How to Get Out of DEBT TRAP in Just 9 Months?! | Money Matters Ep. 58 | Ankur Warikoo Hindi
Published: 2025-04-16
Status:
Available
|
Analyzed
Published: 2025-04-16
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker advises stopping all investments (SIPs of ₹1000-₹1500) and reducing travel expenses by ₹1500 for the next 3 months to address debt. This freed-up ₹3000 will help cover the current monthly shortfall of ₹2780.
"So, what is the first step you should take? You have to stop your investment. So you have started SIP of ₹1,000 to ₹1500. You have to stop this. And the ₹1500 per month that you will get from that will be your first step. Secondly, stop spending around ₹1500 on travelling for the next 3 months."
Correct
As EMIs are paid off over the next 4 months (starting with ₹990, then ₹1355, then ₹3737), the individual's monthly savings are projected to reach approximately ₹6000.
"After that, gradually your EMI will start ending. So after 2 months your EMI of ₹990 will end. Then after 3 months the EMI of ₹1355 will end. Then after 4 months the EMI of ₹3737 will end. So after 4 months you will be saving around ₹6000 per month."
Correct
By the fifth month, with the ₹3737 EMI ending, monthly savings will increase to approximately ₹6300. This surplus is available for decision-making (e.g., towards housing, further investment, or paying off remaining loans).
"Then in the fifth month, you will also finish your EMI of Rs 3737, then your expenses will reduce further and you will start saving around Rs 6300 per month, this will happen only after 5 months... From September onwards, you will save Rs 6300 every month. And now you will decide how to spend this ₹6300."
Pending
The speaker recommends purchasing life insurance (₹50 lakh to ₹1 crore coverage for a term plan until age 60, costing ₹700-₹800/month) and health insurance for the family (₹2-3 lakh coverage, costing ₹1200-₹1300/month) once savings increase.
"After this you will buy life insurance... My opinion would be that if the minimum amount is Rs 50 lakh and the maximum amount is Rs 1 crore, then it will cost around Rs 700 to Rs 800 per month. So, you have to buy a 60 years term plan till the age of 60 years. Then you will take health insurance for your parents, yourself, your brother, if you take it for Rs 2 to 3 lakh, it will be enough... And this plan will come to you for around ₹1200 to ₹100 per month."
Correct
After phone EMI is paid off (leading to approximately ₹9000 savings per month), the speaker suggests allocating ₹2000 to insurance, ₹2000 to an emergency fund, and the remaining ₹5000 (split as ₹2500 each) towards extra payments on personal loans to clear them faster.
"So out of this ₹9000, ₹2000 went into your insurance. Out of the remaining ₹7000, keep ₹2000 in your bank so that some savings are created and there is money for any emergency and the remaining ₹5,000 i.e. ₹2500, you should start paying extra EMI in both these personal loans so that we can finish the remaining six EMIs within three days only."
Correct
A strong commitment is advised to never use credit cards or personal loans again, except for loans related to housing and education.
"I will hold your ears and stand in front of the mirror. And I will say that from today onwards I will never use any credit card. From today onwards I will never take any personal loan. I will never take any loan except for a house and for studies."
Pending
The individual plans to start building a house in February/March 2026, with an estimated total cost of seven lakhs. Their initial contribution goal is ₹60,000.
"My plan is to start my own housework in February or March of the 26th. ... Sir, the total cost will be seven lakhs, but my plan is that we should start initially and will keep doing it gradually. Ok. Very nice, very nice. So I am assuming that my contribution should be minimum Rs 60,000. Ok."
Pending
By December, saving ₹14,000 per month, the individual will accumulate the target ₹60,000 by March, making the initial contribution for the house build feasible.
"If you follow the plan I told you and execute it well, then by December you will be saving around ₹14,000 per month. Yes sir, that means if you start saving ₹14,000 from December, then by December, January, February, March you will have ₹60,000."
Correct
From December, the investment amount should increase to ₹4000 per month and be gradually increased annually, supporting both the house construction and personal investment goals.
"So, whatever investment you make today of ₹1500, start investing it with ₹4000 from December and increase it gradually every year so that the house is also being built slowly and you are also investing well."
Pending
The individual also plans to save for their marriage, which is anticipated within the next three years.
"because next sir, I have to get married in the next three years, so for that also I will have to do servings little by little."
Pending
With a consistent savings and investment plan, the individual can accumulate sufficient capital in a few years to meet various future needs, including housing and marriage.
"And in just a few years, you can accumulate enough capital to meet all your needs. OK sir. Ok sir. Thank you so much sir."
Pending