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Really impressive Op. where do you live? What’s the cost of living like where you are? I am totally new to this bowl and curious to start somewhere. My first question is around lifestyle - if you have to/can save 45-50% of your income every month, what are some of the trade-offs in lifestyle?
Agreed with D2. I don't even feel like sacrificing anything while saving 50% of my salary. I do own a nice house, 2 cars I bought new, take several vacations a year and live very comfortably. However, I am located in a low to medium COL city and don't splurge on things like alcohol, latest gadgets, and look for deals when buying big tickets items.
Happy to share my learning with people here who need help. Also, here to learn from others who have done better with their FIRE plan.
Awesome. Proud of you and happy for you. How did you do it? Thank you
1m won’t take you very far
To me it is enough. As I said earlier, to each his own how they want to spend their money. I can't imagine spending 32L in Hyderabad without housing expenses. Additionally, I am not looking for 4% SWR. Probably 2% with a low stress job to supplement our day to day expenses. With rest of the money being in the market and growing, I think $1M is a very solid number.
I believe it was $125k in 2014 and $171k now. Savings rate is probably about 45-50%.
Can you recommend where have you invested being immigrant? I am bit skeptical about ROTH and HSA as there is uncertainty to stay in US for long term
Roth gains will be taxed in India after your RNOR period on your basis. Your basis will be the balance in your Roth account on the day your RNOR period ends. Roght now, I plan to withdraw my principal and leave the gains in Roth, and am fine with paying taxes in India on the capital gains only. Technically it is no different than paying taxes on your capital gains in India.
Salary and savings per month in 2014 vs 2019?
Do you already have a home?
Yes, own home in US. Also have a condo in India that's rented, but the yield is low.
Can you really factor in your equity in your home as money to use for retirement? You have to live somewhere right? Isn’t it more about how much money you have to live off of instead of net worth?
Yep. That makes total sense. If you’re cashing out and going back to India. Nice work.
I have several questions. Does this include 401k as well ? Is your plan to retire with 1m liquid?
Have you considered the social security and level of medical care you won’t get in India (also you’re paying for it in taxes right now)
When did you start saving? I know you said you started tracking 5 years ago but when did you actually start?
What investments have you typically gravitated towards.. besides real estate?
Social security cannot be relied upon. Who knows how much or if it will be around when I retire. Besides, you can still collect your social security in India if you have accumulated enough social security credits, which I have. For medical expenses, I plan to buy additional health insurance once I retire. Also have a term life insurance worth 500k.
Great job OP. Not trying get into rat race but can you help explain how did you start with such a high salary? Did you come in as an experienced level? What was your age then if you dont mind sharing?
OP.. what are you passionate about? What are you going to be doing in your retirement?
Just curious, are you married and have double income?
Great. Thank you OP.
OP to share mine. Single M. started tracking my net worth last 2017 @ 88K and today it shows 430K. the power of saving and investing. IM if you want to know more about my story... i won’t give you advise on financial investing as I don’t have the right credentials.l but i can give me inspiration.
OP you can totally live off the interest in India
How much do you save monthly and what’s your portfolio? Like, 80% stocks...
45-50% of my salary
With stock market up and down due to COVID, I thought I will post the latest snapshot to show how in the long term, market will come back if you are patient. As you can see, the overall growth is as if the market never went down. In 10 years, people probably won’t even remember this.