46: The Money That You Didn’t Know You Had (Archives)
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 28 August 2015
⏱️ 45 minutes
🧾️ Download transcript
Summary
#46: You’re likely putting a lot of your money at risk right now, and that same money is achieving zero rate of return.
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Listen to this week’s show and learn:
01:01 How Keith got the financial ability to get into so many investments at a young age.
03:07 Risk-free return vs. return-free risk.
05:41 Today, what you thought was “right-side up” in the world, could turn “upside-down.”
08:08 Why are you investing in a vehicle that could never go up in value, but could only go down?
09:45 Would you rather be debt-free or financially free?
12:48 Home equity is: 1) Unsafe, 2) Illiquid, and 3) has zero rate of return. Home equity is one of the worst “investments” you can make.
17:01 “Equity transfers” can enhance your rate of return.
21:14 It’s sad that some borrowers make extra mortgage principal payments without understanding what they’re doing.
23:38 30-year vs. 15-year mortgage loans. Keith tells you which one he likes more - by far.
25:28 Banks are more likely to foreclose on your property if you’re financially uneducated.
27:32 A catastrophic loss is another reason that home equity is an awful investment.
31:01 Your equity position does not change your control of your property.
32:32 Homes are meant to house people, not store cash.
35:12 How “paying off” Keith’s home would be a reckless decision.
36:11 When you pay off your home, you just sent your money away to “retire.” That’s the reason that you cannot retire.
Resources mentioned:
MidSouthHomeBuyers.com or call (901) 217-4663 for top-notch turnkey rental properties.
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Transcript
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| 0:00.0 | Get Rich Education is brought to you by Mid-South Homebuyers, cash flowing turnkey property in Memphis, Tennessee. |
| 0:08.0 | Welcome to Get Rich Education with Keith Winehold, giving you information and ideas on the investment that has turned more ordinary people into |
| 0:21.4 | millionaires and billionaires than anything else and can provide you with more |
| 0:26.5 | wealth and happiness than you ever thought possible now here's your host |
| 0:31.4 | investor entrepreneur business owner and educator Keith Weinhold. |
| 0:40.5 | Welcome to Get Rich Education. I'm your host Keith Weinhold. It's the money that you didn't know you had on episode 46. Yes. I'm back for another week to help you build your wealth. Here's hoping that you've been living abundantly. |
| 0:55.8 | We're talking about your real estate investing strategy and outlook today. |
| 1:00.8 | And, you know, some people wonder how even though I was not born anywhere near wealthy, |
| 1:06.6 | you know, sometimes I get asked, well then how at a young age did you get the money to get into so |
| 1:12.8 | many different investments? Were you going to get an answer on that today? Earlier, I had some |
| 1:18.9 | friends over to our yard to play some lawn croquet. That's a cool game to play that's overlooked, |
| 1:25.4 | by the way, to set up the wickets, grab the mallets, and crack some croquet balls, okay? |
| 1:30.3 | It's a nice, chill thing to do. |
| 1:32.8 | The perimeter of Mrs. Weinhold and I's yard has this kind of pebble stone landscaping, |
| 1:39.5 | so that way you cannot crack somebody's ball, like, way out of the yard. That helps keep friends' friends |
| 1:47.1 | in a way, really. I informed one croquet playing friend that would understand the joke that he was |
| 1:54.5 | playing croquet on a highly leveraged piece of real estate. Yeah, that's right. I may never want to pay off the home that I live |
| 2:05.1 | in, or any loan eligible rental property for that matter. I likely desire to hold I mortgage balances |
| 2:13.9 | in perpetuity. Even though I could pay off my home mortgage right now, |
| 2:21.1 | I don't desire to have a paid off home today. And, you know, I probably don't even desire |
| 2:25.9 | to have a paid off home by the time I'm age 45, 65, 85, 85, 105. Okay, now, I left myself a little out in there, saying probably, in case mortgage |
| 2:40.6 | interest rates go to 12 or 15 percent or more out in the distant future like they did back in the |
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