Michael Krewson

What is "Good Debt"?

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But according to David Bach, author of the Finish Rich book series and founder of www.FinishRich.com, the financial downturn changed these perceptions. "Good debt and bad debt is almost a myth that we were sold for 20 years," Bach says. "There's just debt. For the most part, debt is basically bad and difficult. It comes down to the interest rate."

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Debt now seems to fall into two new categories: better debt and worse debt. Better debt is a loan with a low interest rate used to purchase something that adds value. Worse debt is used to buy a depreciating asset or debt used as a substitute for cash. A home loan, according to Bach, is an example of better debt.

 

 

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    • By Michael Krewson
      Do you want to know how to stay out of debt? In this video, Warren Buffett gives you timeless tips on how you can stay out of debt.
      ==================
      Who is Warren Buffett? 
      Warren Edward Buffett (born August 30, 1930) is an American investor, business magnate, and philanthropist. He is considered by some to be one of the most successful investors in the world, and as of February 2017 is the second wealthiest person in the United States with a total net worth of $76.9 billion.Born in Omaha, Buffet developed an interest in investing in his youth, eventually entering the Wharton School of the University of Pennsylvania in 1947 before transferring and graduating from University of Nebraska–Lincoln. After graduating at 19, Buffet enrolled at Columbia Business School of Columbia University, learning and eventually creating his investment philosophy around a concept pioneered by Benjamin Graham–value investing. He attended New York Institute of Finance to specialize his economics background and soon after began various business partnerships, including one with Graham. After meeting Charlie Munger, Buffet created the Buffett Partnership. His firm would eventually acquire a textile manufacturing firm called Berkshire Hathaway and assume its name to create a diversified holding company.Buffet has been the chairman and largest shareholder of Berkshire Hathaway since 1970, and his business exploits have had him referred to as the "Wizard", "Oracle" or "Sage" of Omaha by global media outlets. He is noted for his adherence to value investing and for his personal frugality despite his immense wealth.
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      This is my favourite one.
      I borrow money from you to spend on whatever I like. When the time comes to repay my debt, I borrow more money. From you. To repay my earlier debt to you. And you accept it, because you know I will definitely repay my debt to you. I have your full trust that I always keep my promise.
      My debt to you keeps growing bigger and bigger as the years pass, but you still keep lending me money to spend however I like, because you know I always repay my debts. I always have.
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