Good morning! Today I’m going to talk a little about debt.
I was inspired to mention this topic by something that I overheard at work. A small business owner applied for a business loan, and was denied due to a FICO score of around 500.
Building wealth while racking up a large amount of credit card debt, defaulting on loans, and the like is very difficult, if not impossible to do.
Remember: debt is the enemy of wealth.
I listen to a podcast about financial planning. The host was talking about a couple he knows that has an annual income of $1,000,000. They have a net worth, though, of -$200,000.
How could that be?
If you’re in trouble with debt, take steps to get out today.