Avoid accumulating unnecessary debt from "summary" of Rich Dad's Guide to Becoming Rich Without Cutting Up Your Credit Cards by Robert T. Kiyosaki
Many people believe that debt is a necessary part of life. They think that in order to buy a house, a car, or even go to college, debt is unavoidable. However, the truth is that not all debt is created equal. While some types of debt can be beneficial, such as taking out a mortgage to invest in real estate, accumulating unnecessary debt can be detrimental to your financial well-being. When you accumulate unnecessary debt, you are essentially spending money that you don't have. This can lead to high interest payments, which can quickly add up and become unmanageable. In addition, carrying a large amount of debt can negatively impact your credit score, making it more difficult to borrow money in the future. To avoid accumulating unnecessary debt, it is important to distinguish between good debt and bad debt. Good debt is debt t...
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