When you hit 45 or 50, you will realize that there are many many people in your circles who make the kind of money you will never dream of. No one who can afford it really cares about this kind of flashy lifestyle. Yes, you need to spend money (non- entry level German car, the "right" address), but that is to fit in, not to stand out.
You want to know what actually matters? And what you are judged on?
Health parameters, looking fit, club and society memberships, being invited to exclusive events (meet the celeb, launches of anything new, and all the other things that no amount of money will buy you). Who you know. Who knows you. Who you know. Who you know. Who you know.
This is VERY doable. Here's how an NLU grad who is currently 40 years old would have saved, if working continuously at CAM or a similar firm.
- Base saving of 3 cr from age 23 to 30 and 9 cr from age 30 to 40. Total base saving = 12 crore.
- On top of the base saving, investments in MFs and stocks . 12 crore base savings increases to 30 crore total saving.
Now, if this person also marries someone with the same career trajectory, then the total combined savings for both at age 40 becomes 60 crores. With that money, you can buy a luxury flat for 30 cr and a Maybach for 3.5 cr, with plenty left over for the other things.
Personally? No, babe. Even the likes of Mukul, Salve, and Subramaniam (who earn many times more than these shopkeepers) don't make that much every day, or for that matter on average
Genuinely achievable goals if you marry well and combine your incomes for purchases. An example is a girl from NLSIU who has a good law firm job plus married a very wealthy entrepreneur. They live in an expensive and very fancy apartment. Their combined income now must be 10 to 12 cr a year at least, so I’m guessing they can buy a 30 cr flat on a loan and repay within a few years. They don’t have a Lamborghini though and I honestly don’t see the point in buying one for Indian roads. A BMW/Audi/Merc is more than enough, even the cheaper hatchback versions.
Even if it were to be possible, those Cuban cigars would definitely kill you before you could reach that stage. Live and enjoy life mate, there is plenty that a law firm salary could provide for, if you would only compare and strive for more than you can afford, your life would be a sad life for sure.
Gopal Shanks, Dayan Krishnan, Akshay Jaitly, Ashwath Rau... only these people earn such huge amounts (and at least two of them cannot be categorised as non-nepo).
This is definitely gettable if you work hard. Why all the negative comments? Look at the early generation of NLSIU grads. They’re earning crores every day.
All achievable. You need to make (and maintain for about 10 years) equity in one of the larger US law firms (i.e. your 45 year target). If magic circle, then you need to make and maintain equity for about 15 years (i.e. your 50 year target). So ‘a lot’ of non-nepo Indian lawyers may not be able to live this life, but more can than one would believe possible. Aim high. Best of luck!
If it's unachievable then why do posters on LI claims that they have the money to buy flats at DLF Camellias and own Lambos and Patek Philippe watches???
Some of this is achievable. I know a partner of KCO (non-nepo kid) who has night TWO apartments in Mumbai, one of which is very big and in a good area. But his wife also does a decent job, so it's not on one person's salary alone.
When you hit 45 or 50, you will realize that there are many many people in your circles who make the kind of money you will never dream of. No one who can afford it really cares about this kind of flashy lifestyle. Yes, you need to spend money (non- entry level German car, the "right" address), but that is to fit in, not to stand out.
You want to know what actually matters? And what you are judged on?
Health parameters, looking fit, club and society memberships, being invited to exclusive events (meet the celeb, launches of anything new, and all the other things that no amount of money will buy you). Who you know. Who knows you. Who you know. Who you know. Who you know.
- Base saving of 3 cr from age 23 to 30 and 9 cr from age 30 to 40. Total base saving = 12 crore.
- On top of the base saving, investments in MFs and stocks . 12 crore base savings increases to 30 crore total saving.
Now, if this person also marries someone with the same career trajectory, then the total combined savings for both at age 40 becomes 60 crores. With that money, you can buy a luxury flat for 30 cr and a Maybach for 3.5 cr, with plenty left over for the other things.
Do family / social connections matter in corporate, too?
If that is the case, all this seems so bleak and futile
"uski biwi bhi achchi nokri karti hai" should be translated to "even his wife has quite a decent job" and not "his wife also does a decent job".
I personally dont care, but snooty partners and uppity clients will.
- BMW/Merc: Possible for all partners, since you can get one for only 1 cr
- Lamborghini: Possible only for top-level partners, as they usually cost 6-7 cr upwards
- Glamorous wife: Depends. Some girls chase money, some don't.
- Children in US college: Possible for all and nowadays pretty much everyone sends their son to the US for an undergrad
- Cigars, watches, MF Hussain paintings: Affordable for all, but not all together.
- 4 to 6,000 sq ft 4BHK in posh area or elite gated community in Mumbai or Gurgaon
- One BMW/Merc for family use and one Lamborghini for self use
- Glamorous wife plus kid studying in top IB school, subsequently undergrad in US college
- 10-15 high end luxury watches
- Smoke Cuban cigars everyday
- 10-12 paintings by top artists like MF Hussain
- First class plane travel and holiday in Europe twice a year
- 10-12 absolutely top luxury watches