Description

In today’s episode, we’re exploring the multifaceted world of debt.You’ll learn the three key ways to harness debt effectively and transform debt from a weapon into a valuable tool. Moreover, we'll explore the concept of strategic leverage with debt, a strategy employed by the wealthy. You'll learn to utilize debt to accelerate your wealth-building journey by the end. So, let's embark on this enlightening journey together!

Key Highlights

[00:00:00] Holistic Money Podcast intro

[00:01:00] Introduction to today’s topic: Debt

[00:02:28] What is debt?

[00:05:35] Three main ways you can use debt:

#1: To solve an underearning issue

#2: Overspending

#3: Strategic leverage

[00:10:04] Kim Kardashian’s mortgage example of strategic leverage

[00:11:49] How strategic leverage has played a role in my wealth-building journey

[00:12:29] Three main asset classes in strategic leverage: Stock market, real estate & business

[00:14:23] Investing money in one’s self

[00:15:22] Quick overview of ways you can use debt

[00:16:48] Holistic Money Podcast outro

Notable Quotes

• Debt is not bad. Debt is a wonderful tool that, as long as you're using it in a way that actually serves you in your future long-term interests, you can grow your wealth through debt. I know that is exactly what I did.
• So you want to avoid going in with a preconceived notion or a preconceived bias that you shouldn't be using debt because there are amazing ways to use all kinds of debt. You will miss many opportunities if you're focused and locked in on this idea that debt is bad and you shouldn't have and shouldn't use it.
•  If you notice yourself as someone who is not making enough money to pay for your life, then using debt as a bridge for you to support yourself while you are increasing your income can honestly be a great way to use debt, and I am not one to shame this way of using debt.
•  There are so many interesting, fun, unique, and creative ways that you can borrow money to invest to get a return. Still, you have to be willing to be open to them, and you have to be willing to look for them instead of consistently telling yourself that debt is not a tool that you should be using.
• One of the other places that I love to invest money is in myself. I always believe that my brain is my money maker, and for me to make more money and make great financial decisions, I need to invest in my brain and my education.

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