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Wealth Mindset: Why rich people love debt and the middle class hates it
Summary notes:
While it's often preached to the masses to hate debt, wealthy people use debt all the time. The difference lies in who is the slave and who is the master. When experts are giving advice to the masses, they are speaking from the standpoint that the masses are not disciplined and are slaves to debt, looking at the averages.
Debt is a tool that can be used for wealth building, and it is neutral, not inherently good or bad. However, it is important to understand the system and how to underwrite risk effectively to ensure that debt is used beneficially. It is also important to not make assumptions and judgments about debt and the system, as there are people who may get taken advantage of by the system due to ignorance.
Timestamps
0:01:17 Exploring the Use of Debt by the Wealthy
0:03:46 Exploring the Benefits of Leveraging Debt as a Tool for Wealth Building
0:11:43 Exploring the Complexities of Banking and Wealth Building
Powered by Stone Hill Wealth Management
https://stonehillwealthmanagement.com/
View all episodes
By Phillip Washington Jr.
4.9
2727 ratings
Summary notes:
While it's often preached to the masses to hate debt, wealthy people use debt all the time. The difference lies in who is the slave and who is the master. When experts are giving advice to the masses, they are speaking from the standpoint that the masses are not disciplined and are slaves to debt, looking at the averages.
Debt is a tool that can be used for wealth building, and it is neutral, not inherently good or bad. However, it is important to understand the system and how to underwrite risk effectively to ensure that debt is used beneficially. It is also important to not make assumptions and judgments about debt and the system, as there are people who may get taken advantage of by the system due to ignorance.
Timestamps
0:01:17 Exploring the Use of Debt by the Wealthy
0:03:46 Exploring the Benefits of Leveraging Debt as a Tool for Wealth Building
0:11:43 Exploring the Complexities of Banking and Wealth Building
Powered by Stone Hill Wealth Management
https://stonehillwealthmanagement.com/
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