Electrician Sons Asks Father How to Avoid Major Debt as a Tradesman, do you guys agree? #electrician

Hey dad, what is a good debt as an electrician and a bad debt? Is there such thing as a good debt? >> Uh, absolutely. A good debt would be tools, anything that makes you better in your career is definitely good debt. A scissor lift. >> Okay. >> Right. A piece of articulating equipment that you could profit from, right? Keep it on the job. Obviously, your home work out of your house and you have a home, home shop. That's a a great debt. A bad debt would be buying new vehicles, >> okay, >> prematurely. really expensive vans. >> Yeah, really expensive, high decked out vans. I mean, some of some trucks now are 100,000, 125,000. Trying to grow too fast and you could take on bad debt, right? >> Yeah. Yeah. A lot of electricians my age, they get that, you know, that nice paycheck and they want to buy a a rigged truck, huge truck, and um they got crazy monthly payments and I'm like, kind of entices me to do it. >> Yeah. Well, because that's just the nature of how we are, right? We always buy more and more and more. The thing is, if you bought that truck, >> believe me, the day you pull off that lot, you'll look at another guy who's got another truck that you were like, "Oh, I wish I had that truck." >> Yeah. >> It never ends. >> Mhm. >> And uh it's it's called the hydonic treadmill, right? So, you have to control that. Yeah. >> That need to always want more and more and more. So, thanks, Dad. >> Yep.