Will you be an Intelligent Borrower or Economic Slave? (Episode 1)

If you would know the value of money, go try to borrow some; for he that goes a-borrowing goes a-sorrowing.

Benjamin Franklin

Is it possible to live in our 21st century and stay out of debt? Most people would say no. Yet, there are those who are debt-free.

But even then, is it desirable to totally eschew or abstain from debt when it seems as though the global retail economy is powered by rising levels of consumer borrowing?

To answer that question intelligently, the first thing you should do before you read anymore is ask yourself whether you believe debt is a curse or a blessing. Well?

I've found a large part of my work as a licensed financial planner, consultant and professional speaker revolves around urging people to extricate themselves from the clutches of clinging debt!

Because of that, many people assume I believe all debt is bad... even downright wicked. Yet, nothing could be further from the truth.
In all fairness, though, I'm sure the title of one of my books, Liberty! From Debt-Slave to Money Master, helped entrench that 'Rajen-thinks-all-debt-is-bad' perception among many who've heard of that book but have never read it.

The truth is few things in life are correctly viewed in monochrome! And debt isn't one of them.

Most of life involves the full spectrum of colour and hue. That includes the emotive subject of debt.

Just like fire, debt can be a great friend if properly harnessed. But, also like fire, it can scar you for life or even permanently snuff out your breath if it is permitted to rage out of control.

Liberty! teaches - in stories involving three young men - principles and strategies that work well for those who want to get out from under the sometimes overwhelming burden of consumer debt.

In most countries, typical consumer loans are taken on for years at a stretch to buy items that go down in value, sometimes precipitously during just the course of the outstanding loan!

In most cases, for most people, I believe too much consumer debt is indicative of a well-entrenched inability to exercise one of the key criteria for long-term success, a commitment to delayed gratification - the willingness to give up something good today in anticipation of something far better tomorrow.

Embracing a philosophy of delayed gratification is, at least in my opinion, indicative of a person of superior emotional intelligence.

Mature people can exercise delayed gratification with regard to consumer items. Immature people can't, won't or simply don't!

The dividing line often has little to do with chronological age.

Yet I believe there is one type of debt that - under the right circumstances - can be productive.

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Watch Out For the next Episode.