As we celebrate 75 years of gaining independence from British Rule this month, one thinks about the multifacet connotation of the word freedom. The term Freedom engenders the concept of having complete control over our actions and the liberty to choose. A big aspect of this liberty entails having the financial freedom and stability to live freely. 

So what is financial freedom and what are some things you could pay attention to, to strengthen it?

Financial freedom is the ability to choose your lifestyle without having to worry about where the money will come from. It is important to understand that Salary is for ‘maintenance’ while prudent investments create wealth that can lead to financial freedom. With right information and judicious planning one can find their way to a fulfilling life where you can follow your passion without any constraints.

• Awareness of Opportunities

The ever evolving financial world and technology led innovations have opened up a plethora of alternatives and opportunities to save, invest and spend. This has ushered in a new world of possibilities for the millennials and centennials. It is imperative that one spends some time to build understanding of the entire spectrum and find options suitable to one’s situations and goals.

• Benefits of taking loans

While the traditional wisdom says that one must keep their debts to a minimum, however, it is proven without doubt that availing right loans helps in asset creation. There are many tax benefits attached to home loans, student loans etc. Not many people know that the entire interest amount paid on a student loan by an individual is deductible from their taxable income. This leads to a clear saving of 10% or more at the time of repayment. Hence, it might be a good idea to avail loans in certain scenarios.

• Requires a disciplined regimen

Right education, disciplined lifestyle and intelligent investments are required to achieve financial freedom quickly. The proliferation of data science and analytics in the fintech ecosystem has brought student friendly, flexible and convenient financial products for students to their doorstep.

Edu fintech companies like Kuhoo provide collateral free, completely digitised loans for upskilling or any kind of higher education with flexible repayment options. At Kuhoo, we strive to achieve an Atmanirbhar Bharat everyday by helping the nation’s students become financially independent.

So, create the right mix of savings, investments and loans for asset creation and design a brighter future for yourself by taking control of your financial matters.