While the classic advice from financial experts and possibly your parents is to figure out how to stop renting and buy a home, you won't hear it from Kevin O'Leary.
Instead, the investor on ABC's "Shark Tank" and personal finance author suggests that people in their 20s avoid taking on a mortgage until they've hit other personal milestones. "I think the key to life — particularly when you're young — is to stay out of debt," O'Leary tells CNBC Make It.
Whether to buy or rent is a "crucial decision," says O'Leary, and in order to help you make the right choice, he offers up this two-question test.
"Are you married?" asks O'Leary. "If the answer is no, rent."
"If you're married, do you have children?" he asks. "No? Rent."