Find it out from the book, “HOW TO SAVE LIKE A PRO: 30 Radical Money Saving Hacks That Can Help You Hit Your Financial Goals” by Obot Essiet Jr., the Financial Intelligence (FINTEL) Coach.
Good Debt is the type that allows you to accumulate assets that will increase in value either by capital gains it by generating CashFlow. You can use the income derived from the asset to repay the debt.
Liabilities on the other hand, are the obligations and debts a company or an individual owes and have to be settled either in the short term or long term.
A liability is usually money owed by a business for the purchase of an asset.
Liabilities could arise from borrowings which may be made to improve business or personal income and are paid back over an agreed period of an interval.
From the personal finance and investment perspective, there are four classes of assets that you need to have available to build an investment portfolio.
An asset is any form in which wealth can be stored and held – long lasting item of property that can be reasonably expected to contribute to the future profits of a business.
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