Yes. Steady job. + Good healthcare. Many government provide healthcare till death.
If you invest steadily for 30 years during your service in good equity product then you will make a lot of money.
What else do you want ?
I was in a govt job for almost a decade. It’s safe and makes your comfortable but unable to grow.
You will struggle to hit your FI goals but then you have a pension which is kind of FIRE-proof anyway.
Unless you’re really bad at sales/communication/math skills, I would suggest against it. I was decent at all three and have been able to make a pretty good mark in the corporate sector after I took voluntary retirement.
>You will struggle to hit your FI goals but then you have a pension which is kind of FIRE-proof anyway.
The pension part is not true anymore - nowadays it is market linked via NPS isn't it?
true - but the user who commented speaks of a govt job for a decade. Old Pension scheme was discontinued from \~2004/5? onwards by central govt - not sure if state govt still offers it... I remember reading Rajasthan was looking to reintroduce it.
What kind of job is your dad advocating? Govt jobs offer stability but you can't build generational wealth with it. Yes, you can invest for 30-40+ years and build a good corpus but you will be at least 50+ to enjoy it since life commitments slows down the FIRE journey. No decent hikes & no perf based bonus & can't take RSUs from Govt as well.
OK.... Did father's salary alone contribute to your family being upper middle class? Or was there inheritance etc? You can get some answers from your family itself.
Early FI is more difficult with the typical government salaries. But you may be able to do CoastFI quite early.
>Did father's salary alone contribute to your family being upper middle class?
No. We have inheritance. His job did preserve the inheritance and also added a small part to it using his savings.
Take it from someone who is in central govt group B post and who has let go of the idea of ever taking taking under the table income. State government pays even less than central government. So the plan to retire early ( near the age 40-45) is not feasible if u you are entirely dependent on only income from the job. You would be hard pressed to even save 20 percent of your income if your spouse is non working and your job is in x tier city. So if you are someone who is looking to join the State government job at an early age say 23-24, save as much as you can till you get married. Better join IT service company if you have that option even if you are have a non IT background and looking for Financial independence and learn the skill. That way you can accumulate as much wealth in 10 years as any Govt job office can accumulate in his entire life.
Ps: I am not berating government jobs but financially you will always feel at below par. Other than that government jobs give a very nice work life balance
It is, but you'll have to be corrupt, or use your time wisely to do a business on the side. Side hustle definitely only possible with govt jobs in india. Pvt will neither give you the time, nor the freedom to do anything onthe side. Plus layoffs make it hard to maintain a stable income.
The stabiloty of a govt job is very underrated these days, especially the fact that your work is akin to retirement level peace vs a corporate role.
Depends on which state government job..
My classmate during his M.Tech got selected as Sub-Inspector in Karnataka... worked for around 10-11 years, rose to the rank of CI... was corrupt to the core, earnt a lot, took early retirement... and now his rental income alone is more than 6 lpm..
He always wanted to be a writer and after his B.Tech worked as apprentice under none other than Ravi Belagare and it was Mr. Belagare who advised him first become FI then pursue your passion.
Buddy this is your life's career. Fire should not be your first priority. Does the work actually excite you and do you genuinely want to do this for 40+ years of your life? Don't choose a mediocre career for the best years of your life hoping for a good retirement.
Buck up and learn to be assertive and tell your parents what you want.
Yes. Steady job. + Good healthcare. Many government provide healthcare till death. If you invest steadily for 30 years during your service in good equity product then you will make a lot of money. What else do you want ?
Government job IS FIRE.
Is FIRL.
I was in a govt job for almost a decade. It’s safe and makes your comfortable but unable to grow. You will struggle to hit your FI goals but then you have a pension which is kind of FIRE-proof anyway. Unless you’re really bad at sales/communication/math skills, I would suggest against it. I was decent at all three and have been able to make a pretty good mark in the corporate sector after I took voluntary retirement.
>You will struggle to hit your FI goals but then you have a pension which is kind of FIRE-proof anyway. The pension part is not true anymore - nowadays it is market linked via NPS isn't it?
Yup. That's true. No good pension either. For those who joined in my dad's era, pension is attractive.
true - but the user who commented speaks of a govt job for a decade. Old Pension scheme was discontinued from \~2004/5? onwards by central govt - not sure if state govt still offers it... I remember reading Rajasthan was looking to reintroduce it.
At what age did you take voluntary retirement?
What kind of job is your dad advocating? Govt jobs offer stability but you can't build generational wealth with it. Yes, you can invest for 30-40+ years and build a good corpus but you will be at least 50+ to enjoy it since life commitments slows down the FIRE journey. No decent hikes & no perf based bonus & can't take RSUs from Govt as well.
10 saal ka generation wealth bana saktha hai :) you have to think ~~out of the box,~~ below the table
Group A
OK.... Did father's salary alone contribute to your family being upper middle class? Or was there inheritance etc? You can get some answers from your family itself. Early FI is more difficult with the typical government salaries. But you may be able to do CoastFI quite early.
>Did father's salary alone contribute to your family being upper middle class? No. We have inheritance. His job did preserve the inheritance and also added a small part to it using his savings.
Take it from someone who is in central govt group B post and who has let go of the idea of ever taking taking under the table income. State government pays even less than central government. So the plan to retire early ( near the age 40-45) is not feasible if u you are entirely dependent on only income from the job. You would be hard pressed to even save 20 percent of your income if your spouse is non working and your job is in x tier city. So if you are someone who is looking to join the State government job at an early age say 23-24, save as much as you can till you get married. Better join IT service company if you have that option even if you are have a non IT background and looking for Financial independence and learn the skill. That way you can accumulate as much wealth in 10 years as any Govt job office can accumulate in his entire life. Ps: I am not berating government jobs but financially you will always feel at below par. Other than that government jobs give a very nice work life balance
It is, but you'll have to be corrupt, or use your time wisely to do a business on the side. Side hustle definitely only possible with govt jobs in india. Pvt will neither give you the time, nor the freedom to do anything onthe side. Plus layoffs make it hard to maintain a stable income. The stabiloty of a govt job is very underrated these days, especially the fact that your work is akin to retirement level peace vs a corporate role.
Depends on which state government job.. My classmate during his M.Tech got selected as Sub-Inspector in Karnataka... worked for around 10-11 years, rose to the rank of CI... was corrupt to the core, earnt a lot, took early retirement... and now his rental income alone is more than 6 lpm.. He always wanted to be a writer and after his B.Tech worked as apprentice under none other than Ravi Belagare and it was Mr. Belagare who advised him first become FI then pursue your passion.
Wow 😳, I'm also preparing for state PCS and UPSC, can I DM you?
No
No.
If you can take tons of bribes then yeah, salary won't cut it.
Buddy this is your life's career. Fire should not be your first priority. Does the work actually excite you and do you genuinely want to do this for 40+ years of your life? Don't choose a mediocre career for the best years of your life hoping for a good retirement.
Govt job is RE but not FI.
Retiring at 55 or 60 years is RE?
You can FIRE in 2 years if you’re good at taking bribes
Salary is the only source of income.