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Harsh

Harsh Bharwani  |55 Answers  |Ask -

Entrepreneurship Expert - Answered on Mar 27, 2023

Harsh Bharwani is a fourth generation entrepreneur.
As CEO and managing director, he leads the international business and employability initiatives at the computer networking institute, Jetking Infotrain Limited.
After graduating from Delhi University, Bharwani joined the family business in 2010 and set up operations in the US and Vietnam.
He has trained over three lakh students in employability, confidence and key life skills.... more
Shubham Question by Shubham on Mar 27, 2023Translate
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Career

Hello Harsh - I am 35 years old, senior business analyst and currently freelancing for the past 3 years (Upwork). In the past I have worked with Accenture and Deloitte. It's being good so far - I get to work with multiple clients, facing real time challenges. Biggest thing is the pay is good, I earned upto 50L last year. I could have never achieved this pay grade working with an MNC at the same position. However, the question I always ask myself is, is this sustainable? What if I suddenly stop receiving clients or what if recession strikes? I always have a sense of insecurity. The second part to the question is - what shall I pursue from here on to make sure I nullify this insecurity. I don't want to go back to the corporate job as I hate the whole setup. Please guide.

Ans: It's great to hear that you are enjoying freelancing and have been successful in earning a good income from it. However, it is natural to have concerns about the sustainability of your business and the potential impact of a recession. Here are some suggestions for addressing these concerns and planning for the future:

Diversify your client base: If you rely heavily on one or two clients for your income, it may be worth diversifying your client base to reduce your dependence on any single client. You can try reaching out to new clients, building your personal brand, and expanding your services to attract more business.

Build a network: Networking can be a powerful tool for freelancers. Attend industry events, join online communities, and connect with other freelancers in your field. These connections can provide you with potential clients, referrals, and valuable insights into industry trends.

Maintain a healthy financial buffer: It's always a good idea to have a financial buffer in case of unexpected events. Try to save some of your income each month and create an emergency fund that can cover at least six months of your living expenses.

Invest in your skills: As a business analyst, it's important to stay up-to-date with the latest tools, techniques, and trends in your field. Consider investing in training, courses, or certifications to enhance your skills and stay relevant.

Explore passive income streams: Consider exploring passive income streams such as creating an online course or writing a book. This can provide an additional source of income and help you diversify your business.

Remember, freelancing can be a great option, but it also requires a significant amount of self-motivation, discipline, and planning. By taking steps to diversify your client base, build a network, maintain financial stability, invest in your skills, and explore passive income streams, you can minimize the risk of insecurity and build a sustainable freelance business.
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Hello Sir, I am 39 years old, married and have 10 years old daughter. I work in a BPO (Risk and Compliance Department) since I was 23. Since I was not ambitious during my college days and till now I have no goals, no aim, no passion, the current job I find it very boring. I am stucked at an Analyst level since last 17 years. Also, with lot of family issues at my home, my mind does not work openly and have stucked in the comfort zone. I am a hard working person but not smart working. My wife is a housewife and have no other income other than my job. I want to grow, do lots of hard working but due to lack of self confidence, I always have a fear to get at TL or Manager level. Also, I am not sure which industry I have interest in. It is only since 17 years, I am doing this job, I tell everybody that I am from a BPO sector. But I really want to earn more so that I can fulfill my family needs but please help me in which direction I should go and Howww? I know at the age of 40, I cannot start working in a new sector with no prior experience but really is it too late to change the sector? and if no, Please suggest me any industry where I can start from scratch, learn new things and can work with great interest and can grow myself.
Ans: I find your first few sentences very negative. Please get a hold of yourself and regain your lost confidence. To start from scratch at this stage is not advisable but one can branch off into related fields about which you know the best. Change your attitude, think positive and the solutions will come to you! Other than this is really cannot suggest anything specific since the information given is inadequate.
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Financial Planner - Answered on Mar 03, 2024

Asked by Anonymous - Mar 03, 2024Translate
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I'm contemplating a career change in my late 30s, earning Rs 14 lakhs annually. How can I navigate this transition while ensuring financial stability and working towards long-term goals such as retirement?
Ans: Transitioning to a new career in your late 30s while maintaining financial stability and planning for long-term goals like retirement requires careful consideration and planning. Here are some steps you can take to navigate this transition effectively:

1. Assess Your Skills and Interests: Reflect on your skills, interests, and values to identify potential new career paths that align with your strengths and passions. Consider seeking career counseling or taking career assessment tests to explore different options.

2. Research Potential Careers: Conduct thorough research on the industries and roles you're interested in pursuing. Look into job market demand, salary potential, and growth opportunities to ensure your chosen career path is financially viable.

3. Skill Development and Education: Determine if you need to acquire new skills or education to transition into your desired field. This could involve enrolling in courses, obtaining certifications, or pursuing higher education such as a degree or specialised training programme.

4. Financial Planning: Evaluate your current financial situation and create a budget to understand your income, expenses, and savings. Factor in any potential changes in income or expenses associated with your career transition. Consider setting aside an emergency fund to cover unexpected expenses.

5. Debt Management: If you have any outstanding debts, develop a plan to manage and pay them off efficiently. Prioritise high-interest debts like credit card debt while maintaining minimum payments on other loans.

6. Retirement Planning: Review your retirement savings accounts like the EPF, and assess whether you're on track to meet your long-term retirement goals. Consider consulting a financial advisor to develop a personalised retirement plan based on your age, income, risk tolerance, and retirement objectives.

7. Health Insurance and Benefits: Evaluate the health insurance and other benefits offered by your new employer, if applicable. Ensure you understand the coverage provided and any associated costs. If transitioning to self-employment or freelancing, research options for obtaining health insurance coverage independently.

8. Networking and Building Connections: Network with professionals in your desired industry to gain insights, advice, and potential job opportunities. Attend industry events, join professional associations, and leverage online networking platforms like LinkedIn to expand your network.

9. Side Hustle or Freelancing: Consider starting a side hustle or freelancing in your desired field while maintaining your current job. This can provide additional income, valuable experience, and a smoother transition into your new career.

10. Evaluate Risks and Rewards: Assess the risks and rewards associated with your career change, including potential income fluctuations, job stability, and work-life balance. Be prepared to adapt and make adjustments as needed throughout the transition process.

By following these steps and carefully planning your career transition, you can navigate the change while maintaining financial stability and working towards your long-term goals, including retirement.
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