Converting DEBT to WEALTH | Money Matters Ep. 35 | Ankur Warikoo Hindi
Published: 2024-11-09
Status:
Available
|
Analyzed
Published: 2024-11-09
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Recommendation to allocate 3-4 lakh rupees from the house sale proceeds into mutual funds for long-term growth.
"So, out of Rs 7 to 9 lakh, you should have at least Rs 34 lakh lying in an FD so that it is always available to you whenever there is any need. According to me, the remaining Rs 3 to 4 lakh should be invested in mutual funds"
Pending
Investment of 4 lakh rupees in mutual funds is projected to grow to 12 lakh rupees in 15 years or 5.5 lakh rupees in 20 years for a daughter's future.
"In 15 years, when your daughter will be 18, the same 4 lakh rupees will have become 2 lakh rupees. If you continue this for 20 years, then the same 4 lakh rupees will become about 5.5 lakh rupees or about 4 lakh rupees."
Pending
Future ability to afford a house or provide a high standard of living is dependent on income growth.
"if you keep growing your income get to the point where you will be able to afford a house or provide a good standard of living for your daughter and yourself"
Pending
Recommendation to purchase a 1 crore life insurance cover costing approximately 17,000 rupees.
"you should take a life insurance cover of Rs 1 crore which will cost around Rs 17 to 000."
Pending
Estimated annual cost of health insurance for a 3-5 lakh cover is 10,000 to 12,000 rupees.
"So, 10 to 12 thousand rupees will be your health insurance for a 3 to 5 lakh cover."
Pending
Advised to sell the current house and avoid taking on any new loans, regardless of size.
"my at least very strong opinion would be that you should sell this house and not buy a new house because taking another loan, no matter how small, would not be wise according to me."
Pending
Becoming debt-free is identified as a crucial financial objective.
"making yourself debt-free is crucial."
Pending
Prioritize increasing income through job advancement, skill development, and potential job changes.
"Increase your job and your income as much as you can. I also improve yourself by looking for opportunities and by skilling myself. Changing your job but focusing on your income should be a big focus, a big priority."
Pending
Recommendation to place 3-4 lakh rupees in an FD for liquidity and invest the remaining 3-4 lakh rupees in mutual funds.
"So, out of Rs 7 to 9 lakh, you should have at least Rs 34 lakh lying in an FD so that it is always available to you whenever there is any need. According to me, the remaining Rs 3 to 4 lakh should be invested in mutual funds"
Pending
An investment of 4 lakh rupees in mutual funds could grow to 2 lakh in 15 years, or 5.5 lakh in 20 years, assuming a consistent return.
"The same 4 lakh rupees will have become 2 lakh rupees. If you continue this for 20 years, then the same 4 lakh rupees will become about 5.5 lakh rupees or about 4 lakh rupees."
Pending
It is recommended to keep 3-4 lakh rupees in a Fixed Deposit (FD) as an emergency fund.
"you should have at least Rs 34 lakh lying in an FD so that it is always available to you whenever there is any need."
Pending
A profit of 10 lakh rupees from selling the house is estimated to incur a capital gains tax of approximately 80,000 to 1 lakh rupees.
"you will have to pay tax of around 10 lakh rupees on that. Meaning, if you assume that you earn a profit of 10 lakh rupees from the loan, then you will have to pay tax of 80 lakh rupees or one lakh rupees on that."
Pending
Selling the house is expected to relieve the EMI burden and provide a lump sum of 8-10 lakh rupees.
"then two things will happen to you. One, intentionally, this EMI burden will be removed from your head. Yes, number two, you will get eight or ten lakh rupees in lump sum on that because it has been four years."
Pending
Continued income growth will enable affording a house, ensuring a good standard of living, and achieving a sense of security.
"you too as you keep growing your income get to the point where you will be able to afford a house or provide a good standard of living for your daughter and yourself and you will also feel secure"
Pending
After selling the house for 26-28 lakh rupees and paying capital gains tax, an estimated 7-9 lakh rupees will be available.
"So, I would say that if I am able to get 26 to 28 lakh rupees, then that will be a good amount. After that, you will pay capital gains tax and capital gains tax will be around 10 lakh rupees net. So, the lump sum amount you will have will be around 7 to 9 lakh rupees."
Pending