Family drains ₹50 lakh savings for son’s Canada degree, he now saves ‘less than he would have in India’
A viral social media post highlighting the financial realities of studying abroad has sparked an intense online debate. It claimed that a family drained fifteen years’ worth of fixed deposits, worth fifty lakh rupees, to fund a master’s degree in Canada. Instead of financial freedom, the graduate now struggles with high taxes and expensive living costs, saving far less than he would have saved in India.The family broke a FDs worth ₹50 lakh for their son’s education. (Representational image). (Unsplash)“Going abroad looks like a dream until you actually do the math. Between crazy rent, taxes, and the cost of living, earning in dollars or CAD often leaves you saving less than a standard job back home,” entrepreneur Harsh Gupta wrote on Instagram.Also Read: Indian man makes ₹10 lakh, pays ₹5 lakh tax in Canada: ‘Moved to Toronto, left after 18 months’He continued, “A friend’s family broke 15 years of FDs to fund an MS in Canada. ₹50L gone.”Gupta shared that now the man who went abroad is struggling in Canada. “Their son now earns CAD 55K/year in Toronto -after rent, taxes, and winters he didn’t budget for emotionally, he saves less than he would have in a mid-size Indian city job.”“Nobody calculates the opportunity cost of the 50L staying invested at home. Foreign degrees are sold as an escape. Sometimes they’re just an expensive way to discover the grass wasn’t greener, just further away,” Gupta posted.How did social media react?An individual wrote, “At this point, I have no sympathy for people who make such moronic decisions.” Another posted, “Going abroad is pointless.”Also Read: ‘A day off isn’t really a day off in Canada’: Indian woman shares how life changed after moving from IndiaAccording to his Instagram bio, Harsh Gupta is a “Wealth Advisor. Land Investor.” The bio further suggests he retired at the age of 35.(Disclaimer: This report is based on user-generated content from social media. Hindustantimes.com has not independently verified the claims and does not endorse them.)
