Living on 60 Lakhs Package in India | Fix your Finance Ep 14 #Finance

how do you spend your money we have taken it for these why did you guys shift here so I spent around two lakhs for this TV you love these gadgets and Technology right okay funds okay 50 crores yes hi this is and I belong to Andhra Pradesh and staying here in Bangalore since 2013 and

I’m a software engineer my hobbies are cooking and I have a kid who is just 20 months old who is very naughty hi I am feroz Ahmad I am a husband I do the same things as as follows hello and welcome to another episode of fix your color: #1a73e8; text-decoration: none;">Finance powered by cred ajam firoz Dono Engineers hi guys thank you so much so are you guys from Bangalore no we are not from Bangalore we are from Andhra since how long are you guys staying in Bangalore 2019 onwards so after the drop shift did you get a

significant jump in your salary yes yes yes it’s very upskilled also and Corona lockdown time and we got around 150 percent hike 150 hike how much time or money did you spend in upskilling yourself so I you know spent around uh 85 000. what about you I spent close to around 70 000 or more for

five years back Pharos used to make around 8 lakhs per annum and anjum used to take home around 9 lakhs per annum over the course of time both of them individually completed these certifications today firoz makes around 28 lakhs per annum and anjum has a package of 32 lakhs per annum both of them

have gotten a pay jump of almost 4X in less than 5 years so how much are you guys currently earning together we earn four lakhs 4 lakhs a month and this is post Taxes yes yeah I think India have a majority low-key annual Income how do you spend your money we spend

most of our you know expense towards traveling to our stations like we recently went for Goa and generally when you go for these vacations how much do you end up spending it’s close to one lakh what about this house do you guys own this place no we have taken it for these lease is an

agreement where you give a lump sum to the landlord of a property for period of time change for the ownership of the property is when he will get the 16 lakh rupees back post deposits so you are saving up a lot on the monthly rental so make sure to First do a background check on that owner before

signing a lease agreement and he’s someone who owns around 10 to 15 bars in Indra nagar itself so he was a big shot who used that Capital to invest in businesses and get a way higher return that’s why he is doing a dental agreement so for this house what was the lock-in

period and what was the deposit that you guys paid it’s a three years lock-in period for this house and we paid 16 lakhs lump sum 16 lakhs okay so how were you guys able to save this during the time of Corona and we were staying at our in-laws please parents please okay so there were no

expenses to be honestly the ROI will be highest when you invest in yourself what about food how do you guys manage your food and are you guys a family of two we have a kid okay okay presentation is not staying with us as we both are working okay so she stays at my mom’s place and in Lost

Place both so we spend around 16 000 for food so sixteen thousand is your groceries do you have to go to your office how often so I go five days a week five days a week okay and how do you do the travel I travel by Ola Ola okay how’s that expense how far is your play office 24 kilometer from

here 24 kilometers I travel 50 kilometers every day why did you guys shift here because it’s nearby to my mom’s place because we have to travel every week to see our kid so that’s one of the most priority I’m okay to travel for a long time that makes sense makes sense so how

much do you spend uh daily on your daily to and fro 600 what about you how often do you go to the office so as of now it is three days per week so I used to travel 12 kilometers and come back 12 kilometers 24 kilometers for me and do you also use Ola do you use your no I use my own car do you how

much uh money do you spend on fuel because every weekend you’re also going to visit your kid no two times we need to full our fuel tank so it costs around in Karnataka it comes to ten thousand ten thousand rupees a month and your traveling is 12 000 rupees twenty two thousand okay any other

major expense that you have baby needs baby needs okay how much or an average how much are you guys spending roughly a thousand six thousand okay that’s decent that’s pretty decent presently I have my medical expenses that is now currently increasing our you know uh expenses yeah so for

viewers she is currently pregnant how many months has it been five months okay thank you so much for doing this for being so patient you know so how much do you guys spend on uh every month we are spending more than five thousand on my medical expenses okay as Bangalore is very costly very costly

extremely costly and by any chance is it covered by your company or your Insurance or something Insurance is covered but uh uh post my delivery like during the time of my life when you are staying when you will be staying in the hospital okay tell me one thing is

your company are your company is offering you health Insurance yes okay and what’s the cover for me it is 10 lives for just you and no you and yourself okay for me it is 12 lakhs so that’s a decent amount so these are two Insurance policies collectively

giving around at least seven eight lakhs per individual and I’m guessing as I’ve recently shifted to Bangalore and I can see that you have purchased a lot of things you have a very beautiful TV state of the art sound system good so far you love these gadgets and Technology right of

course yeah I love the technology yeah because you were very passionately talking about the television and it’s features yeah around 2 lakhs for this TV okay so I was waited for three years to purchase this TV oh wow yeah for the TV so how many Credit cards do you have I have

one what about you I have two okay so how do you pay your Credit card bills through Credit for real yes guys if you use Credit cards the best way to pay your bills is by cred get amazing rewards in cashback download the cred app the link is in

description this is a lesson for all the young people out there who are looking for sources of passive Income and investment returns instead of focusing on the main thing how to increase your Income full-time investor new investment do you guys invest yes we invest

okay so what is the breakdown so we are investing in public product fund okay Reserve Bank of India okay every month every month 12 500 that’s the max we can invest okay 12 500 500 yes yes so 25 000 goes there okay and mutual funds okay how much do you guys invest close to ninety to one one

lakh rupees okay any other instrument where you guys are investing uh NPS is the national natural pension scheme okay funds also chit funds okay investors since when are you guys investing in chip funds 2.5 years 2.5 years there have been so many scams in the past returns and

Investments it’s a borrowing tool so this came around from parents so they taught us you know you invest in Jets you’ll get good returns and save money so that kind of habitat and no that yeah of course one thing another if Advantage for example if we go for mutual

funds there’s a locking period there are no locking periods in mutual funds except for elss mutual funds which is a tax saving instrument if you press the redeem button today you will get the money in your bank account in the next three business days since you guys have three

Credit cards and what is the limit or total limit uh I have eight legs eight lakhs what about you around three lakhs so I think your Credit cards can take care of your emergency expenses as well if you are seeing that this investment is not giving consistent

returns and there are a lot of fees generated then might as well shift to something else but I get it families but yeah try and you know change you can be the change is a good way to get Loans without any collateral but they are very very risky and they are not as regulated as the

Stock Market or the fixed deposits so how can I help you guys do you have any questions so I’m much concerned about my kids education in the future because we all know it’s very costly and definitely I want to give the big asset is education for the kids so how do you

want us to plan uh for a kids for my kids education office which is after 16 years the amount will be this much the amount will become this much I think India private universities so nothing to worry about so we wanted to upgrade our current car we wanted a full-size SUV car since our family is

growing in number so we want a suggestion that we should go with a full-size SUV car with a pre-owned or a first hand you can actually find really good deals uh with some pre-owned cars my father also recently purchased a pre-owned car if you are considering a Loan then banks will

offer Loans for as long as seven to eight years but please please try to finish your Loan within four or five years Max actually four years second thing is you should try to keep the Emi the car Emi below seven eight percent of your total pay Okay the third thing

is if you are buying a pre-owned car then the car Loan Auto Emi is way more than a new car CMI so in that case you are better of taking a personal Loan at 11 rather than taking us a pre-owned car auto Loan Emi moving on to a lighter round this is

our version of a rapid fire what is the most expensive thing that you have gifted each other uh Bluetooth speakers but as a type computer speakers what about you I given the gold jewelry okay have you ever hidden any purchase or expense from each other no I’m very transparent no I’m not

with your parents parents is if yes I think something like yeah okay what do you guys prefer work from home or walking from office from home work from home okay what is a figure that you guys think will be enough for you and your family to officially retire like you guys to retire current scenario

I think more than 50 crores to 60 crores is needed definitely for having the like that we are leading right now 50 crores yes foreign good day good night have a nice week ahead