The Prosperity Podcast Responsible Borrowing: How to Use Debt to Your Advantage - Episode 513
Kim and Spencer discuss responsible borrowing and how to use debt to your advantage, particularly when it comes to building businesses or making investments. The conversation emphasizes the importance of having a proper mindset before considering taking on debt and being confident in the ability of the investment or business to generate enough cash flow to pay off the debt.
The podcast also highlights the need for liquidity to cover potential issues such as delays in business profitability or unexpected expenses. In addition, it recommends using bank financing, borrowing against the cash value of life insurance policies or acquiring funds from venture capital, family or other sources as a means of obtaining debt responsibly.
Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Thinkers thinking and strategies today!
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Show Notes
- Discussing responsible debt and debt taken for building businesses and investments
- Building liquidity and why it is important for taking on responsible debt
- Interest rates and the dividing line between good and bad debt
- Approaching OPM (Other People's Money)
- Understanding responsible borrowing from a prosperity perspective
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