Key Takeaways
- Credit card companies are yielding an average return of 29%, but an average investor works hard to yield 8-12% annually.
- WizeFi get's people out of debt 30% than any other program (according to 26 years of internal data).
- Debt is the #1 killer of wealth.
- There are two types of interest–The kind you earn and the kind you pay. You can't reach financial freedom if you're paying more interest than you're earning each year.
- There are two types of debt:
- Productive debt
- Non-productive debt
Terms
Productive Debt: is debt that can help you grow your net worth and your monthly income. Productive debt is used to purchase productive assets (examples: using a real estate loan to buy an investment property or a business loan to buy a business or piece of equipment for your business).
Non-Productive Debt: is debt that prevents you from growing your net worth. Credit card debt and auto loans are the most common types of non-productive debt. And contrary to opinion, student loan debt is also non-productive debt.
Resources
Use the link below for strategies to get out of debt faster from our Resource Hub:
https://www.wizefi.com/resource-hub/debt/
Use the link below to connect with a professional or apply to be a WizeFi professional:
Instructions
Follow the instructions below to record your liability accounts:
- Click "add liability account" and choose your account type.
- Fill out each field accordingly and then click save.
- Continue this process until you've added all your liability accounts.