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Good Debt Vs. Bad Debt
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[QUOTE="Mika, post: 276290, member: 29399"] If you go by the author of rich dad, poor dad, you can use debt to build your wealth and when you are using debt to build cash flow, your debt is basically good debt. Robert Kiyoski also says that if you get a debt and use it to buy liabilities, that is bad debt. He gives a simple example to illustrate his point. If you buy a house for yourself, it is bad debt because you will not only have to pay mortgage but also spend money on things like insurance, taxes, maintenance etc. However, if you buy a house and then rent it out and collect rent, it is good debt because you managed to generate cash flow through your debt. In this whole process you even save money on taxes as you do not have to pay taxes on debt. If you want to get a loan, ionlu borrow for creating cash flow. [/QUOTE]
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