BQPortfolio: Shiva’s Planning To Leave Germany For India; How Should He Plan To Save?
Laxmi Narayanan, A.K.A. Shiva, is an Indian IT professional working in Munich, Germany. But he wants to move to India.
The problem is he’s spent most of his adult life in Germany and is not aware of the living cost in India. In five to seven years, when Shiva makes the shift, he’s confident that he can maintain his current salary, or at least his rate of savings.
Shiva estimates that he would need about Rs 10 crore to retire in 2048. And it turns out that he was not too far from the mark.
On this episode of Portfolio, Certified Financial Planner Arvind Rao tells Shiva that though he has made a bold decision to start saving for a goal that’s 30 years away, he should also identify more pressing needs for funds. He advised Shiva to start with a monthly investment of Rs 15,000 and step this up by 2,500 a month every year. Here’s what he will end up with in 30 years...