I was reading on the Reddit about the layoffs and other things where I found out a strange story. A guy who was working in Oracle and after the layoffs which happened 7 months back, he has started driving cab for living. Now there is more to this story.
PC: Pixabay.com
When he started working he has the mindset of saving and with 6 to 7 years he has saved around 60 lakhs. Now he went to his hometown and saved this 60 lakhs in a savings account from where we is getting 43K per month. Along with that he has started riding cab to get into the entrepreneurship to learn more about the business. His main goal is to start a small shop or business going forward.
He said he only needs 50K living expenses as he is staying with his family. And with 43K he can get his expenses sorted and the remaining 7K he can get it from riding cab. But along with that he is also learning the nitty gritty of small business and hopefully one day he cab start his own business and that 60 lakhs can helped him for getting started.
Now this is the most conservative way of savings. In earlier days our fathers used to do FD because that's the safest option but with FD you can generate the monthly income which is fixed and can help you plan your expenses through it. Now with layoffs happening around every where,this is a great way to look into the expenses. And thus having some money for the fixed expense is very much required in today's economy. And also having less expense is a boon.
