327: Debt-Free Is Dumb
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 11 January 2021
⏱️ 61 minutes
🧾️ Download transcript
Summary
Has “debt-free” now become a poverty marker?
Debt is good when: 1) The interest rate is lower than inflation, and 2) When tenants pay your debt for you.
Get our free “Don’t Quit Your Daydream” Letter at: www.getricheducation.com/letter
Home equity is: unsafe, illiquid, and its rate of return is always zero.
If you pay an extra $100 toward your mortgage principal, you just converted your cash flow to equity. That’s the opposite of financial freedom.
Learn myriad reasons for removing equity from property: a litigious society, natural disasters, job loss, and more.
Paying down your low interest rate debt won’t create wealth. But using debt to create residual income streams can.
More equity = more risk.
Why would you even want to be debt-free?
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Transcript
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| 0:00.0 | Welcome to Get Rich Education. I'm your host Keith Winehold. Today, debt free is dumb. This has never been more true than it is now with real interest rates potentially even lower than the rate of inflation. In fact, has debt free even become a poverty marker? I'll answer that. Paying off your low interest rate debt won't make you wealthy, but using good |
| 0:21.4 | debt to build income streams will, a fresh take on the foundational financially free beats |
| 0:26.3 | debt free. It's debt free is dumb today on get rich education. |
| 0:32.5 | The people that our listeners can't stop talking about are Ridge Lending Group and MLS 42056. |
| 0:38.3 | They provided you with more loans than anyone. |
| 0:40.8 | It's where I got my last few loans. |
| 0:43.1 | And they finance single family income property up to fourplexes. |
| 0:46.7 | They're the number one lender for both beginners and veterans. |
| 0:50.0 | Start your pre-qualification. |
| 0:51.6 | Chat with President Chaley Ridge personally. |
| 0:53.7 | And you'll end up with your custom plan for expanding your cash-blowing portfolio. |
| 0:57.9 | Start at ridglinggroup.com. |
| 1:04.1 | You're listening to the show that has created more financial freedom than nearly any show in the world. |
| 1:11.4 | This is Get Rich Education. |
| 1:26.9 | Welcome to GRE from the Seven Hills of Rome to the Five Burrows of New York City. |
| 1:32.8 | And across 188 nations worldwide, I'm Keith Weinhold. |
| 1:36.5 | This is GetRish Education. |
| 1:38.0 | Debt free is not the place to be, especially if you're in real estate, even if you just own your own home and no rental |
| 1:45.6 | property, that's true. But see, going back to adopting the abundance mentality, if you think |
| 1:51.1 | that money is a scarce resource, then you would be afraid to owe it to somebody, which would |
| 1:57.3 | lead to thinking that debt is necessarily bad. |
| 2:01.2 | In a lot of cases, debt-free is dumb today. |
... |
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