Financial planning is one of the buzzwords of the current generation, with individuals being urged to start SIPs (Systematic Investment Plan) early, invest in shares, apply for IPOs (Initial Public Offering) and start a side-hustle for passive income. Now, a Reddit post has gone viral where a user revealed that his uncle managed to build a fortune of Rs 4.7 crore and retired at the age of 45 by living within his means, without any flashy job and side hustle.
The user stated that his uncle lives a simple life, having resided in the same 2BHK flat for 30 years and only drives a scooter whilst rarely going on holidays.
"This was my uncle. Never had a flashy job, never built a business, never traded stocks. Just a boring job that paid decently," the OP wrote in the r/IndianStockMarket subreddit.
The uncle started investing in the mutual funds in 1998 by putting Rs 10,000 into an SIP and increasing the amount gradually as his paycheck grew.
"What he did was simple. Put 10,000 into a mutual fund in 1998. No one around him was doing that back then. A couple of years later, he started a 500 SIP. Whenever his salary went up, he increased it. 1000, then 2000, then 5000," the user wrote.
"When he retired at 45, I asked him how he pulled it off. He handed me his passbook and a sheet he printed from CAMS. The total corpus: 4.7 crore. I was stunned. He still lives in the same 2BHK. No upgrades. No show. But now he and my aunt are out travelling almost every weekend. Kids have no idea about his net worth."
He retired at 45 with ₹4.7 crore.
byu/CAGRGuy inIndianStockMarket
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Social media reacts
As of the last update, the post had received over 9,000 upvotes and hundreds of comments with the majority of users happy about the man's success whilst others took the story with a grain of salt.
"He knew what he wanted to get out of his job and life. He did that and retired. That's it. If one is happy with 4.7cr why bother him with extra load and labour to save let's say 10cr," said one user while another added: "I appreciate him saving money at an early stage, but not at the cost of compromising every stage of life. But good that he is free now and will be free rest of his life."
A third commented: "I would rather enjoy my 20-40"s more than i would want my 40-70"s peaceful. That's peak years wasted in excessive frugality imbalance."
