It is absolutely critical to minimise bad debts, and pay them off as soon as possible.
Just to clarify, bad debt is a loan that is not tax-deductible, typically your mortgage, a car loan, or credit card.
There is a tremendous opportunity cost to having a big mortgage, not only because of the interest cost, but also because it is a roadblock to building wealth for your retirement.
Yet, what do we see very commonly, many medical professionals getting mortgages for millions of dollars, and putting themselves under immense financial stress.
So how can you manage bad debts better? Click HERE to watch a short video.