How to Get Out of Bad Debt & Leverage Good Debt to Build Wealth

How to Get Out of Bad Debt & Leverage Good Debt to Build Wealth

We are talking about an incredibly important subject and that is debt. We're talking about debt with John and Michele McFie.

Debt is usually seen as a bad thing. It's a four-letter word. When in fact debt is neither good nor bad, it's just how you leverage it to make it one of those things. Is it helping you or is it hurting you? Oftentimes, many people think about debt is bad. Stay away from it.

Michele is the matriarch of this incredible family of folks that are money-minded. She is what they call the "Wonder Woman" being a mother of eight and running a household of ten. She got her start as a primary school teacher. One of her greatest gifts I believe is organizing the chaos and complex subjects and making it simple so that everyone can understand. Then you're going to meet her son, John. He is a numbers guy and you need a great numbers guy on your team, on any team to make sure that it all aligns up.

You should know this about John, at fourteen years old, he was developing spreadsheet models and software system. That's the kind of guy that I want on my team helping me make financial decisions. We're going to talk about and tackle debts. If you're in debt right now, bad debt that is, what do you do about it?

We discussed a principle in The Richest Man in Babylon. If you haven't heard about that, you're going to love this concept. It's very powerful concept that can help you get out of debt. It's a little counter intuitive or a lot counter intuitive, so you're going to want to hear about this. We're also going to break down all this debt conversation, Snowball, Tsunami and Avalanche. We're going to talk about that in which one is the best, which one is good for you. We're also going to transform this conversation and not just be focused on debt essentially, but how do we take this idea and create sustainable wealth. Be sure to read the four steps to sustainable wealth.