One thing that I have learnt in pursuit of financial literacy is to learn the dynamics of how to use debt to your advantage.
Many of us go for loans and credit cards to buy things that are of social value. That is it becomes a liability instead of an asset.
For example going for a loan to buy car can be interpreted in two ways. If the car is used as a private car, then it becomes a liability because that car takes money out of your pocket. However if another buy the same car to use for commercial purpose, then that same car becomes an asset.
Use debt to build an asset and not a liability.
Focusing on investing in liabilities where your expenditure is more than your income is what I define as professional poverty. That is you have almost everything in life but you are always struggling because you live your life on debt.
Always remember it’s possible if only you believe.
Inspirational Speaker & Business Consultant