Passive Income Is TikTok Mythology (Hour 2)

The Ramsey Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.5 • 38.5K Ratings

🗓️ 8 August 2023

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dave Ramsey & Rachel Cruze answer your questions and discuss: EveryDollar, budget for the life you want today for free: Click Here What to do when you can't agree with your spouse about paying off debt, from the blog: What to Do When Spouses Don't Agree on Money Why you shouldn't be borrowing from your cars to invest, The best ways to build wealth, from the blog: How to Build Wealth at Any Age "Is it ok for us to spend money on occasional family gatherings during Baby Step 2?" from the blog: A Guide to Vacationing on the Baby Steps Why you have to identify the reality of your situation when you're in debt, from the blog: If You Don't Want to Be Broke Anymore, Do This Support Our Sponsor: NetSuite PODS Moving & Storage Neighborly Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET Enter The Ramsey Cash Giveaway for a chance to win $3,000! https://bit.ly/TRSCashGiveaway Want a plan for your money? Find out where to start: Click Here Listen to all The Ramsey Network podcasts: Click Here Interested in advertising on The Ramsey Show? Click Here Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

Transcript

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0:00.0	Live from the headquarters of Ramsey Solutions, Broadcast,
0:29.8	Broadcasting from the pods moving in storage studios, it's the Ramsey show where we
0:34.8	help people, build wealth, do work, that they love and create actual amazing
0:42.7	relationships. Open phones at AAA 825-5225, Rachel Cruz, Ramsey personality,
0:50.0	number one bestselling author and co-host of the Smart Money Happy Hour podcast
0:54.3	on the Ramsey Network. Be sure and check it out is my co-host today. Also my
0:58.1	daughter. Open phones at AAA 825-5225, Jason is in Boise. Hi Jason, welcome to the Ramsey
1:06.4	show. Hi Rachel, hi Dave, how are you? Better than we deserve, sir. How can we help?
1:10.4	Good, I was wondering if you could settle kind of a disagreement with my wife and I.
1:15.8	My clinic is ill, it intends for about five years now, but I have a mortgage still
1:22.7	in a home equity line of credit. I need to pay off and I want to attack the home
1:27.6	equity line of credit because of it, it's freaking me out because of the interest,
1:32.9	like it's not a fixed interest rate, and my mortgage is a fixed interest rate at
1:37.8	like 2.75 and we've got that paid down about, down to about $30,000. What do you
1:44.7	owe on the home equity line? 180. Good Lord. Yeah, I know. Yeah, it was it, we bought
1:54.4	a home about, what's your household income? About 90,000. You need to refinance and
2:02.1	get you a new first mortgage. Okay, now it was my next question. This is what I want
2:08.1	to pay off the home mortgage refinance and then get it locked in. Yeah, I hate to lose
2:12.3	the 2%, but it's only on 30K of 210. So mathematically it doesn't come out to be much.
2:19.2	So you get rid of the massive mess on the other side, put it on a 15 year fixed and
2:24.3	then that becomes a baby step six and you can chill and start working your baby steps
2:28.4	four, five, six because I assume you have your emergency fund done. We do. And we also
	...

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