Minimize debt because it is the biggest enemy to wealth

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04

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Debt is a dangerous thing and can be one of the biggest enemies to wealth. People who are successful, people who understand wealth in a big way, know the goal is to minimize debt as much as possible. Nothing can take you down to zero or below faster than debt. 

When you accumulate credit card debt and car debt on top of mortgage debt, student loan debt and any other debt you might have, it becomes a hole that is difficult to get out of. The accumulation of debt can sometimes feel like an anchor to a boat or even shackles that run you down. Debt slows you down, keeps you from growing, and reduces your ability to live your life to the fullest.

One exception to this principle would be mortgage debt. With very few exceptions, getting a mortgage loan to buy a home that you’re going to live in is almost always a good idea. That debt is tax deductible in most cases, it can leverage your ability to buy a new home and, ultimately, you need a place to live. Investing in real estate is also a good thing but getting debt to invest in real estate is tricky. You have to be very careful and you do not want to over-leverage yourself and put yourself in a difficult situation where you are under water if the market turns.

Your goal should always be to be safe with your investments, think about them as building security for your family over the long run. Once you achieve high levels of prosperity, then you can take on a little more risk; however, don’t be misled by people that tell you, you have to borrow money to make money. That is one of the biggest mistakes people make.

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