A Fresh Perspective on a 4.5 LPA Salary for a 20-Year-Old: Factors to Consider
Is a salary of 4.5 LPA (Lakhs per Annum) good for a fresher aged 20 in today's job market? This article explores whether this salary is considered good, the factors that influence salary satisfaction, and the nuances of personal financial planning and aspirations.
The Immediate Takeaway
In many sectors, a salary of 4.5 LPA is indeed considered a good starting salary for a fresher. You should feel lucky, as more than 95% of freshers may be earning even less, ranging from 1.5 LPA to 3.5 LPA. However, the satisfaction and adequacy of this salary can vary significantly based on personal circumstances and needs.
Industry and Domain Influence
The field and type of company play a crucial role in determining whether 4.5 LPA is good for a fresher. In India, particularly for IT service companies or MNCs in the service sector, 4.25 LPA is often seen as a good starting salary for freshers in most cities. It's important to consider the company's domain, as different sectors may have different salary standards.
Focus on Your Passions
It's imperative to shift your focus from competing over salaries to finding your true passions and becoming the best at what you do. Most people compete against themselves, not the world. While a starting salary is important, it's more about what brings you personal satisfaction and fulfillment.
Personal Expenses and Happiness
The adequacy of a 4.5 LPA salary heavily depends on personal financial needs and responsibilities. Take the example of a fresher earning 35,000 INR per month. If this salary can cover basic needs like eating out, shopping, parties, and vacations for a single person, it would be considered satisfactory. However, if this salary is meant to support a family or additional dependents, it might lead to financial stress and dissatisfaction.
For instance, in my situation, I earn 35,000 INR in hand every month, and my friends often think I'm saving a lot because I don't indulge in expenses like drinking, smoking, or frequent parties. My money goes towards supporting my younger brother's school fees, taking care of my parents, sending money home, and covering my own daily expenses, rent, and groceries. At the end of the month, I end up with no savings, but I find fulfillment in aiding my family's needs.
Personal Needs overriding Salary
Ultimately, personal needs and financial planning significantly impact salary satisfaction. Just as someone might be happy with 10,000 INR, others might find 1,000,000 INR insufficient. The key is to keep working and continuously improve yourself. True success is not just about achieving a high salary but also about personal growth and financial stability.
Conclusion and Final Thoughts
Whether a 4.5 LPA salary is good for a fresher can be a subjective matter, influenced by personal aspirations, financial needs, and family responsibilities. It's essential to focus on what brings you joy and personal fulfillment, and continuously strive for growth and financial stability.