Good Debt vs Bad Debt
Good debt versus bad debt
It is probably safe to say that most people have some form of debt, whether it be good debt or bad debt.
It is also probably safe to say that much of that is bad debt.
What do I mean by bad debt? You may be saying all debt is bad, but that is not true. If you are using debt to increase your wealth or financial position, you are said to have good debt.
There is also a difference of opinion as to what is good debt. Real estate loans, business loans, mortgage loans are often considered as good. We are taught that investing in our home is the first step to securing our future.
These people also consider a family home as an asset, whereas a property investor would consider the family home a liability. Why? Do you generate income from your home monthly or annually? If it isn’t generating a cash flow, isn’t it considered a liability?
We all understand what bad debt is, the main one is of course the dreaded credit card. Other categories under bad debt would be shop accounts, car loans, holiday loans and other personal loans not generating income. Some credit cards are used as good debt, but that is another topic for discussion!
John Childers, Profitable Skills
Profitable Skills
Right now I am a student of his program. I am amazed at the skills he teaches. I am not even going to try to tell you what he teaches as it would be only my interpretation of his lessons.
I am just so excited about what I am learning that I just want to SHOUT it to the world! I am fortunate enough to be learning John Childers, all his Profitable Skills. He is one of my many mentors, but he is one of the best! This isn’t even an advertisement! I just want to share this with you. (I think I already said that.)
Anyway, he is definitely one of the greats, and I recommend him to anyone that wants to learn ‘Profitable Skills.’
