Home Equity Line of Credit Trap – Your home is not an asset by my definition (7 of 18)
Do you remember my definition of an asset earlier in this course? If you use my definition you will soon realize that your home is not really an asset.
Actually, come to think of it, I consider it more of a money pit. In this lecture I throw convention to the wind and explain why I think this is the case. As I have taught in previous lectures in this online money course, building wealth is all about managing cash flow.
When you increase your line of credit you are not on the right track to building wealth. You are digging yourself a hole that will take ages to climb out of.
Many of you may not agree with me. Unfortunately, that is one of the problems that is holding you back from achieving financial independence.
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