Early retirement: Here's how 3 people achieved financial freedom, quit rat race to pursue their dream jobs in second innings

Time of India

a day ago

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Took a year's sabbatical and set up the photography studio with Rs.50,000.
Supported by spouse's income and savings for 6-7 months.
Maintained an emergency fund of Rs.30 lakh.
Saved and invested over 50% of their income.
Invested in mid-cap equity, gold, and via PMS.
Avoided lifestyle inflation.
FIRE-d up to invest
Built a large corpus by investing in debt.
Restructured portfolio and shifted to equity with a financial planner's help.
Aligned financial planning with personal goals.
Historical transition
Till a few years ago, career path for most Indians followed a familiar script: secure a degree, land a 9-5 job, climb the corporate ladder, and retire at 60, preferably with a pension. Being shackled to a monotonous rut wasn't a concern; financial security was important. The opening up of the economy fired up many a professional dream, sparking entrepreneurial journeys and freeing the imaginations of those stuck in the rat race.Today, aspiring to wealth and financial freedom is an achievable ambition. Pursuing passions and alternative careers is feasible, especially for the younger generation that values work-life balance and is concerned about burnout in high-pressure corporate roles. This is the reason many have begun to break free from the drudgery of regular jobs by converting personal interests to profitable ventures or simply taking an early retirement—all through timely financial planning We spoke to three such individuals, who have successfully transitioned from prolific careers to a second innings, the term 'financial freedom'. A senior IT consultant, who gave up a cushy Infosys job to pursue photography; a couple in their mid-40s, who built a large corpus to achieve FIRE (Financial Independence, Retire Early); and a corporate executive, who now restores historical inscriptions.However, turning dreams into reality requires a foolproof financial plan and a safety net. 'Many believe financial freedom starts with saving or investing, but it begins with something more fundamental. The first step is gaining clarity on your personal finances. This means having control over your monthly expenses, understanding liabilities, and defining your goals,' says Shweta Rajani, Head, Mutual Funds, Anand Rathi Wealth.Harsh Gahlaut, Co-founder & CEO, FinEdge, adds, 'The foundation for freedom lies in planning and taking small, but consistent, steps that allow you easy choices later in life.' Of course, without a safety net in place, you may not be able to sustain the expenses while launching your own set-up. If you, too, wish to break free of the corporate clutter and achieve freedom to do what you love, go through the experiences of these individuals and cull out the factors that contributed to their success.In 2010, at just 33, Bengaluru's Mayur Channagere quit his corporate job to follow his passion for photography. He had an envious job as a consultant at Infosys, handling the accounts of top-notch clients, Caterpillar and British Petroleum. Photography had only been a hobby since 2004, but it started to grow into a passion he could no longer ignore. In 2009, he was asked to move to the US on a corporate assignment, but instead of accepting the role, he took a year's sabbatical to pursue photography full-time.Consultant at InfosysFounded Agna Productions, a photography studio, in 2010.:'Job satisfaction was more important for me than chasing appraisals.'He set up his studio, Agna Productions, and gave himself a deadline. If the first year's revenue from his photography business matched his annual salary of Rs.12-15 lakh, he would continue. 'Luckily, both my parents and wife were supportive,' he says. 'We had planned for years and knew how to make the business successful,' he adds.Channagere and his wife decided when they got married that they would save and invest one partner's salary, supported by the other's income. So mutual fund SIPs ran quietly in the background, building a cushion that would help Channagere set up his own venture. Guided by his financial planner, Srikanth Bhagavat, MD & Principal Adviser, Hexagon Wealth, Channagere opted for a conservative portfolio to align with his risk appetite—50:50 allocation to debt and equity.both 45, PanipatTextile design professionalAchieved financial independence in 2022, but continues to work. Plans to quit soon.'I invested aggressively through a PMS firm, which gave high returns.'With an initial investment of just Rs.50,000, he achieved his target revenue within seven months. Today, his production house creates documentaries and corporate films for clients like the Gates Foundation and Atlassian, a leading software company. He also runs a podcast, 'Mojo Talks with Mayur Channagere'. 'Job satisfaction was more important for me than chasing appraisals,' he says. Now, even 15 years after launching his venture, work doesn't feel like a chore.It wouldn't, of course, have happened without financial planning. If you are clear you want to follow your passion, include it as a goal—with a defined corpus and time horizon— at the start of your career, and begin saving for it. Do not ignore other goals, especially if you have to take care of your family. 'You can't take a leap without ensuring your family's needs. Make sure goals like children's education, healthcare, and your retirement are secured,' says Bhagavat.Equally important is having a timeline to achieve the goal, the period in which your passion starts generating income. During this time, ensure you have a buffer amount that will cover your essential expenses.Panipat-based Sujhoy S. Nandy and his wife, both graduates from the National Institute of Fashion Technology (NIFT) Kolkata, understood this well. Freedom for them meant a life where money was no longer the driver. They realised that work in the textile industry meant long hours with minimal work-life balance, and they didn't want that. So, the couple decided that Sujhoy would job-hop to maximise his earnings within the shortest possible time, while his wife would ensure job security. Once Sujhoy hit the ceiling, his wife would start making the job switches*. 'We gave our best at each company and reached career peaks fairly quickly,' says Sujhoy.BengaluruHead of Schneider Electric Software IndiaStarted restoring and documenting ancient inscriptions in 2020.'My work right now is not about money,but about giving back.'In their mid-20s, they started investing more than 50% of their combined income, with Sujhoy running mutual funds SIPs worth Rs.2 lakh a month and his wife contributing Rs.1.5 lakh monthly. Today, they have a corpus of around Rs.13 crore and their portfolio generates a return of 18% (XIRR). It's enough to retire at 45, but Sujhoy continues to work and is planning to quit soon.Their portfolio is well-diversified, with 60% in mid-cap funds, 10% each in gold and debt, and the rest invested via a Portfolio Management Services (PMS) firm, where he has opted for a very aggressive strategy. He also owns three properties worth Rs.2-3 crore each. 'We don't have kids, which made a big difference,' admits Sujhoy. 'I learned to invest in myself. I read every financial newspaper or magazine I could lay my hands on and did my own research. I now know how to grow my money,' he says.They are planning to start a systematic withdrawal plan (SWP) soon, giving them the confidence to step away formally. Their journey shows that FIRE is less about luck and more about disciplined investing, avoiding lifestyle inflation, and prioritising savings over consumption.In 2017, Udaya Kumar stumbled upon a 14th century inscription in his Bengaluru neighbourhood that carried the name of his village. 'I was amazed that such a small village had a recorded history going back to 14th century,' he recalls. Intrigued, he began tracing more such stones, some tucked away in corners, others neglected or broken. What began as weekend visits soon became a calling.At the time, he was employed with Schneider Electric Software India, a French multinational company, as Head of Software Delivery Centre. He drew a handsome salary and led a large team. Yet, at 52, he chose to step away. 'People questioned the move, saying I should have waited till retirement, but I felt I had accomplished enough and it was time to give back,' he says.Financially, he was prepared. With over 30 years of work in MNCs, he had built a large corpus. His planner, Bhagavat of Hexagon, recalls, 'He asked me a simple question—whether he could afford to not go back to corporate life. After reviewing and rebalancing his portfolio (from an all-debt allocation to 30% equity), the answer was, yes.' The plan also accounted for his daughter's long-term care needs.Today, Kumar draws no salary. He funds his expenses through his savings, while leading a team that preserves inscriptions digitally. 'There is no pressure to generate revenues or profits,' he says. 'This is not about money, but about giving back to the city that gave me so much,' he adds.These second innings weren't built on impulse. Gahlaut of FinEdge stresses, 'Thumb rules don't work. You need a clear plan, realistic expectations of returns, and a strategy to beat inflation.' Adds Rajani: 'It's not advisable to quit your primary source of income unless you have a stable fallback option. If the second innings is in its early stages, aim for 3-5 years of living expenses as a cushion. For financial independence, build a corpus at least 25 times your annual expenses and stick to a sustainable withdrawal rate of 4-6%.'Aside from the Nandys, who are aiming for FIRE, financial freedom to pursue your passion is less about retiring early and more about a worry-free, financially independent second innings. In financial planning parlance, it's called 'life planning'.Whichever path you choose to fly free, the basic principles of making money grow apply here too. Start by investing and saving aggressively, and avoid taking debt that can tie you down to your job. In the early stages of career, invest in assets like equity that will grow your money, not in fixed deposits that offer a nominal interest. Later, when the goal is approaching, move to debt funds.ET Wealth does not subscribe to this strategy. Frequent job switches may not be viewed favourably by employers.