I need 20000 USD to pay my education bond
My education (Bachelor's degree) was sponsored by an agency with a term that I would have to serve them for a period of five years or break the bond by paying a sum of 20000 USD. Right now, I earn about 800 USD a month and the job is mind numbing. I have been serving them for about 15 months and would have to go on for 45 more months. How do save / earn USD 20000 in the shortest time possible ?
26 comments
[ 5.1 ms ] story [ 74.3 ms ] threadalso you can only work as hard as 800 is worth to you. and you can start a business in your part time, try to find a buddy to code some apps with
Perhaps you may get an exception to contribute to a big open source project. You will not get money, but you will get more experience and things to put in your CV.
Try to find an employer that is more respectful of your time, and take out a bank loan (interest rates are really low right now) or come to some kind of pay-in-installments agreement with your current employer.
Finally, there is always the option of declaring personal bankruptcy but I'd only use that if you feel that your employer has acted dishonestly, I see no evidence of that.
If you have a decent programming foundation, I'd look into Android programming or other reasonably-paying skillset that you could use after hours.
One of my classmates started doing Android apps, the first year she ended up earning close to U$ 600/month extra, but now she makes U$ 2000/month extra, for 20 hours of work each week or so. (I'm in Uruguay, U$ 2000 monthly is more than a junior dev's salary).
I took the Coursera classes, and I'm going to release my first app sometime next month :)
https://www.coursera.org/course/androidpart1
There used to be plenty of "income reports" here on Hacker News from people that launch their own apps, it's certainly not overnight success, but the timeframe is significantly lower than 45 months :) . Plus, if you get good at it, you can do freelancing.
I'd look into pursuing human trafficking claims against the "agency":
http://en.wikipedia.org/wiki/Debt_bondage http://en.wikipedia.org/wiki/Victims_of_Trafficking_and_Viol...
You might also want to check with the labor board in the state you live in, or the US Department of Labor to see if the agreement is even legal. If it's not, or the agreement is questionable (sounds like it), they can put pressure, negotiate, or prosecute the agency on your behalf.
Have you already completed the Bachelor's program? What happens if you just leave the agency and move somewhere else?
> Are there any "watchdog" government agencies that handle violations of labor laws?
No.
> If you can get the government on your side...
This is possible, public prosecutor will be assigned. But the case will take easily 4-5 years to come to a conclusion.
> What happens if you just leave the agency and move somewhere else?
Highly unlikely that agency may sue OP.
6 of my friends were working some companys and had signed 3 years bond. or would have to pay about $5000. Four of them just left the company, no notification or official resignation. Just, said goodbye. Other two cited health reasons and said they cannot work for next 6-7 months etc. They were let go.
I don't know for which agency OP works for. But I am yet to see/read someone paying up for breaking the agreement/bond in India. Companies also wouldn't want to pursue the matter further, cos it will cost them more anyways and courts will drag the cases for years. So they simply let people go, atleast in 99% of cases. That's how it is in India.
Given my background with the Indian government (nope, not Indian here) you're out of luck. The only way to "Save, earn, etc," with your situation is the exact same as I went through as a poor American, owing (today, 15 years after graduation) more than $35,000 dollars for my college degree. That's more money than I earned in the last eight months - and, I have two children, the IRS also claims I owe them about a ton of money, but thanks to finally catching up on filings, it's a smaller number - or soon will be.
Friend, it is hard for people who know billionaires, who know people, shook their hand and made them millions via Ycombinator and others (I got turned down, but, applied late).
The facts are the following: * Nobody owes you a living, period. If they do, we're all standing in line and it's not moving. * Save money. If it's a Penny, a Pound or a Franc, it matters. * Create works - code, write, etc - so when and if you CAN publish, you're ready. Even if you develop skills that you can't use, nobody can EVER steal what's in your head. :)
Finally on a very, very serious note. Everybody has a sob story. My mom's currently a cancer survivor; my step dad has been on dialysis for a decade and thank goodness they are poor enough the US government pays for their medical treatment - or they'd already be dead. Life can be hard, it generally can suck, but, you own what you know. Knowledge is power. Stop whining in public, produce, learn and grow. Most of us, here on a "dot com," address are global, or rather, "Not Indian," so won't be able to give you the best advice.
However, if the goal was, "Learn how to compete with the best & brightest," this is a fantastic place. Sympathy is hard to find, but positive, productive suggestions - hard work, acquire knowledge - are the real keys to growth.
Get an entry level job in that skill, most entry level jobs pay as much as what you currently make.
Once you have an entry level job offer, get a personal bank loan, pay off your bond. SBI, HDFC, ICICI or whoever you bank with. Just google for "personal bank loan india".
Once you have 6 months experience, you can move on to a senior level job, paying a lakh+ per month. This will save you at least Rs.60,000 per month to pay off the loan.
Of course, you don't have to pay off the bond. Just start working for another company, find a cheap lawyer (they are a dime a dozen) and make your case if they go after your surety. This will definitely take years and you can pay off the bond leisurely. This may turn out cheaper than paying interest (maybe 13%) on a personal loan.
What kind of technologies excites you? Which city are you in? If it's something like Banglore/Delhi, I would suggest going to some tech meetups and explore what people are doing and which technologies are in demand in your city.
I would suggest you to start freelancing, but pick the technology that really excites you.
Considering that you would be working full time at the same time, that's really important.