A Lesson In Debt: Class Is In Session
April 5, 2019
A long time ago an extremely wise person told me one of the most important lessons about debt I’ve ever heard. What he said was this:
“If you owe the bank a million dollars you have a problem. If you owe the bank a billion dollars the bank has a problem.”
Now what he’s talking about is an extremely advanced from of making money. The wealthy make money off debt. How? By leveraging debt. Now I’ll be honest. I don’t completely completely comprehend that statement in its entirety. What I do understand is “to big to fail.” Most people understand that concept.
Obviously this is millionaire and billionaire advice. This advice is way above my pay grade but it’s good to know [Maybe even a requirement?] for people planning on becoming wealthy, not rich, wealthy. There’s a difference.