Money Myths Debt is bad! Money Tips, Tricks & Tactics #15.pdf
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In today’s video we discuss the money myth, debt is bad! Is it true? Or just made up? Well it depends, debt can be good or bad, it depends what your doing with that debt you’ve acquired. If you're simply acquiring debt to get a house, car, clothes or holiday abroad, then that’s completely different from the debt acquired to start a business, purchase an investment property etc. Knowing the difference between good debt and bad debt, will help you to quickly decipher whether that debt you're planning to acquire for whatever reason, is a wise decision or not! So what do you reckon, is it true or false?
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Money Myths Debt is bad! Money Tips, Tricks & Tactics #15.pdf
- 1. MONEY MYTHS: "DEBT IS BAD!" Money Tips, Tricks & Tactics #15
- 4. TODAY'S AGENDA Is it true? 1 The facts 2
- 5. TODAY'S AGENDA Is it true? 1 The facts 2 The problem 3
- 6. TODAY'S AGENDA Is it true? 1 The facts 2 The problem 3 What next 4
- 7. IS IT TRUE? Yes, it's true. Consumer debt is bad and almost always has a negative effect on your financial stability. Consumer debts including; Credit Cards, Car Loans & Home Mortgages, are some of the main causes of financial difficulty.
- 8. £11,176 THE FACTS Did you know? According to stepchange, the mean average unsecured debt level is £11,176. Credit cards were the most common unsecured debt type. Most common reason for debt among is lack of control over finances. 1 Credit Cards 2 Lack of control over finances 3
- 9. Borrowing from the bank of mum & dad is the only debt you don't need to repay.
- 10. THE PROBLEM
- 11. THE PROBLEM It will create invisible handcuffs, which won't be removed until the debt is repaid entirely.
- 12. THE PROBLEM It will create invisible handcuffs, which won't be removed until the debt is repaid entirely. It will slow down the speed, plus increase the time it takes for you to get ahead financially.
- 13. WHAT NEXT Although the statement is true, not all debt is bad. Debt, which is used to create wealth for yourself is good. i.e. BTL mortgage for an investment property which generates rental income.
- 14. WHAT NEXT Understand that you still need to plan for your financial future 1 Although the statement is true, not all debt is bad. Debt, which is used to create wealth for yourself is good. i.e. BTL mortgage for an investment property which generates rental income You still need to acquire debt, but good debt, which creates wealth. 1 WHAT NEXT Although the statement is true, not all debt is bad. Debt, which is used to create wealth for yourself is good. i.e. BTL mortgage for an investment property which generates rental income.
- 15. WHAT NEXT Understand that you still need to plan for your financial future Understand that taking good care of your personal finances increases the possibility of a better financial future. 1 2 Although the statement is true, not all debt is bad. Debt, which is used to create wealth for yourself is good. i.e. BTL mortgage for an investment property which generates rental income You still need to acquire debt, but good debt, which creates wealth. Focus on acquiring good debts. 1 2 WHAT NEXT Although the statement is true, not all debt is bad. Debt, which is used to create wealth for yourself is good. i.e. BTL mortgage for an investment property which generates rental income.
- 16. WHAT NEXT Understand that you still need to plan for your financial future Understand that taking good care of your personal finances increases the possibility of a better financial future. 1 2 Although the statement is true, not all debt is bad. Debt, which is used to create wealth for yourself is good. i.e. BTL mortgage for an investment property which generates rental income You still need to acquire debt, but good debt, which creates wealth. Focus on acquiring good debts. 1 2 Focus on removing bad debts. 3 WHAT NEXT Although the statement is true, not all debt is bad. Debt, which is used to create wealth for yourself is good. i.e. BTL mortgage for an investment property which generates rental income.
- 17. If your becoming more responsible with your money, I applaud you. It's not easy, but it's worth it!
- 18. ACTION ITEMS Your action items for today's video are as follows... 1
- 19. ACTION ITEMS Your action items for today's video are as follows... 1 ONE Choose One Bad Debt To Tackle.
- 20. ACTION ITEMS Your action items for today's video are as follows... 1 Choose One Bad Debt To Tackle. ONE TWO Choose One Good Debt To Acquire.
- 21. LIKE, SUBSCRIBE & SHARE Leave a comment below & I'll give you my 2 cents...