082 - MILLIONAIRE SECRETS | 6 Tips To Become Wealthy [PART 3 - Clear Your Debt & Avoid High Interest Debt]
In this episode of the Mind Money Soul podcast, I’m going to be sharing how to reach financial freedom by clearing your debt and steering clear of high interest debt.
Welcome back to part 3 of the 'how to become wealthy' series. I’m spilling the secrets of millionaires and sharing the top 6 things they are doing to successfully manage and grow their money. I want to preface this episode by explaining that not all debt is bad and some debt can be useful like student loans, mortgages and business loans. Let’s take a look at a student loan where you borrow money from the government to up-skill and improve your knowledge with the aim to get a job or career with a high income. The key difference with this debt is that you are utilising debt to make more money, get closer to being wealthy and achieve financial freedom.
On the flip side, consumer debt is a destroyer of your finances. This is where a debt (through the use of credit cards, overdrafts and personal loans) is used to fund consumption rather than investment. This type of debt is bad when it becomes unmanageable, whether that’s because you can’t afford to make payments or you’re being charged a high interest. This will eat into your ability to grow your money and work towards financial independence because your hard earned money is going to the loan providers. Tune in to today’s episode if you want to learn how to think like a millionaire, get high interest debt cleared and leverage debt to build wealth.
In this episode:
Good debt vs. bad debt: what’s the difference?
3 types of debt which are useful
How consumer debt can become an overwhelming problem
How credit cards can be useful when used responsibly
How making minimum repayments is costing you money
How to leverage capital and debt to make more money
Resources
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