Getting OUT of the 0 SAVINGS Situation! | Money Matters Ep. 34 | Ankur Warikoo Hindi

"For an additional income stream, you have a government job, it is stable. You are also good at it. You get a stable, predictable income. It is a good thing because you have a government job, so the profit and fund is running well. Pension is guaranteed after retirement, so a lot can be taken care of. It is good. So my suggestion would be if you can do this, think of expanding your income from a teaching medium. As a teacher, you can take up many online freelancing jobs through online medium so that you can earn additional income, not only in India but globally. You can help children with their homework, you can take tuitions for children, you can make notes for children. There are many such freelancing jobs especially for teachers, if you explore them and if you can devote one or two hours a day or four or five hours a week, then you can start earning some income from it. Maybe your wife can also consider this and together even if you add Rs. 10-15000 more to your total income, it will help a lot."

"you have to first build an emergency fund, so here is what I would personally recommend, you have already invested Rs. 9000 of your month in SIP, if you open another bank account with this Rs. 9000, so open one bank account, there is no need to open a new bank account, just open one in the name of your daughter in your current bank account, it is a minor bank account, it will be added very easily, it will be in her name but you will be its custodian and every month as soon as you get your salary, you will stop the SIP of Rs. 9000 right now, so step number one stop all SIPs which are of Rs. 9000, I will say this myself I am saying this but for some reason it is saying end save 00 per month this 00 as soon as you get your salary you will put it in your new bank account auto sweep you cannot touch it it is not your money it is an emergency fund of your family which you will have to create so that if you need money due to any accident you do not have to take any loan again because if you get trapped in more loan then it will be very difficult to get out of it, very difficult you will save this till March 2025 when the EMI or loan of both your phone and laptop gets over then you will save up to March right now it is October so next you will start from November December January February March five months so up to this end you will have 00 in the bank now when March comes things will change"

"from April 2025 onwards you will start your SIP again but this time only of Rs. 000 and there will be three SIPs of Rs. 5000, one will be a SIP of Rs. 00 in Nifty 50 or large cap which you have done now, one SIP of Rs. 000 in flex cap or mid cap which you have done now and one SIP of Rs. 000 in small cap, you will start three SIPs of Rs. 000 and the remaining Rs. 00 months which you have left, you will clear your first loan of Rs. 2 lakh, so only 21 months are left, EMI of Rs. 000 means if you If you pay Rs. 00, you are paying two and a half months' EMI in addition to one month's EMI which is Rs. 000. My calculations roughly say that this entire loan will be repaid in about 10 months or even less than that. So by December 2025, this loan of yours will also be repaid."

"After that, we will clear our loans and start investing a little as the loans keep getting cleared. Anyway, we will make our investment. You are still young, you have 20-25 years ahead and I am very sure that if you clear all your loans and invest regularly without doing anything else in a hurry, you will retire as a crorepati guaranteed."

"so if I try to calculate that Rs. 1000 is large cap, Rs. 1000 is mid cap and Rs. 1000 is small cap and if we invest Rs. 2000 from January 2025 at the age of 37, then how much will it be in 10 years i.e. at the age of 47, how much will it be in 20 years i.e. at the age of 57 and how much will it be when you retire at the age of 60, if you keep investing it at this pace of Ajoom, after 10 years you will have a total of Rs. 77 lakh, after 20 years you will have Rs. 1 crore 4 lakh and after 23 years you will have Rs. 2 crore 27 lakh. Importance of this money If we assume inflation to be 6% at that time, after deducting the tax at that time, the tax that you will have to pay on long term capital which is currently around Rs. 10000 and adjusting for inflation, after 23 years you will have Rs. 2 crore 27 lakhs, its value as on today's date after deducting taxes and everything else will be Rs. 50 lakhs, meaning if you have Rs. 50 lakhs today, whatever you can do with it, you will have the same financial status and capability when you are 60 years old."