Living on Rs. 35,000 AND TRAPPED IN LOANS |Fix Your Finance Ep.47
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- Опубликовано: 21 сен 2023
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Hello guys, welcome to another episode of Fix your Finance. In today’s episode, we meet 29 year old Lokesh, an engineer. Lokesh has been working as a marketing manager in a Bangalore-based startup for ~5 years. We talk about his income, expenses, investments, his habit of impulsive buying, why he had to take a loan at 36% and 26% and the importance of having an emergency fund. In this episode we also share a new method to curb the habit of impulsive buying for anyone struggling with the same.
and much more!
Enjoy :)
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#fixyourfinance #personalfinance #moneymanagement
Disclaimer: Neither the guest nor I am a SEBI registered investment advisor. Information shared is only for educational purposes and not investment advice.
Music licensed by Epidemic Music
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Use my code AA56B553 and get upto Rs. 500 amazon voucher after purchasing the plan!
When I open the Jobsurance link Avast tells me its a phishing site 😂😂
Bhai insurance toh main le lunga par is start up ke band hone ki bhi utni hi probability hai jitni meri Job Jane ki.
Is start up ka khud insurance hai???
@@nakulm964 very good question. In case they shut down, nothing will change.
The salary cover is backed by iffco-tokio. They will pay the cover irrespective of jobsurance's existence.
Good finance advise to a dumbo 😅 ... who doesn't lives in a home and spended so much on home without having a family expenditure is 40k wow man gazab 😂
How many and which kind of companies covered by jobsurance?
My company is not there in jobsurance database . I mean MNC's only or all kind of companies like service based, MNC etc
I think this is one of the best episodes of your series. The first step to solve a problem is to recognise that there is one. Lokesh has identified his problem and I'm sure he'll be able to solve it. All the best to him.
Example of rock solid aspiration!!
Question 1 - What is your biggest aspiration.
Ans- 3Bhk villa
Question 3- What would you choose between luxury Home (i.e.
3bhk Villa) or a luxury vacation
Answer- LUXURY VACATION
30 sec me hi Biggest aspiration changed 😢😮
Literally I was about to type the same . It is common sense to choose a luxury house instead of luxury vacation
Mindset makes you financially stable not money
One should have a certain amt of money before that
Thank you so much, Anshuman, for coming over and sharing your valuable financial advice! I've been diligently following your guidance, and I'm committed to improving my finances in the days ahead. Your insights have been incredibly helpful!
Lokesh I am glad that I was able to help you. Best of luck for everything in the future and I will do one video with you again next year. Lots of love ❤
Personally I’ll advise you to stop investing and finish your loans first. You won’t make more than 9-11% on your investments but your loan interest rates are higher than that. Clear all your debt first and then start a SIP of a bigger amount.
@@dhruvdaniU r right bro...I also doing the same mistake.
@@dhruvdaniI totally agree! That's a very logical finance decision
@@dhruvdani 100% AGREED
This is the kind of video which a lot of people can relate to, classic mistakes of lending to friends/family and getting excessive debt. Kudos to lokesh for being brave enough to share his situation on a public forum.
Edit.
One of the reasons why a lot of people including me may relate to this video is the income bracket of the individual being interviewed.
Yes most of the people watching anshuman are younger people with starting careers. So very relatable
Classic example of a fool..with no education.
It takes courage to accept your mistakes and then take steps to make changes. This is the best episode so far. I could relate to lokesh's story.
At 35k anything you spend apart food and shelter is a mistake
“I watch TV while working from Home”. That explains everything about his current situation.
Yeah man, I wonder how his company will react
Kya dikkat hai? Woh yeh toh nhi bola ki kaam dhandha chhod ke movie hi dekhta hai.
Too much judgement😢
So what yaar
Probably the most genuine guy across all your podcasts.
Lokesh is really honest :) god bless you brother
Lokesh, buddy. I feel your pain.
Life has ups and downs and the world can sometimes bring you down. But I commend you on the positive steps you've begun taking towards getting your finances in control. Stay strong and keep up the good work!
Good one Anshuman and Lokesh!! It's not always to learn from successful people!!! at some point they will also be on a low mode with many wrong decisions so all the best Lokesh and i wish your dreams come trure !😊
I'm currently 21, these videos actually help me to learn from other people's mistakes.
I am 19😊😊
Never take a loan
@@AllintwoVideoscould you be more specific? Which type of Loan?
@@crosswalker45 any type
💯💯
One of the best episodes. We get to learn a lot from such videos Hats off to Lokesh for accepting his mistakes he made financially..
He did a blunder but excellent thing is he is now rectifying it . Awesome
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1. Go buy a health insurance for urself n ur pairents
2. Take a term insurance
3. Emergency fund= 6*monthly expenses (including all ur sip)
4. 60% of your savings funds in Hedgh funds
5. 10% in SGB
6. 10%-20% in us stock
7. 10% in REIT or commercial property
Your finance in mostly shorted
*Debt is good when you purchase assets with it not liability
Great and helpful episode. Thanks Lokesh for sharing your story…
Kudos to Lokesh for sharing his income , mistakes & other points without hesitation 👌🏻👌🏻
This will help others to relate
OMG!!! I felt uneasy hearing his story. Hope things get better for you soon brother 👍
Liked this video, more realistic for majority of the folks rather than auditing people with 50-80 L annual income which is like top 1%. Anyone reading this comment, i would suggest Caleb Hammer's Channel which is like this but much better.
Bro I feel some people have money but no friends but atleast you are lucky to have friends with whom you can enjoy and party. Just cut some expenses on luxury/ branded items. Impulsive spending only gives anxiety and we get ourselves trapped. People can still stay satisfied without owning so many luxury items, trust me.
Sooo true 🙃
True man
I had the same problem with impulsive buying....I was in deep debt....Then someone came into my life to solve all my financial problems.....not a girlfriend...but a true friend...who helped me solve my impulsive buying problem....I still have a loan ...but The EMI is below 5 Percentage of my in hand salary....I can relate to this video.....These kinds of episodes should be done regularly....
Inspiring stuff!
No offence to him . But he is completely messed up in his personal finance . Thank you for sharing brother. We got to learn from your mistakes.
Yes sir,
@@ravilla.lokesh - Get a Financial Mentor if you can get one. Next time take advice from them for any financial decision
bro i also messed up from rich dad poor dad i taken lons and invested in options all went 0 i did earlier which my parents settled now again did same thing now big tsk infront is 11000 credit card and 4000 24 months emi and 35000 at 36 percent 12 months and 14k at 29 percent 12 months and 5500 at 4 one month i littrelly earn 0 mental tension i dont know how to clear all of them all emi start next month i dont know why youtube recommended this video @@MrGodman1981
1k for bed rent i mean being from tier 3 city it's plain stupid
Seriously 😅
This guy's story can be summarized as - g@@nd fate toh fate par nawabi na ghate
Hope he can truly fix his finance
😂😂😂😂😂
Brother I appreciate your channel just because you are showing what not to do.
Anshuman, Great video overall. Thanks for making such videos
Bhai I really became scared by listening to his extravagant expenses but eventually he started changing his mindset. May lord bless him...
Very good. Self realization is the best way to learn and change
Thank you for the video and kudos to coming and sharing your story. In my case of backup emergency fund beyond my cash, what I have done is I keep a current account with 2.5x of salary with LAMF (Loan against Mutual fund) at 9.5% p.a. which amount I can take out and pay back anytime and the amount difference will charged at a perday basis at 9.5 p.a.
Lokesh you are a brave man. I wish you best in your life
Really appreciate that he has kept healthy!
Thanks mate, for the support. it is never late to be on the right track, will be keeping my fingers crossed
Anshuman you are doing great work to find more answers which help everyone to realize and understand their financial situation. You got refined questions learned from your experience. Keep doing the good work. Please share with us your financial habits and personal habits helping you grow.
God bless Lokesh! Thank you for sharing your story
This guy is lucky to not have any responsibilities to look after parents as it seems they are not dependent on him financially which is giving him luxury of spending his entire salary on himself.
What an interviewer, I am very impressed for those question & query he asked on point wise.
Very beautiful video, thanks
Classic case of new gen's financial mismanagment. Thanks to Anshuman for bringing out such cases. And, kudos to Lokesh for being the case study. It takes a lot of guts to be the (wrong) example and grow from there. All the best Lokesh. Saati Telugu vaadigaa nuvvu ee ibbandi nunchi twaragaa bayata padi vruddhi loki raavaali ani korukuntunnaanu.
Honest and brave to come out in open
Nice work Anshuman...way to go bhai❤
BEST VIDEO... WHAT A CLASSIC CASE 🙏😨
I am also partially in the same situation, Lack of financial disciple, wished If I can pay all the debts at one go, start all the principles endured in this video
It's looking like Lokesh is very true in his way...
Not gonna lie Anshuman, but I feel so good that you are fixing the finances for these people mate. Like its so excruciating to listen how misued thier money is. And I really also feel good that they are signing up for these episodes and you are consulting them so that they can live a better life man. Huge shout out to people who have the courage to come on cam and accept that they took some decisions which were not the best. They definitely made some mistake, as every human is bound to, but they also saw and opportunity & took it to correct it, as every human should.
Not just great content but also great impact man. LOVE IT!!!!!!
I always say this to the people I know that, never ever take a loan for anything apart from education and health. Debt is more injurious to health than smoking , it not only destroys you but your whole family.Time, energy, relationship everything will be lost while paying it back.
So buying a homeloan worth 12lakh on EMI is bad?
If the flat rate will increase to 15-16 lakh in 5years from 12lakh + the rent we get from it. Is it a bad investment on 5yr loan
Whenever i feel demotivated in life about my achievements and biggest mistakes I did, I am gonna come here and watch this video to make me feel much better.
So you feel happy about yourselves, when you see people make mistakes? That's terrible bro
@@ghhzhxbzhx4663 everything is relative in this world. Kabhi fursat me samjhaunga BRO
You sound like a bigger loser than the one in podcast.
@@ghhzhxbzhx4663😂😂 The terrible thing is your understanding... Not OP's feelings... We are humans... ofcourse when you see others doing mistake... We feel like, ok I too thought of doing that mistake but didn't do it... Thank God.
@@ghhzhxbzhx4663yes that's great not terrible 😂
Good video bhai.Common man's advisor.
24karat gold video.. thanks for sharing experience
Anshuman, you make realize the worth of money in simple terms in everyones life. Thanks bro for all your efforts. Keep creating more videos.
Most relatable video so far
I absolutely loved this episode.
Would love to see the progress after a year. great video 👍🏽
One of the best episodes, Good luck Lokesh
A very different and good video!
Really brave of him to highlight some of his mistakes so candidly in the video! Nice content
At 35k anything you spend apart food and shelter is a mistake
My job is 100% secure with benefits and perks more than IT sector
My brothers is also same situation..both are married n one of them has 2 chidren also .niether they have emergency fund nor any term insurances..n worried about them
This is so insightful brother
Thanks to the guest
Thanks a lot
Hello Lokesh, all d best for your debt free future & your aspirations.
I liked your honesty & appreciate the way to you took all the questions without any pinch. I learnt a lot !
Honesty se kuch nahi hota. Koi itne blunders kaise kar sakta hai. Informed decisions toh chooor hi do lekin #feelingbad
Great episode bro.
This is actually a really good podcast
I loved Anshuman's shirt !!!
Very helpful video!❤
Hi Anshuman,
I have a question.
I am a salaried person in an MNC.
I don't have any family, not married either.
What are my options to use as beneficiary in EPF and NPS and other such schemes?
Great video. Thanks
I started working when i was 20 years in 2007 and i had the same thoughts of buying luxury and showing off by buying new phones every year and doing things for friends!
Its been 7 years I haven’t bot phone i still has iPhone 7 in 7 years i took land and i still have savings of 5 lakhs need to buy a car for my family 😬
Ill save n buy post that more lands
Only 15-20k perfume dude I earn more than 200000 per month still using Kama Sutra deodorant worth 200₹😂😂😂
What you do for a 2l per month
@@6bk239 dairy business
@@6bk239he mistakenly added 2 zeroes extra
Kanjoos
@@mayankparmar2990 bhai tu mehenga purfume le ya sasta deo le kaam toh dono ka ek hi haina. Kya farak padta hai sasta ya mehenga.
Best Example of Amdani Athanni (0.5 paisa income) kharcha Rupaiya(1Rs Expenses).
Brother I would suggest you stop using credit card for atleast 6-8 months and avoid any impulsive buying and get rid of all your loans.
All the best Lokesh 👍🏻
sir if you miss credit card payment by due dates, they charge 100% yearly interest (it includes gst, fees, etc) e.g. for a loan of 80K minimum amount will be 8K almost, a 10% montly interest for the principal amount.
Here im thinking 50k per month is not enough... Maybe need to watch more of these videos to learn 1 or 2 things...
I think you should told them to make Goals vs Antigoals list... 🤗
Very good advice on taking personal loan to clear higher interest loans
All the best for your future❤
Learnings made me feel good...,
All the best Lokesh..
Learned few new things, thank you
Even if you want to close that Loan app debts, the interest is already calculated in the installments and you will be able to clear all the installments at a time which means you are anyhow paying interest. So to close them taking a loan is not correct i guess.
Someone talking about the reality and youths financial patterns.
No over exaburation.
9:30 honestly don't need a tv
unless you watch with a group (sports)
onr of the best financial advice
Thanks for such videos
Look to watch it
Thanks for episode back
Great conversation lokesh
Gold content every time ❤
There should be a follow up video for this
More than 60% jump in a single year without changing job from 6.5L to 10.5L- that's great even if we consider 2 appraisal. That's big, which startup is this
May be Paytm
8:51 the disappointment on Anshuman's face XD
Lending money without collateral is always NPA😂. If it's your friend forget the money; If it's your relative remember them😅
Job surance is a scam. I bought it and 3 months later my job was cut. I submitted the termination letter also they rejected it and they never gave any placement support.
Paying with a loan of 15% and closing a loan of 36℅....my takeaway. Glad that i listened to it.
Don't say kuch bhi acha laga toh like... It feels like there is nothing to like whereas you make informative videos based on real-life knowledge. Hope you will take this suggestion forward.
noted bro, thanks for your love!
U said U have gold, U can take gold loan interest rates are very less and pay off the loan
90k phone 😂😂😂.... that same amount u cld hve repayed ur loan of 36% by paying 60k n buying a phone of 25k-30k
Exactly 😂😂😂 earns 70 spends 90 , very poor financial management 😅
I was thinking same. Like i have 7k ka phone woh bhi zyada lgta meko 😂😂😂
Big billion day offers will seduce you 😂
There's nothing wrong with him at all.... Only problem is he has started investing at a little late. Other than that he is buying gold, car; spending money on some small hobby is absolutely fine ; and lastly stop using bnpl & credit card (they are trap if u are not self disciplined) ..... Other than these he's absolutely doing great, in an emergency u can often take wrong decision, nothing to be ashamed here, just try not to replicate it again.
Mene 1 sal tak apni salary save nahi ki thi. But now, I have a good backup and abhi koi debt nahi hai. Or debt lena hi nahi hai bhai.
Gold loan is good as compare to personal loan is my opinion.
Anshuman apna hasi control nahi kar paya uska list sunke fatafat finance ke answers me..
I buy a pair of shoes in 3 to 4 years 😂, ordinary sandals or sneakers within a bracket of 300-600 use daily 6-8 months usually or maybe use more than that..😅