Chained to EMIs, education, home loans? Ankur Warikoo's advise on managing debt sparks debate — ‘Liquidate choices’
Entrepreneur, investor and content creator Ankur Warikoo has sparked a heated discussion online after he gave a meaningful advice for those who are struggling with
Entrepreneur, investor and content creator Ankur Warikoo has sparked a heated discussion online after he gave a meaningful advice for those who are struggling with debt. According to the 45-year-old finfluencer, an individual indebted under the burden of EMIs, education loans, home loans or other financial commitments must liquidate costly choices. Calling materialistic items chains and reins, he urged those in debt to sell their material possessions if their financial struggles stem from personal decisions. In a post on LinkedIn, he stated, “If the debt is due to your own choices, then liquidate those choices. The car, the house, the phone - all are chains! Stop acting as the victim. You have a choice. Exercise it. If the debt is not due to your choices, then earn and pay off the loan. You have no choice.
Suck it up and work hard to pay it off.” Also Read | Ankur Warikoo raises red flag over WhatsApp's username feature The founder of Web Veda, Ankur Warikoo made this remark after a team member asked him how to stay motivated when most of the income is spent on paying debts. This is a common question for many living under the weight of EMIs and loans who feel like they are drowning in debt and are living paycheck to paycheck. At such moments there is little income to spare for investment, travel, dreams and to enjoy life. Also Read | Ankur Warikoo claims he rejected ₹100-crore buyout offer in 4 minutes Discouraging victim mentality, he encouraged hard work and suggested that whining or complaining about the situation makes the journey even more difficult. One should be focused on accepting the life circumstances, taking ownership and fixing it.
To prove his point, he presented the example of his own life which gives profound meaning to his words. ‘My day 1 net-worth was minus 30L’, says Ankur Warikoo “I graduated from ISB at the age of 26 with a 14L loan and a 16L business debt that my father couldn't afford to pay. My day 1 net-worth was minus 30L! It took me 10 years to pay off the loan, make my networth zero and it was at the age of 36 that I started to build my own net worth and live my dream. Now at 46, I have all that I ever wished for!” Ankur Warikoo stated. While one eagerly waits for the perfect moment to become free of debt when things could get better, the best years simply slip away. Ankur Warikoo's honest but tactical answer stirred the internet.
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