Private Practice Playbook EP 49: The Truth About Debt, As Told by a Self-Made Millionaire (Re-Release)
Feb 11, 2025
Most people are unaware of the full extent of their debt, but tracking it is crucial. A self-made millionaire shares his quick de-leveraging strategies and the importance of minimizing interest to grow wealth. The discussion emphasizes understanding personal and corporate debt, tackling consumer debt, and the benefits of investing in commercial real estate. Additionally, practical tips for managing credit health and making sound financial decisions are provided, along with insights on how spending habits can hinder financial growth.
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Track Your Debt
- Track your debt relentlessly to avoid fees and minimize interest.
- Understand the total amount you owe, as debt is a number you should always be aware of.
Debt Accessibility
- Debt is man-made and has become increasingly easier to acquire due to technology.
- Business owners face double the debt opportunities, both personally and corporately.
Debt Reduction System
- Actively work to pay off debts, regardless of your financial situation.
- Develop a system to manage and reduce debt efficiently.