Myron Golden argues three myths about debt keep people poor: fixating on getting out of debt just returns you to zero, prioritizing debt repayment over wealth-building is misguided, and using debt to buy things you don't need is harmful. The real move is using debt strategically to create wealth first.
Chapters
Hey there folks. Myron golden here. I want to talk to you about three myths people believe about debt that keep them broke as a joke and ready to choke. Number one, they make getting out of debt the objective. Getting out of debt is not the objective on the path to financial freedom. Maybe a long term objective, but it's not a short term objective. Why? Because debt free is still zero. You get out of debt. So congratulations, you got back to zero. Number two, they make getting out of debt a priority. Getting out of debt should not be your a priority. It should be just a long term thing that happens over time as you use debt to create wealth. And number three, they use debt to buy things they don't need and can't afford. Instead of using debt to buy junk liabilities that you don't need and can't afford, you should use debt to borrow money to create wealth and use the wealth to pay off the debt. That's why poor people try to get out of debt. Rich people use debt to create wealth. Don't believe the myths.
