This blog might sound a lot like a self-help book. The content was neither lifted from any of the books nor from the Internet – it has come from a lot of personal experiences, insights and also through meeting many people who still are under few crores of debt. Sometimes I might even sound like a criminal but then it is up to you to interpret the inference.
All love money, and all want to make more money. But in the process of generating more money and multiplying it people face few unforeseen events that leave them bankrupt eventually. Debt and stress follows them and they start running and hiding. These unforeseen events aren’t self- propelled - they are part of destiny. I have seen people in huge debts only when they are running a bad period astrologically. And when they are running a good period – they usually do well. So the people aren’t to be blamed for their failures.
The changed society
People still think about a debt free life, which isn’t possible now. Things have changed and also the society. It is a credit run society now, where in you have all the fun now, and pay up later. I wouldn’t say it is wrong. But then it is very different from what our parents or grandparents did. They had a house and car much later in their lives, and they never had any loans or debts when they retired. These days you retire with huge loans on head. It is good. The only thing you can do is, borrow as much as possible and die without any mention of your lineage!
Which money to use
To start a business you take money from various sources – pawnbrokers, personal PF, personal savings, wife’s ornaments, friends, parents, private banks and lastly the nationalized bank. The order should be in the reverse to be honest. Never invest your money into your business. And always take loans from nationalized banks – because in case you cannot pay, they won’t send eunuchs and abusers to your house. (And as much as possible NEVER borrow money from pawnbrokers – it is a curse in itself).
The common mistake
You started a business, you made a loss, and there are many EMIs on head. Stop for a while, and think. Talk to yourself – you started a business, you made a loss – meaning there is something wrong. And 99 per cent of the times it is your time. These 2 examples will make you feel good about your present state – even Michael Jackson and Amitabh Bacchan went bankrupt – so there is nothing new or nothing wrong in going bankrupt – it is just part of life.
You are running a bad time, and you have already done a loss – now DO NOT BORROW from others on high interest to pay the previous LOAN. This is what 99 per cent people do, and get into a never-ending cycle.
The moment you know you cannot repay a particular loan, meet the people concerned and tell them that you cannot pay. I would be a fool, if I said that they would accept your stance and give you a hug. They won’t accept, and they would want their money back in any case – that is pure logic. Making them understand wasn’t your motto either. The motto was to make yourself sound clear.
I spoke to a lawyer and she said if you are unable to repay your debts you need to spend 22 days behind bars, and you can come out clean. I am not advising anybody to go to the jail. I am just letting you know what’s the maximum that can happen to you in the worst scenario. And also no lender is interested in seeing you screwed by homosexual behind bars. They just want their money back. Take time to repay – because lending money is their business, and they are ought to make some losses too.
When times change
Life is a cycle. If you go down, you surely will come up. If you go down fast, you will come up slow. If you come up fast, you will go down faster. So when you are bankrupt, and you have stopped repaying your loans, a day will come that will show you a new horizon. Money will flow in. And now don’t rush. When the money flows in, don’t rush to the repay your loans. Take time to multiply it, and then repay.
Important things to note
*It isn’t bad karma to start a business
*It isn’t bad karma to make losses in business
*It isn’t bad karma to go bankrupt
*It isn’t bad karma to stop paying EMIs
*But it surely is bad karma to deliberately delay payments to someone who isn’t doing well because of you!