Conventionally, we would come across Savings, Investing, Compounding, Building Corpus, Retiring early, and so on, which allows one to breathe the air of financial freedom.While the conventional wisdom is lucrative, there is no definite path to it. The author expresses that, “Clearing your debts and abstaining from them” is the first and foremost towards the financial freedom.

What Is Financial Freedom?

Better go to bed hungry than wake up in debt

If you spend money that is not yet earned then we may end up in debt.But if we become impulsive that’s when the danger creeps in.Loans is the path to debt!

How Can One End up In Debt?

No.If you take debt, for an item that grows in value, then it is a good debt. For example, education loan, business loan, and to an extent housing loan.If you take debt, for an item that diminishes in value, then it is a bad debt. For example, automobile loan, loan on mobile phones, home appliances, etc.,if you have leveraged, “No cost EMI” or “Zero percent EMI”, then the good and bad will be much more relatable.

Is Debt All Bad?

Is a financing option that allows the buyer to pay the agreed price over equal monthly instalments over an agreed time, without any additional interest charges.Reserve Bank of India (RBI) has banned Zero percent EMI, in 2013.Then, what is No cost EMI? Is it not Zero Percent EMI? No, the present day No Cost EMI, builds on the same concept but has additional interest passed on to the customers/consumers, increasing the price, and offering them as discounts.A nice illustration <a href="https://www.youtube.com/watch?v=ciMhEsmWQi8">video on No Cost EMI</a>.

Zero Percent EMI

A debt trap is a situation one gets in if they don’t handle the money well. It favours the lender more than the consumer.The lenders, including the banks, is in the business of making money. They do so by giving money with more interest rates, penalities, defaulting, etc.,In my view, the lenders if not from an institution, is even more dangerous, as their means of getting back the money in case of bankruptcy is unimaginable.

Debt Trap

<ol><li>Housing loan</li><li>Credit card</li><li>Automobile loan</li><li>Personal loan</li><li>Education loan</li></ol>of these loans, credit card and automobile loans of found home with many people.Even worse is the face that there is more than one credit card with individuals.

Most Popular Loans

<ol><li>Always pay the dues in full, not just minimum due.</li><li>Keep track of your credit card expenses.</li><li>Read credit card statement carefully - it is possible to have erroneous bills though it is generated by system.</li><li>Do not withdraw cash from credit card.</li><li>Do not do balance transfer between cards to manage the show.</li><li>Do not pay another loan to repay your credit card debt.</li></ol>

Golden Rules For Credit Card Users

<ol><li>Repay - Simple and Straightforward - Pay the dues on time.</li><li>Prepay - Simple yet profound - Pay the dues and any surplus that’s left. Paying 1 extra EMI a year can reduce your loan term significantly.</li><li>Restructure - Difficult but possible - Working with banks to restructure the loan if you are bankrupt. This option gives some breathing room for repayment by amicably working out on a repayment schedule.</li></ol>

How To Reduce Loans

If we avoid taking loan, then we can be out of debt trap and lead a peaceful life.Here are ways to avoid them<ol><li>Create a budget - Most conventional old school style- Take a stock of your incomes and expenses including miscellaneous expenses.</li><li>Cut down your expenses - Be frugal.</li><li>Build an emergency fund - at least 6 times of your monthly expenses as emergency fund.</li><li>Do not take loan - Delay the gratification by saving the money needed to get the product that you want.</li></ol>

How To Avoid Loans

You don’t need to be great to start, but, you need to start to be great

Managing money is the most important part than earning. Failing which it will bring bankruptcy in no time.<ol><li>Be diligent with your budget</li><li>Invest wisely, and not be greedy</li><li>Take help of a credible financial consultant</li><li>Have a financial goals and invest for each of them based on priority and urgency</li><li>Don’t ignore inflation</li><li>Don’t oversee health insurance even if you are employed and covered by your employment</li></ol>

Financial Planning

This book is completely centered around debts and its kind, talks how one can achieve the path of No Debt, and how the No Cost EMI schemes are deceiving people in to bad financial habits. It is not for those who seems to manage their finances well, but beware of debt! It will soon catch!

Are you happy with the way you are handling your finances? Research says that 90% of the people work for EMI and not for anything else. People stick to their job because of the EMIs they must pay. Are you one among them and want to get rid of your EMIs? Are you looking for ways to achieve Financial Freedom? Do you want to be organized and manage your finances better? Zero EMI has the answers to all your questions and will help you control your finances, instead of being controlled by them. The author explains the concepts in simple English with the use of his personal stories and the stories of his friends. The book offers practical personal finance tips for salaried people in the age group of 22 to 50 years. Grab a copy if you want to learn how to reduce your loans, avoid taking loans and lead a stress-free life financially.

Understand yourself and those around you.

psychology

Psychology

mindfulness

Mindfulness

moneyandinvestments

Money & Investments

habits

Habits

books

Books

Ra Ma Palaniappan

Zero EMI

The degree to which you feel in control of your time and your life is a major determinant of your level of Inner Peace, harmony, and mental well-being.
To perform at your best, you must have a strong feeling of control in the important areas of your business and personal life.

Law of Control

<ol>
<li>Desire</li>
<li>Decisiveness</li>
<li>Determination</li>
<li>Discipline</li>
</ol>

The Four D's of Effectiveness

Whatever your belief, if you think of yourself as an excellent time manager, you will naturally do those things that are consistent with that belief.If you do not change your beliefs about your level of effectiveness and efficiency, your ability to manage your time will not change, either.

Beliefs become Realities

<ol><li class="ql-align-justify">Program your mind - Affirm over and over to yourself that "I am an excellent time manager."</li><li class="ql-align-justify">Visualize yourself as you want to be - Think of yourself as calm, confident, highly efficient, more relaxed, and able to complete large amounts of work in a short time.</li><li class="ql-align-justify">Act "as-if" - Fake it until you make it.</li></ol>

Tips to become a better time manager

Know exactly what your values are.<ul><li class="ql-align-justify">Why am I doing what am I doing?</li><li class="ql-align-justify">Why do you get up in the morning?</li><li class="ql-align-justify">Why do you do the job you do?</li><li class="ql-align-justify">What is the reason for working where you work?</li></ul>If you love what you do, and put your whole heart into it, then there is no feeling of stress/burnout.

Determine your values

<ol>
<li>Engage in Self-analysis and Introspection - Errant assumptions lie at the root of every failure.</li>
<li>Think Slow - allows you to organize your life most productively, and enables you to achieve the greatest amount of joy, satisfaction, and happiness.</li>
</ol>

Think about your Vision and Mission

Think Before You Act. Build a Morning Ritual to<ul><li class="ql-align-justify">Review your goals</li><li class="ql-align-justify">Build your plan, and</li><li class="ql-align-justify">Measure your progress</li></ul>True greatness ONLY emerges with Introspection, Retrospection, Solitude, and Contemplation.

Project Forward, Look backward

Build clarity in your plans.<ol><li class="ql-align-justify">Find - what are the difficulties and obstacles that stand between you and your goal?</li><li class="ql-align-justify">Identify - The additional knowledge and skills required to achieve the goal.</li><li class="ql-align-justify">Collaborate - with people, groups, or communities who could help you to achieve your goal.</li><li class="ql-align-justify">Tag along - of all the people, who can help you to achieve your goal.</li></ol>

Make written plans

The biggest goal can be achieved if you simply break it down into enough small parts.

The more time you take to think and plan, on paper, the better results you will get, and the faster you will get those results.

Chart your projects

A goal without a deadline is not really a goal.

Use the ABCDE method of creating and executing a To-Do list.<ul><li class="ql-align-justify">A - Must do</li><li class="ql-align-justify">B - Should do - Never do a B task when you have an A task.</li><li class="ql-align-justify">C - Nice to do</li><li class="ql-align-justify">D - Delegate</li><li class="ql-align-justify">E - Eliminate</li></ul>

Create your Daily "To-Do" list

<ol><li class="ql-align-justify">Use the 80/20 rule - If you were called out of town for a prolonged time, which activity must be completed before you leave?</li><li class="ql-align-justify">The Law of Three - Ask three most important tasks that make valuable contributions to your business/profession/personal growth.</li></ol>

Set clear priorities

Use a 4-quadrant methodology of Time management.<ul><li class="ql-align-justify">The Immediacy quadrant - Tasks that are both Urgent and Important - have long-term consequences if put off.</li><li class="ql-align-justify">The Effectiveness quadrant - Tasks that are Important, but not Urgent.</li><li class="ql-align-justify">The Delusion Quadrant - Tasks that are Urgent, but not Important.</li><li class="ql-align-justify">The Waste Quadrant - Tasks that are neither Urgent nor Important.</li></ul>

Stay on Track

Use the 70 percent rule - If someone else can do a particular task 70 percent well, then it is a prime candidate to delegate to that them.

Delegate to others

Focus on the most important task, that has maximum benefit.

Concentrate "Single-Mindedly"

<ul><li class="ql-align-justify">Be a "creative" procrastinator - Be a high producer who procrastinates tasks and activities of low or no value. Low producer procrastinates tasks that have considerable value to the company.</li><li class="ql-align-justify">The Salami Slice method - Eat what you can chew. Break down tasks into slices that you can complete in a focused session.</li></ul>

Beat Procrastination

<ul><li class="ql-align-justify">Create "Unbroken" 60-90 mins blocks of time</li><li class="ql-align-justify">Don't mix Creative and Administrative tasks - The former requires Slow thinking, and the latter requires Fast thinking.</li></ul>

Focused Blocks

<ul><li class="ql-align-justify">Work all the time you work - until you get your most important tasks done.</li><li class="ql-align-justify">Minimize Interruptions - Use the "Do Not Disturb" signboard/signals to avoid interruption.</li><li class="ql-align-justify">Stand-up Immediately - Have the courage to go and ask people "What do I do that waste your time?"</li></ul>

Control Interruptions

<ul><li class="ql-align-justify">Do all the similar tasks at the same time </li><li class="ql-align-justify">Manage your emails and telephone conversations - by answering emails/phone at scheduled times.</li><li class="ql-align-justify">Conduct effective meetings - with a clear agenda and people.</li></ul>

Batch Your Tasks

<ul><li class="ql-align-justify">Resist the temptation to spend time reading things that are not of immediate value or relevant to your life and work.</li><li class="ql-align-justify">Review books carefully before deciding which ones you want to spend time reading.</li></ul>"Readers are Leaders"

Read Faster, Remember More

<ul>
<li>Schedule time to learn and grow.</li>
<li>Attend seminars/workshops/conferences by people with practical experience and achievers in their field.</li>
</ul>

Invest in Personal Development

<ul><li class="ql-align-justify">Declutter your workspace, as it has a psychological impact</li></ul>

Organize Your Workspace

The 3 most important things are to install balance and moderation in your life.<ol><li class="ql-align-justify">Quality of your inner life</li><li class="ql-align-justify">Healthy lifestyle</li><li class="ql-align-justify">Nurturing relationships</li></ol>

Summary

Time Management is Life Management — a profound book with various actionable insights delivered succinctly. The payoff for becoming an excellent time manager is HUGE. It is the outwardly identifiable quality of a high performer vs. a Low performer.

The strength of any organization is determined by the quality of its managers. What they do and how they do it is the key determinant of corporate success. Want to become invaluable to your company? Boost your managerial skills. The good news is that great managers are made...not born. When you discover what the most successful managers know, you will unlock the secrets to turning even ordinary employees into extraordinary performers. Now with this handy little book, success expert Brian Tracy reveals how anyone can easily: Set performance standards Delegate productively Define key result areas Concentrate attention and resources on high-payoff activities and eliminate distractions Hire and fire effectively Build a staff of peak performers Hold meetings that work Foster team spirit Communicate with clarity Negotiate successfully Remove obstacles to performance Set the right example Make good decisions quickly And more Filled with practical, proven techniques and tools, this essential guide shows you how to bring out the best in your people--and hit new heights in your own career.

productivity

Productivity

problemsolving

Problem Solving

timemanagement

Time Management

Brian Tracy is Chairman and CEO of Brian Tracy International, a company specializing in the training and development of individuals and organizations.He has consulted for more than 1,000 companies and addressed more than 5,000,000 people in 5,000 talks and seminars throughout the US, Canada and 55 other countries worldwide. As a Keynote speaker and seminar leader, he addresses more than 250,000 people each year.Brian has studied, researched, written and spoken for 30 years in the fields of economics, history, business, philosophy and psychology. He is the top selling author of over 45 books that have been translated into dozens of languages.

Zero EMI

Management

Jegan Kunniya