Learn to manage debt effectively from "summary" of Rich Dad Poor Dad Summary (by Robert T. Kiyosaki) by Robert T. Kiyosaki
One of the key lessons in financial education is understanding how to effectively handle debt. Many people view debt as a negative thing, but it can actually be a powerful tool if used correctly. By learning how to manage debt effectively, you can leverage it to build wealth and achieve your financial goals.
The first step in managing debt is to differentiate between good debt and bad debt. Good debt is debt that works for you, such as a mortgage on an income-generating property or a business loan that helps you grow your business. Bad debt, on the other hand, is debt that works against you, such as high-interest credit card debt used for non-essential purchases.
To effectively manage debt, it's important to develop a strategy for paying it off. This may involve prioritizing high-interest debt first, consolidating multiple debts into a single loan with a lower interest rate,...
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