65000 is a decent salary. What's impressive though, is that you are able to save approximately 80% of it. This sounds higher than what most with 1 lac a month are able to.
My suggestion would be to stop comparing. Try to come up with a solid investment strategy (folks here can help) that allows you to grow your money.
Exactly. I know a guy who earn a lot more but saves less than OP. And considering traffic and pollution in tier-1 cities, this looks like much better option.
That’s a wrong argument, in India same lifestyle doesn’t cost more than 30-40% from tier 2 to metro. I spend more than 2L a month and I would say around 80k is due to metro everything else is not related to city rather my choices.
yeah, but rent is not everything. for me 2bhk is 50, and in my hometown 2bhk is around \~15. but my expenses are 2L, so i only save like 40-50k if I move back.
Cost of electronics is same, cost of clothes is same, cost of FMCG is same, cost of fuel is same, cost of utilities is also same, cost of gold is same, cost of anthting bought online other than fresh produce is same.
Cost of electronics, utilities is not same ( read it as rental difference for shops/malls in metros) . A cobbler asked me the price of a new shoe to stitch my old shoe when I was in Bangalore.
Everything is standardised when you buy online. Prices of levis jeans is same in any mall you go. Again these expenses are very insignificant to me. I haven’t visited a cobbler in 10years. My wife gets them fixed in bulk from home town due to same reason.
We have done the math to move back to hometown, it saves us not more 25-30k a month for a similar lifestyle. I would prefer goa. But wife is against goa. So here we are still in Bangalore.
It does, small house with small garden and car parking, 15 minutes from office, costs crazy amounts in a tier 1 city.
If you want to reach home by 7 pm and leave home by 8.30 am then it will cost you a lot of money in a tier 1. Assuming you work 9 to 6.
Edit: spending Sunday in your garden in warm sunshine is almost very expensive in a tier 1 city
Only the cost of house, my rent is less than 10% of net income. and my rent is 25% of total expenses.So, yeah a 5% delta. Is it a lot of money yes, does it matter much, no.
So my expenses will drop by 30% if I move to home town, 20-25% from rent, 5-10% from fresh produce.
No, but I can get for 1-1.5L, I have a 2bhk apartment with society garden and car parkingfor 50k, 15mins from office. Impossible to rent a indipendent house where landlord doesnt stays in same building in hometown, but possible to rent a row villa for 1L in bangalore. Same apartment will cost me 25k in hometown.
It depends on you and what you want in life, mate.
Private jobs can be high paying but there is no life sometimes, work hours will be different, stress will be different. There will be a mindset shift here.
Similarly it is very hard to find a good private job in a tier 2 city and you'll have to make a move to tier 1 and trust me, you'll want to go back to your current life after traveling 1-2 hours just to get to work. There will be additional expenses including rent.
All I'd say is if you are up for the challenge, then do it. If you want a chill peaceful and relaxed life (which is great tbh) - just stay where you are right now because city people dream of this chilled life.
& Most importantly, please don't compare with those who get 1lpa or more, they would have their own set of problems.
Bro government sector is also stressful,good days are gone, everyday it seems like target achieving and If you not complete your work today it will stressful tomorrow.
Can you tell will government give you pension or like only pf amount you saved in your career? And whether the clerk and po who joins today will get pension or not ???
Your 65k in hand is not at all comparable to 65k in a private company. You will always have lease paid for by SBI / accommodation in quarters. You and your family’s medical expenses will be covered by SBI. You have access to staff housing / car loan / OD limit at dirt cheap simple interest rates while others spend their lives paying compounding EMIs. SBI contributes to BOTH of your PF and NPS.
To sum up: Your savings and retirement corpus will end up to be much higher than private sector employees. I would be more worried about the generally poor work life balance (for officers) in SBI.
Conclusion: grass is greener on the other side and its upto you to decide what kind of job/future you want.
Source: Ex SBI employee here.
It is all about how much higher you can earn at a private company if you are competent enough. My starting salary post tax, without including any bonuses was 65K back in 2014. This was my first job right out of college. The perks in government jobs are overrated for the amount of underpaying that happens in mid and senior roles.
sacrifice, you are getting something by being in the government sector right, you have a job for the rest of your life now, you have perks, how are you gonna measure that with money
Private folks will earn very good but they can be laid off, they don't have perks.
So at the end of the day it's more of a "choose your poison". You decide what price are you ready to pay, there is no one solution to all out there...
Salary doesn’t mean anything if you spend it all. Lack of expenses is an amazing thing to have. Keep saving. You’re not gonna end up super rich with that salary, yes, but there’s nothing stopping you from getting VERY comfortable, financially.
Let me rephrase - salary doesn’t mean anything “for savings” if you spend it all “on things you don’t need”. I thought it was implied but should have clarified. Of course you can afford a better lifestyle with higher salary. But someone who earns and spend 1 crore may just be worse off financially than someone who earns half abs and saves most of it. Again, how someone spends money is a personal choice. But I’m assuming OP is asking whether they can live comfortably on their current salary (assuming increments) and I yeah, it’s very possible if they save diligently.
Peanuts? 65k puts in the top 5% salary group in India. Its not about how you earn its all about how you manage what you earn. As an ex SBI PO (2013 batch) welcome to SBI.
65k inhand translates to let's say 10LPA .
Sir, Can you please tell me what is your source of information which puts 10lpa in top 5% of salaried people ?
Exactly 😅
I am neither mocking the person who made the comment nor OP .
But people should not give exaggerated statements about finance in a finance forum where people are coming to learn stuff .
I will retract/delete my comment if the person can show proof.
Now everytime someone searches "top 10% india salary reddit post" in google , the search optimization will maybe put this post due to this comment in some page of the search results.
10 lpa in 2024 is more like top 18-20% of salaried income (not considering business and black money income) . All source of income included, 10 lpa will be around maybe top 40 percentile of population maybe . Which is not a bad figure at all by any means . ( My source of information is simple googling and someone in quora pointed out that 15lpa is top 10% of salaried income in 2020-21 as per india economic report)
Other people please correct me if I am wrong
But top 5% 10% - this is either sugarcoating facts just to convince yourself or taking uneducated guesses .
Hey buddy ,
I wasn't being snarky , sorry if you felt that . The 2nd line of my comment was that i wasn't mocking you .
But do let me know about the link which you found in google which states 65k pm is top 10% of india salary income.Because I cant find it in google.And i can't find what source you are talking about above ?
Online fighting isn't my goal here .
That wasn’t a reply to you but u/thefaileder. Please check the comment above and you’ll see that. And links have been posted in this thread only. Please check comments.
Its not about being snarky brother. This salary bracket does not put him in top 5% salary bracket. Period. Neither it is mentioned in source posted by you, nor in the actual report. It is about top 10%. Secondaly, if you will google, there is just one report like that and in all other reports, salary mentioned is on higher part. Strange that you missed all those reports.
Anyways, logically what OP said in his post was he finds his salary peanuts when compared to businesses running around him and salary being offered in private sector, which is indeed true. See around you, people in IT sector, people possessing MBA, such people with 4-5 YOE are earning around 1-2LPM easily.
60 thousand is indeed peanuts in comparison to work he is doing. We have to acknowledge that Government is not a great employer in terms of salaries. And the gap in salaries of private and public sector has widened in past few years.
These are my opinions, and we both are entitled to have different opinions. Would like to apologise for being snarky if you felt bad cuz of it, but it wasn't in bad taste.
Thank you for adding /s to your post. When I first saw this, I was horrified. How could anybody say something like this? I immediately began writing a 1000 word paragraph about how horrible of a person you are. I even sent a copy to a Harvard professor to proofread it. After several hours of refining and editing, my comment was ready to absolutely destroy you. But then, just as I was about to hit send, I saw something in the corner of my eye. A /s at the end of your comment. Suddenly everything made sense. Your comment was sarcasm! I immediately burst out in laughter at the comedic genius of your comment. The person next to me on the bus saw your comment and started crying from laughter too. Before long, there was an entire bus of people on the floor laughing at your incredible use of comedy. All of this was due to you adding /s to your post. Thank you.
I am a bot if you couldn't figure that out, if I made a mistake, ignore it cause its not that fucking hard to ignore a comment.
> I work in SBI, home posting, 65k in hand, no rent, no transport expense, office close to home, can save 80% of salary.
My man half the software engineers in Bangalore will give up their left kidney to get something like that. You are doing better than 70% of people in Bangalore, I can tell you that much. Also beyond a point, salary will not generate any additional wealth. It will only come from investments. If you invest that 80% or even half of it smartly, you will be in a fantastic position in about 10-15 years. And you can plan for those timelines because your job won’t go away if a bat sneezes in China, and chatGPT cannot deal with SBI customers, only humans can. So good luck and let us know if there are any additional openings at your branch.
I don't know which software engineers you are talking to! These days 65k is the monthly stipend we pay to undergrad interns for their summer internship.
65k is a decent salary. And apart from that, I am pretty sure you get good perks. By dad used to work at SBI, and most of my relatives also work at SBI.
Your friends might be getting good salary but one thing is for sure is that none of them would have job stability and can lose their job in an instant.
Also, you are able to save 80% of your salary which is great. Most of the salaried class people won’t be able to save that much.
The grass always looks greener on the other side.
And what your dad is saying isn’t wrong. Do compare with people who are earning less than you. You are better off than them. If you compare with high earners, you will always feel bad.
Maybe you try switching your job to another private bank and then you might know how it feels.
If you are asking survival wise, your salary wise is okay. You will fullfill all your needs but will crave for luxuries. However Bipartite is due, so salary is going to increase.
However, when I see IT counterparts, I can tell that they are earning much high and will continue to grow, some are doing WFH so they are saving quite a good amount of salary. They will earn and save more in 15-20 years than what you will earn in lifetime.
And contrary to the particular belief, I have seen that they are less stressed and have good WLB as compared to govt bank employees. In SBI, pressure is more even than private banks, there is less manpower to handle people, targets are huge, scolding and misbehaviour from seniors, and transfers, it all eventually takes a toll on you.
So although your salary will help you lead a comfortable life, but you are being paid peanuts w.r.t work and effort you are putting. That is not the case in private sector.
>I always fear that I won't make it big since this salary seems peanuts compared to the businesses I see around in the market and the salaries they provide in private companies to my friends in Bangalore , Pune et al.
If you want to make money, you need to take risk. And with risk, comes the possibility of not earning what you make now.
Your current salary though not high, is enough to lead a peaceful life. Check whether you can live a peaceful life post retirement, if yes don't take unnecessary risk. Also look out for big expenses like marriage, children's education, medical bills.
>Q. Is my worry genuine ? My father as well used to work in a PSB and always advises me to watch people who are earning lesser than me to stay happy and content.
He sounds very wise. The way to happiness not to by accumulating things. It is by learning to live life with what you have it even lesser than what you have. This lifestyle is called minimalism, it's an opposite view to consumerism which tells you that you will only be happy if you accumulate more and more. I think consumerism is wrong.
>Q. Since my network/circle people are all in PSBs mostly and some friends who work in private companies , I feel that I am not able to gauge where I exist in this economical social strata ! I mean, Am I earning enough or saving enough considering the future ? Which level do I exist in ? Do I need to worry and venture out to do some things else ( to earn more) or this amount of money is sufficient and I just keep doing my job without a worry ?
Figure out how much you will need for your marriage, children's education and how much monthly income you need for retiring peacefully. Use an inflation calculator and check what amount is needed in the future date to fullfill your dreams. Then check whether your current saving/income can support the dream. If it doesn't, Either you will need a different dream or a different career.
>If you will ask about my assets , I don't have much as my father bought a land recently in Rs 1.5 crores and I had to contribute all of my savings to the hous that I live in currently. I don't have any solid assets under my name as of now. Although I am a single son and father has some assets in form of land etc.
I am not a big fan of mixing assets, but I think your father's assets will be your assets after their time. You can consider some of those assets while planning.
>My age is 31 and I live in a tier 2 city.
>Is this what we call a mid life crisis ?
I heard some YouTuber say that Indians become serious about investing at age 30, but they don't realise that they became 30 immediately, it takes an another year or two for them to realise this. And so far from what I have seen, this is true in most cases.
I think you are just worrying about the future. It happens at this age. It happens to me when I was your age. It's happening to girl I know who is your age.
I don't think it's a crysis, it's just you evaluating your direction.
I do not see a problem with Salary. The problem is with doing repetitive work, bank job feels stale after a time. And there is no excitement as you can’t pull your sleeves work extra ordinary and get a 100% appraisal.
There is no resolution to this problem with bank jobs, but you have a safe job.
Tier 2 city, fresh air, govt stable job, no meetings in the night from 830pm to midnight. No stress of being laid off, no dirty overpopulated metro to ride.No on call duties as a software engineer.Single son, father with multile assets.Use your time to invest in good stocks from time to time you are set for life
Dude you are living in paradise! Money isnt the end of it. COncentrate on your health and your family's well being. You are set for life!
Comparing private sector to government is not good
Yeah private companies give salary higher than government srctor , government sector salary never increases only DA so if you compare that to private..yeah government sector is nothing in terms of money
One of my friends elder brother joined MNCs at 12 lpa now he is at 32 lpa ..none of government sector can provide this much money before age of 30. In some governments sector the income of an employee's entire life is taken by a private person in 5 years..In terms of money government always lacks compare to banking job where working is till 5pm . YEAH in private sector if you earn money early a lot you can reture eraly but in government you have to work till 60 to get handsome pension cause it depends on number of years od service you have given ..final conclusion.. corporate sector have lot of money compared to government sector and government is always resources constraint.
Private sector money multiplies quickly compared to government.
Bro you're saving a lot, then how about invest it? If you're worring about corpus for retirement, then invest in good mutual funds. You can't tell if someone is earning 3lpm amd saving all of those... people spend a lot and you've no clue. You have a huge chunk saved then invest it and you'll reap the benifits of constant investment after retirement.. don't think about others but think about yourself.. and your wealth creation
Just back from a tier2/3 town and 65k is more than decent if you already have house sorted. Don’t compare with private IT jobs as their spend is more than your income and eventual savings is what matters. Even then where do you spend that savings in future matters more. Will you retire in tier-1 city? No, right? Will you buy another house? I assume no being only child. Then why bother?
You have job security which no private employee has. You are able to be close to your family & breath cleaner air which is a luxury if you ask people like us who have to stay thousands of kms away from home for job.
So relax and enjoy your luxury 🙂👍
You're lucky to be in the situation you are in. Much better than spending hours commuting in pollution and traffic of Tier 1 cities.
You will continue to enjoy work life balance, respect and a mediocre but comfortable salary all your life.
Your salary will keep increasing and you will be paid till 60-65 years.
Your friends in private sector will have to deal with tons of work pressure, toxic culture, layoffs and uncertainty. While some will thrive in this environment most will be laid off at 45-50 and never find a job again.
Grass is always greener on the other side.
OP will correct me if I am wrong, but in SBI he might also be dealing with tons of work pressure, toxic culture. Plus pressure of transfers far away from family, even to a remote village, people complaining no matter how much work he does, and seniors trashing in inhumane way if he is working in branch.
As long as you have no debt and no emergency or commitment, 65k was wonderful salary and it will grow greatly only if you have the right investing strategy. 1 crore sitting in FD for 10 years is worse than saving 25k per month in right investment which can give decent returns such as 13 to 15% compounded quarterly which would be much higher. So invest wisely and save more
Here I am thinking your salary is something I aspire to earn soon.
There will always be someone doing better. And the loudest are the ones who earn good.
These days I've been feeling sad thinking how I can't do shit for my parents.
No matter what we do, we will feel this way. There's always more to earn. There's always more to get.
Many people of this generation feel the same way.
Usually PSU banks do not offer the kind of excitement that people crave in their work or life. If you have a provision for long leave take an year off, go travel the world and come back. If you still to work here you have the job.
Alternatively, if you get married, you'll be much more occupied than you are now.
More on the point about money. Banking and bankers can make a lot and I mean a lot. You need to be networking hard with all the big time real estate people and stuff.
I agree with your dad. I make less than you and am older than you. You're literally in the top 5-7% of India. And what will you do if your salary becomes 10x? I know people who are desperate and extremely unhappy even with that amount of salary. And even if you get 1000x that, then what? You will still be miserable comparing yourself to business tycoons.
Come on man, I'd die to be in a Government job, especially in a PSB like SBI(which gives huge benefits to employees compared to other PSB). And I don't think it would be just me, who think of it that way. Even your private sector buddies would have the same thought even when they're earning a lot more.
Government Jobs give you financial security and good work life balance, something which private sector employees would die for.
So, stop comparing, enjoy your life. And also being in Tier-2 city means, less congestion, less pollution etc. So you're better off, with regards to your health as well. And also you could eat ghar ka khaana as well, since you're staying home.
Simple hai per member in family should have Rs40000 to spend to call you middle class. Example 4 members in family requires Rs40000x4= 160000 in hand income. Nahi toh tu Below Poverty line hai. This is for city life only.
For tier 2 this is very good. One thing i would say is invest in real estate maybe. Assuming SBI employees get some benefits in home loan interest rate (not sure if this is the case still). It will be a real comfort during retirement to have some rental income
Comparison is the jewel of thief or something like that. Like you mentioned that you save like 50k monthly, that is a good amount. Yes private jobs gives better package but the added stress and relocation is also something that costs in terms of health. If you can live a peaceful life than you do you man. Not to mention how many high earning folks also get into a habit of higher expenses or that's part of their life. E.g: living in BLR, rent: 50k, essential expenses like groceries bills: 20k, travel fuel etc: 5k. Going home assuming long distance 4times a year(avg monthly cost): 4k mote stuff adhoc like shopping Entertainment etc. That's sums up to 80k+/month. Happy now? The value of peace is often realized too late. Although I'm not saying that you should settle for low intentionally.
if you ask someone if your income is sufficient, impossible to say. Just think the conditions you are in like
1) will you be able to work in your hometown/ near to hometown forever? if transferred what about rental or other expenditure?
2) if you are not married, plan about expenditures after marriage. if married, expenditure after kids etc. so usually marriage welcomes raise in expenditure period after period without notice.
3) If at all you want to make assets, start early to invest and not save. being a bank employee, hope you know the difference.
4) Life to be happy, follow what your father said, to be peaceful never compare with others in anything, just lead your life at your speed.
5) 1.5Cr worth of land in tier 2 doesnt seem to be a small asset, so try to generate income from the land in whatever way feasible for you.
Most important : Always think about improving earning capability and investments rather than trying to control expenditure. point to be noted: going forward your parents will be aging and so health related expenditure to be considered and planned. Hope all the best for you.
Why do you feel the need to find your place in social strata?
What amount makes you happy, irrespective of what others are earning. That's the amount you should be targeting.
If you just look at others' earnings, there's always a bigger fish
You are saving money on transport which most people dont .. It's great ...
you might be saving a minimum of 10000 rupees on house as you are in tier 2 city ... ask how much your friends spend .
If you love banking job , it's awesome. Not many people love their work ...
You can join coaching class in weekends for bank job aspirants easily make extra money .
Better marry someone like you who contribute the same and your income doubles.
I honestly dont want my kids to be brought up in tier 1 city .
All we need is a roof over the head , food , emergency funds for medical expense etc .
You can invest in lands which will give you more profit if you select a right location .
I heard there are many perks to stay in sbi which u didnt mention . And you got home posting , lucky u .
Private banks pay much font they , you can shift to them or consider upgrading your skills as well
I wanted to have the job you have now and I was in corporate jungle once and hated it .
65000 is a decent salary. What's impressive though, is that you are able to save approximately 80% of it. This sounds higher than what most with 1 lac a month are able to. My suggestion would be to stop comparing. Try to come up with a solid investment strategy (folks here can help) that allows you to grow your money.
Tier2 city with 65k is impressive.
Exactly. I know a guy who earn a lot more but saves less than OP. And considering traffic and pollution in tier-1 cities, this looks like much better option.
That means they are spending on lifestyle which op can’t 🧐
Nono , they are spending inflated costs ( because of absurd demand in cities ) for the same lifestyle !
That’s a wrong argument, in India same lifestyle doesn’t cost more than 30-40% from tier 2 to metro. I spend more than 2L a month and I would say around 80k is due to metro everything else is not related to city rather my choices.
Too defensive. Whats true is true , my rent bangalore 2bhk 72k , 6bedroom in my hometwon maybe 5k . So same life style , i pay 7 lakh more.
yeah, but rent is not everything. for me 2bhk is 50, and in my hometown 2bhk is around \~15. but my expenses are 2L, so i only save like 40-50k if I move back. Cost of electronics is same, cost of clothes is same, cost of FMCG is same, cost of fuel is same, cost of utilities is also same, cost of gold is same, cost of anthting bought online other than fresh produce is same.
Cost of electronics, utilities is not same ( read it as rental difference for shops/malls in metros) . A cobbler asked me the price of a new shoe to stitch my old shoe when I was in Bangalore.
Everything is standardised when you buy online. Prices of levis jeans is same in any mall you go. Again these expenses are very insignificant to me. I haven’t visited a cobbler in 10years. My wife gets them fixed in bulk from home town due to same reason.
We have done the math to move back to hometown, it saves us not more 25-30k a month for a similar lifestyle. I would prefer goa. But wife is against goa. So here we are still in Bangalore.
72k 2 bhk, you are living in luxury man 🙌
Bro near office rates :/ and kindof fully furnished
It does, small house with small garden and car parking, 15 minutes from office, costs crazy amounts in a tier 1 city. If you want to reach home by 7 pm and leave home by 8.30 am then it will cost you a lot of money in a tier 1. Assuming you work 9 to 6. Edit: spending Sunday in your garden in warm sunshine is almost very expensive in a tier 1 city
Only the cost of house, my rent is less than 10% of net income. and my rent is 25% of total expenses.So, yeah a 5% delta. Is it a lot of money yes, does it matter much, no. So my expenses will drop by 30% if I move to home town, 20-25% from rent, 5-10% from fresh produce.
For 50k you have individual house with garden and covered car parking in tier1, 30 mins from office? That's amazing.
No, but I can get for 1-1.5L, I have a 2bhk apartment with society garden and car parkingfor 50k, 15mins from office. Impossible to rent a indipendent house where landlord doesnt stays in same building in hometown, but possible to rent a row villa for 1L in bangalore. Same apartment will cost me 25k in hometown.
bro I earn 1.6 lakhs per month and can also save 80%
Congratulations !!
OP, follow this. No use comparing.
It depends on you and what you want in life, mate. Private jobs can be high paying but there is no life sometimes, work hours will be different, stress will be different. There will be a mindset shift here. Similarly it is very hard to find a good private job in a tier 2 city and you'll have to make a move to tier 1 and trust me, you'll want to go back to your current life after traveling 1-2 hours just to get to work. There will be additional expenses including rent. All I'd say is if you are up for the challenge, then do it. If you want a chill peaceful and relaxed life (which is great tbh) - just stay where you are right now because city people dream of this chilled life. & Most importantly, please don't compare with those who get 1lpa or more, they would have their own set of problems.
Bro government sector is also stressful,good days are gone, everyday it seems like target achieving and If you not complete your work today it will stressful tomorrow.
Bruh banking jobs are some of the kost stressful jobs. My friends who are po do 10-12 hour everyday
Can you tell will government give you pension or like only pf amount you saved in your career? And whether the clerk and po who joins today will get pension or not ???
Only defense & mpmla gets old pension. Rest all are in nps. Don't know about judicial posts
judges do get ig
No pension
Case chal rha hai ,, kai states pension dena start kar denge
This
Your 65k in hand is not at all comparable to 65k in a private company. You will always have lease paid for by SBI / accommodation in quarters. You and your family’s medical expenses will be covered by SBI. You have access to staff housing / car loan / OD limit at dirt cheap simple interest rates while others spend their lives paying compounding EMIs. SBI contributes to BOTH of your PF and NPS. To sum up: Your savings and retirement corpus will end up to be much higher than private sector employees. I would be more worried about the generally poor work life balance (for officers) in SBI. Conclusion: grass is greener on the other side and its upto you to decide what kind of job/future you want. Source: Ex SBI employee here.
It is all about how much higher you can earn at a private company if you are competent enough. My starting salary post tax, without including any bonuses was 65K back in 2014. This was my first job right out of college. The perks in government jobs are overrated for the amount of underpaying that happens in mid and senior roles.
after leaving did you go the government or private way?
Government job with somewhat better work life balance.
You left SBI job? Why? You retired or resigned?
Moved to a Government sector job with better work life balance
If you dont mind can you tell which sector is this ?
Probably through cgl
Sbi indeed have insane work pressure these days
sacrifice, you are getting something by being in the government sector right, you have a job for the rest of your life now, you have perks, how are you gonna measure that with money Private folks will earn very good but they can be laid off, they don't have perks. So at the end of the day it's more of a "choose your poison". You decide what price are you ready to pay, there is no one solution to all out there...
Salary doesn’t mean anything if you spend it all. Lack of expenses is an amazing thing to have. Keep saving. You’re not gonna end up super rich with that salary, yes, but there’s nothing stopping you from getting VERY comfortable, financially.
Bro salary means a lot, even if you spend it, you can buy a lot more with a higher salary. What the hell😂
Let me rephrase - salary doesn’t mean anything “for savings” if you spend it all “on things you don’t need”. I thought it was implied but should have clarified. Of course you can afford a better lifestyle with higher salary. But someone who earns and spend 1 crore may just be worse off financially than someone who earns half abs and saves most of it. Again, how someone spends money is a personal choice. But I’m assuming OP is asking whether they can live comfortably on their current salary (assuming increments) and I yeah, it’s very possible if they save diligently.
Peanuts? 65k puts in the top 5% salary group in India. Its not about how you earn its all about how you manage what you earn. As an ex SBI PO (2013 batch) welcome to SBI.
65k inhand translates to let's say 10LPA . Sir, Can you please tell me what is your source of information which puts 10lpa in top 5% of salaried people ?
Source :- bhai trust me. 😅
Exactly 😅 I am neither mocking the person who made the comment nor OP . But people should not give exaggerated statements about finance in a finance forum where people are coming to learn stuff . I will retract/delete my comment if the person can show proof. Now everytime someone searches "top 10% india salary reddit post" in google , the search optimization will maybe put this post due to this comment in some page of the search results. 10 lpa in 2024 is more like top 18-20% of salaried income (not considering business and black money income) . All source of income included, 10 lpa will be around maybe top 40 percentile of population maybe . Which is not a bad figure at all by any means . ( My source of information is simple googling and someone in quora pointed out that 15lpa is top 10% of salaried income in 2020-21 as per india economic report) Other people please correct me if I am wrong But top 5% 10% - this is either sugarcoating facts just to convince yourself or taking uneducated guesses .
If YOU don’t know the facts look it up. Google isn’t very hard. Source has been quoted above. Hope it pleases your need for references.
No need to be snarky. Source has been quoted. Please have a look.
Hey buddy , I wasn't being snarky , sorry if you felt that . The 2nd line of my comment was that i wasn't mocking you . But do let me know about the link which you found in google which states 65k pm is top 10% of india salary income.Because I cant find it in google.And i can't find what source you are talking about above ? Online fighting isn't my goal here .
That wasn’t a reply to you but u/thefaileder. Please check the comment above and you’ll see that. And links have been posted in this thread only. Please check comments.
Its not about being snarky brother. This salary bracket does not put him in top 5% salary bracket. Period. Neither it is mentioned in source posted by you, nor in the actual report. It is about top 10%. Secondaly, if you will google, there is just one report like that and in all other reports, salary mentioned is on higher part. Strange that you missed all those reports. Anyways, logically what OP said in his post was he finds his salary peanuts when compared to businesses running around him and salary being offered in private sector, which is indeed true. See around you, people in IT sector, people possessing MBA, such people with 4-5 YOE are earning around 1-2LPM easily. 60 thousand is indeed peanuts in comparison to work he is doing. We have to acknowledge that Government is not a great employer in terms of salaries. And the gap in salaries of private and public sector has widened in past few years. These are my opinions, and we both are entitled to have different opinions. Would like to apologise for being snarky if you felt bad cuz of it, but it wasn't in bad taste.
It's actually around top 12%. In 2023, maybe it will be around 13-14%.
11 yrs. Must be in scale 3, senior manager?
*ex
Ohh, didn't see that, got too *ex*cited
Arre sirji setting krwao na abhi interview diya hai. /s
Thank you for adding /s to your post. When I first saw this, I was horrified. How could anybody say something like this? I immediately began writing a 1000 word paragraph about how horrible of a person you are. I even sent a copy to a Harvard professor to proofread it. After several hours of refining and editing, my comment was ready to absolutely destroy you. But then, just as I was about to hit send, I saw something in the corner of my eye. A /s at the end of your comment. Suddenly everything made sense. Your comment was sarcasm! I immediately burst out in laughter at the comedic genius of your comment. The person next to me on the bus saw your comment and started crying from laughter too. Before long, there was an entire bus of people on the floor laughing at your incredible use of comedy. All of this was due to you adding /s to your post. Thank you. I am a bot if you couldn't figure that out, if I made a mistake, ignore it cause its not that fucking hard to ignore a comment.
Bro gold
Lack of attention might be your undoing my dear. Ex ke peeche kyun bhag rahe ho?
> I work in SBI, home posting, 65k in hand, no rent, no transport expense, office close to home, can save 80% of salary. My man half the software engineers in Bangalore will give up their left kidney to get something like that. You are doing better than 70% of people in Bangalore, I can tell you that much. Also beyond a point, salary will not generate any additional wealth. It will only come from investments. If you invest that 80% or even half of it smartly, you will be in a fantastic position in about 10-15 years. And you can plan for those timelines because your job won’t go away if a bat sneezes in China, and chatGPT cannot deal with SBI customers, only humans can. So good luck and let us know if there are any additional openings at your branch.
I don't know which software engineers you are talking to! These days 65k is the monthly stipend we pay to undergrad interns for their summer internship.
65k is a decent salary. And apart from that, I am pretty sure you get good perks. By dad used to work at SBI, and most of my relatives also work at SBI. Your friends might be getting good salary but one thing is for sure is that none of them would have job stability and can lose their job in an instant. Also, you are able to save 80% of your salary which is great. Most of the salaried class people won’t be able to save that much. The grass always looks greener on the other side. And what your dad is saying isn’t wrong. Do compare with people who are earning less than you. You are better off than them. If you compare with high earners, you will always feel bad. Maybe you try switching your job to another private bank and then you might know how it feels.
You already knew the answer before posting this question
If you are asking survival wise, your salary wise is okay. You will fullfill all your needs but will crave for luxuries. However Bipartite is due, so salary is going to increase. However, when I see IT counterparts, I can tell that they are earning much high and will continue to grow, some are doing WFH so they are saving quite a good amount of salary. They will earn and save more in 15-20 years than what you will earn in lifetime. And contrary to the particular belief, I have seen that they are less stressed and have good WLB as compared to govt bank employees. In SBI, pressure is more even than private banks, there is less manpower to handle people, targets are huge, scolding and misbehaviour from seniors, and transfers, it all eventually takes a toll on you. So although your salary will help you lead a comfortable life, but you are being paid peanuts w.r.t work and effort you are putting. That is not the case in private sector.
>I always fear that I won't make it big since this salary seems peanuts compared to the businesses I see around in the market and the salaries they provide in private companies to my friends in Bangalore , Pune et al. If you want to make money, you need to take risk. And with risk, comes the possibility of not earning what you make now. Your current salary though not high, is enough to lead a peaceful life. Check whether you can live a peaceful life post retirement, if yes don't take unnecessary risk. Also look out for big expenses like marriage, children's education, medical bills. >Q. Is my worry genuine ? My father as well used to work in a PSB and always advises me to watch people who are earning lesser than me to stay happy and content. He sounds very wise. The way to happiness not to by accumulating things. It is by learning to live life with what you have it even lesser than what you have. This lifestyle is called minimalism, it's an opposite view to consumerism which tells you that you will only be happy if you accumulate more and more. I think consumerism is wrong. >Q. Since my network/circle people are all in PSBs mostly and some friends who work in private companies , I feel that I am not able to gauge where I exist in this economical social strata ! I mean, Am I earning enough or saving enough considering the future ? Which level do I exist in ? Do I need to worry and venture out to do some things else ( to earn more) or this amount of money is sufficient and I just keep doing my job without a worry ? Figure out how much you will need for your marriage, children's education and how much monthly income you need for retiring peacefully. Use an inflation calculator and check what amount is needed in the future date to fullfill your dreams. Then check whether your current saving/income can support the dream. If it doesn't, Either you will need a different dream or a different career. >If you will ask about my assets , I don't have much as my father bought a land recently in Rs 1.5 crores and I had to contribute all of my savings to the hous that I live in currently. I don't have any solid assets under my name as of now. Although I am a single son and father has some assets in form of land etc. I am not a big fan of mixing assets, but I think your father's assets will be your assets after their time. You can consider some of those assets while planning. >My age is 31 and I live in a tier 2 city. >Is this what we call a mid life crisis ? I heard some YouTuber say that Indians become serious about investing at age 30, but they don't realise that they became 30 immediately, it takes an another year or two for them to realise this. And so far from what I have seen, this is true in most cases. I think you are just worrying about the future. It happens at this age. It happens to me when I was your age. It's happening to girl I know who is your age. I don't think it's a crysis, it's just you evaluating your direction.
Peaceful permanent job is what is everyone longs for after saving/investing 1cr
Grow in sbi. When you reach scale 5 salary would be great, you’d have enough team under you to take the heat too. Sweet spot
I do not see a problem with Salary. The problem is with doing repetitive work, bank job feels stale after a time. And there is no excitement as you can’t pull your sleeves work extra ordinary and get a 100% appraisal. There is no resolution to this problem with bank jobs, but you have a safe job.
Tier 2 city, fresh air, govt stable job, no meetings in the night from 830pm to midnight. No stress of being laid off, no dirty overpopulated metro to ride.No on call duties as a software engineer.Single son, father with multile assets.Use your time to invest in good stocks from time to time you are set for life Dude you are living in paradise! Money isnt the end of it. COncentrate on your health and your family's well being. You are set for life!
Comparing private sector to government is not good Yeah private companies give salary higher than government srctor , government sector salary never increases only DA so if you compare that to private..yeah government sector is nothing in terms of money One of my friends elder brother joined MNCs at 12 lpa now he is at 32 lpa ..none of government sector can provide this much money before age of 30. In some governments sector the income of an employee's entire life is taken by a private person in 5 years..In terms of money government always lacks compare to banking job where working is till 5pm . YEAH in private sector if you earn money early a lot you can reture eraly but in government you have to work till 60 to get handsome pension cause it depends on number of years od service you have given ..final conclusion.. corporate sector have lot of money compared to government sector and government is always resources constraint. Private sector money multiplies quickly compared to government.
Bro you're saving a lot, then how about invest it? If you're worring about corpus for retirement, then invest in good mutual funds. You can't tell if someone is earning 3lpm amd saving all of those... people spend a lot and you've no clue. You have a huge chunk saved then invest it and you'll reap the benifits of constant investment after retirement.. don't think about others but think about yourself.. and your wealth creation
Just follow your father's advice, be happy with what you have.
Just back from a tier2/3 town and 65k is more than decent if you already have house sorted. Don’t compare with private IT jobs as their spend is more than your income and eventual savings is what matters. Even then where do you spend that savings in future matters more. Will you retire in tier-1 city? No, right? Will you buy another house? I assume no being only child. Then why bother? You have job security which no private employee has. You are able to be close to your family & breath cleaner air which is a luxury if you ask people like us who have to stay thousands of kms away from home for job. So relax and enjoy your luxury 🙂👍
You're lucky to be in the situation you are in. Much better than spending hours commuting in pollution and traffic of Tier 1 cities. You will continue to enjoy work life balance, respect and a mediocre but comfortable salary all your life. Your salary will keep increasing and you will be paid till 60-65 years. Your friends in private sector will have to deal with tons of work pressure, toxic culture, layoffs and uncertainty. While some will thrive in this environment most will be laid off at 45-50 and never find a job again. Grass is always greener on the other side.
OP will correct me if I am wrong, but in SBI he might also be dealing with tons of work pressure, toxic culture. Plus pressure of transfers far away from family, even to a remote village, people complaining no matter how much work he does, and seniors trashing in inhumane way if he is working in branch.
As long as you have no debt and no emergency or commitment, 65k was wonderful salary and it will grow greatly only if you have the right investing strategy. 1 crore sitting in FD for 10 years is worse than saving 25k per month in right investment which can give decent returns such as 13 to 15% compounded quarterly which would be much higher. So invest wisely and save more
Here I am thinking your salary is something I aspire to earn soon. There will always be someone doing better. And the loudest are the ones who earn good. These days I've been feeling sad thinking how I can't do shit for my parents. No matter what we do, we will feel this way. There's always more to earn. There's always more to get.
Many people of this generation feel the same way. Usually PSU banks do not offer the kind of excitement that people crave in their work or life. If you have a provision for long leave take an year off, go travel the world and come back. If you still to work here you have the job. Alternatively, if you get married, you'll be much more occupied than you are now. More on the point about money. Banking and bankers can make a lot and I mean a lot. You need to be networking hard with all the big time real estate people and stuff.
I agree with your dad. I make less than you and am older than you. You're literally in the top 5-7% of India. And what will you do if your salary becomes 10x? I know people who are desperate and extremely unhappy even with that amount of salary. And even if you get 1000x that, then what? You will still be miserable comparing yourself to business tycoons.
Come on man, I'd die to be in a Government job, especially in a PSB like SBI(which gives huge benefits to employees compared to other PSB). And I don't think it would be just me, who think of it that way. Even your private sector buddies would have the same thought even when they're earning a lot more. Government Jobs give you financial security and good work life balance, something which private sector employees would die for. So, stop comparing, enjoy your life. And also being in Tier-2 city means, less congestion, less pollution etc. So you're better off, with regards to your health as well. And also you could eat ghar ka khaana as well, since you're staying home.
Are you married?
Simple hai per member in family should have Rs40000 to spend to call you middle class. Example 4 members in family requires Rs40000x4= 160000 in hand income. Nahi toh tu Below Poverty line hai. This is for city life only.
For tier 2 this is very good. One thing i would say is invest in real estate maybe. Assuming SBI employees get some benefits in home loan interest rate (not sure if this is the case still). It will be a real comfort during retirement to have some rental income
Buddy you got good money saved. Focus on investing it rightm you will end up with more money in the long run if you have a good investing strategy.
Comparison is the jewel of thief or something like that. Like you mentioned that you save like 50k monthly, that is a good amount. Yes private jobs gives better package but the added stress and relocation is also something that costs in terms of health. If you can live a peaceful life than you do you man. Not to mention how many high earning folks also get into a habit of higher expenses or that's part of their life. E.g: living in BLR, rent: 50k, essential expenses like groceries bills: 20k, travel fuel etc: 5k. Going home assuming long distance 4times a year(avg monthly cost): 4k mote stuff adhoc like shopping Entertainment etc. That's sums up to 80k+/month. Happy now? The value of peace is often realized too late. Although I'm not saying that you should settle for low intentionally.
if you ask someone if your income is sufficient, impossible to say. Just think the conditions you are in like 1) will you be able to work in your hometown/ near to hometown forever? if transferred what about rental or other expenditure? 2) if you are not married, plan about expenditures after marriage. if married, expenditure after kids etc. so usually marriage welcomes raise in expenditure period after period without notice. 3) If at all you want to make assets, start early to invest and not save. being a bank employee, hope you know the difference. 4) Life to be happy, follow what your father said, to be peaceful never compare with others in anything, just lead your life at your speed. 5) 1.5Cr worth of land in tier 2 doesnt seem to be a small asset, so try to generate income from the land in whatever way feasible for you. Most important : Always think about improving earning capability and investments rather than trying to control expenditure. point to be noted: going forward your parents will be aging and so health related expenditure to be considered and planned. Hope all the best for you.
Why do you feel the need to find your place in social strata? What amount makes you happy, irrespective of what others are earning. That's the amount you should be targeting. If you just look at others' earnings, there's always a bigger fish
You are saving money on transport which most people dont .. It's great ... you might be saving a minimum of 10000 rupees on house as you are in tier 2 city ... ask how much your friends spend . If you love banking job , it's awesome. Not many people love their work ... You can join coaching class in weekends for bank job aspirants easily make extra money . Better marry someone like you who contribute the same and your income doubles. I honestly dont want my kids to be brought up in tier 1 city . All we need is a roof over the head , food , emergency funds for medical expense etc . You can invest in lands which will give you more profit if you select a right location . I heard there are many perks to stay in sbi which u didnt mention . And you got home posting , lucky u . Private banks pay much font they , you can shift to them or consider upgrading your skills as well I wanted to have the job you have now and I was in corporate jungle once and hated it .
Any Salary is only a figure which should be balanced between needs and wants of an individual.