EMI traps created by Parents – Subramoney

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When I say parents put kids in EMI traps, I mean the guys (like me) born in the 1950s, 60s whose children have started earning….and sadly turn to their parents for advise.

Well it happens like this…

A guy born in the late ’70s or early ’80s starts earning. He first goes and buys a nice motorbike – and for that he is happily paying an EMI. Age 24 to age 27 years…and the boy is happy.

Now the pressure starts…’You are earning so well, why do you not get married’…and at age 28 that pressure translates to marriage – arranged by elders, or arranged by youngsters themselves.

Now the EMI pressure starts…’Will you take your wife with all that silk saree…and jewellery…in your bike?’ you ought to be mad. To this the father in law offers ‘Yes yes…when we were young such good EMI for cars were not available..I had to wait for the company car. It came at my age of 42’ or some such shit.

This pressure then turns to blackmail when the girl gets pregnant. That is the last straw…he HAS to buy a car. So another EMI starts.

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Then the collective ego of the whole society takes over. There is pressure to buy a house. Why should he buy a house? Because his father, father-in-law, ….and every uncle, aunt, ….will feel good. So suddenly the wife will also (brainwashed by ‘society’) will say ‘When our kid is born, the kid should come to our own house’.

So now one more EMI has got added on…the housing EMI. If he protests, the father will say ‘I will put Rs. 200,000 in the down payments…or some such shit’. So pile on a Rs. 75,00,000 house has been committed to. Down payment Rs. 7,50,000 – dad pays partly, Husband and Wife clean out all their accounts and the ‘house’ has been bought. EMI? Rs. 67,000. The guys income of Rs. 134,000 is now eaten up 50% by the housing emi, Rs. 12,700 car EMI, society charges….etc etc. the monthly surplus is about Rs. 1348…and the wife’s take home is about Rs. 65,000 – which can be used for …..

The wife having connived with her parents (for the kid), and her in-laws (for the house) is ecstatic that they now have a baby on the way, a new car (it is so hot how people travel by bus and train, OMG), a new house…

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She goes to the gynaec – and he says…it is better that you take rest…..complications….

She comes back and asks her husband very sweetly ‘Can I leave my job?’. LOL.

The guy has been had. He cannot even think of taking sick leave. If he takes one day off, he cannot pay all his EMIs. LOL

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As a professional trainer, Subra trains a lot of people – corporate employees, promoters, non-finance managers, fund managers, entrepreneurs, life insurance agents, journalists, PR agencies, and anyone who wants to learn. His style is simple – He tells stories of real people, real experiences, and breaks down complicated topics into easy to understand lessons.
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