Most of us have been taught that you just can get ahead without borrowing. We are continually inundated with advertisers telling us we can have it right now just use your credit card.
This has also added to our impatient attitudes. We want it right now!
Always remember and never forget. It is not how much money you make that counts, it’s how much you keep.
Some people believe there is good debt and bad debt. Good debt is something you can sell at any time and repay the debt and maybe even make a profit. Bad debt, of course, is all the other types of debt especially credit cards.
The big myth about good debt is the notion that you break even or make money on the sale of the asset your debt is secured from. But, if you’re making payments you need to add those payments into the mix. When you do you’ll almost invariably find that almost every kind of debt imaginable is really and truly BAD debt.
Debt kills you. It saddles you down. It forces you to make a certain amount of money every day just to get by.
What folks won’t tell you about there so called good debt is if you can’t make a payment you’ll lose that asset of yours and be forced to pay off your debt even if the sale doesn’t cover the money you owe.
Debt can kill you. Use the philosophy of staying out of debt and living a stress-free life.
David…
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