Distinction #7 Entrepreneurs build wealth.
Employees get paid.
One of the secrets to building a nest egg is getting rid of your debt. Most debt pulls you down into a cycle of working for someone else forever. Good debt is an investment into your future.
An example of good debt could be the decision to get a college degree. If you choose a good major then you are rewarded with a future in which you can repay your loans quickly and start to grow your nest egg.
Another example of good debt would be purchasing a tool. The tool is then used to increase your earning potential.
Example of bad debt is buying a fancy car to impress others. So instead of buying a reasonably prised vehicle which can be paid of in a matter ofthe to give years, you choose a vehicle that you pay of on threw bit you are car rich and life poor. you have a car but no money to do anything else.
Today's question is:
"Are you building wealth or earning a paycheck?"
Employees get paid.
One of the secrets to building a nest egg is getting rid of your debt. Most debt pulls you down into a cycle of working for someone else forever. Good debt is an investment into your future.
An example of good debt could be the decision to get a college degree. If you choose a good major then you are rewarded with a future in which you can repay your loans quickly and start to grow your nest egg.
Another example of good debt would be purchasing a tool. The tool is then used to increase your earning potential.
Example of bad debt is buying a fancy car to impress others. So instead of buying a reasonably prised vehicle which can be paid of in a matter ofthe to give years, you choose a vehicle that you pay of on threw bit you are car rich and life poor. you have a car but no money to do anything else.
Today's question is:
"Are you building wealth or earning a paycheck?"
No comments:
Post a Comment