Don't buy if you can't afford: Man's financial advice is a warning against 'EMI trap'
For many, an EMI is the only way to afford a dream car or a new home. But one man's warning that it could cost
For many, an EMI is the only way to afford a dream car or a new home. But one man's warning that it could cost people ‘their entire youth’ has ignited a wider debate on social media. The video, shared on Instagram, features a man identified as Amit, who argues that buying expensive possessions simply to keep up appearances can lead to years of financial stress if the repayments are beyond one's means. Read Full Story "You can make any mistake in your life, but never make the mistake of getting stuck in an EMI trap," he says in the clip. Using the example of buying a car, Amit acknowledges that owning one may be a dream for many families, but warns that fulfilling that dream through unaffordable EMIs could come at a steep cost.
"You might have a dream, or your parents might have a dream that you own a car. But if you get stuck in this trap, believe me, your entire youth will pass by, and you won't achieve anything," he says. He goes on to explain that while buying an expensive car or luxury item may bring momentary pride, the excitement can quickly give way to financial anxiety. "The day you buy it will feel special. Your parents will be proud. People around you will say, 'What a son!' But after that, you will live a life of compromise," he says. According to Amit, the pressure of meeting monthly repayments can affect more than just finances.
"You won't be able to do anything good in your job because you'll have fear inside you, and you won't be able to do anything good in your personal life because you'll have fear inside you," he adds, referring to the constant worry of missing EMIs. He concludes by urging people to live within their means. See the video here "If your income doesn't allow it, then don't buy these things. You will be happier than buying them and paying EMIs," he says. The post was shared with the caption: "Never get trapped in EMIs. Buy fewer things, but only according to your means and needs. Do not build a lifestyle on EMIs just to impress others.
True luxury is not about owning expensive things; it is about having financial freedom." The video quickly sparked debate online. While many agreed that unnecessary EMIs for luxury purchases can become a financial burden, others argued that EMIs, when used responsibly, are a practical financial tool that help people buy homes, vehicles and other essential assets without exhausting their savings. The discussion ultimately highlighted a broader question: are EMIs the problem, or is it how people choose to use them? Ends
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