When I was 11 years old, I borrowed $24 from my uncle who ran a series of newsstands by the subways in Jersey City, New Jersey. It was to buy into a franchise to sell Wallace Brown greeting cards and religious icons. The business did well.
Of course, not every time I got into debt did I hit a jackpot. The funds I borrowed for a graduate degree represented a risk that didn't pan out. By time I finished the program, no one was hiring in that discipline. So? That didn't sour me on the power of debt to create new wealth.
That's why I smirk when I hear my neighbors crowing about "getting out of debt." If members of Generation Z overhear them they might get off on the wrong track in their careers. Debt is the easiest, and often only way, to achieve a business goal.
Here is the article I published today on MyBankTracker about the correlation of debt and wealth. Providing entrepreneurs in the third world with micro loans can transform them into the new economic movers and shakers.