Earnings at a Young Age

If you are young and, in the US, and earning a salary of $100,000 p.a. you are doing absolutely fine. don't spend it all away on friends, parties. etc. first save 20% of your earnings. and the remaining 80% spend it as you wish. cheers. enjoy. the 20% you saved invest it. You are building a fortune for your later life.

If you are young and unmarried, and In India. leading a bachelor life. earning Rs 4,00,000 lacs p.a. then you need to think differently and try to earn more. much more early in your career. you are 24 and by 28 you will likely get married. that is 4 years. Your expenses will increase. After another 3 years you will likely have a child. that is (4+3) = 7 years. Once you have child your expenses will further increase. and career and family must go together. Also, in these 7 years you will have much more mobility. later your mobility will decrease

Now the question is how to earn much more at 24. try for a job in US, Europe, UAE or other developed countries. where the salaries are much higher. spend the 7 years calculated above in these countries with high paying jobs. save your hard-earned money and return back to India if you wish. You have now built a corpus and invest this money to generate further wealth or buy a house. You now have some financial freedom in your life.

If you cannot ago abroad and continue to do a job in India, still no issue. You must try to save 20% of your monthly savings. So, 20% of 4,00,000 lacs is Rs 80,000. That is 80,000/12 = Rs 6,667 monthly. This amount you must invest monthly and wisely. This will generate wealth in 20 years. Remember you will be doing a job till at lease 55, 31 more years. In 31 years, you will have Wealth.