Does your salary go in just EMIs? | Money Psychology
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- čas přidán 31. 05. 2024
- Do you buy a lot of things with credit cards? Is your monthly EMI amount more than 30% of your monthly income? If you take a lot of debt to buy things that you 'think' you need, you're close to falling into a debt trap! In this video, we'll help you understand how you can save yourself from a debt loop and how to differentiate between good debt and bad debt!
#debt #debttrap #debtfree
0:00- Let's begin
1:01- What is too much debt?
3:08- Reg flags!
4:40- Debt math
5:48- Are you buying on credit
6:22- Consumption spiral- Diderot Effect
7:35- The psychology behind the consumption spiral
9:38- Check your buying checklist
10:09- Rapid fire- good debt vs bad debt
13:06- Bloopers!
Say hi! 👋 on Instagram: bit.ly/zero1byzerodhainstagram
Calculate your DTI: docs.google.com/spreadsheets/...
Here is you buying checklist: docs.google.com/document/d/1i...
I just dropped my decision to buy a MacBook Air on EMI which was supposed to consume 3/4 of my salary every month after watching this video 😊
Good decision
Nice descision bro another thing which i felt is if we are getting things in emi then its out of our league
Invest in gold monthly with that money. Definitely you'll get Mac without loan
uou should buy it even if it takes 100% of salery for few months if it guarantees an increase in productivity, i sacrificed 4 months of my salary to get my work desk ready cost me around 5.5Lakhs
@@abhayrohityeah but you can get a notebook with Windows on a lower price than MacBook which will still perform at a faster level
What gold this series is. Plz dont stop
The only debt I will ever take is home and business loan. Education loan only if its absolutely necessary. Rest all are traps to make you consume more.
Full agree with you brother.
Don't take these as well. Stay away from all kinds of loans.
Home loan is the biggest trap ever
@@ManasaReddy-oy9ey it's impossible to buy property without loan for middle class in India. And when you take a loan, banks do the due diligence of property. Thus you are assured that you won't get in any troubles in future.
@@animefurya2z absolutely not, watch the video. All loans are not bad.
This is what we should call real influencing! Pure quality content.
I am a debt free person, own a credit card for last 7 years only one , always spend money by that card only and always pay full before due date , never ever paid any charges or interest on it.....I never buy the things on No Cost EMI , I never buy the things which I don't need and whatever I need I buy those with full payment......😅😅😅 I think I am financially responsible and Diciplined
What is your credit score
Very High @@tradepandey420
No. Because the plastic card gives you shopping habit which you didn't had. Probably you'll be buying expensive fuels and medicine, Groceries and movie tickets using cxc. When you buy things with real cash, it hurts and the consciousness tells you that if you're over shopping and not to visit the Dept store again since it's costlier than local market wholesale shop.
I can relate this whole video.
before 2020 I didn't have any credit card but soon I got one I fall in the emis trap.
currently I have 4 credit cards and I almost used all of them for different purchases.
After getting job in 2021
I took a Personal Loan, a RE Bike, an iPhone , couple of other mobiles , a Personal computer worth around 1.5L, a Tab, some headphones, and
some other stuffs and all of them are on EMI I was at the same stage where my monthly emis were more than my monthly salary and currently it around 80% of my salary and have to pay those emi for coming 2-3 years as well. With almost zero savings or emergency funds.
And because of all those emis I am unable to buy a house for coming few 3-4 years or more which could be a good debt or build an asset in my life instead of paying for consuming product for 4-5 years which value will be zero in future.
So now I learned the biggest lesson firstly sort out the good debt and bad debt and never cross the emi 30% of your salary.
This video is virtual representation of debt trap and how you could save yourself for it.
Thanks.
Wow.. So glad that you are coming out of the mess.. All the best for your future plans :)
Bro, I came out from this but the debt is done by my father and I took that pain and cleared everything...
You are a Hero bro❤.
You are the chosen one bro, Great job. It's not at all easy, speaking from my personal experience. But thankfully, there were no minimum amt. trap those days otherwise my dad and I both would have cracked 😅
I am still doing the same thing but I have a long way to go still. till 2027.
Abhishek is Perfect Representation of What Real Youth is Doing and it Feels so Naturally Connected. Awesome Performance Pratik and Abhishek + Hidden Zer01 Team. 🙏🏻😊
Thank you so much for your love and support ❤
I recently came across this series and it's a gold mine. Actual financial education. Superb series. Please don't stop making this series.
I don't have debt. And nor does my family. (Even though we're going through a particularly tough time.) I don't want to downplay the need for loans by the underprivileged.
We try to live within our means and avoid a lot of unnecessary materialistic things. We pay our credit cards in full and don't do EMIs.
EMIs make you think that you can afford a lot more than you actually can, but like you said, people don't sit around calculating in Excel sheets. And also, like you said, every stakeholder in this has made it so that you end up buying impulsively with ease.
Great that you're using more English now and less Hindi. When you started you had the same, then gradually Hindi increased, now it's back to normal. Great content needs to be seen by all.
This is pure gold. Thank you for talking about debt. This is a must watch for everyone entering the corporate world and start earning thier first paycheck. I would have loved to hear about ways to get out of high debt and debt spiral. Debt snowball, consolidation etc.
Thanks for your love 🤗
This is the real education we needed.
I am two a few months away from completing my graduation and am planning to get into a job and self-finance my career and life decisions ahead this 13-minute video, gave me a check on how to now screw my plan and be wise in making financial decisions. Thank You
You guys are doing a fabulous job providing basic financial education. Kudos! 👏
Keep going and educate us more
I love this series..thanks for the efforts guys 😁
These two are real good at their performance and ofcourse very useful content.
The only video had fun learning finance. I myself went into trouble not knowing about emergencies. Being young, you always plan. And life can never be predicted.
The way you make videos is just amazing. Love you guys. And pratik i am watching you from a long time and you are a great man ♥️. Please continue to make good videos like this
One of the best financial channel till date, love you guys❤
Humans need to assign a value to something, to tell themselves that life is not meaningless. Except maybe life is.
This hit hard.
Very informative and useful video. Thank you very much.
This is fabulous work!!
I've watching your series quite some time. It's great. Keep doing the good work
Thank you so much ❤Stay tuned!
Set bht bht pasand aaya , new ways to be in class❤❤❤ just one sentence - Dont stop keep going on
absolutely amazing video!!😍
Like the explanation and these series❤❤
Sooo entertaining .. pls continue this series
I have zero debt. Love this type of content.
Bhai you connect me instantly .Thanks for this video
So informative, specially around the Debt to income ratio. Thanks Team Zerodha
Thank you very much sir please keep going on ❤
Good presentation. Useful content.
Love your content!
Thanks for the info it was really useful!
It was so nice that I actually started doing my calculations of debt and income...
And?
2:17 boss giving hints to employee 😅😅
😂
This is just peak level of content with very High quality of production ❤ loved it
Thank you Prathemesh! :)
I loved how you explained the physiology
Thank you :)
You should also make a video on Debt management. Like now Abhishek goes back home goes through his financials and see he has tons of debt and now he wants your help to get out of it. And how he can make use of debt to his advantage...
because of this series i am subscribing to zero1 otherwise i dont wanted to subscribe, keep this up
amazing presentation
Great learning..
The production quality is too good 💯
this is whtat we should learn in school!! amazing!!
Most underrated channel i would say
Well said 🤌🤍
ITS ACTUALLY GOOOOOD
Loved the video, narrative, set, knowledge (especially for GenZ) of today’s! :) ❤
You guys are awesome. Would love to make videos like your.
Awesome Video sir. Thankus
Outstanding Learning Videos...
Amazing video amazing editing.
Talking about Spiral... Spend on CC, take personal loan to clear then spend on CC again because limit to bohot bachi hai.
Very Nice. Must for Present generation to watch
Make a comprehensive video on what is an edge in trading and how do you find one...Also cover the importance of positive expectancy for any particular trading system
love you prateek bhai, so amazing, sply that checklist.
Thanks :)
Nice one to watch! Serious topic explained with humor.
Entertained & educated? mission accomplished 😉
Loved everything about it .Dropping a comment like this for the first time and Im so glad and happy that this is on youtube,a very beautifully crafted content. Loved everything about the video production ,the sound design, the animation (literally everything about it ) . The team which is working on this series , kudos to you all. Thank you for making such content. Would love to watch it and learn from it till I die .😀 and sorry for my nad english. 🤣
Vikas, thank you for your message! This really made team Zero1’s day. Thank for for all the love and encouragement ❤️
Amazing talk on debt spiral! Inspiring..
Thank you :)
I don't have any debt , but planning to take some debt to start a business 🔥😃
Nicely Done...
Well I like to call it Debt Loop. And it's really annoying to have one! Btw great piece of content production, scripting and everything 💌
great video guys.. liked that a lot..
but till now I have taken only 2 small no cost EMIs .. as of now I don't have any debt.. may be will buy a "depriciating asset"/car for my parents.
No debt so far, kudo to editors and set making people who are putting their best.
Thank you 🙌
I just bought a used x280 thinkpad a month ago for 16k, which sold for almost a 1Lac at launch. Works just as good.
How did you ensure the quality?
I wanna buy a good used laptop but I'm worried about the quality. What if it is abused by previous owner? What if it gets display or motherboard issues?
@@abhi8178
I know a lot of retailers and they are scared too if things fail. They make sure things do not fail.
ThinkPad is ThinkPad and is not like other laptops. They are unique.
Also I'm a tech and ThinkPad junkie. So i know more about ThinkPads than anyone else!
Hold my beer....
Currently I don't have any debt but working on my startup so I am thinking of taking loan against shares in my demat account.
Please make more content on good n bad debt.
I started SIP for car and a house, then in future planning to buy them on EMI and that I will pay with SWP.
❤️❤️❤️very quality video
In today people are buying Apple products as Symbol of status or as Status anxiety.. Some eye open facts are here in this video... Like this video and this channel .. My phychology is same as prateek but I have not clear ideas to define it... Thanks to give clear ideas to define..🌹
I am a debt free person and having multiple credit card. utilising all credit cards in better way to get more benefit form it.
This is brilliant.....keep it up guys
Thanks for the love ❤️
Love the series.
Can you do one episode on the mentality of taking loan to invest ("because the math worksout")
This is a genius comment. Got it, we’ll try to do this, probably not an entire episode but somewhere as a short for sure :)
Good one 👏
Really amazed with the content and coverage, and also, in spite of being from zerodha, there is no promotion so far. Loved it.
We are an agenda-less media channel. We will never advertise or promote. I think this is our superpower :)
I have only 1 monthly EMI. That is my home loan. It is currently at 14% of my monthly salary (house is under construction)
With no increments (assuming), it will increase to 30% when I get the possession next year. (A bit less if interest rates reduce by then)
This means, if I want to upgrade my car, I need a big raise before I can do that.
Love the content. Keep up the good work.
No dept ✌️
Glad to hear that! :)
Definitely liked the acting. Keep it up!!
Top Notch Series Especially The Explaination,Narration & Editing… Acting as well 😂❤ btw I don’t have any debt.
One of the best advice i ever got, Thankyou
Debt spiral - Been there. Wouldn't wish it on anyone.
Abhishek definitely deserves the increment after this episode!
I’ll think about it 🧐
This video is made for me.
Love that you people dropped Hinglish 👌
Yes made a conscious choice and went with one single language and subtitles. Thank you for appreciating, means the world to us.
Closing my home loan this month and rhen no more debt... current outgo is 35% of take home.... and 40% goes to sip
I don't have any debt and I think I need to have some good debt for crucial purchases like a house
Another big problem with the attitude of "abhi 60% hai sir, increment k baad 30% ho jayega" is that after the increment 30% ho gaya but you will want to buy something new and be back at 60%.
no words.....
Another crazy ep by zerodha 🙌
Greattt work done by team loved it❤
Thank you for the love ❤️
Amazing...
What to do if because of an emergency I have to pay 2L and I don't have 2L & now I'm using credit card payment.
Do you suggest paying in converting into emi considering interest rate + processing fee.
Or min bill payment and wait till I get an extra amount.
I just make sure my DTI ratio is under 35%. It is typically around 20-25%
I don't have
i dont have
You got a subscriber ❤
Thank you ❤️
hey great initiative for finance understanding. I m studying for ca and this real life knowledge enhances the abilities. few doubts.
1) if I pay emi on credit does it is bad ? I have the money to buy the product but converted into emi and use credit card to pay for the reward. credit card is on auto debit mode.
2) does the credit rating goes down if u have don't use credit for some period eg. 2 to 3 months where the credit card is firstly life time free card and second a paid card?
I have credit card debt which is 25% of salary - I do most of my expenses on credit.
Reality hits when you cross 28 and approach 30, all those care free mind that you had before will vanish, your parents would start getting old and medical bills start piling up, you would've or would get marry, have kids, buy a car on EMI, buy a house or a plot of EMI, life suddenly turns on its head and when you realize what actually happened, you'll be in deep shit
I started watching this video because of the name Zerodha attached to it and sure did not disappoint, looking forward to more videos from the series👏
I understand the love for apple products but you need to also understand that they are not that good and most of it is just marketing. You can easily do everything you need in other systems.