ilmscore | Mastering MONEY on a Tight BUDGET | Money Matters Ep. 27 | Ankur Warikoo Hindi

Mastering MONEY on a Tight BUDGET | Money Matters Ep. 27 | Ankur Warikoo Hindi

Published: 2024-09-14
Status: Available | Analyzed

Predictions from this Video

Total: 13
Correct: 0
Incorrect: 0
Pending: 13
Unrated: 0
Prediction
Topic
Status
By opting for a used bike and a longer loan term (36 months instead of 18), the monthly EMI for a Rs. 70,000 loan can be reduced from potentially Rs. 4000-5000 to Rs. 1300.
"if you make only these two changes then the EMI which you were planning of 4000 or 5000 right now will come to 13,000."
Loan Repayment
Pending
By optimizing bike purchase and loan terms, an individual can save approximately Rs. 3000-5000 per month.
"this means you will save around 3000 per month"
Savings
Pending
Within the next 1-2 months, an individual should aim to secure health insurance for their mother.
"in the next one or two months, you should be in a position where you can take health insurance for your mother as well."
Health Insurance
Pending
The goal is to build an emergency fund of Rs. 75,000 within the next 4 to 6 months.
"you have created an emergency fund of up to 75000."
Emergency Fund
Pending
Initiate a Rs. 1000 SIP monthly to develop a lifelong investment discipline, even though it won't immediately change financial status.
"you should do an SIP of 1000 and with this 1000 I am telling you in advance that nothing will change in your life but a discipline of investing will come which I want to remain with you throughout your life"
Investing Discipline
Pending
Allocate Rs. 1000-1500 monthly for the next year towards learning new skills to enhance income potential.
"Every month you have to spend Rs. 1000 on learning new skills"
Knowledge Investment
Pending
Investing in skills, knowledge, and network will lead to rapid income growth.
"your income will grow very fast"
Income Growth
Pending
Extend the loan repayment period for a two-wheeler from 1.5 years to 2 or 3 years to reduce monthly EMI payments.
"Instead of taking a loan of one and a half years, I will take a loan of two or three years so that the EMI of my bank loan gets covered within one and a half or two rupees."
Loan repayment duration
Pending
Purchase a used motorcycle costing between 35,000 and 40,000 rupees instead of a new one.
"Instead of buying a new bike for 70000, you bought an old bike for 35000."
Two-wheeler purchase strategy
Pending
Procure health insurance for mother with a coverage of 3 to 5 lakh within the next 4 to 6 months.
"So for your mother, health insurance is necessary and life insurance you can skip it. It means that if you are able to save this Rs 4 to 5 lakh, in the next one or two months, you should be in a position where you can take health insurance for your mother as well."
Mother's health insurance
Pending
Establish an emergency fund amounting to 75,000 rupees within the next 4 to 6 months.
"And you created an emergency fund of up to 75000."
Emergency fund
Pending
Initiate three Systematic Investment Plans (SIPs) for Nifty 50, mid-cap, and small-cap mutual funds, starting next month, to build investment discipline.
"So, you should do an SIP of 000 and with this 000 I am telling you in advance that nothing will change in your life but a discipline of investing will come which I want to remain with you throughout your life, so take three SIPs of one rupee, one Nifty 50 mutual fund, one mid cap, one small cap"
Financial Investment
Pending
Allocate 1,000 rupees monthly for the next year towards acquiring new skills to enhance income.
"Every month you have to spend Rs. Aditya on learning new skills so that your income can increase."
Knowledge Investment
Pending