income should be a focus.
10% Have your own or Adopt a Kid; Invest in His/her education. Invest Time and money in Relationships & Friends in a Altruistic manner - Many a times Money alone doesn't guarantee your well being.
eternoMind
Skilled
Numbers are irrelevant in that post. The concepts he talks about are relevant.
Wealth creation and early retirement can be a realistic goal for any individual able to understand the concepts of inflation and compounding.