Have you ever eyed that dream purchase like a new car or house, only to be stopped short by the fear of taking on too much debt? It’s a common worry for many people, as is being stuck in bad debt with its crushing interest rates and constricting terms. It can seem intimidating to make decisions regarding your finances when so much is at stake.
However, it’s important to understand that not all debt is equal. There are different types of debt – good debts and bad debts – both of which carry drastically different implications for your financial future if managed correctly or incorrectly.
In this episode, I talk about good debt and bad debt. I share personal stories on how I became more educated about debt and how I manage my finances for the better.
Indeed, debt can be a powerful tool to increase your purchasing power and build wealth. However, the trick is understanding how to make prudent decisions on when it’s beneficial to take on debt and when it’s not. Listen to this episode now to learn how to navigate these tricky waters and make smart decisions when it comes to money.
IN THIS EPISODE, YOU’LL FIND OUT…
- Understanding what bad bad debt is (00:35)
- How opportunity cost can affect your buying decisions (05:58)
- What is good debt? (08:08)
- The importance of understanding your situation before borrowing (10:27)
QUOTES
“Opportunity cost is a real cost.” -Carl Taylor
“Not all bad debt is bad.” -Carl Taylor
WHERE YOU CAN FIND CARL TAYLOR
Automation Agency
CarlTaylor.com.au
LinkedIn
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Like this episode? Have topics that you would like us to discuss? We’d love to hear your feedback and comments. Let us know by leaving a comment below.