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The Ramsey Show Highlights

Millionaires Don’t Believe Crap Like This!

The Ramsey Show Highlights

Ramsey Network

Education, Investing, Business, Self-improvement

4.5838 Ratings

🗓️ 20 August 2024

⏱️ 3 minutes

🧾️ Download transcript

Summary

💵 Start your free budget today. Download the EveryDollar app! Did you miss the latest Ramsey Show episode? Don’t worry—we’ve got you covered! Get all the highlights you missed plus some of the best moments from the show. Watch entertaining calls, Dave Rants, guest interviews, and more! Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! 📝 Share your thoughts on the show! Listen to more from Ramsey Network 🎙️ The Ramsey Show   🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Brought to you by the Every Dollar app. Start budgeting for free today.

0:06.6

My question is, I have a zero interest loan that was a medical expense, and it sits around $15,000.

0:17.0

And is it smarter to pay it off or to just pay it every month since compared to

0:25.2

compared to inflation, you know, I'm making money just by paying it every month.

0:30.4

It would seem that's advice I was given.

0:32.6

What do you make a year?

0:35.2

What's your income?

0:36.3

I mean, make approximately $80,000 a year.

0:39.4

I have several income sources.

0:41.9

I don't know who's giving you this advice,

0:43.8

but you need to stay away from them.

0:45.9

They're not very smart.

0:48.0

Here's why.

0:49.5

Okay.

0:50.4

If you make 10% rate of return

0:53.9

because you didn't pay this off and you kept $15,000 in a 10% investment, you made $1,500.

1:03.4

Okay, $100 a month.

1:05.8

$100 a month.

1:08.2

We have surveyed 10,167 millionaires.

1:12.6

89% of them became millionaires starting from nothing.

1:17.6

The number of them that became a millionaire because they failed to pay off a medical debt

1:23.6

and instead invested the money and made 10% and made $1,500 was precisely zero.

...

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