That is a message from a seminar I went to about 25 years ago. (I took notes and still have them today!)
When you owe money, people have a claim on your earnings and your stuff. They get to ask you questions and pry into your finances. If you’re like me, you’re not a fan.
Sure, there is a time to have some debt – when we are young and need to buy a house and start a family and interest rates are low. But living on borrowed money for everything is not a safe place to be. And who wants to pay interest? We want to collect it!
Work on making more, and/or spending less, so you aren’t in debt very far at all. Then “nobody can mess with you!”
“Debt is dumb Cash is king!!!”
Your to nice some times LJ 🙂
The best advice a business owner can receive!
Great advice Larry! Thanks for sharing all your insights. Hope all is well with you!