Do we really need 4-5 Crore to live a decent life after 20 Years? | Technical, Finance, Investment Questions

Do we really need 4-5 Crore to live a decent life after 20 Years?

Mahima Choudhari

4 months ago


Now a days, a lot of finance influencers are talking on social media that we need at least 4-5 Crore to live a decent life after 20 years because of inflation.

This is making a lot of people take so much stress thinking they need more and more money.


Let's understand about this myth.


Expenses for Youth in 2023:


  1. If one person, who is 35 Years old, is earning 1.5 Lac monthly in Bengaluru, he has generally below expenses monthly:
  2. 30-40,000 Monthly EMI for House Loan
  3. 10-15,000 Monthly EMI for Car Loan
  4. 15,000 Monthly for Groceries
  5. 15,000 Monthly for Shopping and Entertainment
  6. 10,000 Monthly for Kids Education


So, 1 Lac will be spent on above items and around 25-30,000 will go in savings for future travel or medicals.


Expenses for Youth in 2040:


Once that person is retired in 2040, his monthly expenses will reduce to just 25% only because:


  1. Zero Monthly EMI for House Loan
  2. Zero Monthly EMI for Car Loan
  3. 15,000 Monthly for Groceries
  4. 5,000 Monthly for Shopping and Entertainment
  5. Zero Monthly for Kids Education


So, only 20-25,000 will be enough to live a healthy and decent life.


Conclusion:


  1. We must plan for Future and after Retirement life so that we don't have any EMI or Loan left after retirement.
  2. We must have our own home so that we don't need to worry about House Rental or Move here and there for Rental House.
  3. We don't need to stress too much today as it may spoil our health.
  4. We must understand that since we are Young today, so we have more desires and expenses but at the age of 50, our desires will reduce to basics only.




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Mahima Choudhari

Software Developer at ZS Association

4 months ago

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