Good Debt vs Bad Debt: How an Ex-Military Engineer Built Wealth

In a world where debt often gets a bad rap, understanding good debt vs bad debt can be a game-changer for building wealth. Craig Beasley, a former Royal Navy aircraft engineer, shares his journey from 16 years of military security to leaving the “pension trap” in 2023 and scaling a property portfolio using smart leverage.

What Is Good Debt? The Mindset Shift That Changed Everything

Many grow up fearing debt—overpaying mortgages, avoiding borrowing at all costs. Craig did too: “I had this innate fear of debt… overpay your mortgage as much as you can.” But after discovering property strategies, it clicked: good debt vs bad debt isn’t about avoiding borrowing—it’s about what the debt funds.

Good debt buys assets that generate income or appreciate (like property via mortgages where tenants pay it off). Bad debt funds depreciating items or lifestyle (credit cards for holidays, car finance for personal use).

Why Craig Left Military Security for Good Debt Leverage

After working on Harrier jets, Sea Kings, and F-35s, Craig faced the pension trap—stay for benefits or risk freedom. He chose the latter: “Safety is so often pulling you in the wrong direction.”

Military perks (cheap living, savings) funded early buys. He refinanced properties multiple times: “Now I owe more… because I’ve refinanced it twice” to invest more. Leverage amplified returns—someone else (tenants) pays the debt while inflation shrinks it.

How Good Debt Built His Property Empire

From rundown buys to serviced accommodation (BRR to SA for contractors), Craig uses good debt to scale: commercial property bought cash then rented to his business, residential turned Airbnb-style for passive income.

Key lesson: “Without using debt, I wouldn’t be where I got to today… the real advantage of property is the leverage.”

Developing the Self-Unemployed Mindset: Rethink Debt to Build Wealth

Shifting from fear to strategic good debt vs bad debt is core to the Self-Unemployed mindset—escaping 9-5 traps, using leverage wisely, solving bigger problems for value. Craig’s story shows environment (like academies/communities) accelerates this.

Listen to the full episode for more on military discipline applied to investing, environment’s power, and taking action.