When you click off the path or begin a new one, it will disappear. Be sure you have the paths pallette active so you can see the paths you are creating. If you begin a new one without saving the first, you will lose the first. You save a path by double-clicking it and giving it a name. Then any new path will start separately. If you click in the empty space below the path or click on a different path, you are clicking off of it; it will disappear on the canvas and the new one will show. One path at a time. When you intend to work on a path, to move points or handles, click on it to activate it and you'll see it again. Likewise, click on it to make a selection of the path you have created, either to mask the object you have traced or to stroke it, etc.
Forgot you were talking about text. The work path will remain and like IamSam said, once you select the type again, you will see the text path in the paths palette.