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Some good financial advice
Friday, December 08, 2006
As you probably know by now I'm very concerned with "personal financial heath". With the possible exception of most CEOs and the entire Saudi royal family everyone needs to keep their financial house clean and organized (i.e., eliminate bad debt).

Check out some very good thoughts from Debbie's blog and also this one she did.

Oh, and what I mean by "bad debt" is there is good debt and bad debt. The best example of good debt is a home mortgage. The reasons include tax treatment benefits, usually very low interest rates, and an underlying asset that usually is growing faster than the interest rate.

Bad debt is every credit card out there. Period.

People often ask me how I was able to retire at 39. Well one of the main reasons is that Stef and I made a commitment to never have a balance on our credit cards. And for the past 10+ years we never have.
posted by Steveg @ 10:38 AM  
2 Comments:
  • At 4:36 PM, Blogger mother said…

    Congratulations on the no credit card debt thing. We don't have any either and (with the exception on one small period of time) never have had. Even with a car we usually pay cash, I hate to pay more in interest than the amount of the original debt!!

     
  • At 6:53 AM, Anonymous Anonymous said…

    That's amazing that you have stayed out of cc debt for that long. We only have one more bad debt to go. It's a great feeling.

     
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