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Podcast: Get Rich Education
Episode: Rich People Have The Most Debt
Description: Paid-off properties have an opportunity cost that few consider. Wealthy celebrities that choose mortgages are: Mark Zuckerberg & his wife, Elon Musk, Megan Markle & Prince Harry, Beyonce & Jay-Z, Chrissy Teigen & John Legend, and Charlie Sheen. I personally have held millions in mortgage debt from a young age. I've long had the ability to pay it off, have not, and will not. Good debt defined: 1) Secured. 2) Low mortgage interest rate. 3) Payments outsourced to tenants. How your bank sees your debt: 1) You have insured their collateral. 2) When you improve the property, you improve their c...