Do you believe in the debt free journey for building wealth?

[Anonymous]

[Swordnen]

Not at all
There are two debts
Good and bad
Good debt is when you have capital, and take debts.
For example- You have 1000 Bucks and you need 1000 bucks to start a business. Rather than using 1000 that you have, take a loan of 1000. With 8% interest, you will have to pay 80 bucks. So with just investment of 80 bucks you got 1000 bucks.
- Second is with loan you get tax exemption.

Bad Debt- you are taking loan which is either impractical to pay or you are taking loan without planning is a bad loan.

[OddBeMe]

Long answer yes, short answer…perhaps. You just have to be aware of interest rates. If you need a large interest loan to survive, fine. But dont pay off your car loan at 3.5% before you pay off your 30% loan.

Seriously, my friend threw a party for paying off his mortgage yet he told me had vookoo credit card debt. “Why’d you pay off a 4% thirty year mortgage loan then you dumb fck?”
“Felt like the right thing to do.”

[driven159]

yes think of all think interest you pay on barrowed money that is like throwing it in the trash the only thing you should barrow on is a house because that is an investment

[ChrisMaster69]

Nope not at all.

[Asker]

Why?

[ChrisMaster69]

Property…

[Asker]

uhm.. an excpetion.

[ChrisMaster69]

Bit of a large one