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531: Financial Freedom in 9 Steps: The Money Guy’s Financial Order of Operations

BiggerPockets Money Podcast

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The Risk of Leverage Debt and Desperate Financial Decisions

One must accumulate wealth before engaging in high-risk activities, especially involving leverage debt, and avoid desperate decisions. The speaker's experience during the 2008 financial crisis, where successful individuals lost everything due to tenants not paying rent, serves as a cautionary tale. Seeing prosperous individuals reduced to begging the banks to avoid losing their primary residence highlights the consequences of desperate financial decisions, particularly evident in the commercial real estate sector where people are losing all their equity in investments.

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