'That iPhone could have been a mutual fund SIP': Data scientist blames ego for Indian middle class's EMI burden
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.
by Taboola
by Taboola
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Math, Not Magic
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.'
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The result? A generation struggling not because they're underpaid, but because they're overextended—financially, emotionally, and socially.
The System Isn't Rigged. It's Responsive.
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.
Instagram vs. Investment
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
.
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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?
Middle Class at the Crossroads
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.
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