Meet the families which made a leap into the middle class

Anil Poste and Neil Borate

Goutham Kamath, a startup founder based in San Francisco, earning 150,000 USD annually, is the son of a truck driver who once earned just 1,000 rupees a month. His story is a true example of a generational leap fueled by his determination.

“My father started life as a bonded laborer in a small village in Karnataka,” Goutham begins. “He was the eldest of seven siblings, and his family was landless. They worked for the local zamindar, earning barely enough to survive.”

Determined to escape the cycle of poverty, Goutham’s father left his village at age 6 and moved to a nearby city. Growing up, his father worked odd jobs—selling ice creams, driving an auto-rickshaw, and eventually saving enough to buy a small truck. “He was the breadwinner for his entire family, sending money back home while trying to build a better life for himself,” Goutham recalls.

The turning point for the family came when Goutham’s mother decided to enroll him and his brother in an English-medium school. “It was a massive financial sacrifice for them,” Goutham explains. “The fees were ?150 per month—a huge amount back then—but they knew education was the only way forward.”

This belief in education set the stage for Goutham’s life changing journey. His parents ensured he understood the value of their sacrifices, making him earn his own pocket money by helping with chores like cleaning the truck. “They wanted me to understand the value of money and appreciate the effort they were making,” he says.

When Goutham moved to Bangalore for his engineering studies, challenges continued to follow him. Without his parents to accompany him for college admissions, he had to rely on strangers for help. “I would stand outside colleges and ask random people to pose as my guardian during the admission process,” he recalls

During his engineering days in Bangalore, Goutham worked as an assistant to teachers to support his daily expenses, juggling academics and part-time work to ease the financial burden on his family.

Despite these struggles, Goutham excelled in his studies, publishing research papers in robotics during his engineering degree. His academic achievements earned him a full scholarship to pursue a master’s and PhD in the United States, where he developed machine learning algorithms for seismology.

Life in the US has been a transformative experience for Goutham. He met his wife during his engineering days. “Her encouragement and financial stability allowed me to take risks and fully pursue my passion for technology and entrepreneurship,” Goutham shares.

Goutham consistently published research papers, which earned him admission to prestigious universities. Reflecting on his PhD research, he shares, “I focused on applying machine learning to seismology, which was a unique intersection of disciplines. The significance of this work not only advanced my career but also played a role in securing my green card in the US.”

The impact of Goutham’s research extended far beyond academia. His findings were utilized by NASA, highlighting the practical applications of his work. In his final year of PhD, Goutham received an SBIR grant from the National Science Foundation (NSF) to start a small company, a milestone that ignited his passion for entrepreneurship.

Today, as a successful startup founder deploying technology in senior care facilities across the U.S. and Japan, Goutham reflects on how far he has come. “My father’s lifetime earnings as a truck driver don’t come close to what I make in a year. That thought humbles me every day,” he says.

For Goutham, his success is not just personal—it’s a tribute to his parents’ sacrifices and a beacon of hope for others in similar circumstances. “Their hard work and vision allowed me to dream bigger. It’s amazing how one generation’s struggle can completely transform the future for the next.

Goutham believes that his struggles growing up have shaped his ability to take risks and remain empathetic. Having faced hardships early on, he learned to navigate difficulties without fear. “Because of the hardship and having already seen the bottom, I know how to navigate difficulties,” he says.?

At the same time, his experiences taught him the importance of humility and helping others. “Arrogance and hate have no place in my life; helping others and seeking help is how I’ve come up,” he adds. These values ultimately led him to start Voxela, a company focused on using AI to improve care for seniors and patients.

Talking about how Goutham invests, he shares that he has been investing for the past 10-15 years, focusing on stocks, mutual funds, and a 401(k) for retirement. In the last five years, he has diversified into real estate and recently started contributing to a 529 plan for his child's education. "My approach follows a structured formula: maintain an emergency fund of six months' expenses, then invest the rest," he explains. For those under 40, he recommends "allocating 80% to high-risk assets (individual stocks + index funds) and 20% to mid-risk (bonds/real estate), adjusting the portfolio every decade to ensure continued diversification and stability."

Mumbai’s 28 year old Dhaval Joshi, working as an Analyst at MSCI, shares a similar story of struggle, where his early life was marked by constant financial struggles in the family. Born and raised in a 100 sq feet one-room in Mumbai, relying on a common washroom located outside the house. He grew up witnessing the sacrifices his parents made to keep the household afloat.?

Dhaval’s father had to abandon his education in class 12, due to a family tragedy to support the household. The family lived in a joint-family setup, with seven people sharing a single room. Frequent moves due to financial constraints were a part of their reality until 2010, when they finally settled in one place. Reflecting on his upbringing,?

"My father started working as a cashier, sometimes helping out at small shops, earning no more than ?200 per month," Dhaval recalls. "My mother who worked as house help and a cook, would walk kilometers every day, seeking financial assistance from local trusts and foundations to support my education."

Despite the odds, Dhaval's parents were determined to provide him with the best possible opportunities. They enrolled him in a government-aided school, where the fees were a mere ?5-?7 per month. "My parents' goal was to ensure I received an English-medium education, which they believed would open doors for me," Dhaval says.

The turning point came when Dhaval landed his first job after completing his graduation at a financial services firm in 2017, earning ?3 lakhs per year. Which significantly helped his family's financial confidence, “Paying the rent or worrying about buying food was no more a worry after this” Dhaval shares

However, Dhaval's first job also had a three-year bond with a fixed single-digit increment, which he found to be inadequate. "The salary increase was very low, and I knew I couldn't stay there forever," he says. Dhaval had planned to resign in 2020, but the COVID-19 pandemic struck, making it a challenging time for his family.

"In 2020, my entire family – my parents and I – were diagnosed with COVID-19. Since our house was small, we had to quarantine in government centers. While my father recovered, my mother's condition worsened, and she passed away," Dhaval recounts, his voice heavy with emotion.

But it was difficult for him to manage the expectations of the company. "I was expected to be in the office every day, even during the COVID-19 pandemic," Dhaval explains. "When my father had a medical emergency, and I had to take time off, the management was unsupportive”

Despite the personal tragedy. In 2022, he found a new opportunity at MSCI, where he now earns ?14 lakhs per annum. "The supportive environment and the hybrid work model at MSCI have been a game-changer. I was finally able to move out and afford a 1BHK in Borivali, where I now live with my father and our cat, Tobey," Dhaval says, a smile spreading across his face.

Dhaval's experiences have shaped his investment and spending habits. "I've learned the importance of diversification and prudent financial planning. I allocate a significant portion of my income to mutual funds, investing in NPS for retirement savings, and liquid funds for emergency purposes, ensuring I'm prepared for the unexpected," he explains.

Dhaval shares that his investment approach is driven by the goal of building a substantial corpus for long-term financial security. "I want to reach a point where I can sleep peacefully without worrying about things going wrong," he says. While he would love to use these savings to buy a house, he acknowledges that "given the housing market in Mumbai, it's unlikely to happen in the near future."

Dhaval's story serves as an example to the transformative power of education, determination, and the right opportunities. His journey from a humble background to financial security highlights the profound impact that financial stability can have on an individual's life, not just in terms of material comforts but also in the ability to dream and plan for the future. “I’m grateful for the opportunities that have come my way," he says.

For 37-year-old Naveen Khandelwal, life has come full circle. From growing up in a family that struggled to afford food to now earning ?40 lakh annually at a US-based technology firm, his journey is a true example to resilience, hard work, and the transformative power of education.??

“My father turns 60 this year,” Naveen shares. “Unlike people in the formal sector who have retirement plans, my father worked in the informal sector, where saving for the future was a luxury he couldn’t afford.”??

Naveen’s father, who hails from a small village in Jaipur, Rajasthan, had a difficult start. After failing his Class 10 exams due to lack of guidance, he moved to Assam in 1985 to work in a shop, earning ?200-300 a month. “He could only visit us once every 2-3 years. By the time I was 7 or 8 years old, I hardly knew my father,” Naveen recalls.??

Tragedy struck when Naveen’s youngest sibling passed away due to the family’s inability to afford proper healthcare. On that fateful Diwali, his father decided to return home to Jaipur to take care of the family. He began selling tea and vegetables to make ends meet, eventually opening a small kirana shop in their village.??

Despite the hardships, education remained a priority in the Khandelwal household. Naveen’s mother, who had studied until Class 8, was determined to ensure her children had better opportunities. “She insisted we study in a good school, even if it meant making sacrifices,” Naveen says.??

When the family’s kirana shop closed during an economic downturn, Naveen’s education hit a roadblock. After completing Class 10, he wanted to pursue science, but his village school only offered arts and humanities. With limited resources, moving to another city seemed impossible—until his mother intervened.??

“She spoke to my aunt and arranged for me to move to Ajmer for Classes 11 and 12. I studied in a government school there, but even then, I knew my father couldn’t afford to fund my dreams of becoming an engineer,” Naveen explains.??

As summer vacation ended, his father surprised him by offering ?5,000 from his savings to help him prepare for entrance exams. Naveen returned to Ajmer, where his uncle convinced a coaching institute to enroll him for free, recognizing his potential.??

While Naveen prepared for exams, his father migrated to Ajmer in 2003 and began working at a sweet shop. Later, he took over the shop on rent, working 16-hour days to support the family. Naveen could not clear entrance exams, but managed to get admission in a government engineering college in Ajmer.?

“In the third year of engineering, I got an offer from Infosys in Mysore. My first salary was ?3 lakh per year—it was a life-changing moment for my family and our village,” Naveen says.??

Naveen’s success inspired his younger brothers to aim high. One secured admission to IIT Roorkee, while the other worked tirelessly to help the family. Their achievements sparked a shift in their village, where families began prioritizing education.??

Over the years, Naveen’s career flourished. After stints at Infosys and Wipro, he joined Rackspace Technologies, earning ?40 lakh annually. “It’s not just about the money,” Naveen reflects. “It’s about the fact that we’ve come so far as a family. Once, we were scattered across different places, struggling to make ends meet. Now, we’re all under one roof in Ajmer.”??

Today, Naveen focuses on spending quality time with his family while planning for his father’s retirement. “Looking back, my father’s sacrifices shaped our future. He taught us the value of perseverance and hope,” Naveen says.??

Naveen shares that his primary investment goals are his child's education and retirement. "For retirement, I aggressively invest in NPS Tier-1 and EPF, while for my kid’s education, I invest in flexi-cap mutual funds," he explains. Buying a house or plot is not a clear goal yet due to the transferable nature of an IT job, but he still invests in mutual funds that could have otherwise gone toward EMIs. "We own a joint family car in my hometown, and if I move out due to a job change, I plan to utilize my gratuity to buy a small car. I prefer to stay on rent if relocating from my hometown."

“Our financial philosophy is shaped by life’s struggles and lessons. Health and nutrition are our top priorities, ensuring a strong foundation for our family.” Naveen shares, We focus on mindful spending, creating meaningful experiences like family travel and celebrations while maintaining a comfortable lifestyle. Financial security is essential, with health insurance, term plans, and emergency funds in place.?

“Education remains a non-negotiable investment for future generations” he adds