At What Age Should you be Debt-free? - CNBC

Dec 2, 2020 · The answer, CNBC Select found, depends on a few things. Kevin O'Leary, an investor on "Shark Tank" and personal finance author, said in 2018 that the ideal age to be debt-free is 45. It's at this ...

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What is the ideal age to be debt-free?

Kevin O’Leary, an investor on “Shark Tank” and personal finance author, said in 2018 that the ideal age to be debt-free is 45. It’s at this age, said O’Leary, that you enter the last half of your career and should therefore ramp up your retirement savings in order to ensure a comfortable life in your elderly years. ...

Should you be debt free by 45?

Aiming to be debt free by 45 is an ambitious goal, but O’Leary implies you should get even more aggressive and aim to be debt free not just by 45 but, ideally, by 42. This article originally appeared on GOBankingRates.com: Kevin O’Leary: Here’s Why You Need To Be Debt Free by Age 45 Carrying the burden of debt is the way of life for many. ...

What is the best age to pay off debt?

It’s not all that surprising that consumers in their 30s and 40s — who are growing families, buying homes and generally facing more expenses — would have more debt. But if taking on debt in your younger years is considered the status-quo, what’s the best age to pay it off by? The answer, CNBC Select found, depends on a few things. ...

Should a 45 year old be out of debt?

“So, when you’re 45 years old, the game is more than half over, and you better be out of debt, because you’re going to use the rest of the innings in that game to accrue capital.” To plan for retirement and pay down debt, O’Leary and other experts offer these tips. 1. Save and invest for the long term ...

What is it like to be a debt-free person?

Being debt-free offers a greater sense of peace, freedom, and opportunity. According to David Falcone, 'Not owing anyone anything or being beholden to anyone offers debt-free individuals more options and control over every dollar they own. When you have no debt, you're able to, with 100% freedom, decide how and when to spend your money.' ...

When should you pay off your debt?

So start planning as early as possible for how to pay off that debt throughout your life, O’Leary suggests. That way, you can be financially secure by the time you retire. When should you aim to have it all paid off? Age 45, O’Leary says. ...