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The Ramsey Show Highlights

My Friends Say I've Made a Big Financial Mistake

The Ramsey Show Highlights

Ramsey Network

Business, Investing, Education, Self-improvement

4.5839 Ratings

🗓️ 16 May 2026

⏱️ 8 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

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

0:06.5

My question, basically, in a nutshell, is two weeks ago for my 60-second birthday. I paid my mortgage

0:13.6

off 16 years early.

0:15.2

Good for you.

0:16.7

Well, all my friends, I mean, all my friends are telling me I made the biggest mistake of my life,

0:23.3

and now I'm really terrified that they're correct, given the current market situations and

0:28.1

things. So my question was to try to get some guidance from you based on my current situation.

0:33.9

You need new friends.

0:40.3

Well, let me give you just a quick content. I'm 62.

0:41.3

I'm single.

0:42.3

I'm in the midst of an eight-year canceled battle, and my doctor said I won't be able to

0:47.3

return to work for the foreseeable future.

0:50.3

So based on that, you know, my friends are telling me I took my liquid assets that I had to pay it off 16 years early.

0:59.4

And that was a big mistake because my interest rate was 3.5% and I could have been making all the things you hear.

1:06.1

But now I'm afraid maybe they were right.

1:08.5

Do you still have a nest egg?

1:10.8

So what I basically, I have is I'm afraid maybe they were right. Do you still have a nest egg? So what I basically,

1:12.7

I have is I'm currently my income. I have a disability benefit from my former employer

1:20.2

that separated me last June for disability of 7,070 a month. And that will end by three years the way the policy set up when I turned 65, but it could

1:34.2

end before previous.

1:35.6

I get a $3,000 monthly SSDI payment after the taxes and the Medicare deducted.

1:43.3

And then I've got my assets, I have an $80,000 emergency fund in cash, and I have $23,000 in cash

...

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