Is it really important to follow your passion? And is it possible to follow your passion at any age? We might know people who wish to change their careers in their 30s. Either because they are not happy or not feeling satisfied. Still, they hesitate as their salary is high, and shifting to a new field sounds risky.

Meet Dr. Avneesh Khare, a member of The 1% Club, who not only successfully switched careers in his 30s but is now also chasing Fat FIRE. He was working as a doctor in Dubai but events during the pandemic made him pursue a new career in Med Tech and AI. In an interview with The 1% News, Dr. Avneesh shares his interesting story and the strategy he is following for Fat FIRE. Edited excerpts:

Why did you pursue your previous profession?

My dad was a doctor and my mom was a homemaker. So watching Dad’s work inspired me to become a doctor as well. I did my coaching in Kota and cleared my entrance in the first attempt. After my internship, I joined the Department of Anaesthesiology at SMS Medical College, Jaipur. After a few years, I joined as a Senior Resident at AIIMS Jodhpur.

What happened later?

In 2014, I got married to Kanupriya. She comes from a business family and has done her MBA in HR. As my career progressed, we moved to Dubai and I was making a six-figure salary. However, during the Covid-19 pandemic, I felt helpless due to my hectic schedule and grueling shifts in the ICU.

As a COVID-19 frontline warrior, I felt really dissatisfied with the current state of medicine/healthcare. I realized that I was pulled towards technology and used to do coding as an escape. 

Which field did you shift to and why?

A pivotal moment was meeting my mentor in Dubai over coffee, which led me to take online courses and connect with thought leaders on LinkedIn. My lifelong interest in computer and technology, despite a fear of mathematics, combined with a futuristic outlook and the realization that biology and technology could intersect in meaningful ways, steered me towards Med Tech and AI.

What are some key contributions you made in the new field?

I have collaborated with the National Academy of Medical Sciences (NAMS), India, contributing to the Taskforce on AI in Healthcare. I am also recognized on international platforms, including the G20 Consultation at AIIMS, Rishikesh, and featured in notable publications like Forbes for my expertise and viewpoints.

During the switch how did your family react and how was your financial situation?

My parents and Kanupriya were very supportive of the switch and I had saved a lot when I worked abroad. Even my parents were well-settled with pension. So as such there were no financial constraints and that’s why I could rest assured during the switch. I also think switching to a new field is not easy but it was a no-option situation for me. I like learning new things a lot and I can’t imagine a single profession for all my life. 

What strategies helped you become financially sound at 37?

My strategy focused on maximizing earnings in a short period by working abroad and I committed to saving a significant portion of my income. Emphasizing the importance of living below my means, avoiding lifestyle inflation, and adhering to a budget were key components. I invested in fixed deposits (FDs) and Public Provident Fund (PPF). 

After attending Sharan’s Masterclass, I was shocked to know that I had already achieved Lean FIRE. The principle of ‘money buys freedom’ guided my approach, favoring saving over spending and investing wisely to build a solid foundation for financial independence.

What are you doing differently to achieve Fat FIRE? 

For Fat FIRE, I shifted towards educating myself on broader investment strategies to diversify my portfolio and take calculated risks for better rewards. My focus is on generating multiple sources of passive income and building long-term assets by doing what I love, thus protecting my savings and emphasizing delayed gratification over immediate consumption. In addition to FDs and PPF, I am now investing in stocks, mutual funds, and sovereign gold bonds too.

After joining The 1% Club, what are the changes you made to your investment style?

Joining The 1% Club introduced me to a wider range of investment opportunities and strategies, and taught me the value of embracing calculated risks for better rewards. It helped me gain the knowledge and confidence to manage my investments more actively and diversify my portfolio to optimize for growth and stability. The insights I gained transformed my approach to include a more nuanced understanding of investment principles.

What goals have you achieved after joining the club?

Since joining the club, I have attained a significant level of investment education, equipping me with the skills to navigate financial markets effectively. Finally, I’ve come out of contemplation and started investing profitably in the stock market, which was on my mind for a long time. Another goal that I have been able to fulfill is to start investing right away for my newborn child.

What are your plans after achieving financial freedom?

Achieving a fair bit of financial freedom has allowed me to focus on spending quality time with family and engage in purposeful work within the field that I love and enjoy i.e. AI and medical technology. Moving ahead, I wish to further strengthen my financial freedom and enjoy a permission less existence that includes traveling the world and contributing positively to the future of healthcare without the worry or pressure of earning money.

Disclaimer: The above content is based on the information provided by Dr Avneesh Khare. The 1% News doesn’t independently verify non-public data reported by interviewees.