How to Use Debt like a Rich Person Artwork

Holistic Money Podcast

As a financial planner, I learned early in my career that telling you what to “do” with money isn’t enough to get you the financial results you’re after. Instead, you have to change the way you think and feel about money and in this podcast I am going to teach you how to do just that. Over the past 7 years, I have taken myself from credit card debt and no savings to a 7-figure net worth. I did this without a budget or restrictive money plan, but instead smart, sustainable wealth building strategies combined with changing my relationship with money. In this podcast, you’ll learn the ins and outs of my no budget philosophy, practical wealth building strategies, and key mindset shifts to make it happen. There’s no shortage of information out there to tell you what to do with money, but teaching you how to think and feel about money to actually make it happen is my secret sauce. If you’ve been waiting for a podcast that gives you actionable strategies to not only build wealth, but also feel really good while you’re doing it, then you’re in the right place.

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Holistic Money Podcast

How to Use Debt like a Rich Person

May 18, 2023 • Episode 26

In today’s episode, we’re exploring the multifaceted world of debt.You’ll learn the three key ways to harness debt effectively and transform debt from a weapon into a valuable tool. Moreover, we'll explore the concept of strategic leverage with debt, a strategy employed by the wealthy. You'll learn to utilize debt to accelerate your wealth-building journey by the end. So, let's embark on this enlightening journey together!

Key Highlights

[00:00:00] Holistic Money Podcast intro

[00:01:00] Introduction to today’s topic: Debt

[00:02:28] What is debt?

[00:05:35] Three main ways you can use debt:

#1: To solve an underearning issue

#2: Overspending

#3: Strategic leverage

[00:10:04] Kim Kardashian’s mortgage example of strategic leverage

[00:11:49] How strategic leverage has played a role in my wealth-building journey

[00:12:29] Three main asset classes in strategic leverage: Stock market, real estate & business

[00:14:23] Investing money in one’s self

[00:15:22] Quick overview of ways you can use debt

[00:16:48] Holistic Money Podcast outro

Notable Quotes

Debt is not bad. Debt is a wonderful tool that, as long as you're using it in a way that actually serves you in your future long-term interests, you can grow your wealth through debt. I know that is exactly what I did.
So you want to avoid going in with a preconceived notion or a preconceived bias that you shouldn't be using debt because there are amazing ways to use all kinds of debt. You will miss many opportunities if you're focused and locked in on this idea that debt is bad and you shouldn't have and shouldn't use it.
If you notice yourself as someone who is not making enough money to pay for your life, then using debt as a bridge for you to support yourself while you are increasing your income can honestly be a great way to use debt, and I am not one to shame this way of using debt.
There are so many interesting, fun, unique, and creative ways that you can borrow money to invest to get a return. Still, you have to be willing to be open to them, and you have to be willing to look for them instead of consistently telling yourself that debt is not a tool that you should be using.
One of the other places that I love to invest money is in myself. I always believe that my brain is my money maker, and for me to make more money and make great financial decisions, I need to invest in my brain and my education.

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