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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.
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Leave a Comment:
When I hit 56, I quit working period. When I was working my way through college, I was jealous of rich friends who didn't have to worry about a career that would bring in a paycheck. They could go into writing, music, art, etc. and pursue the satisfaction that pure intellectual achievements bring without worrying if they'll also pay the mortgage. I wasn't jealous in an angry way: I wanted to be like them! So, when my savings and other retirement requirements were lined up to provide a decent level of retirement comfort - I decided to join their ranks. Now I can study, create, travel, etc. and -like George and Lennie dreamed in Steinbeck's "Of Mice and Men"- "live off of the fat of the land!"