Interest to you can either be an award or a penalty. Interest! It can either be a reward or a penalty.
Any interest that you pay no matter how small of a rate. If you are paying it, it is a penalty! Regardless how low the interest is, if you are paying it, it is a penalty.
However, if I am gaining interest on something it is an reward!
Example. Money in our checking account, although small interest, it is gaining interest. Reward. Savings account although small from 1/2 percent to 1 percent, gained interest is an reward. Money Markets Accounts from 1 to 3 percent in interest is a reward.
You want to reduce an illuminate every penalty you have!!! That means anything you are paying on is a penalty. This will allow you to protect your income. Your income and reward is your number one and ONLY wealth building tool.
Stop paying interest to the banks for credit cards, car and house loans. You are paying them to build bigger buildings and to have better furniture than you."- Chris Hogan Video