img

Net worth vs Debt

How to get out of the debt trap? Should I continue with debt? How to manage my investments? Age: 23 Yoe: 1.5 TC: 26 lpa Monthly Expenses: Mutual Funds: 20k (Through Dezerv app) Crypto: 2k (Bloomberg galaxy index) Flat Emi: 25k Car Emi: 10k Petrol: 10k Utilities and grocery: 30k Activities: 20k Life insurance: By company Term insurance: By company Emergency Fund: 1 lakh Should I consider buying personal insurance? There is a plot that I signed up from government, I did not take loan for this, but the development authority created an emi plan for me. Basically 20 lakhs every 6 months for 3 years. Since thats way outta my league to afford, there is a late interest fee which is imposed. I try to put in any money I can make.

img

Blair Vernon

Credit Suisse Group

a month ago

How come govt is giving flat at emi? Is it like mhada? And is it interest free?
img

Jordon Olive

Incred

a month ago

It is like the state's development authority selling plots from an auction, in that they gave a installment plan.
img

Isaiah Carmden

Credit Suisse Group

a month ago

Mind sharing the state name? Also thats one costly plot, ~1.2cr, what was the reason you bought it in haste? And what's the effective interest, coz it is not possible to pay 20 lacs every 6 months. Is it lesser than what you would pay if you take loan? I think you should only buy term insurance for now, if you have dependents, or maybe just buy, coz it will be cheaper at your age. What does 20k activities include? No idea about crypto. And then what's the flat emi? You also bought flat?
See more comments
img

Aaron Gabriel

Paytm

a month ago

you are doing good , If your family is dependent on your income consider taking term insurance . You need a sum covered which your dependents are needed yearly *23 approx + net loan of your flat . Other priorities like child and spouse csn be added once you reach that life stage . Its upto you to early close the home loan or increase your investment. Right now mix looks fine . If you are in risky career consider closing loans early as stable cash flow might be an issue or you can continue with current allocation
img

Jordon Carmden

Incred

a month ago

Thanks for the guidance. 1. Should i consider buying a personal health insurance? 2. Is closing home loan earlier a good idea? I think its the lowest interest debt, so i should keep it running? I am in software engineering, but mostly wanna work with startups in a few years, So yeah kinda a risk averse.
See more comments
img

Aaron Carmden

KPMG

a month ago

You should definitely look for insurance outside the company provided ones. Let me know if you need any support
See more comments
Sign in to a Grapevine account for the full experience.

Discover More

Curated from across

img

Personal Finance on

by Jordon Gabriel

Comcast

The retirement savings panic

img

Personal Finance on

by Jordon Nadeen

Stealth

How much wealth have you created yourself?

img

Personal Finance on

by Kendall Gabriel

Morgan Stanley

What is your net worth (Mega 🧵)

img

Confessions on

by Kendall Olive

Stealth

Failed Startup and debt

img

Personal Finance on

by Karilyn Lee

Contlo

How do I pay 2 loans most efficiently?

img

Personal Finance on

by Blair Carmden

Startup

How do you invest your money?

img

Software Engineers on

by Jordon Lee

JP Morgan

How am I doing financially and what can I improve?

img

Personal Finance on

by Kendall Everett

Stealth

3bhk at 2CR in Bangalore 👀

img

Personal Finance on

by Isaiah Nadeen

Amazon

DEBT 💸 TRAP 🪤 !

img

Personal Finance on

by Dezi Taye

Startup

Good time to buy a property

img

Bangalore on

by Jordon Nadeen

Stealth

I haven't saved a single penny in last 3 yrs

img

Indian Startups on

by Karilyn Gabriel

Cisco

Investment plan for 1Cr

img

Personal Finance on

by Anise Lee

TCS

Credit card to bank account money transfer ideas

img

Personal Finance on

by Jordon Vernon

Slice

What should I do with my money

img

Personal Finance on

by Isaiah Carmden

Meta

Help gauge my portfolio

img

Bangalore on

by Aaron Olive

Zepto

Living in BLR , earn 43LPA, sharing how I spend my money

img
  • Home
  • Net worth vs Debt