I’m 23(M), handed my Bcom in 2022 later I began getting ready for govt examination as a result of my household monetary situation couldn’t afford greater research/CA/CS/CFA, one purpose was lack of route too. Later in starting of 2024 I joined a BPO again workplace with 33k wage and began choice buying and selling some revenue some loss however ultimately total step up losses and loans. On as we speak I misplaced 8.5 lakhs together with curiosity on borrowed cash. This month solely I used to be about to repay all cash and my loss was restricted to five.25 lakh however once more took One other mortgage of three.5 lakh loss, and it’s 24 EMIS are left of 16737 rs. Until now I haven’t earned that a lot cash how a lot I misplaced. My mates are manner forward of me, they’re about to finish there mba from IIM, some turn into CA, some turn into govt servants, some are doing PhD and there stipend is greater than my wage , some turn into Assistant professor. I even have Continual sickness UC IBD from final 5 years which require fixed medical bills and drugs. My mother and father don’t have any financial savings and investments, we stay in rented home in delhi and my father and mom cumulative is lower than twenty thousand a month. I do know I made a giant mistake and repeated that persistently. However Now I’m hopeless, behind, misplaced, in debt and it looks like I’m disadvantaged from each route whether or not it’s well being, financial savings, careers, household background, and many others.
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Aj_O:
My mother and father don’t have any financial savings and investments…it looks like I’m disadvantaged from each route whether or not it’s well being, financial savings, careers, household background, and many others.
Proper.Having spent a while above figuring out what all you don’t have,allow us to now possibly spend a while figuring out what all you do have.
Guesses about what @Aj_O has that others generally/usually don’t –
(Do share if any of the next guesses are incorrect)
Dad and mom
A roof over your head (in Delhi!)
A robust work-ethic.
Consciousness of the significance of well being at a really younger age.
A gentle paying job.
An excellent understanding of 1’s funds.
Integrity to not attempt unlawful means to earn cash.
Satisfaction to not ask for charity.
A BCom diploma since 2022.
An excellent grasp over English to obviously talk your level throughout.
Time in your aspect. At 23 years of age, you will have many years forward of you.
And correct route i.e. an thought…
couldn’t afford greater research/CA/CS/CFA, one purpose was lack of route too.
…that’s, the “route” now might be specializing in
caring for your self this upcoming winter in Delhi
persevering with to slowly repay your loans
spending any time you may spare
going by freely accessible assets on-line to
up-skill your self and make your self environment friendly at your present job
choose any fundamentals/particulars of higher-studies/certifications that you’re serious about
ultimately accumulate financial savings to pursue higher-studies/CA/CS/CFA.
In the event you do the maths of your latest funds,wouldn’t it be correct to say that, with out the losses in buying and selling,you might need had sufficient saved to enroll your self into an open-university by now?
If sure, then understanding what you recognize now (which AJ_O 1.0 didn’t),that’s most likely what AJ_O 2.0 can obtain now!
BTW, IMHO, the rules of Lean F,I,R,E [1] [2]might be a method into the world of monetary stability.(although among the steps possibly compelled on you by your monetary circumstances, and never a alternative.)
When you’ve got time in your fingers, do checkout this 6-part collection that helped me give attention to the psychology first, which later immensely helped in making higher choices financially.
8 Likes
@Aj_O are you able to clarify intimately the way you misplaced this a lot quantity in FNO…?
2 Likes
Losses~
-1,797.43 – Fairness 2020 & 2021
33,773.33 – Possibility Shopping for 2021-22
2,552.62 – Possibility Shopping for 2022-23
4,52,281.19 – Possibility Shopping for 2024-25
3,09,072.13 – Possibility Shopping for 2025-26
Int~HDFC private mortgage: 24,332Navi third get together mortgage: 11,307HDFC Bank card: 6,804Cred mortgage: upto 65,093
If we Accumulate it we discover that it goes to 9.09 lakh.
And now I had mortgage of 4 lakhs in my head nonetheless earlier than trapping in 5 lakh loss and mortgage I made a decision that I received’t take any mortgage.
If we Accumulate it we discover that it goes to 9.09 lakh.
9L isnt an excessive amount of. Work arduous, work on profession, save as a lot as potential and it will be historical past.
When you overcome it, take a look at easy methods to make investments for future.
Buying and selling solely works for 1-2% of merchants. So no purpose to count on it can give you the results you want.
Buying and selling with loans may be very silly.
Buying and selling additionally wants capital. Anticipate say 20% per 12 months IF you make it and turn into worthwhile. Capital needs to be sufficient that 10%-20% is greater than sufficient. We will do higher however that is the baseline.
Given above, why trouble with buying and selling ? Simply give attention to you’re employed and save like most individuals into a mixture of belongings like shares, bonds and maybe gold. Greatest by diversified mutual funds so that you just don’t make errors.
Don’t make mistake of others and making an attempt to recuperate a reimbursement from markets. Search in discussion board and you will note many like this. Some had been warned, they didn’t pay attention and took extra mortgage and misplaced it and made it a lot worse for themselves. Don’t do this. 9L will appear small then and you’ll can simply begin dropping 30L 50L and the likes which will probably be tougher to recuperate from.
I actually hope that there’s some method to default on these loans. These disgusting corporations haven’t any checks to forestall mortgage use for buying and selling. Maybe put the man in jail for few months ( assuming its unlawful to commerce from these loans) but in addition wipe out the debt. That may make the mortgage suppliers extra cautious. Too many individuals dropping cash after taking loans.
Have a look at historical past of different folks in comparable conditions beneath.https://tradingqna.com/search?q=lostpercent20lakhs
