Entrepreneur and content creator Ankur Warikoo has shared a candid message for people who feel trapped by EMIs and loans, saying that expensive possessions such as cars, houses and smartphones can become "chains" if they leave little room for financial freedom.
In a post on X, Warikoo responded to a question from one of his team members about how to stay motivated when a large part of one's monthly income is consumed by education loans, home loans, EMIs and other financial commitments. The question reflected a situation faced by many working professionals who feel they are working hard every day but are unable to invest, travel, pursue personal goals or simply enjoy life because most of their salary goes towards repaying debt.
Replying to the query, Warikoo said the first step is to understand the reason behind the debt.
"If the debt is due to your own choices, then liquidate those choices. The car, the house, the phone – all are chains! Stop acting as the victim. You have a choice. Exercise it," he wrote.
According to Warikoo, if people have taken on debt to finance expensive lifestyle purchases, they should consider letting go of those assets instead of continuing to struggle under the burden of repayments.
However, he acknowledged that not every loan is a result of personal spending decisions. For those dealing with debt that was unavoidable or inherited, his advice was different.
"If the debt is not due to your choices, then earn and pay off the loan. You have no choice. Suck it up and work hard to pay it off," he said.
