Turning 45 meant a nice dinner and maybe a few gray hairs. Now it might mean wondering why you’re still buried in credit card debt, renting a two-bedroom, and Googling “early retirement” at midnight.
In a 2018 CNBC interview, the “Shark Tank” investor. Kevin O’Leary offered his version of a middle-of-the-road wake-up call. “When you’re 45, the game is more than half over and you better not be in debt,” he told the press. “Most careers start in their early 20s and end in their mid-60s.” That window, he added, should be used to build wealth, not destroy past spending.
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He said the young years are when earning power tends to peak. “It’s not easier to make money when you’re older – it’s easy to make money when you’re younger,” O’Leary said. “You’ve got to save it while you’re at it — that’s the whole idea of financial freedom.”
The message? Debt is dead weight. But what if you’re 45 and debt-free—or worse, you don’t even own a home?
O’Leary’s deadline may be aspirational, but it doesn’t reflect reality for most Americans. Data from the Federal Reserve Bank of New York’s Q3 Household Debt and Credit report shows that the average person between the ages of 40 and 49 has total debt of $111,148. This is the largest of all age groups. Mortgages, student loans, credit cards and car loans all pile up at this stage of life – and often for good reason.
According to the National Association of Realtors’ 2025 Profile of Home Buyers and Sellers, the average age of first-time home buyers is now 40 – the highest on record. That means many people are just entering the housing market at the same age O’Leary believes they should be completely debt-free.
And chances are, they’re not buying houses with cash. Most take out mortgages – often for 15 or 30 years – meaning they’re voluntarily signing up for long-term debt right in middle age. Even the more aggressive 15-year loans would keep these buyers in debt for up to 55 years at best, assuming no refinancing or financial setbacks. So if 45 is the cutoff for financial freedom, as O’Leary claims, the reality of home ownership alone makes the deadline difficult to meet.
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Credit Karma’s 2024 analysis puts the average Gen X debt at $61,036, though that figure often omits mortgage balances. And with inflation and high interest rates sticking around longer than anyone hoped, the idea of staying debt-free by midlife sounds more like a benchmark than a plan.
A LendingTree report last year on adults ages 66 to 71 found that 97.1 percent still carry non-mortgage debt, with an average balance of $11,349. These include car loans, credit card balances, and yes, even student loans, especially from parents taking on debt for their children.
Factor in mortgages and the numbers climb higher. According to the Federal Reserve’s Survey of Consumer Affairs, the average person between the ages of 65 and 74 has about $94,620 in total debt. Many simply do not – or cannot – pay early. It’s not always bad planning; sometimes it is the price of participation in the modern economy.
O’Leary has always been clear: he sees debt as the enemy of freedom. “Think about life,” he told CNBC. “You go to college – student debt. Then you find someone, get married, buy a house – more debt. You have kids – more debt.
Make no mistake about the progression. But in today’s world, wiping the slate clean by age 45 is a luxury few can afford. Home prices are still skyrocketing, student debt remains crushing for many, and wages haven’t exactly kept up with the cost of living. There’s also the issue of longer life expectancy – if someone retires at 64, that leaves potentially 20 years or more to manage their finances. Debt could be part of that picture.
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Here’s what many financial advisors would say instead: Not all debt is created equal. High-interest consumer debt – such as credit cards – should be tackled aggressively. But low-interest mortgage debt, particularly stuck at 3 percent to 4 percent, may not be the villain O’Leary says it is. If your money could earn 7% to 10% on the market, aggressively paying down a cheap mortgage could slow your progress.
Advisers also point out that liquidity matters – and using up every cent in debt payments can leave households exposed to emergencies. The better approach is often a combination: Pay off the worst debt first, build up savings, and invest steadily over time.
Whether you’re 35 or 75, drowning in debt, or just trying to figure out if you’ll ever own a home, the real key is clarity. That’s where a professional financial advisor can help – not to embarrass your timeline, but to build a realistic one. An advisor can go through your income, assets and liabilities and help you create a plan that will get you going, even if you don’t have a more advanced career.
You don’t have to hit zero debt by 45 to win the money game. But you need a strategy that fits your life – not someone else’s dashboard.
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This article Kevin O’ Leary Says ‘The Game Is Half Over’ By 45, So You Better Make Sure All Your Debt Is Paid Off originally appeared on Benzinga.com
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