From the course: Financial Adulting
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Making financial decisions to excel
From the course: Financial Adulting
Making financial decisions to excel
- We are going to learn how to use a decision matrix to make highly valuable decisions, especially when buying a house or a car. I love the decision matrix. I learned it in college, and I've used it to make every major life decision since then. Before we dive in, though, I think it's important to talk about good debt and bad debt. Ellen and I see debt on a sliding scale. As you saw earlier, we think debt is dangerous and it should be avoided at all costs. However, not all debt is created equal. Some debts are worse than others. For instance, credit card debt is the worst of them all. If you carry an ongoing balance, you're racking up enormous interest expenses. Often, from 21 to 25%. On the other end of the spectrum is business debt. It's not so bad because it is productive debt. You're borrowing money to make more money. With credit debt, you're borrowing money just to spend it on yourself in the here and now. Don't…
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