Wealthy people often don't borrow money at all except for Business ventures

Most people not in this category often are borrowing money just to keep going through credit cards. However, wealthier people don't do this.The wealthy often pay cash for everything personal like cars, homes, etc. In this way those things become assets rather than liabilities. If you are paying interest at all personally that becomes a liability for your future and your children's. So, learning this is important for success. For example, one of my best friends never has had a credit card or got loans in his whole life. Of course he has a master's degree from UCLA too so he is no dummy. But, living this way his home and land, his cars, and everything used in his business has always been paid for. So, even people who are not multi multi millionaires often live this way too in order to be able to travel the world, buy business equipment and properties and cars outright. If you write down how much you are paying in interest the last 20 years of your life somewhere, this will make you realize why if possible you should do this too. However, my friend is around 65 now and started living like this in the late 1960s. It is much more difficult to do this now because of the cost of land, cars and the cost of building materials. For example, he built his own home and two business locations himself with the help of friends and girlfriends at the time. So, this might be harder to do now because of property values, the price of cars and how low wages are in relationship to cars, homes and everything else.

But, if you are in the right location it is still possible.