Never cosign a loan. Once you have cosigned, you cannot get out of it - even on your deathbed.

Even if you were to fall into extreme financial hardship and file for bankruptcy, you need to understand that your student loan debt will not be discharged in bankruptcy. It is the Velcro of all debts.

Learn how to prioritize all your debt. And did you know student loan debt is the most dangerous debt any of us can have?

The most important loan to pay is your student loan. It's more important than your mortgage, car and credit card payments. You cannot discharge student loan debt in the majority of cases.

If you pay off your mortgage before retirement, you take a huge financial load off your shoulders. You also become eligible to take out a reverse mortgage once you turn 62.

Once your kids are grown and you know that you're completely healthy, consider canceling your life insurance policy.