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Financial Freedom

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What financial freedom means on this Independence Day

But what’s it like to be financially independent? Does one have to be uber rich or win a lottery to be financial independent? Actually no; all you have to do is to ensure that you have the capability to earn and that your needs are well within your income because if the needs outstretch the income, you will never be financially free, never mind the lottery.

The key to be financially free is to be able to manage your needs in the present and in the future with the income that you have. “Financial independence is to have sufficient cash flows that support the current lifestyle of an individual and allows the person to invest for the future,” said Kalpesh Ashar, founder, Full Circle Financial Planners and Advisors. “At any stage of life, it all adds up to awareness, and acceptance of your financial situation and taking suitable action,” he added.

The good news is that financial freedom is achievable and according to Sachin S. Parekh, founder, Save N Protect Financial Planner, financial freedom is achieved when one’s investment income or passive income is more than the active income or income from work.

Your roadmap to financial freedom

Q. Tell us a little bit about Paisalo Digital Limited.

A. Paisalo Digital was incorporated in 1992. It got listed on the stock exchange in 1996 with the market capitalization of Rs 3 crores. As of 2018, it stands at over Rs 1,200 crores. In fact, between 2008 and 2018, we’ve given a CAGR of 38% to our stakeholders. And till date, we’ve served over 1 million customers with our high tech model.

Q. You’re a young entrepreneur of only 21 years. What according to you is financial freedom and what should people understand from this term?

A. When it comes to financial freedom, there is a concept that we follow, which is: available, aware, and affordable. By combining all these, you strive towards fulfillment of your entrepreneurial journey. There is a quote I read a few months ago by Steve Jobs, which said “Everything that you see around yourself was created by somebody who was looking for that resource”. There are ample opportunities around you to achieve your financial freedom, in a country like India where 1.3 billion people reside and are served by non-regulated entities.