• Smart Debt Management

  • 2024/02/08
  • 再生時間: 8 分
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  • サマリー

  • Some believe you must spend money to make money, but that doesn’t give business owners free reign to rack up debt for business expenses and still expect to turn a profit.

    In this episode, I explore the pros and cons of incurring debt and why a strategic approach to debt management aligned with your business goals is key to sustainability.

    In this episode, you’ll also hear:

    • Identifying good debt vs. bad debt
    • Managing debt with intention
    • Creating a realistic repayment plan

    Must-listen moments:

    [00:01:18] But the difference between a good debt and a bad debt is that a good debt is incurred for strategic investments. That means that you are looking to get debt that is going to make you money, not debt to pay down expenses.

    [00:02:44] Before taking on any debt, you really need to critically assess whether the expenditure contributes to the business's growth and sustainability.

    [00:07:25] Try to manage this debt and get it down to a lower interest rate, lower payments, something that makes it more manageable for you.

    Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

    Reach out to Alisa: Alisa@firststepsfinancial.com

    Connect with us on social media!

    FB - https://www.facebook.com/FirstStepsFinancial

    IG- https://www.instagram.com/firststepsfinancial/

    LinkedIn -https://www.linkedin.com/company/first-steps-financial/

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あらすじ・解説

Some believe you must spend money to make money, but that doesn’t give business owners free reign to rack up debt for business expenses and still expect to turn a profit.

In this episode, I explore the pros and cons of incurring debt and why a strategic approach to debt management aligned with your business goals is key to sustainability.

In this episode, you’ll also hear:

  • Identifying good debt vs. bad debt
  • Managing debt with intention
  • Creating a realistic repayment plan

Must-listen moments:

[00:01:18] But the difference between a good debt and a bad debt is that a good debt is incurred for strategic investments. That means that you are looking to get debt that is going to make you money, not debt to pay down expenses.

[00:02:44] Before taking on any debt, you really need to critically assess whether the expenditure contributes to the business's growth and sustainability.

[00:07:25] Try to manage this debt and get it down to a lower interest rate, lower payments, something that makes it more manageable for you.

Visit our website and click on the Let’s Talk button: http://www.firststepsfinancial.com

Reach out to Alisa: Alisa@firststepsfinancial.com

Connect with us on social media!

FB - https://www.facebook.com/FirstStepsFinancial

IG- https://www.instagram.com/firststepsfinancial/

LinkedIn -https://www.linkedin.com/company/first-steps-financial/

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