It depends on the type of debt. Some debt is used as leverage, such as a mortgage, and frees up your income to do other things, including investments. Debts from credit cards, medical bills, and student loans should definitely be paid off as soon as possible. Some people believe that paying off your mortgage means that you now get to live for free and that's just not the case. You still need to pay property taxes and insurance and depending on where you live, that can be quite costly. I would suggest investing in something that will create more income, either a business or vacation home that you can rent out and not on tangibles that may or may not increase in value over time.