Just started working at a T-1 this year and despite being paid well have not been able to save much (Mumbai expenses). Just wanted to get an idea of how much I need ti save and what figures should I target at different ages. I understand that the figures will vary hugely based in whether you are in corporate or litigation.
Staying in Mumbai is the worst for savings. It's not that good in Delhi either but the rent is not that bad so you can ideally save up to 50% of your salary cutting down on a few luxuries.
The statement about Mumbai may not be true in all circumstances as everything boils down to how much you can earn (i.e. future potential). I know Tier 1 Law Firm Partners (Corp/M&A/PE) who shifted from Delhi to Mumbai (when they were SA/PA) and have confessed that they would not have earned this much if it was Delhi, even though their savings had initially depleted when they had shifted in Mumbai. Now they earn somewhere between 1.2 Cr to 1.5 Cr p.a. and are easily able to save/invest 50% or more of their annual earnings.
I guess the reverse may be the case with people in litigation, disputes, IPR etc. as Delhi has comparatively robust market for such practices.
As for me, I have been in-house since the start (it has been 16 years now) in Mumbai with not much net worth as I didn't give much importance to investments in my early days. But really happy to note that youngsters are taking their financial planning seriously and I pray that you all achieve financial independence soon.
Are you serious? Only 60 lakhs saved in 6 years with a CAM/AZB etc salary? Unless one has Mahua Moitra-level expenses on luxury goods, it's hard to see how one can save so little. If you have moderate expenses and invest in mutual funds, you should be able to reach 1 cr in 6 years.
Please don't assume you can judge ppl. You do not know whether she had a loan to pay off / has to support parents / family / has higher than usual medical expenses. While we are giving these numbers here, each post would actually have so many peculiar circumstances that are not being noted here. The OP, and you, should be careful while comparing, opining, or using it as a yardstick. Each person's race has a different starting line and is entirely different.
Same brother. 35. Unemployed. Tryst with competitive exams has ended. Finally going back to courts. Hang in there. If not in our 30s, hope our 40s are better. *Sad face emoji
37, 1st gen lawyer, decided to stay in home city, so limited income, but also limited expenses. savings of 2 cr. I live a fairly carefree life, and spend whatever I feel like.
That sounds very alluring, indeed. Can I ask which hometown or broadly what tier city?
For instance, I can see this happening in smaller metro cities — Kolkata, Lucknow, Ahmedabad, Chennai etc, where there would be decently big commercial companies to work with etc. I don't see this being the case with Tier 3 cities like Nagpur, Allahabad, Thiruvananthapuram, Chandigarh etc, unless you are at the very top of your field (and that generally doesn't happen without generational contacts/wealth). Other places not on the same level sound too unreal for this to begin with.
Also, I'm assuming that this is commercial/corporate litigation, but I understand that this could be in-house as well (places like ITC?). Do let us know, will help in others like plan longterm. Thank you!
Kolkata is a small metro? It ranks 3rd in terms of GDP and contribution to Income Tax. By your logic only Mumbai and New Delhi would be regarded as metros.
Chennai though ranks 4th in both the above parameters, Tamil Nadu is the second most industrialized State and Chennai is the hub and will soon go past Kolkata and even overtake New Delhi.
The single most important reason we cannot save is because the government overtaxes us, in order to subsidise freeloader farmers, thieving politicians and corrupt businessmen, along with the wasteful welfare state. We pay more taxes than many crorepatis.
Pay your taxes, dude/ sis. If you have a problem with how your tax money is spent, take it up with your elected representatives. Make noise. Lots of noise. Don't whine and try to underpay taxes.
31 years, 7 years of litigation practice at a Regional High Court. 1st Generation. I have 33 lakhs of liquid savings and investments, along with a land investment of 15 lakhs, with no liabilities except the expenditure I incur for my ageing parents.
Haha, not sure if it was my calling, but at least it's more interesting than the corporate job (most of the time I was writing decorated emails, which I hated).
Hahaha... I can imagine the glee of this contributor looking on at the comments over junior lawyers falling over themselves to put out what fully diluted basis actually means! That said, to someone not looking at it from the perspective of a transaction document, I suppose it means the overall value of his/her investments after converting everything to cash. Not a bad number to have!
Wow. But I just have a question. Even after earning so much money, why do you continue to work. I am assuming that you can retire comfortably and love on the returns of your investments. This is of course if you don't love your job. If you love your job you should continue to work till physically impossible.
34. WFH from my parental home, advising foreign companies investing in India. No juniors, work alone. Work for only 3-4 hours a day, play golf and watch movies during the rest. Buy rock-bottom cheapest brands but spend 4 lakhs pa on foreign holidays and 1 lakh pa dining at expensive places and playing golf. Single and no kids. Parents are not dependent on me. Earn in cheque only, so no tax evasion. Money saved: Rs 4 crores. Aim is to save 15 cr and retire at 60 if I get married and have kids, else save 10 cr and retire earlier. Assuming here that healthcare in future will be very expensive and not covered by insurance, and education for kids at Ashoka/Jindal + abroad will cost Rs 4 crores in 20 years time (assuming my kids won’t make it to premier govt colleges because of the tight competition in general category).
I am a non-NLU product. I got my start in the High Court earning zilch, then on to a small law firm earning a lower middle class salary, then on to an MNC earning an upper middle class salary , then on to my present WFH gig earning an upper class salary and developing expensive habits like foreign holidays and golf :) My savings reached 4 crore mainly because of my investments. My mom is a financial wiz and managed all my investments. I got huge returns. Also, single and no kids.
I got to this juncture because of a very kind mentor who recommended me to many people and helped me a lot, despite the fact that I am not a nepo kid. I also consider myself to be very talented and people have praised my work, but talent won’t get you anywhere without somebody helping you.
Damn. How can one do that? Because living in a metro with all its noise and unnecessary complexities isn't an attractive option for me as I dont have a parental home there. How can I work from home like you?
52. T1. 1st Gen lawyer from a middle class family. Have been working since ‘95. Savings around 90 Cr (40% in real estate and rest in mutual funds steadily growing at 9-10%).
I’m at a no name firm that has less than 6 people total. I started working here after graduating last year and I’ve invested around 90k. I have no expenses and just give 10k at home because I live with family. I have no liquid savings.
im 34, businessman from T1 law college, started with 1 lakh capital by dad 9 years ago and rented a shop, now i own 6 stores, 2 hotels, 4 apartments, i get annual income of 3.5 cr from my investments
35, in house now, after spending couple of years at T1. 1.2 crores in savings (FD/shares/mutual funds). About 1.7 crores if I add PPF investments from spouse and me along with my PF.
The figures in the above comments are unreal and represent only a small minority of lawyers. Barring 10 per cent of all lawyers in India, no lawyer has this much saving in 30s.
24.5 lacs in MF, 14 lacs in savings, 23 lacs in other investments (Bonds, currency market), 6 lacs in shares, 8 lacs in gold, 2 life insurance policies (2.5 crores) and 2 health insurance policies (50 lacs).
Just to clarify, I'm a self made developer been one since I was 13 and usually per webapp get paid 1-2L and for some blockchain projects it could be even higher or for some betting websites. Can anyone tell me, what type of business i should start or do to spend this money and also, I'm kinda afraid of tax department and all so I'm moving my money to crypto have 13L in banks and daily moving 1-2L to usdt
31, just made PA at a T1 this year. Working since 2016. Started as T2 lawyer and moved to T1 after 2 years (no savings of note - at best 1-2 L collectively during this time).
Moved to a T1 for 2 years then moved in house for 1 year in the middle and have continued back to T1 the last 2.5 years. Based out of Bangalore. Saved about 60L (mutual funds, FDs, NPS and some smallcase equity). Savings have exponentially increased the last 2.5 years.
18, freelance artist, incoming fresher at a t1 NLU, have around 5.6L saved. I have almost zero expenses because my parents pay for everything so that obviously helps a lot. Only use it for little indulgences that I don’t feel comfortable spending my parents’ money on. Now worried I won’t have time for my freelance stuff once college starts :(
23, 5th year at a mid tier NLU, saved Rs. 4,500 from internship stipends, spent the remaining on my Steam account for purchasing multiple games (which my parents wouldn't have allowed otherwise).
33. T1 firm plus in-house. Savings 40 Lakhs. The only other asset is Jeep Compass. I spent a lot on dating initially and now after getting married on several couple vacations every year. I splurge a lot on shopping and daily niceties so have not been able to save much.
25 next month. Just started last year. From pays 90k in hand from a t2 mumbai firm. Not really saved anything. Hate the profession hate the job. Blow my money by the end every month.
I invested in just 3 stocks and made a killing. I put in 30 L and got a 15 L profit in just 2 weeks. But I got tips from a fixer, so it’s basically insider trading. Unless you know a fixer, it’s better to invest in MFs because the stock market is rigged af and not meant for regular middle class people.
35. Calcutta HC Litigation. Networth including shares and other investments- 1.6 cr. Revenue picked up post covid and so have the value of investments. Am making a little more than 1 cr a year now and am hoping to double it in a few years. Hopefully hit 10 cr in 5-8 years (depending on appreciation of portfolio and practice). Not including family wealth as that is not in my control, though substantial.
Mid 50s T1. Corporate. 100cr plus. Mix of real estate and financial investments, including funds and start ups. No outrageous expenses but live comfortably well. Annual philanthropic contributions of 2-3cr.
18, got into a top tier 1 NLU, have saved up and invested around 80k in stocks and other stuff gonna use this money to buy a nice laptop for college. Any suggestions for laptop 💻??
I m 34 too. Tier 1 from A0 till now. 12-14% returns per annum & pinching every penny I have about 2 cr.
I guess the reverse may be the case with people in litigation, disputes, IPR etc. as Delhi has comparatively robust market for such practices.
As for me, I have been in-house since the start (it has been 16 years now) in Mumbai with not much net worth as I didn't give much importance to investments in my early days. But really happy to note that youngsters are taking their financial planning seriously and I pray that you all achieve financial independence soon.
About 13L in investments + cash and about 1.5L in liabilities.
Hoping to wipe off liabilities once the bonus hits. Will then think of financing a home.
For instance, I can see this happening in smaller metro cities — Kolkata, Lucknow, Ahmedabad, Chennai etc, where there would be decently big commercial companies to work with etc. I don't see this being the case with Tier 3 cities like Nagpur, Allahabad, Thiruvananthapuram, Chandigarh etc, unless you are at the very top of your field (and that generally doesn't happen without generational contacts/wealth). Other places not on the same level sound too unreal for this to begin with.
Also, I'm assuming that this is commercial/corporate litigation, but I understand that this could be in-house as well (places like ITC?). Do let us know, will help in others like plan longterm. Thank you!
Chennai though ranks 4th in both the above parameters, Tamil Nadu is the second most industrialized State and Chennai is the hub and will soon go past Kolkata and even overtake New Delhi.
Not a lot of expenses, since I live with parents.
Venture is doing fine, but it sure is a risky move - let's see where it goes.
Haha, not sure if it was my calling, but at least it's more interesting than the corporate job (most of the time I was writing decorated emails, which I hated).
Genuinely interested in going independent in such sectors as I am an A2 working in the same field.
Have saved 9.2 L as on date. Haven't invested, will start investing in Jan 2024, very minimal risk investments only. All savings from my salary only.
It's not much but I just save a lot because I don't drink or smoke and travel by the metro among other things.
Thanking youseriouspen@mail.com
I am 29. Started in Lit (2 years approx), then T2- Disputes (1+ years) and now In House (1+ years).
Saved about 5-6 lakhs till now.
5 crores net worth.
Living well. Getting the things I want. Saving/investing where I can.
working in a litigation firm and have saved 5L. Only 5L because I am the sole earner in my family.
SA-2 with 1 career break, not from NLU.
Moved to a T1 for 2 years then moved in house for 1 year in the middle and have continued back to T1 the last 2.5 years. Based out of Bangalore. Saved about 60L (mutual funds, FDs, NPS and some smallcase equity). Savings have exponentially increased the last 2.5 years.
I need mentors
8 lacs saving.
Bought an 80 lac property with my wife (paying the emis] - now worth more than 2.5 cr.
Repaid my education Loan- around 9 lacs.
Spent around 15 lac in my elder sister's marraige.
Spent around 12 lacs in my own marraige including buying jwellery. Spent 10 lacs to renovate my old house for my wife.
Now planning for younger sister's marraige.
My only regret - unable to buy a car.
Upar ke answers padh ke phat chuki hai.
So no question of savings. Constant fight for survival. Brain is continuously stressed. Prices steeply rising.
I m waiting for 3 years (2021) to save to purchase many things.
Index funds- 60k
NCD issues- 10k
60k in Equity MFs
10k in direct stocks.
~900k in MF (current market value)
~600k in FD/RD
~1500k in PPF (parents were putting 150k/year till I graduated, I've been putting after that)
~200k stocks (current market value)