Good debt can be thought of as an investment for your future. It means borrowing money for something that has the potential to increase in value or generate income over time.
Good debt ultimately contributes to your wealth and happiness.
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Debt can be your best friend or it can be your worst nightmare depending upon how you use it.
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Is debt acquired to purchase something that is going to benefit you financially in the future, usually with low interest. That means it's either going to generate income or allow you to make more money in the future.
Examples of good debt:
Debt is a liability unless you use it to finance income-generating assets. Don't take on debt for anything that does not increase in value over time.
Suitable forms of debt include buying real estate as a rental property, investing in your business, or a student loan.
Building wealth has little to do with your income or investment returns and more to do with your savings rate. The value of wealth is relative to what you need. A high savings rate means having lower expenses than you otherwise could, and having lower expenses means your savings ...
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