DO NOT Make These 3 FINANCIAL MISTAKES! | Money Matters Ep. 63 | Ankur Warikoo Hindi
Published: 2025-05-28
Status:
Available
|
Analyzed
Published: 2025-05-28
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 3
Prediction
Topic
Status
The speaker predicts that the individual's total loan amount of approximately 14 lakh can be cleared within 2 years, assuming current income and savings rates are maintained and mistakes are avoided.
"your entire loan of Rs 14 lakh can be cleared."
Pending
The speaker projects that by following a disciplined financial plan and investing a significant portion of income, the individual could accumulate 3-4 crore in the bank by the age of 40, achieving financial independence and no longer needing to work.
"You will be in a different position. At a different stage, there would be at least three to four crores in the bank. There will be no need to work throughout life and you will not even be 40 years old."
Pending
Based on the projected savings of 23,000 per month, the credit card loan is predicted to be fully repaid within 10 months.
"Your credit card loan will be repaid in full within 10 months."
Incorrect
Following the repayment of the credit card loan, the remaining savings will be redirected to repay a 5 lakh personal loan, which is projected to be cleared within an additional 6 months.
"And after repaying that, you will again be left with ₹00 every month and with that ₹00 you can repay your second personal loan which is of ₹5 lakh and that will again be over in the next 6 months."
Incorrect
After clearing the second personal loan, the increased monthly savings will be used to repay the first personal loan, which is estimated to be completed within 4 months.
"After that you will be left with ₹37,000 per month and that ₹37,000 if you take your first personal loan then it will be finished within 4 months"
Pending
The speaker suggests that if the individual maximizes incentives and maintains disciplined spending for the next 20 months, it might be possible to accelerate the loan repayment to 15 months.
"Perhaps you will be able to repay all this loan in 15 months, instead of 20 months."
Pending
The speaker advises against investing while carrying debt, suggesting that prioritizing debt repayment is a more beneficial use of funds for future investment.
"So, never invest when you are in debt. The better use of that money is to repay that loan or debt so that you can be free from it and use your money properly by investing."
Correct
The speaker highlights that the individual will end up paying double the principal amount in interest for a 5 lakh loan over its term, emphasizing the cost of high-interest debt.
"So you will pay double the interest of ₹7 lakh on a loan of ₹5 lakh."
Correct
The speaker states that the investment in the house was a poor financial decision, implying it will not yield the expected returns.
"The investment was made in a very wrong place."
Pending
The speaker advises the individual to sell the underperforming property, even at a loss, to avoid further financial drain and to focus on debt elimination.
"So this is called cutting your losses. When you know that the land is not good. Nothing is going to happen in that. If you are stuck then you should not love her, friend. He has to be removed. Even if he ends up in a loss, it is more important to be released from it. If you stay with him, he will keep sucking your blood."
Pending
The speaker suggests eliminating spending habits and tools that encourage impulsive purchases, like UPI, to promote more mindful financial decisions.
"You have to remove from your life all those things which do not force you to think before spending."
Unrated
The speaker recommends using cash for transactions instead of UPI to create a more tangible sense of spending and encourage more deliberate financial behavior.
"UPI should be closed, ok closed, absolutely everything should be in cash, go to the ATM, go to the bank, withdraw cash and when they actually start paying with notes then there will be pain in the heart"
Incorrect
The speaker expresses hope that the individual will be able to revive their business and once again earn 2.5 lakh per month.
"Earning Rs 2.5 lakh again."
Pending
The speaker contrasts a 'poverty mindset' with a 'wealth mindset,' emphasizing that wealth accumulation involves prioritizing financial independence and future security over immediate consumption.
"The wealth mindset says that as soon as I make money, yes, I will spend some of it on improving my life. I will spend money to compensate for all the hardships I have faced and what my parents have endured. But I will spend much more money than that on my financial independence."
Pending
The speaker emphasizes that the ability to manage money effectively is more critical for long-term financial well-being than simply earning a large income.
"Because the one who has learned to manage money will never become poor no matter how much money he earns."
Correct