Does this sound familiar?
1. Go to school
2. Go $30K-$200K in debt
3. Get a “job” to pay off the debt you just accumulated
4. Get deeper into debt by getting a car to drive to your job that was supposed to pay off your debt
5. Get deeper into debt by getting a house so you can sleep after being exhausted from all your debt-paying activities
6. Get married
7. Have kids
8. Work through retirement until you die to pay off debt doing something you hate
𝙏𝙝𝙞𝙨 𝙞𝙨 𝙬𝙝𝙖𝙩 𝙄 𝙘𝙖𝙡𝙡 “𝙏𝙝𝙚 𝘿𝙚𝙗𝙩 𝙏𝙧𝙖𝙥.”
Where you’re so entrenched in debt and so confused about how to escape, you’re in a trap.
Thankfully, debt isn’t always a bad thing.
There’s Good Debt, and Bad Debt.
You may be thinking, “What!? There’s GOOD Debt?”
Crazy, right?
So what’s the difference?
𝐆𝐨𝐨𝐝 𝐃𝐞𝐛𝐭 𝐈𝐬 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠 𝐈𝐧 𝐓𝐡𝐢𝐧𝐠𝐬 𝐓𝐡𝐚𝐭 𝐌𝐚𝐤𝐞 𝐘𝐨𝐮 𝐌𝐨𝐧𝐞𝐲
A mortgage from the bank to invest in investment property.
An online course that could increase your skills so you can deliver more value to the marketplace.
Borrowing money from the bank to hire more employees or buy more equipment to expand your business.
𝐁𝐚𝐝 𝐃𝐞𝐛𝐭 𝐈𝐬 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠 𝐈𝐧 𝐓𝐡𝐢𝐧𝐠𝐬 𝐓𝐡𝐚𝐭 𝐂𝐨𝐬𝐭 𝐘𝐨𝐮 𝐌𝐨𝐧𝐞𝐲
Car loans.
Payday loans.
Credit card debt.
Personal debt.
Personal consumption.
Other types of debt that are for personal pleasure that don’t generate money.
So here’s the question that everyone’s wondering right now:
𝙄𝙨 𝙨𝙘𝙝𝙤𝙤𝙡 𝙂𝙤𝙤𝙙 𝘿𝙚𝙗𝙩 𝙤𝙧 𝘽𝙖𝙙 𝘿𝙚𝙗𝙩?
Well, if you go deep into debt to go to school to “find out what you like” and “find yourself”, is that really a good idea?
And what happens to people who do that?
They get a Bachelor Of Arts degree.
Or they party every weekend for their entire 4+ years of college until they’ve graduated.
And the only thing that’s changed is they now have:
1. Crippling debt
2. Liver damage
It may be fun, but being $100K+ in debt in exchange for liver damage and faded memories of crazy parties is definitely not...
...and I’m sure you don’t need me to tell you that.
However, school can be Good Debt.
Don’t you think it’s a good idea if you go to learn a highly profitable skill?
For example, a surgeon. Doctor. Lawyer. Accountant. etc.
These are all highly paid professions because they take REAL skill.
And the bigger problems you solve with that skill, the more you get paid.
The problem is, people don’t think of it that way.
What do most people do to escape their debt?
They decide to become an “entrepreneur.”
They’ve been sold this fat lie that being an “entrepreneur” is easy.
That they should start their own business.
And that it only takes a few months to get stupidly rich.
They change their Facebook profile and Instagram bio from “unemployed” to:
“CEO at [their name].com” or “entrepreneur” or “digital nomad”.
They have no skills to make the business work!
And worst of all, they invest money they don’t have in a business idea that’s not proven.
Now, you may be thinking, “But Dan! That’s good debt! It’s investing in an asset like a business that could make me money.”
Yes, you’ve got the right idea.
Here’s the problem.
Over 90%+ of businesses fail.
Heck, I started and failed 13 different businesses and went $150K in debt before making a single dime back.
If that’s not BAD Debt, then I don’t know what is.
Now you may be thinking, “But Dan, I thought you were an advocate for being an entrepreneur!”
I’m NOT an advocate for being an entrepreneur.
In fact, if I did it all over again I wouldn’t have started my own business first.
What I would’ve done instead is something that wouldn’t have gotten me into failing 13 different businesses and ending up in 150K debt.
If you want to know exactly what I would’ve done, let me know by typing the code word "𝑬𝒏𝒕𝒓𝒆𝒑𝒓𝒆𝒏𝒆𝒖𝒓𝒔𝒉𝒊𝒑" below.
Search