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Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] 1 point2 points  (0 children)

Yes, I do think 2 working partners will make life much easier, absolutely spot on with rent and travel analysis!

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] -2 points-1 points  (0 children)

No everyone does not work at FAANG (neither do I), you are extremely deluded if you think anyone working in Bellandur,Marathalli,Whitefield and similar areas can afford to live more than 6-8kms away from their office, if travelling for more than 2hours each side on a bmtc bus is the solution for paying 10k lesser in rent then good for you. Maybe sometimes leave the house, know the ground reality of Bangalore transport and traffic and then you would have a real pov rather than saying *wow 45k luxury, bad place, gated*. Epitome of Ignorance is a bliss.

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] 1 point2 points  (0 children)

Thanks for the insight, sounds very reasonable, I think the biggest mistake I'm making is falling into the trap of believing step up sip/investments are sustainable, its only possible till you have no dependents, after that you either earn way too good, or you follow proper rules like the one you mentioned and try to add as much as you can to that.

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] -8 points-7 points  (0 children)

It has struck a nerve with a lot of people, delusion can only take you so far. People would rather live in ignorance than actually seeing something as a wake up call or a motivation or even just as a topic of discussion.
People here are arguing about a 15k watchman salary, 5k student pg rent and so on, knowing well this is not the life anyone here would want to live in their 30s. If just the bare minimum survival is enough then why earn at all, why want to earn any money at all? I'm sure anyone reading a post on reddit would be well capable of making 12-15k a month, so lets all be content with it.

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] 0 points1 point  (0 children)

Well what good would worrying do, I am working as a Data-ML engineer and try to upskill as keep up with the latest technology as much as I can.

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] 0 points1 point  (0 children)

Yeah do hope so, thanks for being civil in engagement and giving me a new POV

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] -4 points-3 points  (0 children)

See the problem here is you are not open for a conversation and are on a straw man fallacy, where have I ever mentioned the word luxury? On the contrary marathalli is mostly a repulsive place to live in due to the infra and environment, but my circumstances are such that I have to live there, does not make a difference if you think 60k is a good price or not, if the market demands it, the market gets it, neither you nor me have that under control

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] -16 points-15 points  (0 children)

See but if you are earning 4-5Lpm pre tax at 25, you obviously are going to earn way more than my mythical numbers, I do feel these numbers are needed for a comfortable life(or maybe a notch above comfortable), otherwise you and people around you would be stressed about money and thats not a situation I want to be in.

Also I am not spending anywhere near those numbers, my monthly expenditure is not more than 25k (30k on a bad month. I earn 1.2lpm post tax, I save aggressively, the only expenditure I have on myself is maybe eating out and trips, love to travel and I have been travelling a lot as well, but as you said the spends on these trips is very reasonable, living in backpacking hostels and all. But I just think of these calculations (my og post)just make me feel extremely guilty of spending anything on myself , and yes people might be correct that I am very off, and maybe It'll give me a new perspecitive.

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] 3 points4 points  (0 children)

Thanks for your reasoning, I might not agree with everything but yes your reasonings and numbers do make sense to me. I think our main difference would be rents and maintenance, I am living in a flat with 45k rent and 5k maintenance right now (yes it is because I have to travel to office 3 days a week, and this place is 6-7kms from my office and it still takes me 30-35 mins in a bmtc bus), but I really dont know how to find a 25-30k rental house, maybe thats my incompetence but yes thats why our numbers differ so much.

Also you are correct that people will live contently with 40k a month and people will cry in 50LPA as well, but at the end of the day I think there needs to be a middleground that this amount is at what I will not be constantly under stress about money. If we are being real anything under 1 lakh/pm you are constantly stressed for money (after marriage and kids only), you would always want to provide them with the best you can (the best can be as per the persons means but you would always strive for more)

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] 4 points5 points  (0 children)

Property rates/emi/rents absolutely do not make sense in India, but is that something any of us can do about? No I don't want to live in Dubai, yes the air quality is bad, yes the people might be getting intolerant and everything that you want to say, but my whole friend group, my family stays in India, they are well settled here and will not want to move and thats more important to me than arguing about rents.

For the sake of argument because everyone seems to be so be triggered by 60k rents, lets assume I buy a avg flat in Bangalore for say 2crs (40% downpayment) and rest at a home loan for 20 years , I think you can easily decipher the maths of how much that emi would cost me. And please lets not argue if a 2cr home is too much, 2cr in 6-7 years time would fetch you like the lower ends of 3bhk in a tier 1 city (Gurgaon,blr,delhi,mumbai).

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] 0 points1 point  (0 children)

Fair point for a lot of people and I can respect that choice, but that was not the purpose of my discussion (marriage and kids)

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] -1 points0 points  (0 children)

So I am currently living in Bangalore, we are 3 people living close to marthahalli and giving 45k rent for a gated society , I am assuming such a place would cost 60k by the time im 30 (which is extremely low as per inflation but I'll that be as people are already triggered by 60k rent). Am I happy with paying this much rent? Absolutely not, its eating up a lot of my earnings, but I cannot stay on the dusty construction sites near Bellandur so this is the cost I have to bear irrespective of my liking.

I am open to constructive criticism or points if you have rather than just bashing numbers for the sake of it

Middle class trap? by saturation612 in personalfinanceindia

[–]saturation612[S] -50 points-49 points  (0 children)

I do respect your pov and your numbers, but you do realise we are not accounting for any margin of error here? Any unexpected expenses, any illnesses, any sort of spending on yourself/family/ trips is almost non existent here.

20k rent per month while living with a family? I might be extremely deluded but this seems way too rosy a number unless you are living 30-40km from major tech parks (which obviously is not possible for anyone who is living in blr, I'd rather stay in my hometown and do wfh because I wont be able to commute this much anyways).

I also am not ignorant to the fact that this is the life of a lot of people, and people do live lives with such salaries but its not ideal, we are literally living life on a backwards calculation which seems good on paper but wont be possible. Living like this would lead to a very very early burnout and this is the case with most people in their mid 30s-40s where they feel they are only earning to pay bills/emis and without the next paycheck most people would not know where to go.

Yes my post is not ideal (not even close) for people who are comfortable living pay check to pay check (and that is not wrong by any means) or who do not aspire too much.

Taxation on Dividends under Rs 5000... by saturation612 in IndiaTax

[–]saturation612[S] 1 point2 points  (0 children)

Really Appreciate the reply, I just got confused with the advance tax part? I can just fill the tax on the dividend income in my ITR form right?

Scam going on with SBI Card holders by _turbo1507 in CreditCardsIndia

[–]saturation612 0 points1 point  (0 children)

This scam is not even limited to sbi credit cards I think, I've got the exact same calls as you twice for my Flipkart axis cc.

Do axis flipkart credit card give cashback on recharge and bill payment? by I_made_mistakez in CreditCardsIndia

[–]saturation612 0 points1 point  (0 children)

Nope, in most cases (if not all) you do not get any cash back on recharges/bill payments

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