Debt Is a Trap That Will Hold You Back From Building Wealth

The Ramsey Show

Ramsey Network

Business, Education, Investing, Self-improvement

4.6 • 36.7K Ratings

🗓️ 3 December 2024

⏱️ 84 minutes

🔗️ Recording | iTunes | RSS

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Summary

📈 Are you on track with the Baby Steps? Get a Free Personalized Plan 📱Watch the full episode for free in the Ramsey Network app. Dave Ramsey & Rachel Cruze answer your questions and discuss: "Our advisor is telling us not to pay off our home," "How do banks let people get so many credit cards?" "How do I stay disciplined in Baby Step 2?" "How do I stop wasting my income?" My husband wants us to take out a mortgage for his daughter," Support Our Sponsors: 🌱 Get 10% off your first month of BetterHelp ◎ Get 10% off Byrna product bundles and more! 🏥 Learn more about Christian Healthcare Ministries 🏡 Get started today with Churchill Mortgage 🔒 Get 20% off when you join DeleteMe 🏦 Go to FAIRWINDS Credit Union for an exclusive account bundle! 🥗 Save 15% on your first Field of Greens order with code RAMSEY 💤 Visit Helix Sleep for special offers! 🗂️ Use promo code RAMSEY for 18% off at The Nokbox 💵 Learn more about Timothy Plan 🏛 Get started with YRefy or call 844-2-RAMSEY 🔐 Visit Zander Insurance for your free instant quote today! Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 🛒 Shop weeklong Cyber Monday deals starting at $10! 🏠 Get organized and prepared to buy or sell a home. 💵 Start your free budget today. Download the EveryDollar app! 🎁 Cyber Monday Extended Deals as low as $8 🎄 Hurry—Your chance to win $5k is almost over! Enter the Ramsey Cash Giveaway today! Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💸 The Ramsey Show Highlights 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	Hey, you guys, Cyber Monday deals are here.
0:02.9	So shop meaningful Christmas gifts that won't bust your budget right now at ramsysolutions.com slash store.
0:39.5	Thank you. Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people, build wealth, do work that they love and create actual amazing relationships.
0:48.7	Number one, bestselling author, Rachel Cruz, Ramsey Personality, co-host of the Smart Money Happy Hour, is my co-host today, my daughter.
0:53.3	Open phones at AAA 825-5-225. Carol is with us. Carol is in New York City. Hi, Carol. Welcome
0:59.3	with the Ramsey Show. Hello. Thank you so much for taking my call. It's real to talk to you all.
1:04.8	You too. What's up? I have a husband who's retiring within the next 12 months, and we'd like to finish paying off the mortgage on the house.
1:14.1	Good.
1:15.4	Yes, but per your advice.
1:18.5	And our financial advisor is advising us not to because the mortgage is at under 3%, and our investments are doing well above that.
1:27.4	However, that doesn't matter to us. We want to
1:29.5	plow ahead and get this done. And our next question to him is how can we best divest of our
1:36.0	investments and pull the money out, make the cash available to do this. And his next tier of
1:42.0	advice is to pull from our bonds that are earning at tax-free rates,
1:47.4	as opposed to pulling from our mutual funds that we'll have to pay capital gains taxes on.
1:52.9	What do you suggest we do?
1:57.2	You probably got no gain on your bonds.
1:59.4	They're probably value is down, even though the coupon rates stayed the same.
2:04.2	But as interest rates rise, bond values go down.
2:09.0	And so my guess is that you bought them during a lower interest rate environment,
2:13.6	so they're probably not even worth what you paid for them today.
2:16.6	Is that right?
	...

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