Complete FINANCIAL PLANNING for ₹30,000 Salary! | Money Matters Ep. 57 | Ankur Warikoo Hindi

"As soon as your EMI of ₹800 is over, Garima what you have to do is you should get health insurance for yourself. Ok? ... A cover of ₹3 lakh, ₹4 lakh will be good for you and you will get it in the same ₹800 approximately per month that you are right now spending on your EMI. So get health insurance for yourself of a 3 lakh cover and hopefully you will get it between ₹500 to ₹700."

"Second, you should also get life insurance for yourself. ... 50 Lacs Would Be a Good Cover. This 50 lakhs will be available if you insure yourself for 60 years. ... I think approximately it will cost you ₹7 and ₹800 a month. So 50 lakhs of cover and another ₹400 to ₹600 per month."

"And then the third thing is your emergency fund. ... the total cost is around ₹12,600. Let's assume ₹12,000 and at any point you should have three times this amount in your bank. This means you should always have ₹30 to ₹5,000 in your bank."

"So my suggestion is that you should stop your SIPs. Ok? So whatever you have already invested, let them be. They don't need to sell you. But you will stop your SIP from April starting. And the ₹3000 SIP that you have done, you will actually start saving that ₹3000 towards your emergency fund by keeping it in a separate bank account or in a separate corner."

"Now from 2026 you would have a slightly different approach. At this point you should start your SIPs. So start your SIPs and whatever mix you have kept small cap, mid cap, large cap is very good. 33% each time you are in your 20s it is the absolute right time for you to take that risk."

"To give you a sense, within 25 years if you continue with this and every year you step up by 10% means today SIP of ₹1000, next year SIP of ₹1100, next year SIP of ₹1210 and so on, then keep increasing it by 10% every year, within 25 years you will have ₹1 crore 80 lakh"

"The sure shot way to become rich is to always focus on your income. Of course, focus on your expenses and bring it to a point where you know it cannot be less than this. But there is no limit Garima as to how much you can earn. There is no limit to what your income can be?"

"So what do you think? You start thinking of multiple income streams. That your job is an income stream. Where your five days a week go. ... Then there is Saturday and Sunday also. Now start thinking how can I use these two to three days? What can I do to generate income and start with the basics but then start upgrading."

"I love cooking. So I thought I should start a cloud kitchen. I can do it late night after my working hours or on Saturday or Sunday."

"Don't make any money investments at least in the start. Because you are tasting it. You are evaluating him. You don't know whether it will go well or not... time should be your biggest investment early on. As soon as you know, there is potential in this ... Now I can invest in it."

"Your earnings should not be less than that. So to give you a sense right now, let's assume, like Broadly, that you work 40 hours a week. ... And you earn ₹30,000. So if I were to calculate you earn approximately ₹136 per hour, whatever your new income stream will be, that has to earn more than this for you."

"the only way to increase your per hour income is either get more skilled and build more leverage. What do I mean by that? Building more skills is obvious. ... But building more leverage is not so obvious. That through you people, through technology, through my skills, the work which earlier used to take 1 hour, now I can do it in half an hour."

"So whatever extra side income you earn, 50% of that, ideally 70% but minimum 50% of that should go towards investing. And the remaining 50 please use that money guilt free."

"You should think about improving your skills. I was thinking about it earlier also but you know I was not able to balance my time and my corporate life and you know sometimes the stress of work becomes too much. I can't find the time. Sometimes I feel like I came back from office very late. Should I study today or do something today?"

"And there are very, very few people who are managing their money the way you are at the age of 26 with these responsibilities. Living on your own in a completely new city, managing everything, sending money home, investing too, it is really commendable."

"Your income today is ₹z. In 2 years it can become ₹3 lakh. And you will be like it won't happen because it won't happen. But I'm here to tell you that it is possible."