Day 46: Intro to Debt
Bellwork:
Intro to Debt:
- Preview Chapter 4
- Watch Video 1.1 "Debt: Product, Not Priviledge
- take notes as you watch (pretend you're the teacher)
- It's easy to go into debt, it takes effort to stay out of date
- Cash back bonuses may not be worth it if you buy things that aren't on in your budget.
- DEBT is DUMB
- credit cards charge interest and allow you to buy things you can't afford
- car loans allow you to borrow to buy something that goes down in value
- interest on a 30 year home mortgage might be as much or more than the value of the home
- Lots of marketing dollars are spent on convincing us that debt is normal
- 6 billion credit card offers went out last year (6000 million)
- banks are good at what they do (selling credit)
- commercials try to confuse you
- need paradigm shift (new way of looking at something)
- filter out the noise
- learn the reality of how money works
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