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How to Live a Loan Free Live? | Debt Free Life & Financial Freedom | How to be Cash Rich? - YouTube
Channel: Pushkar Raj Thakur: Business Coach
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How to Live a debt-free Life When we talk
about debt and we talk about loans, we talk
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about loans and how to Live a debt-free life.
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Meaning there should be no debt on any person.
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I will tell you one thing, You will be surprised
to hear that.
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Many such people in India earn 10,000 and
who earn 20,000 but they have a debt of lakh
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of rupees and I am very surprised.
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Well, I heard this somewhere that It is such
that God gives as much happiness and sorrow
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to a person as that person can tolerate, so
I feel that a person gets the loan, who can repay
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And he must have got the loan when he has the capability to pay
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But you must have heard many examples.
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You must have heard the example of Anil Ambani
and you must have heard many big examples
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that Billionaires have also taken loans and
he could not repay them.
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Well, today you have a debt.
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You want to get rid of the loans because since
childhood we have heard from our parents that
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debt is very bad.
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Don't fall into the trap of debt.
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Everyone must have said this in your house
too.
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Parents always used to explain that it is
very good not to take out a loan, but on today's
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date, whatever items we are buying, we get
EMI for everything, we get the Equated Monthly
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Installments done, then whatever we get the
EMI done, then this EMI not let us get out of this trap.
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Now I will tell you one clear thing, that
if you take loans, Loan is not bad, you will
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get many people and they will say and they
speak in Hindi that the meaning of loan is
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that people say do not take it or it has become
a loan, then understand why do we need a loan.
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The most important thing is that the loan
has the power of leverage, today there is
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a person who is doing his business and He
has ₹ 100000 and earns ₹ 10000 per month
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for ₹ 100000, he is earning very well according
to me and if someone has invested ₹100000
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in any business and he is earning 10% monthly
return from that business and he is earning
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₹10000, then he is doing very good.
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Now that person told himself that if he had
1000000 rupees, then he can earn 100000 per
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month, then whatever loan he wants and he
wants for leverage, he wants it to multiply
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his business, then this loan is right, but
most of the people who take the loan, they
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do not take it.
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People do not think about business.
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People think that the new phone has come,
Apple has just launched a new model, what
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a great camera it has, just now I saw a person
and that person was completely fresher and
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he just started his job and He got a salary
of ₹ 10000 a month on the job and he said
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that man, I have got a new phone, then I said,
oh wow man, how much did the phone cost, He says
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it was 60000 but I got it at a discount of
₹ 5000, and I have got this phone for ₹55000.
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Well I said salary, he said ₹ 10000 I said
how did you take it, he said that sir a Very
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good EMI option was there, bajaj finance was
doing a great EMI, and I got EMI done.
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I said how much is this EMI, he said that
Sir, I will pay around ₹ 5000 in a year
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and I have a salary of 10,000.
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You see how intelligent people are.
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Now imagine that person took it, I'm not telling
him wrong, he is happy.
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He was very happy after taking that thing.
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I asked that person how much money you have
saved in the bank account, then he started
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laughing and he said, ``What are you asking
sir.
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I said, still tell me How much money is in
your bank account.
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He said that I have ₹257 in my bank account
and I said, `` God forbid if your mother
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has just got a problem and had to go to the
hospital, then do you have medical insurance?
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Then he said that I do not have medical insurance.
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I said health insurance.
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He said that nobody told us about that.
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I said that someone has told you about the
phone, and he took it.
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I said that if you need 50000 immediately
now for your mother's treatment then from
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where did you get it?
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He said sir I don't have and I have to
take a loan, I have to seek it.
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I said that today you have no funds for an
emergency and you have no medical insurance
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which is required, that is needed and you don't have that.
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Your work could have been done with a phone
of ₹ 10000.
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He said yes sir it can work, but it is a passion,
now I tried to explain it to him, but he must
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not have understood for sure and why would
not have understood because he does not have
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all these things in his mindset.
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If such people face any problem, then they
immediately call somewhere and they ask for
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money and then it comes down to self-esteem.
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But you don't have to do this, I have taken
this example of ₹10000 but you will say
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that we are not like this, but I am telling
you that people have a salary of ₹100000
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and they have monthly expenses of ₹100000
or even more, you will say how even more than
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that because the salary of ₹100000 is considered
good in India, then that person gets credit cards
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Now, this credit card is also a loan.
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I always say that a credit card is good only
when you are spending with a credit card and
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you have more money on your debit card.
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Meaning, suppose I shopped for rupees two
lakh with a credit card and I have two crores
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or twenty crores lying in my account then
what is the problem of paying ₹ 200000,
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but the person who has ₹10000 in the account.
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Whoever has a salary of ₹100000, will get
a credit card with a limit of 3 to 4 lakhs.
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Those bankers deliberately implicate, whose
salary is ₹ 100000 a month.
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You gave him a credit card of 3 to 4 lakh
a month.
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Why they give it, I am telling you and if
you shop here for three to four lakhs in a
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month, then they will increase your limit.
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Now understand why they do this, they do it
because your salary is one lakh and And at
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some month you will need is definitely for
sure and you will use that three to four lakh
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rupee which is your limit and you will use
it and you will not able to pay it then what
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will you do, there is a minimum payment option
in the credit card that you spent three to 4 lakh
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But if you give only ₹ 20000 or ₹ 30000
then what will happen then, you will not incur
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a penalty for that month.
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But now the bankers will call you for the
rest of the money left that you get EMI or
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you are getting a rate of interest on it and
the rate of interest on EMI is 24 per cent
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means they are earning 2 percent a month from
you.
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Till now you understand compounding, that
if you earn 15% annually then how good is
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it and the bank is taking 24% from you yearly
means 2% monthly, the bank is earning and
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you are falling in this trap.
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Sir, my brothers, and sisters, if you don't
want to fall into this trap, and if you want
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to move ahead in your life, then I told you
in the beginning that a loan is not wrong,
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it is leverage.
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If you have taken a loan for business and
you are growing the business, then Well in
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good and suppose you have taken a loan for
your home, even then I do not consider a home
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loan and business loan as bad.
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I don't mind if people think so then that's
a good thing. Let them think, But I don't mind.
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Whatever you believe in, you too can create
your belief system.
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Apart from this, the loans you have taken,
Personal loans and you have taken a loan for the vehicle, that is fine.
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You can take a loan for the car.
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Why can you take it? I will give an example of the car too, why you can take it.
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I will tell you the reason, But now if you
have taken a home loan, alright you have taken
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for business, and you can also take a loan
for a car also, let me tell you why.
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Although I bought the car last year and I
bought it without a loan, then I will tell
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you the thing that I implement in life and
I will tell you why you can also take on a
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loan or not and if you have a loan then how to
repay it, apart from this, the loan you are
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taking, you are only making it your habit
and you are making it a habit of living in debt.
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Many people have made it a habit. First, parents make it a habit.
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Then they make it a habit of children and
not parents are also in debt and Children
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are also in debt and parents on today's date,
if this has happened to anyone then comment
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because it happens with many people and Parents
in today's date, which is our population of
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today's date in this, the people who have
become parents, they are giving loans to their
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children in legacy, It was heard earlier that
the parents gave property and gave gold, etc
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but that is the reality and this is the harsh
reality of India that they are giving the
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debt in the legacy that you repay it and we
couldn't have repaid it, because you must
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have seen in movies that money lenders are
sitting and he gives money to the farmers
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in loan and takes the land papers and then
if they are not able to repay, then the money
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lender owns the land and you must have heard
that then this is reality, then this money
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lender has become a bank in today's date.
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And a lot of non-performing assets are coming
to banks because people are unable to repay
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the loan and it happens to many people, so
the sooner you can repay it, it is so good,
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so I said that a home loan is not useless,
Because at least your asset become with it,
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otherwise, you will waste that money somewhere.
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Even a home loan may not be right for you
when you don't know where you will live and
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when you have taken home and you have pressure
on your head, that's a different thing.
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That means that is a problem for only one
percent of the population.
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And I am talking about the rest of the 99
percent population, that if you don't even
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have your house then making a house is a good
thing, but I am against the flat.
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You see that if bought a flat today then after
5 years it will also need maintenance and
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it will create a problem and it will not be
sold, because some new builder will come in
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5 years and he will be offering some other
good thing then why someone will buy our thing
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then in this, you are going to lose it, if
you are investing in flats and although Real
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Estate people sell flats and plots to earn
money. I will not lie, we also sell, then we earn.
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But if we earn, it means we also have a business
of Real Estate and we earn money but if I
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will advise someone personally then do not
buy it, people come to buy and we sell, but
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we sell new, the thing here is that you have
no profit in it then we told you about the benefits
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Now I have given the example of the car, I
am keeping that too short.
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Then finally I will come to the point that
we were talking about debt-free life, so I
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am taking the car example because people buy
cars.
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Everyone doesn't need to buy for luxury but
people buy for luxury also.
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Now when you buy the car, suppose you like
a car worth ₹5000000 then ₹ 5000000 will
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be gone from your bank now.
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And if you have not then there is a problem
of why you purchased it, then make it a rule
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today that if you cannot afford anything thrice
then you can't afford it. Means if you can't buy
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something 3 times, then you can't afford it.
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Meaning if you are going to buy a car worth
50 lakhs, then If you do not have 1.5 crores
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in your account then what are you doing.
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If you have not networth of 1.5 crores and
you are doing to purchase a car worth 50 lakhs.
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What are you saying, meaning you are buying
a phone of 50000 and you can't buy 50000 three
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times, you were going to buy a phone worth
₹50000, not good for you, then this is the
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one thing and the second thing is that businessman
generally do this and people also do this,
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then why I am taking the example of a businessman,
a picture comes in your mind that businessman
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is that a rich man then he has a lot of money
even then he did not spend ₹500000 at one time
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He says that I will use this money in business
and if your profile is good in today's date
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then you will get a car loan at seven or eight
percent or nine percent, now his nine percent
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is not much for him because he thinks that
I will earn more but a common man who can't
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even afford and who is buying then you are
getting stuck in the trap, so for some people
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car loan is fine and for some people, it is
not fine.
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Now finally, if you have loans on you then
the first thing you do is to stop bringing
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those non-essential things into your life.
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You do not need a Gucci belt and if you can't
afford that, nothing is to show off.
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You do not need a mobile phone of rupees one
lakh and Apple will bring a new phone every
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year because they need money from your pocket.
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Think that how to make our own apple company,
think that how to make our own apple company
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so that money will come out of people's pockets,
you are paying money and becoming a customer
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and that too on EMI, then you think that bank
is earning money and how you can become a
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bank, how you can give money and can you earn
interest income and don't use compounding
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against you, use it in your favour and take
out non essentials from your life and you
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will definitely live a luxury life when you
will have more money which you are going to
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spend then i am giving you example that suppose
i have expenses up to four lakh every month
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then it is not a big deal for me because the
income is very high and if there is no income
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and then there are expenses of four lakh then
there is a lot of problem and then you see
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according to yourself that if you have expenses
of 4000 per months then what is income and
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if you have expenses of ₹400000 then what
is the income and if you have expenses of
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₹400000 and your income is also four lakh
or eight lakh and or ten lakh then you are
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not doing good and there are also formulas
on this and i will also give you detail and
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if you want and if you want me to explain
financial education in deep and we will talk
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about more level of life and we will talk
about that how will you increase the standard
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of your life, then all of them will take time
but if there will be interest of audience
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then we will make videos and you can comment
if you have interest and after that make a
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list of all your loans and even if you there
are personal loan in it or you have EMI, and
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whether you have kept the EMI of the AC of
the house or the new LED you have purchased
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and you have put it in your drawing room and
have taken that too on EMI then make a list
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on it and then what you have to see that how
much interest you are giving on that.
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Well, sir, you will get to know that you took
a home loan on the 8% and it is too much.
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I am saying more because, on today's date,
banks are offering a rate of around 6%, then
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you can get it transferred but you will not
know how you will repay the loan on how much
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percent rate you took it, or how you will
make your profit.
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So you make a list that you took a personal
loan.
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Well, you had taken a personal loan of 24%,
oh my god, you had taken a mobile phone on
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EMI at zero percent.
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Nowadays there is also a zero percent offer.
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Then sometimes it makes sense.
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But the wise thing is that when you have more
money in your bank account than that and even
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if it was not there then you are stuck in
EMI and apart from this whatever loan you
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are taking, even for the car, you took at 9%. So then you to make a list of it and after
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that which has the highest rate of interest.
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Suppose someone has taken a personal loan
at 24% then plead with folded hands that live
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your life by eating only roti and dal, you
repay this loan first of all and make it a
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habit that you will not take it and I am not
saying this big thing at 24% but people have
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taken it and has also been taken at 36%, 36%
and don't know that you will believe it or
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not but you must have seen it around you that
people in the villages and smaller towns take
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loans at 5 percent or on 10 percent per month
means they also took a loan on 120% p.a
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You can borrow when you need money to expand
your business on today's date.
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I have a cashless business.
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I don't need it.
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On today's date, you also make a business
like this that your business becomes cashless
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and you will not need it or if you will need
it then it will need for business and not for your fun
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Wait for it and don't want to live in depression
because when people take too much loan and
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then they get tense and their addiction will
start to reduce the tension, like Alcohol
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addiction, they are drinking to reduce their
stress and then have disorders because I have
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done psychology, so people get psychological
disorders.
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They start drinking more and they get bipolar
disorder and life becomes hell, then these
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loans are making people's life hell too.
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And not every loan is good for you and I hope
you get my message.
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And If you like this video then definitely
like it and share it because many people are
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running their life on loan and they will get
a lot of good information from this video.
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If you have any questions then you can ask
in the comments.
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And finally, I'll see you in the next video
and till the time you share this video if
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