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People Earning 25+ LPA: Do you consider yourself wealthy?
Hi, i M24 honestly don’t feel like it. While its a good salary at 1% of earning population. Actual wealth wise it doesn't seem like a lot. For starters, with heavy taxes, PF, etc the actual inhand is like ₹17-18 LPA (30% vanished). A decent car, like a Creta, costs over ₹20 lakh thanks to taxes. God knows how much it will be with emi & add on maintenance & petrol. And a plot inside the city is over 1 crore. Plus 30-40 lakh for construction & one is looking at years of mortgage. So good luck owning multiple properties. It seems so difficult to start from scratch to save & build wealth with a salary compared to say kumar from next door that inherited 4 crores worth of property from his dad. Do anyone else feel this way? Is business the only way to build significant wealth for ordinary people?1
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