Second income stream
IT job after 40+ years seems way risky.. It might be very difficult to join another job if laid off.. So, what are your backup plans.. Any practical second income options are welcomed 🙂, thanks!
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Marry a partner who is in such a profession where retirement age is 58-60 like a Teacher, Professor, Banker, even if they earn less, but atleast there'll be some income stability after 45.
If you marry someone from IT, then what if your partner also laid off ? Or what if after maternity, it might be little difficult to get a job, if it is WFH, then no issue.Even if you want to marry someone from IT, make sure your partner works in Product based company.
I got laid off almost 3 times in the last 4 years. Used to made on average 2L-3L from salary. 2 years back started a side hustle that makes one average 3L-5L+ income every month, it's very volatile and i don't think it will last forever, so trying to make the max bang of this opportunity and focusing on moving to a stable employment. I have about 2-3 side incomes that accounts for this income every month, i learnt early on to diversify my efforts to multiple side incomes and de risk my full time job role cuz of the nature of the tech industry.
would appreciate if you can share the side income options that you are having..
Can you please share the other streams?
Have saved 75lakhs currently 32 planning to save another 1 cr in next 5-8 yrs so 2 CR would be good amount to live in tier 3 city or in my village have houses at both the places. So this is my plan .
Saved all this working in Accenture?
Some freelancing too from 2 yrs
@SPD_Ranger whats your current asset after 40 years
definitely wont be big as house purchase will be done definitely.. And good amount of savings wl be going there.. Wont be a FIRE number..
My father & myself has created 2nd income of rent, which we recently purchased in metro city which is giving approx - 35k monthly
And 5-8 Lakhs is invested in gold mortgage. Which is giving - 8k monthly
If you are serious about the rest of your life follow these...
Eat only once a day.
Keep ur family away from luxurious things, teach them to live happily with joy which you can find in non materialistic things/activities
Meditate.
Stay away from people's emotions and gossip.
Don't run behind corporate culture because of society.
Reach out to a financial advisor with ur savings amount for future survival.
Start teaching what u know in social platforms based on ur experience.
Dedicate your life for sharing your life experience and live the way it has to be lived.
Just sharing my point of view, it can be different for everyone.
I have seen this in my friend's family. They are immensely rich. But they live a very nominal life. He has told me that the money related things were taught by his grandfather. Basically their expense dont increase with income. And by folloeing this for three generations, wealth accumulation is large. They can easily afford a fortuner or even a mercedes. But drives only 5 - 10 lakhs car. This is just an example. Same applies for anything that they buy. At the end , they are happy. And dont worry about money. They never goes behind fancy stuff. Again, its a personal preference.
Why don't engineers go into management role after 45? Can someone tell m what exactly is happening after 45?
IT people can do any job bro they will take jobs in other fields quite easily, like techops , devops, database admst, operational, platform, BI, BA etc
IT jobs seem risky since 2000s, its nothing new. The ones who adapt will survive. You can check 12 year old posts on Reddit, and you will find the same story 12 years ago too. Only good time was between 2021-2022, thats when everyone jumped for huge hikes