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1) When Does a software engineer start financial planning for retirement since the our Career span is only 15-20 years on average.
2) How much and which schemes to invest to mitigate the risk?
3) How much do we need for retirement?
Tata Consultancy Mindtree Infosys Cognizant Capgemini HCL Technologies Wipro
What's your number for retirement?
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Chief
“Gucci suits are like Corvettes. They’re a great way of telling people you didn’t always have money.” -@GSElevator
Enthusiast
Goldman Sachs elevator?
Pro
I love the “why would you buy a depreciating asset” comment.
People forget that money is a means to an end, and not the end itself. Money provides us with many things - security, comfort, joy. Those are the things we want, and money allows us to get them.
If you’re making over $200k at a young age and want to use money for one of its intended purposes. I say go for it, particularly if you are also already competently addressing the other things by saving and investing and don’t let the splurge become the norm instead of a somewhat rare treat.
@accenture 3 by doubting people’s salaries you’re just exposing how few of these options you had at that age....
Chief
My 2 cents. If it will make you really happy and doesn't materially impact other goals, go for it!
Just carefully think about what you are giving up to buy it and decide if it's worth it. Is it worth working X more years or X times harder. Is it worth delaying a house purchase or buying a less nice home? Is it worth not sending your kids to private school? And so on...
Personally, I value financial security much more than super expensive things. Knowing that I could quit my job (no golden handcuffs) and be fine makes me 10x happier than most luxuries in life. Travel is the only thing that I spend generously on, and even then it's not about luxury, it's about time spent away and being able to do things while there. But that's my personality. If a fancy car made me happiest, I'd spend money on that instead.
What do you do to make more than 200k at your early 20s?