Let’s make every year the happiest year

Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. – Mark Twain

Every year is a new year for us, but what we do to make this new year a happy one is the execution of what we are thinking of doing.

We plan a lot, but the one thing which we have in scarcity is TIME. This New Year 2020 Come lets execute the things in a way that every year becomes the Happiest New Year
According to a joint study conducted by sector lender ICICI Bank and rating agency, Crisil retail loan book of financiers in India will double to 96 trillion by March 2024, compared to Rs 48 trillion in March 2019

This is good for the financers, but the borrowers need to worry. We are very much inclined to take a loan on every product. But be careful before taking any loan, we need to check first, whether this loan is important for us and will it create an asset for me? If the answer is Yes; we should go for it. But if not then please avoid it.

If we are taking a business loan or loan for buying a property it is good, but when we are taking a loan for buying costly products for use like smartphones, branded watches, vacations, etc. you are just putting yourself in the debt trap.

A credit card is a debt trap if we are not using it in a disciplined manner. We got a piece of shocking information about the credit card, that only one-fourth of the credit card users pay on time, on an average, there’s one missed payment per year per card of a company.

So this New Year we should make a resolution as Senator Warren popularized the 50/20/30 budget rule in her book “ All your worth: The Ultimate Lifetime Money Plan “
The basic rule is to divide after-tax income and then use the remaining amount 50% on needs, 30 % on wants and allocating 20% to savings. This rule will always keep you Happy.


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