Hi Desi 🐠 - I am a 28 yr old consultant making $120k per year with about $50k in bank accounts and stocks. I spend within my means but I am not very thrifty either. As I get ready for real adult life (wedding, home, 2 kids maybe, schools for kids, taking care of old parents etc.), I am looking for some guidance on what should be some realistic goals in terms of $ saved or target salary I should set for myself for when I am 40 years old. Consulting answer of “it depends” is also okay but..

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You listed items related to starting a family. Have your goals aligned to that vs a $ target

For instance , you will need a house. You will need a down payment for that house and then mortgage . If you are thinking 2 kids, that needs to part of that decision. Are you buying a house in NYC or in Dayton , OH? Because that is probably the biggest expense and biggest item that aligns to family goals.

And that is one line item. Many will make 120 K at 40 and many will make 400 K. It comes down to what exactly your life goals are

Also, if you’re planning to get married, your goals must align with your spouse.

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While it really “depends” based on individuals, I feel very connected with your scenario so I share my plan and hopefully you can correlate.

1. I bought house for my parents, and saved 10L in fixed deposit for emergency
2. I bought a real estate for myself for future home in case I go back
3. I have $35k in stocks. My goal is to make it $100k in next 3 years or so, and leave it like that in index funds. That way, it continuously grow whether I am here or not.
4. I like to see where I stand in my career by 2022 and see if I receive any global opportunities (Europe, APAC) from there on so that I can stay closer to my family in India. I am probably done here.
5. If I choose to stay here, I will plan to buy home by then (2022).

Life goals are- get married by end of 2021, and start family.

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Thank you SM1. This is very helpful.

Hey fish - happy to share my perspective but will need some more info to provide fruitful guidance. Shoot me a DM and let’s chat!

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..is okay but would love if you could share your thought process. Anything trivial will also help me as I am pretty clueless. Thank you!

Thank you D1!

Are you maxing out your 401k? Thats a good place to start

I would be careful in maxing out on 401K if you plan to leave the country in sometime. Because, if you need to withdraw money sooner than 65, you will have to pay penalty.

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Thank you SM1 for your detailed answer! Do you have any goals like by 40, you need to have net work of $xx of salary of $yy? If yes, how do you go about tracking and achieving those goals?

I honestly don’t have plans till that far. And part of the reason is that, there are too many variables involved (marriage, VISA, kids, job, market). I will take it by 2-3 years.

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