Debt Millionaire — A Book Review
Don’t be Afraid of Debt. Be Smart About It.
Don’t be Afraid of Debt. Be Smart About It.
Click here to buy the book on Amazon!
In Debt Millionaire, George Antone outlines a step-by-step process for leveraging other people’s money (OPM) in real estate investments that is helping me right now as I attempt to acquire my first multi-unit rental property!
Wish me luck!
Simplified Summary:
Bad Debt = debt on anything that does not produce income for you.
Good Debt = Debt on income producing assets, and/or assets that increase in value over time.
My own personal key to Financial Freedom was inspired by reading his book over 4 years ago, and those two points were the main thing drilled into my head.
The key was reducing my “bad debt” to 5–10% of my total debts, which does an amazing job of always keeping cashflow ahead of my expenses.
What does that really mean?
Well, it doesn’t mean that I avoid debt.
It means that I try my absolute best to keep at least 90% of my overall debt on income producing assets, instead of random things I want or need that cannot produce income for me.
It does mean that I do not finance something that I really want, I simply wait until I can afford it, if that thing cannot produce income for me.
I have found other creative ways to raise money for various things I want. Like sticking my money into crypto bots and doubling that money, and then buying a guitar I wanted.
The struggle, truly = spending more than you bring in.
And the only way out of that cycle is to use your brain and find a way to bring in more than you spend.
And many people get things backwards.
We get into bad debt, then we assume we have to pay that debt off before we get into good debt. That can be a truly destructive assumption!
The most powerful tool any individual can use to gain the leverage to move up and change their position in life…. is GOOD DEBT!
George Antone’s book Debt Millionaire questions popular belief regarding debt and provides advice on how to use other people’s money to your advantage in order to succeed financially.
As a prosperous businessman and financial specialist, Antone offers readers useful tips and techniques that will enable them to not only distinguish between good and bad debt but also to use debt as a weapon for building wealth.
There are three sections in his book each concentrating on a different facet of debt management. Antone highlights in the first section how important it is to distinguish between good and bad debt, with the former being able to be used to acquire assets that generate income and the latter frequently resulting in financial stagnation. Antone provides readers with the tools they need to make educated decisions regarding their debt by way of concise explanations and examples.
Antone delves into a number of debt tactics that can be used to increase wealth rapidly in the second half of the book. Antone provides a thorough road map for making wise investments with debt, from using other people’s money to leverage credit lines and loans.
Debt millionaire’s last chapter is all about getting rid of bad debt and becoming financially independent as a result. Antone dives into the specifics of creating a solid financial strategy for long-term sustainability, growing revenue sources, and effectively paying off bad debt. Antone leads readers toward financial security and independence with thorough advice and knowledgeable insights.
The last chapter is about paying off your bad debt. Not the first chapter.
It’s a beautiful way to illustrate that paying off your bad debt should be secondary in consideration to acquiring good debt!
You may need to pay down SOME of your bad debt to get on a solid footing where you can acquire good debt. This much is inescapably true. But the situation is far from hopeless. Very often, in the process of paying down your bad debt you accrue creditworthiness and raise your score. But you should never wait to be totally debt free before you seek good debt.
Good debt is what can free you from the bad debt, faster than you might think!
And you don’t always have to seek traditional financing!
You never know what your network has to offer, if they have trust in you!
Money, Money, Everywhere?
Why your financial potential is really a matter of Resourcefulness, not Resources.
All things considered, Debt Millionaire is a book that anyone looking to take charge of their money and lay the groundwork for future wealth growth should read. Because of Antone’s extensive expertise and friendly writing style, this book is an invaluable tool for anyone trying to become more financially literate and change their relationship with debt.
Regardless of your level of experience with investing, Debt Millionaire provides you with useful tactics and doable guidance to help you reach your goals.
Thank you for reading!
Until next time….
Onward and Upward Everybody!
-Chris
Automated Income Lifesyle w/ Chris Morton YouTube
#bookreview #debt #millionaire #goodreads #books #financialfreedom #money