Debt = Death

100% I was in debt big time a few years back as I had too much pride to declare bankruptcy I took it to the chin and dug my feet in. I have to say that's the moment that really shaped me into who I am today. It's why I have such a passion for having zero debt, educating people and building wealth in many areas not just crypto. The opportunities for people to build wealth right now are crazy (in a good way) and being debt free is and staying debt free the critical single point of failure. The invention of credit and pay later might sound great and it can be great as long as you pay it back without any owed (30 days on most CC's) but miss one and you just set yourself back.

I mean our government could take a seriously lesson from this but they never will. Instead some how they think they will just keep pooling money from it's citizens and it's a never ending faucet. That faucet is starting to dry up in a big way. I believe single handily it's why we see the removal of the middle class and now we have few with wealth and many in debt. It all comes down to how much debt you accumulate and how you manage it. On top of that would be investments after the debt is paid off.

Many persons make expenses from their coming years. It means that they now spend the amount of money that they will earn 5-10 years in fact. Thus, you have to get into debt today. This is the behavior of consumer society.

Brother you said a mouthful.

My brother-in-law left my sister in a great deal of debt when he died. He owned and operated an international business (Schmitz & Schmitz) where his business model was rob Peter to pay Paul. I thought his business was doing well! He owned a Jeep, a BMW, another BMW, a company van, a pickup truck... well you get the picture.

When I went to help my sister go through his home office we found collection letters, certified letters from the IRS, collection letters and all sorts of stuff. He was not even paying the mortgage on the home!

It has taken my sister about 3 years or so to get completely out of debt. The only thing she owes on now is her truck she uses to pull her camper.

I am in complete agreement with you that debt is death. I have a very good credit rating and live within my means. I am too damn old to try to impress others with things.

Excellent advice to everyone and I thank you for sharing your thoughts on the topic of debt.

Summary:
In this video, the speaker addresses the issue of debt and its implications on individuals. He emphasizes how being in debt can lead to a sense of servitude and financial enslavement. The speaker discusses how societal norms and advertising have influenced people to prioritize material possessions as a measure of wealth, resulting in many individuals living beyond their means. He shares personal experiences of dealing with debt and highlights the importance of avoiding debt altogether. The speaker concludes by emphasizing the detrimental effects of debt and encourages viewers to stay out of debt to achieve financial freedom.

Detailed Article:
The video opens with the speaker delving into the topic of debt, describing it as a widespread issue globally affecting individuals, nations, and corporations. He highlights the severe consequences of being in debt, equating it to living in servitude and essentially being enslaved to one's job. The speaker points out that the prevailing mindset in society, driven by marketing and advertising over the past decades, has led people to believe that material possessions determine one's wealth and social status. This has resulted in a culture where individuals accumulate debt to maintain a certain lifestyle, often beyond their financial means.

Furthermore, the speaker discusses the cycle of debt where individuals are continuously making payments to financial institutions, such as banks or car companies, leading to a vicious cycle of borrowing and repayment. He emphasizes the negative impact of consumer debt, citing high-interest rates on credit cards and car loans as examples of financial burdens that individuals face due to their spending habits.

Drawing from his own experiences of falling into debt in his 20s and working to get out of it in his 30s, the speaker offers valuable insights into the challenges of managing and overcoming debt. He stresses the importance of avoiding debt in the first place and making prudent financial decisions, such as opting for second-hand items or avoiding unnecessary expenses to prevent falling into the debt trap.

Moreover, the speaker highlights the societal pressure and influence of advertising that compel individuals to prioritize material possessions over financial stability. He notes that being debt-free puts individuals ahead of the vast majority of the population globally, underscoring the significance of financial independence and smart money management.

In conclusion, the speaker reiterates his message that debt is equivalent to financial death and encourages viewers to make conscious choices to steer clear of debt. He emphasizes the benefits of saving money, even if it means earning minimal interest, as a preferable alternative to accruing debt and paying substantial interest fees. The video serves as a cautionary tale and a call to action for individuals to prioritize financial well-being and avoid the pitfalls of debt accumulation.