I hope this next series of blog entries culminates in a video project with one simple objective:
Why do we use money?
To start off I will focus on a personal yet very public issue. What is good debt versus bad debt?
I will speak from personal experience and say that I have accrued nearly $20,000 in student loans over the last ten years. Good debt right?
When it pays off as the expression goes.
Canadians have apparently amassed just over one trillion in mortgage debt. Good debt you say?
Yes if you have plenty of money left over at the end of every month to save for retirement once the bills have all been paid, or are you as the saying goes, house poor?
How about debts from gambling, hobbies, drinking, smoking, eating, and well, you get the picture. It's pretty obvious that if what I have just previously mentioned is making you poor, then that could very well constitute bad debt.
Hmmm, when all is said in done, you still owe money, good debt or bad debt. Perhaps it is merely perceptions about the virtues of education and home ownership versus the vices that monopolize peoples money that we can argue about.
More on money to come!
