There is a time and a place to use debt. Besides buying a home and student loans, debt can constructively be used to make a calculated move in your business.
Let's stop listening to society about debt. Clearly, society doesn't know what it's doing, and that's why so many people have problems. Another false belief is that we think our entire lives revolve around our credit score. Although this is an integral part of your financial life, it's not your whole economic life.
What I Learned From Paying Off All My Debt
I was the person who would try and pay off all my debt in full every month. However, I didn't leave with myself with enough cash. And let me tell you when shit hits the fan, money is what's king, and cash is what matters. My lesson that I learned is that cash flow is more critical than your debt.
We're taught to pay off debt and to rid yourself of the shame of being in debt. So we use self-inflicted torture, such as eating rice and beans, to save as much money as we can to pay off our debt.
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For more information, visit the show notes at https://www.amandaabella.com/your-debt-repayment-plan-is-ass-backward