Surviving on JUST ₹6000 per Month in Mumbai| Fix Your Finance Ep 33 #Finance

After 2019, Covid came and I lost my job. There is no requirement in the market now. 3 00:00:05,680 –> 00:00:07,680They offered me Rs. 20,000. How was that situation when PMC bank was shut down? Was it your life Savings? I bought a house for Rs. 45 lakhs. Today,

the value of that house is Rs. 30 lakhs. It is a huge burden. Hello and welcome to a special episode of Fix Your Finance. Today, I have Vikas with me. He is a Deputy Sales Manager in a

company named Bharat Bijli Limited. He is 27 years old and he lives in Thane, Maharashtra. Welcome Vikas. How are you? I am good. How are you? I am good. Thank you. What is your job? What do you do in this job? I look after the sales and marketing for the company. This company is 76 years old and

they manufacture motors. Three-phase induction motors. Which are used in rotating machines in different Industries. I look after the Maharashtra market for that company. Is this your first

job? No, this is not my first job. How long have you been working? I am working since 2017. You have been working for many years. What is your compensation? It is somewhere around Rs. 8 lakhs package. Rs. 8 lakhs package. What is the monthly in-hand pay? Rs. 55,000. What are the other benefits of

this package? I get PF in this package. Rs. 1800. Then PT, professional tax. Then my tax is deducted. Rs. 2800 is deducted. Because of that slab. Is this the right pay? Like your 8 LPA. No, it is really bad pay. The reason behind this is I was getting a very good handful amount of salary in 2019.

Where were you working? I was working in one of the manufacturing companies in Mumbai itself. At that time, I used to get Rs. 80,000 in-hand salary. And after 2019, Covid came and I lost my job. Since 1 and a half year, I was at home. And even then, when i was at home. I was actively looking for a

job. But people used to recognize me in the market. And they used to say that there is no requirement in the market. We know your performance. If you come, we will give you Rs. 20,000. Was it because of your layoff? Because everything was closed due to Covid. And there was no ground work. There was

no ground work. Manufacturing was closed. So, the first thing was to vacate the management level. So, I was in one part of it. When you were earning Rs. 80,000, were you saving money? Were you investing? How did you spend the money? I didn’t invest. Because I stay with my grandfather and

grandmother. So, they had a concept to invest in the bank. If you are getting less interest, then you can invest in my name. You will get another Rs. 1.5%. So, I followed the same policy. And I saved money in PMC Bank. How much was the amount? Around Rs. 4.5 lakhs. When PMC Bank was closed, how

long did it take you to get the money back? I got the money back 6 months back. You got the money back completely? Yes, I got the money back completely. How was the situation when PMC Bank was closed? Was it your life Savings? Yes. If you ask me, I completed my diploma in 2014. I

did a job for 3 years. I kept saving the money in PMC Bank. Then in 2017, I took admission in B.Tech and completed B.Tech. I was doing a job side by side. As soon as I completed my degree, I got a better opportunity and better pay scale. I didn’t have the same expenses. I used to save around

Rs. 50,000 a month. I used to save Rs. 50,000 on FDs. Until the 102 00:03:50,960 –> 00:03:52,960PMS bank issue. Then, like COVID happened, I was not getting money from March. If I didn’t have the money in that bank, I would have money in my hand to survive. How did you manage the

basic expenses? Yes. I used to do freelancing. Freelancing sales for international Markets. I used to try to save Rs. 50,000-60,000 a month. In that 1.5 years, how many months did you earn

Rs. 50,000-60,000? 3 times. So, you managed for 2-3 months. The remaining 9-10 months? Zero. How were you managing your expenses? It was lockdown. I didn’t have to go out of the house. I used to get money from my family for groceries. I was having no money at that time. First of all, I would

like to say that the PMC bank incident in 2019, the bank was shut down. A lot of depositors had lost their money. Their money was stuck in that bank account. The good part was most of the banks in India have insured depositors’ money up to Rs. 5 lakh. If you have Rs. 5 lakh in any bank, and

the bank gets shut down, the Insurance depository will return the money. But the problem is when the money will come, that is God’s will. That’s why there are 3-4 big banks in India. There are SBI, ICICI, HDFC. These are the banks which are too big to fail. If any issue

arises, the government will try to prevent it. So, make sure you also do banking with such big banks. Now, let’s talk about expenses. You are earning Rs. 55,000. What is the rent of this house? No rent. This house belongs to my grandfather and grandmother. Okay. After that, there is food. How

do you manage the food? Everyday, Rs. 100 is Rs. 3000 per month. What do you eat for Rs. 100? Since I am on the field, I buy the street foods on the way to the customer, is how i manage. Okay. How much does it cost to go to the office? If you ask me the average, then my monthly customer visits and

all, is Rs. 5000-7000 in Mumbai. And because of your field work, does the company pay for these? Yes, I do get the reimbursement. Apart from that, what are your expenses? Any Loans, any Liabilities? Yes, I have a Loan of Rs. 45 lakhs. Home

Loan? Yes, home Loan. Where did you buy it? I bought it on December 2019 at Palawa-Taloja road. Okay. At Lodha. How much was the property worth? Rs. 45 lakhs. From which, I got Rs. 5 lakhs from the Savings which I used to save at the time of Rs.

80,000. Okay. So, you took a Loan of Rs. 40 lakhs. Yes. What is the EMI of that? Rs. 40,000. When you didn’t have a job, how did you manage? I had a backup of 2 months to pay the EMI. After that, I was not having backup for paying the EMI. You graduated from B.Tech in 2019.

Yes. And after that, you got a job of Rs. 80,000. Yes. Why did you make such a big purchase decision in the first year? Because, I was planning to get married at the age of 25. Okay. I was taking that step in the first year. Is it important to have a house for marriage? If you ask me in

today’s date, then yes, because the other person asks. But, what is better in your case? That this house is not there, and you can keep Rs. 40,000 free, or you know, you get to have a house, but you are going for such a big EMI. Yes, till the time I didn’t make the mistake, till the

time I thought that the step I took was right. Now, I feel like It has become a burden. Yes, we feel the same way. In almost every CashNews.co, this is the main question of everyone. How soon should I buy a house? Okay? This story that you are sharing, after this, I think many people will

understand that when things are going well, then everyone feels that this is the right time. This is the right time. This is how it is going to go on. If you give a commitment of Rs. 40,000 for the expenses, if something happens in the future, then it is a big challenge. If you have a

Loan of Rs. 40,000, and you have Rs. 3000 for your food expense, then what are the expenses you have to pay for the remaining Rs. 12,000? How do you manage that? There was a time when I was at home for 1.5 years, and when I started my office, I had to take more money for survival.

Okay. During that period, I took a personal Loan. To finish the first Loan, I took the second Loan. That was a personal Loan. I took a personal Loan of Rs. 2.5 lakhs. I pay the EMI of that. How much is the EMI? Rs.

6,000. After that, the remaining Rs. 5,000-6,000 Yes, that is my survival. In that, all your expenses, Wifi, then later, going out again and again. Electricity bill, like since 1 year, my grandfather and grandmother are not here, 264 00:09:14,960 –> 00:09:16,960So i have to look after the

house. I will have to look after the electricity bill. I will have to look after the maintenance. Because now it is my responsibility to look after this house. Now, in the last 2-3 years, you have faced a lot of problems, like monetary wise. Have you ever thought of selling the house? Why

didn’t you think of that? It is not that easy to sell. Because the problem is that I bought the house for Rs. 45 lakhs. Today, the value of that house is Rs. 30 lakhs. 278 00:09:42,960 –> 00:09:44,960Even if I sell the house, for Rs. 30 lakhs I will still have to, pay the bank Rs. 10

lakhs. So, I don’t have the backup of Rs. 10 lakhs. The problem is that I felt that it is not your fault, but the Palawa city, it has 5-10 thousand flats. Yes. So, it will never be full. And if the demand for new houses is increasing, so the Valuation of the old house is not

increasing as such. The struggle that has been going on for the past 1-2 years, Where do you think 294 00:10:14,960 –> 00:10:16,960you are missing out?. What do you think? So, basically I was a guy who used to do adventures. Who likes trekking, who likes to roam, who likes bungee jumping.

So, I have gone to Nepal, Sri Lanka. Then I have gone to Kedarkanta also, winter trekking. The last trip that I remember is Rajasthan. When was that? This is 2019 again. That was my last trip and after that, I am not able to plan any adventures. I personally feel that, I have also done sales in my

life. I feel that you are solid in sales. You can do it. How many years have you been working in this company? I have completed 1 year. Now,do you think about switching after 1-2 years? so that you can get back to your old Income. Yes. After 2 and a half years, I will really like.

Or I will work so hard in this company, that this company gives me that position. Very good. I mean, the one skill that you have, you will earn money with that skill. You know, it is sales. You will earn money from sales. I have a good mouth of speaking, so it will happen. You got in touch with me,

to tell people what mistakes not to do. Yes. So, you only conclude this CashNews.co. Firstly, I lost my job due to COVID. After that, I have got many job offers. But they offered low value, that you don’t have a job, I will give you 20,000, you can do it. The problem with that was, that if I

would have continued it, and if I would have gone to a big company, they would have asked about my salary slip and statement, where that value amount would have been statemented and due to which, I woudn’t have got the pay scale that I have today. You wouldn’t have got Rs 55K. Second

point is like that, do not compare yourselfwith others, 346 00:11:58,960 –> 00:12:00,960whatever situation you are in, you are doing very great. You need to struggle in that way. Like I am also struggling today, But, I will do it. So, you are saying that everyone’s circumstances are

different, personal Finance is very personal, even if two 25 year old people earn the same, their context will be so different, that their financial journey cannot be the

same. And third point, and as it is always said that, connect dots, so yes, I look big. I see my dots, where I have made mistakes and I want people to understand through this story that whether this person has made mistakes or has taken a responsibility or his journey is so tough that he is

struggling So it’s not like your optimism has decreased You know that somehow your Income will increase I will add the fourth point that don’t get influenced by people around you Don’t complain. As you start earning money you will get a lot of influence. Then your

family will say in your best interest that you should buy a house, invest Second point is that as you start earning money a lot of banking institutions, financial institutions will come to you to give you Credit cards, personal Loans, everything Don’t get

influenced. Now he is struggling a lot and he is not selling his house but he is very optimistic that based on my skills and my previous experiences my Income will constantly keep growing and this short term struggle will be fruitful in the future On that optimistic note, thank you

so much for inviting me and sharing this story with everyone I think after this story, a lot of people who ask me questions about investment, Finances, etc. will get a

different perspective A realistic perspective That’s it for today. If you like this CashNews.co, then please hit the like button If you are new to the channel, subscribe and if you want to be a part of these conversations There is a google form in the description below Fill that form and I

will get in touch with you very soon Thank you Vikas and thank you everyone for watching Goodbye