Good Debt vs. Bad Debt: Three Questions to Sort Every Debt You Carry
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Amazon Music Key Takeaways
- Evaluating good debt vs bad debt comes down to three simple checks: the interest rate, what the debt actually bought, and whether the monthly payment comfortably fits your budget.
- When deciding between a side gig and career growth, always run the after-tax math on your extra income to see what truly lands in your pocket.
- Always verify tax preparers using official IRS tools and PTIN checks to protect yourself against fraud and unqualified services.
- Be cautious when downloading financial applications, ensuring you only get official software from verified sources like the IRS website or trusted app stores.
If you've ever wondered whether the debt you carry is helping you or holding you back, this episode gives you three questions to find out.
In This Episode
✓ Ralph's 2.5 hour call with a chain of customer service bots pretending to be human
✓ The new IRS app, what it does, and why to download it only from official sources
✓ Four checks for vetting a tax preparer after a former IRS employee's indictment
✓ Side gig or career growth: the after-tax math on $10,000 of side income
✓ Good debt vs. bad debt: the interest rate, what it bought, and whether the payment fits your month
Resources
Watch live:
https://www.becomingfinanciallyconfident.com/live
Win Ralph's Money giveaway:
https://www.becomingfinanciallyconfident.com/giveaway
Book a call with Ralph:
https://www.ralphestepjr.com/schedule
IRS (download the app, verify a preparer's PTIN):
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Companies Mentioned
Costco
Sam's Club
BJ's Wholesale Club
Target
Apple
Google Play
TurboTax
Quicken
QuickBooks Online
McKinsey
TikTok
We Buy Ugly Houses
Frequently Asked Questions
What is the difference between good debt and bad debt?
Good debt vs bad debt is determined by three questions: the interest rate attached to it, what asset or value the debt purchased, and whether the monthly payment easily fits within your monthly cash flow.
How do I verify if a tax preparer is legitimate?
You can vet a tax preparer by running checks on their credentials, including verifying their PTIN directly through the official IRS website to ensure they are authorized to prepare taxes.
Should I focus on a side gig or career growth for extra income?
To decide between a side gig and career growth, you need to calculate the after-tax math on your potential earnings to see which path yields the highest net return after taxes and expenses.
