I got two 3.5% mortgages on my properties last year totally $800K. Both properties had no mortgages, but the interest rate was too good to pass up.

The money sits in investment accounts with high yielding dividend stocks and the account pays the mortgage payment (interest and principal) and produces an extra $1500/month in cash flow. Meanwhile, the interest is tax deductible since it was used to fund investment income. And one of the properties (a rental property) can be depreciated to shield the rest of the cash flow.

Over the next 30 years, the mortgages would have paid themselves off, produced $500K in extra spending money and leave me with an extra $800K in the bank without any extra work.

I agree and disagree with you.

Never use debt to "consume". Consuming now and paying back later is a bad idea.

But using debt to produce income can be a way to dramatically increase your wealth. I have done it my whole life and have millions to show for it.

Again, borrow to spend... bad idea

Borrow to invest... make sure the cash flows work and it's a great strategy.

Prosperity comes from using someone else's money or time to make money. For most of us, selling only our own time won't make us wealthy (unless you are a professional athlete or genius).

Early in life, one of my bosses said making money is about the "vig (orish)". When you can earn a decent spread on the cost of inputs versus the value of outputs, you make money. That is what running your business is all about.