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hey folks, I am going to join Oracle ossi in Hyderabad location. I have never been to Hyderabad, and will be relocating. Please guide on what would be good areas to look for rent. Also, what would be rent like for 2/3 bhk. Ideally my budget for rent would be <25k. Initially I will be going but in future my family will join me once I am settled. Any points to note or any other gotcha to keep in mind ? Please suggest.
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I save about $150k/year currently. On about $850k total.
Married with 2 kids. I saved 50-60% of my after tax income. I lived like a senior manager. I’ve been early retired for a couple of years. See FIRE bowl for more.
56. My net worth was the 50x my annual budgeted expenses. .i.e. I could live off 2% return. Inflation has impacted that to where I need about 3%.
Currently save about 40% of pretax income. Live in a HCOL city. Hoping to increase the percentage saved as income increases
How much can I save or how much do I save? Those are two very different things friend.
Good point. Why don’t you tell us both?
55% pre-tax income across all savings vehicles.
Yes certainly. HHI of around $1.7M. So after tax fair bit of surplus. Would save more if not for extremely expensive childcare and housing in HCOL. Live quite frugally. Haven’t let discretionary expenses creep up since making partner.
No kids, I guess?
Fixed expenses are $8.2K per month
Variable expenses are ~$2.5K per month.
All firm/deferral accounts are filled every month.
I travel a few times a year. Nothing fancy. Biz class when I have points or when tickets are in the $4k/$5k range.
Stay at normal hotels. Not dingy. Not top end. I find that my variable expenses end up covering the travel.
Buy gifts for friends. Sometimes send money to family.
Rarely eat out.
I don’t buy stupid $hit often.
Rest goes to brokerage account.
Trying to be financially independent ASAP.
It’s impressive! It takes discipline to stick to this budget when you make around $1m. What’s your FIRE goal?
Depending on my level of anxiety - it’s either $3.5M or $5.5M. No mortgage.
A stash of $500K in cash-like assets and >$3M in brokerage should be sufficient. Deferred accounts don’t need more funds, so that’s on autopilot.
Was responding to a question about my FI number.
Are you asking % or $?
Partners aren't monolithic and across the industry we all get paid different amounts. On top of that, our savings situations will all look different depending on our spending habits.
Op - the answer is purely individual to BAH's point, no different than any other high earner. The only unique thing about being a partner is that some firms will have mandatory saving vehicles, which you can't opt out of.