This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.

Com slash invest.

You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth, and outrageous generosity. Hey Todd, how are you?

Good, how are you, Dave?

Better than I deserve.

How can I help?

Sure, well, thanks for taking my call.

Hey, I just had a question and wanted to see about your philosophy from a 15 year mortgage

perspective versus maybe going a 30 year mortgage but possibly paying it off

like a 15 year mortgage type deal whether it be

making bi-weekly payments and then making an extra monthly or making an extra

mortgage payment each quarter.

Yeah, there's a couple of numbers that bother me when I think about that concept, okay?

The Federal Reserve has done a study that says when it comes to mortgages, 97.3% of the mortgages are not

Pre-paid okay, not systematically prepaid

Which means if I take out a 30 and I promise to pay it like a 15 I'm claiming to be in the top 2.7% of the people out there as far as my discipline goes. I don't want to make that claim about me because I know me better than that. The second

thing is I have read and discovered there's a guy named David Bach years ago came on the

scene after I did that wrote a book called automatic millionaire and he makes the very valid point in that book to do as many things in your life as you can that

that you put on autopilot that are automatic discipline.

For instance, you know, you automatically have money withdrawn going into your 401k.

You automatically have money coming out of your checking

account to pay your insurance so you don't have to think about it. It's paid on

...