A Bengaluru techie incomes ₹1.8 lakh a month lately shared how a sudden household medical emergency made him realise {that a} excessive salary didn’t essentially translate into monetary safety.
In a Reddit submit titled “I used to be dwelling like a faux wealthy techie making ₹1.8L/month, till an ICU emergency uncovered how broke I truly was”, the consumer mentioned that two years in the past, he believed he was “crushing it” financially. He lived in a gated society in Bengaluru and invested ₹80,000 each month by way of systematic funding plans (SIPs).
Nevertheless, the techie mentioned that issues modified when his father all of a sudden collapsed and was admitted to an ICU. “The hospital demanded a ₹2.5L deposit upfront for the ICU,” he wrote.
He mentioned that the scenario grew to become significantly troublesome as his main bank card was already maxed out after he purchased a laptop computer, whereas his financial savings account had solely round ₹32,000. The techie mentioned that his mutual fund investments additionally couldn’t instantly assist due to redemption timelines and delays involving the third-party administrator (TPA).
“I spent 1:30 AM frantically calling distant relations to borrow money by way of UPI whereas sitting in a chilly hospital hallway,” he recalled.
“Incomes a excessive wage meant nothing once I had zero liquid money,” he added.
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Social media reactions
The submit sparked a dialogue on emergency funds and monetary planning amongst younger professionals.
One consumer wrote, “Normally folks construct emergency funds earlier than investing the cash anyplace. your 6 months of dwelling expense must be in your emergency fund, which ought to develop as your earnings, expense and household grows. On prime of that, one ought to have finest medical health insurance and time period plan as effectively. That is like ABC degree fundamentals of finance. Nonetheless younger earners miss it, together with me. I’ve made errors like this earlier than. Earnings just isn’t an issue for you OP, simply be taught fundamentals earlier than you make investments.”
“sorry you needed to undergo this. however 80k month-to-month SIP with simply 32k in financial savings just isn’t a sensible funding choice. at all times hold atleast 3 months of wage as financial savings,” commented one other.
“Incomes 1.8l and nonetheless having solely 32k in your saving account and 80k per thirty days SIP nd no idea of emergency fund. bro after every part goes regular guide a session with some good monetary advisor to handle your funds,” wrote a 3rd consumer.
“Excessive earnings does not imply monetary safety. At all times hold an honest emergency fund liquid , even when it slows down my SIPs a bit,” instructed one other.
(Disclaimer: This report relies on user-generated content material from social media. HT.com has not independently verified the claims and doesn’t endorse them.)
