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At the outset, I request you to please be kind to me here. I am not an LI user and this is my first time asking for help. I grew up in a modest home, with my dad on government payroll that got divided between my fees, ration, EMI and sending half of it back to his home town to ailing parents - so I always grew up with slightly less than what I needed and not what I wanted.
Worked my way up to a t2 law school and got placed in a firm offering a t1 salary. I will be moving to Bangalore next month to start.
I want to understand how to manage my finances. What are my best investment options - my brother is big on stock market and I am not but since he understands the risks and everything, I am planning to send 10% of my salary to him to invest in the market. 20% I am planning to put in SIPs. 5% in digital gold. Should I consider mutual funds? I don't have a lot of knowledge here on. Trying to do my research, but someone having gone along the similar lines can help please?
I want to keep some money vacant for myself. Buy some good quality formal clothes and not rely on street thrifting for once, buy a good laptop/ ipad, reserve money for takeouts and get online OTT subscriptions to help destress. Would it be a bad idea to save up for myself?
As I am writing this, I understand the best person to ask would be my dad - as I am here because of his impeccable financial management, but he also never kept anything to himself, and I am not sure if that's how I want to live.
A little help, or even some direction towards useful resources will help. Thanks!
- which city it is (eg tier 1 metro like Mumbai, Delhi and Bengaluru vs tier 2 metro like Chennai or Pune or Ahmedabad or Kolkata or Hyderabad)
- the rent you pay
- the car you drive
- your fuel costs
- Uber usage
- your vacation expenses
- your dining expenses
- your wardrobe expenses
- whether you have a maid and driver
- gym membership
- golf/tennis/padel/pickleball club memberships
- Internet and OTT subscriptions
Can you live below 1.5 lakhs a month as expenses? Sure, even in Mumbai. But your quality of life will be basic middle class.
My expenses in a tier 2 metro are around 1.8 lakhs a month. I pay no rent and drive the cheapest car for a short distance to office. My quality of life is pretty good, because this leaves me with more to spend on other heads.
In Bangalore, Poovayya & Co, Chambers of C K Nandakumar, Thiru and Thiru, Chambers of Aditya Vikram Bhat (ex AZB senior partner), Crest Law - Dhyan Chinappa and G Krishnamurthy are some names that are on top of my head who have good commercial litigation and arbitration practice.
Second, I escalated to the partner. Gave supporting evidence. Including twitter thread from someone who had quit and basically mentions everything this person has done. Partner "tried" mediating. I mention "tried" in quotes because it felt more like a you have misunderstood him, the practice is demanding etc etc. My take-away was he would rather lose an SA who has joined the team and has been working for 3 months, than a PA who has been in the team for 1 year and caused 3 attritions within that year (all people directly reporting onto him).
Once second was clear, I knew I would quit. So I did and moved out. I did mention and flag this guy in my exit interview. I am told he never got a promotion later because of that and had to quit and get partnership in another firm. Long story shirt, he is an equity partner today in a T2 firm and people continue to quit under him.
The morale of the story is, control what you can control. If the atmosphere is not sustainable, quit.
Divorce, adultery, alcohol dependence, smoking addiction, vaping, substance abuse, psychiatric and mental disorders and constant medication.
Missing vacations, missing family and friends, missing weddings and celebrations and funerals.
Missed doctor appointments, delayed appointments etc.
mods, pls bump.
Good pay and wlb is a myth in BnF