One who is debt free is the richestWe often tend to compare ourselves with people around us regarding material comforts we are possessing. Sometimes we feel that others have a big house, a big car, costly branded items, furniture etc while we in their comparison have a small car, small house and reasonably priced items at home. Now a question comes who is richer? You or that other person? The answer obviously seems another person.
But just wait. Sometimes this richness, pomp, and show by few people may merely be a show business. When you try to have a closer look at these people sometimes you find that most of the things they possess like house, car etc are on loan and they are paying EMI for it. Loan for a big expense like buying a house is quite understandable but for other comforts, it is better to avoid taking loans.
So most of the things they possess are through debt and do not belong to them truly. Assuming that in your case whatever little you possess is by your own earning and not through loans who would you consider richer now? Yes, the answer is you yourself since you are debt free and you do not owe any money to anyone.
It is advisable always to spend as per one's capacity and it is far better to have small things with your own money rather than having big things via debt by taking loans.