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Debt is not something to fear, nor is it something to take lightly. In this episode of The Financial States of America podcast, Christian Mitchell and Bryan Falchuk examine the role of debt in financial planning. Drawing from Northwestern Mutual’s 2024 Planning & Progress Study, they discuss how different generations approach borrowing and saving and explore the differences between “bad” debt and “good” debt. Debt is an important tool in the financial planning toolbox that – when used responsibly – can help you reach financial goals, such as paying for higher education. Two in ten American adults are currently saving for college, either for themselves or a family member. Among those saving for college, the average amount they expect it to cost is about $77K and the average age they expect to pay it off is 45. No matter how you view debt, it’s vital to form healthy financial habits to achieve your long-term financial goals. Joining the conversation is Jesse Mecham, CEO and founder of You Need a Budget (YNAB) who shares his insights on managing debt and college savings within a broader financial plan. He emphasizes the importance of ensuring financial decisions align with personal priorities. Listen to learn how to think about balancing past, present and future financial needs in order to set yourself up for greater financial security in the long run.