059: The Difference Between Good Debt and Bad Debt with Logan DeGraeve
Episode description
Most people think about debt as a bad thing. No matter what your financial background is, you’ve probably been told to avoid racking up debt, not to spend outside your means, and to pay off your debt whenever you can.
However, what this simplistic guidance fails to take into account is that there’s two kinds of debt: the debt you want to avoid and the debt you actually want to take on. So, what’s the difference?
Joining me to help answer this question is Logan DeGraeve, CFP® at Barber Financial Group. We discuss the differences between good debt and bad debt, the discipline that is needed when using debt and leverage, and the right (and wrong) times in life to carry debt at every stage of life.
In this podcast interview, you’ll learn:
- When carrying debt is appropriate.
- Examples of when it’s a good idea to accrue debt instead of paying cash.
- Why student loans, credit cards, and overpriced homes that are likely to lose value are some of the worst kinds of debt you can accrue.
- The importance of having good credit in order to get access to good loans, free travel, and other benefits.
- Why the dollar amount on your 401(k) or IRA is not the same thing as how much money you have.
- How working with a CFP® can help you eliminate your taxable income.
Get Today's Show Notes
To get a full recap of today's conversation, including the biggest takeaways, transcripts, and links to all the resources mentioned, visit GuidedRetirementShow.com/59
Learn More about Retirement Planning
Find out more about retirement planning and Barber Financial Group, by visiting BarberFinancialGroup.com