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Ramsey Everyday Millionaires

Don’t Fall for the Nothing-Down Real Estate Trap!

Ramsey Everyday Millionaires

Ramsey Network

Investing, Careers, Business

4.63.6K Ratings

🗓️ 3 February 2023

⏱️ 8 minutes

🧾️ Download transcript

Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel, Kristina Ellis, & Jade Warshaw. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0

You're listening to Ramsey everyday millionaires where we talk retirement, building wealth, and outrageous generosity.

0:12.2

Well, Ken, I want to get to this video that we stumbled across as you know, I like to get

0:18.0

riled up by watching videos on social media. You're in the rabbit hole. I know. You like to get on the

0:23.1

old internet. But it's for the good of the people. I got to have my finger on the pulse of what

0:27.9

they're watching. Well, I tell you, do you ever? And they're sending me the video. I was going,

0:31.2

Hey, what do you think about this? Is this why I'm going to tell you what I think? Well, Ken has

0:34.4

seen the video, folks. Full disclosure. I'm seeing it the same time you are. Well, let's see what

0:40.8

the internet is is stirring up today. It comes to real estate investing and why this is the best asset

0:46.1

class. This is about as simple as I can make it. During the light rehab and my flooring guy asked me

0:50.4

said, Jason, why are you all mental real estate? Why are you not investing in stocks and big coin?

0:54.4

I said, that's a great question, Mike. Do you have a 401k? I asked him. He said, yes, I have $200,000

0:58.8

in my 401k. I said, great job. That's better than most scenario. Number one, your dad gets sick. You

1:04.3

have to take him to a nursing home. They're charged at $7,000 a month to keep him there. But if you're

1:08.7

$200,000 in your 401k, how long can you keep him there? He thought about it for a moment, 28 and a

1:15.6

half months. That's not a long time for being in a nursing home. Scenario number two, your dad

1:20.4

gets sick. You still got to take him to the nursing home and there's still charge in $7,000 a month.

1:24.9

But instead of having $200,000 in a 401k account, you took that 200 grand, about 10 cash flowing assets

1:31.6

that produce $10,000 a month. How long can you keep him there? He thought about it and said,

1:37.5

forever. And that's the power of real estate. All right. So that was a fast-moving, hard-charging

1:43.5

real estate guru right there, Ken. Yeah. And this is the problem with the tick-tock

1:49.7

world we're in. YouTube. I love it. We're on all the things, okay? But it's like, if I'm going to

1:54.8

take something and that complex, that serious, and I'm going to reduce it to a bunch of jump cuts

...

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