You heard it before from financial advisors; there is good debt & bad debt. For me, I’ve used my credit cards for bad debt, buying real estate courses, or going to boot camps.
Plus I ended up co-signing a loan for a family member in the tune of $50,000 in 2010 for a business that never got off the ground, and I got left holding the debt.
So now I have $50, 000 in debt, nothing yet in real estate investing, I’m depressed because the people I co-signed for haven’t paid me a dime, at that time and through 2016!
How are you paying that debt off?
One thing I did was read financial books and learn how money can work for us, and one book caught my attention,“ The secret of the millionaire mind” by T.Harv Eker. In the book he talks about allocating you’re after tax dollars into different bank accounts, see video below how to set yours up.
Automating Your Finances
Once I learned the concept of allocating my after tax dollars, and set up different bank accounts, I was able to pay down my debt within 5 years.
It took a lot of discipline to curb my spending habits, but once I saw results paying some debts off quickly, I bought into the different bank accounts system which I still use today.
Education at what price?
These are some books I recommend to get your financial education off the ground.
I read all of these books, it’s a good start to learn different ways to invest and save money.
That’s it for now
Thank you & until next time