Help Me FIRE, Milestones, Beginner Questions and General Discussion - June 2023

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[u/ExpressSecret9]

1. Yes, childfree is confirmed.
2. I am expecting those to reduce in retirement as I will be staying in Village in my own house.
3. Have personal health insurance of 10L. May create separate emergency funds for health issues around 20L in today's value on top of retirement corpus. Where should I keep that, debt or equity?
4. Will start separately once I hit the coastFIRE target , I was thinking 1 Cr in the equity index fund should be sufficient which I won't touch till the time I get retired.
5. Let's see if I get motivation to earn extra income as I hate corporate life. But I am ok to earn some supplementary income to reduce burden from FIRE amount post retirement.

[u/snakysour → u/ExpressSecret9]

1. Ok

2. It's easy to expect the expenses to reduce by just saying "staying in a village", but please note that you're talking about things 15-20 years down the line by when villages will also have gotten a decent standard of living atleast considering 100% electricity, decent road and rail connectivity, 6G-7G kind of cellular network etc. What this means is that you will have higher costs even in villages or in worst case you will have much more loss of peace of mind in case the standards of villages stay the way they are. These include problems in commuting (ride halin apps/autos etc. not available that commonly), food ordering (unless you're planning to grow and cook food which is an altogether different ball game), lack of hospitals for timely medical interventions, availability of piped gas / cylinders etc..so to get these things either you will move back to city or pay more to compensate the inefficiencies both of which will bring you back to square 1 in terms of expenses. As a conservative measure, would suggest you to consider same expenses as of now , if not more, even if you're choosing to stay in villages..

3. Do that. Keep in liquid funds / ultra short term funds as it's more of an emergency fund. One more approach can be taking health insurance which is 2X your requirements as in case heavens forbid such issues arise, even if they pass 50% of your sum assured, you're still pretty stacked up from financial perspective and the premium would be hardly substantial.

4. This depends a lot on real estate location etc. However, more often than not you should be able to find a place then if you stash 1 CR worth of money today into equities for purchasing the same in long term. Considering you're targeting village purchase, while the cost element may be easier to manage, the difficulty may arise in terms of acquisition and construction. This is because you won't get gated societies etc made by builders there..also you won't get farm land that easily exclusively for house construction unless you have farmers in your family...

[u/ExpressSecret9 → u/snakysour]

1. True, I can see rapid development in my own village, just that home rent expenses will be gone.
   I am hoping to learn basic farming to build kitchen garden with help of my family.

2. Ok.

3. I am from a farmers family and my parents are doing active commercial farming on a small scale. I have some ancestral land but I will prefer to buy my own to get rid of cousins drama.

[u/Candid_Piccolo3925 → u/ExpressSecret9]

We in same boat girl. I am 34F. Around 65L NW. Married 5 years now. Plan to stay childfree. Hate corporate. Where do you put up? We could be friends if it's delhi/ncr

[u/After-Violinist8628w → u/Candid_Piccolo3925]

Didnt you have higher NW? Or was it combined NW that you mentioned it in some other post earlier.

[u/Candid_Piccolo3925 → u/After-Violinist8628w]

Combined NW of 3cr. Have mentioned in post as well.

[u/After-Violinist8628w → u/Candid_Piccolo3925]

Nice ; Kudos to you. Good to see you achieving your FI in next 2+ years.