Thanks for subscribing to my newsletter! You're at the right place if:

1. You want to become financially independent.
2. You want to become the best at what you do.
3. You want to have the mental and physical fitness to enjoy life.

I'll share some awesome insights + ONE action item that you need to do to become better each week.

This week we focus on becoming "Debt-Free" -- one of the basic building blocks for financial freedom.

Overcoming Debt to Live Free

Over half of the Indian working population (400+ Mn people) have debt, according to CIC. 77% of American households carry some form of debt. These are big numbers. So if you're in debt, what can you do about it?

Action of the Week

A good rule to follow is the 70-20-10 Rule of budgeting, where 70% of your income goes on monthly spending like rent and parties, 20% goes on savings (for the brand new Mercedes that you are eyeing. Yes, we see you.) and 10% goes to paying back your oh-so-expensive college/home loan. Take the following action items NOW:

• Calculate how much debt you have to pay and how many years it will take you to pay back in full if you pay with 10% of your current income. You can use this awesome debt calculator by Dave Ramsey.
• Pay credit card in full every 15 days. I've set a reminder on my phone calendar so I don't forget. Do not let it go unattended.
• Put away 20% of your income in a bank account without online access as soon as you receive your salary. You can set up automatic SIP investments from this bank account to ensure that you're creating wealth over time. More on this later.
• Track Your Expenses: Wallet by BudgetBakers is one of the many money management apps available on the app store, but this is the one I liked best. It is fairly simple to use yet provides insightful graphs to check your progress on expenses and savings.

“The safest way to double your money is to fold it over and put it in your pocket.” Kin Hubbard

First Home: To Buy or Not To Buy

One of the biggest yet important debts is a home loan. In the early years, renting is better than buying a first home when prices are unaffordable or when we don’t have sufficient capital for the down payment and a line of sight to pay the EMIs for a home loan. Read this article if you're thinking of buying your first home.

Want to Invest like a Pro?

Are you looking to start investing by yourself? No more tips or tricks from Twitter influencers or friends! You can watch Swatantra videos - where we simplify investing. Fund managers share their experiences and research by dissecting an asset class or providing basic personal finance routines to grow wealth. New videos are published every alternate Friday.

Without investing your saved money, you're unlikely to ever become financially independent. And you need to manage your own money -- not outsource wealth creation to anyone else.

Be happy. It drives people crazy.  ~ Paulo Coelho

Thanks for reading!

Darshan Doshi