How to Become Wealthy by NOT Repaying Your DebtWealth Secrets of Millionaires by Loral Langemeier 

Wealth. Does that sound like a foreign word to you? If you’re saddled with loads of consumer debt the way so many Americans are, it is probably a very unfamiliar word.  Consumer debt is the greatest barrier to wealth. And when you’re suffocated by thousands of dollars of debt, it may seem impossible to get out.  

There’s good news! It’s not impossible to eliminate your debt and move toward wealth.. Most people simply don’t have a system for paying off their debt, and as a result they perpetuate bad habits and remain stuck in it. By using the proper debt management system, you can get out of debt quicker than you probably imagined with minimal change to your existing lifestyle.  

To top it off, there is a system you can use that will allow you to simultaneously create and feed the Wealth Cycle™, a cycle of wealth millionaires use to consistently and exponentially build their wealth. In other words, you can simultaneously become wealthy and repay your debt. 

Skeptical? You bet. But, you’ll be surprised at how easy this is.  It’s a basic matter of good vs. bad Before we get into the how-tos, it’s important to differentiate between good and bad debt. That’s right – not all debt is a barrier to wealth. In fact, some debt actually adds to wealth.  “Do you think millionaires don’t have debt?” asks Loral Langemeier, author of the popular book, The Millionaire Maker. “Of course they do – sometimes millions of dollars of debt.” The reason their debt is of no concern, however, is because it’s what is known as “good debt.” Good debt is any low interest borrowing you’ve done to finance a mortgage or student loans, with the interest deductible against your business operations. Good debt is good because it is actual helps you make more money (or, in the case of a student loan, it’s helping you learn so you can later earn.) Bad debt is consumer debt. That’s debt for consumer items, such as high interest credit card debt that you acquired buying perishable items. This includes car loans and home equity lines of credit. To build true wealth, you need to abolish bad debt and – if you want to be a millionaire – strategically build good debt.

To read the rest of this article, check out the Winter 2008 Issue of WE Magazine for Women.