"Mind Set" is the toughest thing.
most people don't like change unless they have to.
Asset = put money into your pocket continuously. creates passive income. whether you work or not.
Liability takes money away from you rather than putting money into your pocket.
There are good debt and bad debt.
Good debt - you borrow to increase in asset. (e.g, investment property, shares, minerals.. etc).
bad debt - make you poor and depreciate. (e.g, car, unnecessary loan, clothes, bags.. etc).
Do you want to be tax sufficient or to make another million?
when purchase property does rent enough to pay off mortgage? No.
100,000 over 30 years.
age of 65. 2 million and 300,000 in debt. pay off tax. still got 1.4 million left.
borrow equity to repay debt.