We look at ways and means in which mid-lifers who are stuck in a financial quagmire can come out of the rut
After working for 18 years as an IT professional, one would have expected Pankaj Kalra, 48, to have a sizeable nest egg kept away. Instead, Delhi-based Kalra has barely Rs 3.5 lakh in savings. He lost Rs 10 lakh in a failed business venture and another Rs 12 lakh went in meeting household expenses when he was not working. While the thumb rule states says he should have had four times his annual income in savings by now, Kalra has barely 20%. “Right in the middle of my life, I realised I had no concrete plans and had not put aside any savings,” Kalra recounts.
Life, they say, begins at 40. But like Kalra, there are many who lose their footing in their middle years—perhaps the most remunerative period. In this feature, we outline some remedies for those mid-lifers who are stuck in a financial quagmire.
Life, they say, begins at 40. But like Kalra, there are many who lose their footing in their middle years—perhaps the most remunerative period. In this feature, we outline some remedies for those mid-lifers who are stuck in a financial quagmire.