How To Conquer Debts: The Gita Way

The most important step in achieving early financial independence starts with retiring your debt.
Vatsal Ramaiya draws wisdom from the Bhagvad Gita to explain how to conquer your debts with Lord Krishna's Kritya Nash Technique.

Hey Rohan, feeling the weight of debt on your shoulders? Don't worry," Vijay Uncle's here with another weapon from our Bhagavad Gita arsenal: The Krishna's Kritya Nash (Action-Destroyer) Technique!

Just like Arjuna used his mighty bow Gandiva to conquer the Kaurava army, we'll use this technique to conquer your debts (except your home loan, of course) and pave the way for early sukoon.

The Second Path: Conquering Debts with Krishna's Kritya Nash Technique

The Bhagavad Gita emphasizes the importance of Sthitaprajna (steadfast wisdom) in the face of challenges. Debt can feel overwhelming, but with the right strategy and unwavering focus, you can overcome it.

Enter the Krishna's Kritya Nash Technique, inspired by Arjuna's relentless pursuit of victory under the guidance of Lord Krishna.

Here's how the Krishna's Kritya Nash Technique aligns with the spirit of the Bhagavad Gita:

• Arjuna's Strategic Warfare: Arjuna didn't try to take down the entire Kaurava army at once. He strategically targeted and eliminated individual warriors. Similarly, the Krishna's Kritya Nash Technique focuses on eliminating your debts strategically, building momentum and a sense of accomplishment.
• Krishna's Message of Focused Action: Lord Krishna, Arjuna's charioteer and guide, represented hope and perseverance. The Krishna's Kritya Nash Technique, like Krishna's message, emphasises focused action. By directing your resources towards specific debts, you achieve quicker results and gain the confidence to tackle larger ones.

Krishna's Kritya Nash Technique in Action

1. List Your Debts (Except Home Loan): Gather all your debts -- credit cards, personal loans, etc. List them from smallest to largest outstanding balance.
2. Minimum Payments on all Except the Target: Make minimum payments on all your debts except the one you've chosen as your target.
3. Focus Fire on the Target Debt: Put all your extra money towards paying off the target debt as quickly as possible.
4. Celebrate Each Milestone: Once you've paid off a significant chunk of the target debt, or even the entire debt, celebrate! This victory motivates you to tackle the next one on your list.
5. Repeat and Conquer: Take the money you were paying towards the target debt and add it to the minimum payment of the next debt on your list. Repeat steps 3 to 5 until all your non-home loan debts are vanquished!

The Bhagavad Gita and Responsible Borrowing

The Bhagavad Gita also emphasises the importance of living within your means (Aparigraha). While the Krishna's Kritya Nash Technique helps you conquer existing debt, remember to borrow responsibly in the future.

"Remember, Rohan, conquering your debts is a crucial step towards early sukoon. It's like Arjuna clearing the battlefield before the final showdown. The Krishna's Kritya Nash Technique, with its focus and strategic approach, is your weapon. Use it wisely, and with unwavering Sthitaprajna, you'll achieve financial freedom and unlock your dream of early sukoon!" Vijay Uncle broke in on Rohan's thoughts.

"Stay tuned, Rohan! We'll explore the next step in your Bhagavad Gita-inspired journey to early sukoon soon!"

Watch out for this space!

• Part I in the Series: FIRE Your Financial Dreams: Live Life on Your Terms
• Part II in the Series: Heal Your Body, Heal Your Soul
• Part III in the Series: How To Budget For Peaceful Retirement
• Part IV in the Series: 7 Ways Gita Can Help Achieve Peaceful Retirement
• Part VI in the Series: How To Achieve Financial Peace: The Gita Way

Vatsal Ramaiya is a personal finance expert with 16 years of experience with India's top mutual fund houses. He blogs atm mfnow.in.

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