NA DAINYAM NA PALAYANAM : THE MAGIC OF SECOND CHANCES

CASE STUDY 7

Client Profile

Client: Jobless, suddenly lost job, decent corpus, credit card dues

Situation: Job loss at 50/55, needs expert guidance to rethink and replan, searching for new opportunities, struggling to maintain present living standards.

Our life is very unpredictable and full of life altering experiences. These events are a mixed bag of bittersweet happenstances. One such traumatic life altering event is job loss. Losing your job is devastating, especially at fifty or fifty-five, when you are standing at the crossroads of twilight of your career with a corpus that does not look very encouraging. Sadly, job loss comes with an array of secondary losses for older professionals like an impact on emotional wellbeing, effect on social standing, loss of self-confidence, so on and so forth. This is akin to retirement or an early retirement which is sudden and unplanned and to some extent ‘forced’. It is relatively easier for the young to pick up the pieces and move on to the next opportunity under such circumstances because they have time and age, both on their side.

However, this is not the end of the world, there are steps you can take to move forward. First and foremost, allow yourself time to grieve but try not to dwell on the negativities and please do not internalize rejection. Please do not hesitate to seek professional help, because your corpus needs some extra attention for a while. You may come to us (Investaffairs) or touch base with anyone you think you can trust but do ask for help before you get bogged down by the circumstances, you must let your wall down. Getting laid off is not the end of the world. It is indeed very traumatic but as they say, tough times do not last forever. Do remember, life is cyclical. We, at Investaffairs , are always there to help you in organizing your life and financial goals.

We do not think it would be prudent for us to speak for other distributors or brokers on how they would strategize and design the cash flow of a person or park her/his funds in a situation like this. But at Investaffairs one can rest assured that his/her confidentiality will be maintained while dealing with their portfolio in particular and personal life in general. We take pride in the manner we conduct our business of protecting people’s money and helping them build wealth. Irrespective of the profession, age group or the challenges our clients might be facing, we always ask them to Refocus and Redirect their priorities when their financial status goes through upheavals.

Needless to mention here that our clients, who are an integral part of our Investaffairs family, are provided with every possible support in terms of their portfolio management and protecting their capital. Our experts are the new rocks, the loved ones they can trust and lean on whenever in doubt. Like Amy Winehouse once wrote- “Every bad situation is a blues song waiting to happen,” similarly job loss at the fag end of your career is undoubtedly very shattering. But like we have already underlined, Investaffairs is your silver lining when everything looks black and shrouded in pessimism.

As a prudent investor it would be beneficial if you prepared a personal finance checklist to refer to as and when required and check progress on your financial goals. A good goal or an ideal goal is spending 50% of your income on needs, 30% on wants and 20% on savings, where the savings will also include money, you will need to realize your new goals. However, this is not the one and only thumb rule that one should follow, there are various other methods and rules by which your investment can be compartmentalized to match your goals. At Investaffairs, which is a boutique firm, our experts will design your portfolio in a manner that will prevent you from overspending or facing any further difficulties in covering future expenses.

It may seem challenging initially but once you have prepared the lists of income, and expenses, you will be able to purge the unnecessary expenditures. It is like starting from a fresh page, recarving and redesigning your fate. For example, if you do not have medical insurance, do not worry. You do not have any prior experience or knowledge about investing through mutual funds? Do not worry at all. Our entire team is here to guide you- from onboarding till the creation of a reliable portfolio. This entire exercise is not devoid of complications and skepticism, but our clients belonging to this category (low income or job loss) will vouch for the seamless way we conduct the same. Our clients took a bit to conform to the new financial yardsticks set by their respective RMs, but after a while everything fell into place. As they say- “Humans are a creature of habit.”

Having said that, it may not be easy to find a job immediately or become self-employed soon after the layoff. Until such time your income improves, our financial experts will constantly encourage you to identify your strengths and skills besides managing your money. You would be encouraged to tap your connections and widen your network, motivated to hone your talent and identify your soft skills maybe. You may be guided to refresh your resume, create a list of your milestones, highlight the positives, reinvent your network, and move forward towards a rewarding career. In a nutshell, once you entrust us with your money, we will be there with you every step of the way. Always remember, optimism and reliability are your two best friends when time and tide is not in your favor.

CONCLUSION: Finding a new job or becoming self-employed immediately after a layoff may not be easy. Until your income improves, our experts will help you identify and hone your skills. They will motivate you to refresh your resume, list your achievements, highlight your strengths, and expand your network, moving you towards a rewarding career. Optimism and resilience are your best allies when facing tough times. As Albert Camus said, "In the midst of winter, I found there was, within me, an invincible summer."

Shri Krishna’s advice to Arjuna in the Mahabharata, "Na Dainyam, Na Palayanam," teaches us never to flee from our problems or bow to adversity. Embrace this philosophy as you navigate through these challenging times, and remember, Investaffairs is here to support you every step of the way.