OK, first question what comes into mind when you hear the word debt?...💭💭.......Do you cringe like most people.😓😓....or do you find it exciting (weird I know)...😀😀.....
Now debt obviously is a word that doesn't sound nice in most people’s ears especially if you are on the losing end of the word..😒😒... Now if you have been reading a lot of financial books you would have heard the words Good and Bad debt....😀😀...Now referring to my mentor on financial literacy…💪💪..Good debt are debts that others pay for you ....😂😂. but for Bad debts you work your own sweat to pay for....😖😖😖...
Understanding,..😕😕... debt from this perspective is quite confusing, so let me break it down...I mean any loan taken for personal uses is pretty much bad debt since you will have to work with your own sweat to pay for it……😥😥…..but one used for business can be Good or Bad debt depending on if the company runs at a loss or gain…😶😶..
Now the main purpose of the short piece is to give basic insight on the topic good and bad debt......Now the topic of good debt and bad debt is always personal with different opinions.... thus I urge the reader to pick a decision what to them is good/bad debt because this has to be the basis of every financial decision you make.......your decision on these words can greatly improve your chances of avoiding the RAT RACE.
Now to sum this short piece up here is an advice from…Rich Dad………”If you want to take up debt make sure someone else is paying for it.”
Now debt obviously is a word that doesn't sound nice in most people’s ears especially if you are on the losing end of the word..😒😒... Now if you have been reading a lot of financial books you would have heard the words Good and Bad debt....😀😀...Now referring to my mentor on financial literacy…💪💪..Good debt are debts that others pay for you ....😂😂. but for Bad debts you work your own sweat to pay for....😖😖😖...
Understanding,..😕😕... debt from this perspective is quite confusing, so let me break it down...I mean any loan taken for personal uses is pretty much bad debt since you will have to work with your own sweat to pay for it……😥😥…..but one used for business can be Good or Bad debt depending on if the company runs at a loss or gain…😶😶..
Now the main purpose of the short piece is to give basic insight on the topic good and bad debt......Now the topic of good debt and bad debt is always personal with different opinions.... thus I urge the reader to pick a decision what to them is good/bad debt because this has to be the basis of every financial decision you make.......your decision on these words can greatly improve your chances of avoiding the RAT RACE.
Now to sum this short piece up here is an advice from…Rich Dad………”If you want to take up debt make sure someone else is paying for it.”
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