Mastering mid-life finances: balancing jobs, kids, parents

Upskilling and exploring new industries can help 30- and 40-somethings safeguard income

- Sashind N Ninethoukhongjam

During the covid pandemic, as crude oil prices turned negative, a 42-year-old executive in Gurugram turned to planting mushrooms in his apartment—building a financial cushion against possible layoffs and salary reductions.

A father of two, with a mother undergoing dialysis, he worked at an oil company and feared the worst as the firm began cost cutting. In the end, the senior executive suffered only a temporary pay reduction, which wasn't too bad since his wife was also earning. Yet he gained firsthand insight into the fragile job market.

He is one of several Indians in their late 30s and 40s juggling monthly payments, children’s education, and ageing parents’ healthcare amid uncertainties. He pays ₹25,000 a month for his children’s education and ₹40,000 for domestic-help and driver, besides other expenses. His mother's hospital bills are covered by insurance.

“I was a specialist in my job but I was scared as I had no other skills outside my industry,” he said. Determined to prepare for future shocks, he enrolled in a Stanford University programme that helped him transition from the oil sector to solar and new energy. He is now vice president of engineering and innovation at a conglomerate. Despite a high-paying job, he remains cautious. “Layoffs are a function of the industry and the skills you have. You have to get both things right,” he said.

To build a safety net, he bought two apartments with loans and rents them out, covering nearly 30% of expenses, in case the solar sector sees mass layoffs. It is the third story in Mint Money's series, profiling people in late 30s and 40s balancing EMIs, children’s education, and eldercare while navigating an uncertain employment landscape.

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