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Get Rich Slow: Start Now, Start Small to Achieve Real Wealth by Sarah Riegelhuth

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Chapter 4

Good debt, bad debt

Debt is like any other trap, easy enough to get into, but hard enough to get out of.

Henry Wheeler Shaw

In Chapter 2 we talked about how important it is to take control of our financial situation, and in particular to start paying off any personal debt we may have. But not all debt is bad. In fact, some debt can be a good thing, as it offers us greater exposure to an investment sooner than we would otherwise be able to achieve. Quite simply, if we had to pay for a property in full with our savings, there would be far fewer homeowners in Australia. So it’s a matter of understanding when we should borrow for something and when we shouldn’t. We need to understand when debt is beneficial to us and when it is detrimental, ...

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