John C Daley wrote:B Zalm, I beg to differ on the issue of 'good debt', its not a matter of getting wealthy, its a matter of getting your own home
at a cost less than rent would be over time.
I put it to you, that 'good debt' is doing the same thing banks do with your saving, but for yourself.
Good debt is not about multiple loans or for items that exceed your needs!
Maybe I will beg to differ that you beg to differ? The concept of "good debt" has in my opinion, been better understood by people from wealthier backgrounds than myself; hence I was saying about 1 percent of the population have learned to create assets versus the saving in the bank scenario of the 99 percent of the population.
Perhaps we are saying something similar in different ways? As I actually agree with you that good debt is not about getting wealthy nor having multiple loans or in exceeding your needs. I was more contemplating that the concept of investing in good debt, at least in Australia, is something we never really learned about the emphasis was more on building your bank savings. To people like myself who don't come from a money savvy background, at face value we were taught debt was a mugs game and I for one have learned about "good debt" and not to create excessive wealth but allowed me create and live a more sustainable way of living.