When younger people ask me about taking out loans, I always remind them about compounding interest. If they're 23 years old and are borrowing money, that's less money they'll have to invest. Over a lifetime, the effects on building net worth are astronomical. Not even counting the principal loan amount, if just $1,000 was invested instead of being paid out to interest, they'd make about $100,000 by retirement age. That's an incredible opportunity cost that's lost by choosing to pay interest instead of investing. I'm sure you've done the math already, but if they had a car loan or other big purchase and paid out $10,000 in interest instead of investing, they'd miss out on about $1.2 million by age 65. To put it another way using the opportunity cost scenario, paying $10,000 in interest instead of investing it is the same as throwing out $783 a day. That's $24,000 per month for 42 years wasted all because of going into debt. Notice that the interest paid out was $10,000 which is money wasted in itself but if that same $10,000 was invested in the market, it would be earning $783 a day instead, when calculated based on investment value at retirement age. That's almost $300,000 a year forfeited all because of a small, common debt taken out every day by millions of people who are marketed to as if this is a normal, acceptable fact of life. As a final thought, if you were investing to leave behind a legacy and followed appropriate beneficiary guidelines, your heirs, whether it's family or a church or charities, would continue to benefit long after you pass away. For example, if you add just another 30 years to the equation, the $10,000 initial investment grows to $35 million. How much is that small debt costing us to lose out now? Well, $1,332 a day, $40,000 a month and nearly $500,000 a year. Long-term thinking and planning is the most essential ingredient to building net worth. Today isn't just some date on a calendar or passing hours on a clock. It's another important puzzle piece to your everlasting legacy. So what will you do with your today?