Income Rs 20 LPA, savings zero: 30-year-old techie says family responsibilities left him with no money, netizens weigh in

A 30-year-old technology professional earning ₹20 lakh per annum has sparked a discussion on financial planning and family responsibilities after revealing on Reddit that he currently has no savings despite a stable income.

The individual, who said he comes from a low-income family and is the sole breadwinner, explained that he recently used his entire savings to fund a ₹14 lakh refurbishment of his family home without taking any loans or opting for EMIs.

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Tech worker says he is starting from scratch

In his post, the man described his current financial situation, writing, “30M - 20 LPA - 0 SAVINGS- 0 EMIS - 0 LOANS.”

He further stated, “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.”

The professional said he is concerned about relying solely on his job amid an uncertain employment market and is looking for ways to begin building wealth from scratch.

“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.

Reddit users offer financial guidance

The post drew numerous responses from users who offered suggestions on savings, insurance and career growth.

One user advised him to purchase term insurance immediately, build an emergency fund equivalent to six months of income and save half of his take-home pay over the next year. The commenter also recommended focusing on career advancement through upskilling, training and certifications while targeting a higher income bracket in the future.

Another user praised the individual's efforts and encouraged him to prioritise term insurance, health insurance, emergency savings and professional development. The commenter suggested that increasing income should remain the primary focus, with savings expected to grow alongside earnings.

Insurance becomes key point of discussion

Several Reddit users recommended obtaining health and term insurance as an essential first step in financial planning.

However, one commenter questioned the reliability of insurance claims, arguing that there is no guarantee claims would be approved when needed. The user expressed concerns about paying premiums without certainty of future coverage and challenged others to offer a "no questions asked" insurance arrangement.

Emergency fund among top recommendations

Another participant stressed the importance of creating an emergency fund worth six times monthly expenses while also securing health and term insurance coverage.

The discussion highlighted differing views on financial security, with most users encouraging the tech professional to focus on building a financial safety net, obtaining insurance coverage and increasing income as he begins rebuilding his savings.

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