How to Live a Debt-Free Life

How to Live a debt-free Life When we talk about debt and we talk about loans, we talk

about loans and how to Live a debt-free life.

Meaning there should be no debt on any person.

I will tell you one thing, You will be surprised to hear that.

Many such people in India earn 10,000 and who earn 20,000 but they have a debt of lakh

of rupees and I am very surprised.

Well, I heard this somewhere that It is such that God gives as much happiness and sorrow

to a person as that person can tolerate, so I feel that a person gets the loan, who can repay

And he must have got the loan when he has the capability to pay

But you must have heard many examples.

You must have heard the example of Anil Ambani and you must have heard many big examples

that Billionaires have also taken loans and he could not repay them.

Well, today you have a debt.

You want to get rid of the loans because since childhood we have heard from our parents that

debt is very bad.

Don’t fall into the trap of debt.

Everyone must have said this in your house too.

Parents always used to explain that it is very good not to take out a loan, but on today’s

date, whatever items we are buying, we get EMI for everything, we get the Equated Monthly

Installments done, then whatever we get the EMI done, then this EMI not let us get out of this trap.

Now I will tell you one clear thing, that if you take loans, Loan is not bad, you will

get many people and they will say and they speak in Hindi that the meaning of loan is

that people say do not take it or it has become a loan, then understand why do we need a loan.

The most important thing is that the loan has the power of leverage, today there is

a person who is doing his business and He has ₹ 100000 and earns ₹ 10000 per month

for ₹ 100000, he is earning very well according to me and if someone has invested ₹100000

in any business and he is earning 10% monthly return from that business and he is earning

₹10000, then he is doing very good.

Now that person told himself that if he had 1000000 rupees, then he can earn 100000 per

month, then whatever loan he wants and he wants for leverage, he wants it to multiply

his business, then this loan is right, but most of the people who take the loan, they

do not take it.

People do not think about business.

People think that the new phone has come, Apple has just launched a new model, what

a great camera it has, just now I saw a person and that person was completely fresher and

he just started his job and He got a salary of ₹ 10000 a month on the job and he said

that man, I have got a new phone, then I said, oh wow man, how much did the phone cost, He says

it was 60000 but I got it at a discount of ₹ 5000, and I have got this phone for ₹55000.

Well I said salary, he said ₹ 10000 I said how did you take it, he said that sir a Very

good EMI option was there, bajaj finance was doing a great EMI, and I got EMI done.

I said how much is this EMI, he said that Sir, I will pay around ₹ 5000 in a year

and I have a salary of 10,000.

You see how intelligent people are.

Now imagine that person took it, I’m not telling him wrong, he is happy.

He was very happy after taking that thing.

I asked that person how much money you have saved in the bank account, then he started

laughing and he said, “What are you asking sir.

I said, still tell me How much money is in your bank account.

He said that I have ₹257 in my bank account and I said, “ God forbid if your mother

has just got a problem and had to go to the hospital, then do you have medical insurance?

Then he said that I do not have medical insurance.

I said health insurance.

He said that nobody told us about that.

I said that someone has told you about the phone, and he took it.

I said that if you need 50000 immediately now for your mother’s treatment then from

where did you get it?

He said sir I don’t have and I have to take a loan, I have to seek it.

I said that today you have no funds for an emergency and you have no medical insurance

which is required, that is needed and you don’t have that.

Your work could have been done with a phone of ₹ 10000.

He said yes sir it can work, but it is a passion, now I tried to explain it to him, but he must

not have understood for sure and why would not have understood because he does not have

all these things in his mindset.

If such people face any problem, then they immediately call somewhere and they ask for

money and then it comes down to self-esteem.

But you don’t have to do this, I have taken this example of ₹10000 but you will say

that we are not like this, but I am telling you that people have a salary of ₹100000

and they have monthly expenses of ₹100000 or even more, you will say how even more than

that because the salary of ₹100000 is considered good in India, then that person gets credit cards

Now, this credit card is also a loan.

I always say that a credit card is good only when you are spending with a credit card and

you have more money on your debit card.

Meaning, suppose I shopped for rupees two lakh with a credit card and I have two crores

or twenty crores lying in my account then what is the problem of paying ₹ 200000,

but the person who has ₹10000 in the account.

Whoever has a salary of ₹100000, will get a credit card with a limit of 3 to 4 lakhs.

Those bankers deliberately implicate, whose salary is ₹ 100000 a month.

You gave him a credit card of 3 to 4 lakh a month.

Why they give it, I am telling you and if you shop here for three to four lakhs in a

month, then they will increase your limit.

Now understand why they do this, they do it because your salary is one lakh and And at

some month you will need is definitely for sure and you will use that three to four lakh

rupee which is your limit and you will use it and you will not able to pay it then what

will you do, there is a minimum payment option in the credit card that you spent three to 4 lakh

But if you give only ₹ 20000 or ₹ 30000 then what will happen then, you will not incur

a penalty for that month.

But now the bankers will call you for the rest of the money left that you get EMI or

you are getting a rate of interest on it and the rate of interest on EMI is 24 per cent

means they are earning 2 percent a month from you.

Till now you understand compounding, that if you earn 15% annually then how good is

it and the bank is taking 24% from you yearly means 2% monthly, the bank is earning and

you are falling in this trap.

Sir, my brothers, and sisters, if you don’t want to fall into this trap, and if you want

to move ahead in your life, then I told you in the beginning that a loan is not wrong,

it is leverage.

If you have taken a loan for business and you are growing the business, then Well in

good and suppose you have taken a loan for your home, even then I do not consider a home

loan and business loan as bad.

I don’t mind if people think so then that’s a good thing. Let them think, But I don’t mind.

Whatever you believe in, you too can create your belief system.

Apart from this, the loans you have taken, Personal loans and you have taken a loan for the vehicle, that is fine.

You can take a loan for the car.

Why can you take it? I will give an example of the car too, why you can take it.

I will tell you the reason, But now if you have taken a home loan, alright you have taken

for business, and you can also take a loan for a car also, let me tell you why.

Although I bought the car last year and I bought it without a loan, then I will tell

you the thing that I implement in life and I will tell you why you can also take on a

loan or not and if you have a loan then how to repay it, apart from this, the loan you are

taking, you are only making it your habit and you are making it a habit of living in debt.

Many people have made it a habit. First, parents make it a habit.

Then they make it a habit of children and not parents are also in debt and Children

are also in debt and parents on today’s date, if this has happened to anyone then comment

because it happens with many people and Parents in today’s date, which is our population of

today’s date in this, the people who have become parents, they are giving loans to their

children in legacy, It was heard earlier that the parents gave property and gave gold, etc

but that is the reality and this is the harsh reality of India that they are giving the

debt in the legacy that you repay it and we couldn’t have repaid it, because you must

have seen in movies that money lenders are sitting and he gives money to the farmers

in loan and takes the land papers and then if they are not able to repay, then the money

lender owns the land and you must have heard that then this is reality, then this money

lender has become a bank in today’s date.

And a lot of non-performing assets are coming to banks because people are unable to repay

the loan and it happens to many people, so the sooner you can repay it, it is so good,

so I said that a home loan is not useless, Because at least your asset become with it,

otherwise, you will waste that money somewhere.

Even a home loan may not be right for you when you don’t know where you will live and

when you have taken home and you have pressure on your head, that’s a different thing.

That means that is a problem for only one percent of the population.

And I am talking about the rest of the 99 percent population, that if you don’t even

have your house then making a house is a good thing, but I am against the flat.

You see that if bought a flat today then after 5 years it will also need maintenance and

it will create a problem and it will not be sold, because some new builder will come in

 

then in this, you are going to lose it, if you are investing in flats and although Real

Estate people sell flats and plots to earn money. I will not lie, we also sell, then we earn.

But if we earn, it means we also have a business of Real Estate and we earn money but if I

will advise someone personally then do not buy it, people come to buy and we sell, but

we sell new, the thing here is that you have no profit in it then we told you about the benefits

Now I have given the example of the car, I am keeping that too short.

Then finally I will come to the point that we were talking about debt-free life, so I

am taking the car example because people buy cars.

Everyone doesn’t need to buy for luxury but people buy for luxury also.

Now when you buy the car, suppose you like a car worth ₹5000000 then ₹ 5000000 will

be gone from your bank now.

And if you have not then there is a problem of why you purchased it, then make it a rule

today that if you cannot afford anything thrice then you can’t afford it. Means if you can’t buy

something 3 times, then you can’t afford it.

Meaning if you are going to buy a car worth 50 lakhs, then If you do not have 1.5 crores

in your account then what are you doing.

If you have not networth of 1.5 crores and you are doing to purchase a car worth 50 lakhs.

What are you saying, meaning you are buying a phone of 50000 and you can’t buy 50000 three

times, you were going to buy a phone worth ₹50000, not good for you, then this is the

one thing and the second thing is that businessman generally do this and people also do this,

then why I am taking the example of a businessman, a picture comes in your mind that businessman

is that a rich man then he has a lot of money even then he did not spend ₹500000 at one time

He says that I will use this money in business and if your profile is good in today’s date

then you will get a car loan at seven or eight percent or nine percent, now his nine percent

is not much for him because he thinks that I will earn more but a common man who can’t

even afford and who is buying then you are getting stuck in the trap, so for some people

car loan is fine and for some people, it is not fine.

Now finally, if you have loans on you then the first thing you do is to stop bringing

those non-essential things into your life.

You do not need a Gucci belt and if you can’t afford that, nothing is to show off.

You do not need a mobile phone of rupees one lakh and Apple will bring a new phone every

year because they need money from your pocket.

Think that how to make our own apple company, think that how to make our own apple company

so that money will come out of people’s pockets, you are paying money and becoming a customer

and that too on EMI, then you think that bank is earning money and how you can become a

bank, how you can give money and can you earn interest income and don’t use compounding

against you, use it in your favour and take out non essentials from your life and you

will definitely live a luxury life when you will have more money which you are going to

spend then i am giving you example that suppose i have expenses up to four lakh every month

then it is not a big deal for me because the income is very high and if there is no income

and then there are expenses of four lakh then there is a lot of problem and then you see

according to yourself that if you have expenses of 4000 per months then what is income and

if you have expenses of ₹400000 then what is the income and if you have expenses of

₹400000 and your income is also four lakh or eight lakh and or ten lakh then you are

not doing good and there are also formulas on this and i will also give you detail and

if you want and if you want me to explain financial education in deep and we will talk

about more level of life and we will talk about that how will you increase the standard

of your life, then all of them will take time but if there will be interest of audience

then we will make videos and you can comment if you have interest and after that make a

list of all your loans and even if you there are personal loan in it or you have EMI, and

whether you have kept the EMI of the AC of the house or the new LED you have purchased

and you have put it in your drawing room and have taken that too on EMI then make a list

on it and then what you have to see that how much interest you are giving on that.

Well, sir, you will get to know that you took a home loan on the 8% and it is too much.

I am saying more because, on today’s date, banks are offering a rate of around 6%, then

you can get it transferred but you will not know how you will repay the loan on how much

percent rate you took it, or how you will make your profit.

So you make a list that you took a personal loan.

Well, you had taken a personal loan of 24%, oh my god, you had taken a mobile phone on

EMI at zero percent.

Nowadays there is also a zero percent offer.

Then sometimes it makes sense.

But the wise thing is that when you have more money in your bank account than that and even

if it was not there then you are stuck in EMI and apart from this whatever loan you

are taking, even for the car, you took at 9%. So then you to make a list of it and after

that which has the highest rate of interest.

Suppose someone has taken a personal loan at 24% then plead with folded hands that live

your life by eating only roti and dal, you repay this loan first of all and make it a

habit that you will not take it and I am not saying this big thing at 24% but people have

taken it and has also been taken at 36%, 36% and don’t know that you will believe it or

not but you must have seen it around you that people in the villages and smaller towns take

loans at 5 percent or on 10 percent per month means they also took a loan on 120% p.a

You can borrow when you need money to expand your business on today’s date.

I have a cashless business.

I don’t need it.

On today’s date, you also make a business like this that your business becomes cashless

and you will not need it or if you will need it then it will need for business and not for your fun

Wait for it and don’t want to live in depression because when people take too much loan and

then they get tense and their addiction will start to reduce the tension, like Alcohol

addiction, they are drinking to reduce their stress and then have disorders because I have

done psychology, so people get psychological disorders.

They start drinking more and they get bipolar disorder and life becomes hell, then these

loans are making people’s life hell too.

And not every loan is good for you and I hope you get my message.

And If you like this video then definitely like it and share it because many people are

running their life on loan and they will get a lot of good information from this video.

If you have any questions then you can ask in the comments.

And finally, I’ll see you in the next video and till the time you share this video

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