You SHOULD Have This Much Money By 40?
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- čas přidán 15. 05. 2024
- Join us for an insightful chat with Monika Halan, India's first personal finance journalist, best-selling author, and SEBI advisor on investor protection. In this video she talks about the evolution of Indian markets, female participation amongst investor base and how to plan for your financial independence goals.
Wint Wealth: www.wintwealth.com/
You can reach Monika at: / monikahalan - Zábava
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@WintWealthYT .. please explain the calculation of 26x and 35x in details. I mean is the figure that's coming is a FIRE number at 40 or a number which one must have at age of 60.
@@abhishekbera5157 Whenever you achieve this number, You are financially independent. The earlier you achieve, the Earlier you Retire.
Success is not built on success. It's built on failure, It's built on fraustration. it's built on fear that you have to overcome. I pray that anyone who reads this will be successful in life
You are right.!
That is why I had to start forex trading 2months ago and l now am making benefits from it.!
My first investment with Wonghuatrades gave me profit of over $80,000 Us dollar....
And I can even say she is the sincere broker I know....
O' Yes I'm a living testimony of Wonghuatrades
Its crucial for individuals to diversify their portfolios, seek professional financial advice, and stay informed about market trends to navigate these challenges effectively.
The problem is that most people don't have the knowledge needed to succeed in a challenging market. Only highly qualified professionals who had to experience the 2008 financial crisis could hope to earn a high salary in these challenging conditions.
And let's not forget how the global economy plays into all of this.
Economic instability, inflation, and market fluctuations can further
complicate matters and add to people's financial worries.
Honestly this cannot be
overemphasized, helping people mitigate unforseen circumstances and mistakes .It's always good to have a
financial plan,
No doubt being financially free and not having to worry much about retirement, Consistently rising rates, health care and other expenses cannot be overemphasized, making smart plans and setting up diversified investment portfolios is quite essential.
Good point.. the market has been crazy lately, a few surprises here and there.. with all the global happenings taking place I think it's safe to say that a severe global recession is looming...
Ms Halan is the personal finance pioneer in Indian journalism. I'm gratetful for her early columns in Outlook Money and other publications. Thank you for your wise words, Ma'am.
huge numbers of people want to get retire early which proves they are pissed off with their job roles.
Specially IT jobs 😢
Plus insecurity of jobs - these guys say you will have lots of salary but we are not sure. Not all junior people will go to VP or director
What kind of comment is this? Complete Nincompoop
You are right sir, but the thing is they'll be more pissed once they retire early in their 50s as they won't have anything to do.
When one achieves financial independence, they can keep their job but at the same time be stress free, as if they don't like their job they can quit or do something else, but doing nothing once you have financial issues taken care of feels dumb.
That's not true it gives them power to choose
I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management?
depends on your expenses but most people retire with less a million in retirement assets. you can seek advise from a certified advisor
I think of it this way - merely putting $1m into a CD at 5%, you're making $50K per year. If you can swing that for the next 10 years, go for it. But then again, if you have to pay taxes on this $1 million, you should consider working for another 5 years
I'm quite lucky exposed to finance early, started job 19, purchased first home 28. Going forward, got laid-off at 36 just after covid-outbreak, and at once hired an advisor with grit to help generate cashflow by investing. As of today, my return on investment has yielded over 300%, summing up approx. $1.3m. Stay motivated friends
@@ATscott this is huge! your advsor must be grade A, mind sharing more light on your investing experience? in dire need of proper asset allocation
Can't divulge much, I delegate my excesses to someone of great expertise ''Karen Lynne Chess'' preferably you can look her up on the web, her qualifications speak for itself.
Thanks Monika!!!
One of the best decision of my life was to pick your book from a thela in New Delhi Railway station just when I was going to join my first job right out of Campus. You saved me multiple future regrets. I always read you book like an elder sister telling me what to do and what not to do.
Truly indebted to you!!
Can u please tell me the name of the book.
@@ARTYIDEASWITHPREETI Let’s Talk Money -Monika Halan
@@hilly_billy9531 Thanks
1. Health - be happy and healthy- health insurance
2. Relationships - move out for tours trips
3. Good gratitude towards Society
4. Earnings - money , credibility
Save 5k to 15k for month … according to goals for 20 to 30 years
1 . Fire -5k. Plan Corpus of 50 lakh to 2cr
2. House - 5k
3 . Child education 5k
4 . Vacation or trips - 5k - enjoy vacation for every 3years
Life is beautiful… enjoy every moment of life … Duck of Fire concept
Try to save 50% and more from your salary and avoid taking personal loans, product loans and incase needed home loan make sure the EMI is less than 15% of your salary and that EMI should not hinder your monthly savings of 50% and more. Invest your monthly savings of 50% and more in Mutual funds, ETF's, Bonds save FD deposits and Health insurance (for atleast 75 lakhs and more). You will become fearless and be able to take the best smart decision in your life.
One of the most important concepts in FIRE - the SWR or Safe Withdrawal Rate - was not even discussed during the meeting. Generally, a SWR of 4% is advocated but in the Indian concept, 3% is considered a safe number. Would have loved discussions around this.
Monika's Lets talk money is a very good book. I've even suggested to many. I strongly recommend to every citizen in this country. Its just enough to have good financial literacy.
Finfluencers need to see this 5:02, we save from 21 lil by lil, get married and all our savings are wiped out get into lil bit of debt 5 years down the line we get kids and save for house and so on.. so saving is very tough, very easy to say save 40 percent of your saving, but Indians here working from ground up , with no family wealth, supporting parents , living in cities with a chunk of money taken by taxes , its a marathon for us.
No one is denying that its tough, but the problem is that people don't start at all by giving this very excuse and end up increasing their expenses. Even if one is not able to put aside 40% from the very onset, atleast starting with a small amount and keeping at it helps inculcate the habit. I myself only reached 30% I think by the time I was close to 30, having started in my early 20s with just 5000 a month. Also, regarding all the savings being used, its important to bucketize the investments so that one knows which is the bucket one can dip into in times of need or to fulfil a goal. Investing without goals in mind is never gonna help.
I completely agree with you. However we can attempt to save & create side income to get out of the middleclass trap
Try to save 50% and more from your salary and avoid taking personal loans, product loans and incase needed home loan make sure the EMI is less than 15% of your salary and that EMI should not hinder your monthly savings of 50% and more. Invest your monthly savings of 50% and more in Mutual funds, ETF's, Bonds save FD deposits and Health insurance (for atleast 75 lakhs and more). You will become fearless and be able to take the best smart decision in your life.
@akshaypai2096 Most of the people in this decade are not interested in saving money, once they get a good job or wealth opportunity. In 2024, people in their 20s and 30s try to look like millionaires, and only aspire to get high paying jobs, and think of saving money as a form of wasted youthful days (i.e. if you haven't spent all your money and enjoyed life, then you have wasted your younger life), which is wrong as people can enjoy their life even in 50's, 60's and in 70's.
Monika Halan Ma'am, I read your book let's talk Money. An eye opener. ❤
Its Chickermane sir who I am a big fan of. He is a very supportive and good husband.
Thank you madam for the clarity in your thoughts. I have read dozen of books relating to personal finance in the recent months..kept them on the table and wanted my 22 year old daughter pick one out! She picked 'let's talk money'❤
Monika insights on financial independence and the importance of documenting one's financial life are invaluable! Empowering women to take control of their finances is crucial for long-term security and success. 📚💡
Thank you so much for this excellent financial insights. Monika ji is brilliant and one can just listen to her non stop. please more on women investments and financial literacy.
Specially for men and women who have worked entire life and could'nt save due to responsibilities and now with no savings. how to start saving with a small income in 50s .
Thank you mam it was lovely listening to you .
Thank you @WintWealth. You guys have taken the channel to another level with the last three podcasts with the guests that you interview. Keep up the good work.
Great insights Monika Halan ma'am!
I am in my early 40s and I am trying to teach personal finance to my kids.
Very true like you said, its no less than a life skill these days.
The best thing.., I liked here is.. the comment she made: “If u r financially independent, doesn’t mean.., you/we have to stop working”.
one of the best podcasts on personal finance.. thank you very much ❤
My favourite financial educator and one of very few people I genuinely follow for personal finance.. Her books are outstandingly good and simple to understand.. thanks for this episode!
Short,crisp...great interview and importantly the interviewer....most interviewers interrupt the speaker like Beer biceps especially...this is good
Every minute was informative and thought provoking. Mrs Monika clearly showed how a true financial advisor is different from Finfluencers. Kudos to Wint once again.
They interviewed my inspiration Monika Halan. Wow. Great job, wint wealth 🎉
I have watched so many videos on this channel and I really loved this. Thanks .
Liked listening wise, short & crisp, to the point discussion. Great interesting questions asked & how it was answered its superb.
Thank you for the time worthy conversation.
I know this lady since 2014. Monica's input is really great.
Very informative interview
I am 63 and govt retd, wish I had known these things when I started working at 24 years.
Well, now I can advice my son's better on these matters
Me and my wife, we are in our early 30's already documenting our investment details in diary and updating in regular intervals and always planning oru investments together 😊.
I have been practising ‘If I Die Before You’ approach for 10 years now.
Loved the discussion. Will download it for reference later.
Excellent advice especially for women. Thank you ma'am
I remember buying term insurance and begin to invest after reading her book on personal finance.
Excellent interview.. really good information shared for youngsters...
Great point raised on 40% Annuity in NPS
It is a foolish point. Annuities give guranteed income that you cannot lose. Annuties also give you a gurantee that no one will steal your money. Having too much cash means that people will ask for their share of inheritence or even kill you for your money. There are a lot of benefits on annuities.
@@ppen8359 I think she was more pointing to the companies that are managing your annuities and not annuities as an investment. The insurance companies, lesser said the better. Most of us know that insurance companies have no business to be in the investment business because it is not in the best interest of the investor. I can trust them on my insurance, not investment.
The best and top rated video of WW WintWealth
Very good interview. Thank you ❤
Each and every uttering resonates with me!
Such s great orator , composed, elegant , beautiful lady! India needs more of her
Great Interview
Monica Halan... From MAKE A WILL FOUNDATION
I'm a 52yrs Director in a Tech company and I consider myself a high income earner at $350,000 per annum, I have a retirement account account but i still want to explore opportunities for short term gains before i start working less in few years.
In my opinion, IRA is a valuable strategy for retirement planning, providing growth and tax advantages. While the market is promising, expert guidance is essential for portfolio management.
I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.
It is very difficult to be employed until the age of 60 these days in private sector hence the formula of 4X, 5X and 6X at 60 is not valid anymore
Why? Here I am at 58, wondering if I should work till 65. I really don't know why I would stop working, though I have made enough money to last till my grand children's life (as long as both my kids have not more than 2 kids each)...
If I stopped working, I feel I'll start rusting. Work is something that gives meaning to my existence (more than money)...
Being employable is about staying relevant. if you aren't relevant - you are out. Unlike in Govt, where even irrelevant people are tolerated, private sector can't afford irrelevant people. So, keep your skill up to date - or find something else you can do.
As someone who started in computer industry way back in 1980s, I have kept up with the tech trends, earned my management chops along the way, today part of C-Suite... If you are not able to put your years to good use - then indeed you will be forced to retire earlier.
Y is it difficult?
I felt the same especially for fast changing industries like Infotech. I've seen a lot of personnel being laid off for various reasons and when it comes to people in 40s & 50s, there aren't as many positions which map to one's profile and pay as much. This is where she rightly emphasized about skillset, basically one should be seen as a capable leader giving a good overall return for the higher salary.
@@neokarma5736it's not just about skill my dear. There is nothing so exclusive that you can bring in a huge HR world like India. So it's more to do about age/package/industry/wave etc. if a layoff comes, you are one of highest paid on the floor. Count on it they will get rid of you. Your time was different coz MNC would fire US/UK/EU staff to save...bt now Indians have started feeling heat coz no more ppl left to fire onshore. I don't see a single 50 yo in my whole company. It's 500+ staff MNC ofc and same is mostly everywhere.
@@007_Sun_Tzu If by your 50s you are not having the skills to be in a executive position, where you decide the direction the company will take, then you are right - you may lose your job.
If you have such skills in such critical positions - then only reason you will lose the job is because company itself collapses. Otherwise if company keeps running, you will be needed to run it..
Most people don't get to such positions , because top of the pyramid is very narrow and the skills needed to be there aren't hard skills - it is soft skills of managing large teams or markets..
If you have such skill in a steady state company, you won't lose your job till you decide to leave.
Take all the money,i don't want to know, don't need to know!Level of trust is great!!Obviously madam was doing a excellent job.
Very practical… Thank you
Questions should have been better as she is capable of answering deep personnel finance/investments questions.
Clarity of thought
So nice, she is good in presenting it very well.
Thank you 😊
Nice interview, learned a lot.
Really informative episode.
Retirement planning is essential. Did you know that in certain regions, you need over a million dollars to retire comfortably?
Indeed, it's quite a sum. I've been retired for three years now, and I'm only 46.
@@EricaWaters-lr6zw Nice...even bots retire now😂😂😂😂
Great episode 👏🏻💐
Awesome Podocast ….👍
Excellent information. Thanks
She is intelligent, eloquent, humble and hot - all at the same time ! kudos to this lady !
Eloquent matlab?😢
Honest...
Simple...
&
Brilliant!!!
Mam has great knowledge intelligence and wisdom 👏👏
Mam is beauty with brain...
Absolute Gem of a conversation 👍
Just amazing👍
This channel posts great content about financial literacy. But if I could make 1 suggestion, that would be to bring out more women on this platform. People underestimate the prowess women have especially when it comes to money and being one myself, I want to get more insights from women Rockstars.
Hey Muskan, agreed and suggestion taken. We'll definitely try to highlight more female investor journeys.
The movement she said I don’t hold a single stock , I got her mindset. She still holds conventional mindset of investing. Poor lady! Surprisingly she seems proud of not holding a single stock 😂
I like this woman!.
💯 career spans are shortening severely and I'm seeing similar trends around my workplace too
Excellent Maam
Graceful interview, much respect to the views shared
Very interesting 👍
Thats very true by the time money came the desires were not that many or lost.
Always have good content and good conversation ☺️
Glad you think so!
Probably the best informative video on this channel.
3 rd view, I am waiting for this video thanks wintwealth.
Very Useful!
Please help - : I have a folio of 1.5 cr plus. All in Equity. 70% in index funds (Nifty 50 and Next 50). Both funds are from the same fund house, happens to be UTI.
Should I choose a different fund house for my further investment to de-risk the fund house concentration? OR it doesn't matter?
Would love to buy your upcoming book!
Great interview....
Very nice video
Excellent conversation
Such amazing couple 😊😊😊😊
Good message with Great people...
Success is when you're self employed or employed on your own terms. Indian IT companies take ppl for granted, finally when they find the right candidate, he shows them the middle finger and runs off to the West or opens his startup..
Thanks for the great views mam.
You mentioned that wife's salary is being invested on husban's name. However, what about the situation where a man registers his home on the name of his wife.
It is about mutual trust..
She mentioned lesser allocation towards equity MF for lesser age. Any reasons? I always thought equity was the way to go for. Any other video giving out asset allocation in MF with adequate guidance on the subject?
Risk of volatility, debt is fixed moreover
Revux is a gem, a rising star in the crypto industry!
What a classy interview !!! Real food for soul, made my Sunday
And your comment made our day (:
pls call her again . very good information
Can someone please explain the math used in this video for FIRE target.
What I understood:
If you are spending 20 lakh a year at 40, it would be 65 lakh a year at 60.
You need 65*26 = 17 crores to retire.
So is this the FIRE target @ 40?
Just reduce your expenses dude...else your math is correct
Yes.
No! That’s the corpus you need at 60. What you need at 40 is the present value of that future value with rate of return you expect.
Hi Ravi, the expenses you consider must only be your essentials and those expenses that are expected to continue even after 60. So things like child's education and other one time expenses will not be considered. The expense estimate that comes up after removing those is to be extrapolated to age 60 and then made 26x.
Also, you do not have to reach this corpus at 40. The age linked milestone she mentions is basis income, in which a person should have a corpus worth 3x their income at 40 and growing upto 8x at 60.
Beautiful episode!
Mam pls let us know how much percentage should one keep for index mutual fund from their entire portfolio of MF
Kindly read "Lets Talk Mutual Funds" book by Monica halan. It is also available in audible which you can listen to
I have to make 20 crores lol as a corpus.... 1 lakh rs expenses per month, calculated at 7 percent inflation per uear for a period of 30 years..
Depends on what you do. My dad earns way more now at 64 than he did between 40 and 50.
Experts like monica halan with no real world experience shouldn,t be appreciated
Really super
Wish i have mentor like her
Lovely
At the age of 40 we should have 3X of our Annual Income. Can we include NPS PF PPF in this 3X AMOUNT or she means only FD RD MFs in this 3X Amount?
Please clarify
thank you mam
One Angle I think about the 40% annuity is that it will go away anyway as Tax if you don't take the special tax benefits of the NPS but I only allocate that much to it. I am happy that 40% blocked money will have my or my heirs name written on it rather than surrendering it today to Tax Man 😊
Also, that money cannot be stolen by anyone. Too much cash means people will come after you for money. People do make mistakes when they are old.
And we checked our PPF balance today... 😅
She's gorgeous in that young skin
How many are getting retired @ 40 years ?