This is my third video in a series of quick wins that you can implement to make the most of your finances this financial year. Today I will be talking about bad debts.
Let me be very clear, it is absolutely critical to minimise bad debts, and pay them off as soon as possible.
Just to clarify, bad debt is a loan that is not tax-deductible, typically your mortgage, a car loan, or credit card.
Your mortgage for example should really be repaid in 10 years, because the interest cost really balloons if you take longer than that.
There is a tremendous opportunity cost to having a big mortgage, not only because of the interest cost, but also because it is a roadblock to building wealth for your retirement.
Yet, what do we see very commonly, many medical professionals getting mortgages for millions of dollars, and putting themselves under immense financial stress.
My advice, really think long and hard before you take out a mortgage, and take advantage of current low interest rates to repay your mortgage quickly.
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