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  • Eric Bowie

The Smartmoneybro Way to Think About Debt


You cannot borrow your way to financial independence.

Here is what you should think about debt:

1. Hate it

2. Despise it

3. Get out of it

If you thought you was going to click on this post and get some fancy ideas about getting out of debt, sorry!

The fact is, you need to run from debt as quick and as soon as possible. The financial industry that tries to separate bad debt from good debt, and tries to feverishly sell you sophisticated ideologies around the concept of debt, are what you need to tune out, starting NOW!

Debt is stress, Debt is bondage, Debt makes you do things you don’t want to do. Debt makes you think things you don’t want to think. Debt negatively affects your health, your relationships, your time, your money, and your overall well-being. Debt is the enemy to most of what you are trying to do with money. Debt impacts your ability to increase your net worth. Debt will keep you at a bad job. Debt will keep you working well into your old age when you don’t want to be working. Debt will eat at you and destroy your spirit. Why tie yourself to something that creates all of that havoc in your life? I don’t know the answer to that either.

If you want to carry a home loan, be my guest because you have to have somewhere to live. Other than that, no other debt is worth it. Leave it alone.

Trying to borrow your way out of debt is like rowing a boat uphill with cement blocks in the bottom of the boat. You are working backwards. Instead of starting that business with a loan, work on your business debt free and simply go slow! Instead of borrowing money to purchase that car, save up the money and buy a car cash. Instead of charging that purchase on a credit card, don’t purchase it until you get the cash! It’s called discipline, patience, living below your means and avoiding debt at ALL costs!

So again, here is what you need to think about debt:

1. Hate it

2. Despise it

3. Get out of it

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