@dr.boyce.finance: Not all debt is created equal. Some debt can help you build wealth. Other debt can quietly destroy it. Here are a few ways to tell GOOD DEBT from BAD DEBT: — Good debt helps you acquire an asset that can increase in value or produce income. — Bad debt usually finances consumption that loses value quickly. — Good debt can potentially pay for itself. Think rental property where tenants help cover the mortgage. — Bad debt takes money out of your pocket every month without creating future cash flow. — Good debt may increase your earning power, such as carefully chosen education or business financing with a clear return on investment. — Bad debt often carries high interest rates, especially credit card balances used for lifestyle spending. — Good debt should have a PLAN attached to it. You should know how the borrowed money is expected to create more money. — Bad debt is often emotional debt: borrowing because you want something today that you cannot afford today. The question isn’t simply, “Do I owe money?” The better question is, “What is this debt doing for me?” Wealthy people learn how to make capital work. Poor financial decisions make you work for the capital. If you want to learn how to build wealth with me every morning for FREE, visit MoneyInTheMorning.com. #FinancialLiteracy #BuildWealth #BlackWealth

Dr Boyce Finance

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Thursday 03 September 2026 13:26:04 GMT