Latest news with #MonishGosar
Economic Times
12 hours ago
- Business
- Economic Times
'That iPhone could have been a mutual fund SIP': Data scientist blames ego for Indian middle class's EMI burden
TIL Creatives India's middle class is spiraling into debt not due to systemic oppression, but because of poor financial choices, says Monish Gosar. His post argues that emotional spending, lifestyle inflation, and social media-driven aspirations have led to rising credit burdens. (Image: TIL Creatives) A ₹10 lakh car. A brand-new iPhone. A weekly fancy dinner. In today's India, these have become silent symbols of success—tokens of middle-class arrival. But what if these very purchases are costing the Indian middle class its financial future? That's the provocative argument made by Mumbai-based data scientist Monish Gosar in a hard-hitting LinkedIn post that's ignited sharp reactions online. With India's credit card debt ballooning to ₹2.92 lakh crore in just four years and personal loans rising 75%, Gosar isn't pointing fingers at banks or inflation. Instead, he turns the spotlight inward: 'Banks didn't trap us,' he writes. 'They offered the rope. We tied the knots.' His message is as blistering as it is timely— we're not victims of the system; we're participants in our own downfall. In a country where a ₹15 LPA salary is seen as upper-middle-class comfort, Gosar paints a sobering picture of self-sabotage. Recalling a friend who chose a ₹10 lakh car over a ₹3 lakh used one, Gosar recalls the justification: 'I deserve it.' But instead of admiration, he offers a warning: 'That's exactly how the system wins.' Gosar's critique is rooted in numbers, not nostalgia. He contrasts the 36% interest on credit cards with the 12% returns from mutual funds—showing how the rush for status symbols overrides long-term sense. 'That iPhone could've been a mutual fund SIP,' he writes. 'We made emotional decisions. And we ignored the math.' The result? A generation struggling not because they're underpaid, but because they're overextended—financially, emotionally, and socially. This isn't just about one man's opinion. Saurabh Mukherjea, founder of Marcellus Investment Managers, recently echoed the anxiety gripping India's white-collar class. In a podcast titled Beyond the Paycheck , he declared the traditional salaried path 'dead,' citing automation, AI, and collapsing middle management structures as signs of the end of job security. 'Much of what was supposed to be done by white-collar workers is now done by AI,' he said, warning of a middle class clinging to dreams that no longer exist. Mukherjea, like Gosar, isn't pessimistic—he's urging a mindset shift. From consumerism to entrepreneurship. From passive income to active risk-taking. From EMIs to equity. Gosar's post also cuts into another uncomfortable truth—how digital platforms like Instagram have distorted financial priorities. 'We started competing with people we don't even know,' he writes. The endless scroll of curated lifestyles has nudged many into equating self-worth with net spending, blurring the lines between wants and needs . It's not that occasional indulgence is inherently wrong, as some netizens pointed out. But Gosar's message is about scale and intent—are we buying because we value the product, or because we crave validation? The comment section under Gosar's post reveals a nation split. Some defend the pursuit of comfort, pointing to rising living costs in metros. Others echo his call for responsibility. But one thing is clear—the middle class is standing at a crossroads. The dream of stable jobs, EMIs, and eventual retirement is under siege from inflation, AI, and a broken housing market. Yet within this crisis lies an opportunity: to rethink what success looks like, to decouple status from spending, and to embrace financial mindfulness over mindless consumption. As Gosar concludes, 'The system didn't trap us. We trapped ourselves. Every swipe, every EMI — that was on us.' The question is: can India's middle class untie the knots before it's too late? Because in the end, that iPhone really could have been a SIP—and that mindset could be the difference between debt and dignity.
Hindustan Times
16 hours ago
- Business
- Hindustan Times
‘ ₹15 LPA salary, ₹10 lakh car': Data scientist calls out middle class for financial choices
In a post that's resonating across professional networks, data scientist Monish Gosar has sparked widespread conversation by challenging the commonly held belief that the middle class is a victim of the financial system. Instead, he argues, they are 'willing participants'. Gosar opens his viral LinkedIn post with a bold claim: 'Unpopular opinion: The middle class is not a victim of the system. They're willing participants.' Drawing on a personal anecdote, he describes a friend earning ₹15 lakh annually who opted for a ₹10 lakh new car over a more affordable ₹3 lakh used vehicle. 'I deserve it,' the friend had said, 'I work hard.' But Gosar points out this very mindset is what keeps banks in business. 'And that's exactly what banks want us to think,' he writes. Backing his opinion with data, Gosar states that credit card debt in India has nearly doubled in four years, hitting ₹2.92 lakh crore. Personal loans, he notes, have grown by 75%. Despite these staggering numbers, he insists no one forced individuals to take on this debt. 'We did it willingly.' In his post, Gosar criticises the middle class for choosing instant gratification over long-term wealth. 'That iPhone could've been a mutual fund SIP. That fancy dinner could've been an investment. We knew this. We chose differently,' he laments. Also read: Twins adopted by separate families become best friends then discover they're sisters He further argues that the confusion between wants and needs fuels financial irresponsibility: ''I need this car for office.' No, you wanted the social status. The AC, leather seats, and brand logo were wants, not needs.' Gosar also blames social media for distorting financial goals, claiming platforms like Instagram have made high earners feel poor. 'We started competing with people we don't even know,' he writes, illustrating how comparison culture contributes to emotional and irrational spending. '36% credit card interest vs 12% mutual fund returns. We chose to pay banks instead of earning from markets," he added. He sums it up starkly: 'The system didn't trap us. We trapped ourselves. Banks simply offered us the rope. We chose to tie the knots.' While Gosar acknowledges that the system could be improved and that financial education is lacking, he ultimately places responsibility on individuals. 'The moment we accept this responsibility, we can start making different choices,' he concludes. Many took to the comments section to respond. A user wrote, 'Reasons why this generation is crying on stuff cuz they buy stuff to please people than actually owning it for themselves.' Another added, 'Absolutely valid points in this post — personal responsibility in financial choices is real, and many of us have fallen into the 'I deserve it' trap. But there's another side to consider, especially for those living in tier 1 cities.' Also read: Khan Sir addresses 'ghoonghat controversy', reveals reason behind wife's red veil
India Today
16 hours ago
- Business
- India Today
We trapped ourselves: Data scientist's post on middle class spending sparks debate
A LinkedIn post by Mumbai-based data scientist Monish Gosar has triggered fresh debate over how India's middle class manages its money. In his post, Gosar questioned the widely held belief that the salaried class is a passive victim of economic stress, arguing instead that it willingly contributes to its own financial strain.'Unpopular opinion: The middle class is not a victim of the system. They're willing participants,' Gosar wrote, pointing to what he calls a pattern of emotional decision-making and lifestyle inflation. advertisement To illustrate his point, Gosar shared an anecdote about a friend earning Rs 15 lakh per annum who chose to buy a Rs 10 lakh car through EMIs instead of opting for a Rs 3 lakh used one. 'I deserve it,' the friend reportedly said, a justification Gosar dismisses as a narrative banks want consumers to rising household debt forms the backdrop to Gosar's critique. According to him, credit card debt has nearly doubled to Rs 2.92 lakh crore in four years, while personal loans have grown by 75%. 'But nobody forced us to swipe those cards. We did it willingly,' he argument rests on the idea that many salaried professionals have blurred the line between needs and wants. 'We confused wants with needs,' he said, taking aim at car upgrades, iPhones, and aspirational spending habits driven by social media pressures. 'Instagram made us feel poor while earning in the top 10% of India.'advertisementHe also criticised what he sees as a widespread neglect of basic financial math. '36% credit card interest vs 12% mutual fund returns. We chose to pay banks instead of earning from markets,' he noted, adding that consumers often focus on low EMIs without accounting for the high cumulative interest burden.'The system didn't trap us. We trapped ourselves,' Gosar concluded, calling for greater personal accountability rather than solely blaming economic structures or policy the post has struck a chord with many on social media, it has also sparked pushback from readers who argue that Gosar's view overlooks stagnant wage growth, lack of social security, and the pressures of urban his core message, that middle-class spending habits deserve introspection, continues to generate conversation
