If you are like me, you may not have known there was more than one report card you'll receive in life.
As I've learned from my favorite author in another of his great books, Robert Kiyosaki's "Guide to Becoming Rich Without Cutting Up Your Credit Cards", there is a second report card, and it is much more significant.
That second all important report is your personal financial statement which reflects your assets and your liabilities or debts.
Unfortunately, an all "A" school report card does not mean a whole lot in becoming financially free.
Financial literacy is required to earn an A in the subject of finance, and you must have a strong desire to educate yourself on this vital topic.
It is your financial statement that your bankers will request when you go for a mortgage or other loan.
They will not care what your grades were in school.
They only care what assets you own, any other debt you have and how you manage your money.
The good news here is that only you affect your grade on your personal financial standing.
You'll also be glad to know that not all debt is bad.
In fact, as Robert says, eliminating credit card debt is not the answer to becoming rich.
There is good debt as well.
To be classified as good debt, the money borrowed was used to buy an asset that generates income in excess of the loan payment.
In other words, good debt is debt that is paid by someone other than you.
So a healthy personal financial statement can contain debt as long it is good debt.
In conclusion, your student report card is only the beginning, and on its own, it does not guarantee financial success.
After school, you must focus your time on financial education to develop and always improve your grade on your financial report card.
Add assets that earn money and good debt that is paid by someone else.