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29, f, Detroit, $63k
I joined Tiger Analytics with CTC of 9lpa. When I check in greythr IT statement, it shows 7.14lpa.
In the CTC payslip, it shows 75k per month as my salary. But this month I got 61k.
I understand they deduct tax, but I feel it is too much. IDK where I'm losing the money. Can someone tell if this is normal. I'm a fresher so, IDK much about it.
Also, what can I do to pay less taxes? Any help on that?
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Anyone on bench in AMM AMI.
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How do I get a side hustle?
Anyone buying today?
Rising Star
With that amount of taxable investing I'd say yes, you'd want to minimize your taxable gain each year with something like a SMA
ETFs is best for you then. QQQ, ICLN. Or just SP500 index
Rising Star
Inherited, I presume.
Rising Star
You have been holding various mutual funds for a decade. And you selected those funds yourself plus decided to let them grow. Did not pull out during major dips in the last decade. You are not a newbie :) but a seasoned investor (not a trader of course) who has the grit of a strong investor.
Back to what you should do -
1. Check the expense ratio of the funds you hold. Anything with more than 0.3% in expenses and more than 30% in turnover ratio are the immediate candidates for a switch to low expense market index fund (VOO, IVV, VTI, ITOT are all fantastic options).
2. If any of the funds you hold have a lower return than the ones I mentioned, switch them too.
3. Consider tech index funds too (QQQM, VGT, FTEC are my favorites).
4. Might think of allocating about 25-30% to bond index funds, once interest rates start climbing back up.
For the 500k in savings, keep about 6-8 months of expenses in a savings account or a very liquid fund and invest the rest.
With the current market, instead of putting all of it at the same time, put them in slowly, about a few thousand every week.