Raj is a very studious child. He works really hard to get a good percentage in school. Because he knows that once he scores good marks he will get good colleges and then a good package. He did everything to get that good package he scored 97% in SSC, and 94% in HSC, and also took 12 LPA placements from his college.
He was very happy thinking life would become very easy from now on. His friends, families, and relatives were very happy. Raj was very confident that he could enjoy his life.
But… something was going to happen of which Raj was completely not aware.
Raj was 23 when he got the 12 LPA package. He was relaxed and enjoying his life. He was wearing branded clothes and shoes. But he was not happy one day because his friends around him were driving a nice car.
Now what. Raj was disappointed. He wanted to get that car anyhow. So he was worried because he didn’t have that much money to purchase and not he was saving money also. So he decided to take a car on debt.
Well, he took a personal loan for a car. Now he was happy but a few days later he realized that he was getting depressed day by day.
He already had lots of responsibility for his parents, but now this Car EMI is not giving room for him. His wealth was going down day by day. He started to work more hard but anyhow he tried to clear the loan by arranging and paying the extra EMI.
Again he said to himself, ” I am happy after a long time.”
But things always don’t go how we think.
At that time Raj turned 28. And now it’s time for Raj’s Wedding. His family like every typical thinking of middle-class family that the wedding should be like King.
No matter whether they are poor. They want to make their child’s wedding like a celebrity.
Things happened like Raj and his family wanted. But after the wedding what was going to happen? Raj now has to clear all the loans that he took for the wedding.
But the big setback now Raj has is that he is the only person who is earning his family because his father retired from the job.
The wedding loan was so much that Raj was thinking and regretting why he took the loan. It would be much better if he did the spending according to his budget rather than showing off to society.
Anyway, he had no option left rather than paying off that wedding and other loans.
Now Raj was about slowly clearing the loans. A new member came to Raj’s family when he was 30. Slowly things were going against Raj he did not understand what was going on in his life.
Though Raj was always worried, he thought to never share his problems with his family and anyone else. As the year passed Raj managed to clear all the loans and expenses.
Now Raj is 48. His daughter is going to pursue MBA which cost is coming around 20 lakhs. The sad part is that Raj himself wants his daughter to pursue an MBA although he doesn’t have money nor his daughter wanted. But Raj did because of society’s pressure because his friends and family were telling him to do so.
Now when you look at the story of Raj it is relatable to most of the middle-class family.
If you look at the common mistakes that every middle-class people do like, in this case, Raj are as follows.
- Not saving money
- Income is less and expenses are more
- Taking an unnecessary personal loan
- No proper calculation
- Wedding celebration like other rich people
- Making decisions what society or relatives give rather than asking their children for education or career
- No future planning
- Don’t know personal finance