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Economic Times
a day ago
- Business
- Economic Times
Techie takes 9 years to save Rs 1 crore. But his next Rs 1 crore came in just 18 months. Shares lessons
Inside a software engineer's Rs 2 crore journey Building wealth often feels like a slow, uncertain process—especially in the early years of one's career. But for some, the results begin to speed up dramatically with time, discipline, and the right financial choices. A software engineer working in a core cybersecurity product firm recently shared his journey to achieving a Rs 2 crore net worth—an achievement that highlights how financial discipline and investing can accelerate wealth creation, even for salaried professionals without windfalls or on Reddit, what stands out in his story is the contrast in timelines: while it took him nearly nine years to save his first Rs 1 crore, he managed to accumulate the next Rs 1 crore in just a year and a half. His journey offers a practical roadmap for others in the tech industry aiming for financial independence. He began his career 11 years ago and admits that the early years were not financially productive. There was a slight reset in 2018 around the time of his marriage, which slowed things down further. However, by September 2023, he finally reached the Rs 1 crore mark. Just 18 months later, his net worth doubled—an acceleration that even he hadn't expected. The sharp turnaround, he explains, is mainly due to a significant shift in his investment strategy. With a growing portion of his portfolio now in equities, he's seeing the real benefits of compounding. Of course, his salary also saw a big jump during this period, meaning he could save more. He also became more intentional about asset allocation, tax efficiency, and goal planning. This acceleration wouldn't have been possible without consistent investing and a high savings rate. Despite having a family of four—including twin boys—the engineer has managed to keep his monthly expenses around Rs 1.2 lakh. This includes rent, school fees, groceries, domestic help, utilities, fuel, insurance, and subscriptions. A disciplined approach to budgeting allows him to invest nearly 60% of his income—close to Rs 2 lakh every month. He uses SIPs and avoids speculative investments are heavily skewed towards equity, which he credits for the rapid growth in his net worth. He believes that sticking to a strategy and being consistent is more effective than constantly trying to time the market or chase aiming for a Rs 10 crore corpus by age 45, he has revised his Financial Independence, Retire Early (FIRE) goal to Rs 20 crore by age 42. The change was prompted by rising expenses related to children, lifestyle upgrades, and a growing income. He now factors in inflation more realistically and includes buffers for future healthcare and education costs. However, his focus has shifted from early retirement to achieving financial freedom, with the intent to transition into a less stressful, passion-driven job in his already has comprehensive term and health insurance coverage and has ticked off personal milestones like buying a car. His outlook reflects a balanced approach to financial planning—being prepared for the future without sacrificing quality of life of the most critical contributors to his success has been career growth. He points out that while smart investments are essential, the real boost came when his income started to rise in the latter part of his career. The first few years were slow, but skill development and job switches eventually led to better compensation and, in turn, faster wealth said that in 2014 at the start of his career, his salary was Rs 3.25 LPA which jumped to Rs 16.50 LPA in 2020. By 2024, it saw a massive jump to Rs 95 LPA, driven by new skill development, certifications, and moving into a niche within emphasises that focusing on career advancement and skill-building in the initial years pays off in the long run. High income, when paired with disciplined investing, creates a solid foundation for long-term financial success. ( Originally published on Jun 18, 2025 )
Time of India
3 days ago
- Business
- Time of India
It took techie 9 years to save Rs 1 crore. But he made another Rs 1 crore in just 18 months. Shares lessons
Bilding wealth often feels like a slow, uncertain process—especially in the early years of one's career. But for some, the results begin to speed up dramatically with time, discipline, and the right financial choices. A software engineer working in a core cybersecurity product firm recently shared his journey to achieving a Rs 2 crore net worth—an achievement that highlights how financial discipline and investing can accelerate wealth creation . Shared on r/personalfinanceindia subreddit, what stands out in his story is the contrast in timelines: while it took him nearly nine years to save his first Rs 1 crore, he managed to accumulate the next Rs 1 crore in just a year and a half. From Slow Start to Rapid Growth He began his career in 11 years ago and admits that the early years were not financially productive. There was a slight reset in 2018 around the time of his marriage, which slowed things down further. However, by September 2023, he finally reached the Rs 1 crore mark. Just 18 months later, his net worth doubled. The sharp turnaround, he explains, is mainly due to a significant shift in his investment strategy . With a growing portion of his portfolio now in equities, he's seeing the real benefits of compounding. This acceleration wouldn't have been possible without consistent investing and a high savings rate. Monthly Finances and Investment Habits Despite having a family of four—including twin boys—the engineer has managed to keep his monthly expenses around Rs 1.2 lakh. This includes rent, school fees, groceries, domestic help, utilities, fuel, insurance, and subscriptions. A disciplined approach to budgeting allows him to invest nearly 60% of his income—close to Rs 2 lakh every month. His investments are heavily skewed towards equity, which he credits for the rapid growth in his net worth. He believes that sticking to a strategy and being consistent is more effective than constantly trying to time the market. Shift in FIRE Goals Initially aiming for a Rs 10 crore corpus by age 45, he has revised his Financial Independence, Retire Early (FIRE) goal to Rs 20 crore by age 42. The change was prompted by rising expenses related to children, lifestyle upgrades, and a growing income. However, his focus has shifted from early retirement to achieving financial freedom, with the intent to transition into a less stressful, passion-driven job in his 40s. He already has comprehensive term and health insurance coverage and has ticked off personal milestones like buying a car. His outlook reflects a balanced approach to financial planning—being prepared for the future without sacrificing quality of life today. Career Growth Fueled Financial Progress One of the most critical contributors to his success has been career growth. He points out that while smart investments are essential, the real boost came when his income started to rise in the latter part of his career. The first few years were slow, but skill development and job switches eventually led to better compensation and, in turn, faster wealth accumulation. He emphasises that focusing on career advancement and skill-building in the initial years pays off in the long run. High income, when paired with disciplined investing, creates a solid foundation for long-term financial success.
Business Insider
14-06-2025
- Business
- Business Insider
A YOLO stock trade and a frugal lifestyle: One millennial's unorthodox — and risky — path to being done with retirement saving by 35
In January, 35-year-old Corey Forsythe stopped making automatic monthly contributions to his retirement account. After eight years of saving and investing, he said he hit $1.125 million across his investments in index funds, stocks, and a 401(k) retirement account. By his calculation, it was enough to fund $120,000 a year in retirement starting at age 60. Forsythe, a pharmacist, has reached Coast FIRE, a subcategory of the FIRE (Financial Independence, Retire Early) movement, meaning that he's saved enough for retirement and can now let his investments grow on their own while he focuses solely on covering his other expenses. " Coast FIRE always reminded me of when, in pharmacy school, I would try as hard as I could at the beginning of the semester so that by the time the final exam came around, I only needed to get above a 20% or 30% on the test," Forsythe said. "That's how I view Coast FIRE, try really hard and invest as much as possible so that later on you can coast and enjoy your life while you're still young enough to." At the beginning of his Coast FIRE journey, Forsythe aimed to invest $500,000 of his earned income relatively early in his career, which he broke down into a 70/20/10 split. He would allocate 70% of that $500,000 to a mutual fund tracking the broader stock market, 20% of it to an individual stock pick, and keep the remaining 10% in a cash emergency fund. After reaching his $1.125 million Coast FIRE goal in January, Forsythe has been putting his extra money into a savings account to build up his cash reserves. His total holdings across accounts have grown to surpass $2 million, documents viewed by Business Insider showed. A YOLO stock bet While Forsythe certainly followed conventional Coast FIRE tactics such as living frugally and investing regularly, a key part of his success can be attributed to a single so-called YOLO bet — defined as an aggressive, high-risk strategy where an investor dedicates a large chunk of their portfolio to a single trade. Forsythe made his YOLO bet on AST SpaceMobile (ASTS), which he first came across on the Reddit forum r/WallStreetBets in 2022. The stock has a niche following on Reddit and X, dubbed the " SpaceMob", which Forsythe has been monitoring along with company news and earnings reports over the last few years. Combining insights from the online community and his own research, Forythe said he built the confidence to buy 35,000 shares of the stock at $2.88 apiece in 2024. It amounted to a roughly $100,000 wager on ASTS at a time when sentiment was overwhelmingly bearish. The stock is now trading around $39, bringing Forsythe's ASTS holding to more than $1.2 million — and he says he hasn't sold any yet. He acknowledges the investment was a massive risk — and that other people shouldn't treat his good fortune as a replicable model — but it did work out well for him. Balancing student loan repayments and investing student-loan debt right away. "I have a lot of friends who are still trying to pay off their loans as fast as possible, even going as far as still living at home," Forsythe told BI. "After paying them off, their net worth was zero." To Forsythe, it didn't make sense to forgo stock-market returns to pay off his loans faster, particularly when early investing years are key to harnessing the power of compounding. Forsythe's strategy has been to pay off the minimum required balance while still prioritizing investing in the stock market. He's enrolled in the Pay As You Earn repayment plan, which requires him to pay 10% of his discretionary income monthly, which comes out to around $950. After 20 years of qualifying payments, his remaining student loans will be forgiven. Frugal living Coast FIRE wasn't just the product of a risky, well-timed stock bet. Forsythe lived extremely frugally after graduating from pharmacy school. "I kept living like a college student," Forsythe said. "Keeping fixed costs under control is, in my opinion, one of the most underrated FIRE tools." Being a single person with a six-figure pharmacist income definitely made budgeting more straightforward for Forsythe. His monthly budget hovered around $3,000. Other than student loan repayments, Forsythe's biggest monthly expense was his $750 mortgage payment; he had snagged a 625-square-foot condo during the pandemic and locked in a low mortgage rate. Forsythe credits his low housing costs as one of the biggest factors that allowed him to invest aggressively in his brokerage account tracking the stock market. During his high-saving years, he invested between $42,000 to $50,000 annually. "All of the money that I'm earning now, I can just put away, use for travel, go to concerts. I've started to live life a lot more instead of being frugal my whole life," Forsythe said. "It's allowed me to have less stress at work because all I need to do is cover my living expenses."
Time of India
10-06-2025
- Business
- Time of India
Recruiter calls out candidate for rejecting job with '42-mile' commute. Redditors give a brutal reality check: 'Flexibility for thee, not for me'
A recruiter's seemingly motivational LinkedIn post backfired spectacularly, sparking a fiery debate online after she shared a candidate's refusal to commute 42 miles for a $150,000 job offer. While the recruiter framed the incident as a lesson in professional flexibility , the internet had other plans—and empathy for the commuter. The drama unfolded on Reddit's r/LinkedInLunatics forum, where users dissected a viral LinkedIn post from a female recruiter who appeared baffled that a jobseeker—publicly marked as 'Open to Work'—would turn down what she described as a 'perfect fit' simply because of a long commute. The post, now circulating widely with screenshots and memes, reads like a blend of pep talk and passive-aggressive disappointment. 'I was transparent about everything,' she wrote. 'Location, comp, expectations… He said, 'Wow, sounds great… but it's 42 miles away. One way.'' The candidate reportedly added that he was only seeking opportunities within 10 miles of his home. 'Sometimes a little flexibility opens a lot of doors,' she concluded. 'Because companies want to hire people who are willing to show up—even when it's 42 miles away.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo A recruiter's LinkedIn post detailing a candidate's refusal of a $150K job over a 42-mile commute went viral. She advocated for flexibility, but her stance sparked a fiery debate online. (Screenshot/LinkedIn) 'Flexibility for Thee, Not for Me' Trap What was likely meant to be an inspirational musing about dedication and grit quickly turned into a digital roast session. Users across platforms questioned the underlying assumption that turning down a long, costly commute signals a lack of ambition or work ethic. One commenter sarcastically rephrased the recruiter's words into a mock dialogue: ''Sometimes a little flexibility goes a long way.' 'Can I work hybrid then?' 'Absolutely not.'' Others pointed out the reality of modern urban commuting, where 42 miles could equate to over two hours of daily travel, stress, and fuel bills—not to mention wear and tear on one's vehicle and mental health. You Might Also Like: Can frequent job changes hurt your career growth? Employee shares his major career regrets on Reddit Another scathing comment summed up the issue perfectly: 'Flexibility for thee but not for me!' 'Open to Work' Doesn't Mean 'Desperate for Work' Critics of the post didn't just mock the distance—they did the math. One user noted that a 42-mile one-way commute adds up to nearly 1,700 miles a month, excluding non-work travel. That's not just time lost in traffic; that's money burned in fuel and car maintenance. For some, it's a dealbreaker regardless of salary. 'Open to work does NOT mean desperate for work,' one person commented sharply. Others brought up the FIRE (Financial Independence, Retire Early) movement, noting that mid-career professionals with savings and options don't feel compelled to chase every dollar at any cost. The Real Red Flag While the recruiter seemed to question the candidate's priorities, internet sleuths turned the scrutiny on her post itself. Many accused her of using a rejection—made respectfully and reasonably—as fodder for virtue signaling or, worse, to shame jobseekers for having boundaries. You Might Also Like: 'Constant fear of...': Indian student in US warns others planning US education, shares struggles on Reddit 'This is a critical clue,' one thoughtful comment read. 'If the opportunity is that amazing, make it hybrid or remote. But you aren't REALLY looking for someone talented enough to have options, are you?' In a job market evolving toward work-life balance , remote flexibility, and employee well-being , the recruiter's post felt out of touch to many. What was intended as a lesson in seizing opportunity ended up revealing a widening rift between employer expectations and worker autonomy. No, 42 Miles Is Not Just a Number What this viral moment underscores is that in today's professional landscape, distance does matter—and so does empathy. Candidates, especially those with experience, are drawing boundaries not because they lack drive, but because they understand the cost of burnout. So the next time a recruiter asks, 'Is the opportunity worth stretching for?'—perhaps they should also ask, 'Is it worth meeting halfway?'
Yahoo
07-06-2025
- Business
- Yahoo
4 Different Levels of FIRE Retirement and How To Pick the Right One for You
FIRE, short for Financial Independence, Retire Early, is more than a one-size-fits-all movement. 'The goal of FIRE is to hit the level of financial security and independence so that you can retire before the traditional retirement age (usually around 65 years old),' said Meg K. Wheeler, CPA, and founder of The Equitable Money Project. Read More: Find Out: Wheeler explained, 'This is done by getting rid of all debt and saving and investing enough to generate earnings that will fund your expenses in retirement. Most FIRE followers will aim for saving 25 [times] of their expected annual retirement expenses.' Whether someone dreams of retiring in their 30s or wants the freedom to leave a stressful job early, here are the four different levels of FIRE retirement and how to pick the right one for you. LeanFIRE is the most minimalist version of early retirement, where individuals save just enough to cover their essential living expenses, typically between $25,000 and $40,000 per year. It's ideal for those willing to embrace a frugal lifestyle in exchange for maximum freedom. 'If you're a minimalist who genuinely loves simple living, DIY home fixes, and free activities and hobbies for fun, this could be a good fit,' said Lawrence Klayman, founding partner of Klayman Toskes PLLC. 'You might also consider geographic arbitrage. For example, instead of retiring in Florida, you could live in lower-cost Georgia, with its similar beaches and weather.' Discover Next: Traditional FIRE aims to accumulate sufficient savings to support a modest, middle-class lifestyle without needing to work. It's a balanced approach for those who want early retirement without making extreme sacrifices or excessive luxuries. 'FIRE, or 'regular' FIRE, is the middle path,' said Jason Breck, owner of 40 North Media. Breck said he is implementing the FIRE Method. 'You're financially independent with room to breathe. You can say yes to a spontaneous trip, a nice dinner out, or upgrading your phone without guilt. That usually means a $1 million to $2 million nest egg and spending between $40,000 and $80,000 a year.' Breck explained, 'FIRE fits people who want balance. Maybe you're raising kids or just want a little margin in your life. You're still mindful of money, but you're not saying no to every latte or family vacation.' ChubbyFIRE offers a more comfortable version of early retirement. It's ideal for those who want financial freedom but aren't interested in strict frugality. 'Think of this as the balanced approach,' Wheeler said. 'The goal is still to save and invest enough to retire early, but without sacrificing all of your joy today, or in the future. Folks following the ChubbyFIRE method focus on balancing their debt pay down and investing while still spending money on things they want today, and they set themselves up for a more moderate lifestyle in retirement.' FatFIRE is the most financially ambitious version of early retirement, designed for those who want to stop working early without giving up a high-end lifestyle. It typically requires a large investment portfolio and is best suited for high earners who can save aggressively. Isheeta Borkar, owner and author of the blog Travelicious Couple, with her husband, said the couple has been targeting FIRE for some time now. They have been traveling slowly around the world. 'FatFIRE is living it up,' Borkar said. 'Think five-star trips, expensive dinners, and the freedom to say 'yes' to pretty much anything that calls to us. It's a little difficult to achieve for most.' Choosing the right FIRE path begins with understanding the numbers and tracking current expenses to determine how much is truly needed to retire. It's also important to assess risk tolerance; while LeanFIRE may sound appealing, it can feel too restrictive over time. 'FIRE often comes with low-income years,' Breck said. 'Take advantage by converting traditional IRAs to Roths while your tax rate is minimal.' Life stage matters, too, as FatFIRE might be unrealistic in one's 20s but more attainable by their 40s. Most importantly, individuals should think beyond the numbers: what kind of life do they actually want to wake up to each day? 'Want to upgrade to FIRE or ChubbyFIRE?' Breck said. 'I tell people to try spending like that for six months. If your portfolio holds up and your values still align, step up.' More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on 4 Different Levels of FIRE Retirement and How To Pick the Right One for You Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
