How much money we really need?

How much money we really need?

12:46 AM   25yrs, advice, change, decision making, finance, first job, india, investment, parents, personal, planning, saving, wish,

Over a casual phone conversation with my friend i asked "How much money do you need to live?" the answer really shocked me on lack of financial awareness amongst young earners.

Financial planning priority pyramid

To make the illustration simple i'll try to put myself into the shoes of average Indian.

Most of us think we need 25K or 50K or 1 lakh INR per month salary to live a happy life. If you are thinking that 25K INR is enough for now at the age of 25 then i fear you are in a very risky situation.

Mind voice: What do you mean my risky situation?
Me: It's simple, you will find it difficult to get financial freedom or early retirement.
Mind voice: Come'on you are talking about retirement to a 25yr old guy? Seems like theory class.
Me: Oops! need data to prove them the seriousness, okay read the below examples.

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Migrating to Y generation savings bank account to make money work

Migrating to Y generation savings bank account to make money work

11:49 PM   advice, bank, experiment, finance, mobile app, money, review, saving, tax,

I don't recollect when was the last time i booked my bus ticket purchased at an offline store. That's the important of RedBus and other's, who created the impact and convenience for this Y generation.

Y generation account opening style

It always pissed me when i want to reach out to a bank to open my saving account. I don't really understand why should i carry my photocopies and do self attested address and ID proof even in 2016 where at the other side we promote Go Green and eco friendly by eliminating physical statements.

It's so embracing to see that banks still depend on a photocopy instead of just going ahead and scan my original address and ID proof which is more reliable than a photocopy which could be easily forged.

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