Financial Freedom | 5 Rules For Financial Independence
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In this video, we're going to talk about 5 important concepts that you need to know to achieve financial freedom in India. These 5 concepts are not talked about because the topic of money, stock market (share market) and financial independence is considered a taboo in India. Hence most people end up working their whole lives for money and retire only at the age of 60-70 when they're too old.
With the help of Rocky and Sunny story, we explain you the 5 main concepts you need to understand to achieve financial freedom early in India.
The first concept is Debt:
The main reason why most people are not able to achieve financial independence in India or anywhere in the world is because they take too much loan which they cannot handle. It is obvious that schools do not teach how to handle loan/debt and people end up getting themselve trap in the debt-trap. Credit cards are the first thing that people get their hands on and they think it is free money and as a result, people end up spending a lot more than they earn and create bad habit of exxessive spending.
The second rule to achieve financial freedom, after you've learned how to avoid debt is to pay yourself first.
In this video, we talk about the 70:20:10 rule which should be followed by every India if they want to achieve financial freedom. And if you want to achieve financial freedom fast, you should follow the 50:40:10 rule of budgeting which will allow you to achieve financial freedom fast in just 10 years.
The 4th rule of early financial freedom is power of compounding. With the power of compound interest, you'll be able to get rich faster. However, most people do the opposite. They take loan and go against the power of compounding.
The 5th rule is the concept of Early financial freedom. This is a very new concept in India and also all around the world. Since the 4% percent rule was invented very recently, otherwise people only waited for the age of 65-70 as a traditional retirement. Most people cannot think of achieving early early retirement. Hence, you can watch the full video and share it with friends if you like it.
