Kevin O'Leary: This how long it should take you to pay off student debt

"You have 10 years to pay it off,""Shark Tank" star and financial guru Kevin O'Leary tells CNBC Make It about student debt.

The whole reason to invest in an education is"to actually have earnings power when you get out," O'Leary reasons. If you have student debt for any longer,"it's a ball and chain on your life," he says. In fact, if you can, you should try and pay off your student loans within three years, O'Leary previously told CNBC Make It.

Don't let that be you, says O'Leary. It could mean cutting back your lifestyle"significantly" to spend a percentage of your paycheck on your debt, O'Leary previously told CNBC Make It. But whatever it takes, you should do it"while you're young and frisky,""before your lifestyle starts to really creep in on you and make you spend more on things like vacations, and dating, and dinners, and when a child comes along, all of those expenses," he said.

MakeIt Hmm... it’s not looking too good for me!

MakeIt That's the general idea...

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Here are the top three 'stupid' things millennials waste money on, says Kevin O'LearyIt's no secret that millennials are in debt. Massive debt. The average American aged 25 to 36 years old is in debt to the tune of about $42,000, and most of it isn't even from student loans. MakeIt How much has Kevin pissed away on bottles of wine? MakeIt Haircuts MakeIt “And next up on CNBC, a dinosaur round table about why the proposed plan to divert an incoming comet is a Marxist conspiracy that will cost a kajillion bazillion dollars.”
Source: CNBC - 🏆 12. / 72 Read more »