Is ₹1.3Crores ENOUGH in Bengaluru? | Life Beyond Freedom

Summary

Naen Fernandez, 62, shares his life journey, from resigning his job at 53 to focus on meaningful work, like teaching slum children, after ensuring his family's financial security. Diagnosed with metastatic cancer in 2023, he reflects on living without regrets, embracing life fully despite limited time. A former equity professional, he emphasizes the importance of financial planning, insurance, and education. With no regrets about his life choices, he encourages others to balance work, saving, and giving back, and to measure life by fulfillment rather than others' opinions.

Takeaways

• 😀 The speaker, Naen Fernandez, decided to resign from his job at the age of 53 because he didn’t want to die at his desk or his customer's desk.
• 😀 He calculated his finances carefully, ensuring he had enough savings, including 1.3 crores, to comfortably cover his family’s needs, like education and household expenses.
• 😀 Naen embraced teaching slum children and working with NGOs after retirement, which he found fulfilling.
• 😀 He discusses how cancer was diagnosed in early April 2023, with an initial prognosis of 5-6 months to live, but he’s living without regrets well into February 2025.
• 😀 Naen advocates for investing in quality health insurance, stressing the importance of proper coverage to avoid financial strain in case of medical emergencies.
• 😀 He has been using generic medicines for 15+ years, which helped reduce medical costs significantly.
• 😀 Naen's career began with working in the equity market, and he emphasizes the importance of understanding and investing in safer assets like debt for long-term financial security.
• 😀 He stresses the importance of planning for retirement, advising that 25-30% of one’s earnings should be allocated to savings and investments.
• 😀 Naen emphasizes the value of continuous learning, having pursued multiple postgraduate degrees in his late 60s for personal growth and to remain competitive.
• 😀 Despite the challenges of his health condition, Naen focuses on enjoying life, valuing the time he has left with his family, friends, and personal pursuits without dwelling on his diagnosis.

Q & A

Why did the speaker decide to resign from their job at 53?

The speaker resigned because they did not want to die at their desk or at a customer's desk. They had worked out their finances and felt they had enough to live comfortably, allowing them to pursue a different path and focus on more meaningful activities.

What financial strategy did the speaker employ to ensure a comfortable retirement?

The speaker calculated their savings and investments carefully, ensuring they had enough to cover their family's education, household expenses, and living costs. They also focused on earning passive income from investments and savings, with money set aside for various needs.

What role did teaching play in the speaker’s post-retirement life?

After retiring, the speaker took up teaching slum children on weekends. They also got involved with an initiative that educated the children of night-soil workers, demonstrating their desire to give back to the community and make a positive impact.

How did the speaker react to their cancer diagnosis?

The speaker initially felt upset for a short period but quickly moved on. They chose to live their life without regret, embracing the time they had left and focusing on enjoying the small joys of life instead of dwelling on their illness.

What was the speaker's perspective on spending money and living frugally?

The speaker had a frugal lifestyle because they didn’t have money until later in life. Despite having more financial freedom later, they still struggled with spending money. However, they recognized the importance of enjoying life while maintaining a responsible approach to finances.

What advice did the speaker give regarding health insurance and financial planning?

The speaker advised choosing health insurance policies from companies with good coverage ratios and settlement track records. They emphasized the importance of honesty regarding pre-existing conditions and suggested a minimum of 5 lakhs in coverage, which would ideally be 10 lakhs or more.

What is the speaker's take on equity and debt investments?

The speaker believes that while equity investments can be exciting, they should not be the sole source of income, especially for retirement. They favored a balanced approach with a focus on debt investments for stable cash flows and emphasized the importance of diversifying beyond just equity.

What is the speaker's perspective on measuring a successful life?

For the speaker, success is measured by personal fulfillment, not by external opinions or material wealth. They value the relationships and legacies they have built over time, focusing on the positive impact they’ve made rather than worrying about how others view their life.

How did the speaker handle their career and work-life balance?

The speaker worked long hours to provide for their family, often working on holidays like Independence Day and Republic Day. While they had no regrets about their career, they acknowledged that their family may have felt the strain of not spending enough time with them.

What is the speaker's outlook on their remaining time due to their cancer diagnosis?

Despite being given a limited time to live, the speaker refuses to dwell on their diagnosis. They have chosen to live each day to its fullest, appreciating their family, friends, and the small pleasures in life. They are determined to make the most of their time, whatever that may be.