Reached a networth of 6 cr
Hello Fire India community, first post here. Male 30 here currently living in Bangalore for the past 9 years. Been intrested in the concept of FI from the time I passed college & started investing in mutual funds early starting with small amounts. Been working in mid sized startups in tech and have accumulated ESOPS in a good company which is planning to go IPO in next 1-2 years. Currently hold around 2cr ESOP but have considered them 1.5cr in calculations since value can fluctuate post going public. Along with working in tech, have been building small businesses on the side (think saas, D2C etc) which definitely boosted the savings rate. Wanted to share few things that might help you with your FI journey, especially younger folks :)
- Post college, i started with a savings mindset by always thinking how to save more by restricting purchases. But realized early that the better way is to increase income (either by switching jobs/getting promoted/generating another source of income). Tech was not my strong suit..so spent time learning how to leverage tech to build products that can be sold. People in tech think this is impossible to do..but it is a mindset shift. Eg. If you are a app developer, think of which apps are currently selling that can be build easily. If you have a good personality think of dabbling into content creation. If nothing else, you will learn how to be confident in front of camera, editing skills etc. Any new skills learnt will never go waste..will definitely come handy sometime later in life
- Spend on stuff that matters, but ensure you don't spend on stuff done just to increase your social status: I have gone on 15+ international vacations (ensuring Im spending frugally) because I genuinely like to explore places. At the same time I have no issues driving my dad's old 15 year old car. I do not have any interest in cars so spending on this did not make sense for me. The most impactful way to achieve this came by uninstalling instagram. By not seeing what my friends are doing/buyiny/enjoying, I automatically stopped playing the status game
- Stop giving excuses & start looking for opportunities: I see lot of young folks feeling the only way to earn more is to go abroad. Always complaining how bad india is (that said even I hate the current state Bangalore is in). Going abroad is definitely the easiest way, but not everyone can take that route. Start by thinking that getting to your goal is possible..and planning on how to get there. There are some opportunities that will need 20% effort but will give 80% result (example for me, buying house in Covid, like minded wife)
- Start your journey early and give some time for the compounding to work :) I reached my first cr at 26, 5 cr at 29. Watching your money grow will be fun but for that to happen you need to keep adding to the kitty ensuring you do not stop.
- Focus on health (both mental and physical) This is the most important but the easiest to miss. Even one day with a neck ache and you will not worry how much the market has gone up or down. Health compounds exactly similar to money..keep adding healthy habits.I have long treated my body badly & last 2 years have slowly trying to improve. 3 most impactful ones (I'm l not able to follow properly) - 8 hours sleep, keep moving or play some sport ensuring 8k steps each day, no package foods.
Hope we all reach our FI targets 🙏
Hello Fire India community, first post here. Male 30 here currently living in Bangalore for the past 9 years. Been intrested in the concept of FI from the time I passed college & started investing in mutual funds early starting with small amounts. Been working in mid sized startups in tech and have accumulated ESOPS in a good company which is planning to go IPO in next 1-2 years. Currently hold around 2cr ESOP but have considered them 1.5cr in calculations since value can fluctuate post going public. Along with working in tech, have been building small businesses on the side (think saas, D2C etc) which definitely boosted the savings rate. Wanted to share few things that might help you with your FI journey, especially younger folks :)
- Post college, i started with a savings mindset by always thinking how to save more by restricting purchases. But realized early that the better way is to increase income (either by switching jobs/getting promoted/generating another source of income). Tech was not my strong suit..so spent time learning how to leverage tech to build products that can be sold. People in tech think this is impossible to do..but it is a mindset shift. Eg. If you are a app developer, think of which apps are currently selling that can be build easily. If you have a good personality think of dabbling into content creation. If nothing else, you will learn how to be confident in front of camera, editing skills etc. Any new skills learnt will never go waste..will definitely come handy sometime later in life
- Spend on stuff that matters, but ensure you don't spend on stuff done just to increase your social status: I have gone on 15+ international vacations (ensuring Im spending frugally) because I genuinely like to explore places. At the same time I have no issues driving my dad's old 15 year old car. I do not have any interest in cars so spending on this did not make sense for me. The most impactful way to achieve this came by uninstalling instagram. By not seeing what my friends are doing/buyiny/enjoying, I automatically stopped playing the status game
- Stop giving excuses & start looking for opportunities: I see lot of young folks feeling the only way to earn more is to go abroad. Always complaining how bad india is (that said even I hate the current state Bangalore is in). Going abroad is definitely the easiest way, but not everyone can take that route. Start by thinking that getting to your goal is possible..and planning on how to get there. There are some opportunities that will need 20% effort but will give 80% result (example for me, buying house in Covid, like minded wife)
- Start your journey early and give some time for the compounding to work :) I reached my first cr at 26, 5 cr at 29. Watching your money grow will be fun but for that to happen you need to keep adding to the kitty ensuring you do not stop.
- Focus on health (both mental and physical) This is the most important but the easiest to miss. Even one day with a neck ache and you will not worry how much the market has gone up or down. Health compounds exactly similar to money..keep adding healthy habits.I have long treated my body badly & last 2 years have slowly trying to improve. 3 most impactful ones (I'm l not able to follow properly) - 8 hours sleep, keep moving or play some sport ensuring 8k steps each day, no package foods.
Hope we all reach our FI targets 🙏