The Slippery Slope of Financing Your Lifestyle

<p>Is there good debt and bad debt? What&rsquo;s the difference? Is it good or bad to have debt?&nbsp; It can be a slippery slope, so understand the psychology of debt before making big decisions to finance your lifestyle.</p> <p>In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about debt. Buying things you can&rsquo;t afford with money you don&rsquo;t have just to impress people that you don&rsquo;t know or like can be a big problem.</p> <h3><strong>Topics Discussed:</strong></h3> <ul> <li>Reasons why people finance things: <ul> <li>Leverage low interest rates</li> <li>Increase efficiency and invest in other things</li> <li>Buy something sooner for immediate gratification</li> <li>Cultural challenge to do what everybody else does</li> </ul> </li> <li>More or Less: In reality, does having debt or paying it off make you happy?</li> <li>Psychology of Debt: Save up before being susceptible to spending more</li> <li>Key Takeaways: <ul> <li>Pay attention to debt-to-income ratio</li> <li>Bring debt number/amount down</li> <li>Save wisely to avoid being house poor or filing bankruptcy</li> </ul> </li> </ul> <h3><strong>Links:</strong></h3> <p><a href="https://financeforphysicians.co/contact/">Contact Finance for Physicians</a></p> <p><a href="http://financeforphysicians.co">Finance for Physicians</a></p>