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We've already discussed the first strategic way to use debt, which is a mortgage. Debt can be used to buy income property, which could literally help you on your way to becoming a millionaire.
The interest you pay on a mortgage will likely be tax-deductible as well as the interest on any loans you use to acquire income property. There are literally thousands of wealthy people who started out borrowing money to fix and flip a house, used the profit to buy a couple more fix and flip houses and so on to the point where they now own multiple apartment houses.
Want to know what is bad debt? Here's a video that explains bad vs. good debt and the fact that most people don't know the difference.
Don't get totally turned off
Most of what you have been told about debt being bad is true. But don't let all of its bad press turn you off. There are certain kinds of debt that can be beneficial. It can help you further yourself in life, buy a home or start a business. In other words, when used smartly debt can actually be a good thing.