What is the difference?
Well good debt makes you rich and bad debt makes you poor.
So what is good debt? The simplest way to put it is , good debt puts money into your pocket and bad debit takes money out of your pocket.
Here are some examples:
Your car- Good or Bad?
Your cellphone- Good or Bad?
Your Credit card- Good or Bad?
Your House-Good or Bad?
If you answered that they are all Bad Debt then you are on the right track...Now..
- Investment properties w/ Postive cash flow
- Franchise business
- Investing in yourself in order to increase your earning potential
If you answered that 1-3 are all good debt then your financial IQ is on track. Congrats! :)
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