By Ana Li Cortés.
This topic is the one everyone wants to read about, but they just read. When I hand them the list of the things they need to do in order to get out of debt, they get scared and go back to their old habits. According to my experience, there are two types of debt: The ignorant debts and the knowledgeable debts.
The ignorant debtsare the ones we acquire without even knowing how we are going to pay for them. Most people use credit cards and they think they would pay for them with their normal salary, which in many of the cases, is already assigned for other payments. That is obviously not a good plan. They are other people who use credits cards, or request a loan from friends as if they never had to pay them back. With that, they lose credibility, damage their credit r
ecord and feel depressed.
Then we have the knowledgeable debts. These debts are better known as investments. One example of this type of debt is when you decide to buy a house. Let’s say that your monthly payment would be $800 USD, but you can rent it out for $1,000 USD. This way, without any effort, your money is working for you by earning $200 a month. This is what results from making decisions from a position of knowledge. On the other hand, most people get scared and think that investing is only for those who are already wealthy and are able to take risks, or for those that graduated from a career related to the business world and investments.
Finally, I have to say that getting out of ignorance debt is as big a deal as getting out of depression, or learning to communicate better with your loved ones. It is something that will last for a lifetime. If you get trained and focus correctly, you will be able to change directions and establish the basis to create the financial success you have longed for.
This topic is the one everyone wants to read about, but they just read. When I hand them the list of the things they need to do in order to get out of debt, they get scared and go back to their old habits. According to my experience, there are two types of debt: The ignorant debts and the knowledgeable debts.The ignorant debtsare the ones we acquire without even knowing how we are going to pay for them. Most people use credit cards and they think they would pay for them with their normal salary, which in many of the cases, is already assigned for other payments. That is obviously not a good plan. They are other people who use credits cards, or request a loan from friends as if they never had to pay them back. With that, they lose credibility, damage their credit r
ecord and feel depressed.Then we have the knowledgeable debts. These debts are better known as investments. One example of this type of debt is when you decide to buy a house. Let’s say that your monthly payment would be $800 USD, but you can rent it out for $1,000 USD. This way, without any effort, your money is working for you by earning $200 a month. This is what results from making decisions from a position of knowledge. On the other hand, most people get scared and think that investing is only for those who are already wealthy and are able to take risks, or for those that graduated from a career related to the business world and investments.
Finally, I have to say that getting out of ignorance debt is as big a deal as getting out of depression, or learning to communicate better with your loved ones. It is something that will last for a lifetime. If you get trained and focus correctly, you will be able to change directions and establish the basis to create the financial success you have longed for.
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