Are you throwing money away each month and working extra hours just to pay interest?
The average American pays $8,000 per year in interest alone. That's $667 every month! But the real cost isn't just the dollars—it's the extra hours you work to pay those bills.
In this eye-opening episode, we expose five dangerous debt myths that could be forcing you to work harder than necessary:
Key Quote: "I realized I was working for my debt instead of having my debt work for me. Once I understood the difference between productive and destructive debt, everything changed."
Whether you're carrying credit card balances, considering college funding options, or wondering about your mortgage, this episode will help you identify which debts are holding you back and which might actually help you build wealth—allowing you to work less while achieving better financial outcomes.
Ready to rethink your relationship with debt? Connect with us for a complimentary debt strategy session at wealthwisdomfp.com/call
01:24 Meet the Team
02:41 The Cost of Debt in America
07:32 Debt Myth #1: Credit Card Minimum Payments
14:58 Debt Myth #2: Parent Plus Loans
25:59 Debt Myth #3: Mortgage Rates and Home Equity
29:48 Exploring Home Equity Loans
30:08 Comparing Interest Rates and Savings
30:56 Understanding Home Equity Loan Payments
32:41 The Concept of Home Equity Loans
36:31 Reverse Mortgages: Pros and Cons
45:12 Evaluating 401k Loans
48:36 Good Debt vs. Bad Debt
53:12 Bank on Yourself Policy Loans
55:17 Wrapping Up and Final Thoughts
Watch on YouTube here: https://youtu.be/owG5LW26xlo
