₹1 Lakh Loan Became ₹5 Lakh - DEBT TRAP! | Money Matters Ep. 66 | Ankur Warikoo Hindi

"So today itself you will sell this 52,000 of yours and clear your two loans, one with EMI of ₹10,000 and the other with EMI of ₹2,000, for which three EMIs and 10 EMIs are left, both of which are of approximate value of ₹52,000."

"If you get access to 10K with your new job, then every month you will put 2K into an emergency fund which you do not have at all."

"2K You will get health insurance in either company, it is good. If you do n't get it, you will buy both 2K health insurance and life insurance for yourself."

"Life insurance is necessary for you at this point. Why? Because your family which includes your parents is dependent on you and you are the primary earner of the family."

"If the loan of 13000 gets cleared in 11 months you keep ₹3000 aside for your life for your enjoyment for doing things that you want to do and you can start putting the remaining ₹10 here"

"so you will pay EMI of ₹10,000 extra EMI every month of ₹10 or ₹1000 so the 26 EMIs that are left you will be able to finish it in around 20 and 18 to 20 EMIs itself"

"And once all the loans are cleared within one and a half years, start investing regularly which you already would have and then get married with the same corpus. You make the down payment for the house and the journey begins from there."

"If you continue to receive your salary regularly on time, then all SIPs will be stopped."

"And for this, my advice to you at the age of 26 is that I love the fact that you feel a moral responsibility towards the company that these people helped me when I needed them, so when they need me, I should also help them, but that cannot come at the cost of your financial distress."

"let's say that job gives you 20-30% increment, usually of Rs 48,000, it is possible that you will get a job of around Rs 60,000."

"If you do not repay these quickly or if there is a delay of one month, two months, three months, these loans will increase so fast that you will not even know when this outstanding amount of Rs 5 lakh will become Rs 10 lakh. Because this 5 lakh will take only two and a half years to become 10 lakh."

"If you wait for 2 more years, that loan of Rs 10 lakh would have become Rs 20 lakh."

"This investment of yours would be earning barely 15%. Why would you not spend that money to clear that 36% loan? This is math, isn't it, friend?"

"So the first thing is drop all moral resiliency. You have made a lot of mistakes. Mistake number one is investing while loans are being taken. This the biggest stupidity. slug it out. Stop the investment."

"So today the only loan left on you will be two big loans, one which has ₹81000 remaining and the second one which has around 3 lakh remaining whose EMI is ₹24000. And that 24000 combined with the 24000 of your living expenses at least adds up to your income so that this is the least you can pay."

"In case you have to find another job 1% ok and I am repeating the meaning again. This does not mean at all that you forget how much he has done for you. No, you will always remember it. And life is very long, friend. Tomorrow you will be in a good position. He will be in a good position. Maybe you will get a chance to work again and you should be open and tell them that I don't want to do this but I don't need to do this, I have responsibilities, I have a loan, I have to clear it and as much as I would love to spend time here but there instability is forcing me to look for other jobs,"

"First you have to get all of your loans cleared which will hopefully happen within 2 years, in fact less than 2 years and a half. And once all the loans are cleared within one and a half years, start investing regularly which you already would have and then get married with the same corpus."