Finance, Myth Busters July 27, 2010

10 things you say that will keep you broke

  1. My student loan / mortgage is “good debt.”
  2. I don’t make enough to save / avoid debt.
  3. Interest is good for taxes.
  4. How much is the monthly payment?
  5. I did/bought/financed it to improve my credit score.
  6. I need a new car because I need a warranty and 0%.
  7. I’m paying now because I can’t have _____ (experience, thing) later.
  8. I can afford the monthly payment.
  9. At 0% interest for 6 months it’s not debt if I pay it off in 6 months
  10. I’ll wait until _______ to pay off my debt/save.

What are some of the things you hear people say that keep them, or harder to admit – YOU, broke?  Have YOU ever said any of these?  What justifications do you have?

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About Dustin Taylor

View all posts by Dustin Taylor
Husband, Soon-To-Be Father, LDS, BYU ISYS Student. Follow me on Twitter @dustingtaylor, Co-Founder @globaloutreach, Owner @bizingenuity - living my dreams.
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  • Sam

    Yes, I agree with these! But I still think buying a house is better than renting. hehe.

  • http://www.dustingtaylor.com/ Dustin Taylor

    haha, Sam I'm glad we finally agree. :) The buying vs. renting debate is still going with our previous post: http://www.youngandprosperous.com/2010/07/buyin…

    What are some of the stupid things others have said attempting to be “rich” that you have heard?

  • http://www.youngandprosperous.com/2010/09/dont-be-afraid-to-take-risk/ Don’t Be Afraid to Take Risk | Young and Prosperous

    [...] to you, it will stop at nothing to destroy you. Debt and a lot of other pursuits in life will stop you from ever doing what you want to do. Don’t let the world dictate what you can and cannot do. [...]

  • http://shoxty.com Will

    #11 It is wise to keep your home mortgage because you can claim the interest as a tax deduction.

  • http://www.dustingtaylor.com/ Dustin Taylor

    Yeah, I think #3 has to do with that, but I love it! “I bought a house for the tax deducation!” :)

  • http://shoxty.com Will

    Good form Peter…

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