i feel $500K should be enough....am I wrong? whats a good practical number? 310K TC. 34 years of age. own family home in Kolkata (low cost of living).
500k won't get you far in India. At least a mill
Should atleast be 1 million.
Net worth?
550K
Congrats OP, you've done well.
Ok so assuming the meal cost in India is about 180 Inr, I’m using McDonalds as a reference here: https://www.mcdelivery.co.in/order/mcsaver-meals/3674/5300, 180*3*365 = 197,100 Inr/ year for your food needs. With 500,000 USD is 35,716,250 Inr, according to Google. Lets say you live to 100, your costs in food alone would be 13,008,600. Well now you’re left with 23M Inr to live for 66 years (I rounded the numbers for easy math). This will have to cover your housing expenses, travels, healthcare and general leisure for 66 years. You’d have an average of 348,484 Inr to spend/ yr. You can likely improve this number by just not having McDonalds delivery 3x a day for 66 years or living less than 66 years but this is all just a rough estimate. Also, I’m not assuming any additional income. Passive income improves your outlook by a lot.
WTF I just read. So your entire retire calc revolves around MacDonals?
Yea, had to form a base cost for food somewhere and I don’t know enough about Kolkata to give an accurate estimate on that. I do say that you can improve the amount / yr after food costs by just not having McDonalds delivery 3x a day. Passive income/ inflation also throws this calculation off but w/e it’s just a rough estimate.
House in a good city/area: $200k Other initial expenses (car etc): $50k Monthly returns from remaining $$, it good investment (10% return): ~$2k per month. That seems like a reasonable amount for FIRE.
You will get a bathroom for $200K in Mumbai
Its totally doable in Kolkata and its good suburbs.
500k should be enough if invested wisely.
That's impressive saving at 34! At 32 I thought I was just getting on track with a 200k TC and maybe 100k in savings. Seems like I have a lottt to catchup! Good luck bud on FIRE!
I think so too but everyone on here keeps saying you need 1M+. India is getting expensive everyday and salaries have risen. But it you have a passive income, this should be good imo.
Bhai, if you are open to moving to a tier 2 city and keep costs reasonable , it should be enough. Otherwise not.
Working Parents
Yesterday
374
How to relocate out of Blue areas?
2024 Presidential Election
Yesterday
1471
Uh oh: President Trump leads Biden 49% to 43% in a two-way race.
AMA
2d
3483
I have worked at TikTok US core tech for 3 years. AMA.
Tech Industry
Yesterday
498
Question for those over 40
India
Yesterday
3419
Why is it so G*damn difficult to move money out of India
Dada kolkata sosta holeo etotao sosta noe. 3.5 crore toh khub i kom ajkal. At least 10 crore toh lagbei thik thak life er jonne.
Dhanyobad dada 😀
But honestly do you need more than 1.5lakhs -2 lakhs a month(inflations adjusted)? For regular expenses?