A Debt Can Be A Curse Or A Blessing
A Debt Can Be A Curse Or A Blessing
Have you ever experience being in a debt that has totally affected you emotionally? Giving you hard times in sleeping, continuous worry, causing fear and anxieties, and eventually affecting your total well being.
Depending on the amount and financial capability of the person debt can be a curse or a blessing. To some a debt can be nothing, but if not controlled it could lead anybody to ruin. Also, if used wisely, debt can be the x-factor to a successful financial life.
So what is the determining factor in how to properly used debt?
I would like to say it is the IQ, that will make a debt good or bad, but it is the financial education or financial IQ will be the main factor of a successful financial life. So now, I will share with you the necessary financial education about debt, and what it can truly do.
To start, know that debt has two sides and each side acts in a similar manner but gives very different results. The first side is known as bad debt. Bad debt is debt that you owe and you pay for without getting anything in return. A debt like this is also known as consumer debt. Put simply, bad debt is debt that takes away money and never gives that money back. An example would be your car loan. It is money that you owe that never gives back the money that you fork out.
In the other hand, good debt is a debt that you owe wherein you pay but gives you that money back in return, with an additional income. In other words, good debt is a debt that puts more money in your pocket. Going back to the car loan example, it can become a good debt if you use that car and start a car rental business. You still pay for monthly car loan but you are already using income that you get from the rentals.
You see a debt can really be blessing. Given the right financial education and the will to never give up, a debt can take you to financial abundance in faster way. Go ahead and think of a way, wherein you use debt as an income generating business. Just always remember, that a debt can be a curse or blessing, so use debt wisely.
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