IMO, there is one very basic concept that has created the generational mindset at the root of most of the financial problems we are facing today, and that is "leverage".
Before the concept of leverage was commonly understood or used, we worked, saved, then bought what we wanted when we could pay in full, in cash. Then we realized that by using only a portion of our savings to buy what we wanted and using someone else's money (a loan) for the rest, we could buy ever so much more, and get rich (or at least act like we were rich) using leverage. Now things have evolved to where everyone uses someone else's money to buy anything they want, while having no money of their own at all, but plenty of debt.
I ask you, is this the way to create wealth, or simply a method to facilitate the consumption of wealth?
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