How do you spend your money? We have taken it for these. Why did you guys shift here so I spent around two lakhs for this tv? You love these gadgets and technology right: okay, funds: okay, 50 crores, yes, hi!
This is, and I belong to andhra pradesh and staying here in bangalore since 2013 and I'm a software engineer. My hobbies are cooking and I have a kid who is just 20 months old, who is very naughty. Hi I am feroz. Ahmad I am a husband I. Do the same things as as follows hello and welcome to another episode of fix your finance powered by cred ajam firoz dono engineers hi guys. Thank you so much so. Are you guys from bangalore? No, we are not from bangalore. We are from andhra, since how long are you guys staying in bangalore 2019 onwards, so after the drop shift, did you get a significant jump in your salary? Yes, yes, yes, it's very upskilled, also and corona lockdown time, and we got around 150 percent hike, 150 hike. How much time or money did you spend in upskilling yourself? So I you know spent around uh 85 000, what about you, I spent close to around 70 000 or more for five years back pharos used to make around 8 lakhs per annum and anjum used to take home around 9 lakhs per annum over the course of time, both of them individually completed these certifications today, firoz makes around 28 lakhs per annum and anjum has a package of 32 lakhs per annum. Both of them have gotten a pay jump of almost 4x in less than 5 years. So how much are you guys currently earning together? We earn four lakhs 4 lakhs a month, and this is post taxes. Yes, yeah I think india have a majority low-key annual income. How do you spend your money we spend?
Most of our. You know expense towards traveling to our stations like we recently went for goa and generally, when you go for these vacations. How much do you end up spending it's close to one lakh? What about this house? Do you guys own this place? No, we have taken it for these. Lease is an agreement where you give a lump sum to the landlord of a property for period of time. Change for the ownership of the property is when he will get the 16 lakh rupees back post deposits. So you are saving up a lot on the monthly rental so make sure to first. Do a background check on that owner before signing a lease agreement and he's someone who owns around 10 to 15 bars in indra nagar itself, so he was a big shot who used that capital to invest in businesses and get a way higher return. That's why he is doing a dental agreement so for this house what was the lock-in period and what was the deposit that you guys paid it's a three years lock-in period for this house and we paid 16 lakhs lump sum: 16 lakhs, okay. So how were you guys able to save this during the time of corona and we were staying at our in-laws? Please parents, please, okay, so there were no expenses to be honestly. The roi will be highest when you invest in yourself.
What about food? How do you guys manage your food and are you guys a family of two? We have a kid. Okay, okay presentation is not staying with us as we both are working okay, so she stays at my mom's place and in lost place both so we spend around 16 000 for food. So sixteen thousand is your groceries. Do you have to go to your office? How often so I go five days a week? Five days a week, okay- and how do you do the travel I travel by ola, ola, okay, how's that expense? How far is your play office 24 kilometer from here 24 kilometers, I travel, 50 kilometers every day. Why did you guys shift here? Because it's nearby to my mom's place because we have to travel every week to see our kid. So that's one of the most priority, I'm okay, to travel for a long time that makes sense makes sense.
So how much do you spend uh daily on your daily to and fro 600? What about you? How often do you go to the office so as of now it is three days per week, so I used to travel, 12 kilometers and come back 12 kilometers, 24 kilometers for me, and do you also use ola? Do you use your no I use my own car do you how much uh money do you spend on fuel because every weekend you're also going to visit your kid no two times we need to full our fuel tank, so it costs around in karnataka. It comes to ten thousand ten thousand rupees a month and your traveling is 12 000 rupees, twenty two thousand okay, any other major expense that you have baby needs. Baby needs: okay, how much or an average. How much are you guys spending roughly a thousand six thousand? Okay, that's decent! That's pretty decent! Presently, I have my medical expenses that is now currently increasing our you know: uh expenses yeah, so for viewers. She is currently pregnant. How many months has it been five months? Okay, thank you. So much for doing this. For being so patient, you know, so how much do you guys spend on uh every month we are spending more than five thousand on my medical expenses. Okay, as bangalore is very costly, very costly, extremely costly and by any chance is it covered by your company or your insurance or something insurance is covered, but uh uh post. My delivery like during the time of my life when you are staying when you will be staying in the hospital. Okay, tell me: one thing: is your company?
Are your company is offering you health insurance, yes, okay and what's the cover for me, it is 10 lives for just you and no you and yourself. Okay. For me, it is 12 lakhs, so that's a decent amount. So these are two insurance policies collectively giving around at least seven eight lakhs per individual and I'm guessing as I've recently shifted to bangalore and I can see that you have purchased a lot of things. You have a very beautiful tv state of the art, sound system good. So far you love these gadgets and technology right. Of course, yeah I love the technology yeah because you were very passionately talking about the television and it's features yeah around 2 lakhs for this tv. Okay, so I was waited for three years to purchase this tv, oh wow, yeah for the tv. So how many credit cards do you have I have one? What about you? I have two? Okay. So how do you pay your credit card bills through credit for real, yes guys, if you use credit cards, the best way to pay your bills is by cred, get amazing rewards in cashback download the cred app. The link is in description. This is a lesson for all the young people out there who are looking for sources of passive income and investment returns.
Instead of focusing on the main thing: how to increase your income, full-time investor, new investment: do you guys invest? Yes, we invest okay. So what is the breakdown? So we are investing in public product fund, okay, reserve bank of india. Okay, every month, every month, 12 500, that's the max. We can invest: okay, 12 500 500; yes, yes, so 25 000 goes there: okay and mutual funds. Okay. How much do you guys invest close to ninety to one one lakh rupees? Okay, any other instrument where you guys are investing uh nps is the national natural pension scheme. Okay funds also chit funds, okay, investors, since when are you guys investing in chip funds 2.5 years 2.5 years, there have been so many scams in the past returns and investments, it's a borrowing tool. So this came around from parents, so they taught us, you know you invest in jets, you'll, get good returns and save money, so that kind of habitat and no that yeah. Of course, one thing another. If advantage, for example, if we go for mutual funds, there's a locking period, there are no locking periods in mutual funds, except for elss mutual funds, which is a tax saving instrument. If you press the redeem button today, you will get the money in your bank account in the next three business days, since you guys have three credit cards and what is the limit or total limit?
Uh I have eight legs, eight lakhs. What about you around three lakhs so I think your credit cards can take care of your emergency expenses as well. If you are seeing that this investment is not giving consistent returns and there are a lot of fees generated then might as well shift to something else. But I get it families, but yeah. Try and you know change you can be. The change is a good way to get loans without any collateral, but they are very, very risky and they are not as regulated as the stock market or the fixed deposits. So how can I help you guys? Do you have any questions so I'm much concerned about my kids education in the future, because we all know it's very costly and definitely I want to give the big asset is education for the kids? So how do you want us to plan uh for a kids for my kids education office, which is after 16 years?
The amount will be this much. The amount will become this much I think india private universities, so nothing to worry about. So we wanted to upgrade our current car. We wanted a full-size suv car, since our family is growing in number, so we want a suggestion that we should go with a full-size suv car with a pre-owned or a first hand. You can actually find really good deals. Uh with some pre-owned cars, my father also recently purchased a pre-owned car. If you are considering a loan, then banks will offer loans for as long as seven to eight years. But please please try to finish your loan within four or five years. Max. Actually, four years second thing is: you should try to keep the emi the car emi below seven. Eight percent of your total pay okay. The third thing is: if you are buying a pre-owned car, then the car loan auto emi, is way more than a new car cmi.
So, in that case, you are better of taking a personal loan at 11, rather than taking us a pre-owned car, auto loan emi moving on to a lighter round. This is our version of a rapid fire. What is the most expensive thing that you have gifted each other uh bluetooth speakers, but as a type computer speakers? What about you I, given the gold jewelry? Okay? Have you ever hidden any purchase or expense from each other? No I'm very transparent, no I'm, not with your parents. Parents is if yes, I, think something like yeah okay. What do you guys prefer work from home or walking from office from home work from home? Okay? What is a figure that you guys think will be enough for you and your family to officially retire like you guys to retire current scenario, I think more than 50 crores to 60 crores is needed definitely for having the like that we are leading right now: 50 crores, yes, foreign
good day good night have a nice week ahead
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