Saturday, July 18, 2009

What's the definition of debt?

What is the definition of debt? According to the Merriam-Webster online dictionary debt is:

1. Sin, Trespass
2. Something owed
3. A state of owing
4. The common-law action for the recovery of money held to be due

I don't know if I would classify debt as a sin. But who am I to make that judgement. All I know is that having debt is an unpleasant experience and I wanted to get out of it so badly a few years ago. This burning desire kept me going during those tough times.

What is my definition of debt? I believe debt is a state of owing and that is the only definition that I would give it. I might also add that being in debt is a lack of freedom. You are tied to someone or something for as long as that debt exists.

Action Items:

1. Are you intimidated by money?

2. Do you think you are smart enough to learn about money and finance?

Best wishes,


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