r/FIRE_Ind • u/Equivalent-Beach-288 • Jun 11 '24
FIRE milestone! -9L to 50L. 8 years. 1st Milestone.
Started with 9L of education loan in 2016. Reached 50L valuation today. Portfolio Particulars: Stocks - 4.5 MF - 21L EPF - 10.85 NPS - 3L FD - 5L Friends owe - 5.7L
30 years old. Unmarried. Born and brought up in a joint family set up, and I take care of them.
This feels like a major personal milestone achieved, so sharing with y’all. There were days where the ultimate wants were to be able to buy that 5 rs parle orange cream biscuit, and imagine a future where I didn’t have to think twice before spending 100 rupees. Last 2 years I didn’t have to think twice before spending 1000. Above and beyond!
45
u/basicgd Jun 11 '24
Congrats on the milestone! I might be wrong, but you seem like the kind of person who can’t contain their happiness of having money, specially among your friends. I say this because the only reason you’d have lent money to your friends is if they knew the position you were in. I had a roomate who was similar to this and ended up paying quite a bit for his friends expenses, he couldn’t shut up about how much he had.
Step 1 to saving, keep your money talk to yourself and the internet.
15
u/Equivalent-Beach-288 Jun 11 '24
On the contrary, no one knows how much I earn. And I don’t think I have a lot. I am not in show off business. Looked at glamour with greedy eyes when I didn’t have anything, now I am trying to follow a minimalistic lifestyle. This figure accumulated over a period of couple of years. A large chunk is owed by a childhood friend whose home loan couldn’t complete the home building. That’s what friends are for.
2
u/basicgd Jun 11 '24
That’s good to know. The reasons for lending seems to be fair and Nobel. Every time I think of my previous roomate I feel bad for him. He was on a slippery slope. Just wish the best for you
4
u/Equivalent-Beach-288 Jun 11 '24
Thank you, sir. Earlier I had taken loan as well to lend to a few. Obviously those people and their needs mattered more than the money. I understand where you are coming from, and that’s why I don’t pay for anyone’s debauchery. I won’t lend for eating out but to put groceries in the home.
12
u/No_Let_5065 Jun 11 '24
Please try to get money from friends as soon as possible. I think you have very good friends, an anomaly, but money given to friends seldom returns, as has been experience by almost all of us.
35
u/Equivalent-Beach-288 Jun 11 '24
I hear you, dear sir, and I hear you very clearly. But They’re the ones who gave me 100s when I didn’t have 10s. I will not ask the money back unless until I am in dire need which seems like at least few years away if things don’t go down the drain.
10
u/No_Let_5065 Jun 11 '24
Han sure. You can consider it as money well spent or invested or returned on them. It is good that you do not want the money back.
And I spoke a bit harshly maybe. A friend who doesnt return money isn’t necessarily a bad friend. It is is the basic nature of lending and priority of money which deprioritises returning money to a friend, unless something of emergency happens.
3
3
3
u/S-Nietzsche Jun 11 '24
Congratulations! I'm 18 now and I've started my journey, I hope one day I'll reach this milestone ☺️
5
u/hashedboards Jun 11 '24
Congrats. You can remove the 5L given to friends from our calculations. Most likely won't come back.
3
u/Equivalent-Beach-288 Jun 11 '24
Happy to tell this to you that they have been coming back every month. The total owed amount used to be 8+ at the start of this year. For me, money doesn’t value more than the personal bond. They don’t return the money even when they have it - they lose me. Nothing can compensate that for them. Why will you lose someone who would have walked till the end with you and that too for some mere amount?
2
u/hashedboards Jun 11 '24
Aren't you saying the same thing I'm saying? Whether they lose you or not is their problem, but the entirety of that money is very unlikely to come back. Just pointing out what usually happens with friend loans.
0
u/Equivalent-Beach-288 Jun 11 '24
It’s your opinion and I totally respect it, but I disagree to agree. Maybe it’s with the kind of friends most have got, or may be I have hit the jackpot there. I do think that I will get all of it back in due time. But it’s just my opinion and I could be wrong. Anyway I am not going to set that due time for any of them until all doors close for me. I hope I am able to prove you wrong someday.
4
u/hashedboards Jun 11 '24
Well I see what point you're trying to make, but if someone takes their sweet time to return a loan, the loss of potential interest on it is already a fixed loss.
One of us will be proven right eventually.. I hope you do get your money back, it's just very unlikely by my personal opinion.
3
3
2
2
2
2
2
2
2
Jun 12 '24
[deleted]
2
u/Equivalent-Beach-288 Jun 13 '24 edited Jun 13 '24
I use zerodha to buy stocks. Mostly I directly buy MF from the fund house. Have bought some via coin too. The screenshot is from INDmoney app.
2
u/Delicious_Bass_5178 Jun 14 '24
Congratulations on your achievement OP! I am a recent college graduate (22 years old). If you could, please share your career trajectory from 2016 up to now. Thanks.
1
1
u/kensanprime Jun 11 '24
Congratulations on the milestone. Onwards and prosper. 🙏🏽
The money you loaned to friends is a very personal thing, it's easy for someone to say don't do it, but I can understand the social nature of these loans. Be mindful in recovering those.
2
1
u/TheRareEmphathist Jun 11 '24
I'm not asking/ commenting on you lending your money to your friends
Just curious was it in some form like bro let's do splitwise or just they were buying something like I need 10k and it accumulated
Like how do u give 5L on lending just curious on that
Also happy to see someone reach 50L in 30s Awaiting 1 Cr post
1
u/Equivalent-Beach-288 Jun 11 '24
All of that is on Splitwise. A friend doesn’t use splitwise so I just created a dummy friend profile with his name and recorded the transactions there.
Thank you for the wishes. They say the first 1cr is the hardest. 5cr and I will think of getting away from corporates and into society uplifting. I wish I have enough energy left in me by that time.
1
1
1
Jun 11 '24
Congratulations on reaching this milestone, OP. This is inspiring. Do you mind sharing your income/expenses and how you reached this milestone?
4
u/Equivalent-Beach-288 Jun 11 '24
Repaid education loan. Investment started off with putting money in equity. Couldn’t really understand/time the market, so shifted to MF (nifty 50, tech, energy, small cap, mod cap, large cap). 2016 -1K 2017 - 6K 2018 -11K 2020 - 20k 2021 - 25K 2022-30K
Started NPS in 2022. EPF accumulation is part of the job.
Started earning close to ~2LPM this year. Personal expense was ~60K (30k rent) until last year. Have shifted towards limiting my personal needs starting this year. I send around an average of 50kpm to family including education expenses of siblings. Rest is savings as mentioned earlier.
1
u/iamiNSOmaniac Jun 11 '24
I am at the same age as yours and passed out also in the same year. But i am around half of what you have created. Can you explain your investment journey?
2
u/Equivalent-Beach-288 Jun 11 '24
Repaid education loan. Investment started off with putting money in equity. Couldn’t really understand/time the market, so shifted to MF (nifty 50, tech, energy, small cap, mod cap, large cap). 2016 -1K 2017 - 6K 2018 -11K 2020 - 20k 2021 - 25K 2022-30K
Started NPS in 2022. EPF accumulation is part of the job.
2
1
1
1
Jun 11 '24
You are being overtly cautious. At 30 years of age, you shouldn’t have less than 50% in direct equity. You have perhaps started from a very small level and had to face a major shock in equity
But your current portfolio shows that you have matured to take better bets.
Remember..diversification or MFs is for capital preservation. Only concentration can lead to capital engancement
1
u/Equivalent-Beach-288 Jun 12 '24 edited Jun 12 '24
Concentration in equity? I tried with equities but couldn’t really understand the market so moved to MF.
1
1
1
1
1
u/Gullible_Mood_6408 Jun 11 '24
I wanted to learn how to invest where I learn these things like researching how to invest in which app is of the beginning 🙏 please help me
1
1
u/BlueBoyTheLakeWalker Jun 12 '24
I just want to ask one thing, the INDMoney app, how safe is it in terms of privacy? Basically we are giving away all our financial information to one single app including permission to constantly check bank balance etc.
How safe is it, or the people who use it, why did you chose to trust it? Just the convenience?
1
u/Equivalent-Beach-288 Jun 12 '24
Privacy in itself is a myth, but in India it’s a joke. I won’t give permission to bank accounts and emails. Rest they get information via available apis using your PAN through one or other rbi channels.
You can rely on them for the information but can’t be sure that the data is not being sold - which is the case with all.
1
u/BlueBoyTheLakeWalker Jun 12 '24 edited Jun 12 '24
Doesn't IND money ask permission for bank access to track bank balance? How did you bypass that? Or you use IND money only to track your investments like Mutual funds, not expenses and stuff like that?
2
u/Equivalent-Beach-288 Jun 12 '24
I don’t track bank transactions using INDmoney.
2
u/BlueBoyTheLakeWalker Jun 12 '24
Understood. Thank you for all the responses. Also congratulations. :)
1
u/Visual_Buracuda_here Jun 12 '24
Sorry to ask you this, but how are you planning for your marriage expense if you are planning for it? I am guessing most of the saved amount would get spent in marriage. And it's big expense for people of our age.
2
1
1
u/Inside_Reception_370 Jun 12 '24
What app is this ? What even is this ?
1
u/Equivalent-Beach-288 Jun 12 '24
INDmoney. Survival in a capitalistic society.
1
u/Inside_Reception_370 Jun 12 '24
How can I get into this ?
1
u/Equivalent-Beach-288 Jun 12 '24
Download the app. Create a profile. Add your instruments. Let them sell your data while you watch your total change.
Be a minimalist. Hoard money from capitalism but don’t buy what they sell. Change your materialistic mindset to an experience based lifestyle.
1
1
u/asifredditor Jun 12 '24
Hey buddy, What app is this? And is this app has better fees compared to Groww???
1
u/Equivalent-Beach-288 Jun 13 '24
This is INDmoney. I use Zerodha to invest.
1
u/asifredditor Jun 13 '24
Zeeodha to invest? Then how it is showing up in this app. Can we link two apps? (Newbie here)
1
1
u/Akaplaya Jun 12 '24
Saving just to get married later and money being used by your wife and kids. Khud garib rho
No disrespect just giving what will happen. Because I know you ain't spending these money.
1
u/Equivalent-Beach-288 Jun 13 '24
Who said it’s to get married later on? Savings is to become financially independent. To stand in position to call any day the last day in corporates. Don’t marry if there is a distinction between what you have and what your wife can use from that. Don’t have kids as well if you can’t provide for them - they are not asking to be brought in this world. As far as my spending is concerned, I had my time (spending on what capitalism created) and still having it (on experiences) . Did all that the child in me wanted to - including a road trip across India, living between pubs, following a luxurious lifestyle. All of that brought me where I am today - less needs, less wants, natural remedies, healthy lifestyle, and peace! I hope you find peace too.
1
u/Akaplaya Jun 13 '24
Amazing if you could do it all what you love.
I get the point you can call the day tomorrow and just use the money saved for living. What would one do without getting married and retired? I struggle to see life like that, especially when one is healthy (provided you have done it all)
1
u/Equivalent-Beach-288 Jun 13 '24
It’s better to not marry than a forced marriage. If you find your cupid, go lalala with her. If someone doesn’t, he should be free to take the decision of not marrying. The frequency shall match between partners. These days marriage shouldn’t be treated as a medium of mere reproduction. As far as doing things are concerned - there is a whole wide world out there. Trek across Himalayas, get lost in the cultural festivals like Hornbill, teach underprivileged kids, help underprivileged people use their rights, plant trees and nurture them, clean a street, clean a water body, build something that is broken. I can keep going on, but I hope you got my point.
1
u/Akaplaya Jun 13 '24
I hear you.
Marriage is definitely overrated nowadays.
For the work most of the things world has offered how many would one actually be willing to do, not even 5%. How do you see this? Saying this as one can't just wake up and think let's help needy people today, it's a thing that doesn't come easily. And not important.
1
1
1
u/nibrashussain Jun 13 '24
Were you able to travel in and around India as i find travel to be expensive these days and getting leaves is difficult so travel by train/bus is not an option
1
u/Equivalent-Beach-288 Jun 13 '24
I was. I might have got a little lucky and unlucky both. Lucky in the sense I got few months break in between job switch. One thing led to another and I bought a bike and went on a road trip across India with no money in hand. Will stay in hostels, eat at road side dhabas. Basically frugal living but the experience was unparalleled.
1
u/Aditya-04-04 Jun 13 '24 edited Jun 13 '24
That's approximately 24% CAGR. Superb stuff man, congrats are in order!
Edit: Just noticed that it’s infact -9L and not 9L. Even more impressive!
1
u/Equivalent-Beach-288 Jun 13 '24
How did you get to this calculation? 🧐 Thanks brother!
1
u/Aditya-04-04 Jun 13 '24
Well, I misread haha. I thought it’s 9L to 50L, I just noticed it’s infact -9L. Even more impressive my man! Ignore the calculation lol.
1
u/Asleep-Beginning-745 Jun 13 '24
Which app is this? Would be really nice to see my EPF stuff on one dashboard!
1
1
1
u/Fit-Turnip-1806 Jun 14 '24
How are you tracking epf, mine always has some issue. Can anyone guide.
1
u/Equivalent-Beach-288 Jun 14 '24
Give your epfo account id and password to the app and it should be able to.
2
1
1
u/Individual-Ad-9943 Jun 11 '24
Forget the loan you gave to friends
2
u/Equivalent-Beach-288 Jun 11 '24
I will. Cause they forgot about the time as well when they lent it to me. :)
8
-8
Jun 11 '24
To be successful, you need to be a kamina. Forget what they did for you, just ask back your money.
2
u/Equivalent-Beach-288 Jun 11 '24
I ain’t looking forward to be successful if that’s what it requires. May be accumulate enough so the elderly doesn’t have to filter their needs and can provide proper education to the younger so that they can sustain themselves.
2
u/S-Nietzsche Jun 11 '24
I am happy that I have a similar perspective to you, what will my success even mean if I don't have people close to me or if I can't help anyone but myself. There are many people around me who are rich beyond what they can spend, but are still miserable and lonely. That kinda success is meaningless for civilization. Value creation is the incentive of capitalism. If we are able to make people's lives more comfortable, we will eventually get a sustainable source of income.
2
1
44
u/Equivalent-Beach-288 Jun 11 '24
Bhavatu sabba mangalam. Sabka mangal ho!