Share your insights or perspective on the financial matter presented in the input.

For a major expensive home renovation (e.g. addition, finished basement, or new kitchen) should one pay cash or finance with a loan? Would such a loan be “good” debt?
Good debt is very close to an oxymoron.  People say student loans are "good debt," but I beg to differ.  The very same "good debt" that allowed me to get an education is the very same "bad debt" that doesn't allow me to take chances in my career - meaning, I would prefer to have a 'steady' job over starting a business.  (That's my perogative, of course, but I am not willing to take that 'risk.' /endtangent @Harmanjd provided the two really good reason for using cash over borrowing.  We have a tendency in this culture to find reasons to borrow.  It is better for you to make a budget, based on what you want, and save up for it.  Make a "dream list" for what you want, then add up the costs for everything.  If that number makes your head hurt, start paring down on things you 'want.'  Maybe you install just a wine cooler instead of a wine cooler and a beer tap, or vice-versa.  And besides, if something comes up - you can always stop saving money for this project and deal with whatever came up and then resume saving when you're done. Or in the case of the kitchen, maybe you do it in stages: cabinets one year, countertops the next, flooring the year after that, and then the appliances last.  You don't have to do it all at once. As someone who is working toward debt freedom, it feels nice whenever we have one less payment to budget for every month.  Don't burden yourself to impress other people.  Take your time, get bids for the things you can't (or won't) do yourself, and then make a decision that's best for your money.