How Much Money Do You NEED By 40? [Financial Independence]
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- Опубликовано: 15 май 2024
- Join us for an insightful chat with Monika Halan, India's first personal finance journalist, best-selling author, and SEBI advisor on investor protection. In this video she talks about the evolution of Indian markets, female participation amongst investor base and how to plan for your financial independence goals.
Wint Wealth: www.wintwealth.com/
You can reach Monika at: / monikahalan 
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@WintWealthYT .. please explain the calculation of 26x and 35x in details. I mean is the figure that's coming is a FIRE number at 40 or a number which one must have at age of 60.
@@abhishekbera5157 Whenever you achieve this number, You are financially independent. The earlier you achieve, the Earlier you Retire.
Thank you Wint, Most Americans find it hard to retire comfortably amid economy downtrend. Some have close to nothing going into retirement, my question is, will you pay off mortgage as a near-retiree, or spread money for cashflow, to afford lifestyle after retirement?
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to make investments. Saving is great but investing puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to my FA, my portolio is doing really great and im proud of the decisions i made last year.
Nice. People often underestimate financial advisors' importance. Over 50 years of data reveal that those who work with advisors typically earn more than those who go it alone. I've been fortunate to work with one for 13 years, resulting in a $1 million portfolio, largely from early investments in AI and other growth stocks..
How? What does one do if they have a 100k$?
I've been considering but haven't been proactive. Can you recommend your advisor? Could really use some assistance.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Amber Kay Wright” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Success is not built on success. It's built on failure, It's built on fraustration. it's built on fear that you have to overcome. I pray that anyone who reads this will be successful in life
You are right.!
That is why I had to start forex trading 2months ago and l now am making benefits from it.!
My first investment with Wonghuatrades gave me profit of over $80,000 Us dollar....
And I can even say she is the sincere broker I know....
O' Yes I'm a living testimony of Wonghuatrades
Ms Halan is the personal finance pioneer in Indian journalism. I'm gratetful for her early columns in Outlook Money and other publications. Thank you for your wise words, Ma'am.
The market trend can turn around very quickly. In fact, the indexes often switch from a bear market to a bull market when the news is at its worst and the mood of investors is at its lowest point. I read an article of people that grossed profits up to $150k during this crash, what are the best stocks to buy now or put on a watchlist?
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diverssify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of 550k...that's like 7times more than I average on my own.
This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?
“Angela Lynn Schilling’’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
huge numbers of people want to get retire early which proves they are pissed off with their job roles.
Specially IT jobs 😢
Plus insecurity of jobs - these guys say you will have lots of salary but we are not sure. Not all junior people will go to VP or director
What kind of comment is this? Complete Nincompoop
You are right sir, but the thing is they'll be more pissed once they retire early in their 50s as they won't have anything to do.
When one achieves financial independence, they can keep their job but at the same time be stress free, as if they don't like their job they can quit or do something else, but doing nothing once you have financial issues taken care of feels dumb.
That's not true it gives them power to choose
Thanks Monika!!!
One of the best decision of my life was to pick your book from a thela in New Delhi Railway station just when I was going to join my first job right out of Campus. You saved me multiple future regrets. I always read you book like an elder sister telling me what to do and what not to do.
Truly indebted to you!!
Can u please tell me the name of the book.
@@ARTYIDEASWITHPREETI Let’s Talk Money -Monika Halan
@@hilly_billy9531 Thanks
1. Health - be happy and healthy- health insurance
2. Relationships - move out for tours trips
3. Good gratitude towards Society
4. Earnings - money , credibility
Save 5k to 15k for month … according to goals for 20 to 30 years
1 . Fire -5k. Plan Corpus of 50 lakh to 2cr
2. House - 5k
3 . Child education 5k
4 . Vacation or trips - 5k - enjoy vacation for every 3years
Life is beautiful… enjoy every moment of life … Duck of Fire concept
Try to save 50% and more from your salary and avoid taking personal loans, product loans and incase needed home loan make sure the EMI is less than 15% of your salary and that EMI should not hinder your monthly savings of 50% and more. Invest your monthly savings of 50% and more in Mutual funds, ETF's, Bonds save FD deposits and Health insurance (for atleast 75 lakhs and more). You will become fearless and be able to take the best smart decision in your life.
Excellent
Finfluencers need to see this 5:02, we save from 21 lil by lil, get married and all our savings are wiped out get into lil bit of debt 5 years down the line we get kids and save for house and so on.. so saving is very tough, very easy to say save 40 percent of your saving, but Indians here working from ground up , with no family wealth, supporting parents , living in cities with a chunk of money taken by taxes , its a marathon for us.
No one is denying that its tough, but the problem is that people don't start at all by giving this very excuse and end up increasing their expenses. Even if one is not able to put aside 40% from the very onset, atleast starting with a small amount and keeping at it helps inculcate the habit. I myself only reached 30% I think by the time I was close to 30, having started in my early 20s with just 5000 a month. Also, regarding all the savings being used, its important to bucketize the investments so that one knows which is the bucket one can dip into in times of need or to fulfil a goal. Investing without goals in mind is never gonna help.
I completely agree with you. However we can attempt to save & create side income to get out of the middleclass trap
Try to save 50% and more from your salary and avoid taking personal loans, product loans and incase needed home loan make sure the EMI is less than 15% of your salary and that EMI should not hinder your monthly savings of 50% and more. Invest your monthly savings of 50% and more in Mutual funds, ETF's, Bonds save FD deposits and Health insurance (for atleast 75 lakhs and more). You will become fearless and be able to take the best smart decision in your life.
@akshaypai2096 Most of the people in this decade are not interested in saving money, once they get a good job or wealth opportunity. In 2024, people in their 20s and 30s try to look like millionaires, and only aspire to get high paying jobs, and think of saving money as a form of wasted youthful days (i.e. if you haven't spent all your money and enjoyed life, then you have wasted your younger life), which is wrong as people can enjoy their life even in 50's, 60's and in 70's.
One of the most important concepts in FIRE - the SWR or Safe Withdrawal Rate - was not even discussed during the meeting. Generally, a SWR of 4% is advocated but in the Indian concept, 3% is considered a safe number. Would have loved discussions around this.
Monika's Lets talk money is a very good book. I've even suggested to many. I strongly recommend to every citizen in this country. Its just enough to have good financial literacy.
I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management?
depends on your expenses but most people retire with less a million in retirement assets. you can seek advise from a certified advisor
thankfully googled Karen Lynne Chess and was able to schedule a call session with her, she seems very professional with over two decades of experience
Invest at least 15 % of your total net worth in physical gold. It is the best hedge against inflation.
If you are going to retire in India and live by Indian standards YES !!!
Depends on where you retire. If you chose to retire in India or use India as your hub, you are in the top 1%. Have a personal driver, travel comfortably, get access to cheap but excellent healthcare. You can live on earnings from 20% of your savings as well as social security benefits and invest remaining in Equities in US or India. Only thing is first come and live here for three months and see whether India is your cup of tea. Do not choose a tier1 city instead select cities like Kochi, Goa, Rishikesh, Varkala etc which are provincial but has quite a laid back culture but with access to good facilities. Other countries you can look for are countries like Philippines, Thailand, Vietnam [which is another great location], SriLanka etc. Or just hop from country to country in South east Asia.
19:56 this is the best part, the gentleman is the reason behind her success. Humble, simple, and honest guy.
Monika Halan Ma'am, I read your book let's talk Money. An eye opener. ❤
Its Chickermane sir who I am a big fan of. He is a very supportive and good husband.
Thank you so much for this excellent financial insights. Monika ji is brilliant and one can just listen to her non stop. please more on women investments and financial literacy.
Specially for men and women who have worked entire life and could'nt save due to responsibilities and now with no savings. how to start saving with a small income in 50s .
Thank you mam it was lovely listening to you .
Great insights Monika Halan ma'am!
I am in my early 40s and I am trying to teach personal finance to my kids.
Very true like you said, its no less than a life skill these days.
Thank you @WintWealth. You guys have taken the channel to another level with the last three podcasts with the guests that you interview. Keep up the good work.
Me and my wife, we are in our early 30's already documenting our investment details in diary and updating in regular intervals and always planning oru investments together 😊.
My favourite financial educator and one of very few people I genuinely follow for personal finance.. Her books are outstandingly good and simple to understand.. thanks for this episode!
Short,crisp...great interview and importantly the interviewer....most interviewers interrupt the speaker like Beer biceps especially...this is good
Every minute was informative and thought provoking. Mrs Monika clearly showed how a true financial advisor is different from Finfluencers. Kudos to Wint once again.
one of the best podcasts on personal finance.. thank you very much ❤
This video should get a million views and more. May be it will take time for our people to appreciate good content, but wishing good to the creator.
Pls keep up the calm tone of discussion, mild environment/ background, no flashy/ scary clickbait thumbnails & titles. You are doing very well. 🎉
I have been practising ‘If I Die Before You’ approach for 10 years now.
I know this lady since 2014. Monica's input is really great.
Great point raised on 40% Annuity in NPS
It is a foolish point. Annuities give guranteed income that you cannot lose. Annuties also give you a gurantee that no one will steal your money. Having too much cash means that people will ask for their share of inheritence or even kill you for your money. There are a lot of benefits on annuities.
@@ppen8359 I think she was more pointing to the companies that are managing your annuities and not annuities as an investment. The insurance companies, lesser said the better. Most of us know that insurance companies have no business to be in the investment business because it is not in the best interest of the investor. I can trust them on my insurance, not investment.
Liked listening wise, short & crisp, to the point discussion. Great interesting questions asked & how it was answered its superb.
I have watched so many videos on this channel and I really loved this. Thanks .
I remember buying term insurance and begin to invest after reading her book on personal finance.
She is intelligent, eloquent, humble and hot - all at the same time ! kudos to this lady !
Eloquent matlab?😢
Thank you for the time worthy conversation.
Retirement planning is essential. Did you know that in certain regions, you need over a million dollars to retire comfortably?
Indeed, it's quite a sum. I've been retired for three years now, and I'm only 46.
@@EricaWaters-lr6zw Nice...even bots retire now😂😂😂😂
The best and top rated video of WW WintWealth
Thank you madam for the clarity in your thoughts. I have read dozen of books relating to personal finance in the recent months..kept them on the table and wanted my 22 year old daughter pick one out! She picked 'let's talk money'❤
Oh ho ha ha hi hi.
One can easily visualise power of compounding through PPF after saving
₹12 to ₹15 lakh
Loved the discussion. Will download it for reference later.
They interviewed my inspiration Monika Halan. Wow. Great job, wint wealth 🎉
Questions should have been better as she is capable of answering deep personnel finance/investments questions.
the sound quality on this video is top notch!
Excellent interview.. really good information shared for youngsters...
Monika insights on financial independence and the importance of documenting one's financial life are invaluable! Empowering women to take control of their finances is crucial for long-term security and success. 📚💡
It is very difficult to be employed until the age of 60 these days in private sector hence the formula of 4X, 5X and 6X at 60 is not valid anymore
Why? Here I am at 58, wondering if I should work till 65. I really don't know why I would stop working, though I have made enough money to last till my grand children's life (as long as both my kids have not more than 2 kids each)...
If I stopped working, I feel I'll start rusting. Work is something that gives meaning to my existence (more than money)...
Being employable is about staying relevant. if you aren't relevant - you are out. Unlike in Govt, where even irrelevant people are tolerated, private sector can't afford irrelevant people. So, keep your skill up to date - or find something else you can do.
As someone who started in computer industry way back in 1980s, I have kept up with the tech trends, earned my management chops along the way, today part of C-Suite... If you are not able to put your years to good use - then indeed you will be forced to retire earlier.
Y is it difficult?
I felt the same especially for fast changing industries like Infotech. I've seen a lot of personnel being laid off for various reasons and when it comes to people in 40s & 50s, there aren't as many positions which map to one's profile and pay as much. This is where she rightly emphasized about skillset, basically one should be seen as a capable leader giving a good overall return for the higher salary.
@@neokarma5736it's not just about skill my dear. There is nothing so exclusive that you can bring in a huge HR world like India. So it's more to do about age/package/industry/wave etc. if a layoff comes, you are one of highest paid on the floor. Count on it they will get rid of you. Your time was different coz MNC would fire US/UK/EU staff to save...bt now Indians have started feeling heat coz no more ppl left to fire onshore. I don't see a single 50 yo in my whole company. It's 500+ staff MNC ofc and same is mostly everywhere.
@@007_Sun_Tzu If by your 50s you are not having the skills to be in a executive position, where you decide the direction the company will take, then you are right - you may lose your job.
If you have such skills in such critical positions - then only reason you will lose the job is because company itself collapses. Otherwise if company keeps running, you will be needed to run it..
Most people don't get to such positions , because top of the pyramid is very narrow and the skills needed to be there aren't hard skills - it is soft skills of managing large teams or markets..
If you have such skill in a steady state company, you won't lose your job till you decide to leave.
Excellent advice especially for women. Thank you ma'am
I'm a 52yrs Director in a Tech company and I consider myself a high income earner at $350,000 per annum, I have a retirement account account but i still want to explore opportunities for short term gains before i start working less in few years.
In my opinion, IRA is a valuable strategy for retirement planning, providing growth and tax advantages. While the market is promising, expert guidance is essential for portfolio management.
I learnt this when I got disabled from an accident, I had to reach out to a financial planner who devised a plan for me to live off dividends from my investments. Other than Disability Cheque, I earn enough from home and live comfortably with her help.
If I Die before you I have been maintaining a similar diary from last 30 years and now I am 69
Clarity of thought
Take all the money,i don't want to know, don't need to know!Level of trust is great!!Obviously madam was doing a excellent job.
Depends on what you do. My dad earns way more now at 64 than he did between 40 and 50.
Such s great orator , composed, elegant , beautiful lady! India needs more of her
Each and every uttering resonates with me!
Very good interview. Thank you ❤
Great Interview
Monica Halan... From MAKE A WILL FOUNDATION
Very informative interview
I am 63 and govt retd, wish I had known these things when I started working at 24 years.
Well, now I can advice my son's better on these matters
Thank you Team Wint! Most of your videos are targeted to people in their 20s who are just starting out! Would love to see more videos on what 40 year old should do when it come to Investments! Thank you.
I thoroughly enjoyed this interview. A lot of real life experiences shared will always resonate with the audience.
The best thing.., I liked here is.. the comment she made: “If u r financially independent, doesn’t mean.., you/we have to stop working”.
Very practical… Thank you
Nice interview, learned a lot.
Thank you 😊
Mam is beauty with brain...
So nice, she is good in presenting it very well.
I loved the interview as well as the interviewer and interviewee! Clear questions, simple and absolutely clear answers. Thank you!
This is the best thing I heard today. Thank you!
Very informative and helpful video. It's refreshing to see a Woman taking the lead in the household to manage expenses. I would admit to my ignorance about who Ms. Halan was before watching this video, but a man learns new things everyday :)
Everything she said is filled with wisdom and experience. Thank you Ma’m!
Great episode 👏🏻💐
Really informative episode.
Mam has great knowledge intelligence and wisdom 👏👏
💯 career spans are shortening severely and I'm seeing similar trends around my workplace too
This was one of the best videos. So peaceful and calming to hear them talk about finance.
Honest...
Simple...
&
Brilliant!!!
Thanks for the great views mam.
You mentioned that wife's salary is being invested on husban's name. However, what about the situation where a man registers his home on the name of his wife.
It is about mutual trust..
3 rd view, I am waiting for this video thanks wintwealth.
It is a right discussion and a practical one on that.also it's a reality check.very crucial for women to be financial literate.
Awesome Podocast ….👍
This channel posts great content about financial literacy. But if I could make 1 suggestion, that would be to bring out more women on this platform. People underestimate the prowess women have especially when it comes to money and being one myself, I want to get more insights from women Rockstars.
Hey Muskan, agreed and suggestion taken. We'll definitely try to highlight more female investor journeys.
I like this woman!.
Very well said about NPS madam ...I totally agree with you and that's the reason I didn't opt for it
Thats very true by the time money came the desires were not that many or lost.
Very interesting 👍
Excellent information. Thanks
Just amazing👍
Absolute Gem of a conversation 👍
She's gorgeous in that young skin
Excellent Maam
Very nice video
Graceful interview, much respect to the views shared
Probably the best informative video on this channel.
Revux is a gem, a rising star in the crypto industry!
Lovely interview, really like it
pls call her again . very good information
What a classy interview !!! Real food for soul, made my Sunday
And your comment made our day (:
Would love to buy your upcoming book!
Such amazing couple 😊😊😊😊
I have to make 20 crores lol as a corpus.... 1 lakh rs expenses per month, calculated at 7 percent inflation per uear for a period of 30 years..
She mentioned lesser allocation towards equity MF for lesser age. Any reasons? I always thought equity was the way to go for. Any other video giving out asset allocation in MF with adequate guidance on the subject?
Risk of volatility, debt is fixed moreover
Great interview....
Excellent conversation
Good and informative. Worth watching.
Her husband is very humble and accommodating.