Truly Rich Club Wealth Quote from Proverbs 22:7

Truly Rich Club Wealth Quote from Proverbs 22:7 Template courtesy of recitethis.com

Those who borrow are slaves of moneylenders. Proverbs 22:7
(click to tweet).

If you want to be free from debt, stop borrowing for anything that deteriorates in value.

Robert Kiyosaki wrote in his book Rich Dad, Poor Dad that there are two kinds of debt: good debt and bad debt. Good debt is when we borrow to buy things that put money into our pocket and bad debt is when we take out a loan to buy things that take money away from our pockets.

If I get a loan to buy inventory for my business, and customers will buy and consume my goods, that is good debt.

If I get a loan to buy the latest "it" designer bag for my pleasure, that is bad debt as explained by Robert Kiyosaki because it does not put money in my pocket.

Remember, before you swipe your credit card, pause and consider first if what you are borrowing is good debt or bad debt. :)

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Blessings!