'Pay 30% more to retire in Mumbai': Finfluencer lists 7 money rules you can’t ignore

What’s more expensive than raising kids? According to Wisdom Hatch founder and finfluencer Akshat Shrivastava, it’s not childcare or college fees—it’s taxes.

And if you’re planning to retire in Mumbai, be prepared to build a 30% larger retirement corpus than if you chose a quieter city like Nagpur. Shrivastava’s recent post on X wasn’t just a warning—it was a sharp nudge to rethink how we earn, save, and invest in today’s fast-changing financial landscape.

“You are going to spend most money (not on your kids, but on your taxes),” Shrivastava writes, making a compelling case for financial self-education.

How much tax do I have to pay? Calculate now

His advice starts with the basics: “Claiming 80C deductions, filing your tax on time etc are a must for everyone.” But he urges people not to stop there. “Learn about tax residencies. See if they fit with your life/professional goals,” he suggests, while also recommending learning “how to setup a business. And, optimize taxes.”

Next, he lays out simple but effective savings advice: “Don't spend more than 90% of salary (save at least 10%).” This could mean frugal living—or expanding your income.

Avoiding lifestyle creep is another pillar. “Income inflation > Lifestyle inflation,” Shrivastava notes, advising people to let salary growth outpace spending. “This way, you will end up saving more % of your salary with time.”

His take on investing is straightforward: “Don't let your money die.” Shrivastava points out that returns must beat inflation: “If inflation is 10%, your portfolio should be 12%.”

To build financial resilience, he recommends income diversification. “Like VCs invest across different firms… You should ‘invest’ across different money generating assets.” He highlights three: active income (job), passive income (digital products), and investment income (stocks), urging followers to have at least two.

He cautions against fearing risk: “Investing is risky. Not investing is riskier. You can manage risk, not eliminate it.”

Finally, he returns to where it all leads: retirement. “If you retire in Mumbai, you might very well need 30% more corpus compared to retiring in Nagpur.” The message is clear: the habits you build now will shape your financial freedom tomorrow.