what if we do 40 percent of 1crore answer fast in indian currency
Answers
Answer:
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Rs. 1 crore is sufficient to plan a frugal retired life for as long as you live provided inflation does not exceed, say, 6% a year. I am myself doing the same for over 20 years of retired life as even Directors did not earn more than a few thousand Rupees monthly back then.
The interest on 1 crore is say 7-8 lakhs a year or Rs. 65000 P. M. Tax at new rates can be planned as almost nil provided you avail of all tax saving instruments. So you have to budget your expenses to say, 40000 P M. and plan to invest the balance 10000 P. M. plus any residual saved money. That will help you to beat the inflation.
The basic Mantra is to be worth a little more moneyed than you were a year back, all through retired life. Earning people must plan at least 20–30% increase in their net worth every year.
Question is how you can live on 40000 P. M. to start with. Donot forget that 90% of India’s upper middle class does not earn more than 40000 P. M., particularly in smaller towns.
If you cannot live middle class then do not literally retire without planning any future earning. Find ways of earning side income or supplementary income.
In contemporary times, no family lives on the interest earnings of one retired person. No one should be planning an idle non-earning family.
Practically, I have yet to find any retired middle class person having one crore rupees They all live to the average age of 75 now a days. So the question has a simple answer. Rs 1 crore is a lot of money if wisely invested and spent frugally.
Some people in Mumbai boast of living in 2-5 Crore Rupees worth Flat . Just like some poor farmers own land worth Crores of Rupees. That does not change the basic position of actually belonging to middle or upper middle class with Rupees one crore plus back up. So the dreams have to be upper middle class only if you have Rupees one Crore.
Answer:
40 lakhs
Step-by-step explanation:
1 crore=100 lakh
then 40% is 40 lakh
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