Hey guys,

Forum virgin here, this is my first post! Im just a young guy who hasnt really started investing as yet but am getting my finances in order, which is the first and most vital step, so I can start my journey to financial independance.

As I havnt had as much practicle experience in investing the best advise I can give from my own personal experience is that there are two types of debt:

1) Good debt : income producing debt : investment debt

2) Bad debt : income consuming debt : consumer debt

I have learnt the hard way that it is very easy to get credit cards, personal loans, Hire Purchase leases etc to purchase things that generate no extra income or real value to your life. This debt then takes so long to pay back and if you dont take control of it and your spending/saving habits then it becomes a perpetual downward spiril. Worst of all, it keeps you married to a “job”.

Money is a very addicitve thing and when you start earning a decent wage it is all to easy to go and borrow money to purchase “life style” items that just drain your cash flow.

My tip is to take control of your spending/saving, pay off all “bad debt” and then use that money to invest into income producing assets.

Happy investing!!

Chris.