I am a digital marketing manager my monthly salary 65k .. Total I have 4.7 year experience. I have 12lac in my savings ac, 2 lac in mutual fund and 1 lac my wife fb...no loans, emi..after watching this video I feel really proud on myself
Since both are in IT, they should also have emergency fund to support EMI if there is layoffs. Whenever anyone going for Home loan, also plan how you will pay your loan for 6 months if you are laid off by company.
This entire series has taught me a lesson that "No amount of money can keep you happy ever" you can fuck your life with fat package or being broke both ways if you don't know what you're gonna do with that money 🤷🏻♂️
No matter how costly a car is, you will never enjoy it while riding it in traffic. I have seen many people who have a car, but end up picking up a taxi, while going in inner city. Coz getting parking space is another problem. Driving a car is a pleasure , only when there is no traffic.
South Indians are soo quite and humble.....very low on aggression.....ek baar delhi aa jao ... zindagi mei kuch ukhaads bhi nai hai.....still confidence sky high.....jaat 16*2 8....
They have 2.5 lakh earnings and invest 25k while I just started earning 60k from which 40k goes in investing despite I am the sole earner so I have run home as well as my dad left us in COVID. my friend doesn't have to give any money at home and he earns 90k out of which he invest 80k. We are good kids i guess.😂
Not easy to save so much in later parts of life after marriage and kids.. also savings should not be only goal, living a good life means need to spend also for experiences and possessions..
@@Arh6671 yeah but we maintained same lifestyle we had before, as we still lives in rented home so my first goal is to buy home for my mom before I get married. I believe in a minimalistic lifestyle and all neighbours around do similar even when they all are crorepati so it's fine.
@@obergruppenfuhrer3171 for sure but this is my earning as fresher, I will earn lot more by then and I hope my wife would be working too so atleast from my earning most money goes to saving only even after marriage and kids I assume.
Those people need carrier guides. The goal of this series is managing money wisely. When income is high then you need help in managing it. So let him do these kind of videos.
This is by far my fav episode. It can be a coincidence but their each and every numbers and future requirements matches mine. So Anshuman has fixed my finances also indirectly. Thanks Anshuman for this episode.
I paid my 60k bill on CRED. Got 11 rupees cashback. Quite less if you ask me. Also, I referred it to a friend and he paid his monthly bill. I never got any bonus later.
No matter how much you earn. Living in means is what matters. You can't use tomorrow's money for todays expenditures. And what about if a kid arrives. And the scary part is layoffs in IT jobs
This one is first episode which somewhat resonates with my condition. I learnt that it is never late to start investing. And you can start from anytime. Thank you for this episode.
Just a small correction- Home loans are fully amortised loans. In the initial period, of the total EMI your interest component is way more than your principal component.
Once agin over the top ep of blore couple having disturbing finances ....earning 2.5 lacs...I don't know from where they get the idea of buying car of 28 lacs...there are lot of options(good) under 15 lacs as they are only 2 people. And marshall two speakers and one of them is around 30K also PS5 🤦
@@RaghavSharma-xp2oj there is nothing wrong with Marshall speakers .... but they have 2 one small one which costs around 17-18K...that's why he mentioned that...also if someone wants to live a luxurious life like "kal ka kya sochna aaj me jiyo " there is nothing wrong with their purchases too but then they should not approach to fix ur finances guy...this kind of ep looks like scripted marketed by CRED(which is a good app imo)
@@satyamsharad40 no...that is the problem when you have money in abundance ..there is huge difference between being materialistic and affordability ...even a guy I have seen jump from 25K to 45K bought Iphone 14 pro max ...they don't think where they were and now where they are and buying things blindly.....joke is that they have speakers of worth 50K and PS5 (surely they have iphone 13/14 pro too) but no emergency fund and 55K emi....problem lies here only my friend.
@@ankurhotnot I work in a similar company as the man in video does, make similar money. I drive a hatchback. Couldn’t even think of buying a 28lac rupees car.
Savings is not zero. The couple is investing 25k per month in mutual funds apart from PF. That’s decent investments. Emergency savings is zero. I feel click baited.
One thing to learn in this time is don't depend on jobs so much. If both working, spend only one salary and invest another salary so that you will be rich just after few years. Like many comments say, it's not how much you earn, it's how much you save is very important.
Car expenses, personal care, medical, No clothing, one time expenses like electric gadgets are considering in expenses. Before taking interview ask them to track all expenses. I am sure they will be surprised. Anyway I like your video's much. Thank you
They did a mistake in investing in a builder flat , they should have bought a resale or ready to occupy flat. Now they pay rent as well as EMI. Double whammy.
May not always work, one may not get good flat in resale, second resale flat are expensive, third you can't customise the interiors, i would rather buy under construction flat at pre launch from builder who are reliable.
To put it blunt.. that is an expensive car which is not necessary at all.. they can very well save and buy a car. They are earning a very very good amount. Unfortunately no planning and 1cr debt already..
These people don't have any issues. They are only calling this guy, so that they can flaunt that they are on such high packages. And this RUclipsr guy is also getting good viewership when high income people are interviewed. Finances unke sahi kiye jatein hain, Jinki bht limited earning hai, yet they want to save good for something important in life.
@@tarun9542 Not too much but not too less either. So many people aren't even employed, so for them a 40 thousand rupees job is great and when they hear people earning above 1lac, you can understand then.
Hey anshuman , you will grow exponentially 🎉 bcoz everyone is earning but nobody has any idea about how to save , where to save etc. Even people also dnt have idea about atleast tax savings options 😮. so you are only one i have seen who is teaching these kinds of stuff ❤. Good luck 😅
@@anshumanfinance my monthly income is around 60-70k but i had taken loans to start trading and investing too and pay 18k emi too for the loan taken , i make around 15-25k from trading in bnf monthly so am I going good ? Or should I close my emi etc and close my loans too ? Please guide
U should not take a loan for investment or trading that is big mistake in case one bad day to swipe all you savings be careful brother...start investing in stock or mutual fund from your monthly salary
This is sooo true . My salary is no where near 1 lakh, I'm 24 will turn 25 this year. I was investing 12 k in sips since sep 2019, and i had to redeem almost all except one because i wanted to buy my first apartment 🥹 and i hated all the apartments that i saw , except one which was 13 lakh more than my budget ,so to avoid taking a bigger home loan i broke my fds,my rds and my mutual funds(all except 2 ) so all I've left now is nps n my EPF and my lic and just 50k worth of elss and some stocks (i could not break the elss before 3 years ) 🥹🥹 if only i had emergency fund i would not need to break my sips .so now i truly understand the value of sips
Why home loan emi and rent.... didn't understand.. Also spending 28L on mg simply bad on mg which is not good decision.. Once u have kid add 20k school bill per month and 15k misc .. van fees.. etc...
This may sound like old school thought. But a proven stuff, first is to cut down 5-6 credit cards to just 1 credit card for emergency that would help with proper planned money 💰 handling. Second, even though they are good in part of investing a considerable amount. Investing only a minor portion in mutual funds would be good and the rest can be diversified with direct equity investments with proper financial advisory guidance.
Having more credit card is not a problem but helpful to manage your finance. I have more than 10 credit cards. And always gets offers running in the range of 8-10% every month on one or other cards on my required stuffs. Only thing is to pay them before due date. CRED is handy fir this.
Rubbish. I hold 10 credit cards and I use them all wisely. I have a card which gives me discounts for making grocery purchases, got one which offers a fuel surcharge waiver, one offers 5-10% discounts on online shopping while the other offers cashback on utility payments and more.. You see all of these are essential, you cant do away with groceries, fuel, utility, shopping etc. But using credit cards I have been able to cut down my expenses by paying discount prices or receiving cashback. Above all, for using credit cards, I also get reward points which can be accumulated and redeemed to pay my card bill itself. All you need to do is be smart enough to get lifetime free credit cards
@@rohink9266 That's nice Mr. Smart Man, but by any case have u checked charges one will be paying in case of a delayed repayment. Be clear for yourself I'm not against holding credit cards but too many cards makes it complicated for handling and to track wisely the repayment schedules. By doing the necessaties at some benefits may seem attractive 👀 but being a little lethargic while paying it back will hurt 😢 one financially.
@@ajithkumarsadhasivam2248 Going by your logic, one should not be driving cars or climbing mountains because slightest of lethargy can kill one. Everything in life comes with risks. Face it. When you can handle so many user ids, passwords, accounts and what not, it's no big deal managing 10 credits cards. Infact having used them for over 15 years now, it has become a habit for me to keep track of my expenses, bills, due dates and payments. Tip - Credit card companies allow you to change the statement date once or twice a year. This allows you to plan your payment well. In my case my salary is credited on 24th while all my card due dates fall either end of the month or first week of the next month. In short, I pay them all in one go. No need for reminders either!
Correction- Most auto loans cannot be reduced in terms of period. If you expedite the payments you may have pay penalty charges. Home loans though have the flexibility that you mentioned.
This was a nice balanced episode! Would love to see more content around investment apart from MFs and securities. Eg - Real Estate, Angel Investing, and P2P lending.
I think they should sell the car and house, and put all the money in savings, stocks, mutual funds. That way when they both turn 60 and have weak knees, they can really enjoy their life. I love how the whole comment section has arrived here to judge a family that brings in net 2.5L per month. The car was frivolous, agreed. I would've probably waited for 2-4 years after the house purchase, moved into the house and then bought a car. But still, at 40k it is over the 10% rule by about 15k. They NEED an emergency fund, but that's about it. They are fine. As if stock markets never crash, investments never go south. They are earning money and spending it on things that bring joy to them. I wish them a great future.
I think these couples are doing great. they are getting advised on how to close loan earlier and related to emergency funds. Still they can start and do well. good that alteast they are sending some money to parents.. here most of them doesn't do that as well. All the best guys.
I think you got it wrong for Car Loan. Auto Loans are short term loans compared to Home Loans. If you go for Part payment and step up EMI, you will have to shell out more on prepayment penality, usually 1-2% of the left over Principal. Instead of paying the penality to close out the EMI faster invest the amount else where and try to generate 8-10% returns because Car loans are usually on fixed interest rates.
Well not everyone will take Auto Loan from SBI. All the Private banks will ask you to pay penality you for pre closure. You should set the terms before taking the loan and not after.
There are many bank which don’t charge pre penalty Also nowadays is very fast in approving loan..much faster than private banks. And no one would like to close loan after 1 year.
28 lakh car to 75 lakh house shows they are financially immature, I suggest it should 1:8 ratio, btw I can make a good career recommending index funds to the bangalore coders and zero their crypto exposure, sort out their health and term insurance and build a emergency fund, suggest a bunch of equity and debt funds, throw in some gold sov bond and they should be on their way to prosperity and I get my fees
The couple are in huge debt trap their salaries are gud but not so gud enough to ki expensive car n all I hope they have a backup plan if one of them loose job or market recession and for kid.... it will take a decade to close this loans lot of stress and mental peace ruined....all d best 😊😊
Me & my wife total income=215000 Monthly SIP= 1 lac (1 cr target in next 6 years) Total Portfolio= 20 lac FD= 25 lac(for home down payment) Emergency Fund=8 lac
Better to complete the Car loan as soon as possible and reduce the credit card use one each .....and reduce the other expenses like gadgets and subscriptions..... Focus on savings , mutual funds and ppf ...and also keep emergency fund for atleast 6 months......
Instead of saving, take risks by investing in stocks & if market is good u might get 30-40% profit or more but sell if you are going down. Also since , both of you are working one should have stable job the other should check options around the world.
For a fact, 2022 Jan- Aug 2022, was the golden time for job seekers. I switched in March 2022 at a 100% hike ( previously at 1+ to 2+). But repenting like hell right now, as no companies are willing to hire you at a better package as you are already at the limit for your experience
I think SWP MutualFund can act as Emergency fund but it has market dependency as you people are still young enough you can take that risk easily. Why I said because you will get more than FD in this way and you can always withdraw your amount subjected to capital gains attached but it will always surpass FD returns but again i say its subjected to market risk. You only need to do right SWP instead a blind one. If you have solid fund of 5L then with withdrawal plan you can decrease your car loan tenure to 40 months or hardly 45 months still you will be having your 5L in u r hand. Current market is good for SWP and hence it works, even if market is on very peak then also it still works but u will end up at 65 months, because in this 5 years you will gain at some period.
Anything which depreciates in value over time, is a liability. A Car is always a liability. Never buy a liability on loan. A simple rule of thumb is that buying a 10 lakh rupee car on loan, makes you lose 40k a month (interest+parking space cost+ depreciation+petrol+toll+insurance+ planned service+unplanned service)
The car was an unnecessary purchase to be honest and such an expensive one at that too for hardly 2 days of commute. A simple swift/tiago worth 7-8lakh would have done the job. Blore has already terrible traffic conditions, it doesn't need any more additional cars to the pile.
A sweet couple but unfortunately they're in a debt trap. Electronic City has many couples like this who earn big fat salaries but have taken too much loan. The society doesn't know about their debt trap but they'll see their fancy car and upcoming apartment and admire them from a distance. To quote from 'The Psychology of Money', buying more stuff to show you're rich is the surest way to get poor. This example clearly shows that personal finance is a life skill and no amount of professional skill or high paying job can teach you personal finance. It has to be learned from experience. Good luck to the couple. Hope they can fix their finances soon.
Exactly what’s the point of earning big fat salary when you are buying things on loan. If you are earning these high salary then better to buy all in full cash or full upfront. There is an advice if I remember correctly , if you can’t buy twice then don’t think of purchasing it
This couple needs to wake up and ask some good questions about their spending. You guys are skilled I am sure you can't go more wrong with your finances.
Anshuman Sharma Ji Very nicely and creatively you takeout ALL information from participants and give them practical suggestions to improve their financial situation! Great job This video will help ALL of us !
@@Ninja00007x Looks like you have an old version of WA. MG Motors is a British brand, owned by Shanghai Automotive Industry Corporation. Buying a Chinese car for 28 lacs is the best decision. Chinese products are known for their quality the world over. That's exactly what I am saying.
@@newbiekhyber lol how does it change the quality of the product just because chinese bought a stake in company,it has same employees and design team right?
My only suggestion to you is to improve the audio quality because when I watch the video without earphones, I am not able to understand what the person is speaking most of the time. Rest you are doing a good job in spreading financial awareness. All the best and keep it up!
Is the salary pre-tax or post-tax? I believe the temptations of purchasing expensive goods was due to 3x or surge of Increment in Salary. I would assume lot of IT are trapped into similar debts due to sudden increases in salary brackets. If recession hits it is going to hit hard, especially for those living in debt traps!! Also if you take Inflation the estimate of 12-15 lakhs for registration and interiors is going to change accordingly.
Having an emergency fund is super important. God forbid, If both of them lose jobs at the same time. Forget about EMI's, you have to live !!! And not having to depend on anyone in such a situation is absolute freedom. They must have at least 6 months of monthly expenses as an emergency fund. A car could be a luxury, but 28l for a car !! based on your salary range is not a wise decision.
@Arjun Kohli 319 what Darna told is true, keep the habit of saving, if you need you can invest those savings in a index fund with low tracking error and then focus most of time in building skills.
If rent is 50k per month then in a year 6lakh. In 20 years you have 1.2 cr. I am considering room rent as 50k considering the current rent as 20k and rent growth in coming years. After 20 years the home which has been purchased will have depreciation value added plus it will have so many maintenance issues
If it was mumbai, the same rented house would have cost at least 60k & even in Navi Mumbai, the rent for the same type of apartment would be around 40k
yes. Health insurance should be bought when you are young and your premiums are low. As you grow older the starting premium will tend to increase, esp after 40. Also, once you are detected with a health problem, which typically happens as a person ages, then you might get rejected too. You'll need that health insurance if you get laid off or retire. If you are 30 yrs old and your monthly expenses are 50K, consider buying health insurance of at least 20L.
You should have an health insurance. Regardless of company. Cause you never no when a policy might change/ company may terminate or even go under. Also these insurance made by company in most cases are not transferable.
Financial planning after buying liabilities and Depreciating assets will be too difficult, and growing assets,emergency funds,Needs and wants will become difficult too achieve
Close to a 1 cr in loan..they are already screwed..if a child comes along it will be a shitstorm..they will spend a deceade to get out of this mess and have some breather for savings..then a deceade would have gone where their investment could have grown..
@@oldschool472 Its not negative, its a sensible comment, if you take everything as opposing sentiment you will never learn , someone should have told this "negative: comment to them earlier so this wouldn't have happened..
@@kaustavchatterjee366 Everybody has thier own journey. You have also learnt from here. Im sure your parents didn't know this too.but they still raised you. So you can't mock someone, they have the experts to help. You are not one. So better shut up.
@@oldschool472 You are the kind of moron for which lots of people suffer..you the kind of idiot who just lets them do they wanna do and not say anything, and say in you mind "let them have their journey, sooo lovely", tell you what , just stop the schools, law and everything..let the childs explore their journey of education, let the criminals let their own sense of crime..they should have their journey..and don't you dare speak about my parents you, and know the difference of mocking and giving opinion..
@@kaustavchatterjee366 wow ...look at who ur giving gyan. Your the culprit and now trying to blame me. Stop negative comments , your not a finance expert.
This is a common scenario in most of the metros. Things like 10 months rent in advance. Ultra high taxes and zero facilities from govt is responsible for it. Then also you get abused by the localities. That's the reason why every HNI person is considering leaving India
Anshuman, with people like this who have ungodly car loans, I think you should suggest that they consider selling the car. Even paying it off faster is expensive. Sometimes it's better to cut your losses on depreciation
In the first place, a 28 lakhs car on a 7 year loan. Always buy car with full money. Never on loan. And secondly an under construction property that they will move in 3 years time. Double whammy. The good thing though is that both couples seem to level headedin other areas of life.
A quick thing , the interest will be always same on him Mortgage , it’s always calculated amount of principle on that month , it’s myth many people think interest more in initial period. The emi made in such a way it’s always proportional with principle on that month.
2:59 he is not aware only in the first few years of loan the interest component is high. He loses his credibility, how can we get tips from such person.
![Felix "Unfair" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/Oswujxm2Ag0/mqdefault.jpg)
I think the loan repayment is other way around .. initial years have more interest component... or did I hear it wrong?
They will get the possession in 2025 but they are paying the full EMI from the first month itself hence the interest part will be lower initially
I like how politely you asked the question.. Very rare to see on the internet nowadays..
How much wealth or sallary it is required to enter in top 1% in india?
@@kavishpanchal3009 75000 in usd is ideal
In Indian terms 70 plus lakh is top 1 percent
@@anshumanfinance I’m so so happy
I am a digital marketing manager my monthly salary 65k .. Total I have 4.7 year experience. I have 12lac in my savings ac, 2 lac in mutual fund and 1 lac my wife fb...no loans, emi..after watching this video I feel really proud on myself
In which company do you work at?
@@anshitpal9052 Report ocean
Bhai 12lakh Savings account mein kyun rakhrhe ho...oppty cost loss hai
@@abhibhalla92 samjha ni bhai.. Kya karna chahiye suggestion batao bhai
12 lakhs in savings account is a huge loss !!!
Since both are in IT, they should also have emergency fund to support EMI if there is layoffs. Whenever anyone going for Home loan, also plan how you will pay your loan for 6 months if you are laid off by company.
Yeah at least 6 months of emergency fund is a must
That's true. Also i suppose, they'll get a hefty payout if there's a layoff - good enough to pay the emi for a year or so.
EMI and Household expenses should be kept in check so that it can be managed with one person's income -- and having emergency fund is crucial..
@@chaitanya7195 Not all company pays severance amount on layoffs and it also depends on how many years you spent in same company.
This entire series has taught me a lesson that "No amount of money can keep you happy ever" you can fuck your life with fat package or being broke both ways if you don't know what you're gonna do with that money 🤷🏻♂️
right bro.. only money is not worth much.. life should be full of passion & purpose.. else people live and die.. n their wealth goes to someone else..
@@omkara85 it doesn't work this way people are so dumb now a days buying a mg for 28 lacks omg
@@Dictator_of_WorldThese people are addicted to capitalism and spending.
I respect them a lot... you see it is not easy to be transparent. Its very educational for someone who has just started a job
They are trapped in a rat race. 2.50 lakh per month, but saving is null. That's the lesson for everyone. Thks both of u.
Agree with you they seemed to be obsessed with keeping up with societal needs and peer pressure
10lakh ki SUV best option hota unke liye. 22+lakh save kar lete
Car was not needed at all. Good bike would have met the need to travel to work.
They are investing, they don't have emergency funds, but they have savings.
Savings isn't null.25000 per month in mutual funds is called savings.
No matter how costly a car is, you will never enjoy it while riding it in traffic. I have seen many people who have a car, but end up picking up a taxi, while going in inner city. Coz getting parking space is another problem. Driving a car is a pleasure , only when there is no traffic.
I invested 12 lacs in a small cap fund ...have gained 3.5 lacs on it in 8 months. I use this for Uber and ola. Very convenient in HYD.
South Indians are soo quite and humble.....very low on aggression.....ek baar delhi aa jao ... zindagi mei kuch ukhaads bhi nai hai.....still confidence sky high.....jaat 16*2 8....
They have 2.5 lakh earnings and invest 25k while I just started earning 60k from which 40k goes in investing despite I am the sole earner so I have run home as well as my dad left us in COVID. my friend doesn't have to give any money at home and he earns 90k out of which he invest 80k. We are good kids i guess.😂
Not easy to save so much in later parts of life after marriage and kids.. also savings should not be only goal, living a good life means need to spend also for experiences and possessions..
With 20k you can run your home?
Ur a bachelor i presume😂 , try saving the same amount when ur married with kids😂
@@Arh6671 yeah but we maintained same lifestyle we had before, as we still lives in rented home so my first goal is to buy home for my mom before I get married. I believe in a minimalistic lifestyle and all neighbours around do similar even when they all are crorepati so it's fine.
@@obergruppenfuhrer3171 for sure but this is my earning as fresher, I will earn lot more by then and I hope my wife would be working too so atleast from my earning most money goes to saving only even after marriage and kids I assume.
Please interview some young folks, who earn in the range of 35-60k, pay rent, and are just starting their journey.
Those people need carrier guides. The goal of this series is managing money wisely. When income is high then you need help in managing it. So let him do these kind of videos.
He has already done that!
50 Lkh dekh kr g faat jata
The best part about this series is knowing everyones salaries 🤣
😂
Glassdoor unanonymous .
@@darkvader1992 reverse uno
@@darkvader1992 🤣🤣🤣🤣🤣
8 years java developer this salary is less I’m getting almost same in 4.5 years
This is by far my fav episode. It can be a coincidence but their each and every numbers and future requirements matches mine. So Anshuman has fixed my finances also indirectly. Thanks Anshuman for this episode.
Absolutely. I think a lot of couples in Bangalore are in a similar situation.
I paid my 60k bill on CRED. Got 11 rupees cashback. Quite less if you ask me. Also, I referred it to a friend and he paid his monthly bill. I never got any bonus later.
11rs me Ghar Lelo
No matter how much you earn. Living in means is what matters. You can't use tomorrow's money for todays expenditures. And what about if a kid arrives. And the scary part is layoffs in IT jobs
This one is first episode which somewhat resonates with my condition. I learnt that it is never late to start investing. And you can start from anytime. Thank you for this episode.
Just a small correction- Home loans are fully amortised loans. In the initial period, of the total EMI your interest component is way more than your principal component.
I have clarified this confusion in the pinned comment
But how yaar..
They booked a house, paying emi but will get house only after 3 years 😂
Somehow I feel this couple is smart enough to understand the basics of EMI and car loans and basic inv. I feel like it's setup made for this av.
Agreed...
All videos are staged
Kudos to the couple here for agreeing to come on video so that we all in similar roles can benefit
Once agin over the top ep of blore couple having disturbing finances ....earning 2.5 lacs...I don't know from where they get the idea of buying car of 28 lacs...there are lot of options(good) under 15 lacs as they are only 2 people. And marshall two speakers and one of them is around 30K also PS5 🤦
Agree with you on the Hector part. But what’s wrong in buying Marshal speaker of ₹30k?
@@RaghavSharma-xp2oj there is nothing wrong with Marshall speakers .... but they have 2 one small one which costs around 17-18K...that's why he mentioned that...also if someone wants to live a luxurious life like "kal ka kya sochna aaj me jiyo " there is nothing wrong with their purchases too but then they should not approach to fix ur finances guy...this kind of ep looks like scripted marketed by CRED(which is a good app imo)
They are earning 2.5 lacs a month. Collectively they can afford it. They don’t have a child yet. So big buys in initial years is not a bad play.
@@satyamsharad40 no...that is the problem when you have money in abundance ..there is huge difference between being materialistic and affordability ...even a guy I have seen jump from 25K to 45K bought Iphone 14 pro max ...they don't think where they were and now where they are and buying things blindly.....joke is that they have speakers of worth 50K and PS5 (surely they have iphone 13/14 pro too) but no emergency fund and 55K emi....problem lies here only my friend.
Mee 3lpa package 📦
buying a 28lac rupees car was a foolish decision. There is no subtle way to put this. They bought a car which they should have not bought
True... rather they could have saved some 12 lakhs for home. Higher salary make everyone buy what is not truly required.
@@ankurhotnot I work in a similar company as the man in video does, make similar money. I drive a hatchback. Couldn’t even think of buying a 28lac rupees car.
@@satvikkhare1844 I too earn more than the guy, but won't invest 28 lakhs in car
@@ankurhotnot spending on home is stupidity .each to their own everyone has diff interests
@@ankurhotnot that's called different opinions and interests you spend more in things that interest you.doesnt have to be same for everyone jeez.
Savings is not zero. The couple is investing 25k per month in mutual funds apart from PF. That’s decent investments.
Emergency savings is zero. I feel click baited.
Exactly and people are commenting as if they are broke... Its so easy to judge others without knowing anything about them
I appreciate these guys about being honest … there wld be many ppl in this category who wld hide their financial status..
One thing to learn in this time is don't depend on jobs so much. If both working, spend only one salary and invest another salary so that you will be rich just after few years.
Like many comments say, it's not how much you earn, it's how much you save is very important.
Car expenses, personal care, medical, No clothing, one time expenses like electric gadgets are considering in expenses. Before taking interview ask them to track all expenses. I am sure they will be surprised. Anyway I like your video's much. Thank you
They did a mistake in investing in a builder flat , they should have bought a resale or ready to occupy flat. Now they pay rent as well as EMI. Double whammy.
ready one might have costed 25 lakhs more so eventually the same thing.
@@nishant115me few builders sell at that differential and also there is a risk of project non completion with small builders.
May not always work, one may not get good flat in resale, second resale flat are expensive, third you can't customise the interiors, i would rather buy under construction flat at pre launch from builder who are reliable.
I did that mistake and suffering till date
They could take a personal loan instead.. 60L loan is an easy number for highly paid folks ..
To put it blunt.. that is an expensive car which is not necessary at all.. they can very well save and buy a car. They are earning a very very good amount. Unfortunately no planning and 1cr debt already..
These people don't have any issues. They are only calling this guy, so that they can flaunt that they are on such high packages. And this RUclipsr guy is also getting good viewership when high income people are interviewed.
Finances unke sahi kiye jatein hain, Jinki bht limited earning hai, yet they want to save good for something important in life.
U r right
lol 1.2lpm is barely worth a mention.
@@tarun9542 Not too much but not too less either.
So many people aren't even employed, so for them a 40 thousand rupees job is great and when they hear people earning above 1lac, you can understand then.
Hey anshuman , you will grow exponentially 🎉 bcoz everyone is earning but nobody has any idea about how to save , where to save etc. Even people also dnt have idea about atleast tax savings options 😮. so you are only one i have seen who is teaching these kinds of stuff ❤. Good luck 😅
❤❤❤❤
@@anshumanfinance my monthly income is around 60-70k but i had taken loans to start trading and investing too and pay 18k emi too for the loan taken , i make around 15-25k from trading in bnf monthly so am I going good ? Or should I close my emi etc and close my loans too ? Please guide
U should not take a loan for investment or trading that is big mistake in case one bad day to swipe all you savings be careful brother...start investing in stock or mutual fund from your monthly salary
Thanks to the sweet couple for sharing real word data! Wish them the best for future! 👌🏻
This is sooo true . My salary is no where near 1 lakh, I'm 24 will turn 25 this year. I was investing 12 k in sips since sep 2019, and i had to redeem almost all except one because i wanted to buy my first apartment 🥹 and i hated all the apartments that i saw , except one which was 13 lakh more than my budget ,so to avoid taking a bigger home loan i broke my fds,my rds and my mutual funds(all except 2 ) so all I've left now is nps n my EPF and my lic and just 50k worth of elss and some stocks (i could not break the elss before 3 years ) 🥹🥹 if only i had emergency fund i would not need to break my sips .so now i truly understand the value of sips
Why home loan emi and rent.... didn't understand..
Also spending 28L on mg simply bad on mg which is not good decision..
Once u have kid add 20k school bill per month and 15k misc .. van fees.. etc...
This may sound like old school thought. But a proven stuff, first is to cut down 5-6 credit cards to just 1 credit card for emergency that would help with proper planned money 💰 handling.
Second, even though they are good in part of investing a considerable amount. Investing only a minor portion in mutual funds would be good and the rest can be diversified with direct equity investments with proper financial advisory guidance.
Having more credit card is not a problem but helpful to manage your finance. I have more than 10 credit cards. And always gets offers running in the range of 8-10% every month on one or other cards on my required stuffs. Only thing is to pay them before due date. CRED is handy fir this.
Rubbish. I hold 10 credit cards and I use them all wisely. I have a card which gives me discounts for making grocery purchases, got one which offers a fuel surcharge waiver, one offers 5-10% discounts on online shopping while the other offers cashback on utility payments and more.. You see all of these are essential, you cant do away with groceries, fuel, utility, shopping etc. But using credit cards I have been able to cut down my expenses by paying discount prices or receiving cashback. Above all, for using credit cards, I also get reward points which can be accumulated and redeemed to pay my card bill itself.
All you need to do is be smart enough to get lifetime free credit cards
@@rohink9266 That's nice Mr. Smart Man, but by any case have u checked charges one will be paying in case of a delayed repayment. Be clear for yourself I'm not against holding credit cards but too many cards makes it complicated for handling and to track wisely the repayment schedules. By doing the necessaties at some benefits may seem attractive 👀 but being a little lethargic while paying it back will hurt 😢 one financially.
@@ajithkumarsadhasivam2248 Going by your logic, one should not be driving cars or climbing mountains because slightest of lethargy can kill one. Everything in life comes with risks. Face it.
When you can handle so many user ids, passwords, accounts and what not, it's no big deal managing 10 credits cards. Infact having used them for over 15 years now, it has become a habit for me to keep track of my expenses, bills, due dates and payments.
Tip - Credit card companies allow you to change the statement date once or twice a year. This allows you to plan your payment well. In my case my salary is credited on 24th while all my card due dates fall either end of the month or first week of the next month. In short, I pay them all in one go. No need for reminders either!
Correction- Most auto loans cannot be reduced in terms of period. If you expedite the payments you may have pay penalty charges. Home loans though have the flexibility that you mentioned.
No penal charges in nationalised banks..
It depends, I cleared my Auto loan within 2 years with zero charges . I took it from a leading PSU bank.
Yes in nationazed banks it's possible.. have taken loan in bob
@@gnadha123 Bob is a good bank.
I got from sbi.. no penal charges... never ever get loan from the company or private banks..they will rob you
This series is a complete eye opener to how to handle your finances......love to see more episodes of this 😍😍😍
This was a nice balanced episode! Would love to see more content around investment apart from MFs and securities. Eg - Real Estate, Angel Investing, and P2P lending.
I think they should sell the car and house, and put all the money in savings, stocks, mutual funds. That way when they both turn 60 and have weak knees, they can really enjoy their life. I love how the whole comment section has arrived here to judge a family that brings in net 2.5L per month. The car was frivolous, agreed. I would've probably waited for 2-4 years after the house purchase, moved into the house and then bought a car. But still, at 40k it is over the 10% rule by about 15k. They NEED an emergency fund, but that's about it. They are fine. As if stock markets never crash, investments never go south. They are earning money and spending it on things that bring joy to them. I wish them a great future.
Enjoy life with weak knees 🎉😂
I think these couples are doing great. they are getting advised on how to close loan earlier and related to emergency funds. Still they can start and do well.
good that alteast they are sending some money to parents.. here most of them doesn't do that as well.
All the best guys.
I think you got it wrong for Car Loan. Auto Loans are short term loans compared to Home Loans. If you go for Part payment and step up EMI, you will have to shell out more on prepayment penality, usually 1-2% of the left over Principal. Instead of paying the penality to close out the EMI faster invest the amount else where and try to generate 8-10% returns because Car loans are usually on fixed interest rates.
Sbi does not have prepayment penalty
@@vikramchaudhuri4799 not before 2 years of tenure
@@princeofheaven19 1 year, not 2
Well not everyone will take Auto Loan from SBI. All the Private banks will ask you to pay penality you for pre closure.
You should set the terms before taking the loan and not after.
There are many bank which don’t charge pre penalty
Also nowadays is very fast in approving loan..much faster than private banks.
And no one would like to close loan after 1 year.
Love this series! So helpful
Please include other professionals as well such as doctors, CA, pilot, IAS, etc.
IAS🤣 THEY will never share full details... I mean under the table money
28 lakh car to 75 lakh house shows they are financially immature, I suggest it should 1:8 ratio, btw I can make a good career recommending index funds to the bangalore coders and zero their crypto exposure, sort out their health and term insurance and build a emergency fund, suggest a bunch of equity and debt funds, throw in some gold sov bond and they should be on their way to prosperity and I get my fees
The couple are in huge debt trap their salaries are gud but not so gud enough to ki expensive car n all I hope they have a backup plan if one of them loose job or market recession and for kid.... it will take a decade to close this loans lot of stress and mental peace ruined....all d best 😊😊
5lac kar and rental home.
When you have 1 cr purchase home of 50 lack.
🤔. Emi pe maje 😂 dusro ko liye khud ki mental peace jhand.. 😎
true, they have surely overspent.
Totally agree
Both are Java developers, losing job or market recession is not gonna happen anytime soon, but yeah... large loan amounts are always stressful.
Yea, Indians overspend on cars, just to show off.
Such a good channel showing realsitic problems ❤
Me & my wife total income=215000
Monthly SIP= 1 lac (1 cr target in next 6 years)
Total Portfolio= 20 lac
FD= 25 lac(for home down payment)
Emergency Fund=8 lac
That's why I bought a 7.5 lakhs hatchback, which serves the purpose well. Dayum.
Earning 2.5 lac per month combined and buying mg hector worth 22-24 lac is the dumbest decision one can ever make
Amazing ..it was so informative
A couple of suggestions, can you do more of these if possible? And can you follow a more in-depth routine like Caleb Hammer for example?
yeah the interviews are too short and not detailed at all
@@arkasarkar3901 Yeah, details are important. Handling financials isn't a game of looking from the top up, indepth is needed to optimise.
Better to complete the Car loan as soon as possible and reduce the credit card use one each .....and reduce the other expenses like gadgets and subscriptions.....
Focus on savings , mutual funds and ppf ...and also keep emergency fund for atleast 6 months......
Instead of saving, take risks by investing in stocks & if market is good u might get 30-40% profit or more but sell if you are going down. Also since , both of you are working one should have stable job the other should check options around the world.
They're like an ideal couple. Felt so nice how they've planed things together
I have watched all your fix your finance series in just a few days , i have learnt a lot, it is really nice
For a fact, 2022 Jan- Aug 2022, was the golden time for job seekers. I switched in March 2022 at a 100% hike ( previously at 1+ to 2+).
But repenting like hell right now, as no companies are willing to hire you at a better package as you are already at the limit for your experience
Which company
I think SWP MutualFund can act as Emergency fund but it has market dependency as you people are still young enough you can take that risk easily. Why I said because you will get more than FD in this way and you can always withdraw your amount subjected to capital gains attached but it will always surpass FD returns but again i say its subjected to market risk. You only need to do right SWP instead a blind one. If you have solid fund of 5L then with withdrawal plan you can decrease your car loan tenure to 40 months or hardly 45 months still you will be having your 5L in u r hand. Current market is good for SWP and hence it works, even if market is on very peak then also it still works but u will end up at 65 months, because in this 5 years you will gain at some period.
Anything which depreciates in value over time, is a liability. A Car is always a liability. Never buy a liability on loan. A simple rule of thumb is that buying a 10 lakh rupee car on loan, makes you lose 40k a month (interest+parking space cost+ depreciation+petrol+toll+insurance+ planned service+unplanned service)
But if we have to buy car necessarily..than what option we should choose own funds or loan?
@@online_teacher-299. The answer lies with the Marshmallow Experiment.
The car was an unnecessary purchase to be honest and such an expensive one at that too for hardly 2 days of commute. A simple swift/tiago worth 7-8lakh would have done the job. Blore has already terrible traffic conditions, it doesn't need any more additional cars to the pile.
I can say , This couple is still doing good than rest of the whole series . And women stands out more matured in this case .
A sweet couple but unfortunately they're in a debt trap. Electronic City has many couples like this who earn big fat salaries but have taken too much loan. The society doesn't know about their debt trap but they'll see their fancy car and upcoming apartment and admire them from a distance. To quote from 'The Psychology of Money', buying more stuff to show you're rich is the surest way to get poor.
This example clearly shows that personal finance is a life skill and no amount of professional skill or high paying job can teach you personal finance. It has to be learned from experience. Good luck to the couple. Hope they can fix their finances soon.
Exactly what’s the point of earning big fat salary when you are buying things on loan. If you are earning these high salary then better to buy all in full cash or full upfront.
There is an advice if I remember correctly , if you can’t buy twice then don’t think of purchasing it
This is a really great show. Thanks for sharing some realistic stats
Fixing lives !!!Great going Anshuman!!
This couple needs to wake up and ask some good questions about their spending. You guys are skilled I am sure you can't go more wrong with your finances.
Anshuman Sharma Ji
Very nicely and creatively you takeout ALL information from participants and give them practical suggestions to improve their financial situation!
Great job
This video will help ALL of us !
Buying a Chinese car for 28 lacs (with a 26 lacs high-interest car loan) is one of the best decisions they made. Very smart.
whatsapp uncle its not chinese car,its a british brand made in india with indian workers and tax paid in india. Only the parent company is chinese
@@Ninja00007x Looks like you have an old version of WA. MG Motors is a British brand, owned by Shanghai Automotive Industry Corporation. Buying a Chinese car for 28 lacs is the best decision. Chinese products are known for their quality the world over. That's exactly what I am saying.
@@newbiekhyber lol how does it change the quality of the product just because chinese bought a stake in company,it has same employees and design team right?
@@Ninja00007x british Brand sirf kehn layi hunda prawa.. hain ta Chinese Materiel hei
😂🤣
My only suggestion to you is to improve the audio quality because when I watch the video without earphones, I am not able to understand what the person is speaking most of the time. Rest you are doing a good job in spreading financial awareness. All the best and keep it up!
People r addicted and proud to live on "udhaar ki zindigi"
Is the salary pre-tax or post-tax? I believe the temptations of purchasing expensive goods was due to 3x or surge of Increment in Salary. I would assume lot of IT are trapped into similar debts due to sudden increases in salary brackets. If recession hits it is going to hit hard, especially for those living in debt traps!!
Also if you take Inflation the estimate of 12-15 lakhs for registration and interiors is going to change accordingly.
The best channel in today’s world how soon you start saving it’s better for yourself...!
Having an emergency fund is super important. God forbid, If both of them lose jobs at the same time. Forget about EMI's, you have to live !!! And not having to depend on anyone in such a situation is absolute freedom. They must have at least 6 months of monthly expenses as an emergency fund.
A car could be a luxury, but 28l for a car !! based on your salary range is not a wise decision.
Yeah...nano Lena chahiye tha inko
@Arjun Kohli 319 what Darna told is true, keep the habit of saving, if you need you can invest those savings in a index fund with low tracking error and then focus most of time in building skills.
This series is so good man ❤️
Hybrid mutual funds have high expense ratio. They are better off parking money in a liquid fund or keep investing in low cost index funds.
Why nobody is realising that 2.5 lakhs per month is only 30 Lakh package and not 50 Lakhs?
I simply love ur episodes
Excellent content and very practical advise provided.
If rent is 50k per month then in a year 6lakh. In 20 years you have 1.2 cr. I am considering room rent as 50k considering the current rent as 20k and rent growth in coming years. After 20 years the home which has been purchased will have depreciation value added plus it will have so many maintenance issues
If it was mumbai, the same rented house would have cost at least 60k & even in Navi Mumbai, the rent for the same type of apartment would be around 40k
I went from 61k to 250k 4months back, didn't negotiate much just stated my expected , they gave more than that. Market is spooky right now.
My suggestion is never ever invest in Hybrid funds irrespective of the situation. The expense ratio is super high and returns are close to FD
We want more episodes on FIX YOUR FINANCE 💯
Personally I feel vehicle loans are trap for middle class people. No one should buy a vehicle worth 28 Lakh rupees when home is work 68 lakh.
The best thing is to not buy a car if you have no savings. Or buy a second hand car.
Wow so much emi .. wonder how much they are left with after every month .. and hope the salary stays the same and don’t go down
Hi Anshuman, love the series! I have a question - should we get additional health insurance apart from the one provided by the company where we work?
If you are working with good company and the provider is also good then no need..otherwise you may need to buy from outside.
yes. Health insurance should be bought when you are young and your premiums are low. As you grow older the starting premium will tend to increase, esp after 40. Also, once you are detected with a health problem, which typically happens as a person ages, then you might get rejected too.
You'll need that health insurance if you get laid off or retire. If you are 30 yrs old and your monthly expenses are 50K, consider buying health insurance of at least 20L.
Yes, do not trust your employers. I do not care honestly what someone else might say
You should have an health insurance. Regardless of company. Cause you never no when a policy might change/ company may terminate or even go under. Also these insurance made by company in most cases are not transferable.
Emergency Fund should min 12 times of monthly expenditure. Better 24 months including school fees.
Always follow this path, Invest--->Save---->Spend...
i will never buy car of such amount whatever i earn
Financial planning after buying liabilities and Depreciating assets will be too difficult, and growing assets,emergency funds,Needs and wants will become difficult too achieve
Close to a 1 cr in loan..they are already screwed..if a child comes along it will be a shitstorm..they will spend a deceade to get out of this mess and have some breather for savings..then a deceade would have gone where their investment could have grown..
Can u stop negative comments?
@@oldschool472 Its not negative, its a sensible comment, if you take everything as opposing sentiment you will never learn , someone should have told this "negative: comment to them earlier so this wouldn't have happened..
@@kaustavchatterjee366 Everybody has thier own journey. You have also learnt from here. Im sure your parents didn't know this too.but they still raised you. So you can't mock someone, they have the experts to help. You are not one. So better shut up.
@@oldschool472 You are the kind of moron for which lots of people suffer..you the kind of idiot who just lets them do they wanna do and not say anything, and say in you mind "let them have their journey, sooo lovely", tell you what , just stop the schools, law and everything..let the childs explore their journey of education, let the criminals let their own sense of crime..they should have their journey..and don't you dare speak about my parents you, and know the difference of mocking and giving opinion..
@@kaustavchatterjee366 wow ...look at who ur giving gyan. Your the culprit and now trying to blame me. Stop negative comments , your not a finance expert.
True! One of the best episodes 👍
have same salary, doing SIP 1 lac a month, bought car in full downpayment and currently living in my home in bbsr.
This is a common scenario in most of the metros. Things like 10 months rent in advance. Ultra high taxes and zero facilities from govt is responsible for it. Then also you get abused by the localities. That's the reason why every HNI person is considering leaving India
Anshuman, with people like this who have ungodly car loans, I think you should suggest that they consider selling the car. Even paying it off faster is expensive. Sometimes it's better to cut your losses on depreciation
Tax would be nearly around 10 to 15lakhs for 50Lakhs
If 125,000 each is their take home, then we're looking at about 25L each gross salary before tax. So 50L is correct.
Banks/NBFCs do not allow the option of adjusting the EMI amount by X% (next year) or prepaying some Y EMI's (per year)!
I don't understand why they would go for a car loan and home loan together...who buys 26lakhs car while 70lakhs home
Quality is 🤌
In the first place, a 28 lakhs car on a 7 year loan. Always buy car with full money. Never on loan.
And secondly an under construction property that they will move in 3 years time. Double whammy.
The good thing though is that both couples seem to level headedin other areas of life.
A quick thing , the interest will be always same on him
Mortgage , it’s always calculated amount of principle on that month , it’s myth many people think interest more in initial period.
The emi made in such a way it’s always proportional with principle on that month.
2:59 he is not aware only in the first few years of loan the interest component is high. He loses his credibility, how can we get tips from such person.
My point exactly. Such an idiot
Excellent session need of the time to manage finances better 👍