The last update to my retirement plans was in 2012 when my net worth was just 17 lakhs or so. Here towards the end of 2015, I’ve finally crossed the old retirement target I set for myself in 2010 of Rs. 50 L in today’s value. Here’s a complete summary of my assets:
So over the years, my net worth has expanded thus:
2009 – 8 Lakh
2010 – 12 Lakh
2012 – 17 Lakh
2015 – 51 Lakh
Quite a big jump in the past three years eh? The stock market has been good to me. I’m quickly reaching a stage where any money I invest is small compared to the daily fluctuations in the market itself. The best thing now is time. I had initially planned to retire at 55, but the way things are going now, I think I need just 3 years more! I should be able to start living off the interest after that. I’m 33 years old right now…
The secret to financial security? No kids :)
3 years, and then peace from the never ending toil of work. Aaaaaahhh!
you could really afford to let us non-indians in on what a Lahk is worth (looked it up, 2248 dollars apparently)
In reply to tehy
The rupee has really dropped with respect to the dollar is recent years. 1 lakh now is around $1500 USD. It used to be worth a lot more…
Surprised that you admitted to knowing what “lakh” means :)
Congratulations :)
Define “retire “
In reply to ratnaja
For me, retirement means I no longer have to work and can live a decent life off the dividends and interest from my savings…
In reply to bhagwad
Define “decent “
In reply to Ratnaja
Enough to pay all my bills, eat out a few times a week, see a couple of movies, do some online shopping now and then…
Actually, I can already do all that with my current savings. I just like to have buffer – lots and lots of buffer!
In reply to bhagwad
With so many needs defining “decent”, maybe retiring in 3 years with 50 lakhs isn’t avery good idea. BTW, does “all my bills” include medical bills? If yes, then retiring in 3 with 50 is a VERY BAD idea. Sorry, keep working :)
In reply to Ratnaja
Oh, I don’t plan to retire with 50 Lakhs. That’s how much I have right now. I hope to have around 1 Cr by the time I retire in 3 years. And by the time I have serious medical bills 25 years down the line, I should be having around 9-10 crores :)
Hehe you forgot one important detail… your age! :P
That will give your readers an idea of the adequacy of the net worth. Its great if you’re 35. Not so great if you’re 55 :D … lol jk
In reply to Ash
You’re right, I forgot to include my age of 33. Just added it.
Ok, got that from your linked post 5 years ago. You’re about 33. Good going! Keep saving.
What about a house? What about traveling the world? I really doubt if 1 crore would be enough!! I mean it could be a lot for a lot of people, but when you can earn a little more for a more comfortable lifestyle because age is on your side, then why not?
Although I wish this was enough to get away from the torturous corporate life forever. :)
In reply to Nisha
I’m not a travelling guy. I like to sit and home in peace and quiet :) . Anupa’s the traveler in our family!
I appreciate your clarity of purpose. There is no point in earning more than what you can spend in your lifetime. And, definitely no point in working your ass of, trying to get some more crores saved, when a low-consuming lifestyle gives the same happiness, with less pressure. Pray you stay that way, and be an ideal for others.
In reply to Murali
Thanks Murali!
What a coincidence. I am at the same age and my networh is almost the same :).
But with a family and kids, I guess I need to work till 50. :(
Anyway best of luck man.
In reply to Python
Yeah, kids change everything.
I would save up a bit more. The way things are going, 50 lakhs isn’t what it was and is going to mean even less in the coming years. Unless you still do something that brings in some money and this is savings. Even without kids, with medical expenses, contingencies….I would want to save up more.
In reply to Sangitha
I aim to hit 1 Cr. in 3 years time. That should be enough hopefully…
In reply to bhagwad
Hey, all okay with your mom? She is in Chennai, if I remember right? Hope she is alright!
In reply to Sangitha
Yeah, she’s fine :)
Why I am grateful to India by Maria Wirth