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The first 50% ie 5 lakh I would invest in the 2-3 mutual funds with the bulk of it being in the index (via SIP mode, not lumpsum). This should be a large enough sum within the next 10 years and could really use this cash for an LLM or a year off the job if you decide to pursue one.
Considering that you have shown the ability to earn 10 lakh at such young age, you should make a bet on yourself again. Put 3 lakh in learning new skills and starting something new.
The remaining 2 lakh should be on fun stuff, after all, what is the point of money if you don't enjoy it? Get that gizmo you want or vacation you wanted to take. My two cents for what they are worth, you, I am sure are anyways smart enough to see how to put this money to its best use.
- R
How this goes is like this- X has 1 Million USD and he knows he’ll get better interest rates on his money in India. He approaches his local law chamber/firm. He tells them about his plan. This local law chamber doesn’t know anything about Indian laws and so they have an MoU about that with you. You do all the work. The transaction is complete and you get a cut for the doing the work and the American law firms gets some for bringing you the client. X goes back home happy and tells his cousin/colleague/neighbor Y about it. Y approaches the same law firm. Repeat.
Again Good luck.
I am here for advice from all financially aware lawyers sitting in Bombay who seem like they know where to invest. They are dealing with executive clients on a daily basis. I just want to know what would you have done if you made that amount. The risk factor is high for me, so I want suggestions on the investments that I can make. That’s it dude. Why do you care about me actually owning the money or not? Please cut a slack. If someone has some genuine suggestions, please help me out. I don’t need you to tell me if I made this up or not. Your trolling only brings me pride that I could do earn an “unbelievable” amount of money. It’s not affecting me.
As for you, if you are okay with taking advice from a junior, use your skills and positions to have a second source of income because you’ll be comfortable there. You are where, 60,000 law students dream to be and you must use that. I know how irritating of a job, it is to be a mentor especially with the influx of such services on Instagram but they are doing it because it is getting them money and they are all unprofessional as fuck, if you actually launch something professional you’ll get a lot more traction. Do you know how much does it take to promote something with 60,000 law students? ₹500. That’s it. These Instagram pages are owned by law students who do not know the value they hold and you must exploit it while it lasts. If you want mentees, you can tell me, I have a good social media presence and will get you some. Even if you have 10 mentees who pay you ₹2000 monthly, you’ll be 2.5 lakhs more annually. Now this is something that does not require labour and is easy money.
Other is that you do freelance work, bro upwork and all of that is bullshit. I can earn you in one month what upwork will earn you in an year. What is lawsikho doing and why are it’s students earning via freelance? In its contract drafting classes, it gives students sample drafts of different types of contracts and these kids they just edit these drafts for people and make money. Their brains don’t work because they are only available on upwork. You must be great at communication if you are in a tier 1. I am telling you, you can make a profile on upwork but the real money is around you. There’s hundreds of clueless people looking for minor legal help that no law firm gives and you can fill in that gap. You’ll notice that your local tax lawyer earns more than you. If you do not know where to start with, go to the local business dealers of your locality and strike a deal. For example- Go to a property dealer. Tell him that he can refer you for drafting of real estate/tenancy and other contracts to his customers and he gets a 10% cut on every referral. There are many such people around you who deal with contracts daily and something extremely trivial for you is a huge deal for them. Also good lawyers are always good businessmen and if you do that, I suggest you engage in cross selling too. For example if they want you to draft a tenancy contract, when you’re done, tell them you can file their tax returns for them. And to instil yourself in the market, you’ll have to do what reliance jio did. If your local tax lawyer is charging ₹500 for every tax return, you do the same for ₹250. Because in legal work, trust plays a major role and people would not change their lawyer till their is a huge incentive. All of this till you have created a demand for yourself and then you can give yourself an appraisal. Also never stop the cross-selling, once you have a set number of clients, you can give them the services of a CA too, you can help them save tax and you charge money for that too.
I know it’s difficult to take the aforementioned advice from a law student but there are people who’ve done it and I know that because they used to work with me. My senior who was also working in this tier 1 law firm went to a temple and met a priest (his parents sent him for counselling). The priest had loads of black money with him, the guy went in and said something and was now managing his money. Reverse counselling lmao. He instilled fear and subsequently sold himself. And you’re in a tier 1 law firm, you can easily sell yourself. All of this you can do on weekends. This will not make you rich but you’ll have a secure source of income. If you want to become rich, then do something distinct. I am giving you an idea that you can work on. Indian banks give much higher interest rates than most of the banking and financial institutions in the west. A lot of FDI is coming in and there are people out there with millions of dollars waiting to be invested in Indian banks and real estate. Even a 3% cut of that could make your life. There’s a person doing that already. He just bought a Bentley, he is based in Bhopal and I can’t name him for some reason but a google search would do. You do not have a lot of competition here because desi law firms deal with companies and corporations and they rarely deal with individuals who have a lot of money. One client is all you need and you have that credibility factor from your tier 1 law firm job.
Good luck.
Now if you can provide actual answers please do so, instead of judging my incapability to make money by my vocabulary? Try to hide your privilege a little.
From share market, I make 7-8k a month and that only covers my monthly expenses.
What would you suggest to your 21 year old self if s/he were sitting on around 10 lakh rupees of cash (it's in my savings account but cash sounds nice so..)?