Kris Krohn here, Limitless TV.
Talking about the answer to this great question, of debt consolidation.
Is it a good thing?
And you what?
I'll tell you right now, it could be good, it could be bad.
Come find out why.
Consolidating your debt could be a really good thing or it can be a really bad thing.
How? it depends on why.
It depends on why you wanna do it?
You know, you might be searching for this video cause you're wanting to know, how do
I consolidate my debt? and is that a good thing to do?
And it really depends.
are you coming at life at a consumer mindset? or from an investor mindset?
And I have to bring that up because in this world, we've got good debts and we got bad
debts.
Did you know that?
It's wild!
There's debt that is actually a really good thing.
When you're consolidating consumer debts, you're doing something really smart.
When your consolidating good debts, business debts and investment debts that makes you
money, it maybe a smart thing but it depends.
It depends on whether your goal is trying to pay some off.
A lot of people get into a spiral effect and want to snowball debt.
Pay now, consolidating debts because you're living life in fear.
Check in right now.
How are you feeling inside about debt?
When you think about the debts that you want to consolidate, do you feel happy inside?
Do you feel trapped?
Do you feel free?
Or do you feel confined?
Because if you tackle your finances from that spirit and energy of confinement, that my
friend is called scarcity.
And scarcity is a scary place.
Scare - city.
Haha just kidding!
Scarcity is this idea that there's lack and there's not enough and there will never be,
everything that I need so I need to be that super smart and frugal with my resources and
the opposite of that would be your birth right of abundance.
That prosperity and abundance is something that is just as equally as available to you
and our minds can either be sick like a cancer that spreads and infects us with scarcity
who's father is fear.
When you deal with money, and you manage it with fear guess what you get?
You get less of what you want.
You get more of what you don't want.
Because that which we fear, we bring about.
Whatever we invest in we bring about.
So this conversation of how should I feel, is this consolidating good?
I would check in first and see why.
Why is it important to you?
Is it because you have this exciting plan of how to get ahead?
Or is it because you this terrifying plan about getting ahead?
See the counterfeit?
It can be the same thing but how you feel is what matters most.
So by now you gotta know if you've been hanging with me a little bit that there's good debt
and bad debt right?
I still get people confused when they meet me and we have this conversation and they
look at me skeptically like, good debt?
really?
that's what you're talking about?
Yeah! you might not know what it is but my world revolves around it.
You see consumer debt is anything that you buy that you gotta pay off that doesn't produce
money for you.
Right?
It's not an asset it's a consumable.
A good example, a boat.
I buy a boat and no matter how long I hold the boat, it's not gonna grow value.
However, every month until it's paid off, it's gonna ask for what?
some ca-ching.
So a boat is one of those things that you don't want to be buying and yes you want to
consolidate that debt.
On the other hand, you have good debt.
A good debt would be something like a house.
Right?
I acquire debt to be able to buy it but every month the rent that I get, I use it to pay
the liability of my mortgage and then there's a mystical $300 left over.
I wonder what I should do with it?
Well, I guess this left over is just for me.
You're right, it is a good debt because of what?
It produces money for you.
Well, $300 may not sound like a lot but imagine you had 10 homes making you $3,000 a month.
How many of you could use that extra $3000 a month?
Well guess what?
You might have to acquire a million dollars of debt.
To make $3,000 a month.
How you feel about that?
Well, it's making you $3,000 a month, it's giving you the most aggressive tax write offs,
it depreciates, it goes up in value, it pays you, it's non speculative,you've got instant equity
that you can walk into this is a good thing.
It's not a boat!
It's not a credit card, It's not cabellos, you know a manly stuff that I bought that
smells manly.
It's an asset that performs and makes me money.
Good debt bad debt.
It all comes down to, is consolidating debt a good idea?
It depends on your mindset.
Consolidate your bad debts and acquire good debt why? because one will help you stop using
so much and the other one will help you gain more of what
you want.
Thank you for watching today's video.
If you have not been out to one of my 3 day limitless events,
then you gotta click the link below
and learn more about it.
Next time I'm gonna be bringing you a new video, we're gonna be talking about
how we change bad habits, addictions
and then turn them into success.