ENCORE: How to Be Savvy With Debt
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 28 December 2018
⏱️ 17 minutes
🧾️ Download transcript
Summary
Learn how other people's money (OPM) and the smart use of debt can build your wealth.
Not all debt is inherently bad!
Why is mortgage debt triggering people?
Mortgage rates are only 5% for 30 years and are partially tax-deductible.
Credit cards with high interest rates are the real culprit!
Don't use debt for depreciating assets.
Mortgages can be great forced savings plans because the debt will become equity.
In this podcast I help you think through why you may want to set up a retirement plan before paying off your mortgage.
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Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America's Wealth Mentor.™ Learn how to build wealth, make money, and have financial freedom. Introduction to principles of wealth building you won't hear about from your financial advisor. Learn how to get rich, the 6 Steps to Wealth, the Twin Pillars of Wealth Building™: Invest Like Billionaires™ and Create Your Luxury Brand™ Business.
Transcript
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| 0:00.0 | Be wealthy and smart, episode 502. |
| 0:02.6 | I'm gonna live on rich life. |
| 0:06.6 | Rich life. |
| 0:07.6 | If y'all know what I mean, put your hands up and declare with me |
| 0:13.4 | Yeah, I'm full of bed time I'm gonna live a good life I'm gonna live the good life |
| 0:21.4 | a beautiful and glorious life Step into a world of wealth and |
| 0:25.0 | a world of wealth and financial freedom without budgets, boredom or bosses, on |
| 0:31.0 | Be wealthy and smart. And now here's your host, Linda P. Jones. |
| 0:37.0 | Welcome to Be Wealthy and Smart. I'm Linda P Jones, America's wealth mentor. Empowering women and men worldwide to financial freedom. |
| 0:45.2 | On today's show, we're going to talk about how to be savvy with debt, because here's what keeps |
| 0:50.7 | happening. |
| 0:51.7 | I keep finding people who get really triggered about debt. |
| 0:57.0 | And what I mean by that is there is this opinion now that all debt is bad and it has to be paid off immediately |
| 1:07.6 | no matter what and there's not rational thinking around the use of debt. |
| 1:14.0 | And that's what I want to talk about today because debt can be a very powerful tool. |
| 1:21.0 | I always go back and say that millionaires know this and there used to be a term called |
| 1:28.6 | other people's money or OPM that was written about a lot when I was growing up. Whenever I would read |
| 1:34.8 | books about millionaires or autobiographies of millionaires or they would write |
| 1:40.1 | about how they created their wealth, |
| 1:42.6 | there usually was a component about other people's money. |
| 1:45.9 | And they were either borrowing from the bank |
| 1:48.2 | or they were borrowing from anywhere they could |
... |
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