So-called “conventional wisdom” says: if you pay down your debt as fast as possible, you will gain financial freedom. On its face, this theory makes perfect sense, right? Why would you want to be saddled with debt and continue to rack up interest on it?

Sure, in a vacuum the concept of being debt-free seems better than the alternative—but the reality is much more complicated than that. And if you’ve already accumulated debt, what you really need is a comprehensive plan to help you reach your short- and long-term goals, financial and otherwise.

For many people, “pay off all debt” is actually not the top priority that will serve them best. This might be surprising and you may be thinking, “how can I possibly reach my other goals until I pay off my debt?” Clients say this to me all the time. My question back to them is: “have you measured this decision to invest all of your energy in paying off your debt against anything else going on in your financial life?” Most people have not.

In order to determine the best way forward, you’ve got to look at the big picture. When I sit down with clients, we look at their situation from a macro level before getting down to the nitty-gritty and creating a plan. The reality (and no, the large financial institutions won’t tell you this) is that: by NOT paying off debt as your #1 action item, you will generally yield larger sums of wealth in the future than by zeroing it out off the bat. Some simple math usually proves the point.