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.
We'll have to agree to disagree on this one. Everyone I know who is very wealthy labels staying out of debt as the number one priority to get there.....but we live in different areas no doubt too.
The other grand thing about teaching your children to stay out of debt is knowing they won't be shouldering the stress of it. Great thing about being out of debt....you don't have to be in a hurry to do anything and you make wiser choices.
