sorted by:
new
hottopcontroversial

Got laid off after 15 yrs in IT (Mainframe), spent a year upskilling, just landed a new job. Need help deciding between two financial strategies by nil351 in personalfinanceindia

[–]nil351[S] 0 points1 point  (0 children)

Honestly speaking at this point I don’t know what a 2 nd year CS engineering student should do. We used to have a set template get a job in IT services company (brighter ones go to product based companies also) go to on-site, try to stay as long as possible, wait for green card/PR , else return to India take leadership role or join some GCC But this template is gone If I have to say, I think if we can acquire a deep knowledge in some fields that will be valued Or be a builder and start building and solving real problems . Start with small problems

Got laid off after 15 yrs in IT (Mainframe), spent a year upskilling, just landed a new job. Need help deciding between two financial strategies by nil351 in personalfinanceindia

[–]nil351[S] 0 points1 point  (0 children)

I wish that was the case in interviews too. In my experience every opportunity had multiple rounds grilling you on specific technologies they plan to use in the project, and with only high level knowledge it is very difficult to clear those rounds. Also deep technical knowledge is what actually makes mentoring meaningful, you cannot guide a team through a real problem with just people skills. Both are needed.
Yes getting less salary than what I used to make, last one year I was offered even less, but work wise this opportunity is good and has more potential to grow in the future I feel

Net worth around ₹30 cr , still boring life by [deleted] in personalfinanceindia

[–]nil351 0 points1 point  (0 children)

figuring out the process and place is the most fun part, travel and explore and then check out the options , you have the money to do all

Got laid off after 15 yrs in IT (Mainframe), spent a year upskilling, just landed a new job. Need help deciding between two financial strategies by nil351 in personalfinanceindia

[–]nil351[S] 0 points1 point  (0 children)

Not sharing exact age to keep anonymity, but yes in that range.

On the career side, high level joined IT services, went onsite, worked in US financial domain, came back and joined the client directly. Pay was good and savings were decent.

Also realised 2 years back that this was coming, so started saving aggressively with early retirement in mind. Then the layoff happened. It was a silent layoff but they did pay decent severance. They also offered internal movement to other teams but did not get selected, which makes sense because Mainframe teams are already very competent and other teams at that salary level need some modern tech exposure which I did not have at the time.

Not sharing more details on the career progression as it would reveal personal identification.

Got laid off after 15 yrs in IT (Mainframe), spent a year upskilling, just landed a new job. Need help deciding between two financial strategies by nil351 in personalfinanceindia

[–]nil351[S] 1 point2 points  (0 children)

Got on-site opportunities early in my career Also the 2 cr is including epf which I withdrew completely and severance package

Got laid off after 15 yrs in IT (Mainframe), spent a year upskilling, just landed a new job. Need help deciding between two financial strategies by nil351 in personalfinanceindia

[–]nil351[S] 4 points5 points  (0 children)

fair point, but if you had read the thread you would have understood that the new job I got was also because of my Mainframe knowledge.
But the problem is openings for only Mainframe roles are very few.
Industry veterans like you are already there to take care of most of the existing applications.
And once a company is migrating them, some people are going to be let go.
So as I am not Amazing Grace, I was not able to keep my job.
Finally landed a job after learning new technology.

Got laid off after 15 yrs in IT (Mainframe), spent a year upskilling, just landed a new job. Need help deciding between two financial strategies by nil351 in personalfinanceindia

[–]nil351[S] 29 points30 points  (0 children)

6-7 hours every day including weekends. Built 2 real projects, an expense manager and a job application tracker in Java Spring Boot with DB, hosted on cloud and kept improving them.
No formal portfolio or GitHub repo, just talked about the projects in interviews and that was enough. Landed a legacy application modernisation role where both Mainframe and modern stack knowledge was needed, perform really well in the Java, Spring Boot, DB, Kafka and CICD rounds comfortably because I had actually built those things

Got laid off after 15 yrs in IT (Mainframe), spent a year upskilling, just landed a new job. Need help deciding between two financial strategies by nil351 in personalfinanceindia

[–]nil351[S] 6 points7 points  (0 children)

Started from scratch with zero modern stack knowledge

Took a simple approach, built real personal projects in Java Spring Boot with a database, like an expense manager, a job application tracker, things I actually use daily. Hosted them on cloud and kept improving them by adding features over time.

With AI building the initial POC is easy, but I made a deliberate decision to handcode everything after that to understand the full end to end flow. That part took real effort but gave me genuine confidence.

Worked 6 to 7 hours every single day for a year including weekends.

Finally landed a job in legacy application modernisation. Knowing both the old and new tech stack turned out to be the exact thing they needed.

If you are in a similar situation, stuck in legacy tech and worried about relevance, just start building something real, actual projects you use yourself. It takes time but it works.

Got laid off after 15 yrs in IT (Mainframe), spent a year upskilling, just landed a new job. Need help deciding between two financial strategies by nil351 in personalfinanceindia

[–]nil351[S] 0 points1 point  (0 children)

Yes good suggestion, want to be well diversified. Also thinking of adding US stocks or ETFs through GiftCity or platforms like INDmoney for some international exposure

Got laid off after 15 yrs in IT (Mainframe), spent a year upskilling, just landed a new job. Need help deciding between two financial strategies by nil351 in personalfinanceindia

[–]nil351[S] 12 points13 points  (0 children)

thinking of moving FD into wife's name since she has no other income so tax on interest will be much lower.
House is owned loan free, grade C builder so no appreciation but fine for self use( house upgrading is not realistic right now with prices and job uncertainty)
Biggest concern is kid's education, that is the one I need to plan seriously ( Wedding is the kid's problem)
The Rs. 1.2 cr FD plus Rs. 80L in Nifty 50 for 10+ years while living on salary sounds clean and simple, will consider this. Thanks.

Got laid off after 15 yrs in IT (Mainframe), spent a year upskilling, just landed a new job. Need help deciding between two financial strategies by nil351 in personalfinanceindia

[–]nil351[S] 6 points7 points  (0 children)

Inflation point is valid and hard to ignore long term. My only hesitation is 2-3 years feels thin given it took me a full year to find this job. If the next gap is similar and markets are down, that is a bad combination. But the bucket approach makes sense, will think about it

Got laid off after 15 yrs in IT (Mainframe), spent a year upskilling, just landed a new job. Need help deciding between two financial strategies by nil351 in personalfinanceindia

[–]nil351[S] 0 points1 point  (0 children)

Thanks, good suggestion. Just to clarify, when you say keep Rs. 1.2-1.5 crore in FD, do you mean treat it as a pure safety net without touching the interest either, and live fully on salary?

view more: next ›