Myth #1: All debt is bad.
Reality: Debt can be a tool (tools can hurt you) when used wisely to gain lasting value with a margin of safety. Sometimes the problem with debt is not the debt per se, but a value problem —what people owe for is worthless (or at least worth less than they owe.) Since debt is a tool, the goal is to one day put away your tools, and have your life debt free.

Myth #2: Debt is just about money.
Reality: Debt takes more than just your money. Debt takes your freedom, time, cash flow and opportunities. Bad debt makes cowards of us all.

Myth #3: Debt is a payment for goods or services.
Reality: Debt is not payment at all; it is a claim on future earnings. It is a mortgage on your future and your time. Ninety days or zero interest is not the same as CASH.

Myth #4: Debt is a painless route to instant gratification.
Reality: It is only painless for a season. Debt takes the waiting out of wanting, but not the sting out of repaying. Eventually you pay in cash or reputation. The insidiousness of debt is that in the beginning it gives its victims temporary pleasure.

Myth #5: I'll quit using debt later when I make more money.
Reality: If you have poor spending habits at a $30,000 income, it's unlikely they will be any better at $100,000 a year. Earning more money only means more debt for some people. If every increase in income is met with new expenses, you will never be free. Parkinson's 2nd law states, "Expenses always rise to meet or exceed income."