Techie Earning Rs 20 Lakh Says He Has 'Zero' Savings At 30, Seeks Internet's Help On Building Wealth

A software engineer earning Rs 20 lakh per annum (LPA) has turned to social media for financial guidance after having zero savings to his name at the age of 30. Despite having no active loans or EMIs, the techie admitted that he had been unable to park any money safely and requested a step-by-step strategy to begin investing. While the techie did not have any savings, he explained that he was the sole breadwinner of the family and the majority of his money had been spent on refurbishing the home recently. 

"I'm 30M working in tech 20lpa. I have zero savings in my name till now. I come from a low-income family, and I'm the sole breadwinner right now," the user wrote in a Reddit post.

"Refurbished family home some time ago, which cost around 14 lakhs, which I paid without any kind of loans so all out of savings."

With the current job market being tough, the techie highlighted that solely relying on his salary could backfire and sought suggestions on how to start his investment journey.

“I need advice on how to start building money. With the kind of volatile market rn, I cannot just depend on the job. How do I start building my wealth with absolute zero? I am totally clueless where to start. I have no policies on my name, no insurance. Don't even know how or where to start.”

Check The Post Here:

30M - 20 LPA - 0 SAVINGS- 0 EMIS - 0 LOANS
by u/InterestingAthlete12 in personalfinanceindia

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Social Media Reactions

As the post gained traction, social media users advised the techie to first start with a term insurance before building an emergency fund that could help them on a rainy day.

"Sole breadwinner? Term Insurance first!" said one user, while another added: "Get insurance and an emergency fund of at least 6 months. After this, start with index funds."

"You're doing great, man. Here are some recommendations. 1) Term insurance asap. 2) Build a rainy day fund of 6 months of income. 3) Plan out your career progression. 4) Live modestly and frugally on 50 per cent of your income."

A fourth said: "I have nothing but respect for people like you OP. You are actually doing well. Start with term and health insurance, and build an emergency fund. Set aside money for upskilling as well...your priority should be increasing income, savings will happen as your income increases."