freshcoast
New member
My father is spending all of his little savings on buying a car. The car is a Kia Sonet which costs around 10 lakh. He's paying a down payment of 7 lakh and taking a loan of 4 lakh at a 9.3% reducing interest rate for 5 years. So that’s about 10,000 rupees for 5 years.
Our family's financial situation has always been critical as far as I remember. Our family net worth is negligible. We only own a 100 gaj house worth 70 lakh and nothing else.
My father runs a small grocery shop. He doesn't even know exactly how much he’s earning as he doesn't record expenses and profits properly. My estimate is my father is making about 50,000 per month. The rent of the shop is 15,000. House expenses should be around 15,000. My sister's college expenses are around 12,000. She is doing her graduation from DU and planning to do an MBA next year. Other miscellaneous expenses would be around 10,000. That’s about his whole income!
I can’t see if my father is in a position to save money from his income. He’s bad at financial aptitude, in my opinion. He doesn't know the concept of inflation. He straight up refuses to accept inflation or ignore it only god knows. He doesn't invest his money at all. He doesn't know the difference between assets and liabilities. For him, a car is an asset as he can then show off to others and validate that he’s doing well financially.
I’m 23 and I dropped out of an engineering college partially because of money problems and partially because of my own issues. I didn’t want to do my graduation in my hometown. I live in a tier 3 city. I wanted to go someplace better for my studies. But my father declined when I wanted to go to Bangalore or Delhi. Now I’m looking for a way out for myself. I don’t want to associate with any business of my family. It’s already too late for me but I’m figuring it out.
And in this situation, my father is taking a loan which, in my humble opinion, is a stupid decision. Not only for him but also for me and my sister’s future.
Edit: You guys humbled me greatly. You all are right, I am a terrible person. I must be born anew. Thank you to the people of Reddit for your straightforward opinions.
On the other hand, you guys don’t know the whole story. I guess I didn’t articulate well enough in the post.
I know I’m 23 and still unemployed and useless. But I’m trying to find my passion instead of going corporate or another traditional route. I want financial freedom above all. I want both time and money.
Some people even look at my profile and find out that I have an m1 iPad Pro. I took a loan from my mother, not my father. I use that device to create content on YT. My channel is monetized and has around 7000 subscribers.
The rat race is real. Society is designed to trap you in this race forever. On top of that, if someone’s making bad financial decisions, they cannot find a way out. They will work forever till his death. I ask for what? What did you actually achieve? It's a trap!
I still think that buying a car in our financial situation was a bad financial decision (’was’ because we bought the car today) it’s not even a complicated math but a simple common sense. That money should better be spent on building a business or expending the business. I don’t want my dad’s hard-earned money as some people in the comments are saying. I want him to think about his own retirement. He’s 52 years old. A car is a liability. Also, he already owns an old Skoda Fabia and now he has 2 cars now. But that car is way too old like 16 years old. My point remains the same. I’m not making a big deal out of this. But that’s how a poor person remains poor. And the rich get richer.
Nonetheless, I will support my father in any way I can. He works hard. Hardest than anyone I’ve met.
I shall help my father by helping myself.
Edit 2: link of YT channel as some people are asking for it
https://youtube.com/@AmusedChimp?si=k4a3Xak9loy_tZUc
Our family's financial situation has always been critical as far as I remember. Our family net worth is negligible. We only own a 100 gaj house worth 70 lakh and nothing else.
My father runs a small grocery shop. He doesn't even know exactly how much he’s earning as he doesn't record expenses and profits properly. My estimate is my father is making about 50,000 per month. The rent of the shop is 15,000. House expenses should be around 15,000. My sister's college expenses are around 12,000. She is doing her graduation from DU and planning to do an MBA next year. Other miscellaneous expenses would be around 10,000. That’s about his whole income!
I can’t see if my father is in a position to save money from his income. He’s bad at financial aptitude, in my opinion. He doesn't know the concept of inflation. He straight up refuses to accept inflation or ignore it only god knows. He doesn't invest his money at all. He doesn't know the difference between assets and liabilities. For him, a car is an asset as he can then show off to others and validate that he’s doing well financially.
I’m 23 and I dropped out of an engineering college partially because of money problems and partially because of my own issues. I didn’t want to do my graduation in my hometown. I live in a tier 3 city. I wanted to go someplace better for my studies. But my father declined when I wanted to go to Bangalore or Delhi. Now I’m looking for a way out for myself. I don’t want to associate with any business of my family. It’s already too late for me but I’m figuring it out.
And in this situation, my father is taking a loan which, in my humble opinion, is a stupid decision. Not only for him but also for me and my sister’s future.
Edit: You guys humbled me greatly. You all are right, I am a terrible person. I must be born anew. Thank you to the people of Reddit for your straightforward opinions.
On the other hand, you guys don’t know the whole story. I guess I didn’t articulate well enough in the post.
I know I’m 23 and still unemployed and useless. But I’m trying to find my passion instead of going corporate or another traditional route. I want financial freedom above all. I want both time and money.
Some people even look at my profile and find out that I have an m1 iPad Pro. I took a loan from my mother, not my father. I use that device to create content on YT. My channel is monetized and has around 7000 subscribers.
The rat race is real. Society is designed to trap you in this race forever. On top of that, if someone’s making bad financial decisions, they cannot find a way out. They will work forever till his death. I ask for what? What did you actually achieve? It's a trap!
I still think that buying a car in our financial situation was a bad financial decision (’was’ because we bought the car today) it’s not even a complicated math but a simple common sense. That money should better be spent on building a business or expending the business. I don’t want my dad’s hard-earned money as some people in the comments are saying. I want him to think about his own retirement. He’s 52 years old. A car is a liability. Also, he already owns an old Skoda Fabia and now he has 2 cars now. But that car is way too old like 16 years old. My point remains the same. I’m not making a big deal out of this. But that’s how a poor person remains poor. And the rich get richer.
Nonetheless, I will support my father in any way I can. He works hard. Hardest than anyone I’ve met.
I shall help my father by helping myself.
Edit 2: link of YT channel as some people are asking for it
https://youtube.com/@AmusedChimp?si=k4a3Xak9loy_tZUc