Avoid bad debt from "summary" of Rich Dad Poor Dad (Kannada) by Robert Kiyosaki
Bad debt is something that can destroy your financial future. It is the kind of debt that takes money out of your pocket instead of putting money in your pocket. Many people fall into the trap of bad debt because they do not understand the difference between good debt and bad debt. Good debt is debt that is used to acquire assets that put money in your pocket. This could be debt used to invest in real estate, stocks, or a business that generates income. Good debt is a tool that can help you build wealth over time. On the other hand, bad debt is debt that is used to acquire liabilities that take money out of your pocket. This could be debt used to finance a new car, a vacation, or luxury items that do not ...
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