Get free from debts - Podcast - A Better Living - Heal your Mind, Body and Soul

This is my first podcast in the ‘A Better Living’ series! Yay! These podcast episodes are meant to help you take control of your life and happiness. The major chunk of your money is being eaten by debts and taxes. So, the first step to truly becoming ‘free’ in life is to go debt-free first! Listen to the episode below and share your comments.

You can more episodes of ‘A Better Living’ podcast here.

Intro music credits:

Track name: Good vibes only

Artist: Elephant Funeral

Album: Unfinished tales

Creative commons: CC By

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Find The God Within You – Self-Mastery & Channeled Wisdom

Awaken your Source energy by healing yourself. Release negative emotions & self-sabotaging patterns. Receive channeled guidance from Yeshua, Archangels, etc that leads to self-discovery & spiritual growth. Master how to manifest abundance, connect to your higher self, and heal your emotions and body! Align with the Golden Earth frequency.

Moumita is your host and a gifted vocal channeler, clairaudient, and seasoned self-mastery coach. Her spiritual journey began with experiencing narcissistic abuse, corporate burnout, and depression in 2020, which eventually led her to a spiritual awakening.

The major chunk of your money is being eaten by debts and taxes. So, the first step to truly becoming ‘free’ in life is to go debt-free first! Hope you enjoy it and let me know what you think in the comments on my website: https://abetterliving.co/get-free-from-debts/

This is my first podcast in the ‘A Better Living’ series! Yay! These podcasts are meant to help you take control of your life and happiness.

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Intro music credits:
Track Name: Good vibes only
Artist: Elephant Funeral
Album: Unfinished tales

Podcast transcript

Hey, Hey everyone. It’s me Moumita today. I’ll be talking about how to claim your freedom back by paying your debts. If you have started listening to this podcast, probably either you already have a debt or your partner does, or you are planning to take one. So I’ve noticed that by doing certain specific things in life any person usually gravitates towards having a happier and healthier life. So this is one of the steps that you can do towards having a better life. And in my upcoming podcasts, I will share much more of such topics.

You know, what’s the number one problem that we as collective humanity are facing? It’s not that you don’t have enough money. It is debts. The loans that we take from – I don’t know… loan sharks, banks, credit cards. And I had this revelation when I had taken that bone-crushing education loan four years back, which I’m almost about to pay off.

I literally spent majority of my savings and in just paying off the debt. Because what people fail to realize, like, some of my friends tell me that, you know that debt is not bad…you just have to manage your finances. Well, you have to plan around your finances. And I say bullshit! Like, why will you plan your life around your debt? Like, they will have a house loan. They will have an education loan. They will have this loan, that loan and they are somehow hanging it together. So what you don’t realize is psychologically speaking, the decisions that you’re making in life are influenced by these debts.

If you have a huge debt, which is like at least 10 times than current salary, then you are stuck in whatever source of income you have. Say, for example, a job that you hate. Because you cannot leave that job… because you have to pay that debt. So your quality of life automatically falls. It doesn’t matter how rich or poor you are.

What matters is you are not able to move towards your heart wishes or heart desires or towards your happiness. If you want to leave a job, take a break, you know, get rid of the toxicity that is built up in your system all this while or do something else.. you are not able to because you have to keep paying those EMI’s – those equated monthly installments.

You don’t know how the debt is influencing your decisions. You are making decisions because you have a debt. Things that you would have never done otherwise you are forced to do that because you have a debt. Trust me, if you went debt less, if you had no debt, the decisions in your life would have been very different.

Just think about it. Just think about that during the time when you had taken debt and it was not fully paid off. And you wanted to really do something, but you were not able to do it because, well, you have a debt to pay. You have EMIs to pay. And there are those miserable souls who have paid so much money. Maybe they took a break in between and their interests piled up. And now no matter how much they are paying the debts they just don’t get paid off. Can you imagine the amount of stress? Like you can’t invest money in your future and your savings or whatever your heart desires, because all your money is sucked up by this. Like, I don’t know how could financial institutions, you know, design something that is crippling the humanity.

So if you have some savings stashed away somewhere, which would last you six months at least, I would suggest pull out all your investments. Take all whatever chunk of money permissible by your lifestyle, take money from wherever you have invested or saved. I mean, leave aside only six months of savings. And just god damn pay off that principal amount of the debt. That is the one that is incurring interest. If you reduce the principal amount, the amount of interest will also go down.

So the strategy that I had used in my life is like, luckily, I got a well-paying job so I could pay the equated monthly installments also. And I could also save up some money in two, three months’ time, some bulk lump sum, and I would pay off the principal. Because as and when I kept on paying the principal, the amount of interest, the interest component in that equated monthly installment went down. So greater majority part of the principal got paid off with my EMI.

Plus I was paying off my principal amount, using my savings. Like that’s how I’ve been able to pay off my debt, my education loan, which was huge in four years. And finally, in one or two months down the line, I’ll be completely debt-free. That is what had been my number one priority. And trust me, from my experience I can tell you, that I have made a great lot of bad decisions during those four years. And I was miserable, unhappy, and completely tied down. Like, I was stuck. I couldn’t escape because I have to pay off that debt. I cannot like, you know, do whatever I want. And finally, I’ll be free. And this is, this is a reason. This is a number one problem you have to solve in your life.

If you feel – Oh, if you plan your life properly around your debt, so you have this much money for this, that most money for that…Dude, you are not imagining the amount of money you’re wasting paying interest.

The amount of money you are wasting paying the interest, probably paying twice as much as the loan that you have taken. So if you took a loan of 10,000 USD or 40 lakhs of rupees, you are paying double of that the longer you wait. Or maybe even more in just interest. So why will you waste your money paying interest when you could have invested that money in your savings? A lot of people in India are at least, there is this going that, you know, you get income tax deductions for the interest you’re paying.

So that’s a good thing, right? We are reducing our income tax. Yeah, sure. When you’re paying the debt, like the equity monthly installments. Sure. But the amount of money that’s going out of your pocket is never going to come back. Like which amount is more, technically speaking? The amount of interest you paid on which you are getting tax redemption on- say, two lakhs of rupees? Or, 30% tax on that two lakhs of rupees, which you will pay to the government if you are finished off your debt. Which, which amount is higher? Two lakhs or 30% of two lakhs? I definitely can calculate and do basic math and say that it’s 30% of two lakhs. I’d rather pay 30% of my income to the government as tax, than, you know, spend two lakhs of rupees in just paying the interest. Like, do the math dude. It’s that simple.

It’s like the banking, the financial system is designed in a way so that you are always stuck in debt. They have incentivized it in such a way that you keep on keeping your debt or taking in more debt. What is it in your life that you desire so much for which you had to take debt and that over a huge amount?

I understand if you have invested in education. Now, education is something that’s going to pay you over a lifetime. That is understandable. And that’s a good investment, by the way. Any investment in education is always good because it always pays dividends in the long run. But what about house? Sure, if you could save up some money, you could have, like, waited for a few years and bought a house maybe later. So right now, you could have lived in rent.

So I’m not saying that you don’t get a home loan. What I’m saying is, you should save money so that you can at least pay off 50 or 75% of the home loans just by your savings, and the remaining 20% you should take as a loan. Why I’m saying this, because those, that 25% will be something that is not too much weight on your shoulders.

Now you might say that all that could take a long time. I want happiness now. I want to have a home now because that will make me feel secure. For the next 20 or 30 years that you are going to pay your home loan. For the next 20 or 30 years, you will be making decisions around the debt that you have on you.

You’ll not be able to enjoy life as you would have if you didn’t have a debt. Or would you wait for 30 years and then maybe take a decision of buying a house, so that in these 30 years you have made good decisions in your life, saved up enough money and lived wherever you want. You wouldn’t have to be stuck in one place just because you bought a house now.

Now you can rent different places, go for cheaper rent, than your EMIs. Like, you have full freedom. So a lot of people would give up their freedom just to get a house because it gives them some security, stability, social status. You have no idea what you’re signing up for. It’s like a deal with the devil.

It feels like everybody’s doing it. So it’s not unnatural, right? Of course, it’s not unnatural. But the financial systems are designed that way so that they can extract everything out of you. And over 30 years, you are going to pay more interest than you would have spent in buying that house interest fee at one shot after 30 years. That amount of money that you paid in interest- you could have paid in rent and have freedom. Maybe you would have paid more rent. Fine. You can argue with me. More rent. Yeah, sure. But it’s your choice, right?

You can switch to a lower rent or cut down on your living costs, costs, and expenses. You could go minimalist. So your rent will come down. You still have the freedom to design your life in the way you want, because you’re not tied down to debt. You don’t have to make your financial decisions around the debt. And by the time the 30 years are over, you’re finished paying off your debt, you’re like too old to enjoy the things that you could have enjoyed before.

I’d like to conclude this point by a quote from Robert T. Kiyosaki, the famous author of the ‘Rich Dad, Poor Dad’ book. He said – “The reason why the poor and the middle-class struggle is they buy liabilities they think as assets. For an average person, a house is an asset. Nope. A house is a liability because it’s not producing income”. Let that sink in.

So now that we have reached the end of the podcast and like to say something about the background noise that you heard. It’s raining right now. So you might hear some of that noise. So I recorded this podcast in two parts because I was looking for that moment of inspiration. Usually, I record my podcasts during my moments of inspiration.

And so the introduction and the main part of the podcasts are recorded into those times. So any one of the times you might hear the sound of the rain in the background like today. And the other one, you will probably hear some background sound of some celebration and songs being played. So it’s currently, there’s Durga Puja going on. Here in Kolkata, it’s a big festival. It lasts for four-five days and they play songs over mikes in different corners of the street. And you will get to see beautiful idols of the goddess and deity, Durga, worshiped in housings called ‘pandals’. And very creative and very beautiful decorations.

It’s a lovely time to be here in Kolkata.

Update as of 1st November 2021: After releasing this podcast, yesterday I finished paying off my student debt! 😀 4 years of torture of paying more interest than the student debt. Took an education loan of $48000. Paid $60000 with interest. 🤯🥵

Paid off the principal using my savings and salary. Loan tenure was 18 years but it was no point in paying interest for 18 years. Kept paying chunks of the principal with my salary all these years to reduce the interest on my EMI. Never took a moratorium, never skipped payments, never crossed due dates….even if I didn’t have enough money when I was jobless for 7 months. And hence that maintained an excellent credit rating. This is the art of financial planning.

Now I am free! Don’t have to compromise my happiness and choices just because I have a debt to pay. You should pay off yours too using your savings if the interest you are earning from investments is less than the loan interest