Saturday, June 11, 2016

Why Indians move abroad - FINANCIAL ADVANTAGE

“Debt can take you places” - Mostly to court rooms, prisons and all sorts of hell; but for a change, it took me to a heaven of Europe, fortunately!

Yes, I too prey fall for the typical Indian middle class’s greed of buying an own house; bought a smallish 2 bed house in a lively locality in Bangalore, of course with the aid of Home loan.

Soon a major chunk of my salary started going towards the EMI (Equated Monthly Installment) for the home loan. Within a year, the floating interest rate for the loan peeked-up at the same rate as my company reduced my take-home salary with their innovative salary restructuring policy.

And on the other side, Indian inflation was inching close to double digit. Cost of rice was doubled, while the vegetable and provision prices had gone over the roof, from the day I signed-up my loan. Needless to say that all my initial budget calculations went bamboozle and I was so feeble in-front of the terrible trio of increasing EMI, reducing Income and Inflation.

Yeah, let me admit it! More than any other above factors, the single biggest reason for my departure was the “Money” – the dollars, Pounds and Euros!

On my situation, finding a job abroad was the only option. That’s not to say that the first class countries are welcoming Indian Engineers with red carpet and just giving money away here. The weak Indian currency is always in favor and could help me to save more and settle the loan sooner, while still I can lead a better quality of life abroad.

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