Millionaires Don’t Believe Crap Like This!
The Ramsey Show Highlights
Ramsey Network
4.5 • 838 Ratings
🗓️ 20 August 2024
⏱️ 3 minutes
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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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