Debt has become a dirty word. We tend to associate it with irresponsibility, recklessness, lack of character, and poor life choices. As more and more people borrow money to buy themselves things they cannot afford, debt gets an even worse reputation. Yet entrepreneur Ethan Duran argues that if we used debt as it was originally intended, and that is to use the money wisely to plant the seeds of future prosperity, then debt would be seen as a driving force for the generation of wealth.
“In the world, we live in, it’s easier than ever to live the lifestyle of the rich and famous without the bank balance of the rich and famous, and that’s all due to the availability of quick and easy credit,” explained the 22-year-old CEO of Corsa Auto Rental, before warning, “But it comes with a huge price tag, and the cost is your freedom.”
The entrepreneur from the Dominican Republic is not a fan of taking out debt to live and spend frivolously
The entrepreneur from the Dominican Republic is not a fan of taking out debt to live and spend frivolously, but when it comes to using borrowed money to make more money, he’s a staunch advocate.
Ethan explained, “In my first year of business, I worked like a slave, 18 hours a day, seven days a week. I didn’t see my family or get to take a day off, not even at Christmas or Thanksgiving, but it was a sacrifice I was willing to make. I had taken out a significant chunk of debt to build my business, and I was determined to pay the money back in the shortest time possible and prove I was responsible and trustworthy.”
Ethan’s work ethic paid off. He now runs a seven-figure business and has seen firsthand how debt can turn a considerable profit if used wisely.
Ethan revealed, “Without being able to take out debt, I would never have got to the place where I am today. It takes money to make money. You have to work hard, but it’s worth it. I now play as hard as I work. You’ll find me in the best clubs, driving the best cars, and wearing the latest designer gear. Here’s the thing. I’m not doing it on someone else’s dime. The money I spend is all mine. I earned it the hard way, and I can only give myself and my loved ones the life I’ve always dreamed about because I’m the hardest worker in the room.”
With more and more people’s lives spiraling out of control because they took out the debt they couldn’t afford just to enjoy a brief taste of the high life, it’s refreshing to meet a young man like Ethan who appreciates the value of hard work and the adage that you only ever reap what you sow.
Ethan concluded, “The word ‘credit’ originates from the Latin word for ‘trust.’ That trust is what makes economic and financial systems across the world work effectively. Use that trust, don’t abuse it, and you can change your life for the better.”