Leveraging Good Debt and Avoiding the Rest - E12
Michael and Brady dive into the intricacies of debt management and its impact on financial well-being. They explore the concept of good debt versus bad debt, discussing common types such as mortgages, student loans, business loans, and consumer debt. The episode emphasizes the importance of using debt as a strategic tool to advance one's financial situation while highlighting the risks and emotional challenges associated with poor debt management. Listeners are provided with practical tips on handling debt wisely, the benefits of certain types of debts, and methods to avoid high-interest consumer debt. The episode aims to empower listeners to make informed decisions about taking on and managing debt to achieve their financial goals.
Key Takeaways:
• How can individuals leverage good debt to build their financial future while avoiding the pitfalls of bad debt?
• What strategies can be employed to manage and eliminate high-interest consumer debts effectively?
• In what ways can mortgage loans, student loans, and business loans be utilized as tools to enhance financial growth and stability?
Key Timestamps:
(00:00) - Emotional Impact of Debt
(04:24) - Personal Experiences with Debt
(07:57) - Current Debt Landscape in the US
(11:16) - Good Debt vs. Bad Debt
(18:33) - Leveraging Debt for Financial Growth
(24:11) - Student Loans: A Deeper Dive
(28:21) - Leveraging Debt as a Tool
(28:34) - Business Loans: Purpose and Pitfalls
(30:53) - Home Equity Line of Credit (HELOC)
(33:18) - Securities Backed Line of Credit (SBLOC)
(37:25) - Managing Good Debt Wisely
(39:19) - Avoiding Bad Debt
(40:00) - Practical Tips for Debt Management
(47:13) - Utility of Debt
(50:50) - Key Indicators of Debt Management
Key Topics Discussed:
Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, finance therapist, student loan debt, finance guidance for high earners, business owner finances
Mentions:
Website: https://www.genesiswealthplanning.com/
Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/
Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/
Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta
This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or (INSERT DBA or AGENCY NAME) and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.
Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. (INSERT DBA or AGENCY NAME) is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 6991809.5. Expiration 11/26.
