Avoid debt as much as possible from "summary" of The Simple Path to Wealth by Jl Collins
Debt is a powerful tool. Used wisely, it can help you build wealth and achieve financial independence. But all too often, it becomes a burden that holds you back from reaching your goals. Debt can be like a siren, calling out to you with promises of instant gratification and easy money. But the truth is, debt is a trap that can keep you chained to a life of financial insecurity and stress. When you carry debt, you are essentially giving away your future earnings to someone else. Every dollar you owe is a dollar that could have been working for you, earning you more money and helping you build wealth. Debt not only costs you in interest payments, but it also limits your financial flexibility and puts you at the mercy of lenders. Avoiding debt doesn't mean living a life of deprivation or never making big purchases. It simply means being mindful of the costs and consequences of taking on debt. Before you borrow money, ask yourself if the purchase is truly necessary and if you can afford it without going into debt. Consider alternative ways to finance your purchase, such as saving up or finding a more affordable option. By avoiding debt as much as possible, you are taking control of your financial future and setting yourself up for long-term success. Instead of being beholden to lenders and living paycheck to paycheck, you can build wealth and achieve your financial goals on your own terms. Debt-free living is not always easy, but it is a powerful way to secure your financial freedom and peace of mind.
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