In this post I am going to throw some facts on most useful and the most irritating financial product. It’s none other than Education Loan. Education loan is one of the biggest hurdles that every younglings face.
I am one of those lucky homo-sapiens who did not have to deal with education loan. Grateful to my parents for not opting for education loan. But from the analysis that I carried out so far, I find education loan strangely hinders your financial growth. Many examples where in I see people who are in their 4th year of work and still paying off the loan. If you are one of them then listen to below recommendations that I want to give you.
If you are in 4th year of work and still paying off education loan,
then you need to stop and re structure your money-saving and spending habit. It is time you contact someone who is good with money and find out what is that thing you are doing wrongly.
People who have education loans to pay off, you need to save at least 50-60% of your salary right from the first month’s pay. And as thumb rule pay off the loan money first then allocate funds for your personal use. Don’t wait till you make more money. The more you make, the more you spend. Your parents opted for education loan, the money from the loan goes on to your education and now once you get a job it’s time to repay. But to do so, you need to plan. You need to organize yourself. In simple words you need to develop common sense about money.
Had chat with my uncle who between is my role model, He built a huge factory all on his own. He told me one thing which I cannot let go off, “If a person earns 10 rupee and he spends 5 rupee, I don’t have any respect for him. I would respect a person who spends only 2 rupee and saves the rest”. don’t be cheap, be frugal! With 50-60% you save, pay off the education loan asap. Click here for a story that will not relate to you but the idea shared is worth your time.
You can question me saying – Why do we have to save? What is the use of money if you can’t use it now ? When we die we don’t take any money with us! You know what I call them? Morons! for me those questions are total BS and those who ask me are total losers.
Everyone of us have goal in life, for me its all about making money. Cheers to money.