₹30K Salaried Engineer; is Financial Freedom POSSIBLE? | Money Matters Ep. 38 | Ankur Warikoo Hindi
Published: 2024-11-30
Status:
Available
|
Analyzed
Published: 2024-11-30
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Michigan State University's construction management program is ranked number one in the US and has maintained this position for at least 20 years.
"Michigan State University runs the number one construction management program in the US. Michigan State University's construction management department is the top construction management department in the entire US and this is not just recent it's been since I went there for 20 years we have been consistently ranked number one"
Pending
Scholarships and personal loans will become available once admission offers are secured for higher education abroad.
"once you get the offer letter, then many avenues will open up. There will be scholarship avenues. You can take out loans. You will be able to take out those loans in your name. And you won't be able to do anything like that."
Pending
A career change is feasible within six months with dedicated effort.
"at whatever point you want to change your career, you can change it within six months with hard work."
Pending
Pursuing an MBA later in one's career, with accumulated experience and finances, can facilitate a transition into business roles across various industries.
"At that time, you will have experience, understanding, qualifications, money and you can go for a top MBA again and then get a business role in whatever industry you want."
Pending
A recommended investment strategy involves monthly SIPs of ₹10,000 in Nifty 50, ₹7,000 in a flexi/mid-cap index fund, and ₹4,000 in a small-cap index fund, projecting an annual growth of around ₹18 lakh.
"out of this Rs 21,000, you will do an SIP of Rs 1000, not Rs 1000, and that will be in the Nifty 50, Rs 7 lakh in a flexi cap or mid cap index fund and then the remaining Rs 4 lakh in small cap index, which usually grows at around Rs 18 lakh per year."
Pending
An SIP of ₹10,000 for 10 years is projected to yield ₹23 lakhs. An SIP of ₹7,000 for 10 years is projected to yield ₹19.5 lakhs. An SIP of ₹4,000 for 10 years is projected to yield ₹13.5 lakhs.
"if you do a SIP of ₹00 for 10 years you will have 23 lakhs only from that amount the ₹000 you will do in cap or flexi cap again for 10 years that will be 19 and a half lakhs okay and the ₹000 that is if you do it for 10 years you will have around 13 and a half lakhs"
Pending
A combined SIP investment of ₹21,000 is projected to yield approximately ₹45 lakhs in 10 years, which is considered a significant return on a basic income.
"which means only this investment only this ₹000 investment will give you in 10 years about 45 lakhs which is a really really good amount of money for just this basic amount of income its a lot"
Pending
Studying abroad fosters complete independence through self-management of daily tasks, finances, and career pursuits, shaping individuals significantly.
"because the country is different, the way is different, the people are different, you are completely independent, so you are cooking food, you are managing your money, you are washing clothes yourself, you are managing the house yourself, you are studying as well, you are looking for a job as well and it really is Let's say you are an individual"
Pending
US state universities are generally cheaper due to government funding, though still expensive for international students. In-state residents benefit from significantly lower costs.
"Private universities or state universities are usually very cheap because they're government-funded. Okay, sir, even then they're expensive for international students. But if you're a resident of Michigan State, it's very cheap for you."
Pending
Graduates from top, recognized international programs can repay their entire education loans within two to three years of working abroad, with the option to stay longer if desired.
"Trust me, if you decide to work there for two to three years, because it's a top program and it's really, really recognized and reputed. You can plan to repay your entire loan and come back within two to three years if you want to come, or you can stay there for a while if you want to stay there."
Pending
It is recommended to start considering life insurance around the age of 28 to 30, rather than at 24.
"life insurance now at the age of 24 you should take it There is no need, I think around 28 to 30 is when you should start thinking about it"
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Younger individuals have a higher capacity to take on investment risk.
"the younger you are, the more risk you can take"
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Shortlisting colleges and programs in countries like the US, Europe, or Australia is the first step for international higher education.
"and then the question to ask is which ones are there or so the first thing you have to do is shortlist the colleges slush programs for your field or okay and it could be in the US it could be in Europe it could be in Australia it could be anywhere else"
Pending
Recognizing that career paths and ambitions can change, the focus should be on specializing in a field for the next five to ten years, rather than committing to a lifelong career.
"Because civil engineering is not a good place or a good field, it is not a good industry because people change, the market changes, our ambitions change. So don't put the pressure of whether I want to do civil engineering all my life or want to become one. At least the clarity you should have is that in the next five to ten years I want to specialize in this."
Pending
The modern world offers the opportunity to pursue multiple careers within one lifetime.
"the world has become such a brilliant, beautiful place where you don't have to do the same thing all your life. You can do many things in one life."
Pending
The age of 28-29, after gaining work and study experience, is an opportune time to consider pursuing an MBA.
"when you are around 28-29 years old, or at that point you can decide that I have done a little work and also studied at a good place, do I want to now go for an MBA and I am okay with this, that is a good time to think about it."
Pending
Mutual fund SIPs offer flexibility, allowing investors to pause, stop, or redeem investments at any time, unlike fixed loan repayments.
"you can pause it anytime. Okay, you can stop it anytime. Okay, and you can redeem it anytime. Okay, sir, it is completely in your control it is not like a bank EMI if you have taken a loan for 5 years then you will have to pay it for 1 year"
Pending
Even when an SIP is paused, the invested amount continues to grow at its average rate of return due to the power of compounding.
"whatever amount you have invested till that time, yes sir, it will still keep growing at that average rate of return, okay, it will not stop, yes sir, that is the beauty of compounding"
Pending
Taking steps with confidence and clarity is crucial, as a lack of these can lead to doubt, indecisiveness, and mental disturbance.
"the confidence and clarity with which you take the step is far more important only because if you don't have that confidence and clarity, then you will feel that what I am doing is not right, I can do this, I can do that. He is doing something else, look he is doing something else, the mind gets disturbed"
Pending
At 24, individuals should take ownership of their financial decisions, including investments, protection (insurance), and future planning, independently of their parents.
"at the age of 24, financial responsibility is very important. What do I mean by that? Number one, you will take your own investment decisions. Number two, you will take your own protection decisions. Number three, you will take your own future planning decisions."
Pending
Young adults with a higher risk tolerance should diversify from traditional savings (like societies) and invest in mutual funds to achieve higher returns that outpace inflation.
"your risk profile is very, very different from yours. Mothers, so till now you have around Rs 5 lakh, which is in societies growing at around Rs 8 lakh every year, which is okay because it will barely beat inflation. You will have to earn a much higher return than this, which can come from mutual funds."
Pending
An SIP of ₹10,000 is recommended to be invested in the Nifty 50 index.
"out of this Rs 21,000, you will do an SIP of Rs 1000, not Rs 1000, and that will be in the Nifty 50"
Pending
An investment of ₹7,000 should be allocated to a flexi cap or mid cap index fund.
"Rs 7 lakh in a flexi cap or mid cap index fund"
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The remaining ₹4,000 should be invested in a small cap index fund.
"and then the remaining Rs 4 lakh in small cap index"
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The recommended investment portfolio is projected to grow at approximately ₹18 lakh per year.
"which usually grows at around Rs 18 lakh per year."
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A balanced investment approach involves maintaining safe investments (like societies) while actively contributing to mutual funds for higher growth potential.
"you have Rs 5 lakh in society investments, which is growing slowly, so that is your safe investment, or you can make a monthly mutual fund investment of Rs 21,000, so it will grow at a higher percentage and you will nicely balance it."
Pending
Invested funds can potentially be utilized to cover future education expenses.
"and probably that invested amount will be used for some of your study expenses, at least"
Pending
Individuals should aim to specialize in a chosen field for the upcoming five to ten years.
"At least the clarity you should have is that in the next five to ten years I want to specialize in this."
Pending
The recommended path includes pursuing international higher education, followed by a good job in civil engineering, then a program in India, before considering an MBA around ages 28-29.
"go for a good job in civil engineering, and if that happens, then go for a good program in India, after doing these three, when you are around 28-29 years old, or at that point you can decide that I have done a little work and also studied at a good place, do I want to now go for an MBA"
Pending
An MBA is a suitable option for transitioning into marketing or business roles within companies, particularly when moving away from technical positions.
"I want to try marketing, or I want to go into a business role in a construction management company, not a technical role, then an MBA will be a great option for that."
Pending
Individuals should focus on building for their own and their family's future. Advice for the mother's financial situation is not provided due to lack of information, assuming she is responsible enough to manage her own finances.
"and building for her and your future yes sir got it I will not give any advice to your mother because of course I do not know her situation, her contact so then it will be very stupid of me to say that ma'am if you are earning Rs. 0000 then from that you should invest so much in mutual funds etc. or whatever way she is doing it I think she is clearly responsible and much enough to know"
Pending
An emergency fund of around ₹5 lakh is considered sufficient given low monthly expenses.
"this will be your emergency fund this is a very good amount of money you don't need a lot more than that because your expenses are very less"
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Keeping emergency funds in a Fixed Deposit (FD) is an acceptable option.
"if you want to keep it in FD you can keep it of course there is no problem"
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An allocation of approximately ₹9,000 per month should be set aside for personal wants and discretionary spending, such as buying items, vacations, or social outings.
"keep around 30 K for your wants. The amount is around 9 K. So 9000 just keep it for yourself. You may not spend it on anything. If you want to buy a phone, you want to take your mother on a vacation, you want to go out with friends, you want to buy something for yourself, you can do all that with this 9000 per month."
Pending
Investments in traditional societies may only slightly outpace inflation, suggesting a need for higher-yield investments.
"which is okay because it will barely beat inflation."
Pending
Individuals should be the sole guarantors for their educational loans, rather than relying on their mothers or other family members.
"you will be the guarantor for it, not your mother or anyone else."
Pending
A strategic approach to higher education involves prioritizing international programs, followed by securing a good job in civil engineering, and then exploring programs within India.
"your option should be in my world, go to an international program to get higher education in civil engineering, yes sir, if that happens, go for a good job in civil engineering, and if that happens, then go for a good program in India"
Pending
2025 is predicted to be a year of positive beginnings and new opportunities.
"I am sure that 2025 will be a great start of some wonderful new things for you"
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