There are lots of articles regarding debt, and why debt is bad for you. These articles also teach you how to get out of debt. There are many ways to do it, also methods to save money: spend less on food, clothing, sell stuff you don’t need, get more sources of income, and many more. You get the idea. All these are good ideas. I have tried them and used them. I also got out of all the debt I had. I was paying a loan for my car, I had credit cards, each month spending money on all of these.
There is a saying, by George Carlin:
“We buy shit we don’t need, with money we don’t have, to impress people we don’t like.”
So, so true. People came to me and told me they would like to invest in crypto, but they don’t have money to do it. It’s important to get out of debt first, then you can think of ways to invest (no matter what you’re investing into). I don’t recommend borrowing money in order to invest them. It’s a risky business and it’s not for everyone. Especially for those who are just starting to invest.
Now, let’s get back to the debt thing and why is it bad for you. There are lots of reasons, but here is the main one:
Debt can keep you trapped into a job you don’t like; or you end up paying more (at the end of the loan) than the market price, for a product that is already used and probably is worth less than the price you initially paid.
The lack of perspective, and the lack of a plan for your next moves, with short and long term goals is the reason people get into borrowing money.
Here is what happens the moment when you get out of debt:
That is the moment when you become free
You are happier for no reason on your regular days
You start to learn more and more about investing
You save more and more money
Your life improves on many levels (business, personal, emotional, etc)
These are just a few side effects, but there are many other improvements. You just wait and see.
Start getting out of debt now! You WILL thank me later, I promise.
What is your opinion about debt, and what actions have you taken to get out of it and start investing in crypto?