37M, Financial Anxiety FOMO
I'm in academic job. 37M. Assistant Professor designation. in private university.
(all reference: India, INR).
qualification : PG, NET, PhD.
worked as guest teacher for 1.5y.
then joined regular post. Now completed 5.5 y.
salary is 13.3L CTC now after this June increment.
When I see across jobs like IT and such, salary is going above the roof like 1.5L, 2L and 2.5L I am feeling down about my financial. Academic job is actually very stressful with a lot of deadlines, and no separation between work-hour and non-work-hour.
at night also i will be working on curriculum design, evaluation, instruction design, event planning, outreach attempts and networking, project and research, student guidance related works, student career and internship related works and discussion etc.
edit due to confusing wording: on record work hours - 42h per week. off record I work almost 25 h, making my total work hours 65h per week on average (I have work diary to track that). there's performance appraisals and scores etc. its hectic.
the 9 to 5 is just on record for private universities and off record is not counted anywhere. and the service tag basically justifies free labour.
(I like academic job so that part is fine).
My main worry is that "Will I be pushed to the lower class in future" with this low and slow-growing salary.. Now a middle class.
I am saving around 30k per month in MF.
Total 16L MF now at age 37. 1.5L emergency fund in FD.
I see young 25y people showing their 20L 30L portfolio and 1.5L pm salary, and I get panic!!!
I have an intense FOMO I think.
I don't want to retire early etc. but want to retire well enough. MF goal - 1 cr by 47 age, and 4cr by retirement.
wife has a car from in-laws. now its our family car. i have own ancestral home though now living on rent, for work.
parents in ancestral home.
I have a 25L health insurance now. planning to take a 1 cr term also. married, no kid yet.
I don't even know what to ask now, like, Im empty in mind.
with this post I'm looking for anything that comes to your mind. as advice. I want some interaction on this!
am I overthinking? or should I try to optimise my life to catch up or at least stay afloat for a reasonably good future?
What's your thought on life levels!? what would be a healthy financial fact sheet for me at 37 age?