• Using Debt to Help Your Finances (season one wrap-up)

  • Feb 27 2024
  • Length: 28 mins
  • Podcast

Using Debt to Help Your Finances (season one wrap-up)

  • Summary

  • This season, we’ve looked at debt from a different perspective. So often, we believe that debt = bad. Even worse, our society often views it as a moral failing. The reality is that debt is sometimes necessary—and it can even be a tool to help you better your finances. Listen to our season wrap up with more perspectives on why debt may be a necessity.

    Some of the things we bring up include:

    * How the rich use debt to borrow and spend using stocks and other assets as collateral and to avoid selling anything and reducing taxable events

    * Our propensity to consider what rich people as superior while doing the same thing as a poor is considered inferior or “trashy”

    * How the financial order of operations might work for some people, but can be overly prescriptive and doesn’t always work if you run into a problem

    * Much of the “regular” personal finance advice works best if nothing goes wrong for 20 years

    * Concerns that prescriptive finance a la Dave Ramsey is making its way into some schools

    * There’s a lot of “financial porn” out there that glorifies strategies that are inaccessible to most people, even though those they feature are outliers

    Financial strategies that include debt

    We featured a few people who shared their stories of how debt is necessary in some cases, including some of their own stories of using debt as a financial tool:

    * Brynne Conroy

    * Tiffany Grant

    * Dustin Heiner

    * Deacon Hayes

    And don’t forget to check out our recommended resource from Dana Miranda of Healthy Rich, Dealing with debt without shame.

    Consider supporting us by upgrading to a paid subscription here (so we can continue to keep doing this work)

    Or, for a one-off donation, buy us a refreshing beverage on Ko-fi.

    And make sure you check out our websites as well:

    * Sarah Li-Cain

    * Miranda Marquit



    Get full access to It Doesn't Make Cents at itdoesntmakecents.substack.com/subscribe
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