The Reddit post of a 30 year old boy is going viral, whose annual salary is Rs 20 lakh, but there is not a single penny in his bank account. He told that all his savings were spent in building the family house. Now he is asking for advice on saving money for the future.
AOn one side there is an annual salary of Rs 20 lakh and on the other side the bank account is completely empty. It may sound a bit strange, but a 30-year-old boy’s Reddit post has sparked a huge debate on financial planning and family responsibilities.
Got the house built, the account is empty!
This story is about a boy who comes from a financially weak family and is currently the sole earning member of the house. He told that to avoid any kind of loan or EMI, he invested Rs 14 lakh in getting his family’s house built. Because of this all his savings were gone. Now in this uncertain job market he has to start from zero. The IT professional boy wrote, “Age 30 years, male – Salary 20 lakh – Savings 0 – EMI 0 – Loan 0.” He further said, “I work in the tech sector and am 30 years old. My salary is Rs 20 lakh. I don’t have any savings till now. I belong to a normal family and am the only earning person in the house. Some time ago, I spent Rs 14 lakh to get my family’s house built. I paid the entire amount from my savings and did not take any loan.”
How to start from zero, any advice?
He then asked other Reddit users for advice: “I need some advice on how to start saving money. I can’t rely on this job alone these days. How do I start building wealth with this ‘zero balance’ situation? I have no idea where to start. I don’t even have a policy or insurance in my name. I have no idea how or where to start.”
Supporting the boy, a user wrote: “You are doing great. Here are some suggestions: Take a term insurance as soon as possible. Save 50% of your salary for the next one year and create an emergency fund (rainy day fund) equal to 6 months’ salary. Live simply with 50% of your salary. Your main goal should be to earn more money.” Most people advised the boy to take insurance, but another Reddit user raised questions on this. He asked: “Everyone is saying to take insurance. But what is the guarantee that the claim will be received on time?”