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Australia starts its new year on 26 January. Why not start your investment year? Get a copy of the Gen X bible on investing for $34.95. You can order Debt Man Walking from this site.
Debt Man
Debt Man is a financial 'superhero' whose aim is to help Generation Xers get the financial house in order so that they may assume their rightful place, eventually, as the wealthiest generation of all time.
Debt Man bears no resemblance to the character played by Sean Penn in the movie of a similar title (Dead Man Walking). For a start, Sean Penn, even when he was married to Madonna, was never 'attractive'.
Debt Man does not claim to be sexy. He understands his limitations: 'It's hard to be attractive when your face is just a dot'.
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More importantly, Debt Man is not just a promoter of all debt willy nilly. As detailed in 'Debt Man Walking', there are three types of debt: dumb, okay and great. Not all debt is bad, nor is it all good. Not all debt should be feared. It can be a legitimate wealth creation tool. It can also cause chaos in the wrong hands.
Dumb debt
Dumb debt is money borrowed that doesn't qualify as a tax deduction and was used to buy for items that do not increase in value (eg, credit cards, furniture loans)
Okay debt
Great debt
Great debt is borrowing to buy assets that increase in value and qualify as a tax deduction (eg, investment property loans, margin loans, line-of-credit loans used for investments
Okay debt is money that is borrowed that either qualifies as a tax deduction, or is used to buy an appreciating asset (eg, a home or a work car)
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