𝐄𝐌𝐈-𝐟𝐫𝐞𝐞 𝐋𝐢𝐯𝐢𝐧𝐠 𝐨𝐫 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐥𝐚𝐯𝐞𝐫𝐲? The answer should be very simple but I believe most of us do not understand the importance of avoiding unnecessary purchases on EMI.

You feel a lot of strain from EMI, and your wants never end, no end to loaning to purchase these, and hence the terms ‘financial slavery’.

Plan your buy and postpone it for a year rather than using an EMI if possible.

Because of the added burdens, 𝐰𝐞 𝐥𝐨𝐬𝐞 𝐨𝐮𝐫 𝐫𝐢𝐬𝐤 𝐚𝐩𝐩𝐞𝐭𝐢𝐭𝐞, 𝐰𝐞 𝐚𝐫𝐞 𝐚𝐟𝐫𝐚𝐢𝐝 𝐭𝐨 𝐬𝐭𝐚𝐫𝐭 𝐨𝐮𝐫 𝐨𝐰𝐧 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬, 𝐰𝐞 𝐚𝐫𝐞 𝐚𝐟𝐫𝐚𝐢𝐝 𝐭𝐨 𝐨𝐩𝐭 𝐟𝐨𝐫 𝐚 𝐛𝐞𝐭𝐭𝐞𝐫 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲, if it requires us to take a study-break for a couple of months. These days, we are so terrified of taking on more responsibility since we already have so much debt.

Now, Credits/Debts are not all that bad. There are 𝐭𝐰𝐨 𝐠𝐫𝐨𝐮𝐩𝐬 𝐨𝐟 𝐜𝐫𝐞𝐝𝐢𝐭𝐬, 𝐆𝐨𝐨𝐝 𝐂𝐫𝐞𝐝𝐢𝐭 𝐚𝐧𝐝 𝐁𝐚𝐝 𝐂𝐫𝐞𝐝𝐢𝐭. In order to get out of misery and move on to happiness with good credit and be content to have it, you have to let go of bad credit.

1. Good debt has the 𝐩𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐭𝐨 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐲𝐨𝐮𝐫 𝐧𝐞𝐭 𝐰𝐨𝐫𝐭𝐡 𝐨𝐫 𝐞𝐧𝐡𝐚𝐧𝐜𝐞 𝐲𝐨𝐮𝐫 𝐥𝐢𝐟𝐞 in an important way.
Example: Education loan, and loan to launch a business.

2. Bad debt involves 𝐛𝐨𝐫𝐫𝐨𝐰𝐢𝐧𝐠 𝐦𝐨𝐧𝐞𝐲 𝐭𝐨 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐫𝐚𝐩𝐢𝐝𝐥𝐲 𝐝𝐞𝐩𝐫𝐞𝐜𝐢𝐚𝐭𝐢𝐧𝐠 𝐚𝐬𝐬𝐞𝐭𝐬 or only for the purpose of consumption.
Example: Auto Loans, and Personal Loans.

Thoughts?

#financialslavery #happiness #minimal #emifreelife #goodcredits #financemanagement #loan #personalloans #debts #borrowing #autoloans