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The reason you get paid so much as a lawyer is due to due to immense work pressure you are subject to. In such a scenario, often people end up blowing money to blow off steam.
Also, when you are seeing everyone around you upgrade their lifestyle, you are also tempted to do the same. Hard to be the odd one out when you are spending 14-16 hours with your colleagues daily.
However exceptions do exist, and if you find such a group dedicated to financial independence, all the best!
1. Retire at 60 in 2025 and live till 85 till 2050: 15 crore minimum savings needed
2. Retire at 60 in 2035 and live till 85 till 2060: 20 crore minimum savings needed
3. Retire at 60 in 2045 and live till 85 till 2070: 30 crore minimum savings needed
4. Retire at 60 in 2055 and live till 85 till 2080: 40 crore minimum savings needed
NOTE:
1. If you have dependants, multiply the above by 0.75 for each dependent and add the result to the existing savings.
2. If you think these figures are too high, they are not. A Maruti 800 car, which is the precursor of the Alto, cost Rs 45,000 in 1983. An Alto costs 10 times more today. That's how inflation works. Remember also that health will eat up a big slice of your savings with age: knee replacement, cataract etc.
See, the complete meltdown he has everyday. I mean literal 0 aim doing anything to keep oneself busy types. He is just trying to find some new intellectually stimulating hobby to do.
I think this whole FIRE and retire early thing is bull. Either have a 100% intellectually stimulating goal ready or don't fall into this trap. Most of our Bank relatives looked fit till they went to their sarkari Bank jobs. Once they retired the problems began.
It is okay to serve people or make some art or open a cafe, but, do it a bit beforehand. Varna kuch se kuch karte rahoge twitter pe.
2. You need a lottery, business, generational wealth or market invest income that will get you an early retirement.
3. What are you going to do for the rest of your life ?
4. Inflation will eat you up without a job.
5. What if you go bankrupt?
6. Salaries are like monthly free aid. That would no longer exist.
7. Your life will be miserable.
As for a corpus, people in tier 2 metropolis can safely retire if they have saved up 7-8cr (provided that they are single).
This looks impossible right now, so I may have to shift careers and become a politician or a farmer (or even both, which is extremely common).
What do you imagine doing with your time post FIRE? Generally, people only have vague ideas about it - travel, cafe, retire in hometown, stock markets, businesses, meeting friends, kids, etc. We are infatuated with a number of ideas. But this is infatuation. Like everything in life, one must try things to see if they actually love doing them.
I am a young person who comes from wealth / business family (I am comfortable). I genuinely love what I used to do in law.
Trauma creates great bonds!
Cafe yes.
Hometown yes.
Kids no.
Don’t want any. Waste of time and resources. Too much emotional investment. Ties you down. India is too overpopulated anyway.
Essentially, wanted to make a point that while people are infatuated with FIRE, the feeling of emptiness when they leave practice of law in a law firm (which creates massive dopamine and excitement and stress related brain liquids) - may be difficult for a lot of folks and not really what they want.
Also - most successful lawyers - because of thw attention given to law may not have great personal life.