| At a business breakfast at the Apex Hotel, where he signed copies of his new book, What Not To Spend – Priceless Ways to Manage Your Money, Alvin (52) said people have to differentiate between good debt and bad debt.
Over 2.5 million people tune in to his BBC series and the rags to riches Wall Street businessman has written many books on money management.
Alvin went on, “Mortgage debt is good debt. Student debt is good debt, because it’s an investment — it’s a down payment on your future which you’re going to get a pay-off from.
“CD buying debt is bad debt. Pub debt is bad debt. Shoe buying debt is bad debt. People need to be able to tell the difference.”
Around 100 people from businesses all over Dundee attended the last business breakfast of the year, organised by the City of Discovery Campaign.
According to Alvin, the UK’s obsession with the property ladder, and in particular with buy-to-let is ruining people’s ability to save money.
“In a college town like Dundee, buy-to-let is part of the ethos, and that’s okay. But in many places, particularly London, it’s a bad idea.
Asked if it’s possible to teach people to be entrepreneurs, Alvin said, “You can teach people to see an opportunity. You can teach people to think both inside and outside the box, but you can’t teach them to have the courage to seize those opportunities.” |
