We seem to spend our lives being told to pay off our debt faster, take less debt on and generally avoid having it hanging over our heads. But sometimes debt can actually be a good thing.
The key is to be able to identify whether debt you are thinking about taking on is "smart" or "dumb".
Debt is smart if it puts you in a better financial position. That could mean boosting your earning power, giving you new opportunities or even improving your health. If you are borrowing to grow a business, invest or to upskill, this can be smart debt.
If borrowing $10,000 for your business now allows you to invest in marketing, say, and increase the number of clients you deal with, it could quickly pay itself off. Soon, you'll be in a better position because of that initial investment.
You can find examples of smart debt in your personal life, as well.