Introduction:
Hey everyone,
I've been planning to share my financial journey and seek advice here for a while now. A bit about me: I come from a lower-middle-class family and grew up in a 1BHK household. My father was always a controlling figure, constantly emphasizing our financial struggles while projecting superiority. He often doubted my capabilities, even saying I wouldn't land a job paying 20k and that I'd struggle under bad managers.

I started with a 20k salary and, over two years, grew my earnings to ₹1.5 LPM. While I'm proud of my progress, managing finances with family expectations and my own future goals has been challenging.

Current Financial Situation:

• Salary: ₹1.5 Lakhs Per Month (LPM)
• Money Sent to Home:
  • ₹50K: Committee (Chit fund contributions)
  • ₹10K: Household expenses
• Living Expenses: ₹25K (I live independently in Bangalore)
• Savings: ~₹12 Lakhs (with my parents)
• Investments:
  • ₹1 Lakh in stocks
  • ₹1 Lakh in crypto (from a prior project; managed by my brother)
  • 2 Lakh in savings Account

Challenges:

1. Family Financial Dynamics: My family insists on continuing with the committee system (chit fund). While I've been trying to convince them to explore better investment options, it often leads to conflicts. To avoid arguments, I end up contributing as they want.
2. Pressure to Buy a House: Over the past six months, my parents have been urging me to buy a house. I’ve been delaying it because I don’t feel confident about the current real estate market. Additionally, I want to ensure I'm making a well-thought-out decision when I eventually commit to such a big purchase.
3. Lack of Confidence in Investments: I’ve been exploring mutual funds and stocks but haven’t felt confident enough to start consistently investing.

Goals:

1. Short-Term:
   • Start a monthly investment plan with a portion of my income.
   • Build an emergency fund (if necessary).
2. Long-Term:
   • Save for a potential house purchase while balancing other financial goals.
   • Diversify investments to achieve stable growth.

Request for Advice:

1. How can I best allocate my remaining income (~₹65K) after fixed expenses?
2. Would it make sense to invest in mutual funds or ETFs to achieve a balance of growth and liquidity? Any recommendations for a beginner-friendly portfolio?
3. For someone in their mid-20s, is it too early to commit to buying a house? Should I continue renting and focus on building wealth instead?
4. Are there alternative options to committee (chit funds) that I can propose to my family to better secure their financial future?

Additional Info:

• Age: 25 (turning 26 in February)
• Location: Bangalore (originally from Delhi)

How does this sound?