Where do lawyers spend their money in these times? I mean of course one can take expensive vacations, invest in MFs, crypto, etc. etc., but what are some other sensible outlets, both retail and investment wise, where lawyers earning around 30-40 lakhs p.a. and saving a major part of it, can spend on or invest in?
Recently, there has been too much emphasis on savings and investment. Be it YouTube or LegallyIndia, everyone has become a guru in investing these days. To be fair, it's a great development - people becoming more and more financially literate and conscious. People are investing right from their first salary.
However, at the same time, I think there has been an overemphasis on "SAVE EARLY, INVEST HEAVILY and RETIRE SOON" philosophy. Life is not a like a treadmill where you can run for 10 years and then live off your fitness for the next 30 years. I know the unsustainability of corporate jobs and lifestyles have made us think that way but it really isn't so.
I'm 39 years old and I can tell you none of my friends have retired after 10-15 years of law firm life. Because the reason is you just cannot live without a purpose. Living off 20 lakhs that you earn as interest/profit from your portfolio with nothing else to do in life, may sound great but it isn't.
So focus your twenties on experiences, finding your niche. Take risks, spend your money, live for experiences. You may not make and save a lot of money but you'll find something that'll make you want to live your life. At that point, money won't be a concern because once you find that sweet spot - either you will make windfall money or just love your work enough that you wouldn't want to retire.
Remember, your 20-30s are the best years of your life. Save but don't sacrifice them completely in the dreams of securing a freer future which may never arrive.
to each his own- "purpose of life" is subjective and doesn't have to be linked with work/ law. for me personally no amount of professional accomplishment can compensate for a minute not spent with my parents as being a good son/ grandson is my priority over being a good lawyer. I won't work an hour more (atleast not at a corporate law firm) if I don't need to.
As a tier - 1 slave you can buy your way out of slavery. One mantra you need to have is don't spend a buck more than you have to. Don't get drawn in with colleagues buying houses or fancy cars or a new iphone every year with an apple smart watch (the smart watch itself costs more than my phone ffs). Spend wisely and invest and save and GTFO as soon as you have any financial stability and have achieved whatever financial goals you have set for yourself.
Unless off course you love the work and most aspects of the work (people who thrive in Tier-1's generally don't mind the office politics and the bullshit you have to deal with to keep clients happy). People who love the work and are making butt loads of money in Tier-1's because they have been doing it for years, for them Angel Investments and Cryptocurrency investments are a good play to make (its easy when you have fuck you money which you dont care if you lose). Crypto maybe hot right now, but any bottoming out can have an adverse impact on your ability to reach the kind of financial stability you want. You need to be earning a little more on a yearly basis to try such risky investments.
So if you are a mid-level at a tier-1, don't think of fancy investments, stick with Mutual Funds or 'safe' investments and spend as little as you can.
However, at the same time, I think there has been an overemphasis on "SAVE EARLY, INVEST HEAVILY and RETIRE SOON" philosophy. Life is not a like a treadmill where you can run for 10 years and then live off your fitness for the next 30 years. I know the unsustainability of corporate jobs and lifestyles have made us think that way but it really isn't so.
I'm 39 years old and I can tell you none of my friends have retired after 10-15 years of law firm life. Because the reason is you just cannot live without a purpose. Living off 20 lakhs that you earn as interest/profit from your portfolio with nothing else to do in life, may sound great but it isn't.
So focus your twenties on experiences, finding your niche. Take risks, spend your money, live for experiences. You may not make and save a lot of money but you'll find something that'll make you want to live your life. At that point, money won't be a concern because once you find that sweet spot - either you will make windfall money or just love your work enough that you wouldn't want to retire.
Remember, your 20-30s are the best years of your life. Save but don't sacrifice them completely in the dreams of securing a freer future which may never arrive.
Unless off course you love the work and most aspects of the work (people who thrive in Tier-1's generally don't mind the office politics and the bullshit you have to deal with to keep clients happy). People who love the work and are making butt loads of money in Tier-1's because they have been doing it for years, for them Angel Investments and Cryptocurrency investments are a good play to make (its easy when you have fuck you money which you dont care if you lose). Crypto maybe hot right now, but any bottoming out can have an adverse impact on your ability to reach the kind of financial stability you want. You need to be earning a little more on a yearly basis to try such risky investments.
So if you are a mid-level at a tier-1, don't think of fancy investments, stick with Mutual Funds or 'safe' investments and spend as little as you can.