Podcasts Business Wealth Made Simple Podcast Good Debt and Bad Debt

Good Debt and Bad Debt

Published: Sept. 25, 2023, 11 p.m.

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    Shaz and Kieron discuss the concept of good debt and bad debt, exploring the difference between the two and provide their own perspectives on the matter.

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    They highlight that debt can be viewed differently by individuals based on their personal beliefs and values, and discussing various types of debt, including mortgage debt, student loans, and business loans for growth, which they consider to be examples of good debt.\\xa0

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    KEY TAKEAWAYS

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    • Good debt can be beneficial in the long term, such as mortgage debt that allows for property ownership and potential appreciation.
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    • Student loans can be considered good debt as they enable individuals to obtain higher education and qualify for higher-paying jobs.
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    • Business loans for growth can be a form of good debt, as they provide funding for investments that can lead to business expansion and increased profitability.
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    • Bad debt includes high-interest credit card debt used for non-essential purchases, payday loans with exorbitant interest rates, and non-asset backed personal loans used for frivolous expenses.
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    BEST MOMENTS

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    "The truth\'s somewhere in the middle, like most things."\\xa0

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    "If you\'re taking a loan to meet your expenditure, there\'s a problem."\\xa0

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    "It is akin to indentured servitude. It is modern slavery."\\xa0

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    "I would rather pay twice as much for something when I can afford it, than pay half as much for it when I\'ve got to put it on debt."

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    VALUABLE RESOURCES

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    shaz@aaa-accountants.co.uk\\xa0

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    https://www.facebook.com/shaznawaz11

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    https://www.linkedin.com/in/shaznawaz/ https://www.instagram.com/parkwardlabour/ https://www.youtube.com/channel/UCJCDESxIqYjhiIBxJ90nKwQ?disable_polymer=true

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    Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

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    Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultations he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

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    He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

    This show was brought to you by Progressive Media

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