Conquering the Loan Monster: Ankur Warikoo Style (and Without Selling Your Kidneys)
Ah, loans. Those necessary evils that fuel our dreams of fancy cars, dream homes, or, let's be honest, that avo-toast addiction. But let's face it, nobody enjoys being shackled to a monthly EMI, especially when it feels like you're throwing money into a bottomless pit of interest rates.
Enter Ankur Warikoo, the financial guru with a knack for breaking down complex stuff and making it, dare I say, entertaining. He's got a treasure trove of advice on how to tackle that loan monster and reclaim your financial freedom, without resorting to questionable activities (like, you know, selling a kidney on the black market... although, we don't judge).
Step 1: Befriend the Calculator, Not the Loan Shark
Reminder: Take a short break if the post feels long.
First things first, knowledge is power. Grab your trusty calculator (or whip out the fancy app on your phone) and dive into the world of EMIs. Ankur's a big fan of using spreadsheets (yes, spreadsheets, the bane of many an office worker's existence) to visualize your loan repayment journey. You can even download his magic Excel sheet (yes, it's actually a thing) to play around with different scenarios https://www.youtube.com/watch?v=yydb_gBpEA0. Trust us, it's way more fun than watching paint dry (although, some might argue that point).
Step 2: Become a Master Negotiator (But Not That Used Car Salesman Kind)
QuickTip: Reflect before moving to the next part.
Okay, so negotiation skills might not come naturally to everyone, but here's the good news: you don't need to turn into a slick-talking car salesman. Ankur suggests exploring refinancing your loan. Basically, you shop around for a new lender who might offer a lower interest rate, which can save you a significant chunk of money in the long run. Think of it as finding a better deal on cable TV, but with way less drama (and hopefully, no hidden fees).
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Step 3: Unleash Your Inner MacGyver (But with a Budget, Not Duct Tape)
Tip: Highlight sentences that answer your questions.
Now, this is where things get interesting. Ankur encourages you to get creative with your finances. Think about it, are there any subscriptions you can ditch (that gym membership you never use, anyone?) or expenses you can trim (hello, fancy coffee habit)? Every little bit counts, and you might be surprised how much you can free up by tightening your belt (metaphorically, of course, we don't want any actual belt-tightening accidents here).
Step 4: Embrace the Power of "Pay More Than You Owe"
Tip: Every word counts — don’t skip too much.
This might sound counterintuitive, but hear us out. Ankur recommends making extra payments towards your loan whenever possible. This can significantly reduce the overall repayment period and save you a ton on interest. Think of it as giving the loan monster a surprise uppercut – it won't see it coming, and you'll be one step closer to financial freedom.
Remember: Repaying a loan isn't a sprint, it's a marathon. There will be bumps along the road, but with a little financial planning, some Ankur Warikoo wisdom, and maybe a sprinkle of good humor, you'll conquer that loan monster and emerge victorious (and hopefully, with both kidneys intact).
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