Lets start with a character. Rohit recently completed his engineering. He is placed in an IT firm with an annual package of Rs. 7.2 lakh ($ 10,000). His take home after tax income is Rs 50,000 ($ 700). Rohit said, “ Hey Sahil! I have got a new car. ” I said, “ Congratulations! That’s cool. Which car did you buy? ” Rohit,“ I always dreamt about Honda City since my engineering days. Hence I got my dream car. ” Image source: google I said, “But you recently started your job. How did you manage to get the money to finance the car?” Rohit, “I got it on EMI with 90% loan. The EMI comes out Rs. 20,109 ($ 282) for 6 years.” I said, “But that’s a lot of money. How much do you save monthly?” . Rohit, “Saving? Bro, I am just 24 years old. I have my entire life to save. Moreover, I want to enjoy my life for the next 5-6 years. It is too early to think about savings.” Fast forward 6 years when I met Rohit in one of ...
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