"The rich ruleth over the poor, and the borrower is servant to the lender. "

The moment you take on debt unwisely is the moment you give up your freedom. The good news is that there is a wise way to use debt, and that is putting that money to work to earn far more profit than what it is costing you in interest. Doing business or using low-cost debt for investing is the only justification to take on debt when the profit you make from the use of that debt allows you to pay it back quickly and turn a profit. Consumer debt should be non-existent, but because the masses have been literally programmed to spend beyond their means, we have out-of-control consumer debt spending, and very few people actually saving for purchases anymore. This is the main factor why corporate America is seeing record profits because they can sell refrigerators, TVs, and appliances five times or more than what they would sell for without the use of credit. It's very simple if there were no personal credit cards or loans for consumer purchases, the demand for all of those products I just mentioned and more would drop by sixty to seventy percent or more. Businesses discovered in the 1950s that they could do more business if people had access to credit, then stores realized they could do even more business and make even more if they offered their own cards in the 1980s and 90s. Those cards along with mass marketing on radio and TV, then the internet, have gotten us to where we are today with the majority of the US households up-side-down with consumer and student debt. So, if debt is anti-retirement, then it makes sense that only about 15 to 20% of the population is actively participating in the stock market, which means about 80% of the population; mostly the working class, have missed out, and is still missing out, on the stock market boom after the last recession of 2007 which is currently at about 112% or 10% per year for the S&P 500 and 385% for the DOW or 18% per year and most people missed it. Now those same people missed a great year for financial gain in 2020. Most people are not planning at all which will be a crisis for the country by 2035 as debt continue to rise out-of-control.

How do you feel about the above topic? and how do you intend on achieving your financial goals in this type of economy?