Why You Should Pay Off Your Home Early

  Рет қаралды 864,069

The Ramsey Show Highlights

The Ramsey Show Highlights

Күн бұрын

Пікірлер: 1 400
@kickasskdf
@kickasskdf Жыл бұрын
Made my final mortgage payment yesterday! 38 and debt free!!!!! Took about 11 years and 4 months to pay off.
@ryebread447
@ryebread447 10 ай бұрын
That's incredible!! Young and disciplined plus it sounds more realistic to most of us than the less than 5 years people. Good work
@antoniorobinson7378
@antoniorobinson7378 10 ай бұрын
Congrats
@brittneyrobinson2761
@brittneyrobinson2761 10 ай бұрын
Congratulations
@meastrau4772
@meastrau4772 9 ай бұрын
Wow, I am so happy for you. Well done. Another life is waiting for you now 🥳👍
@Sissi1830
@Sissi1830 9 ай бұрын
Congratulations! All those sacrifices paid off! Enjoy your peace of mind 😊
@lisadearing5960
@lisadearing5960 6 ай бұрын
We’ve been paying $1400.00 extra each month on our mortgage. It’s scheduled to be paid off in December 2026…19 years early and we can not wait!
@DAgayton9558
@DAgayton9558 6 ай бұрын
Congratulations!!!
@jengomez6115
@jengomez6115 6 ай бұрын
Congratulations!
@betsyogle8224
@betsyogle8224 5 ай бұрын
who cares
@zaidabuffkins6149
@zaidabuffkins6149 5 ай бұрын
​@@betsyogle8224rude n miserable!
@yeeaahBUDDY
@yeeaahBUDDY 5 ай бұрын
@@betsyogle8224 lol
@janetd254
@janetd254 Жыл бұрын
We were able to pay off our mortgage this past august. Life has been changed drastically for us. We no longer worry about money and our focus now is saving. We were able to pay it off in 10 years. The remaining balance was 20k and we payed the lump sum. At age 33 with a household income of 120k. I’m very proud of us.
@kbanghart
@kbanghart Жыл бұрын
That's wonderful!! Now, are you helping others??
@tustak
@tustak Жыл бұрын
As soon as you demand charity, it becomes tax. As soon as you share your charity it becomes marketing. So embrace others to it, but don't go after and demand it of them!@@kbanghart
@bigshotadventur18
@bigshotadventur18 Жыл бұрын
​@@kbangharthelping others will be a waste if they use it for drugs
@TSULLY210
@TSULLY210 Жыл бұрын
LETS GOOOOOOOOOO!!!!!!
@jaywalk6628
@jaywalk6628 Жыл бұрын
Paid off ours in July, haven't wanted to borrow against since.
@armandoweckmann5699
@armandoweckmann5699 Жыл бұрын
I paid off my house 3 years ago. I literally can now save $60K per year. It's pretty cool, and I am single with no kids or other debts 😊 🎉 best part is I love working and making a 6-figure income. Next is finding someone to share it with. Starting my 40s with a bang 🎉 😊
@amgooder
@amgooder Жыл бұрын
​@@Christian_VillanuevaHe's a guy🤭
@genxx2724
@genxx2724 Жыл бұрын
@@Christian_Villanueva 🤣
@amgooder
@amgooder Жыл бұрын
@@Christian_Villanueva Hey! What ever rocks your boat🤭
@TSULLY210
@TSULLY210 Жыл бұрын
Just don’t get married, don’t ruin all you’ve worked for
@alanj9978
@alanj9978 Жыл бұрын
Make sure you have a prenup and live somewhere they're enforceable, or you won't have your house for long.
@pmarie2003
@pmarie2003 10 ай бұрын
I just paid it off this morning! Zero debt. 😃 I'll take the cash, do some upgrades, then get ready to downsize and retire.
@gabolujan3109
@gabolujan3109 5 ай бұрын
Yay!!!!! we just paid it off 5 days ago! We are debt free with a paid off house. the future now is good. I'm happy for you.
@sayless1445
@sayless1445 Жыл бұрын
I've been in my home 9 years and got really focused in the last 3 years. I'm looking toward a payoff in mid 2024🎉🎉🎉🎉🙌🏾🙌🏾
@duncanramsay9262
@duncanramsay9262 Жыл бұрын
Congratulations
@Me78-7
@Me78-7 Жыл бұрын
Wow
@kimochkaks
@kimochkaks Жыл бұрын
We are there, too! Looking to pay off in Spring 2024!!!!!
@duncanramsay9262
@duncanramsay9262 Жыл бұрын
@@kimochkaks well done 👏
@fishtaco2335
@fishtaco2335 7 ай бұрын
hope it's almost done
@glenn4198
@glenn4198 Жыл бұрын
Today my mortgage of 175k is being paid off after almost 8 years and feels great 😊
@maryk446
@maryk446 Жыл бұрын
That's great! You have a right to be proud of yourself for this achievement.
@glenn4198
@glenn4198 Жыл бұрын
@@maryk446 thank you! It certainly is great
@terrencemcphail5782
@terrencemcphail5782 Жыл бұрын
be proud be proud major accomplishment regardless of what people say sure u feel it
@andratoma9834
@andratoma9834 9 ай бұрын
What was your interest in the mortgage? I also have 180 k mortgage with 6.5 % … the amount of month have to pay in interest is crazy ( fir a 30 year mortgage)
@glenn4198
@glenn4198 9 ай бұрын
@@andratoma9834 5.4% but I just now remembered that it was a 115k mortgage but I put 60k on the down payment which really helped. And also paid off a 40k work truck during that time
@iforgotmyscreenname1
@iforgotmyscreenname1 Жыл бұрын
Thank you Dave!!! I will be done with my mortgage in 3 years. Turn a 30-year mortgage loan into an 8-year loan.
@Maya-rw3fe
@Maya-rw3fe Жыл бұрын
How did you do that?
@genglandoh
@genglandoh Жыл бұрын
You are a winner. Paying off your 30 year mortgage in 8 years.
@fotochikyo
@fotochikyo Жыл бұрын
​@@Maya-rw3fe you make extra payments. Double payment then any unexpected bonuses or tax return put on your mortgage. Google mortgage payoff calculator. I found one that way. The ramsey one didn't have the 30 year mortgage option so don't use that one if you have a 30 year mortgage. It's so fun! Now I'm super motivated to pay my mortgage off early!
@MrBrewman95
@MrBrewman95 Жыл бұрын
The lenders must be pissed losing all that potential interest.
@kbanghart
@kbanghart Жыл бұрын
​@@MrBrewman95or they don't care bc they have a ton more properties with interest
@managingmonasmoula9811
@managingmonasmoula9811 Жыл бұрын
I currently owe $85,976 on my mortgage loan and I’m aggressively paying down this mortgage at this time. I can hardly wait to pay this loan off. Then I will be debt free! Yessss!
@tastysnack1
@tastysnack1 11 ай бұрын
I am almost there with you. I got 94k left.
@managingmonasmoula9811
@managingmonasmoula9811 10 ай бұрын
@@tastysnack1 Financial freedom here we go! ☺️
@gorutra
@gorutra 9 ай бұрын
98k
@sayless1445
@sayless1445 7 ай бұрын
Omg, 87k here
@Truckingtowardsfreedom
@Truckingtowardsfreedom 7 ай бұрын
I owe $230k 😩😩😩
@theadvocate3006
@theadvocate3006 9 ай бұрын
8:16 PREACH DAVE 🙌🏽🙌🏽🙌🏽. Paid off my mortgage on 3/7/24. Thanks for the roadmap Dave! Thank you God for sending Dave! To God be the glory for the things the Spirit of God has done!!!
@christianburris3474
@christianburris3474 7 ай бұрын
Paid off my million dollar home 2 weeks ago at age 51. Holy cow I am so happy. No stress. I now have a huge asset to leave to kids. I can now enjoy the rest of my life without a mortgage payment. So many options open up when you don’t have a mortgage payment….
@sunshinewolf5980
@sunshinewolf5980 7 ай бұрын
Same here paid off ours just this Feb, though not a million dollar home.😊 Congrats to us!
@nathalielady2592
@nathalielady2592 3 ай бұрын
@@christianburris3474 congratulations!
@nathalielady2592
@nathalielady2592 3 ай бұрын
@@sunshinewolf5980 congratulations!
@lovelight3037
@lovelight3037 Жыл бұрын
We paid off our mortgage in this November Thanks to Dave’s 7 Baby steps and now we are one of the everyday millionaire because of his teaching! Very grateful that our family future has changed and we are now in Step 7! God Bless Dave and the team and it truly works if you follow his outstanding advice as we have validated it through our own experience to build financial peace and wealth!
@Williamjame444
@Williamjame444 5 ай бұрын
In the early 1990s, when I bought my first home in Miami, first mortgages often came with rates of 8 to 9% and 9% to 10%, which was quite common. It's important to consider that we may never return to 3% rates. If sellers are compelled to sell, home prices may need to decrease, leading to lower valuations. I believe many others share this line of thinking.
@SCOTTDisick-yc7x
@SCOTTDisick-yc7x 5 ай бұрын
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
@MizThe
@MizThe 5 ай бұрын
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
@jackwillison177
@jackwillison177 5 ай бұрын
I’ve been worried sick about the current state of my portfolio, who is your advisor?
@MizThe
@MizThe 5 ай бұрын
Melissa Elise Robinson is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@jackwillison177
@jackwillison177 5 ай бұрын
I just checked her out and I have sent her an email. I hope she gets back to me soon
@fitbysenanutritioncoaching3943
@fitbysenanutritioncoaching3943 10 ай бұрын
We paid off our home residence and our rentals. The happiness is real! Now our savings are growing!!
@vodkalima
@vodkalima Жыл бұрын
Thank you Dave. I just paid my last mtg payment last week @ 40 yrs old.
@dans4900
@dans4900 10 ай бұрын
That was my 40 birthday present. Paid my mortgage off. Congrats
@DanL604
@DanL604 9 ай бұрын
That’s impressive af bruh
@blairkinsman3477
@blairkinsman3477 Жыл бұрын
Been 💯 debt free for 14 months .. including the house .. glad we did it .. thanks Dave !!
@shanarobinson7672
@shanarobinson7672 Жыл бұрын
🙌🏿🙌🏿🙌🏿🙌🏿
@jnordman86
@jnordman86 Жыл бұрын
Also loving it
@jonathanyates8755
@jonathanyates8755 11 ай бұрын
As a 26 year old married guy who just bought a home for my wife and kids and owes $340,000, that debt is daunting! I cant wait to get where some of you are.
@dorotheaanderson9482
@dorotheaanderson9482 10 ай бұрын
Follow the Baby Steps
@ItsmeCote
@ItsmeCote 10 ай бұрын
I feel you but you are also ahead of majority by having a house at your age.
@AzCoastie1
@AzCoastie1 10 ай бұрын
You’ll be debt free and very generous soon. It seems like a long way off but it’s not. Just takes planning with a purpose and focus.
@daveyvane
@daveyvane 6 ай бұрын
Sell the wife and kids
@dougcharles6845
@dougcharles6845 6 ай бұрын
Congratulations! Follow the Baby Steps.... 15 million people can't be wrong. I'm one of them.
@Iburn247
@Iburn247 Жыл бұрын
Paying my house off right after Christmas on my birthday!!! I cannot wait! I will be 38 in January!
@KimberlyManuel-ee3ov
@KimberlyManuel-ee3ov 8 ай бұрын
Made the last payment on the mortgage 3 weeks ago. We worked very hard to do it and it feels great.
@reptoid7340
@reptoid7340 Жыл бұрын
We are now 8 years into our current house and in the process of paying it off by end of December 2024!!
@hairyjute
@hairyjute 7 ай бұрын
Congratulations, honestly how did you do this? Did you have a huge down-payment on the house to begin with?
@manuelahernadez5757
@manuelahernadez5757 Ай бұрын
Yeeeesss.
@chubbybunnie2163
@chubbybunnie2163 Ай бұрын
You're so close 🎉🎉🎉🎉
@elisebreton7636
@elisebreton7636 Ай бұрын
Where are you now?
@JessGoris
@JessGoris 17 күн бұрын
Congratulations!!! We paid off our home in 7 years!
@Mr_10_Dollar_Man
@Mr_10_Dollar_Man Жыл бұрын
Having sacrificed and paid off my home years early …. I was able to leave a toxic work environment and maximize the teachings of both Dave and Ken at the same time. Thank you both and ALL the team at RamseySolutions.❤
@IrisP989
@IrisP989 11 ай бұрын
What did you sacrifice?
@Mr_10_Dollar_Man
@Mr_10_Dollar_Man 11 ай бұрын
@@IrisP989 The main thing was never buying anything new. Always shopped thrift for clothing and cut out impulse buys. After taking essentials for my wife and children, all available extra funds went to paying down the mortgage…… Now, being able to make the choice to leave when I chose to was life saving and easy. My life and work has taken a nice turn for the better. I’m with my family more than ever before over the last 7 months . Being around a new and extremely positive work team is amazing. Finding Dave and Ken has helped me and I listen and read daily to continue to build my family’s and my personal happiness and growth. Take care. 😊
@msparr01
@msparr01 8 ай бұрын
My wife and I paid off our home in June of 2020. I was never afraid of Covid or any of it's variants. What terrified me was that, in America, the government could determine that a business, a church or whatever, was non-essential and close it down. We had 6-1/2 years left on a 15 yr mortgage and because of creating my own side hustle 20 years prior, we had enough money to comfortably pay the house off. Both the lock downs and the masks were so terrifying to me that I told my wife, I don't know where the world is headed but we are going to live in a home that is paid for. No excuses!! I was making $36k at my job and my wife had always been a stay at home mom. 4 months later I was fired after 20 years without severance, unemployment was blocked, and my insurance ended in the blink of an eye. Thank God for a side hustle that now supports my family better than I ever thought possible. Pay it off people!
@celianewman4809
@celianewman4809 7 ай бұрын
It is absolutely terrifying what the government has been able to get away with. Take it from someone who grew up in a Communist country. I never thought I’d see it and live it in this country.
@dbag57
@dbag57 4 ай бұрын
Great stuff. Whats the side hustle?
@msparr01
@msparr01 4 ай бұрын
@@dbag57 Thank you for asking. Incidentally, I was fired for not putting a dunce cap on my face. I had worked in the classic car restoration parts supply business for 14 years. I learned everything I needed to start supplying nuts and bolts for specific applications from my basement. I wish I could send you my 5 page story. KZbin censors any effort to communicate more directly. M P Enterprises in NC is a story of working 2 jobs for 20 years to protect my family from my employer.
@msparr01
@msparr01 4 ай бұрын
@@dbag57 Thank you for asking. I found something in the classic auto restoration market that I knew and was able to figure out how to turn into something that would protect my family from idiots. My path to success was very different from what Dave teaches. #1 pray diligently for wisdom. Without it, everything is a waste of time. #2 Trust God for everything. Believe that, through His wisdom, he will lead you in the right direction. Sometimes that journey will be quite painful. #3 Work, work, work. #4 Don't spend money on things you don't need.
@timothyanderson3481
@timothyanderson3481 3 ай бұрын
What the side hustle?
@canadiangirl8775
@canadiangirl8775 Жыл бұрын
Love this! My husband and I live Canada and paid off our $260K mortgage this past August in just under 5 years! We also cash-flowed 2 vehicles and countless home items (fence, furniture, etc.), and have also paid for daycare and put money away for our childrens’ education funds throughout! We bought the house for $565K, so had saved up a huge lump sum in advance as well. It IS possible! 🎉
@herbiehusker1889
@herbiehusker1889 Жыл бұрын
Canadian mortgages are weird and punishing.
@andrewwilson5722
@andrewwilson5722 Жыл бұрын
Of course it can be done if you are making the money you both are making. $52k a year just on your mortgage+ 2 car paid off and living expenses you are up there most people aren't making that kind of money.
@canadiangirl8775
@canadiangirl8775 11 ай бұрын
@@andrewwilson5722 we were making WAY less when we started out! We lived wayyyy below our means! Our income went up gradually, but we’re not making a crazy amount! We just don’t over-spend! We eat at home, buy everything we can second-hand, and I also flipped some furniture on the side here and there. We have very “normal” jobs - we’re far from being doctors or lawyers! Also, it took us 8 years to save up our down payment! Slowly but surely we did it.
@canadiangirl8775
@canadiangirl8775 11 ай бұрын
@@herbiehusker1889 agreed!! That’s why we wanted “out” of our mortgage as quickly as possible!
@canadiangirl8775
@canadiangirl8775 11 ай бұрын
@@andrewwilson5722 we are not doctors or lawyers - we have very “normal” jobs! We saved up for 8 years for our down payment, lived below our means, always ate at home, flipped furniture on the side from time-to-time to pay for “extras/special things”, etc…all while donating 10-15 % of our take home pay every year (we’re Christians and believe in giving). While it wasn’t always easy, it was worth the grit and people can do it!
@kaydublin5164
@kaydublin5164 Жыл бұрын
Blue collar here, my hubby and I just paid off our house 2 weeks ago, it hasn’t hit us yet.😂
@jessjenkins5474
@jessjenkins5474 Жыл бұрын
🙌🙌
@astroman30
@astroman30 9 ай бұрын
Paying off your house means more than just financial peace. The mental peace you get knowing that you can go to bed at night not owing money to anyone is a feeling of tranquility that is hard to describe.
@warthenrvpark
@warthenrvpark 6 ай бұрын
Amen!
@jorgegonzalez-kx5tv
@jorgegonzalez-kx5tv 6 ай бұрын
what about property taxes and insurance? :/
@eyehatemyjob2314
@eyehatemyjob2314 6 ай бұрын
Yes, we all know they exist. Thank you for reminding us. They are nothing compared to a mortgage payment.
@jengomez6115
@jengomez6115 6 ай бұрын
Amen!
@JohnnyMoneyyy
@JohnnyMoneyyy 4 ай бұрын
No thank you, especially not for people with sub-3% mortgages. I can arbitrage the rates and buy Treasury bills/bonds or save it in a HYSA and earn more. It's much better for financial peace if you have the money to pay it off, but have it in liquid assets to easily use it when needed.
@jeremywheeler2122
@jeremywheeler2122 6 ай бұрын
Good luck to everyone on their goals this year. I only make 25k and just paid off my 60k mortgage in 17 years. Im still poor, but house payments are the least of my worries
@spursnation5422
@spursnation5422 Жыл бұрын
We owe 55,000 on our home my wife and I are on a mission to pay off our home in 1 year and I will throw 10,000 straight to principal that should cut the interest to nothing . Wish us luck 🍀
@abm672
@abm672 4 ай бұрын
55K great price! Good luck!
@yasminogbu8929
@yasminogbu8929 2 ай бұрын
Did you do it ? I’ve got 40k left … feel the same way 😬 pry for me
@DiabeticDawg
@DiabeticDawg 6 ай бұрын
This comment section is incredible. Very positive. Very optimistic. Congratulations to everyone on their way!
@japolo6388
@japolo6388 Жыл бұрын
We paid off our house at 32 and 31 years old. Being completely debt free gives us buying power and many options.. not to mention peace of mind! Fast forward a year and a half later and we’re now sitting on 80 grand while we continue to stash away for our next house (had a few kids so it’s getting tighter!) we’re motivated to stay away from another mortgage and love being able to have plenty of resources to use as we best see fit. For those of you thinking about doing it or trying to find motivation to do it I’m here to tell you ITS WORTH IT! get after it!! Every $20 toward your mortgage counts and serves to drive you forward.
@jungojerry1658
@jungojerry1658 Жыл бұрын
If more people could learn how small the portion of their monthly payment actually goes on the mortgage balance....and how they could just add *that* small amount more each month....they could be paying TWO MONTHS' PAYMENT every month. They would save a ton on future interest, and cut the mortgage term drastically.
@96ej
@96ej Жыл бұрын
Especially those 1st couple years
@TheDmonet
@TheDmonet Жыл бұрын
@96ej It's true but unfortunately the first few years are usually the hardest to throw additional money at the mortgage. We didn't really start hitting my mortgage hard until kids were out of day care and then I crushed.
@musiqman24
@musiqman24 Жыл бұрын
Can you elaborate? I'm 4 years into our 30 year mortgage and would love to know what you mean by that? Are you referring to how much of it goes to principal instead of interest?
@96ej
@96ej Жыл бұрын
@@musiqman24 look up amortization schedule
@Kash_Munni
@Kash_Munni Жыл бұрын
​@musiqman24 yes 100%, early in a 30 yr mortgage you get killed on interest and not much goes towards the principal. For example, let's say your house payment is $1000 a month, $200 goes to principal, the rest goes to interest & taxes in the early years of the mortgage.
@floop2935
@floop2935 10 ай бұрын
Living debt-free removes so much m pressure from your life. I’m 25 with no debt and about a $250k investment portfolio and a $11k bank account and drive an accord (although it’s only 2 years old) but always nice to have no debt
@anthonyjohnsonjr8865
@anthonyjohnsonjr8865 5 ай бұрын
You are crushing it you are going to be so far ahead in life… I am trying to get to the same position as you…
@kratostomatoes8587
@kratostomatoes8587 Жыл бұрын
I paid off $150k fixed at 3% in early 2023. Could have made $5,000 in guaranteed profit on that cash through tbills, but instead we thought it would be better to pay the house off. Not the worst decision ever, but thinking of the $5,000 does hurt sometimes.
@NickFromLongIsland
@NickFromLongIsland 4 ай бұрын
Got my mortgage in February of this year… $409,500 Down to $398k as of today… trying to hammer this out as fast as possible 🙏
@christinehopping
@christinehopping Жыл бұрын
I follow Ramsey. I am single income on clerk salary living in So.California. Debt free, house, net worth > $1M. Dave is right. Anyone in America can be a millionaire by getting out of debt including mortgage debt as soon as possible. Imagine, your savings $250K inside a money fund 5% yields $1000 monthly. The bank is paying you versus you paying the bank and making them rich. This is the secret bank don't want you to know, so they keep you in debt that you continue making them rich. GET OUT OF DEBT PEOPLE
@ArmageddonIsHere
@ArmageddonIsHere Жыл бұрын
What kind of "clerk's salary" lets you become a millionaire in Southern California? I live in SoCal myself, 220K+ doesn't let me even _FEEL_ like a millionaire, let alone BE one.
@christinehopping
@christinehopping Жыл бұрын
I live like a broke college student all my life. I eat peanut butter, black beans and NO DEBT to focus on paying off the mortgage. You don't have a money problem.
@alexsteven.m6414
@alexsteven.m6414 3 ай бұрын
I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.
@PremSteve-yg4de
@PremSteve-yg4de 3 ай бұрын
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too
@belobelonce35
@belobelonce35 3 ай бұрын
You are right! I’ve diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
@MarcyLoccy
@MarcyLoccy 3 ай бұрын
my partner’s been considering going the same route, could you share more info please on the advisor that guides you.
@belobelonce35
@belobelonce35 3 ай бұрын
"Rebecca Nassar Dunne" is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@mariahudson9939
@mariahudson9939 3 ай бұрын
Thanks for sharing, i did a quick search and found her web page, i hope she responds to my mail soon
@han3067
@han3067 Жыл бұрын
We just paid off our mortgage last month. It took us 6 years to pay off the 20 years mortgage loan.
@AdrianWilliams-g5d
@AdrianWilliams-g5d 3 ай бұрын
How did you do this
@han3067
@han3067 3 ай бұрын
@@AdrianWilliams-g5dwe were able to consistently pay extra (2x or 3x monthly payment) towards the principal each month. We knew we were heading in the right direction when seeing interest amount in amortization decreasing over time until it reached zero. You can do it too!!
@azieltobias
@azieltobias Жыл бұрын
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
@mellon-wrigley3
@mellon-wrigley3 Жыл бұрын
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
@sloanmarriott5
@sloanmarriott5 Жыл бұрын
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
@lilyhershey1
@lilyhershey1 Жыл бұрын
​ *@shirleygarland4766* I've been thinking about going that route. I have a lot of stocks that I have maintained, but they are beginning to lose value, so I'm not sure if I should hold onto them or sell them. I feel hiring your investment coach would make it easier to restructure my portfolio.
@sloanmarriott5
@sloanmarriott5 Жыл бұрын
Do your homework and choose one that has strategies to help your portfolio grow consistently and steadily. Camille Alicia Garcia is responsible for the success of my portfolio, and I believe she possesses the qualifications and expertise to meet your goals.
@lilyhershey1
@lilyhershey1 Жыл бұрын
Thanks, I just googled her I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
@kelliconlan8133
@kelliconlan8133 Жыл бұрын
When we paid off all our debt and even our home, and freedom is great! If we did it, you can too. We lived/live on way less than what we make. We have been a one income family (teachers income) since our oldest was born over 11 years ago. And now that all our kids are in school, I substitute teach only when I want to, not because I have to for extra income.
@cheesygal
@cheesygal 9 ай бұрын
We bought a home six years ago that was half the price that we prequalified for. It’s on acreage and we’ve been improving the property at the same time as paying it down. We’ll be debt free this year. My husband is due to retire in five years. Our plan is to get everything done on the property before then. We’ve had no debt other than a mortgage for decades. We live very comfortably, and don’t get our personal worth from the cars we drive. My husband’s colleagues all drive late model cars and live in high end homes. I can only surmise they carry lots of debt. We have so much peace with our choices.
@sherryhoward2481
@sherryhoward2481 7 күн бұрын
I an 74 and my husband is 65, we decided to pay off our house because our income would be reduced by 1300 if on of us died. Having the house paid off will make life affordable for the surviving spouse, and we can do it in 4 years.
@brendam2022
@brendam2022 8 ай бұрын
We are 18 mos away from paying off a mortgage which will end up being a 10yr mortgage! We are so excited. It is possible, I encourage everyone to find a way to pay off early. I can't wait to have a mortgage burning party.🎉😂
@roseother8306
@roseother8306 7 ай бұрын
Keep it quiet! Don't tell your family and friends! You may regret sharing that info.
@thanasisk
@thanasisk Ай бұрын
42 years old from Sweden - bought an apartment in 2008, sold it for profit in 2019, bought another one and paid it off in 2024 - thanks Dave
@lauraviehmyer7513
@lauraviehmyer7513 8 ай бұрын
We paid off our 15-year mortgage in February 2011 after 4 1/2 years! The wealth accumulation journey has been amazing since then - as have the charitable giving opportunities!
@alexarnold3117
@alexarnold3117 Жыл бұрын
I plan to buy my first home cash when I turn 25. It’s a big goal but I’m on track, you can do it if I can. PAY IT OFF!!!!!
@jamisojo
@jamisojo 8 ай бұрын
I think you'll enjoy that very much if your spending means you'll be growing your saving and investments quickly.
@Russelbobby45
@Russelbobby45 Жыл бұрын
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
@JenniferLynd
@JenniferLynd Жыл бұрын
Investing in many sources of income that are independent of government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Stocks, forex, and digital currencies are still good investments at this time.
@ChristineElliottt
@ChristineElliottt Жыл бұрын
Sure, investing is essential for maintaining your financial stability, but making any kind of legitimate investment without the correct advice of a professional can result in a significant loss as well.
@JeremyRogers5
@JeremyRogers5 Жыл бұрын
I also keep seeing lot's of people testifying about how they make money investing in Stock, Forex and Bitcoin and I wonder why I keep loosing. Can anyone help me out or at least advice me on what to do.
@sanggu3423
@sanggu3423 Жыл бұрын
Please who is the professional guiding you? I have lost so much as a beginner Investing into stock and crypto without a proper guidance.
@RandyVincent808
@RandyVincent808 Жыл бұрын
Haven't you heard about MICHAEL T ABAGNALE??
@bigcahuna42366
@bigcahuna42366 Жыл бұрын
I signed up for a 30 year conventional fixed when I bought my home in 2016 to allow more flexibility in making each payment. A year or so ago my feelings changed and there's no way I would spend 30 years paying off a home I bought for $115K. I have my ducks in a row to take no more than 12 total years paying it off.
@ibp4da97
@ibp4da97 Жыл бұрын
I'm debt free and mortgage is completely paid off as of January this year. It is the most liberating feeling. Changes your view about work, life and finances in general. I am no longer bound by these invisible chains. I am able to focus on my investments both in life and finances.
@aolvaar8792
@aolvaar8792 Жыл бұрын
$214/mo would not change much for me.
@susanharrah3462
@susanharrah3462 9 ай бұрын
You'd be surprised what you could do with after you save it for a couple of months. One of our back tax houses was only786$ we're hopefully gonna ng to get 200,000 for it this year. Your defeating yourself before you even start.​@@aolvaar8792
@aarizphilip
@aarizphilip Ай бұрын
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Charlotte Grace Miller for helping me achieve this
@BroxsonDeighan
@BroxsonDeighan Ай бұрын
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
@HighlightsSerieATIM
@HighlightsSerieATIM Ай бұрын
The very first time we tried, we invested $1400 and after a week, we received $5230. That really helped us a lot to pay up our bills.
@GertonTootle
@GertonTootle Ай бұрын
I'm surprised that you just mentioned and recommended Charlotte Miller, I met her at a conference in 2018 and we have been working together ever since.
@ForwardMozell
@ForwardMozell Ай бұрын
I'm new at this, please how can I reach her?
@marthasteward0
@marthasteward0 Ай бұрын
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
@kimberlychodur3508
@kimberlychodur3508 Жыл бұрын
I love that my house is paid off, it is so nice to own it outright. I commented on this on another thread and was told I only had a small amount of it paid off because I still had utility bills every month. I told the commenter that even if I was renting I would still have utility bills every month, since most rents do not include utilities anymore. Other people bring up repairs and property tax. You’re always going to have to deal with repairs and maintenance though, and I pay my property taxes once a year. I could pay the taxes in March and September but I like to pay them off all at once.
@jamisojo
@jamisojo 8 ай бұрын
I pay them immediately also Kimberly. A great benefit of having extra money. The people pointing out utilities, property taxes, and repairs sound silly. The sale value of your house is sitting in your back pocket. Now you need a smaller emergency fund also with no mortgage to pay.
@briansaunders597
@briansaunders597 Жыл бұрын
We are paying off our mortgage next week.
@davidzimmerman6812
@davidzimmerman6812 8 ай бұрын
How did u do it
@Max-gp4wp
@Max-gp4wp 10 ай бұрын
I paid 100k off on mine , worked two jobs for three years . I’m down to 24k left and I have double that in my savings but now I can’t bite the bullet …. It’s only 58 a month in interest. 2.7 apr .
@benjaminoechsli1941
@benjaminoechsli1941 Жыл бұрын
I appreciate that Dave says "I love your zeal for paying the debt off, but don't let it eat your investments and emergency fund." Life has a way of throwing curveballs at you.
@LyonsArcade
@LyonsArcade Жыл бұрын
I’ve been listening to Dave for 20 years. This may be the first time I’ve heard him tell somebody to pump their brakes lol.
@TrungNguyen-jj8mo
@TrungNguyen-jj8mo 8 ай бұрын
I’m 44 years old, i this paid off my house 4 years ago, i feel much better love America 🇺🇸
@cdm765
@cdm765 Жыл бұрын
I am interviewing potential financial advisors, and one of the candidates called me out of the blue the other day and told me to pay off my mortgage vs. finance at 6.5%. I paid the remaining $300K off and will be hiring this woman!
@philipyoung3843
@philipyoung3843 Ай бұрын
I’ve got a 250k mortgage which is interest only , I’m 65 years old , it costs me $300 a month , I used it to buy a house that rents for $3,000 a month and has grown by 10% per year for the past 3 years. So glad I didn’t pay my mortgage off!!
@jnordman86
@jnordman86 Жыл бұрын
The phrase I forgot with being debt free is "freedom." It reminded me of the feeling of owing someone something when my initial debt from student debt came on me years ago. 18:00 Adding that risk in is something I realized no one talks about on this discussion with investing vs paying off debt...another thing not mentioned is the additional money you can invest from not having a mortgage that can start growing quicker from the principle plus interest you no longer owe.
@jenduck5520
@jenduck5520 8 ай бұрын
Paid off our home by 30. We are in Australia so this is AU dollars. Was quite a bit of luck alongside effort (we bought a piece of land for a future home for cheap while living in the cheapest home we could get in the costly city we wee in and by the time we sold our home while aggressively paying down both mortgages, it had gone up in value enough to cover the build and remaining mortgage for our new home). No other debt, now three years into building wealth and have a 1.3m net wealth (about 700k in primary home and the rest in savings and investments). Not far off the US million-dollar net worth status (need about AU$1.5m). So far this has required multiple jobs, a frugal lifestyle and hustling (household income ranging from 75k to 210k throughout this period). Proud of us.
@sketchandjam
@sketchandjam 4 ай бұрын
Most financial advisers say don't do this because of tax rebates and putting your money into investments. But you save so much more not paying interest.
@cryptkeeper5027
@cryptkeeper5027 Жыл бұрын
It feels great to pay off the mortgage. I did it 4 years ago, before covid. Unfortunately you are never without a payment. Its called property tax, or as i call it "rent to the state."
@aolvaar8792
@aolvaar8792 Жыл бұрын
Never is a totality word. Try using "without exception in the universe". There are many ways not to pay Property Tax. Defer Bond Exempt None ...
@79bnice
@79bnice Жыл бұрын
Yes, you're truly never without a payment. But it sucks paying a mortgage and property taxes.
@jamisojo
@jamisojo 8 ай бұрын
​@@aolvaar8792not paying your property taxes sounds like terrible advice. I appreciate what my taxes pay for in our community. All the services I use as a homeowner. The schools that are already underfunded. If I couldn't afford my property taxes I am a living in too much house.
@azteca6695
@azteca6695 Жыл бұрын
Gor a 30 yr mortgage. Paid off in 19yrs.
@AlinaTamashevich
@AlinaTamashevich Жыл бұрын
I paid one off in 1 day, I paid cash!
@reesercliff
@reesercliff Жыл бұрын
​@@AlinaTamashevichI can do you one better my parents bought me a home in cash as a wedding gift.
@raelou89
@raelou89 10 ай бұрын
​@@reesercliffmust be nice 😅
@mariewheeler5626
@mariewheeler5626 11 ай бұрын
Years ago I heard you preach about not purchasing mobile homes or trailers. I bought a sturdy and solidly built mobile home. I am sure you are "preaching to the choir", well some of us do not "sing worth a hoot." There are places in America the only option is purchasing a home you can take with you. I live in Northern Arizona on the Navajo Nation. For many years my family ranches has been in litigation - the Navajo/ Hopi land Dispute. We were told to live like transits, squatters until the dispute is settled. Many of us decided to buy trailers, something we can call home. I was 15 years old when the litigation began, it wasn't until I was in my 50s the dispute was settled. My father's ranching area was awarded to the Hopis. Thank goodness my mother's ranch was awarded to us Navajos. At times I agree with you, but in this case I don't.
@pjacksreads536
@pjacksreads536 Жыл бұрын
I want to retire with no mtg. Currently owe 108k I have the emergency funds. I still contribute to 401k. From now on I’m throwing every extra penny towards mtg payoff. Need to be done in 3 years! Btw I don’t have any other debt
@ilikeshroomgals
@ilikeshroomgals Жыл бұрын
Dave is the greatest advocate for people getting a grip on that money. Thank you sir and God bless you.
@jasonleatherwood2172
@jasonleatherwood2172 Жыл бұрын
Paid mine off last year its nice to have a bank account with just utility bills and insurance coming out lol
@markg999
@markg999 Жыл бұрын
Property taxes...that's a big one also.
@jasonleatherwood2172
@jasonleatherwood2172 Жыл бұрын
@@markg999 its pretty low in tennessee thank god i have friends that pay like 3000-4000$ a year and my house looks like a mansion compares to thiers and i py 1300$ a year
@AlinaTamashevich
@AlinaTamashevich Жыл бұрын
@@markg999 yes, that 650 a year for mine take it's toll.
@aolvaar8792
@aolvaar8792 Жыл бұрын
@@markg999 I live in the Largest American city without a property tax, My utility bill is ~$700/mo The City makes money on utilities.
@formula112967
@formula112967 9 ай бұрын
@@markg999 But even with property taxes, it's still much better without mortgage principal and interest payments.
@bethanyg153
@bethanyg153 Жыл бұрын
While I’m teaching chemistry the personal finance teacher has you going in the next classroom. You give me competition! 😂
@steviejd5803
@steviejd5803 Жыл бұрын
Thanks Dave, I’ve taken your advice these last few years, it feels good not having debt, now I need to get real with my savings plan.
@jaygarner2977
@jaygarner2977 2 ай бұрын
Paid our home off early, in like 12 years. The wealth we accumulated since has been staggering. Will hopefully be set to retire at 55. Also haven't bought a car since like 2012, and paid cash for that. Not having a house or car payment is great. I am in position to just pay cash when we finally need a new truck or car.
@SoloYolo84
@SoloYolo84 6 ай бұрын
Im 6 years in on my first house 290k mortgage left no car payment…cant wait for that day when my mortgage is paid off
@ozysjahputera7669
@ozysjahputera7669 2 ай бұрын
Got a 30-yr mortgage at 4.77% in 2011. Refinanced to a 15-yr at 2.75% in 2015. Started adding extra payments monthly (my wife and I contributed to the extra payment, I took care of the regular monthly payment). Paid off the mortgage in August 2021. Our net worth and investment went up drastically after the mortgage was paid off. Having the house paid off made it easier when I went through job transition due to layoffs.
@mdaje
@mdaje Жыл бұрын
Me too dave, you are so right about budgeting. Feel empowered. On baby step 6, and continue pay extra on the house
@Inuus
@Inuus 11 ай бұрын
I don't get it why people are so happy to pay off their mortgages? It is always situational. If mortgage interest rate is 3%, and these days you can get 5% on your saving account, is it wise to pay off the mortgage instead of investing extra money there where you can get more than interest you are paying?
@andichrist2000
@andichrist2000 10 ай бұрын
No it might feel good but you’re better off putting in the high yield or other investments.
@Inuus
@Inuus 10 ай бұрын
@@andichrist2000I mean "at least" CD. Sure you can do better than 5 per cent. My point was that it is not always a good idea to pay off your mortgage.
@Arma66634
@Arma66634 9 ай бұрын
Yeah this Ramsey guy is a joker. I don’t pay over because I make 5% on high yield and mortgage is 2.5%.
@RoseRB89
@RoseRB89 8 ай бұрын
@@Arma66634 exactly. Who got mortgage for 2.8% and you can invest with 5% . Why in hurry to payoff?
@NSB2
@NSB2 Жыл бұрын
My mortgage rate is under 3%. Investments with a return over 3% will improve my situation faster than making extra house payments.
@SLHJR0390
@SLHJR0390 11 ай бұрын
youll still have the maintenance on the house along with a payment thats 2/3 thirds interest while you build money in a casino account. Lets face it, do you folks really think that in 30 years the American stock market is going to be giving you 4-7% returns. All of your enemies now have nuclear weapons, and the middle east isnt safe to put a ship through. Amazing that folks think our markets are impervious to loss, or that just given time youll receive a hefty return.
@kevinlue4756
@kevinlue4756 10 ай бұрын
I agree. If you lose your job, you could sell some of your stocks to make your mortgage payments. These people have irrational fear.
@timlemmon2332
@timlemmon2332 4 ай бұрын
​@@SLHJR0390 I take it that you are not an American then.
@SLHJR0390
@SLHJR0390 4 ай бұрын
@@timlemmon2332 I guess Dave Ramsey isn’t one either … take your grievance up with him
@StlPike2004
@StlPike2004 3 ай бұрын
@@SLHJR0390 yes, our markets will continue to do well.
@gabolujan3109
@gabolujan3109 5 ай бұрын
We just paid off our house 5 days ago! it is the 4th of July 2024. debt free. we bought it in 2017....refinanced in 2021.
@nateitscake88
@nateitscake88 9 ай бұрын
I did the math here and it does not make sense for me to pay my house off as early as possible. Early yes, but not to the point where I'm sinking my Roth 401k contributions into paying off my house. Especially with a 2.25% interest rate on my mortgage. I pay an extra $200 a month on my mortgage, which will shorten my 30 year loan down to a 20 year loan. The rest of my hard earned dollars go towards maximizing my Roth 401k contributions to whatever the Federal Limit is. At the age of 55 I am projected to have around 5 million in Roth and my house paid off. Only 20 more years to go!!!
@janalreyes4086
@janalreyes4086 7 ай бұрын
We are 59 and 60 and 2 years ago my husband went into respiratory failure with a diagnosis of ALS. Never walked, eaten, moved , or breathed on his own again. I want to pay off our Mortgage of $285 k but the interest is on,y 2.9% and we have zero income to continue to save. I’m his caregiver 24/7. Wonder what Dave would suggest.
@Gromitz101
@Gromitz101 6 ай бұрын
@@janalreyes4086 If you have no income and you have to be the caregiver, it would be to sell the house and down size to where you don't have a mortgage.
@trixter4934
@trixter4934 5 ай бұрын
If you stop paying the extra $200 each month on your mortgage and invest it in an index fund instead, you'll make a lot more money in the long run because of your low mortgage rate.
@НораУрлав
@НораУрлав Ай бұрын
I am 54. Paid my mortgage off 8 months earlier before I was made redundant in December 2023. It was such a relief. I decided to retire and care for my special son full-time. As a single immigrant mom, I worked so hard for over 20 yrs. I also helped my daughter to pay her tertiary fees. I am very proud of myself. 😊
@FrankS111
@FrankS111 Жыл бұрын
I have a 20 year fixed at 2.8%. I can put my money just about anywhere else and make more.
@ryanebrecht5651
@ryanebrecht5651 11 ай бұрын
Exactly. The place most people screw up is spending that money instead of investing it.
@ruig8612
@ruig8612 9 ай бұрын
@@ryanebrecht5651where should one invest?
@TechnMoto
@TechnMoto 9 ай бұрын
Do you account for taxes? Fees?
@jamisojo
@jamisojo 8 ай бұрын
I am fortunate to have a lot more money in investments than in my house value. I'm glad the house is paid off. I don't miss the little bit more I might be making on the investments.
@waffles1ca
@waffles1ca Жыл бұрын
I’m my jurisdiction we do not have mortgage interest as a deduction on our principal residence, so for me every extra payment on the principal resulted in a tax free gain of the interest saved. The ultimate reward was having a massive increase in disposable income after clearing our mortgage after 15 years.
@StaciaBielka
@StaciaBielka Жыл бұрын
There is no logical motive to rush paying off the mortgage when our percentage on it is below 2% and there are plenty of CDs, Savings, other investments that give 4.30-5.30% over 12-18-24 months. As soon as situation changes in any way and balance shifts, take out those savings with growth on them and pay it off if you wish 🤷🏻‍♀️ otherwise just normal payments make sense and investing all “extra”.
@hubster4477
@hubster4477 Жыл бұрын
Except having over a thousand dollars go to your bank account instead of fannie maes bank.
@lukem5962
@lukem5962 Жыл бұрын
Yes but don’t forget the taxes you’re paying so not getting that full 5% on CD
@StaciaBielka
@StaciaBielka Жыл бұрын
@@lukem5962 correct, yet it'll still be more than mortgage percentage most of the time (well, not right now when it's over 8% lol, but for everyone who purchased earlier for 1.25 - 2.25%). One can risk a bit more and invest into something more profitable, too.
@fernalon3398
@fernalon3398 11 ай бұрын
@@lukem5962 also don't forget mortgage interest is tax deductible for most so the interest rate is effectively even less than stated
@christianburris3474
@christianburris3474 7 ай бұрын
Bad idea. Simplify your life and pay off debts including mortgage
@floridashawn7317
@floridashawn7317 9 ай бұрын
We paid off our house off early for the peace of mind. When Corona hit I wasn’t worried about losing my job. I actually decided to retire last week. It wouldn’t have been possible with a mortgage payment.
@formula112967
@formula112967 9 ай бұрын
That's great.....I bought my house and took my 30 year loan 10 years ago, and if I keep up the extra payments, I will be done in 2 years, shaving 18 years off my 30 year loan....what is your age?
@ryann8348
@ryann8348 Жыл бұрын
I have a pretty tiny mortgage at 3.6% (my previous house was paid off, and I just took a loan out on the difference between house 1 and house 2). The actual interest part of my mortgage is $230/month, and the property taxes/insurance part is $490. I feel like I wouldn't be decreasing my base housing expenses much, relative to income, and I see much better gains putting extra money into stocks.
@itguru2037
@itguru2037 9 ай бұрын
I agree and my mortgage is 3.0 percent
@ChesterMan-qd3xj
@ChesterMan-qd3xj 4 ай бұрын
We just paid our house off a couple months ago. Nice feeling, but not like we gained some big pile of cash monthly when half of our payment was taxes and insurance.
@28jonmark
@28jonmark 2 ай бұрын
It's math! Don't do it if you have a low interest rate. Invest in stock market instead. Compounding is amazing. You can't reclaim that.
@mikeygROCNY
@mikeygROCNY Ай бұрын
Where is the risk calculated into your scenario?
@jmfs3497
@jmfs3497 28 күн бұрын
I am paying about one mortgage payment extra per year. I met with my first potential house hack occupant last week, and I'm hoping I can then add another 6 months worth of mortgage payments and use the rest for continuing renovations.
@reuben5570
@reuben5570 Жыл бұрын
We will be done with mortgage in 3 years. Its a small price to pay, we are so excited to reach baby step 7.
@kbanghart
@kbanghart Жыл бұрын
That's great. So what are you doing to help others?
@formula112967
@formula112967 9 ай бұрын
@@kbanghart What are YOU doing to help others?
@kbanghart
@kbanghart 9 ай бұрын
@@formula112967 lots. But I'm still paying on my mortgage and other debts
@chrisengletx
@chrisengletx 11 ай бұрын
I don't always make the best financial choices but I did prioritize paying off my mortgage and that happened in 2023- i had a 15 year note but paid it off in five. People always tell me that paying off a 2.9% mortgage was stupid, etc etc.. but I cannot say too strongly how good it feels to fully own my house. I still have taxes insurance and maintenance of course, but it FEELS SO GOOD to own it outright. Whatever you guys think about closing out a cheap mortgage, i will say it feels better than any financial decision i've made in many years. (i'm 58 years old so not yet retiring but still worried about having enough when the time comes)
@kevinlue4756
@kevinlue4756 10 ай бұрын
I agree, it was stupid. Your feelings are irrational fear. If you had invested that money, you would be killing it. A paid off house isn't paying you dividends, nor gaining any more value than it would have otherwise.
@evalangley3985
@evalangley3985 Жыл бұрын
I technically paid mine already. I am just waiting for the anniversary date to pay it off. I signed in November 2020 at 1.7% and withdraw all my overpayment and invested them back into 5.1% GIC for 3 years in 2022. Basically the bank is paying me for having a loan.
@timhe9170
@timhe9170 2 ай бұрын
If you have a low-interest mortgage, like one between 2.5% and 4%, paying it off might not be the best decision. You could be missing out on free money. Instead, consider investing that money in a treasury bond with a 5% interest rate, which could earn you an extra 1% to 2.5%. It’s worth noting that Ramsey may not always offer the best advice.
@dwaynemauk566
@dwaynemauk566 Жыл бұрын
My wife and I are making double principal payments on our house, in the hopes of having it all paid off a year before we retire. No longer using the excuse that "well, you can write the mortgage interest off". Yeah right, that didn't help our taxes a bit because between charitable giving and retirement contributions, we're over the allowed deductions already.
@aolvaar8792
@aolvaar8792 Жыл бұрын
Standard Deduction for us is +$30K.
@mattjohn6819
@mattjohn6819 10 ай бұрын
Took a second mortgage on our home. Started a distribution company that is on target to hit 4 million this year. If i sold my shares of the company today I can pay my mortgage over twice. So yes pay your mortgage off if you have nothing better to for your money.
@williams6334
@williams6334 Жыл бұрын
He's right, you want a buffer. I needed one recently when ending up with sepsis resulting in endocarditis. That further resulted in heart failure, liver failure and kidney failure. I was out for three months and thankfully had savings/ leave/ insurance (paid out what I didn't have in leave). I live in Australia so there was no out of pocket costs for my month stay in hospital and two surgeries (including a double valve replacement). Only 38 years old but doing well now :)
@JessGoris
@JessGoris 17 күн бұрын
We had so many people try and talk us out of paying off our mortgage after receiving an inheritance. “Keep the mortgage and invest the money!” I said we could pay off the mortgage and use the money we were putting toward the mortgage toward investing. “But you won’t make as much money that way!” Oh well. We were under 40 with 6 children and mortgage free. We feel overwhelming relief knowing that our home is paid off.
@genxx2724
@genxx2724 Жыл бұрын
The thing that will “rev up your wealth-building journey” is putting money into the stock market as early as possible. You can never make up for time in the market.
@mitchdegrace2040
@mitchdegrace2040 Жыл бұрын
The market is about to crash
@genxx2724
@genxx2724 Жыл бұрын
@@mitchdegrace2040 I hope it does. I’ve been waiting for a buying opportunity.
@msuee96
@msuee96 4 ай бұрын
Our interest rate was over 7% in the late 90s when we were younger. We were able get a loan after we bought another house on a 15 year at 6.25%. Later, I was able to refinance at 2.75% on a 10. I paid off the house in 2021 after paying extra for the entire life of the loan. Total time 20 years but we saved many thousands!
@justwait9822
@justwait9822 Жыл бұрын
Nah, mortgage at 4%, investment making 12% on average. (Dave uses this figure when he said 8% was a good withdrawl rate) using that same logic, mathematically its stupid to pay off sub 5% interest rate when you can make 12% annually.
@AlinaTamashevich
@AlinaTamashevich Жыл бұрын
And let the bank rob you blind, what a plan!
@genxx2724
@genxx2724 Жыл бұрын
Remember you have to pay taxes on the dividends and capital gains. I have my payoff money invested in S&P 500 ETFs. My mortgage is 2.75 percent. Idk whether it will end up being six of one; half-dozen of the other.
@justwait9822
@justwait9822 Жыл бұрын
@@genxx2724 my money would be on you being much better off investing at a 2.75% mortgage. You can run the numbers through online calculators but if we're talking about investing long term. 2.75% is great, you might even be ahead if you just threw money in 5.5% CDs. If my mortgage rate was 6% I'd probably make my company match, max out roth ira and attack the mortgage with remainder. But less than 5% and 20+ years investment timeline I'm inclined to just invest.
@cstuartdc
@cstuartdc Жыл бұрын
A 4% mortgage payoff is zero risk A 12% SP 500 has high risk…up 32% one year, down 20% the next. You always have to look at the flip side of the same coin - risk: heads tails: return.
@genxx2724
@genxx2724 Жыл бұрын
@@cstuartdc Over time, the S&P 500 does not have risk. The risk is inflation devaluing your cash.
@pauly5502
@pauly5502 Жыл бұрын
The only reason to make a lump sum payment is because you can’t contain yourself from spending the amount in your savings account. Pay down your house all the way down to the balance equaling how much you can give up from your savings and then your last payment should be the large chunk from savings.
@p.gizzle90
@p.gizzle90 Жыл бұрын
I’m currently working on paying off my house early myself. I’ve been in my house 5yrs. I’m 33 and plan to have my house paid off by the time I turn 40. 45 at the latest! I’ll be done paying off my truck less than 2yrs. I can actually pay it off in its entirety now, but I want to keep more liquid cash….Im glad to hear my process of paying off my house sounds the same what Dave and Co-host suggesting. ❤thanks!🤗
@Iburn247
@Iburn247 Жыл бұрын
45 sounds more realistic. If you have a 30 year and you make the same payment amount as a 15 then you should get it done 12-13 years depending
@ellencox8415
@ellencox8415 Жыл бұрын
Why on earth do you have a car payment talking about paying off your house? Car debt is as dumb as credit card debt.
@kbanghart
@kbanghart Жыл бұрын
​@@ellencox8415many people have car payments.
@p.gizzle90
@p.gizzle90 Жыл бұрын
@@Iburn247 Yah, I’ve did the math. My overall debt isn’t much so both is doable. Just a little extra output to make it to 40.😅 40 is my desired. I don’t plan on incurring anymore debt.
@p.gizzle90
@p.gizzle90 Жыл бұрын
@@ellencox8415 My truck is what I wanted! Reading is fundamental. The debt on that isn’t much. And could be cleared today- if desired! Paying off my house is absolutely doable during the time frame mentioned. Therefore, speaking about it & accomplishing it is *not* a challenge.😒
@georgetown8986
@georgetown8986 6 ай бұрын
Even a higher priced home with a 3 percent mortgage rate still requires and enormous financial expenditure. Interest will eat up the vast majority of payments for 20 plus years on a 30 year mortgage. This is why people with actual wealth/money always pay cash for any property.
@juliafiore120
@juliafiore120 Жыл бұрын
I just used it and it is brilliant! 👏🏻👏🏻👏🏻 It gives me incentive to increase my extra money. Thank you, Dave. 😊
@devolee8302
@devolee8302 2 ай бұрын
Totally, We paid it off in 2017. Gosh my finance has been going upward since then. How much of burden it can be carrying on the mortgage and how things get change so quickly afterwards, it is just amazing! But I have a really cheap house which was why I was able to pay it off quickly.
The True Cost of Buying a Home (It’s More Than You Think)
27:32
The Ramsey Show Highlights
Рет қаралды 374 М.
Home Buying Advice No One Else Will Tell You
24:55
The Ramsey Show Highlights
Рет қаралды 377 М.
IL'HAN - Qalqam | Official Music Video
03:17
Ilhan Ihsanov
Рет қаралды 700 М.
Quando eu quero Sushi (sem desperdiçar) 🍣
00:26
Los Wagners
Рет қаралды 15 МЛН
Sigma Kid Mistake #funny #sigma
00:17
CRAZY GREAPA
Рет қаралды 30 МЛН
黑天使被操控了#short #angel #clown
00:40
Super Beauty team
Рет қаралды 61 МЛН
These Mortgage Mistakes Could Cost You Thousands
31:13
The Ramsey Show Highlights
Рет қаралды 483 М.
Do This EVERY Time You Get Paid (Paycheck Routine)
9:14
Rachel Cruze
Рет қаралды 422 М.
This Whole Thing Is A Bad Idea! (Your Son Is A Parasite!)
17:06
The Ramsey Show Highlights
Рет қаралды 671 М.
Morningstar’s 2025 Outlook: Investment Strategies for the Year Ahead
1:00:25
The Biggest Husband and Wife Money Fights! | Ep. 3 | The Best of The Ramsey Show
1:04:16
The Ramsey Show Highlights
Рет қаралды 950 М.
What Most People Get Wrong About Cars | Dave Ramsey's Greatest Hits
40:49
The Ramsey Show Highlights
Рет қаралды 483 М.
12 Unique Life Resolutions to Consider
8:39
Joshua Becker
Рет қаралды 1 М.
Unforgettable Calls Vol. 1 | Dave Ramsey's Greatest Hits
43:43
The Ramsey Show Highlights
Рет қаралды 1,2 МЛН
How to Get Rich in Real Estate the RIGHT Way
35:44
The Ramsey Show Highlights
Рет қаралды 637 М.
Dave Ramsey | This Past Weekend w/ Theo Von #498
1:52:12
Theo Von
Рет қаралды 2,2 МЛН
IL'HAN - Qalqam | Official Music Video
03:17
Ilhan Ihsanov
Рет қаралды 700 М.