Leveraging Debt Wisely
Not all debt is bad. Used wisely, it can help you grow your wealth.
Action:
Learn the difference between good debt (that creates value) and bad debt (that costs you money) and leverage good debt to invest in assets.
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The Wealthy Code is a stepping stone towards financial enlightenment and wealth. Implementing these ideas can set you on a path to achieving financial freedom and joining the ranks of the wealthy
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Similar ideas to Leveraging Debt Wisely
8. Paying Off Bad Debt
Credit cards can be a double-edged sword.
- Use credit cards wisely, because they can DRAIN your wealth.
- If you use your credit card, only use it for convenience and NOT to buy things that you can’t actually afford.
How you can invest in yourself
The foundation for every personal pursuit in life is to invest in yourself. It can take years. How you can do it:
- Learn to build something. If you can create something valuable with limited resources, you can create value.
- Learn a rare and valuable skill.
Credit Card Debt
The trickiest form of debt, which is literally bleeding our finances, is the credit card debt. Make sure you know what the interest rate being charged is. Know that a 2% interest rate per month is actually 24% per annum.
If you stay out of debt by paying the total due on t...
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