Five financial myths that you need to unlearn right now.

There's a whole wide world of financial advice out there.

Some good and some bad, okay, maybe some really bad,

is a strong word, but depending on your financial goals, certain advice could steer you in the wrong

direction. On this channel, my goal is to give you a financial education that's based on the

principles of building a high net worth through performing assets. That's at the heart of what we do here.

You work hard, you buy performing assets, they provide cash flow every month and you're able to live with that cash flow. That's the goal. So with these goals in mind, today we're going to cover five common financial myths that you need to unlearn. Let's get into it.

Number one, the first myth is that you should buy everything with cash.

Now look, the Dave Ramsey's of the world discourage you from

using credit and I think that's a huge mistake. I'm not saying you should go out and

buy cars and TVs that you can't afford with credit, but in order to build a sizable real estate

portfolio, you'll probably need to use financing.

The key here is to understand the difference between good debt and bad debt. Good debt is when you use a loan to buy something

that puts money in your pocket every month, like a rental property. Bad debt is when you use financing

to buy liabilities like cars and boats.

If you stop demonizing debt and you see the value in utilizing it in a financially

intelligent way, you'll be better off.

Number two, here's another financial myth that you need to

understand. A lot of people think you need thousands of dollars to invest, you

actually don't. It's true that if you want to buy a performing asset like a

rental property,

that the barrier to entry can be higher because you're making a down payment out of your own money

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