You're in debt if your liabilities exceed your assets. Your liabilities include rent, food, and clothing. In the assets column, include various sources of inc

You're in debt if your liabilities exceed your assets. Your liabilities include rent, food, and clothing. In the assets column, include various sources of income or capital gains, like dividend stocks. In a HCOL place like the United States, the columns balance around $1 million, which is effectively "zero". That's the point where you start being able to afford a frugal lifestyle in that built/social environment, without work. And that's not without sacrifices. So in that sense, most people are debt-slaves for most of their lives.