'One layoff can expose years of poor financial planning': Man earning ₹40 lakh LPA gets laid off, reveals ₹2 crore home loan, ₹30 lakh personal loan and pending car EMIs

A person on X shared online about his financial struggles following a sudden job loss. Despite earning ₹40 lakh annually and working for nearly four years at a product-based company, he has been unable to secure another job for almost three months. With a ₹2 crore home loan, an ongoing personal loan, pending car EMIs and a baby on the way, he is now facing mounting financial pressure. He is also unsure whether to accept two job offers at nearly half his previous salary or continue waiting for a better opportunity.

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The post was written with a caption “One layoff can expose years of poor financial planning”.

Man loses job after earning ₹40 lakh annually

According to the post, the man was earning around ₹40 lakh per annum (CTC) before being laid off from his job at a product-based company. He had spent almost four years working at the organisation before losing his position.

Although he has been searching for a new opportunity for nearly three months, he has not been able to secure another job matching his previous salary.

He revealed that he has received offers from two startups, but both companies are offering approximately ₹20 lakh CTC, which is almost 50% lower than his previous annual package.

₹2 crore home loan, ₹30 lakh personal loan add to financial pressure

The biggest concern for the man is his financial commitments. He revealed that he has a home loan of approximately ₹2 crore

Apart from this, he also has an ongoing personal loan of ₹30 lakh. He purchased a Mahindra four-wheeler last year, and its monthly installments are also pending.

With no regular income coming in, managing these financial obligations has become increasingly difficult. He said he has only around two months of emergency savings left to cover his EMIs and everyday expenses.

The situation has become more challenging as the man recently got married and his wife is expecting a baby. With a new family responsibility approaching, the uncertainty surrounding his employment and finances has added to his stress.

Should he accept a job offer at half his previous salary?

The man is now facing a difficult career decision. While he has received two offers from startups, both are offering around ₹20 lakh CTC, significantly lower than his previous ₹40 lakh package.

He is unsure whether to accept one of these opportunities to restore a regular income or continue searching for a job that offers a salary closer to his previous earnings.

He concluded the post by saying “if anyone has been through something similar or can genuinely suggest what should I do, please DM me. Really need some guidance.”

Disclaimer: This article is based on a user-generated post on X. ET.com has not independently verified the claims made in the post and does not vouch for their accuracy. The views expressed are those of the individual and do not necessarily reflect the views of ET.com. Reader discretion is advised.