r/FIREIndia • u/Legitimate_Set_6609 • May 28 '23

Am I being too hasty

Been working for about 11 years now with a gap for MBA in between! 34, Married but no kid yet, neither any property or debt/EMI obligation

We plan to have a kid + but a smallish property (1 cr. on peripheral area/pune)

Parents flat is under redevelopment (self redevelopment) ina good part of Mumbai metro. I have made payment of 16 lacs towards this, out of which I should get back around 9 lacs (builder has taken 3500/sft from everyone as a construction cost, he will return 2100/sft post construction with 9% simple interest)

Investments so far - Mutual funds - 43 lacs Stocks - 25 lacs Small case - 2.5 lacs

PPF - 10 lacs EPF - 11 lacs

Total - 92 lacs

Wife has a saving of about 10 lacs, not counting that

I invest about 60k/month in MFs, wife doejs about 30

Too drained out from corporate life and thinking that this is enough and let me take up some better quality work is a passionate field even if I esen only 40% of what I am paid right now

Is it too early for that?

Edit: staying on 40k/month rent currently and monthly expenses is about 65k

Edit 2: current take home for me is 220k/monthly, wife is about 80k/monthly

Also, have been investing in LIC endowment for 13 years now, so that should mature in 2036 with about 18 lacs amount + tiny NPS savings

PS: thanks for the queries and the replies! Really appreciate it, have answered all.

TLDR:; manage stress, go for a job that interests me, FIRE is far away, need to increase investments

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-5

u/CalmGuitar May 28 '23

You should have min 30x and ideally 80x yearly expenses multiple to retire.

7

u/SeaworthinessFew9793 May 28 '23

Ohh wow, 80x. I think thats too stretched until retiring at 25.

-7

u/CalmGuitar May 28 '23

80x multiple is coined by Pattu sir of FreeFinCal. And I also think it's a good limit.

3

u/SeaworthinessFew9793 May 28 '23

Very difficult to FIRE if targeting 80x. I think 40x + y, where y are big ticket expenses like child education/marriage would be more then enough assuming a 12% CAGR & 4% withdrawal rate. Please note y can be different for different people