S3E18: Do you have what it takes to be Debt Free?

Residual Income - Wealth Strategies - Financial Freedom With Murray Miller

What would be considered good debt when you’re trying to build wealth?

There is a type of debt that can be considered “good” when used strategically to build wealth, which is commonly referred to as “investment debt” or “leveraged debt.

• Rental Real Estate
• Stocks and Stock Options
• Cash Value Life Insurance

Overall, leveraging can be a solid strategy for building passive income over time, but it’s important to approach it carefully and with a solid understanding of the risks and potential rewards involved.

Characteristics of debt-free people, they

• have a clear vision of what they want to achieve financially and set specific goals to get there. They stay focused on their goals and make choices that align with them.
• are willing to make sacrifices and delay gratification in order to achieve their financial goals. They stick to a budget and avoid overspending.
• understand that becoming debt-free is a long-term process that requires persistence and dedication. They stay committed to their goals even when progress is slow.
• take responsibility for their financial situation and actively seek out solutions to their problems. They are not passive or reactive.
• are satisfied with what they have and do not constantly feel the need to accumulate more. They are grateful for what they have and avoid comparing themselves to others.
• keep track of their finances and stay on top of their bills and payments. They have a system for managing their money and are not disorganized or forgetful.
• have a strong sense of self-worth and do not rely on material possessions or the approval of others to feel good about themselves. They are confident in their ability to achieve their goals and do not let setbacks or failures discourage them.

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The post S3E18: Do you have what it takes to be Debt Free? first appeared on The Family Business.

The post S3E18: Do you have what it takes to be Debt Free? appeared first on The Family Business.