By JLP | June 30, 2007
Okay, here’s my report on tonight’s episode of The Millionaire Inside: Debt Free. I missed the first segment of the show because I was outside. Anyway, I turned the TV on to hear Larry Winget talking about how responsible people pay their bills and honor their contracts. I don’t know what that was in reference to but I LIKED WHAT I HEARD!
Robert Kiyosaki was surprisingly quiet during most of the show, which probably was a good thing. One of the things Kiyosaki said when he did talk was something to the effect that all debt is bad debt if you have to pay it back yourself. Huh? Of course he didn’t elaborate on that so I really don’t know what he was talking about unless he was referring to becoming a land lord and having renters pay your mortgage for you.
David Bach and Jennifer Openshaw did most of the talking. No one really offered anything earth-shattering or new. It was pretty much all the standard stuff like:
- Pay off your credit cards
- When paying off your credit cards (or any debt for that matter), call to get your interest rate reduced.
- You have no business buying lattes if you don’t have health insurance.
The award for one of the dumbest pieces of advice went to Jennifer when she said:
She would rather see you buy ONE pair of $200 jeans (if they’ll make you happy and you’ll wear them) instead of buying 10 $20 pairs that you won’t wear. Dumb!
One guy in the audience asked about debt consolidation and Robert Kiyosaki didn’t answer his question. He basically told him that he needed to figure that out for himself. Jennifer finally said that she would rather see the guy double up on his payments rather than go with a debt consolidation loan. Again, I agree with that. For the most part debt consolidation will do nothing but move debt around and make you feel like you are doing something when you actually aren’t. David reminded the audience to watch out for debt consolidation rip-offs, of which there are many.
Overall, I suppose if you knew ABSOLUTELY NOTHING about debt, the show might be useful to you. For everyone else it was a waste of time. That said, i t wasn’t nearly as silly as the last episode.