Personal Financial Success Blueprint pt 4 - Black Ninja Debt Assassin! E128: Talking Money in the Morning LIVE
A man cannot serve two masters or he'll hate the one and love the other. You cannot not build wealth for you and your family when you're building wealth for someone else's! Until we see debt as the enemy to our legacy I'm afraid we won't take the necessary steps to assassinate it once and for all. So that I'm clear, I'm talking about personal debt, revolving credit card debt and other high interest debt. This is not to say that there isn't a such thing as good debt.
Wealthy people love to use other peoples money which is a form of debt. However what they but with it is in sharp contrast to what poor and middle class people use credit for. Wealthy people use credit to buy assets that will either produce positive cash flow that will be used to pay off the debt or assets that will appreciate significantly in value so that when it's sold there's enough to pay the credit back and profit.
With that being said do all that you can to eliminate personal debt while understanding how to use the power of good debt to buy assets. Here is a short list of things to consider when you're becoming a black ninja debt assassin:
1. Debt is robbing your descendants of their wealth: Every dollar that you're paying interest on is a dollar that you're not earning interest with. As a result you're not accumulating wealth to be passed down to your descendants.
2. Debt is stressing you out: Most people don't realize the amount of stress that's coming from their negative financial situation. It shows up as emotional and psychological illness that the doctors just can't put their finger on. Those tension headaches...what is really causing them? Chances are, money problems of which debt is a significant part of.
3. Debt is destroying the black community: 50% of all marriages end in divorces now days and most of those come to an end because of financial turmoil. Since the family is the cornerstone of the black community, anything that destroys the family is by default destroying the community.
Check out today's replay of Talking Money in the Morning LIVE! as we go into more details about the detriments of debt, what it's really doing to black people individually and as a community and how to systematically get out of it. Leave us a comment and let us know what you think.
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H Cortez aka Financial Health Mentor to the Working Class
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