Many people blame their EMIs for draining their bank accounts, but what if the real culprit isn’t the loan itself? Chartered Accountant Abhishek Walia recently shared a powerful post on LinkedIn that’s making people rethink how they spend money. According to him, the true reason most people feel financially stuck isn’t debt—it’s FOMO.
Walia explained that people often buy expensive phones, cars, or gadgets not because they need them, but because everyone around them already has them. He called it comparison disguised as ambition—a cycle that tricks people into believing they’re progressing while actually piling up unnecessary expenses.
He emphasised that an EMI, on its own, isn’t a bad thing. When it’s used to build assets, gain skills, or boost income, it becomes a financial tool. But when it’s taken just to “keep up” with others, it turns into a trap that drains peace of mind.
Walia concluded with a thought that struck a chord with many: escaping debt begins with escaping FOMO. Because in the end, it’s not the monthly payments that make you broke—it’s spending on things your future self won’t even remember owning.
Money mistakes
We’ve all made money mistakes that sting later—from taking a loan for a vacation to paying school fees with a credit card and forgetting to clear the bill. CA Nitin Kaushik summed it up perfectly in his viral X post titled “Never Have I Ever… Money Edition.” He highlighted how people often borrow from friends, skip social plans when broke, swipe a loan to go on an expensive vacation, pay school fees with a credit card, or hunt for loose change at home. Kaushik reminded readers that financial struggles are common but fixable—start small, track expenses, and build savings one step at a time.
Walia explained that people often buy expensive phones, cars, or gadgets not because they need them, but because everyone around them already has them. He called it comparison disguised as ambition—a cycle that tricks people into believing they’re progressing while actually piling up unnecessary expenses.
He emphasised that an EMI, on its own, isn’t a bad thing. When it’s used to build assets, gain skills, or boost income, it becomes a financial tool. But when it’s taken just to “keep up” with others, it turns into a trap that drains peace of mind.
Walia concluded with a thought that struck a chord with many: escaping debt begins with escaping FOMO. Because in the end, it’s not the monthly payments that make you broke—it’s spending on things your future self won’t even remember owning.
Money mistakes
We’ve all made money mistakes that sting later—from taking a loan for a vacation to paying school fees with a credit card and forgetting to clear the bill. CA Nitin Kaushik summed it up perfectly in his viral X post titled “Never Have I Ever… Money Edition.” He highlighted how people often borrow from friends, skip social plans when broke, swipe a loan to go on an expensive vacation, pay school fees with a credit card, or hunt for loose change at home. Kaushik reminded readers that financial struggles are common but fixable—start small, track expenses, and build savings one step at a time.
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