We are a young couple living in New Delhi, Capital of India. We are Prakriti and Ankit Garg.
While both of us were cruising in our respective jobs, somewhere around October 2016 we realized we will not end up anywhere if we remain on this path throughout our lives. What we will have though is a fancy house with 20 years of mortgage on it and both of us slogging our entire lives to pay that off.
So we decided to look around to find alternate ways of living & came across the concept of FIRE – Financial Independence Retire Early. The more we read about it, the more we got hooked to the idea of us retiring early. We did some calculations and figured out that if we remain prudent to our financial planning we can indeed retire by 45 which is 12 years from now. And then in April this blog was germinated.
This blog is about our journey to attain Financial Independence by 45 and then retire; retire to a life where we don’t have to trade our time for money to sustain our family, retire to a life where we can invest our time to maximize our happiness. After all ultimate goal in life is to be happy. At the moment these are the things which keep us happy –
- Spend time with the family. They are our world.
- Play with our son who came into our lives just over an year ago.
- Road Trips
- Family Vacations
- We have set a target of 10 countries for our mother and 25 countries for us. Our mother has traveled to 4 countries so far and we have done 3 trips.
We live a very comfortable life at the moment, probably would be in top 1% of India’s population as far as household earning is concerned. And we intend to keep it like that only even after retirement which means large corpus of funds and/or good source of passive income.
But then how much corpus would we need at 45? Answer is Rs. 9 crores or $1.4 Million. For numbers buff, here is the answer to “How much money do i need to retire?”
It is quite steep!
Given the fact that we don’t have much savings at the moment and we are already 33 we know it is going to be an arduous task but we are upto it. In-fact we don’t have a choice!
We have also created a small operational plan to get to our target. Here is our Early Retirement plan.
Now the only problem is that we will not be able to save that much amount every month from our salaries even though we are earning decently well. This leaves us with 2 options –
- Either to increase our earning or
- Cut down on our expenses and save more
Since we are not spendthrift types even now, savings from cutting down on expenses would not help much though that would surely help us get closure to the target. Hence we will have to increase our earning. We intend to do this by –
- Enhancing our skills set so that we become more valuable. For starters could you suggest what should Ankit add to his armory? Here is his LinkedIn Profile
- Start an online business which generates some passive income in times to come. This blog is also an attempt in that direction.
What to expect?
- We will be sharing our earnings report, savings report, investments report every month which would keep us committed to the cause and will probably also help the readers.
- Ankit will share insights on how to start, grow your business online and earn from it.
- We will write about how to save for retirement and how to invest for retirement
- Whatever product we will be recommending here will either be used or heavily researched by us. Therefore expect absolute honesty from our side. We are bringing this up since there would be conflict of interest here as we will also monetize this blog in near future.
So let’s get cracking on this wonderful journey.