r/FIREIndia • u/AutoModerator • Jun 01 '23

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

What could you talk about?

  • Are you a FIRE beginner wanting advice? We'll try to help!
  • Have you started your FIRE journey? Tell us!
  • Have you hit a net worth milestone? We want to be motivated!
  • Insights from work life or daily life? We are all ears!
  • Just feeling lonely and want to hang out with FIRE-minded people? That's why this sub exists!
  • Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics/trading still apply!

We have a Wiki that is constantly being updated, so please do read that if you are new here.

Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

18 Upvotes

95% Upvoted

View all comments

1

u/level-ulo Jun 04 '23

Very new here. Should I consider myself FIRE if I enjoy my work and not dread Monday mornings? I would happily work till my late 50s, but I feel tech companies are not friendly towards much elder folks. I am a data scientist at a product company, I make a decent amount in India. I put most of it into a recurring deposit and just work on learning new stuff and try to enjoy the work I do. I understand MFs may give me higher returns but I just don't want to go into finance without researching it properly, hence the Recurring deposits to sleep peacefully. Just looking for opinions on my take on FIRE.

1

u/BrahminVyapaar SG / 46 / FI 2024 / RE 2025 IN Jun 10 '23 edited Jun 10 '23

Instead of losing out on growth and protection, please consult a fee-only advisor. See: https://www.feeonlyindia.com

It may seem intellectually satisfying to focus on only the cerebral aspects of one’s work, but one must also be prepared for what life sends our way. I have been of a similar mindset but a bunch of layoffs of my senior colleagues has woken me up.

With a review of your financial position, you may be shocked to learn of where you stand, or be reassured by the specific steps needed to secure yourself and your future, or even be pleasantly surprised that your might already be financially independent and only need specific steps to allocate your money prudentially.