Good question. but I think half of India and many industrialists whose company is under NCLT are also looking for the same answers. How to clear debt of 5 lakhs depends on many factors. What debt. Talk to the bank or whatever it is. Convert to further EMI or “settle”. Or there are debt consolidation services you can use. May be you can sell or pawn some gold.1- if you have gold you can sell it or take gold loan which is less interest rate.
2- if its credit card loan then ask for one time sttlement
3- sell partial land if you have
4- live frugal ,save more repay more
5- try to do some side hustle to earn more.
Sell some of your assets which you don’t need immediately to clear. Cut down all unnecessary expenses, take a lower interest rate loan to pay off the existing loan. Liquidate your assets like gold to pay off the loan amount, Interest is a vicious trap if you don’t have adequate cash flow. You can convert that debt into a money-making asset? For example, maybe you used it to buy a car that could now be attached to Ola/Uber.
Here is an example of someone who achieved FIRE.
Returns are always overrated and Income Tax is a reality. Peace of mind and family time are both priceless. It is the amount one can save month after month and consistently increase it by leaps and bounds every year, by leveraging his human capital, that makes all the difference. We achieved all our financial goals including Fire (which was a coincidence discovered along the way) by investing in FDs alone. Our MF and stock investments are a miniscule portion of our assets and we invest in them for learning and fun and also to familiarize our kid to investment avenues available.
Nothing has changed on ground, we love our profession, continue to work with the same zeal we did when we started our careers, earn, invest to a predetermined target and blow the rest on travel and fun. CRATON is the only thing that matters to us. But we constitute a minority as we do not even know how to calculate CAGR and XIRR and when to use which one and are happy and content looking at the liquid cash we have in our bank accounts.
My family is in debt of 5 lakhs. How to clear it
It’s difficult to know how to clear a family debt of 5 lakhs without knowing your specific situation. However, some tips to get started include looking into debt consolidation or refinancing, developing a budget and creating a debt repayment plan. You may also want to consider speaking with a financial advisor to get personalized advice on how to best tackle your family’s debt.
The family’s debt of lakhs
My family is in debt of 5 lakhs. We have tried to clear it but we are not able to. We have tried to take help from our relatives but they are not able to help us. We are really worried about it. Can you please suggest us some ways by which we can clear our debt?
How to clear the debt
If you and your family are in debt, there are a few things you can do to try and get out of debt. One option is to work with a credit counseling or debt management company. These companies can help you develop a plan to repay your debts. Another option is to work with a debt settlement company. These companies can help you negotiate with your creditors to try and get them to agree to accept less than the full amount you owe. You can also try to negotiate with your creditors on your own. If you are able to reach an agreement with your creditors, you can set up a repayment plan to repay your debts.
The importance of family
The family is the most important unit in society. It is the basic building block of civilization. The family is the foundation of the social order. It is the primary social institution that shapes the lives of its members and provides them with the support they need to meet the challenges of life.
The family is a source of love, security, and belonging. It is the first place where we learn to love and be loved. It is the first group to which we belong. The family is the primary source of our identity. It is the first group that teaches us how to interact with other people.
The family is the foundation of society. It is the basic unit of social organization. The family is the primary social institution that shapes the lives of its members and provides them with the support they need to meet the challenges of life.
The debt’s impact on the family
The debt’s impact on the family can be devastating. The family may have to declare bankruptcy, which can ruin their credit score and make it difficult to get loans in the future. The family may also lose their home and possessions if they can’t afford to make the payments. This can cause a lot of stress and can lead to arguments and even divorce.
How to prevent debt in the future
There are many ways to prevent debt in the future. One way is to create a budget and stick to it. This means knowing how much money is coming in and where it is going. Another way is to save money. This can be done by setting aside money each month to build up an emergency fund. This fund can be used to pay off unexpected bills or expenses. Another way to prevent debt is to use credit wisely. This means using credit only when it is needed and making payments on time.
I guess that’s the correct answer. Think about what you can earn and target and work on that aggressively. You will reach your target.