Biggest financial crisis in my life. Need help
I'm an Indian. Because of some unexpected turns in my family(can't explain). We were in deepest shit right now. We have debts of 1 crore Indian rupees and have to pay 2 lakhs as interest monthly. There is no financial support other than me for my family. Married but spouse is not working (H4 visa - diff education background). Sometimes I'm having hard time to pay monthly interest also. My parents health is becoming worse because of financial crisis. For the people who are not aware of Indian rupees. 1cr = $140K 2 lakhs = $2800 About my experience: yoe: 10 years TC : 160 Location: Chicago Current company : not oracle Backend developer I can pay off my debt and come out of my shit only when I have high paying job. Started LC from past 1 week. I'm just good at coding but 0 knowledge in system designing. My goal is to aim FAANG in 1 year and don't want to miss any chance. I'm aiming for FAANG L5 position in 1 year. Current status coding skills above avg and 0 system design background. I agree that we can't get system designing knowledge without real experience. But I don't have any other option and have to learn on my own Please suggest me how can I be good at LC and system design to match L5 level. Fyi, From my current project/company can't show case/learn any system design experience. I'm fine to give my ass for 20 to 30 hours per week for preparation. Trolls are accepted, I got used to it. Please help me how can I be good at LC and system design for L5 role in 1 year EDIT: Thanks a lot for all of your response and support. There was a huge loss in our business 5 years back. My father got the loans and debts from everyone and ran the business for 4 years. But because of loans and interests he couldn’t continue and sold the entire business. My father told me about loss and debts only 1 year back by that time things were out of control. Even though I’m in touch with my parents daily, they never told me about the situation. They thought this can be managed. This was huge shock for me. I gave my entire savings and took loan, credit cards refinancing here as well. Aprox we are paying 1.7 lakhs per month and debt is around 1.05 cr ... Applied for H4 EAD also and my spouse is going to support me very soon.. since things are out of control right now, wanted to prepare for some good company. I posted this mainly to get suggestions on how can i prepare for system design for l5 roles without real experience... I’m confident on LC problems which I can solve with 1 year solid preparation.. My main concern about system design ... #google #netflix #facebook #amazon #apple #linkedin #microsoft #snap
Dude all FAANG are hiring crazy. Also, don't just target FAANG. There are others like Oracle, Msft, Uber, Lyft, Stripe, Splunk, Grab, Pinterest, Snap which pays crazy. Get around 50-75k as joining. Work for 8-9 months and start interviewing again to switch after 1 yr. Get another joining bonus. Though I wouldn't recommend 2 switch but you can try if you are able to pull off. Also make sure that you stick to second company for atleast 2-4 years. Your TC is way too small for your level of debts.
First.. stop paying 24% interest rate. (2 lack pm on 1cr doesn't make sense.. is it all credit card debt.. who gave you 1 cr credit limit.. anyways.. immaterial) refinance that to around 12% personal loan and other loans. ( No one will give personal loan for 140k$) Then work on increasing TC by leetcode. And relax.. you are not in shit.. having 140k$ debt with 160k$ yearly TC isn't shit. You will be ok. Make sound financial choices. People (including myself) have recovered from worse.
Also.. have realistic goals. If you are bad at system design then join as L4 and level up. No point joining at L5 and then getting pip or fired.
And remember.. your problem isn't that the debt is at 140k$.. the problem is that the interest rate is 24%
Why FAANG, there might be other companies that are paying more right now. Just start interviewing
Exactly, my friends got crazy offer from non FAANG.
Can you name few companies and their TC please
In seriousness, why is the monthly interest so high? That's a predatory loan if there's ever been one. 24% annual interest??? credit cards have less interest... Refinance that shit asap and youll be chilling.
OP, it'll help if you share the full picture. What was the collateral for the debt? Can that be sold to repay the debt? As others have pointed out, the interest rate is too high. Is this one of those black money cash debts taken from money lenders? If it was taken for business, then isn't that business generating any cash flow? You only have two options: 1) increase income or borrow at a lower rate Find a new job If you have EAD, can your wife take some job that can help pay some bills? Is selling your car and relying on public transport an option? If you own property, can you sublet a room? Or take out a HELOC? If you have 401K, you can borrow upto 50% of the balance. Can your family take a personal loan in India that is cheaper? 2) reduce expenses Move to lower cost of living area Refinance mortgage
I'm in the same boat but tackling a debt of 2.5 cr ( was higher). One piece of advice I can give is - negotiate hard with banks. I was able to go In for settlements on business loans. If they say they want to go to the court - just say please go but I have no means to pay. They usually wouldn't go for the judicial recourse as it is super time consuming and the money involved isn't too huge for a bank. Just stand by your ground. Just to give you hope - I was able to pump in almost $120k into the business in the last 1.5 years. Tough but doable. Also honesty isn't always the best policy. especially in India. Also bank are willing to write off the interest portion on loans in case of bad debt.
Take a personal loan in US and/ or 401k loan and pay down as much debt in India as possible. Much better interest rates in US.
Thanks a lot for all of your response and support. There was a huge loss in our business 5 years back. My father got the loans and debts from everyone and ran the business for 4 years. But because of loans and interests he couldn’t continue and sold the entire business. My father told me about loss and debts only 1 year back by that time things were out of control. Even though I’m in touch with my parents daily, they never told me about the situation. They thought this can be managed. I gave my entire savings and took loan, credit cards refinancing here as well. Aprox we are paying 1.7 lakhs per month and debt is around 1.05 cr ... Applied for H4 EAD also and my spouse is going to support me very soon.. since things are out of control right now, wanted to prepare for some good company. I posted this mainly to get suggestions on how can i prepare for system design for l5 roles without real experience... I’m confident on LC problems which I can solve with 1 year solid preparation.. My main concern about system design ...
