Myth: Debt is a tool and should be used to help create prosperity.
Truth: Debt isn't used by wealthy people nearly as much as we are led to believe.
Debt is dumb. Most normal people are just plain broke because they are in debt up to their eyeballs with no hope of help. If you're in debt, then you're a slave because you do not have the freedom to use your money to help change your family tree.
According to a USA Today article about debt, 78% of Baby Boomers have mortgage debt, 59% have credit card debt, and 56% have car payments. It takes a lot of will, discipline, courage and help to slay the debt monster. But it can be done. Imagine how much you could put toward retirement if you just didn't have a stinking car payment? This is how the wealthy really build their wealth. Debt is dumb. Welcome to the real world!
When training for my first career in real estate, I was told that debt was a tool. "Debt is like a fulcrum and lever," allowing us to lift what we otherwise could not lift. We can buy a home, a car, start a business, or go out to eat and not be bothered with having to wait. I remember a finance professor telling us that debt was a two-edged sword, which would cut for you like a tool but could also cut into you and bring harm.
The myth has been sold that we should use OPM (other people's money) to prosper. The academic garbage is spread really thick on this issue. We are told with sufficient snobbery and noses in the air that sophisticated and disciplined financiers use debt to their advantage. Careful there, you'll get a sunburn on your upper lip.
My contention is that debt brings on enough risk to offset any advantage that could be gained through leverage of debt. Given time—a lifetime—risk will destroy the perceived returns purported by the myth-sayers. I once was a myth-sayer myself and could repeat the myths very convincingly. I was especially good with the "debt is a tool" myth. I even sold rental property that was losing money to investors by showing them, with very sophisticated internal rates of return, how they would actually make money!
Boy, what a reach. I could spout the myth with enthusiasm, but life and God had some lessons to teach me. Only after losing everything I owned and finding myself bankrupt did I think that risk should be factored in, even mathematically. It took my waking up in "intensive care" to realize how dumb and dangerous this myth is. Life hit me hard enough to get my attention and teach me.
According to Proverbs 22:7, "The rich rule over the poor, and the borrower is slave of the lender" (NRSV). I was confronted with this scripture and had to make a conscious decision of who was right – my broke finance professor, who taught that debt is a tool, or God, who showed the obvious disdain for debt. Beverly Sills had it right when she said, "There is no shortcut to any place worth going."
Do you want to build weath and...
Well, it's time to dump your debt and make this a reality!
In this 106-minute Financial Peace University lesson, Dave shows you how to become debt free as he walks you through the necessary steps and details of dumping debt with the Debt Snowball method.
Your use of these products signifies your agreement with the usage rules. You agree to only use these products for personal use only, and agree not to distribute these products to anyone outside your immediate family. You are entitled to export burn or copy these products for only personal use. You are permitted to burn each file no more than 10 times. The purchase of these products for your personal use, in no way transfers to you the rights of these products for commercial or promotional rights. The Lampo Group reserves the rights to change or modify this usage agreement at any time. You will be allowed to download the audio file 2 times.
Digital Products can be delivered either as an Immediate Download or as a Voucher. Immediate Downloads are products such as eBooks, Audiobooks and Audio mp3s. Vouchers are used for products such as the DISC Online Assessment, Financial Peace University Online, The Couple's Checkup, and some videos.
All downloadable products require a high speed internet connnection such as Cable, DSL, or Satellite internet. Please do not attempt to use a dial up connection.
To get your downloadable product, simply complete your order and then open the order confirmation email you will receive at checkout. Scroll down to the bottom of the receipt to a section called "eShipments." Click on the link BELOW the title of the product you purchased that contains the downloadable product(s). A dialogue box will appear. Select "Save File to Disk" and select your desktop as the destination. Go to your desktop and find your downloadable goods. You are done!
Some files have been zipped (compressed) to decrease download times. Both Windows and Mac OS have built-in software that will convert the zipped file into a usable file when you click on the file to open it.
When you purchase a live event ticket, you will receive an email after completing your order. In this email you will be provided a link to print your event pass. You will be issued one link containing all the event passes to your event(s). This email will also contain additional information about the event including specific times and locations as well as details regarding childcare, VIP information, will call, etc.
When you purchase a voucher item, you will receive an email after completing your order. In this email you will be provided both a link and a unique voucher code. To access your product, click on the link and enter your unique voucher code when prompted.
All US Legal Forms products are downloadable. You will receive an email confirmation that includes a voucher and a redemption link. Once the voucher is redeemed, you will answer several questions to ensure the forms are valid and state specific. US Legal Forms reviews the information and emails the finalized forms within 1-2 business days. For any questions please contact Tech Support at 877-410-3283 ext 190.
Contact Store Support (email@example.com) or call 1.888.227.3223 with your questions regarding downloadable products and any error messages you receive while trying to place an order. All customer service inquiries should be directed here.