'Your car, house, phone are chains': Ankur Warikoo on EMIs and loans; reveals when he had minus Rs 30 lakh net worth

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.



Warikoo also shared his own financial journey to explain why he believes patience and discipline are essential. He revealed that after graduating from the Indian School of Business at the age of 26, he had an education loan of Rs 14 lakh. At the same time, he also carried a Rs 16 lakh business debt that his father could not repay.

As a result, his net worth on the first day of his professional life stood at minus Rs 30 lakh.

Warikoo said it took him 10 years to completely repay the debt and bring his net worth back to zero. It was only at the age of 36 that he started building wealth for himself. A decade later, at 46, he said he has achieved the financial goals and lifestyle he had always wanted.

Ending his post, Warikoo urged people not to waste time complaining about their financial situation. Instead, he encouraged them to accept reality, make difficult financial decisions when necessary and focus on clearing their debts.

"Either way, don't whine or complain. Makes the journey harder. Accept it – and fix it," he wrote.