There’s been some unusual chatter on the web of late, sparked by a 29-year-old from a big name firm. How do you come to terms with a job loss when you have more than 5 crore to your name? He put it as being ‘satisfied or heartbroken’ and it has struck a nerve with those of us who have to balance a career, a bank account, and the need to move on after a bump in the road.
What set it off
It was a post with a simple header: ‘Laid Off. Confused what to do next.’ The guy, based in Bengaluru, was putting words to a hard stop in his career after half a decade in a very specific field. In his own words, he has ‘no coding knowledge’ and the kind of work he did is in short supply these days.
He was making 1.3 lakh a month before the axe fell. But he’ll be the first to say he never had a passion for it. Now he is in two minds about whether to retool, make a change, or just walk away from the corporate grind. It’s not a matter of putting food on the table, but of where to go from here.
Then there is the financial side of it
The numbers are what make this one different. He puts his net worth in the 5 to 6 crore range. His wife has 2 crore of her own and a 40,000-a-month income, and she has made it clear they will see him through this.
On top of that, he’s pulling in 25,000 in rent from back home and shelling out the same for his place in the city. No debts, 15 lakh in the bank. He even put out a question on a credit offer with 1.5 per cent a month, wondering if it was worth it.
He was mulling over a new venture with a 30 to 40 lakh price tag. You can see the conflict: you have the means, but you want to get the next decision right.
Why it’s made an impression
It’s a fact of life now: having a lot doesn’t insulate you from a layoff. Your sense of self can still be in question. Sure, a good nest egg takes the edge off, but it also means a wrong turn or a hasty bet is a bigger deal.
It’s the old early-career fork in the road: play it safe and return to the fold, or hit the reset button. When you have a narrow skill set and not many doors open, and you’re losing interest in the work, you can easily feel hemmed in.
The advice he got
If you read the comments, a pattern emerges. A lot of people were cautioning against letting post-layoff feelings get the better of you, particularly when it comes to taking on credit or a line of business you don’t know inside out. Some steered him toward consulting or something in his wheelhouse.
A few even put forward the idea of a more orderly way out, like some study to make a clean break for a non-tech job. What ran through it all was the need to put some room in for a well-considered call, not one made in a rush – and he had the means to do that.
The community’s advice was unambiguous:
– Don’t be a private lender for the sake of a fat return
– Put your savings first, don’t let yield-chasing come before them
– Step back and think it over
– Don’t put money into a business you don’t know
– See what consulting or the like has to offer
How his options look in a new light
There is still value in his five years on the job even if the market is tight. He could find a role near his niche that makes use of his know-how without the coding. Or go with consulting to put some time in, make some money and see how he feels about it.
As for starting a business, 30 to 40 lakh is no small sum to put at risk without a game plan. The consensus was to hold off on spending until he has a feel for the sector and a way to get to customers. Be curious, but don’t commit yet.
Lending is another matter. The 1.5 per cent a month on offer was met with some hard words. People were quick to point out the need for good paperwork and to keep his principal safe, and to have nothing to do with side deals that are more about trust than substance.
If you’re at a similar crossroads
You can do with some structure rather than speed. It’s about keeping your head, your capital and having a way to reverse course if you need to, be it for a job, a project or school.
Try something like this:
– Give yourself a window to decide, not a hard stop
– Make sure your living and emergency costs are covered
– Look at positions next to what you already do
– Do some consulting to see if it fits
– Get to know a sector before you open the checkbook for a business
– Steer clear of private lending unless you have ironclad protections
– If you want to change direction, look into furthering your education
Some even put forward the idea of a formal degree to move on from tech and build on what he’s done. A few said to take a sabbatical, with the help of his wife and the rent coming in, to have some stability before making a big play.
So, is he content or not?
He put it to us: should he be happy with where he is in India, or down in the dumps because others are doing better? The answers didn’t buy into that either/or. They put it in perspective: having some wealth gives you the luxury of time, and time can turn a shock into a career that makes more sense.
You could say the 5-6 crore isn’t his best asset. It’s the ability to put the brakes on, say no to a shortcut and pick a path he can stick with for ten years.
*This is from what we saw on social media. We haven’t been able to verify any of it.*
