Did you know the wealthy often use debt to grow their wealth Business accountant Habeeb Mahmood says there's a big difference between good debt and bad debt Good debt helps you buy assets that increase in value and make money Bad debt on the other hand is for things that lose value and cost the same amount every month Ways Rich People Make Money with Debt According to Mahmood debt can make you rich if you use it to control assets that make money and grow your wealth Rich people use debt smartly to get more from their money by taking out low-interest loans This way they can own more assets that make money Key Takeaways Debt can be a powerful tool for building wealth when used strategically to acquire appreciating assets The wealthy often leverage debt through low-interest loans to expand their control of income-generating properties and businesses Utilizing debt can enable higher returns on capital by accessing other people's money to fund investments Understanding the difference between good debt and bad debt is crucial for effectively managing debt to grow net worth Debt can provide tax benefits and liquidity for high-net-worth individuals when used responsibly The Concept of Good Debt and Bad Debt Not all debt is the same in personal finance There's a big difference between good debt and bad debt Good debt is used for assets that grow in value like real estate or a business These assets are worth more than the monthly payments On... Login to read full