Are you in debts? and that is the reason you are forcing each day to work? Check out what are Good and Bad debts? Tune in to this Podcast…now
Table of Contents
What is a Debt?
Old school thoughts say it is bad and should be avoided but the new age entrepreneurs like me it is “leverage” which is to be used for building assets
While you plan a business “Money” should not be a deterrent. The business idea you have should be workable, scalable and achievable
Robert Kiyosaki, Author of Rich Dad Poor Dad did his Ist real estate investment using debt. He swiped the card for a down payment and was able to make it multiple times he invested. Of course, this became possible as he did a lot of work on himself by surrendering to his MENTOR and understanding the market and taking up the courses for his self-development
Are there any Good Debts?
Depending on for what purpose it is taken it can either be bad or a good debt
In essence, If you are taking money for making money it is good else it is bad debt. Tune in to the podcast to learn more!!
Few Examples to help you get this concept
| Bad | Good |
| Consumer Goods | Software and Tools |
| Vacations/Holidays | Education-Seminars, Courses etc |
| Vehicle | Vehicle for lease |
How to Service Debts
- Enhance skills which can increase your Income. Listen to this Podcast Episode for ideas
- List down all the debts and set your priority on making payments
- See the number in front of your eyes and compute how many years you require to fulfil the obligations
Read the habits which keep the people poor
Share your comments
Share your comments below if you are facing a tough situation. Remember tough times won’t last long, it is there to make you strong!!!