Break barriers! Boost earnings with self-improvement and reach your investment goals sooner!

Good debt vs Bad debt

Not all debt is equal.

I know that some people are resistant to increasing their debt, but when you understand the difference between good and bad debt, it becomes a lot easier to pursue the idea of taking out a loan and using the bank’s money to propel you forward.

Good debt sets you up for smooth sailing.

Bad debt is like swimming against the tide.

Good debt:

• Good debt is simply defined as borrowing to buy things that go up in value and generate an income for you. For example, if you cannot afford to buy a home with cash, you go into debt with a mortgage. That, in turn, can help you use your housing payments to build a real estate asset instead of renting.
• Leveraging your equity to take out a mortgage on investment properties generates passive rental income that you can use for paying the bank loans, retirement savings or other investments.

Bad debt:

• Bad debt is money borrowed to purchase rapidly depreciating assets or assets for consumption.
• Bad debt can also include high levels of credit card debt, which can hurt your credit score.

Don’t be limited by your current income

If you’re currently not earning enough to buy multiple properties, don’t worry you can start by buying your first one while investing in yourself and enhancing your value to your employer. By dedicating time to self-improvement and focusing on increasing your worth, you not only boost your income potential but also open doors to a brighter future.

With higher earnings, you’ll have the opportunity to invest in more properties faster, plus, you’ll have the extra funds to enrich your lifestyle, secure your children’s education, and build a safety net for unexpected challenges. It’s a win-win path to financial empowerment and personal fulfillment.

Building wealth effectively requires a team, I could have tried to do it on my own, but I calculated that leveraging the expertise and support of professionals such as property consultants, mortgage brokers and accountants was a far better path to pursue.

So, while they were busy doing a lot of the hard work for me, I could put my time into becoming more valuable to the marketplace, working harder and smarter to increase my income faster.

It was a pivotal decision in many ways.

• Surrounding myself with a team of property investing professionals gave me the power, expertise and confidence I needed to buy multiple properties.
• It motivated me to become better and even change professions so I could increase my income.
• It inspired me to start Ironfish and help others leverage our experience.

Even if you’re earning an enviably high income, property investing success is not guaranteed. Why? Because if you dive in without a sound strategy or set a goal of what you want to achieve, you are setting yourself up for failure.

I know for certain that I wouldn’t be enjoying the life I have today if I had chosen to go it alone. No matter what your income, with the team at Ironfish by your side, you can supercharge your journey to financial freedom.