How much is enough for my goals? Short summary

vk2205 · Post by **vk2205** » Sat Aug 06, 2011 11:43 am

Background :

late 30s; 1 kid and only one wife:)
USC, OCI
Have a few unique goals and desires and here is the list

1) One time expenses to settle down

House in a tier 2 city(mostly Ooty) - 1 crore
Car - 7 lakhs (car replacement once every few years - total 55 lakhs)
Settling down etc., - 10 lakhs

2) Monthly living corpus - 2 crores

3) Medical - 25lakhs (sligh diabetic problems)

4) Kid's International school (Hebron or good shephard) - 7 lakhs per year

5) Kids UG education - 75 lakhs

6) Personal travel to see the world once a year or so - 55 lakhs

7) Every summer come to the USA for kids summer education (I know it's crazy, but I have family in the USA) - 36 lakhs

8) Emergency in the US - 10 lakhs

9) Emergency in India - 25 lakhs

10) some small shop or small bed and breakfast type in ooty - 1.5 crore

Total need : 7.5 crores

Remember I may live another 40 years or even 50!!
Don't want to work for money!

If and when I have it, I may go back!

comments on numbers welcome!

cmk786 · Post by **cmk786** » Sat Aug 06, 2011 2:35 pm

God bless you and your goals & desires.

dbs · Post by **dbs** » Sat Aug 06, 2011 5:37 pm

You have not provided for kid's marriage and birth expenses of your grand-children.
How many have you decided on?

prasads · Post by **prasads** » Sat Aug 06, 2011 6:06 pm

It would be helpful if you can explain a bit the rationale behind arriving at the numbers. For example 55 lakhs for car??

chicago2i2011 · Post by **chicago2i2011** » Sat Aug 06, 2011 7:49 pm

dbs;403210You have not provided for kid's marriage and birth expenses of your grand-children.
How many have you decided on?

you made my day :)))))

heimat · Post by **heimat** » Sat Aug 06, 2011 7:58 pm

dbs;403210You have not provided for kid's marriage and birth expenses of your grand-children.
How many have you decided on?

Don't forget the orange juice and toilette paper expenses. In India, both these things are ridiculously expensive.

hope4best · Post by **hope4best** » Sat Aug 06, 2011 9:20 pm

OP, seriously, with your lofty goals and exorbitant budget allocations you probably've made so many contemplating R2I feel either miserable or LOL :)

Not sure, you thought the members here are all millionaires and billionaires - I know I'm not :(

Golfdude · Post by **Golfdude** » Sat Aug 06, 2011 9:42 pm

Although I didnt understand many of the numbers in the article, what stood out was "Ooty". What a garbage place !!! I was there last summer and there is no mountain left behind. Everything has been dug up and sold. And it is SOOOOOOOOOOOOOO DIRTY.

dcnri2india · Post by **dcnri2india** » Sun Aug 07, 2011 12:27 am

You have not given any indication of your current financial status. Even though they are not necessary they would provide the general level of savings you can do in future.

You have to provide a time line to get any real analysis. Is 7.5 crores projected 10 years from now or is it to-days projection.

You have good goals, question is are they realistic. I do not think enough data is provided to ascertain that.

cheers

vk2205 · Post by **vk2205** » Sun Aug 07, 2011 11:49 am

dcnri2india - finance is not in a good situation! need to save a lot more!
but when I dont want to work for rest of my life and live in luxury(reasonable to me), this is what it takes I think. that's why I posted to see where I'm going wrong.

prasads - 55 lakhs was a rough estimate - abt 6 lakhs per car times 9 cars in my life time in today's dollars

Golfdude - thanks for the info on ooty. I will need to check them out.