Most people are ruined financially because they live beyond their means. For financial freedom, live beneath your means.

I think people take too many loans these days. I know people who have taken loans to get married, have a kid, educate their kid, get the kid married, build a house, buy a vehicle, and so on and so forth. Most people live their lives paying installments. I wouldn't call it much of a life, would you? And most of them claim that it is impossible to live without taking loans.

The financial institutions are taking advantage of this by encouraging people to take loans. Recently, I got a call from my bank informing me that I am "eligible to take a loan"! I was amused. I told him that I don't need one! I think people have to try for a loan-free life, first and foremost!