ilmscore | DON'T Fall into this Classic LOAN TRAP! | Money Matters Ep. 44 | Ankur Warikoo Hindi

Predictions from this Video

Total: 10
Correct: 0
Incorrect: 0
Pending: 10
Unrated: 0
Prediction
Topic
Status
Speaker believes that financial goals set for ages 25, 30, and beyond are achievable, implying that it's possible to still reach them despite current financial difficulties.
"Whatever your objectives, desires, till the age of 25, till the age of 30 and extra, you should be able to fulfill them even then."
Financial Future
Pending
Speaker advises individuals to prioritize escaping debt and restarting their lives, highlighting the advantage of being young to achieve this.
"The larger thing is that you should get out of the clutches of debt and start your life afresh so that you are still very, very young."
Debt Management
Pending
Speaker outlines a strict one-year plan for debt repayment, emphasizing not leaving the current job, not borrowing money from anyone, and avoiding all non-essential expenditures.
"I will not leave your job before 12 months, okay, number two, no matter how easily you get it, whoever is ready to give it, you will not take any more money from anywhere, be it a friend or family, absolutely not, absolutely not, you cannot take it from them because they will not give it to you, but you will not take it from anyone else, even if he is your acquaintance, even if he is your best friend, you will not borrow from anyone else and number three, you will not make any additional expenditure for the next 12 months."
Career Progression
Pending
Speaker states that adhering to the proposed one-year financial discipline will lead to personal control over one's life, while failure to do so will result in continued financial dependence on banks.
"If you do this for one year, then your life is yours, otherwise your life belongs to the banks."
Financial Independence
Pending
Mastering skills of earning, saving, and spending can lead to loan repayment within a year, enabling future investments, contributions to family, and a life of enjoyment (partying, travel, purchases) after a subsequent one-year period of disciplined 'exile'.
"If you learn these three things, your loans will be repaid in one year but you will stand at a level where you can take further steps, you can start investing, you can contribute towards your family and yourself because you are also 26-27 years old, so it is the age to live, so why don't you party, why don't you travel, why don't you have fun with friends, why not buy things for yourself, you have to do all those things but you cannot do it now, you cannot do it for one year, but after that, if you complete your training, in a way you are going into exile, it is an exile of one year and right So if you do this exile, then after coming back you will become the king of your life and will lead your life properly."
Financial Planning
Pending
The speaker emphasizes the importance of mastering a skill, and has chosen digital marketing, with a focus on marketing within their BBA studies.
"the first learning I got was that it is necessary to master any skill, right it can be any skill and right now I am not able to understand what I should do, but right now I have chosen digital marketing, right now in the BBA I am doing, I am going to choose the marketing part only"
Skill Development
Pending
Speaker advises setting aside a significant portion of monthly salary into a separate account that cannot be touched, for the purpose of loan repayment.
"you will withdraw 000, that you cannot touch and from that 000 you will start paying off all your loans"
Financial Habits
Pending
A settlement offer for a debt of 167,000 rupees has been made, suggesting payment of 67,000 rupees in three installments of 20,000 rupees each.
"they said that you are about one lakh rupees, they said, I said I am not I will be able to do this much, then she said look Deepak I can only do this much, in 67 I was saying 67000 something, yes you can pay 20-20000 in three installments"
Debt Settlement
Pending
A strict monthly budget of 9000 rupees is proposed, as the remaining portion of the 44000 rupee salary is allocated to debt repayment and is considered not the individual's to spend.
"You have to manage your month with whatever is 9000 because the remaining 000 is not yours, you have decided this. Out of the 44000 that you earn every month, 000 belongs to someone else and it is not yours."
Financial Discipline
Pending
Speaker recommends immediately transferring a specific amount of salary to a separate bank account upon receiving it, to be used exclusively for loan repayment, suggesting opening a new account or using a sweep-in facility.
"As soon as you get your salary, transfer 000 to another account. So one thing that you will have to do Deepak is that if possible, go to your bank without any expense and ask them to open another alternate bank account for me or if they have sweep-in facility, then through that sweep-in facility, as soon as you get your monthly salary, you will withdraw 000, that you cannot touch and from that 000 you will start paying off all your loans"
Career Advice
Pending