Invest or Pay Off Debt? The Good, the Bad and the Ugly Debt and How to Get Out of Debt Fast | EP 20
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Invest or Pay Off Debt? The Good, the Bad and the Ugly Debt and How to Get Out of Debt Fast | EP 20
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In this episode of Money and Freedom, Beile discusses the relationship between debt and investment.
She emphasizes the importance of understanding different types of debt, the risks associated with using debt to invest, and provides practical strategies for overcoming debt.
The conversation highlights the significance of financial education, budgeting, and the mindset needed to build wealth after addressing debt.
Chapters
00:00 Invest or Pay Off Debt? Quick Debt Overview & Why It Matters
01:15 Reason #1 – Invest When Returns Beat Interest Rates
02:10 Reason #2 – Build Investing Experience & Compound Knowledge
03:00 Reason #3 – Motivation: Watch Your Wealth Snowball
03:30 Avoid Leverage: Why Borrowing for Stocks Can Wipe You Out
04:00 Good Debt vs Bad Debt: Mortgage, Student Loans, Business
04:30 How to Get Out of Debt Fast
08:00 Trick #1 – Spend Less Than You Earn
08:50 Trick #2 – Pay Up-Front & Ditch Credit-Card Fees
09:20 Trick #3 – Minimalist Spending: Stop Impulse Buys
10:00 Trick #4: Think in the Future
10:20 Trick #5 Your Income
12:30 Trick #6: Invest and Use Compounding for You