As techies complain Rs 50 LPA not enough in Bengaluru, CA decodes what is wrong
Once considered a golden milestone, a Rs 50 lakh per annum salary in India's tech sector is no longer met with the same awe. As the
cost of living in Bengaluru
and other metros continues to climb, high-earning professionals are beginning to echo a new concern: 'We're earning more, but saving less.' From ballooning EMIs to luxury lifestyle expectations, a CA joined the online debate to decode the truth behind this growing sense of financial discomfort.
Chartered Accountant Nitin Kaushik
has weighed in with a no-nonsense take that's striking a chord online. According to him, it's not that people earning Rs 50 LPA are broke—they just have a 'budget with holes.' Kaushik believes the real issue lies in
financial discipline
, not earnings.
He points out that most people have enough to save, but poor habits like impulsive purchases, weekend splurges, and ignoring daily micro-expenses leave them cash-strapped. The solution, he says, isn't chasing higher pay but fixing foundational habits: create a monthly budget, automate savings, and track where your money actually goes.
His blunt takeaway? Discipline > High Income.
Self-control, not a salary hike, is what leads to real financial freedom.
— Finance_Bareek (@Finance_Bareek)
Delhi-based businessman also joins the conversation
Adding fuel to the conversation, Abhijit Chakraborty, a Delhi-based entrepreneur, shared his own experience of living well within his means. He questioned why so many professionals stretch themselves thin with home EMIs of Rs 2 lakh and car EMIs of Rs 50,000, all in the name of lifestyle. Despite earning Rs 30 lakh annually at one point, Chakraborty chose to drive a modest Rs 5 lakh car. Even when his income doubled, he only upgraded to a Rs 10 lakh vehicle, without taking a loan.
While he acknowledged the value in investing in property, Chakraborty had little patience for unnecessary car loans and luxury spending. His message was clear: financial stress is often self-inflicted. A fat paycheck won't save you if your priorities are skewed toward keeping up appearances.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Deccan Herald
16 minutes ago
- Deccan Herald
Gold declines Rs 600 to Rs 99,960/10 g; silver plunges Rs 2,000/kg
The precious metal of 99.9 per cent purity had settled at Rs 1,00,560 per 10 grams in the previous market session.
&w=3840&q=100)
Business Standard
21 minutes ago
- Business Standard
RBI fines Fino Payments Bank ₹29.6 lakh for licencing rule breach
The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by the RBI with reference to its financial position as of March 31, 2024 Press Trust of India Mumbai The RBI on Friday said it has imposed a penalty of Rs 29.6 lakh on Fino Payments Bank Limited for non-compliance with certain directions on 'Licensing of Payments Banks'. The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by the RBI with reference to its financial position as of March 31, 2024. Based on supervisory findings of non-compliance and related correspondence in that regard, the Reserve Bank said, a notice was issued to the Fino Payments Bank, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank's reply to the notice and oral submissions made during the personal hearing, the central bank found that the charge against the bank was sustained, warranting imposition of monetary penalty, it said. "The bank breached the regulatory ceiling of end of the day balance, as applicable for a payments bank, in certain accounts on several occasions," the apex bank said in a release. It, however, added that the action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
United News of India
29 minutes ago
- United News of India
HAL gets SSLV tech in Rs 511 crore deal
Bengaluru, June 20 (UNI) In a landmark move to bolster India's commercial space ambitions, the Indian Space Research Organisation (ISRO) has formally transferred the Small Satellite Launch Vehicle (SSLV) technology to aerospace and defence major Hindustan Aeronautics Ltd (HAL) under a Rs 511 crore agreement through a competitive bidding process. The deal marks the first time an Indian industry entity has been entrusted with the complete end-to-end production and commercialisation of a launch vehicle — a development hailed by Indian National Space Promotion and Authorisation Centre (IN-SPACe) Chairman Dr Pawan Goenka as a "pivotal moment" in India's space sector reforms. The transfer agreement, signed between HAL, ISRO, NewSpace India Ltd (NSIL), and IN-SPACe, includes extensive handholding and training of HAL personnel by ISRO teams at both ISRO and HAL facilities. The roadmap envisages the realisation and launch of two SSLV missions over the next two years. "This is not merely a technology handover — it is a declaration that India is ready to democratise space access. HAL's successful bid reflects a high level of technical preparedness and capacity to absorb complex launch vehicle technology," Dr Goenka said. The SSLV, developed by ISRO, is a cost-effective launch vehicle designed to carry payloads of up to 500 kg into low-Earth orbit. It is particularly aimed at catering to the growing demand for small satellite launches, both domestically and globally. HAL emerged as the top bidder among three shortlisted contenders. The other two bids were led by Alpha Design Technologies (in consortium with Agnikul Cosmos and Walchand Industries Ltd) and Bharat Dynamics Ltd (in consortium with Skyroot Aerospace, Keltron and BHEL). The selection followed a rigorous eligibility and evaluation process conducted by IN-SPACe. According to Dr Rajeev Jyoti, Director (Technical Directorate), IN-SPACe, "All three bids were technically competent. HAL's proposal stood out in its comprehensiveness and readiness. ISRO will provide rigorous handholding to ensure seamless transition and mission success." NSIL Chairman and MD Radhakrishnan Durairaj said India could see up to a dozen SSLV launches annually in the near future. 'This is a major leap for Indian industry in realising indigenous launch vehicles for global clientele,' he noted. HAL CMD D K Sunil expressed confidence that the partnership with ISRO and IN-SPACe would lead to the establishment of a robust ecosystem for SSLV production and services. "This opportunity will enable HAL to fully own and operate SSLV launches, meeting global launch-on-demand requirements," he said. The development underscores the government's push to privatise and expand the space sector through public-private partnerships, targeting a projected $44 billion space economy by 2033. The SSLV transfer follows HAL's ongoing partnership with L&T for Polar Satellite Launch Vehicle (PSLV) manufacturing and comes amid increased activity in India's launch sector, including the emergence of private players like Skyroot Aerospace and Agnikul Cosmos. "This handover is a demonstration of intent — to make India not just a launchpad, but a global hub for small satellite launches," the government said in a statement. UNI BDN RN
