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.
In this chapter I take 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，我要把 “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.