Myth #6: All debt is bad
The real question to ask yourself is: “Is your debt working for you?”
A certain type of debt, when managed wisely, can be desirable!
It is important to make the distinction between bad and good debt.
“Bad debt” is not tax deductible (a home mortgage).
“Good debt” is tax deductible (Borrowing for investment purposes).
So the question you now must ask is this: “How can I get more “good debt” working for me?”
Also ask yourself this: Are you borrowing to conserve or consume?
Are you managing assets or managing your debt?
You must learn the distinctions and begin to manage the equity in your home to be truly successful.
Canadians! When it comes to your mortgage…
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Curious but still on the fence?
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“For years, I was the guy that thought paying off your mortgage & maxing out my RRSPs were the top priorities.
Now that I really look at it, I couldn’t have been more wrong…” Kelly, Edmonton, Alberta
Video Index of 10 Top Myths of Canadian Home Ownership – Revealed!