世界上有两种债
Debt is not automatically bad. What matters is what sits behind it.
Wallace Wang · Updated 2026-09-14
This chapter is an outline for now. The book is written in public: the full text, stories and cases will be added to this page, at this same address.
This chapter takes apart the idea that debt is simply bad. The useful question is what the debt paid for. Borrowing for a luxury car that loses value every year is consumption debt; borrowing for an asset that produces cash flow or has long-term growth potential is asset debt. Both are "owing money"; they are not the same thing.
Debt has no direction of its own. The asset behind it sets the direction.
这一章非常重要，要把 “Debt is bad” 彻底拆掉。
不是：有债 = 坏。 而是：债务后面是什么？
两者都叫“欠钱”，本质完全不同。
债务本身没有方向，债务后面的资产决定方向。
This book is general education, not investment, tax or lending advice.