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Leverage is a term used in business for borrowing money or using debt to buy assets.
Other people’s money (OPM) has been deployed for centuries to help governments and businesses to raise capital, which I’ve written about in my book, Borrow and Grow Rich.
There is a big difference between good debt, which helps you buy assets that produce income, capital growth, and create jobs and bad debt to consumer goods which go down in value.
Can you think of an example of where you have used good debt or leverage to buy an asset like a property?
Have you also used bad debt, such as a credit card, to buy something that you didn’t want to save up for?
How much has that item cost you in interest?
Lessons
Use good debt, leverage and OPM to accelerate your wealth building process.
Avoid credit cards and other bad debt and only use a credit card to pay for things that you can repay in full at the end of the month.
If you have credit card debts, start on a plan to clear the balance as soon as possible, rather than just paying the minimum amount each month.
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Discipline - Money Tips Daily Day 21
Discipline - Money Tips Daily Day 21
Respect Money - Money Tips 365 Day 20
Respect Money - Money Tips 365 Day 20
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Inflation Down But Mortgage Rates Remain High For Homeowners
Luck! Do You Feel Lucky? - Money Tips 365 Day 19
Luck! Do You Feel Lucky? - Money Tips 365 Day 19
Protect Yourself Against Liabilities And Risk - Money Tips 365 Day 18 Risk
Protect Yourself Against Liabilities And Risk - Money Tips 365 Day 18 Risk
Making A Professional Will Can Save You Thousands
Making A Professional Will Can Save You Thousands
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Legally Pay Less Tax - Money Tips 365 Day 16 Tax
Time - Money Tips 365 Day 15
Time - Money Tips 365 Day 15
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Renters Reform Bill In Jeopardy - Good News?
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Money Tips 365 - Day 14 Read
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