New Delhi, Aug. 15 -- Today is 15 August, a special day of freedom, independence, and light for Indians across the globe. This is the perfect day to start afresh and devise a meaningful economic planning and investment strategy to achieve financial freedom in the long run.

Furthermore, financial freedom today is generally associated with earning more, having liquid cash to spend, saving consistently, and building long-term investments. Still, for many households, the first step towards financial independence is simpler; it is first about getting out of expensive debt.

This is because having expensive assets, immense wealth, and savings are inconsequential if an individual holds an equal or higher level of debt. This becomes even more co...