38yo with a net worth of $500K
I am 38 years old with a net worth of $500K , 15 YOE Permanent resident, indian origin. I have a home whose mortgage isn’t paid off, bought it just two years ago. When I started off in tech, the salaries weren’t that high and I was grateful to have a job post my masters degree. I am currently in a senior staff level position in a midsized company that doesn’t pay crazy salaries posted on blind. Switched multiple jobs over the years, with paper money that didn’t amount to cash. I have done a shoddy job of investments and my personal finances. I didn’t invest in stocks when they were dirt cheap, didn’t take control of my 401K. I see my peers on blind with $2M+ net worth and feel left behind my peers. I want to someday move back to India and retire there. Cost of living has gone way up in India. Any advice on how I can bridge the financial gap at this age?
buy rental properties
Where? Numbers suck right now for almost all investments
Are you kidding? My 401k alone is 700k.
Good for you. Not everyone is you
Oracle, How old are you ?
You’re doing fine don’t compare yourself to people here. Just stay investment minded/focused, keep working and set attainable financial goals to get wins and keep reevaluating. Max out 401k. Put money towards Index funds every month even if small amounts. There’s a ton of them pick two - make sure they aren’t too similar.
Just keep investing in VTI or VOO. Try to invest 50% of your income. $500k is enough for India if you can buy your house. Work for a few more years and retire at 55. You will be fine.
I have multiple properties back in India, mostly ancestral though. Inflation in India is not a joke. Super expensive in tier 1 cities.
Remember 500k is a lot of money in India puts you in the top 3% maybe
Try investing in land in developing areas on national highways in India, I have made 5x returns.
Where did you invest ?
How does one get started?
Just keep investing. May not be able to bridge the gap, but you should still be able to end up in a decent position
The simplest thing you can do is move to a faang. Rest will take care of itself. High net worth starts with high TC. Meta would be the fastest to get rich quick. Nvidia employees may be richer now but that is not repeatable. The baseline TC matters a lot
I hope you don’t mean google and meta. They pay less than startups. They used to be valued more at one point. I earn the same base at my current company now but without the stock value.
Not Google. But meta stocks are insane. They pay crazy amount of stocks which is the main way people boost their net worth
Leetcode and join the TC train. I was like you 4 years ago but 36yo. I spent close to 6 months grinding leetcode and changed job after that.
This app is unreal
What do you mean?
$500k is poverty at 38. It is, what, just more than what half of Americans will ever have in their entire life? And more than most Indians and third-worlders will ever have? Only when I come to this app that I know some people’s life is so difficult. Take this post, throw it onto some random subreddit and watch folks crying the OP a river.