There are many "do's" and "don'ts" when it comes to wise
financial planning and stewardship. But many financial planning
experts would agree that at or near the top of the don't list
would be the following simple piece of financial advice: Don't
fall into debt. "Few things have the potential to derail
financial plans more than accumulating excessive amounts of
debt," says David Lerner, CEO of David Lerner Associates. "This
is why many experts refer to debt as "the four-letter word" of
financial planning." Timeless advice from the bard "Neither a
borrower, nor a lender be," wrote William Shakespeare, "for loan
oft loses both itself and friend." This sage advice is as true
today as it was when it was first penned 500 years ago. Why is
debt so potentially destructive? One reason is because it may
limit financial flexibility. Individuals who are deep in debt
may have less opportunity to put aside money for long-term
financial goals. Every dollar that must go toward paying down
debt is a dollar that can't be saved