Loading summary
Transcript1 lines
- [00:01]
Candy Valentino
This is the way it feels to move through summer in Lululemon iconic aligned softness without the front seam for our smoothest look and feel ever, Summer won't know what hit it. Stretch your limits in the non stop flexibility of the new Lululemon align no line pant in select stores and@lululemon.com hey guys, today is Financial Friday. Here's your money minute on the Candy Valentino show. Did you know that 77% of US families have debt of some kind? A car loan, a mortgage, credit cards or student loans. And although the good debt versus bad debt principle is an understanding that most people already have, I want to recap it, but most importantly, I want to give you a tool on on what you can use to reduce it. So what is good debt? It's often referred to as something that just helps you build assets. This could be your mortgage on a home or rental property that grows in value. It's on a business loan that gives you the chance to earn more money. On the other side, we've got bad debt. This is the destroyer of all wealth. This is credit cards, payday loans, debt from trying to keep up a lifestyle to look rich. And it's actually keeping you broke. That's why we call it bad debt, because it's literally a thief that's robbing your future, keeping you stuck on the hamster wheel of always having to work to pay bills. So before you borrow more money, I want you to ask, am I investing into something or am I consuming more things? And if you have a lot of bad debt right now, you're not alone. But your number one focus needs to be eliminating it. One thing I always say is something simple. Take out a sheet of old school paper, list every lender that you owe, list the amount that you owe them in the current interest rate that you're paying, and then use my rule of 7. Any interest rate above 7% that is not a house or a business loan, generally speaking, is bad debt. Start to tackle the highest interest rate amounts first. And remember, money is 75% behavior. You have to develop better wealth habits. If you ever want greater financial health, take action on my roll of seven and start to take back control. I'm Candy Valentino and that's your money minute. Vince Colonnades is redefining News Talk. Hi, I'm Vince Colonnades, host of the Vince Podcast. These conversations where we can air all of this out without the filters, without the sensors, without people, with judgment. That's how you get a healthy country, adult, reasonable, so sober conversations. That's all I want. In depth interviews, live caller interactions, and a front row seat to the most important conversations of the day. That's why I'm so grateful that we get to do this every day. You are really the best damn audience in media. The Vince Show. Follow and listen on your favorite platform.