Harness Money Tip #34

Rich Dad, Poor Dad made me think differently.

There is good debt and bad debt.

Bad debt is debt that holds you back: credit card, student loan, car loan.

Most people only ever learn about and use bad debt. Make it your mission to get out of bad debt and never look back.

Good debt is debt used to propel you forward. You take out a loan to start a business or buy a rental property or build an asset that will bring you income.

Sam Walton was $2million in personal debt before Wal-Mart went public and he then went on to become the richest person in America.

You still need to use good debt in moderation and carefully. But used correctly good debt can dramatically change your life for the better.

For more tips like this check out the Harness Money Newsletter.

Published by Collin Harness

Obsessed with creating value and helping people achieve financial independence.

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