Why: Debt can cripple your financial progress.
How: Only use credit for investments that generate income (like property or business). Avoid high-interest debts like credit cards or payday loans.
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Dan Martell’s approach is about mastering the small, daily actions that compound over time. These habits aren’t about quick fixes-they’re about building a foundation for lasting wealth and happiness. By focusing on consistency, self-awareness, and continuous improvement, anyone can start moving toward a richer, more fulfilling life.
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Similar ideas to 6. Avoid Bad Debt
Interest Rates: Comprehend how interest affects loans and credit cards
Credit Score: Learn how financial behaviour impacts your credit history
Avoiding Debt: Practice responsible spending to avoid unnecessary debt.
Is debt acquired to purchase something that is going to benefit you financially in the future, usually with low interest. That means it's either going to generate income or allow you to make more money in the future.
Examples of good debt:
If you have debts with a high-interest rate, a balance transfer might be a good option and even offer perks such as 0% APR and rewards programs. Ensure you consider the balance transfer fees, and pay down the entire transferred balance during the introductory period if possible.
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