The Reason I’m $1.8 Million In Debt - vTomb

The Reason I’m $1.8 Million In Debt

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I felt like this is something worth addressing, given just how much mis-information there’s been surrounding a few of the recent videos I’ve made. This is why I have $1.8 million in debt - enjoy. Add me on Instagram: GPStephan

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Now, while some of you might understand the nuances of money and grasp the bigger picture, its become very evident that MOST people out there, do not. Instead, they just focus on one, single word: DEBT.

To be honest, this isn’t surprising to me, because we live in a culture which both glorifies and vilifies the act of borrowing money…On the one hand, if there’s something you want…doesn’t matter if you can’t afford it…you can finance it. But with that, comes some very scary consequences…

Consumer debt reached an all time high, of $4 Trillion Dollars
From that, $1 Trillion Dollars is charged to a credit card…
And to top it all off, nearly 70% of college students graduate with nearly $30,000 in student loans

So how do we solve this, and what’s the solution? Well, most people believe it’s by practicing one basic rule when it comes to managing money:

See, when I think of debt, I see a game of life that you choose to play…and you have the option, right now, to pick which team you want to join.
One team plays defense.
The other team plays offense.

The people who believe that “DEBT IS BAD” will pick defense.
They avoid it at all costs, any amount of debt needs to be paid off immediately, and they want to preserve as much of what they already have as possible. Instead of playing to win, they play NOT to lose. And while that is a very SAFE strategy…without any offense, they won’t score.

On the other side though, we have OFFENSE.
They embrace debt, they don’t concern themselves with paying it off early, and they just want to score - even if that means risking the game in order to do that. These are the people who PLAY TO WIN….and while this is a RISKY strategy that could pay off, without a good defense, they could just as easily lose.

However, ANY well-calibrated team is NEVER one, or the other…it’s NEVER an ultimatum, and no one team JUST plays offense, or JUST plays defense…instead, the best teams in the world find the ideal strategy of combIning BOTH into a winning formula. Same applies with DEBT.

To me, this is what that winning combination is:

If the DEBT cannot make you money, AVOID IT - ALWAYS.
If buying something WILL NOT make you more money - then ONLY BUY IT if you can afford to pay for it outright.

On the other hand,
If DEBT WILL make you more money, EMBRACE IT. SOMETIMES.
If buying something WILL make you more money - it’s OK to finance it - SOMETIMES.

That’s the differentiation between good, and bad debt:
I do not take out loans on real estate speculation, I do not spend the loaned money on anything that doesn’t make me more money. I do not take loans that a bank can randomly “Call” if the value declines. I do not take on loans that I couldn’t already afford to pay if the properties are vacant. And I do all of this within my means.

If you have the education, the self control, and the persistence to make smart, calculated risks - using debt can be like playing an intense game of offense. But if you abuse it, waste it, and get caught in the cycle of random consumer spending of random crap - you WILL get burned. Don’t be reckless, don’t get greedy, and don’t over-leverage…play it safe, take it slow, continue learning, and pretty soon you’ll be $1 million dollars richer, and smashing the like button with leverage..

For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at [email protected]

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