After that lesson, teaching that debt is dumb and robs the vast majority of people of their earnings shifting them to those who have learned to manage their money well.
Generally speaking, this is one of the biggest differences between wealthy and not-wealthy parents. The wealthy tend to teach their children about debt using the positive term "leverage," and instruct them in how to use it to their advantage. Among other resources, the book "Rich Dad, Poor Dad" expounds on this difference in depth. Debt for acquiring liabilities is bad, debt for acquiring assets is good.
