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A 30-year-old techie who used his savings to renovate his family home says he has no loans or EMIs, but now wants to learn how to build wealth from zero
His post sparked financial advice. (Representative Image)
A 30-year-old tech professional has turned to Reddit for financial advice after revealing that despite earning Rs 20 lakh a year, he currently has no savings. His post has started a discussion about money management, family responsibilities and preparing for uncertain times.
The man explained that he comes from a low-income family and is the only earning member at home. He said most of his savings were recently used to renovate his family house, leaving him with no financial cushion.
He Spent His Savings On Family
In his post, the techie introduced himself as, “30M – 20 LPA – 0 SAVINGS- 0 EMIS – 0 LOANS.”
He added, “I’m 30M working in tech 20lpa. I have 0 savings in my name till now. I come from a low income family and I’m the sole breadwinner rn. Refurbished family home some time ago which cost around 14 lakhs which I paid without any kind of loans so all out of savings.”
Although he managed to avoid taking loans or EMIs, he said he is now starting from scratch at the age of 30.
He Asked Where To Begin
Seeking advice from fellow users, the man admitted that he was unsure about how to build wealth and prepare for the future.
“I need advice on how to start building money. With the kind of volatile market rn, I cannot just depend on the job. How do I start building my wealth with absolute 0. I am totally clueless where to start. I have no policies on my name, no insurance. Don’t even know how or where to start,” he wrote.
His post quickly drew responses from people who offered suggestions and encouragement.
Reddit Users Shared Their Advice
A user praised the man for supporting his family and wrote, “You’re doing great, man. Here are some recommendations: Term insurance asap. Build a rainy day fund of 6 months of income – save 50% your take-home pay for the next year.”
Another user commented, “I have nothing but respect for people like you OP. You are actually doing good. Start with term and health insurance, build an emergency fund set aside for upskilling as well… Your priority should be increasing income; savings will happen as your income increases.”
Many users advised him to buy health and term insurance and create an emergency fund.
However, one person questioned the reliability of insurance and wrote, “So everyone is asking OP to get insurance. What’s the guarantee that his claim will go through?” Another user kept it simple and suggested, “Emergency fund worth 6x your monthly expenses, health insurance, term insurance.”
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