A single speaker argues that the concept of good debt is a myth that holds people back from building wealth. Debt, regardless of type, slows financial progress and should be avoided entirely.
Well, I wrote a chapter in the book called debt is a thief. And it's not bad debt is a thief, it's just debt is a thief. And so the hot take here is that your greatest wealth building tool is your income. And when you're giving any part of that to a lender, you don't have your greatest wealth building tool at your disposal completely. And so I've never seen, you know, you always hear stories about people leveraging debt and, you know, mortgages in a, in a sense, with your home appreciating, people like, well, that's good debt. But it doesn't mean we want to hang on to the debt. The home is the part that's amazing. It's not hanging on the debt. And even with these low interest rates, people feel stuck because they have a 2-3% interest rate on their home. They're like, I can never get rid of this house. I can never sell because I'll lose this precious debt. Like the idea that we're so obsessed and attached to our debt shows how far off the beaten path we are as a culture. So I truly don't believe there's good debt and bad debt because I've only seen debt hurt people.
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