Retiring in His 30s With CRORES| Fix Your Finance Ep. 66 #fixyourfinance #personalfinance

Summary

Kaustuban’s journey to financial independence is a compelling story of how mastering sales skills, strategic career decisions, and aggressive savings can lead to early retirement. From his modest beginnings in a call center, Kaustuban rapidly ascended in income by joining high-growth startups and leveraging his sales expertise. By saving 50-90% of his income and investing wisely, he achieved financial freedom by 35. His story emphasizes the importance of networking, adding value, and making smart decisions in both career and personal finances, leading to a fulfilling life after retirement focused on passion projects.

Takeaways

• 😀 Kaustuban’s career began in a call center, earning ₹8,000 per month, but his income soared when he joined the life insurance industry and honed his sales skills.
• 😀 Sales skills were a critical factor in Kaustuban's rapid income growth, increasing from ₹8,000 to ₹3 lakh in two years and later earning ₹1.8 crore annually.
• 😀 Kaustuban’s strategy for financial independence (FIRE) included saving 70-90% of his income and joining a small, high-growth startup in 2012.
• 😀 By 2018, Kaustuban’s passive income from investments far exceeded his expenses, allowing him to retire at 35 years old.
• 😀 Sales ability can significantly boost income, and learning how to sell your skillset is essential for anyone looking to exponentially increase their income.
• 😀 Investing in distressed properties and diversified portfolios (e.g., real estate, equity, mutual funds) helped Kaustuban build a solid passive income stream.
• 😀 After retiring, Kaustuban took time off for personal interests, but quickly realized the need to create and contribute, leading to his venture into business again in 2021.
• 😀 Building a business from scratch is possible with frugality and a bootstrapping mindset — Kaustuban’s own entrepreneurial journey is a reflection of this.
• 😀 Joining small startups can provide massive growth opportunities, but it’s essential to have an emergency fund of 8-10 months of living expenses to weather uncertainties.
• 😀 Financial independence is not just about money but also about having a sense of purpose, challenge, and fulfillment after retirement, which Kaustuban found through new business ventures.

Q & A

How did Kaustuban’s career journey begin?

Kaustuban’s career began in 2004 at a call center where he earned ₹8,000 per month. He then transitioned to selling life insurance products, where he gained more experience and later increased his earnings substantially.

What key decision accelerated Kaustuban's career growth?

Kaustuban's decision to join a small startup in 2012 was pivotal. He took a risk by joining a new company with a 30% salary hike, which eventually led to significant income growth over the next few years.

How did Kaustuban achieve his financial independence?

Kaustuban achieved financial independence by aggressively saving up to 90% of his income and investing it wisely in real estate, mutual funds, and equity. By 2018, he reached a net worth of ₹6.5 crore, which allowed him to retire early.

What role did sales skills play in Kaustuban’s income growth?

Sales skills were crucial in Kaustuban’s career growth. His ability to sell, starting with credit cards and life insurance, and later convincing senior people to join startups, helped him achieve exponential income growth and scale his earnings quickly.

How did Kaustuban's investments contribute to his early retirement?

Kaustuban’s investment strategy, which included real estate (20-30%), debt mutual funds (50%), and equity (20%), generated passive income sufficient to cover his expenses. This financial security enabled him to retire early in 2018.

What financial planning tip did Kaustuban provide for those considering startups?

Kaustuban advised that if someone is joining a small startup, they should ensure they have an emergency fund of at least 8 to 10 months of living expenses. This provides security during uncertain periods and allows time for the startup to grow.

How did Kaustuban approach business after his retirement?

After his retirement in 2018, Kaustuban initially focused on enjoying hobbies like traveling and farming. However, he later felt the desire to engage in new ventures and started building a business again, this time with a focus on low-cost, profitable strategies.

What was Kaustuban’s advice on achieving long-term financial success?

Kaustuban emphasized that in order to achieve long-term financial success, individuals need to master specialized skills (like sales), create value for others, and align with the right people and opportunities. This strategy can significantly accelerate income growth.

What were the challenges Kaustuban faced while building his business?

Kaustuban faced challenges in managing the risks associated with joining a small startup and navigating the uncertainty in early-stage ventures. However, he overcame these by maintaining an emergency fund and staying focused on long-term growth.

What does Kaustuban’s story teach about financial independence and retirement?

Kaustuban’s story teaches that financial independence is achievable through smart saving, investing, and continuously increasing your income through specialized skills. It also highlights that while retirement can offer freedom, pursuing meaningful projects post-retirement can be equally fulfilling.