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Hi Fishes, Currently I am working in Kolkata for past 3 years. I am not a fan of the humid weather in Kolkata. Whenever I go out, its sweaty.. I have an opportunity to shift my workplace to Hyderabad. I want to know about Hyderabad weather month wise..
Weather is only the deciding factor to move. Anyone who has lived in both the cities for more than a year.. Cognizant Tata Consultancy Capgemini IBM Infosys
Rising Star
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Keep reading, keep learning. If you're really serious, and considering you're just 24, you can build real wealth by 40 or even earlier than that. Keep making prudent financial decisions, even if they seem hard and against the herd. Build good financial habits.
Came to this country at 26 with $3k and no debt. Have close to a million dollars in net worth at 39. No inheritance.
Good luck!
You’re not alone. Top academic pedigrees, skills, languages etc., good job, still feel like I am just surviving even though I am doing fine. I’m comfortable but watch my spending a lot (e.g. rarely restaurants, vacations, junk “luxury” nonsense, etc.) in NYC because you never know what will happen with employers and then you’re done.
The fact of the matter is that everyone at our level and below (think state-school accountant in FP&A role in Midwest, retail without health insurance, etc.) is in same boat if not worse. The only key is controlling capital and the only way to do that is to start your own business or inherit.
On inheritance, what most “successful” peers dont tell you, especially in less well-paying professions, is the big open secret that theyre being subsidized by the Bank of Mommy and Daddy. From personal experience for the last near decade of observation, 3 out of 4 people here (NYC) are being supported by their parents and likely got their jobs because mommy and daddy made a call to a friend to get them in the door. Even if you suck, if mommy and daddy call up former colleague XYZ (I’ve observed this live), ABC, etc. and eventually Sally from Syracuse has a job (as you know most jobs require basic intuition, technical skills aren’t very necessary).
My suggestion to you is to continue brushing up on your skills, workout a ton, learn new things and have side projects because we are fighting (but winning) an uphill battle :)
Rising Star
This is very true. I remember living in NYC looking around at “contemporaries” making similar salaries as me but living far more lavish lifestyles. Later I found out many were either racking up enormous debt or being financed by their parents. NYC is a terrible place to try and keep up with the Joneses (everywhere is but NYC in particular.)
It’s very easy to achieve with a steady income, understanding the correct steps, and unrelenting discipline
It is actually easy. Being 24, you have the most important element on your side, which is time. Albert Einstein once said the most wonderous thing in the universe is the power of compounding interest.
1) Be very strict with your savings. Max out a 401k and then save a little more.
2) be very disciplined with your spending. Don’t be frivolous, don’t try to match what your peers are doing. Avoid ubers whenever possible and limit going out. Set a reasonable entertainment budget and stick to it.
3) Avoid debt, except for a mortgage.
In no time, you’ll have a savings find that lets you survive for six months if you need to.
Now stick to it. Long before you’re 65, you will be able to retire. How long before depends on how strict you are.
Manage your spending. If you can increase your income without increasing your expenses to the same degree then the wealth will build.
Wealth is tough to build, but what are you talking about? I’m assuming you make over $75,000 which is a solid wage. If you contribute $1000 a month at 24 to a 401k you’re pretty much a guaranteed millionaire at retirement. Even when I used to make $40,000 a year at 24 I could still save up like $750 a month. I’m sure you can too.
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Follow everything said above and you will be fine, it's a lot of hard work and sacrifice. And a lot of it is in the head too, a millionaire who dreams to be a billionaire considers himself to be very poor and miserable if he/she is far from it. A good life is a balanced life.
I live in NYC and could easily save 2k per month on 80k salary (random reference salary) and still have a blast. Assuming you have no debt, just automate your savings.. and avoid things like Uber eats.
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You can be careful with money at 24 , but being worried if you have stable job is a problem. Age to "worry" is post 35. At that time u tend to be family man. At 24 spend time exploring, saving, experimenting. Those years won't come back. Post 30/35 you will have lot of money but so many responsibilities that you will be in default "worry" mode all the time. Don't over save and starv yourself from life experience in your youth. As others said you have time on your side. --- signed by 35+ millionaire with 2 kids.
Really appreciate all of this feedback from everyone. Thank you.
I’m in the same situation and feel the same way.
Hang in there OP! Take small steps. I’m 25 and and these are the steps/priorities I took:
1 - started job at 23 - saved 6 months of expense in savings
2 - by 24 started maximizing HSA and Roth IRA
3 - now I maximize HSA, IRA and 401k and have saved 1.5 year worth of expense in emergency fund.
The key is to start and then increase your contribution every quarter. There is no right way to do this but trust me once you start you’ll feel like contributing more and more and it will help you manage your money.
A lot of great advice on here, but still splurge a little and enjoy what you have worked for. No matter how much money you have, you can’t take it with you when you go.
Pro
OP I’m in the same spot and it’s very much achievable. Get your financial awareness locked in. Save/invest 70% of your income for 10 years and you’re set
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most likely we will live till our 80s. If you retire at 40, then what you gonna do for rest of 40 yrs. You can't go back to work especially if you are out of touch.
OP You’re 24. You’ve the biggest wealth of all, aka time. Think compound interest. Save just a little bit a month and put them in index funds for the long run. Don’t go around looking for fancy advice like I did at 22. My finance professor taught me this. I should have taken her seriously- she co-created an entire index to start her career!