Transcript: Christian Success Overcomers: Avoiding Financial Struggles

Hey there. Namaskar, namaste, good morning and good evening, my dear beloved friends and a warm welcome to one and all of you. How you have been doing? I strongly believe that you all have been having a fantastic time with your family. If not, try to create one more fantastic moment and let it be a holiday outing or let it be a movie or a time together at home in your terrace. Oh, home together, time together at home in the terrace. Yes, why not? It's, you know, that 10 times more than the time you spend together in a mall, getting into a supermarket and husband is this side, wife is that side, children are roaming around and all that. No, you need to have family time right in your terrace. Try doing that. If you're in apartments, you will have some lobby or something or balcony. Spend time together. It's nice. Okay. All right. Warm welcome to the short sessions. where we are consistently making efforts to cover various topics from the perspective of life and wellness. And why are we touching on these topics? We have only one motive, one objective. We have to build the mankind as overcomers. And who are these overcomers? Those that don't give up the fight against the worries, the troubles, the fearful moments. It could be even sicknesses, it could be some of the depriving thoughts and all that. So everything we are actually covering, there are lots of sessions, close to 100 sessions are available on various aspects of life. Do not miss. Today, yet another session, yet another topic. Today's topic, we are going to talk about spent thrifts. Who are the spent thrifts? Let's go to our Google and see what this Google guy has to say. A person who spends improvidentially or wastefully and spendthrift, adjective is definition of spendthrift, given to spending money freely or foolishly, wasteful with money in advanced economies and with the wealthiest nations promising to mend their spendthrift's waste. This is the definition, sorry to read that. Other definition is also very simple. For example, in the European countries, the Western culture, US and all that, you know how spendthrifts evolved. You won't believe this and India is no different nowadays. I am not blaming digital India for that matter. Now, don't connect it to any other political reasons and all that. Even I am also a digital user. Credit card. Card is the key source to make a person spend money. Why? Because it's credit. And the statistics says there are only 8% of people. Each time they swipe the credit card, they have a kind of a budget behind their brains. What is that? Each time they swipe, they know they have the source of money in their bank and they are able to meet the needs of course there are exceptional cases we are not here to talk about credit card we have other other things to discuss but just started with a credit card aspect credit card is really good you don't have to carry your wallet and no security threat you have a good pin security feature and all that right now but then credit card is lost immediately call the bank they will block the card all this great facilities are there money is gone gone right and most of us have been in the credit card so it is a very safe instrument to carry across nothing wrong now what happens is only eight percentage of people or a little greater than that have that thing in their mind that they have somehow needs but emergency cases for example a health issue and all that you use credit card and then you claim in the insurance health insurance that is also being covered now the important point let come back to the original point spend trips who are they and where are they they are everywhere another statistic says there are spend trips 4 out of 10 people in the current world that we are living 4 out of 10 people are emerging as spend trips especially the things like you know take an instant loan on your debit card on your salary account take a instant personal loan and you can repay whenever you want but what they forget is the kind of interest they have to pay and they may lose their job anytime because most of us are in private sectors very few people are in the government sectors therefore there is lack of planning whenever they get into some sort of debts right they don't map the debts as a long-term planning and an expenditure which I could really incur and repay you have to repay your loan else your property will be confiscated your name will be blacklisted next time no you will not even get a debit card correct they're very good linking nowadays and even RBI has a say in the Reserve Bank of India what am I trying to say the original definition we have read now what does it mean is people wastefully or or foolishly spending money. Let's underline that point, spend a minute or two. What is this wastefully, foolishly spending money? Very, very simple. If you have something already existing in your home, for example, good example, you have a car which has four wheels and a gear system and all that which can transport you from point A to point B, which is a depreciating asset anyway. What is the point in upgrading your car in less than 5 years while your vehicle loan is still going on? And first of all, it is a depreciating asset. And another important aspect is if you are a spendthrift, you will not take loan on a depreciating asset. You will actually go for a house loan or home loan which is like a appreciating asset. Any gadgets don't go for loan or take EMI, short term EMI, three installments and all that. seven years loan on a vehicle right it is a depreciating asset somebody is asking me how do you know because i got caught with one of my vehicles until somebody came and explained me with the calculations and proven i ended up paying almost like 23 percent more including my depreciation so if i were to resell the car i will actually be at the loss of 23 percent according to that person's calculation only then i discovered oh it's but what happens is the it's it's so attractive sir you will get the key all that you need to do is sign in some 23 30 papers that's it right but then you are at the loss of 23 percent 28 percent 30 percent and more so when you resell your car and upgrade it within that stipulated time right first of all you have a car five years it should be in a good condition if it is not in good condition take it to garage you have to spend few thousands of rupees and then you can get it back to normalcy don't get immediately attracted towards advertisement and all that good example is me i used to have a geared version of car and i started getting ergonomic problems i couldn't manage the clutch in the bangaloo traffic because i have to drive so far so i ended up upgrading the car to a gearless version this is a true incident the moment i updated to gearless version immediately a temptation started in my heart oh i could go for another upgraded version this is this is a different technology that is a different technology this and that and finally my wife had to literally rebuke me and she was the one who explained me convinced me now you are going to be at loss and therefore never end up this kind of you know attractions it's like a temptation right good example likewise every single thing at your in your home you have good cards you have good sofas and you have good furnitures you and all that you end up in a shopping mall then you see a furniture 30 percent discount 50 off this and that now can we replace this and all that so what do you do with the old furniture dump it somewhere else so what happens your house will become like a godown correct no it will be full of all old items why because there isn't a need for you to buy a new teapoy or something like that already a teapoy is there it is not broken yet so the basic rule of thumb i'll come to the point is do not go for an addition of things or any kind of things or materialistic thing until there is a need, right? You do not create a need before the need enforces you to, you know, meet that need. It is my own definition, you all understood, right? Then there is no need, then why are you inventing a need, correct? So let there be a need, let the sofa break or let the cot break down, may such a thing not happen, okay? let your you know beds right the the bed on the cot you know get get stoned or something like that replace it no problem unless the need invites you please do not you don't enforce yourself to invite the need you don't create a need you don't invent a need you don't discover a need this is what attracts you to spend money waste money simple rule right now I'm not a rule actually it's a simple definition helping you to understand who are these pen trips and for example we all go for holiday outing and all that nowadays the internet system is very good and some things like you want to book an airfare nice comparisons they do and they give you which are the least of the rates and all that but then sometimes what happens is we get attracted towards the label I will travel only in Emirates I will travel only in Qatar all of them operate in same kind of airline system and all that somebody is offering you for a good price indigo is offering for a good price go for it so you save some money see saving is a blessing saving is brilliance saving is a kind of a you know intellectual attitude and nothing wrong right and sometimes what happens is there are a lot of local players another example i will give you a lot of from the you know broomstick all the way to any other big things there are a lot of local players who have really you know they it's like make in india you all support make in india right so you definitely need to support the local players this small vendors rather than supporting the corporates and all that i'm not saying always the local vendors are matching up to the corporate standards right for example i visited a place called as ikea i have got some expectations actually did not meet me but when i watch the youtube this thing you know people were typing oh it's like heaven paradise and all that and even the food I didn't like so when we came back ended up spending thousands of rupees going there and coming back it's very far then I visited some local vendors my goodness it is not even the amount of money that I spent on petrol cost driving all the way there my needs are fulfilled and they're of good quality yeah you don't have to compromise on quality but then you need to check on all those aspects and I'll tell you what this is where sometimes we get attracted towards the brand end up paying 300 400 percentage of money more what is this called as wasting money it's foolishness sometimes but sometimes some areas some branded products are really good good example is pillow cushion pillow back pillow sofa set and all that and wood right wooden furnitures and all branded because why a lot of local players they use some local woods and it started giving the termites and all that so I agree with that so you need to really make your choices and you got to be really wise there are very few people make such choices good definition on spendthrifts right now how to overcome this attitude as a spendthrift few tips and I took little notes and I just referring right make budget plan whenever the year begins you make a budget plan budget plan for what you may want to upgrade certain things nothing wrong but make a plan accordingly right And try to avoid loans Budget planning should not be intercoupled with loans, except for appreciating assets. For example, gold and land, no problem, right? But anything else is a depreciating asset. Try to save up money and then buy. Delay the process by six months, nothing wrong. You will not end up as a spendthrift right and use for example, evaluate your areas of spending right. Use your brains, use your time and discuss with your spouse. Sometimes you take inputs from your children, they give brilliant ideas, they are very smart people you know and as a family you decide and make your areas of spending and if your budget is really tight for that year for example, one of your spouse you lost the job because of recession then cut down all the areas of spending sustain survey right with whatever you have nothing wrong that that year do not buy anything that doesn't mean you have to walk around with torn clothes and all that i'm not trying to say that but then you have good clothes to wear why again simply buying clothes you know especially you know ladies gents are also like that these days no difference but then really really you know value that money there are many many people who are not having clothes to wear proper clothes to wear you have so much at home so why are you so many at home why are you buying again you know and evaluate the triggers for spending right for example groceries important trigger attribute or parameter right and you know your credit card bills electrical bills and water bills your tuition fees for your children school fees for your children all these are regular expenditures and these are the triggers recurring triggers and you go to plan for it right and cut off the unnecessary expenses evaluate and cut off recurring expenses right for example you have two three internet connections cut down two of them and see how you can centralize it somewhere in the area where the wi-fi reaches to everyone you know cut off all unnecessary expenses you have already you one dog at home right why buying another three four dogs like you know how expensive it is to take care of a dog i didn't know it unless one unless and until one of my niece she got a dog and i really was surprised several thousands of rupees they spent on the dog right i'm not i'm also animal lover if you're a dog lover fine but have one why why having 10 there are a lot of people in my own area there they have two three dogs i don't know how they manage my goodness it's even more tedious than managing your own kids sometimes get rid of impulse buying don't force yourself to buy anything at that same definition unless a need arises please carry on with your life save the money open up a fd account open up a term deposit account lot of plans so many plans has been introduced by central government of india it's all for the wellness of indian citizens you You go for a LIC, you go for a pension plan. Save money. Why? Because we are all, I repeat it again, we are all in private sectors. Government sectors, their pay is very less. Private sectors pay is hefty, but you don't know when you will lose your job. Both of them are actually in equal category only. Therefore, save up money because you do not know how your situation will change. Please do not be a spendthrift. God bless you. Take care. Please subscribe to our channel. Get access to all our playlists. Do not miss on any of videos like this. It's only going to help you. We are actually letting spark on many areas of your life. It's only going to induce certain positive thoughts, some fruitful thoughts, meaningful thoughts and help you march in the right direction and also build you as overcomers. So share these details with your friends, relatives, whomever you know. Share it and spread the knowledge of truth. And continue to stay with me. I'll meet you soon. Namaskar Namaste Bye