#24 How to use debt to build your wealth (and avoid financial suicide)
Description
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Debt is a pretty polarising concept. Some people love it, and it lures them into a lifestyle they can't afford. Others use it to accelerate their wealth. Others still avoid all forms of debt like the plague. In this episode, Ryan and Terry explore the various properties of debt and how the concept of debt interacts with our psychology and our circumstances.
Also in this episode:
- The two different types of debt
- The simple rule of thumb to know whether debt will be painful or useful
- Why and how debt can be a magnifier in the short term, but an accelerator in the long term.
- The debt quadrant: a simple tool for making informed decisions about debt.
- The four principles of proper lending: how to avoid financial suicide.
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