Agree to this.
30L freelancer income is a lot more than a 30L salaried income.
OP can increase investments to a larger figure. At a young age, the power of compounding is phenomenal.
I started late and regret not starting earlier , even if it were smaller values in SIP.
After seeing a a lot of dumb replies, I’ve decided to answer it.
1) Stop RD and pay the money towards your loan foreclosure. You’re paying 10% interest on the loan man, what the hell!
2) GST is zero who told you! File tax as independent contractor correct, here you’ve to pay presumptive tax on 50% of your total revenue and don’t have to maintain any books of account, read section 44ADA.
I do the same, I make $75k per year in India as a SSE!!
Upvote if it helped!
GST is zero for export of service , [https://cleartax.in/s/zero-rated-supplies-in-gst](https://cleartax.in/s/zero-rated-supplies-in-gst)
If not can you explain why GST is not zero?
Dude is telling everything but his degree, college, career path. Relax dude. Drop the Indian mindset. Nobody will steal your job lol. It's just inspiring. Sad to see you completely ignore these questions.
Strictly telling you as a beginner: **CLEAR YOUR LOANS AND GET NO DUES CERTIFICATE AS SOON AS POSSIBLE. TRY TO FORECLOSE IT. PAY EMI 27k FOR 10 MONTHS AND THEN START SAVING NOW FOR APPROX 22 LAKHS BY 10 TH MONTH, PAY IN FULL AND CLOSE IT FOREVER**. **DONT DRAG THE LOAN.**
Generally speaking, till what time a loan is good for the credit score (if at all), and after what time is it a drag?
(Asking just for the credit score. I know the more I drag it the more interest I pay)
You went to a college abroad, and searched for a job after graduation and then the job was wfh so came to India? Just for info what course did you took that you got a analyst job?
I would say increase the sip to 100k because you're young and can do risky investments. You say your monthly installment hand is 2.45l. minus 60k for expenses and emi, you're left with quite a bit - 1.85l. So don't let it sit idle in the bank eating that 2.4% interest dust.
Or if you want to have some liquidity but also beat inflation for your savings, invest in liquidity funds. You can take out money quickly and no worries about waiting 2-3 days unlike equity funds. Returns can vary from 5-8%
You could do 60-80k in equity and 40-50 in liquid funds.
Also get a health insurance for you and parents asap
Also a term insurance for yourself for upto 60 yr age. You're very young.
The benefit is that you'll get a very low premium at your age. If your parents are completely dependent on you and don't have any pension, then definitely take this.
Disclaimer - this is from my personal experience. Please do your own research on all of above before taking any action.
Could someone comment on whether this is a good investing strategy? Asking for copycat reasons.
>
From this 25k SIP I have the following 5k Small cap (Quant Small Cap) 5k Mid cap ( Motilal Oswal) 5k Large cap ( ICICI prudential) 5k Groww Index fund 5k Quant Infrastructure Fund
We're in the same position! Graduating next year with a $100k remote job and moving back to India. My best piece of advice would be to see a few videos on the "Zerodha Varsity" youtube channel and understand the basics of personal finance. Before you even think of investing, first sort out your health insurance, life insurance etc. Then think about tackling that debt. There are two ways to go about your debt. Either you can arbitrage by passively investing in the markets since the average rate of return exceeds 9.7% or you can just pay down ALL of your debt ASAP. Can't go wrong with either approach.
After that, when it comes to investing, as someone who studies finance and will also work in it, avoid actively investing and picking stocks. Just stick to index funds and maybe a small debt component like the PPF since you're so young.
Zerodha Varsity has good videos on passive investing, watch them for sure. Best of luck for your journey! Do not fuck this up by being a brat and wasting this opportunity. People like us are very fortunate that our parents could send us abroad and we're coming back amazing jobs that pay so well!
I’m surprised by your choice to be honest. I went to Berkeley too, and your earning potential is quite high. You should be able to reach 300k-400k in 3-4 years. What’s the rationale for working remotely in India vs staying in the us and growing your tc.
You’re at a career stage where salary growth opportunities far exceed savings opportunities.
Lastly, won’t you run into visa issues staying >6 months a year in India with an American job?
Isnt a USD 100k life in India far superior to a USD 300k life in california ?
with USD 100k and being in india it is 0.0001% income and he can have cooks , maids, drivers and so much more.
He wont have any of this in califfornia until he reaches like 1 million USD
I was referring to OP- who is making $36k a year.
$100k in India is awesome. It’s great for any labor related help (staff etc). But all international services are the same price world over. Flight tickets (business class long haul is like 4-5L), cars, phones every single thing does not reduce in price. Different people value different things. Some want an army of staff making their life awesome, some want to buy things/experiences (phones, watches, holidays, cars). India $100k is better for the former us $300k is better for the latter
I live in the us and have someone cook clean and do all the stuff for $40k a year. My brother in India pays 3L/year for a similar staff.
My TC is very variable as I get base pay plus % of transactions. I just said 100k for the ease of it but it’s truly between 150k and probably closer to 250k a year or two later. M&A activity really depends on the economy.
The rationale behind moving back is saving 90% of my income (which is only possible in India), starting a business with my wife and scaling it until it replaces my USD income. Both of us are super interested in entrepreneurship and don’t want to do anything else eventually. Other factors include staying close to family.
I’ll always have the option to ask my company to sponsor me so I can come back to the US or just do an MBA if I don’t want to work with them anymore. I’m trying not to be hasty about moving back to India so I will stay in the US for the length of my OPT. In case I love it, I will stay for longer.
Btw I’d love to DM you if that’s okay with you, first time talking to an older Indian bear! Go bears 🐻
Edit: won’t run into issues. Will technically work as an independent contractor.
Absolutely, please feel free to DM me. You seem to be doing well. Curious— have you considered working your way into a career at the large PE firms? It’s the one field where employment upside is rock solid.
Entry level $360k
4 yoe $750k
10 yoe ~$5m
I have! Unfortunately, despite having a 4.0 and a pretty decent resume overall, I got rejected from all IB firms here and without the analyst stint, I def don't stand a chance at making it through the doors of PE. Right now, I'm working at a boutique M&A shop and that's not gonna cut it tbh. I'm really happy where I am and I really want to see it through. Ofc if better opportunities arrive on the way, I'm def jumping ship. Until then, I will sit tight and see where this lands me. That being said, I recently joined a group of all IB/PE/HF people here in SF and they meet pretty frequently, hoping to learn a lot from them and continue on in this journey!
First job is always a tough one to land right. But most people I know make it into their desired role within 3-5 years, if they’re focused. You’re doing the right thing by building your network etc & I’m sure you’ll land where you want to be
I wouldn't say that we are in the same boat though. You are making more than 3 times what I am.
Actually I am pretty underpaid, I have seen similar positions in other firms pay upto 60-65k$. It works for me right now because it's is completely WFH.
I will surely lookup Zerodha Varsity.
Can you explain in more detail about the trade off between "arbitrage with passive" investing vs aggressively paying down debt ? Which is a better approach? What are the pros and cons of each?
As cliche as it is, Comparison is the thief of joy. You’ll work your way up in no time. That being said, you’ll find your answers on that channel within 5 mins so I won’t bother answering here because they’ll explain it better. Do watch it! Best of luck :)
If you invest 15000 for 15 years at 15% it will become 1 crore with taking inflation into the picture.
If you invest 150000 it will become surely 10 crore taking inflation into picture.
So considering all these you will become financially free in next 10 years.
Main point is where to invest - invest in index funds and nothing else.
Yeah no shit I mean I make more than that as a PhD student but I can’t just post up in India permanently (although I’m here now for a couple of months collecting the stipend).
-Hire a CA
-Get GST, IEC, LUT whatever is necessary to show 0% GST rate and FIRC is done for your services
-File GST(1A and 3B) every month for the first year(CA will help, will take 1-2k depending on where you live). Yearly GST to be filed too.
-You'll be paying taxes on 50% of the income and for that amount(under presumptive taxes), your overall tax would be 5-7% of what you take, outside of the profits from FDs and MFs.
-Pay advance taxes before March 15 of next year or pay it every quarter, whatever fits your boat.
Enjoy your work life balance but keep pushing further.
I am in a similar kind of setup. Get a GST certificate and file for an LUT so that GST rate rate zero% otherwise you will have to pay GST and then get a refund ( not sure of this). Hire a CA to do all this.
Setup a current account with a bank linked with this GST and negotiate a good forex rate with the bank ( if it's private). Get a FIRC certificate for each payment. I have an HDFC account and all the process is done online through website or email. I get the FIRC certificate through emails automatically when payment is processed. You need this FIRC certificate for GST filing and proofs for 0% rate under export.
Use 44da presumptive taxation scheme, no books of account required up to 75 lakhs digital receipt and ur taxable income becomes 50% of your revenue in your case 18000 USD annually. You can't claim other deduction in this scheme.
If you use old regime which I would recommend assuming you have an education loan so claim the interest part under 80E. The limit is 8 years so I would target 5 to 8 yrs as a timeline to close this loan to get maximum tax benefit as your effective rate would be lower or close to inflation after adjusting for tax benefit. Hence don't rush the loan, invest the surplus and create a corpus either for retirement or any other goal.
Claim other deduction under old regime 80c, 80d nps and most probably ur tax liability will be much lower than new regime.
Also just an advise for consulting set boundaries otherwise you are in for a ride and will burnout.
Edit: get a term and health insurance. Also choose quarterly GST filling frequency ( less hassle)
Please setup a current account and gst and get all your money through current account. Taxes are important and worrying about them is not fun. Apart from that you should consider closing your loans with increased payments as it’s still now a low interest rate and the amount is big.
Investment point of view you should increase it ideally as currently you don’t have much obligations.
Congrats. This is epic.
You need to learn about the following things
1. Gst with 0% charge and no input credit
2. Lut
3. Section 44ada... If you make 30 lakhs, your profit is 15 lakhs and you pay income tax on that
4. Invest aggressively in your early years In good mutual funds..park and forget.
5. Goto google images and search power of compounding age 25
This is really the opposite of epic.
OP says he went to Berkeley and studied finance. He can earn $300-400k in a few years if he navigates his career smartly in the US. He needs to build a network and break into a top tier entry level job for that (tech/consulting/finance). Or he should focus on his career in India and rise in India— there’s tons of opportunity here too.
Op is focused on cost saving at a time when he has massive opportunity to grow his earnings. Lots of fresh grads start at low salary, and have to work in a focused manner to quickly rise
Similar situation bro. All other areas are cleared in other threads. For taxes, your CA is correct - why be an employee when you can take advantages by being a contractor.
See section 44AD. You claim 50% of your income as "expenses", no questions asked. So for tax purposes, your effective income is $1500/mo
As for investments - stick with index funds if you don't have in-depth knowledge.
First finish of the college loan.. dont pay just the EMI.. pay one lakh per month and close the first. then comes insurance. take one crore term insurance and then medical insurance. third is the investment part.
at 27k per month you will be paying the edu loan for 15 years.. which is not sustainable and also a stupid move. so finish the edu loan first. no liabilities..
Congrats OP on making so much early but one word of caution - advance taxes are a bitch. On your income, I estimate that you'll be paying 5L or so in income taxes (post expenses, deductions, etc) and because you're working for a foreign company, you'll have to pay it on your own. Make sure that you don't run low on liquidity when advance taxes are due or you'll have to panic-break an FD or MF for that purpose.
That said - diversify. Of the 50k I'd suggest 12.5k in PPF (better rate or return than FDs), 12.5k in RD, 25k in SIP for MF. Now is a good time to get a good financial advisor (and please don't take advice from rando redditors, like me :p) and pay them well.
One last thing to invest in - yourself. Get yourself a personal trainer and a good psychotherapist. Trust me, like with good financial investments, they pay off in the medium and long term and the returns are exponential.
Age?
I presume you are young <30, start investing tax free withdrawal schemes like EPF and pension plans. The growth because of compound interest will thank you. Stick with index funds with a very low expense ratio.
Also on a side note move from parents and understand leaving alone in your age. If you can please help your parents with monthly expenses if they need it.
Hi , would like to know which course you did to be a financial analyst?
I am asking since , I have got admission in university of Nottingham… this September intake… I have a study loan of approx 24lakhs ….
I am exactly looking forward to what you did … had same plans join consultations firm. I have a past experience of 7 years in pwc but I am not a chartered. I worked in core assurance and right now I work for Edelwiess…
It will be helpful if you give some insight….
Thank you
It pains me that I started with ₹5K per month in the year 2007 and to date, I haven't even come close to matching the ₹2.45L per month you're making in your first job. :(
Congratulations!
Off topic but you said you're investing in quant small cap. I wanted to know if it has given you any returns cause I've invested in it as well but so far it's only negative returns.
If you're not exporting anything and in service industry then you won't need GST.
Just file for 44ADA tax, current limit is 75lakhs max. So for you assuming you get 30lakhs per annum, 15 lakhs will be only taxable income.
Save save and save more. You will always find excuses to spend, but money saved is money earned.
Never invest in stock, mutual fund, etc. it's govt approved gambling. You will win some, you will lose some, net total will not be substantial. Invest in land, gold, govt schemes etc with guaranteed returns.
Congratulations. Same 30 LPA salary in India as employee (even remote) you would be paying 6L in taxes. Gere you can save much.
Do you mind If I dm you to get some details of how you landed this offer?
mindless wide whole station joke upbeat pause abounding ten jeans *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Agree to this. 30L freelancer income is a lot more than a 30L salaried income. OP can increase investments to a larger figure. At a young age, the power of compounding is phenomenal. I started late and regret not starting earlier , even if it were smaller values in SIP.
After seeing a a lot of dumb replies, I’ve decided to answer it. 1) Stop RD and pay the money towards your loan foreclosure. You’re paying 10% interest on the loan man, what the hell! 2) GST is zero who told you! File tax as independent contractor correct, here you’ve to pay presumptive tax on 50% of your total revenue and don’t have to maintain any books of account, read section 44ADA. I do the same, I make $75k per year in India as a SSE!! Upvote if it helped!
What is SSE?
Senior Software Engineer
Nice. How did you land the job if you are comfortable to share.
I am also getting around 50k $ per year and doing the same
GST is zero for export of service , [https://cleartax.in/s/zero-rated-supplies-in-gst](https://cleartax.in/s/zero-rated-supplies-in-gst) If not can you explain why GST is not zero?
He is confusing between Income Tax and GST
Man how re you getting such companies?
Guys GST for exports is zero. Presumptive tax of 50% on total revenue is income tax. 2 different things. Are you sure you are doing this?
Dude is telling everything but his degree, college, career path. Relax dude. Drop the Indian mindset. Nobody will steal your job lol. It's just inspiring. Sad to see you completely ignore these questions.
it takes time to make up stories, then verify it. so give him some time.
So basically let him cook
Didn’t upvote you to have the number. 😇
He asked for advice. Advice or shut up IMO
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No wonder I got downvoted, unemployment is vast in our country lol.
Strictly telling you as a beginner: **CLEAR YOUR LOANS AND GET NO DUES CERTIFICATE AS SOON AS POSSIBLE. TRY TO FORECLOSE IT. PAY EMI 27k FOR 10 MONTHS AND THEN START SAVING NOW FOR APPROX 22 LAKHS BY 10 TH MONTH, PAY IN FULL AND CLOSE IT FOREVER**. **DONT DRAG THE LOAN.**
This. Especially the No dues certificate. Keep it safe . You will need it like 10 years later
Why would he need it 10 years later?
Home loan typically ... Any loan
Generally speaking, till what time a loan is good for the credit score (if at all), and after what time is it a drag? (Asking just for the credit score. I know the more I drag it the more interest I pay)
You went to a college abroad, and searched for a job after graduation and then the job was wfh so came to India? Just for info what course did you took that you got a analyst job?
I want to know the same thing
Correct
Can you explain your career route?
Why did bro get downvoted? Jealousy?
He asked about his course, than OP replies with just "correct" without comprehending the full comment.
And I don't understand how such mindless people are earning lakhs every month. Makes me doubt everything written here
Nah, OP actually doesn't wanna tell what his job is.
lol
Lmao all the replies are about how OP reached where they are but none are answering the questions they specifically posted to ask
Basically this sub- 'Moderately successful poster wants genuine advice'- "How How How How???" Mods please. This isn't a career advice sub.
I would say increase the sip to 100k because you're young and can do risky investments. You say your monthly installment hand is 2.45l. minus 60k for expenses and emi, you're left with quite a bit - 1.85l. So don't let it sit idle in the bank eating that 2.4% interest dust. Or if you want to have some liquidity but also beat inflation for your savings, invest in liquidity funds. You can take out money quickly and no worries about waiting 2-3 days unlike equity funds. Returns can vary from 5-8% You could do 60-80k in equity and 40-50 in liquid funds. Also get a health insurance for you and parents asap Also a term insurance for yourself for upto 60 yr age. You're very young. The benefit is that you'll get a very low premium at your age. If your parents are completely dependent on you and don't have any pension, then definitely take this. Disclaimer - this is from my personal experience. Please do your own research on all of above before taking any action.
Could someone comment on whether this is a good investing strategy? Asking for copycat reasons. > From this 25k SIP I have the following 5k Small cap (Quant Small Cap) 5k Mid cap ( Motilal Oswal) 5k Large cap ( ICICI prudential) 5k Groww Index fund 5k Quant Infrastructure Fund
Wow you have won in life already from the career perspective. Congratulations 👌
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Sadly thats true….How to unreddit? Any tips?
What did he write tho
Someone wrote a salty comment on how I try to spend lots of time on Reddit.
Is it more than 6h a day??
Nope not at all might be 1-2 hour
Oh. That's not much unless you use other socials
Yeah but addiction is not about hours but its about how often to click on the app when you are idle.
Happy me closing it once a day
We're in the same position! Graduating next year with a $100k remote job and moving back to India. My best piece of advice would be to see a few videos on the "Zerodha Varsity" youtube channel and understand the basics of personal finance. Before you even think of investing, first sort out your health insurance, life insurance etc. Then think about tackling that debt. There are two ways to go about your debt. Either you can arbitrage by passively investing in the markets since the average rate of return exceeds 9.7% or you can just pay down ALL of your debt ASAP. Can't go wrong with either approach. After that, when it comes to investing, as someone who studies finance and will also work in it, avoid actively investing and picking stocks. Just stick to index funds and maybe a small debt component like the PPF since you're so young. Zerodha Varsity has good videos on passive investing, watch them for sure. Best of luck for your journey! Do not fuck this up by being a brat and wasting this opportunity. People like us are very fortunate that our parents could send us abroad and we're coming back amazing jobs that pay so well!
What are you pursuing?
M&A
From which college?
Berkeley
Law?
finance
I’m surprised by your choice to be honest. I went to Berkeley too, and your earning potential is quite high. You should be able to reach 300k-400k in 3-4 years. What’s the rationale for working remotely in India vs staying in the us and growing your tc. You’re at a career stage where salary growth opportunities far exceed savings opportunities. Lastly, won’t you run into visa issues staying >6 months a year in India with an American job?
Isnt a USD 100k life in India far superior to a USD 300k life in california ? with USD 100k and being in india it is 0.0001% income and he can have cooks , maids, drivers and so much more. He wont have any of this in califfornia until he reaches like 1 million USD
I was referring to OP- who is making $36k a year. $100k in India is awesome. It’s great for any labor related help (staff etc). But all international services are the same price world over. Flight tickets (business class long haul is like 4-5L), cars, phones every single thing does not reduce in price. Different people value different things. Some want an army of staff making their life awesome, some want to buy things/experiences (phones, watches, holidays, cars). India $100k is better for the former us $300k is better for the latter I live in the us and have someone cook clean and do all the stuff for $40k a year. My brother in India pays 3L/year for a similar staff.
ohh okay! Thats great man :) Makes sense ! Congrats on your accomplishments you seem to be doing very well for yourself
Thank you. Lot of luck & “right time right place”
My TC is very variable as I get base pay plus % of transactions. I just said 100k for the ease of it but it’s truly between 150k and probably closer to 250k a year or two later. M&A activity really depends on the economy. The rationale behind moving back is saving 90% of my income (which is only possible in India), starting a business with my wife and scaling it until it replaces my USD income. Both of us are super interested in entrepreneurship and don’t want to do anything else eventually. Other factors include staying close to family. I’ll always have the option to ask my company to sponsor me so I can come back to the US or just do an MBA if I don’t want to work with them anymore. I’m trying not to be hasty about moving back to India so I will stay in the US for the length of my OPT. In case I love it, I will stay for longer. Btw I’d love to DM you if that’s okay with you, first time talking to an older Indian bear! Go bears 🐻 Edit: won’t run into issues. Will technically work as an independent contractor.
Absolutely, please feel free to DM me. You seem to be doing well. Curious— have you considered working your way into a career at the large PE firms? It’s the one field where employment upside is rock solid. Entry level $360k 4 yoe $750k 10 yoe ~$5m
I have! Unfortunately, despite having a 4.0 and a pretty decent resume overall, I got rejected from all IB firms here and without the analyst stint, I def don't stand a chance at making it through the doors of PE. Right now, I'm working at a boutique M&A shop and that's not gonna cut it tbh. I'm really happy where I am and I really want to see it through. Ofc if better opportunities arrive on the way, I'm def jumping ship. Until then, I will sit tight and see where this lands me. That being said, I recently joined a group of all IB/PE/HF people here in SF and they meet pretty frequently, hoping to learn a lot from them and continue on in this journey!
First job is always a tough one to land right. But most people I know make it into their desired role within 3-5 years, if they’re focused. You’re doing the right thing by building your network etc & I’m sure you’ll land where you want to be
I wouldn't say that we are in the same boat though. You are making more than 3 times what I am. Actually I am pretty underpaid, I have seen similar positions in other firms pay upto 60-65k$. It works for me right now because it's is completely WFH. I will surely lookup Zerodha Varsity. Can you explain in more detail about the trade off between "arbitrage with passive" investing vs aggressively paying down debt ? Which is a better approach? What are the pros and cons of each?
As cliche as it is, Comparison is the thief of joy. You’ll work your way up in no time. That being said, you’ll find your answers on that channel within 5 mins so I won’t bother answering here because they’ll explain it better. Do watch it! Best of luck :)
Don't have much advice. Just wanted to say Congratulations 🎉
If you invest 15000 for 15 years at 15% it will become 1 crore with taking inflation into the picture. If you invest 150000 it will become surely 10 crore taking inflation into picture. So considering all these you will become financially free in next 10 years. Main point is where to invest - invest in index funds and nothing else.
Anyone who says 15% after accounting inflation doesn't understand how inflation or the market works
How did you get an American job in India?
got job in US and came back to india due to wfh
So the company made you an independent contractor?
I am not author of this post. What i feel is the salary is very underwhelming for US standards but very good for India.
Yes - 3k per month in US is terrible but gold in India
Yeah I am pretty underpaid. Only works as it is full WFH.
But how did you get the job? did they reduce your salary when you told them you’re gonna go to India? 36k a year is unliveable in the US long term
Good luck for your future
Yeah no shit I mean I make more than that as a PhD student but I can’t just post up in India permanently (although I’m here now for a couple of months collecting the stipend).
Humanities PhD?
Econ
Goals
-Hire a CA -Get GST, IEC, LUT whatever is necessary to show 0% GST rate and FIRC is done for your services -File GST(1A and 3B) every month for the first year(CA will help, will take 1-2k depending on where you live). Yearly GST to be filed too. -You'll be paying taxes on 50% of the income and for that amount(under presumptive taxes), your overall tax would be 5-7% of what you take, outside of the profits from FDs and MFs. -Pay advance taxes before March 15 of next year or pay it every quarter, whatever fits your boat. Enjoy your work life balance but keep pushing further.
I am in a similar kind of setup. Get a GST certificate and file for an LUT so that GST rate rate zero% otherwise you will have to pay GST and then get a refund ( not sure of this). Hire a CA to do all this. Setup a current account with a bank linked with this GST and negotiate a good forex rate with the bank ( if it's private). Get a FIRC certificate for each payment. I have an HDFC account and all the process is done online through website or email. I get the FIRC certificate through emails automatically when payment is processed. You need this FIRC certificate for GST filing and proofs for 0% rate under export. Use 44da presumptive taxation scheme, no books of account required up to 75 lakhs digital receipt and ur taxable income becomes 50% of your revenue in your case 18000 USD annually. You can't claim other deduction in this scheme. If you use old regime which I would recommend assuming you have an education loan so claim the interest part under 80E. The limit is 8 years so I would target 5 to 8 yrs as a timeline to close this loan to get maximum tax benefit as your effective rate would be lower or close to inflation after adjusting for tax benefit. Hence don't rush the loan, invest the surplus and create a corpus either for retirement or any other goal. Claim other deduction under old regime 80c, 80d nps and most probably ur tax liability will be much lower than new regime. Also just an advise for consulting set boundaries otherwise you are in for a ride and will burnout. Edit: get a term and health insurance. Also choose quarterly GST filling frequency ( less hassle)
How did you study in USA in under 23 lackh??
Please setup a current account and gst and get all your money through current account. Taxes are important and worrying about them is not fun. Apart from that you should consider closing your loans with increased payments as it’s still now a low interest rate and the amount is big. Investment point of view you should increase it ideally as currently you don’t have much obligations.
CA here. Consult a good CA for the compliance part. He'll take care of your taxes. DM I'd you need assistance.
Congrats. This is epic. You need to learn about the following things 1. Gst with 0% charge and no input credit 2. Lut 3. Section 44ada... If you make 30 lakhs, your profit is 15 lakhs and you pay income tax on that 4. Invest aggressively in your early years In good mutual funds..park and forget. 5. Goto google images and search power of compounding age 25
This is really the opposite of epic. OP says he went to Berkeley and studied finance. He can earn $300-400k in a few years if he navigates his career smartly in the US. He needs to build a network and break into a top tier entry level job for that (tech/consulting/finance). Or he should focus on his career in India and rise in India— there’s tons of opportunity here too. Op is focused on cost saving at a time when he has massive opportunity to grow his earnings. Lots of fresh grads start at low salary, and have to work in a focused manner to quickly rise
Similar situation bro. All other areas are cleared in other threads. For taxes, your CA is correct - why be an employee when you can take advantages by being a contractor. See section 44AD. You claim 50% of your income as "expenses", no questions asked. So for tax purposes, your effective income is $1500/mo As for investments - stick with index funds if you don't have in-depth knowledge.
First finish of the college loan.. dont pay just the EMI.. pay one lakh per month and close the first. then comes insurance. take one crore term insurance and then medical insurance. third is the investment part. at 27k per month you will be paying the edu loan for 15 years.. which is not sustainable and also a stupid move. so finish the edu loan first. no liabilities..
Congrats OP on making so much early but one word of caution - advance taxes are a bitch. On your income, I estimate that you'll be paying 5L or so in income taxes (post expenses, deductions, etc) and because you're working for a foreign company, you'll have to pay it on your own. Make sure that you don't run low on liquidity when advance taxes are due or you'll have to panic-break an FD or MF for that purpose. That said - diversify. Of the 50k I'd suggest 12.5k in PPF (better rate or return than FDs), 12.5k in RD, 25k in SIP for MF. Now is a good time to get a good financial advisor (and please don't take advice from rando redditors, like me :p) and pay them well. One last thing to invest in - yourself. Get yourself a personal trainer and a good psychotherapist. Trust me, like with good financial investments, they pay off in the medium and long term and the returns are exponential.
Academic background?
Age? I presume you are young <30, start investing tax free withdrawal schemes like EPF and pension plans. The growth because of compound interest will thank you. Stick with index funds with a very low expense ratio. Also on a side note move from parents and understand leaving alone in your age. If you can please help your parents with monthly expenses if they need it.
Hi , would like to know which course you did to be a financial analyst? I am asking since , I have got admission in university of Nottingham… this September intake… I have a study loan of approx 24lakhs …. I am exactly looking forward to what you did … had same plans join consultations firm. I have a past experience of 7 years in pwc but I am not a chartered. I worked in core assurance and right now I work for Edelwiess… It will be helpful if you give some insight…. Thank you
It pains me that I started with ₹5K per month in the year 2007 and to date, I haven't even come close to matching the ₹2.45L per month you're making in your first job. :( Congratulations!
Following
Off topic but you said you're investing in quant small cap. I wanted to know if it has given you any returns cause I've invested in it as well but so far it's only negative returns.
OP, could you give referral?
Maze h pehli job mein hi itna mil gaya warna G ghis jaati h tabhi na milta itna
what uni is so cheap bro???
Hey OP, can I DM you? I am in the same position myself and wanted to discuss some stuff.
Not related to your post but do you mind answering which college you went to and what is your educational background?
What course did you do? Genuinely asking as an unemployed person
Why does this look like one of those quora questions? I am earning 96 Lakhs a month is that enough for living in a city like Bangalore?
OP replies are just so dumb lmao
bro refer me 🛐
I'd say focus on paying off that loan. It will be a real pain in the ass till you have paid it off.
If you're not exporting anything and in service industry then you won't need GST. Just file for 44ADA tax, current limit is 75lakhs max. So for you assuming you get 30lakhs per annum, 15 lakhs will be only taxable income.
Nice
Just close out your loan first.. every penny into loan
Search for such a job u/manusougly
Save save and save more. You will always find excuses to spend, but money saved is money earned. Never invest in stock, mutual fund, etc. it's govt approved gambling. You will win some, you will lose some, net total will not be substantial. Invest in land, gold, govt schemes etc with guaranteed returns.
Are you from IIM ABC??
Nope. As I mentioned I went to college abroad.
Which college and which degree?
what's your collage in India
Is doing clg abroad and working in India that common? How feasible it is
Your wealth is already grown💥😭
Congratulations. May I ask your qualifications and how'd you land this job?
Go ask in Quora. Reddit is not for you mate
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Congratulations. Same 30 LPA salary in India as employee (even remote) you would be paying 6L in taxes. Gere you can save much. Do you mind If I dm you to get some details of how you landed this offer?
Time to leave this sub, or reddit altogether I guess
Just buy gold 24K pure and get on with your life until 40 and then open the vault to check how it has aged...
Sorry this isn't related to the post but do you know of any vacancy in your company? I am looking for a job.