YOLO vs Expenses (Age 35-45)

[00:00:00]Hello all.

[00:00:01]Welcome to Field Finances.

[00:00:03]So, the today topic will be the spending versus YOLO. Means uh uh the way we spend and the way we wanted to spend. Yeah, we only live once.

[00:00:16]That's why I wanted to spend my money.

[00:00:19]Yeah.

[00:00:20]So, basically as a compulsory spend, what we do, right? Okay.

[00:00:24]One is the uh few family pressure.

[00:00:28]Maybe they say we let's go for a trip.

[00:00:30]Or we need to buy some gifts to someone.

[00:00:33]Or the festival is coming, we have to buy something. We have to go for something. And we need to buy a house.

[00:00:39]Or we need to buy a car. We need to buy land. We need to buy home and home appliances, TV, car, fridge. So, all these things are kind of a family pressure where you we need to spend.

[00:00:50]Yeah.

[00:00:51]And moreover, I am concentrating this video for the people between 35 bracket to 40 45.

[00:00:58]So, it's more related to that.

[00:01:01]And the second point is the where we spend money is the expensive kids. Yeah.

[00:01:06]See, now in the current situation, the raising kids uh it's it's becoming honestly it's becoming expensive.

[00:01:14]Uh even it is education or their extracurricular activity, the transport, the clothes, the shoes, the food.

[00:01:22]Uh you need to pay for maid, a transfer, a daycare, whatever it is. Yeah. So, everything uh it's it's expensive around them. Yeah.

[00:01:31]So, then next is the career pressure. We See, that's a different contradictory point. See, some people say that okay, I feel we need to invest in our career to grow up. But we also see the downside of it. Or where we are investing it. See, we all have the fear of job. Yeah. So, fear of job creates an uncertainty mind and we'll take up some random courses. Yeah. Some random apps we'll uh download and we'll subscribe.

[00:01:57]And we'll try to do some side hustles which may work, which may not work. So, then somebody people some people will try will go outside India. They will they will concentrate and they will take up some tuitions, some exams. It may not work out. And in your house you wanted to have a big monitor, big computer, big hi-fi keypads, and a monitor, and you want a big chair, comfortable chair. Yeah. So, to look good you want to buy a watch, a good dress, shoes. So, all these things create a pressure. Yeah. And even the taxes. Yeah. So, the career is also we are spending this kind of money or these kind of things uh for that money.

[00:02:43]Then the Then the point comes, "Okay, we are already spending this much. Okay.

[00:02:48]I'm not doing anything for myself. Okay.

[00:02:50]That is you live only once. Okay. So, then if I'm living only once, what I should do?

[00:02:57]Or Or what I see? Okay.

[00:03:00]Then we go outside. We suddenly the new trend is coming that meta specs is coming. I want to buy it some a 10 to 20 20. I want to buy it. Yeah. New iPhone upgrade is coming. So, I want to buy it.

[00:03:11]So, I want to buy My bike is having some I want a bigger bike. I want to buy accessories for bike. Yeah. And I want to buy a good watch, shoes. Uh I want to go on foreign trips. It may be two three lakhs. I don't care. Yeah. So, this kind of mindset mindset develops when you think I live only once.

[00:03:30]But other side of the coin is you're stuck up with your home loan, car loan, and insurance, kids fees, and some festivals, and some issues, and some emergency comes up every time.

[00:03:44]Yeah.

[00:03:45]So, these things are keeps on adding up to your spending habits.

[00:03:50]So, when you are in 40s, yeah. So, before you turn your phone 40 or you're trying to read when you're when you're reaching 40, you have to cover up a few things. Means if you intentionally wants to build wealth properly, you have to sacrifice few things.

[00:04:07]Um you have to be clear. Uh no upgrade of phone or car maybe for 10 years or 15 years.

[00:04:16]No further EMIs, yeah. I have a proper emergency fund. I have a proper retirement goal. I have proper kids educational goal.

[00:04:25]Always have minimum 50,000 of cash in hand.

[00:04:30]And emergency fund of 2 to 3 lakhs.

[00:04:33]Uh proper health and term insurance you already taken up and for that paying uh maybe keep aside some 30,000, 40,000 aside. And whatever you're doing investments, SIPs or mutual funds or stocks or even RDs, FDs, whatever you're doing, don't stop it, yeah.

[00:04:52]So, these things if you have taken care, yeah. So, first once these things are taken care, then you have to think of YOLO.

[00:05:00]Then also, YOLO should not jump that, okay, tomorrow I'm going to buy I have some I have taken up all this and tomorrow I'm going to buy a 500 cc bike of 5 lakhs. That is not how it works. If you wanted How it works is if you wanted to buy the bike, okay, take it for a rent, yeah. It hardly costs 10,000 rupees, yeah. Take it for one day or two I try it all for education. But it still it's worth, yeah.

[00:05:24]Uh maybe you have to um keep 60,000 or 60,000 Say for example, you wanted to book a trip, uh 60,000 uh maybe inside outside of your state, I didn't say India. And maybe some 20,000, 30,000 if you want to go with the family just inside your state uh coming one or one or two days. And um uh then wait till your phone breaks.

[00:05:47]Don't upgrade it everything. So, let the phone break. Then only upgrade. Yeah.

[00:05:51]Then stop or seeing this Instagram and YouTube videos. So, it will it will create an unnecessary destruction to you.

[00:05:59]See, we have to we have to enjoy the YOLO. Yeah.

[00:06:03]But before that, in order to enjoy, you have to properly set up your base.

[00:06:09]That's EMIs, no no EMIs, proper emergency fund and health care system in it. Then you have to plan slowly for your YOLO. Yeah.

[00:06:17]So, this is what I'm trying to tell.

[00:06:20]So, if you have any still confusion with respect to how do I set up how do I build this base before I go into YOLO.

[00:06:29]Now, we can discuss. Yeah. You can contact me.

[00:06:33]Um thanks. So, let's start our coming off free from paid finances.

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