This Mumbai Man Is On The Road To FIRE With Equity SIPs | Mint Money
Summary
TLDRArunava Gwinn, a 4-year-old aiming for early retirement, is nearly halfway to his goal of achieving a 15 CR rupee corpus through savvy investing and cost-effective living. Born and raised in Mumbai, his journey includes a switch from home ownership to renting for better amenities and space, aligning with his FIRE (Financial Independence, Retire Early) aspirations. Arunava's strategy involves mutual funds, direct stock investments, and a keen focus on minimizing unnecessary expenses, while also considering the impact of lifestyle inflation on his financial goals. He emphasizes the importance of balancing desires with financial planning for a happy and productive life.
Takeaways
- 😀 Arunava Gwinn, a 4-year-old, is aiming for financial independence and early retirement with a target of 15 CR rupees corpus, and is already nearly halfway there.
- 💼 Initially, Arunava spent most of his income with little savings, but later got serious about saving after being introduced to the concept of mutual funds and the FIRE movement.
- 🏠 Arunava switched from living in his own home to renting a larger space in a more amenable area for his growing family, and now enjoys the benefits of a gated community.
- 💡 The decision to rent rather than buy was based on a strategic analysis which concluded that renting made more financial sense at the time.
- 💰 Arunava's current financial status is around 15 crores, and he is on track to reach his goal in the next 5 years, despite uncertainties about inflation and currency value.
- 🚀 Arunava's vision of retirement is not about idleness but about gaining independence to pursue more productive and interesting endeavors, possibly involving entrepreneurship or teaching.
- 🔄 Arunava started investing in stocks based on tips from colleagues, but after the 2008 financial crisis, he shifted his focus to mutual funds, eventually owning around 60 funds before consolidating.
- 📉 Arunava uses Value Research as a resource to understand the mutual fund ecosystem and has been trimming down his portfolio to a more manageable number.
- 🏦 Arunava is a firm believer in investing directly rather than through a distributor, as he finds it more cost-effective and efficient once his portfolio reached a certain size.
- 👨👩👦 Arunava's financial planning is a joint activity with his wife, and they both need to align their plans for a successful FIRE journey.
- 🌐 Arunava's investment strategy includes a mix of mutual funds, direct stocks, and a small percentage in debt investments, with no significant investment in real estate or gold.
Q & A
What is Arunava Gwinn's goal for financial independence and early retirement?
-Arunava Gwinn's goal is to achieve financial independence and retire early with a target corpus of 15 crores in rupees, and he is nearly halfway there.
How did Arunava's interest in the FIRE (Financial Independence, Retire Early) movement begin?
-Arunava's interest in the FIRE movement began when someone in his office introduced him to the idea of savings and mutual funds. Later, he started following people on Twitter who were part of the movement, which further piqued his interest.
What was Arunava's initial experience with investing before getting serious about it?
-Initially, Arunava spent most of his income with barely any savings. It was only years later that he got serious about saving money, influenced by someone in his office who introduced him to the idea of savings, mutual funds, and other investment options.
How did Arunava's investment journey evolve after the 2008 financial crisis?
-After the 2008 financial crisis, Arunava started exploring mutual funds and has had a stable investment journey since then. He also began reading about the FIRE movement and started following it more seriously.
What significant change did Arunava make in his living situation as part of his FIRE journey?
-Arunava switched from living in his own home to renting a place in a gated community with more amenities and space for his growing family. He put his own house on rent to cover the cost of his new living situation.
What is Arunava's current FIRE number, and how close is he to achieving his goal?
-Arunava's current FIRE number is around 15 crores, and he estimates that he is slightly short of halfway there, but he is on track to achieve his goal in about 5 years.
What is Arunava's vision for his retirement or independence?
-Arunava's vision for retirement or independence is not about completely stopping work but rather gaining the freedom to explore different avenues such as entrepreneurship or teaching, which he is passionate about.
How does Arunava manage his investments, and what is his approach to mutual funds?
-Arunava manages his investments directly, having transitioned from using a distributor. He started with a few SIPs in mutual funds and eventually consolidated his investments down to around 20-25 mutual funds, focusing on tax efficiency and market conditions for buying and selling.
What is Arunava's strategy regarding real estate and gold investments?
-Arunava does not consider real estate a good investment for his portfolio size, and he has not invested much in gold or fixed deposits. His primary focus is on mutual funds and direct stocks.
How does Arunava's family situation align with his FIRE goals?
-Arunava's wife is also involved in the FIRE journey, and they work together on financial planning. Their joint efforts ensure that both are on the same page regarding their financial independence goals.
What are Arunava's thoughts on insurance, and what type of insurance does he have?
-Arunava has term insurance and may increase his coverage this year. He also has health insurance through his company and a family floater policy for additional coverage. He believes insurance should only be for the period that one plans to be earning.
Outlines
😀 Early Retirement Ambitions
Arunava Gwinn, a 4-year-old, has set an ambitious goal to retire within the next five years with a financial independence target of 15 crores INR. He is nearly halfway to his goal, having started with minimal savings and later getting introduced to mutual funds and the FIRE (Financial Independence, Retire Early) movement. Arunava's journey includes a switch from living in his own home to renting, which has been a strategic decision to optimize his financial path. He currently pays around 40-42 thousand INR in rent annually and earns a similar amount from renting out his own property, effectively making his living space cost-neutral.
💼 Investing and FIRE Movement Insights
The script delves into Arunava's investment journey, which started with stock tips from colleagues and eventually led to significant losses during the 2008 financial crisis. This experience prompted him to explore mutual funds, where he initially invested in over 60 different funds. Through resources like Value Research, Arunava learned to consolidate and trim down his portfolio to about 20-25 funds. He also continues to invest a small percentage of his monthly savings directly into stocks, alongside his mutual fund investments. Arunava's strategy involves selling funds on good market days and transferring the money to preferred funds during downturns, although he acknowledges the tax inefficiency of this approach.
🏦 Debt Management and Financial Planning
Arunava discusses his approach to debt, mentioning that he has a small percentage of debt investments, mainly due to accumulated debt from his mutual fund journey. He is content with keeping it at around 10% of his portfolio. Additionally, he benefits from the Employees Provident Fund (EPF) for both himself and his wife, which covers a significant portion of his debt requirements. Arunava also touches on the challenges of KYC issues that his wife faced with SIPs being randomly rejected, highlighting the administrative hurdles in financial management.
👨👩👦 Family Finances and Insurance
The script covers Arunava's family's financial situation, including his wife's involvement in their FIRE journey. They have a joint approach to financial planning, which is essential for their shared goal. Arunava also discusses his experience with life and health insurance, mentioning that he has term insurance and is considering increasing his coverage. He has company-provided health insurance for his family and has also insured his mother through his corporate plan. Arunava has not made any personal claims on his private insurance but has utilized the company plan for various medical expenses.
💡 Lifestyle and FIRE Philosophy
Arunava shares his thoughts on lifestyle inflation and the evolving desires that come with different life stages. He emphasizes the importance of balancing one's aspirations with financial goals, noting that the FIRE movement is not a one-size-fits-all solution but rather a personal choice. Arunava believes in enjoying life while working and saving, with a preference for international travel while he is still in his working years, and plans to explore more of India during retirement. He also highlights the benefits of the National Pension System (NPS) and advocates for its awareness among colleagues.
🚀 Reflections on FIRE Journey and Future Goals
In the final paragraph, Arunava reflects on the dynamic nature of the FIRE journey, acknowledging that goals can change over time due to factors like family growth and lifestyle inflation. He discusses the importance of managing desires and understanding personal aspirations. Arunava also addresses the differing opinions on the FIRE movement, stating that it is a matter of personal choice and should be tailored to individual happiness and productivity.
Mindmap
Keywords
💡Financial Independence
💡Early Retirement
💡Mutual Funds
💡FIRE Movement
💡Portfolio Size
💡Renting vs. Buying
💡Investment Strategy
💡Debt Investments
💡KYC Issue
💡Insurance
💡NPS
💡Lifestyle Inflation
Highlights
Arunava Gwinn, a 4-year-old, is aiming for financial independence and early retirement with a target of 15 CR rupees corpus.
Initially, Arunava had minimal savings but became serious about investing after learning about mutual funds post-2008 financial crisis.
Arunava's interest in the FIRE (Financial Independence, Retire Early) movement was sparked by global trends and Twitter influencers.
He was born and raised in Mumbai and has a deep connection to the city, only leaving for his MBA.
Arunava switched from living in his own home to renting to accommodate a growing family and found it a financially sound decision.
He pays around 40-42 thousand rupees in rent and earns a similar amount from renting out his own property.
Arunava's current FIRE number is approximately 15 crores, and he is slightly less than halfway there.
His vision of retirement includes independence and exploring options like entrepreneurship and teaching, rather than complete leisure.
Arunava and his wife plan their FIRE journey together, ensuring both are aligned with the lifestyle changes.
Arunava's investment journey began with stock tips from colleagues before the 2008 crisis, leading to losses and a shift to mutual funds.
He initially had over 60 mutual funds but has since trimmed down to around 20-25, using value research for guidance.
Arunava continues to invest in direct stocks, allocating 10-15% of his monthly savings to them.
He does not invest in real estate or gold, believing they are not suitable for his portfolio size.
Arunava's portfolio includes a mix of equity and debt, with a preference for direct investment over debt.
He has faced issues with KYC validation affecting SIPs and redemptions, a common frustration for investors.
Arunava invests directly rather than through a distributor, valuing the cost savings and control over his investments.
He has a separate consideration for his son's education within his FIRE number, acknowledging the dynamic nature of education costs.
Arunava holds term life insurance and is considering increasing his coverage, avoiding legacy policies with cash back features.
He has a comprehensive health insurance plan covering his family and himself, with no significant claim issues.
Arunava's monthly expenses are between 15-20% of his joint income, with a significant portion allocated to travel.
He is enrolled in the NPS, utilizing both the company's contribution and his own, appreciating the benefits it offers.
Arunava emphasizes the importance of managing desires and lifestyle inflation when pursuing financial independence.
He acknowledges the personal nature of the FIRE movement, stating it's about finding happiness and productivity, not a lack of ambition.
Transcripts
[Music]
arunava Gwinn is 4 years old and he
wants to retire in the next 5 years
basically he has his eyes set on fire
financial Independence retire early his
Target is a 15 CR rupe Corpus and in
fact he's nearly halfway there but how
exactly is he doing this let's find out
[Music]
when it comes to you know investing and
saving money like with most uh you know
single men the first few years were
barely any savings was all spent off but
it's I think many years down the line
actually got serious somebody in office
introduced me to the idea of savings
mutual funds Etc I gone through the
whole journey before the 2008 financial
crisis bought some brilliant names at
2,000 Rupees which are today penny
stocks even or even Dlisted some Burt by
fingers Etc then finally jumped in the
world of mutual funds and since then it
has been a stable uh Journey thank uh
thank God for that and uh thus I feel
over the last few years you I started
reading a bit about this whole fire
movement globally uh started following a
few people on Twitter got me intrigued
uh more you know it really interested me
about the whole piece of being
financially independent retire you know
retiring earlier retiring towards more
productive and more interesting things
to you for yourself so that really
piqued my interest and I said you know
let me try and make a shot for it have
you always lived in Mumbai I have always
been a mumbiker I've been born brought
up uh T bre Mumbai uh in fact my gener
my family has been here for now 90 years
or so possibly the only time I've lived
away from the city is when I did my MBA
apart from that it's always been Mumbai
right and part of your uh your fire
Journey has been the switch from um
living in your own home to renting so
can you tell us about that yes so uh as
you know being a hard you know mumbiker
for so many years I did have a home in
Mumbai uh but it was more in the in the
you know in the older part of town more
was the older suburbs uh typical Mumbai
house which is small uh doesn't have too
many amenities uh we had we were blessed
with a baby during Co during the
pandemic we decided that's a time when
you need some more space you need a
place for the child to grow up to and
that's when we thought of moving a
little bit further out of the city so
that we get bigger space a more more
ities Etc we went through the whole
journey of buy versus rent thought of
buying Etc uh put it down to maths and
uh you know being a strategy person I
tried modeling it out and it just didn't
make sense to buy anything so that's
when we decided to rent so we swapped
rents you know basically put this on
rent put my own house on rent put this
on and went here on rent and it's been a
good journey so far you know it's been
nice staying in a gated community a big
Housing Society gives a lot of uh
Avenues to and things to do for my
parents uh for and especially for the
child lot of open areas to play Etc so
it's been good so currently it's 40,000
year yeah I pay a rent of around 40
42,000 over here and you make more in
rent why rending it's more or less the
same but yeah it's marginally marginally
higher by renting that out nice so
essentially you don't have to pay
anything for your State uh technically
yes technically yes nice okay so what is
your fire number fire number uh as of
things stand today it's anywhere between
around around 15 cres or so uh plus or
minus and that's what things stand today
you know 5 years 6 years down the line
we don't know where the dollar will be
where inflation will be so the number
may move but as things stand today it's
around 1550 and how much of the way are
you there I would say slightly short of
maybe halfway around there or something
but I think I'm on track to be at uh get
there in 5 years or so right and when
you do have that status what's your
ideal vision of retirement or just
Independence uh so there are two pieces
to it one is the as you correctly said
it's the whole idea of Independence uh
we've gone through some uh you know
Financial uncertainities in the past
when I was a child want to get away from
want to get away from that also free up
your uh open up different Avenues and
options for options for you uh it's not
that my retirement is like you know 45 I
want to kick up my boots and go and stay
in a Goa Shack and sip weer all day yeah
that's like fun that's that's actually
not what I envision myself doing maybe
at 60 or 65 but definitely not at 45
it's more a psychological block to get
there and then maybe uh maybe explore
different ideas some things around could
be entrepreneurship could be giving back
to society I have a passion for teaching
a lot so maybe I will explore that as an
Avenue but it's not just you know okay
I'm done you know that I can't go to
office I can't see an office absolutely
not that kind of situation correct and
I'm assuming your wife will also want to
work a lot more years and uh yeah so the
thing is whatever we talk about whether
it is the number it's the planning it's
all a joint uh activity it's not that I
mean it's going to be pretty pointless
if one person is you know as fired and
the other person is is still doing 9 to
9 to8 kind of jobs right so it's worth
both together yeah so you have to align
both your
plans so tell me about how you began
investing where did so you mentioned a
few stocks that you picked randomly the
4 2007 uh was that like tips from
colleagues or how did that journey start
so that was usual the tips from
colleagues you know and this was during
that whole rally before the 2008 crisis
you know uh where in those days you
would have the sensex move thousand
thousand seems like part for the course
today but you know I'm talking when the
sensex was at 17,000 it used to move a
th a day uh so you pick up anything
whatever is hot you hear tips you hear
from U People You Meet Etc we would do
that a bit a little bit of elss Etc as
you said you know 2008 everything
started going going down and uh after
which when uh you know when things were
down you kind of lost most of the money
Etc then you then I thought know let's
look at something some different avenu
started speaking to about mutual funds
heard a lot about from it from a few
colleagues started off with my first few
sips you know the first sip I still
remember I started off with I think one
of 1,000 rupes and one of 2,000 Rupees
you know and I said oh is it am I doing
the right thing so that's that's when it
started off and then balloon to six
mutual funds of 2,000 Rupees each and so
on you hit the point of 60 mutual funds
right yes I I I at one stage I had I had
around 60 plus mutual funds because
every few every few months there would
be a new flavor you know sometimes it's
an fmcg fund sometime it's some other
fund PSU fund Etc 2009 when the when the
government when the UPA government
returned there was a whole Buzz that you
know psus are really going to take off
so all mutual funds started off with the
PSU scheme so I to locked off PSU PSU
scheme unfortunately those PSU have
taken off now after after 10 years but
yeah that's been the journey so create
this some thematic fund some large gaps
and they were just off by a mere 10
years yes yeah so that's how you land up
at 60 plus mutual funds and when did you
start trimming them down like what were
the resources that you accessed how did
your thought process so I started this
you know oh I don't know if I should say
this but uh value research has been a
go-to place for me to understand uh the
mutual fund uh industry the mutual fund
ecosystem really well uh that's where I
understood the idea of you know let us
start trimming things out and I started
seeing some of these things and I
realized that like a lot of funds will
have certain particular like the HDFC
Rel liances ICS of the world are there
with everybody and I'm like you know
what am I doing with this and I realized
that I need to start trimming uh
trimming it down value research helped
me a lot in understanding and around 3 4
years back uh during covid is when I
started putting attention to trim this
down my idea has always been that you
know uh
whenever I have time and whenever it's a
good day in the market sell uh get out
whenever there's a bad day I transfer it
to whatever funds I I like uh trimming
down unfortunately is a bit tax uh is
not tax efficient which I think should
be something hopefully we change in the
next few years but it's it is what it is
but trimming down really helps and now
how many funds do you want now I think
it's come down to around 20 25 or so the
ideal I I know experts it should be five
or six but I think I'll still be there
around 15 or so or so over the next few
years I don't see going below 10 but I'm
assuming that it's not all uniform
you'll have some funds which dominate
your for yeah yeah yeah that is
obviously there some some will really
Dominate and the only reason I don't see
it going significantly down from this
number is because as you have trimmed
down and Consolidated rather the the
number in each fund is significant as I
said you know selling anything is tax
and is a tax inefficient so either you
stop investments into it or you just or
you let it be when you actually need the
money you sell otherwise selling now and
paying taxes on it is is pointless just
to get you know the the magic number of
10 mutual funds yeah yeah so apart from
MFS you also still do stocks I do a bit
of I do a bit of stocks I would say um
maybe 10 to 15% uh on a monthly basis is
in is in direct stocks I have uh tried
to do a mix of that thing but that is
more a DIY kind of a thing with the end
some a little bit of advisory Services
right as intend to% of your monthly
savings you
talk and the rest in funds yeah and uh
apart from these two they would do
anything else gold uh real estate and
anything else no I I am a firm believer
that real estate is not uh a good
investment for someone at my portfolio
you know once you are a portfolio size
of 500 crores it's definitely has it has
some solid reasons to do so but at the
sub 10 CR portfolio I personally don't
think real estate is a good idea to do
so uh gold uh you know uh fixed deposits
Etc not not much honestly not much the
entire at debt sometimes I do do do a
bit of debt Investments on off uh
majorly I again not don't touch debt
much because again in the mutual fund
Journey I've accumulated some debt which
I'm happy to keep it at us so it would
be less than 10% right now as of my
portfolio I Think Mutual in mutual funds
it would be around 14% or so would be on
deck and that I'm happy to it and you
have your uh employees Provident fund
account yeah so that is anyways there so
you've got your employees Provident fund
for both my wife and me going on so that
is that itself covers the debt piece and
yes the ppf that we do a religious every
year so in fact if you include those uh
together probably that 4% much much High
much higher yes the ppf EPF covers a lot
of the debt requirements how much do you
think about half or third no I would it
wouldn't yet become half it would still
be I think then maybe hit around 25% or
so maybe 25 I don't have the exact
numbers but right 25 30 or so and you
never withdrawn from either EPF or
ppf uh no I ended up withdrawing once
from EPF for a mistake when I changed
one of my jobs I signed up a form and I
suddenly got them some money back but
never taken a conscious decision to
withdraw from EPF you actually got the
money back that's the people get all
kinds of rejections these days um have
you been hit by the kyc issue at all uh
not so much myself but my wife was hit
uh you know all her sips for last uh
month were rejected and it was very
randomly rejected you know some went
through some were rejected so we don't
know what happened thankfully it got
sorted out uh but I still need to figure
out but I think my status is the kyc
status where I can't do any redemptions
right now I think it's all kyc validated
or there are some four five criteria
right I think I'm not yet at the top
most criteria but we'll get that sorted
hopefully but it is it is a unnecessary
pain yeah so do you invest through a
distributor agent or directly I do only
directly I I I strongly believe directly
I again as myour Journey had started has
started with a distributor very good
gentleman uh he helped me a lot but then
after while you realize once your
portfolio of a certain size you know a
1% outflow every year uh there isn't
much of a value at data distributed as I
said most of the research I was doing I
was reading up I was saying I need to
invest this and I didn't even get C
correction so I said you know there's no
point paying a percent every year uh for
the for you know filling up forms and
now with everything digital and at the
touch of of your laptop or your or your
mobile digital to um direct is what it
is now you have a son uh 3 years older 3
years yeah so uh when you have a fire
number of 15
crores for his education Etc you have a
separate number in mind like how do you
factor that's a very uh good question
you know because education is a very uh
Dynamic uh scenario because uh you know
like my sister my elder sister is an
engineer she did her entire engine she
graduated when the last century so to
say 99 she completed her engineering at
a cost of 16,000 rupees uh I was on in
Mumbai has was a free seat paid seat I
was on a paid seat my annual fees were
16 14,000 Rupees at that time today I
think engineering is upwards of multiple
lacks you know so and that is in India
and if you go abroad it's under the
question altogether so education
inflation is Beats any other inflation
in the in in the entire ecosystem of
Finance so you really don't know while
to a cut you know short answer is 12 to
50 15 crores should consider consider
his education yes uh but we don't know
because it may happen that we may end up
spending much more than that we may end
up spending much less than that so we
have to have that flexibility and given
that he's just three we really don't
know how the future is going to pan so
essentially you factored it in when you
calculated your factored it in but we
have some but we are open to the idea
that it may change drastically
understood tell me what insurance do you
have life insurance yes I do I had
purchased life insurance long back a
term insurance have continued with that
have term insurance from my employer
which also continues I have I may this
year uh I mean ever since the child is
born I've been thinking I'm not yet done
it actually but I may this year go on
top of my term insurance but that's it
how much is it currently right now I'm
covered for barely uh I mean with my
employer and with my and with what I
have I'm covered with upwards of 2 and a
half crores I may top top it up a bit
more but honestly that's vage there very
interesting thought about insurance that
insurance is something that you should
do only for the time of period that you
plan to be earning anyways so lot of the
companies s plans still 70 80 but if I'm
planning to work work around 45 even
even 50 you know you don't need
insurance beyond that technically so
let's see how the insurance so you may
stop it after I may I may stop it after
and what kind of premiums do you
currently pay uh currently because I
taken it long back the premium is a
little on the higher side I pay around 8
or 10,000 rupes or so I think nowadays
you get even a CR insurance at 6 5 or
6,000 rupees from ter I'm not sure if
the numbers have not validated it but
it's around around 10 8 10,000 a year a
year right pure term no money back no
cash back nothing that's also very
unusual most people have these Legacy
policies of LC and all no no no so I've
stayed away from all of all of that um
health insurance yes health insurance we
do uh again company provided insurance
covers Us decently for both my spouse
and myself in addition to that I I have
insured my mother also by the company
because for senior citizens Insurance
outside are as good as you I mean there
are plans but once you put in all the
disclaimers and the tnc's it's not so
good so I cover my mother through my
through my corporate Insurance uh in
addition to that for my wife and for my
kid we uh I have again added a family
floater cover kind of a situation with a
topup with you know in these products B
and thens have done that I think we are
insured up to 50 lakhs or so on that
apart from what was there from the compy
50 or 60 lakhs or so with Bas plus top
off got it and Company separate company
separate company separate for myself
company separate for my wife so together
we'll have easily have like a CR of
around for health insurance have you had
to claim it in the past any experiences
uh so only company I had to claim uh
when my child was uh born the the
maternity expenses that's it uh no
actually company plans I have I have
claimed I have claimed a few a few times
you know um with my mother with myself
Etc over the last 10 years or so but
I've so far claimed only company I've
never claimed my own personal thing yous
of no claim bonuses add up yes that has
standed and what was the experience like
the claim so I have so far taken it I've
been with on my own private insurance
just for 2 or 3 years the process has
been okay I mean we have not yet gone
through a claim so we really don't know
about that part but the sale process has
been pretty okay right no I mean the
company part but company part has been
completely smooth no no major issues
only issu the hospital and to process
paperwork and all but otherwise it's
been completely smooth tell me a bit
about your spending uh do you think
about ways to cut down how much do you
roughly spend a month so me uh we end up
spending around between my wife and
myself around uh 15 or% of our of our
joint income 15 20% of our joint income
as you said our rent expenses are pretty
much negligible because we SW SWA in the
rents uh that said uh so so that's why
our monthly our otherwise day-to-day
expenses are pretty low because of the
because the rent is not there uh that
said we I don't think we curb down on on
any expenses uh this is a day-to-day
expenses we both love traveling a lot so
our major expenses go towards TR uh go
towards traveling uh that's uh how often
do you travel we generally try to do a
trip a year a trip out of India a year
uh the hope is to you know augment that
with one or two more India Trips Again
the the philosophy we both share is
because we are uh we are planning to you
know at the time that we work then that
we are working and we have good jobs is
the time we should do the international
trips the the moment we go go we retire
actually retire is when we will say okay
let us look at more of India yeah yeah
and also as you get older it's harder to
travel exactly it's harder to travel you
know you can't you can't walk you can't
like like going to a typical European
city will involve 20,000 steps 25,000
steps a day you you may not be able to
do that once you're beyond 50 uh so
you'll need cars everywhere and India is
better for
that do you have NPS also yes I do uh
NPS has been a revelation to me you know
because uh in my previous companies we
didn't have that 10% basic NPS so uh
that's something that I'm that I'm
having here I'm very grateful and
thankful to it so I have I really loved
that product and that offering totally
and apart from the company do you do the
50,000 that also 50,000 so that I was
anyways continuing for many years but
the 10 % I just started 2 3 years back
and one of the things I keep doing
whenever we are talking Finance at work
is to tell people that you know this is
something and it's surprising the number
of people who are not aware of it yes a
lot of people uh who are senior and who
obviously whose compensation is higher
they are not eligible for the tax
benefit because of the 7 and a half lakh
limit but uh but for many it is it is
very much possible to do that and many
of those don't know M very true and in
fact it's also available in the new
regime so it is it is it is that's
actually a very good thing that's there
are you planning to switch to new regime
or how do you think about that if I'm
not uh if I'm not wrong me I think it
was your one article in mint which said
uh if your income is between 14 lakhs to
5 Crow old suits and Beyond five is when
new suits and less than 14 so I'm very
much at that threshold I don't see
myself going out of that threshold
anytime soon so old is where it it will
remain yeah so actually the math is the
amount of you claim so above um 15 lakh
income if the number of deductions you
claim including the basic exceeds 4.25 L
than um the than old otherwise new
otherwise yeah and we are still there so
it makes sense so far to stick to the to
the old okay great uh arov anything else
You' like to add about your journey
before we control so on on fire I think
one very important thing to understand
is you know the goal can often keep uh
ends up moving uh you know when we when
we were a double income no kid family
the goal was much much lower uh we
practically reached that goal today but
then we have a kid so we realize that
things change so that that is one thing
that changes the other thing that
changes is actually both a lifestyle
inflation and in one way your own desire
inflation you know when you start off on
this journey you will think that you
know I can live my life happily at 100
rupees a month for example but as you
move ahead in your life you're exposed
to so many other things that you won't
desire so I'll give you an example
example you can when you're younger you
will travel in you'll be able to take
red red eyee flights you'll say okay
I'll do a layover of 8 hours Etc as you
grow it in your career Etc you say I
want to fly if not business at least
premium economy after a few years it'll
be like I want to travel business no
these things then end up shifting so
it's very important to manage that that
balance between your desires I uh I see
a lot of chatter online where there are
people who like you know fire is the way
to go and there are other people who
like you know fire is for losers you
know you have no ambition in your life
Etc so I think it's not that it's to
each his own uh it's about understanding
what you want for yourself very
important what you are going to willing
to balance what are the trade-offs you
do and at the end of the day it's about
keeping yourself happy and productive
yeah very true thank you so much it was
lovely steing J thank you
[Music]
[Applause]
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