Wealthy people love debt. Unlike the poor people who just want to get out of debt as fast as possible, the wealthy are looking for more ways to increase their debt. In school I was taught that there are two types of debt the good debt and the
bad debts.
Wealthy people are in the good type debt. Good debt is money borrowed to invest in a business like real estate , restaurants, or property whose value will bring in more money than the debt. However bad debt is there borrowed to buy liabilities. This is where the wealthy are smart. Their debts are the good kind of debt that increases their wealth despite being in debts.
As my economics professor would say, Using someone else's money (debt) to increase your own wealth is a skill the wealthy have mastered.
That's absolutely true.
Middle class and minimum wage people are afraid of debt because they don't know what to do with the money. They'll probably buy the newest iphone or the best looking car they could afford with that debt money. Smart people make investments and grow their wealth with the borrowed money like you said.
That's where the interest rate on debt becomes important. If the interest rates are below or near the inflation, then it is a very good deal. Buy as much debt as you could and make investments. That's the fastest way of getting rich.