A 30-year-old software professional earning around Rs 20 lakh annually has sparked a discussion on personal finance after revealing that he has no savings despite a high income. The tech worker shared his financial situation online, seeking advice on how to manage money, control expenses and begin building long-term wealth.
The professional, who earns a salary significantly higher than the average Indian income, said he currently has zero personal savings, no loans and no EMIs. The user wrote a post on Reddit, “I'm 30M working in tech, 20 LPA. I have zero savings in my name till now. I come from a low-income family, and I'm the sole breadwinner right now.”
He revealed that he is the sole earning member of his family. “Refurbished family home some time ago, which cost around 14 lakhs, which I paid without any kind of loans, so all out of savings,” he added.
ALSO READ: India VISA, Passport Services To Halt In UAE For Five Days From June 26
He admitted that lifestyle expenses, regular spending and a lack of structured financial planning had resulted in his entire income being consumed every month. He also revealed that he does not have any insurance coverage and was unsure about the right steps to start investing and creating wealth.
He further wrote while seeking advice, “I need advice on how to start building money. With the kind of volatile market right now, I cannot just depend on the job. How do I start building my wealth with absolute zero? I am totally clueless about where to start. I have no policies in my name, no insurance. Don't even know how or where to start.”
The post triggered widespread discussion online, with many users describing his situation as a classic example of “lifestyle inflation” among young professionals in major technology hubs.
Experts and online users also advised him to adopt disciplined budgeting methods such as the 50/30/20 rule, where income is divided between essential expenses, lifestyle spending and savings. Setting up automated investments through Systematic Investment Plans (SIPs) in mutual funds was suggested.
ALSO READ: The Algorithmic Alibi: Can AI Be Held Liable In An Indian Court?
Several commenters pointed out that increasing income often leads to higher spending habits unless savings and investments are prioritised from the beginning.
Many suggested purchasing a term insurance policy first, especially because he is the only earning member supporting his family. Others recommended creating an emergency fund covering at least six months of expenses before taking higher investment risks.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.