Live chat

David Bach: Pay down your debt first

Jan. 11, 2012 at 10:57 AM ET

Image: David Bach
TODAY

Today Money financial expert David Bach joined us for a live Web chat Wednesday to answer your questions.

Here’s one of his answers to questions from the live chat. (See below for the full Q&A and video of David’s TV appearance this morning.)

Janine asked:

“Just came into enough money to pay off all debt. Should I pay off and quit job I hate and start home based business? Or save? I am 56 and husband would continue working.”

David replied:

“Janine, how nice to come into some money. Send some my way...just kidding! I am all for paying down the debt. Paying down the debt will give you the ultimate freedom. Don't quit your day job however, start your home based business from home in the morning and at night and get it going before you quit your day job (even if you hate it). You are very young, and having that cash flow from your job is huge it will help you fund your next business.”

Here’s the full chat archive and David’s TV appearance:

If you have a question for our TODAY Money experts, submit it here.

To sign up for an e-mail reminder for our next chat, click here.

TOP