Want to retire at 40? Entrepreneur Lloyed Lobo offers tips on how to achieve financial

Life is an incredible journey, full of twists, turns, and lessons that shape us along the way. In this story, I am going to take you on my personal adventure, the lessons I learnt from it and the drive that propelled me to bootstrap my fintech company to over $10 million in revenue and secure more than $100 million in capital to eventually achieve financial freedom before the big 40.

A childhood shaped by contrasts

I was born in Kuwait, to Indian parents who were not highly educated. My father was a farmer in Mangalore, while my mother lived in the slums of Mumbai. At some point, they made the decision to move to Kuwait for better prospects as the currency translated more favourably when compared back to India.

My family's life took an unexpected turn when the Gulf War hit Kuwait. I was a young child at the time, and my first reaction was a somewhat selfish one — relief that I wouldn't have to face the possibility of failing fourth grade. But as the reality of the situation began to sink in, I went through a profound transformation.

During the Gulf War, my family and I faced uncertainty and danger. There were no phones, no Internet, and limited access to information. It was an era when communities came together to navigate the challenges posed by the war. People in our building organised shifts for guarding the premises, providing shelter to displaced family members, and ensuring there was enough food for everyone.

What I experienced during that time left an indelible mark on me. I witnessed the incredible power of people uniting for a common purpose. Despite the chaos and danger, I felt a sense of significance and belonging. It was during those months, at a young age of nine, that I learned when people join forces with a shared purpose, they can change the world.

This experience also introduced me to the concept of a greater purpose, something that would become integral to my entrepreneurial journey later in life. The power of a common goal that unites people from all walks of life stayed with me, and it is a lesson I have carried into my endeavours as an entrepreneur.

What my early failures taught me

The experiences of my childhood in Kuwait and the Gulf War instilled in me an understanding of the power of risk, uncertainty, and ambiguity. It is about embracing the unknown and finding opportunities in adversity. That experience would unknowingly give me the appetite for entrepreneurship in the years to follow.

A valuable lesson from challenging times is the importance of the people around you. Whether in adversity or luxury, your companions greatly influence your journey. In the world of entrepreneurship, enduring companies are often defined by a compelling purpose that resonates with everyone. It’s not merely about making money but about making a meaningful impact on people.

My journey from a challenging childhood to unexpected educational opportunities emphasised the importance of striking a balance between taking risks and seizing opportunities. Aspiring entrepreneurs should assess their risk tolerance and ambition carefully.

Carrying the burden of not being ‘good enough’, I ventured into entrepreneurship, determined to prove the naysayers wrong. I co-founded two AI startups, one in 2013 and one in 2015. Sadly, they both were ahead of their time and we had to call it quits as we were unable to meet customer expectations. Despite growing doubts from others, I viewed these failures as stepping stones, not dead ends. They became opportunities for growth and learning.

Over time, the weight of societal expectations and judgments was replaced by a strong sense of purpose and self-belief. I was no longer defined by the early startup failures. Instead, I was defined by my resilience and unwavering commitment to my goals. The path to success is rarely a straight line, and my journey has been no exception. It was my third startup that I started with my best friend from university that finally achieved success after facing adversity, taking risks, and learning valuable lessons along the way.

Things to remember when you are planning to retire at 40

Retiring at 40 is not about doing nothing after the age of 40; it is about creating freedom to do what you want, when you want, where you want, and with whom you want. It is about breaking away from society's conventional definition of success and not waiting until 65 to do things you love when you are less able. The message is clear: don't just live to work; work to live the life you genuinely desire.

wknd@khaleejtimes.com

• Lifestyle
• Dubai