Let’s Get Real About Money!: Profit from the Habits of the Best Personal Finance Managers

Chapter 10. Borrowing and Debt Management

	“A pound of worry won’t pay an ounce of debt.”
	--John Ray

	“A man in debt is so far a slave.”
	--Ralph Waldo Emerson

People borrow money for many different reasons. Used wisely, debt can enhance your ability to accomplish your financial goals. When used for investment purposes, debt can increase your returns by allowing you to earn money not only from what you invest yourself, but also on the borrowed money.

Unfortunately, debt and credit can also be misused. When used for purposes of living beyond your means, debt can be a burden and hindrance to your ability to save money. (Perhaps that’s why Emerson should have said, “A man in consumer debt is so far a slave.”)

In this chapter, I explain how to assess ...