Should I Pay Down My Mortgage or Earn Interest Saving?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 17 July 2024

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.
0:11.0	Com slash invest.
0:22.0	You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth, and outrageous generosity. Adam is in Bozeman, Montana.
0:24.0	What's going on, Adam?
0:26.0	Hi George, Ken.
0:27.0	Thanks for taking my call.
0:28.0	Sure.
0:29.0	What's happening? Oh, so I was just calling, I'm getting ready to really start attacking my mortgage.
0:34.8	And I got in three years ago with interest rates being extremely low and I was just
0:40.0	wondering if it's more advisable to throw the money at the mortgage account with a low
0:45.6	interest rate or if it would be better off in like a gross stock mutual fund or a high
0:51.3	yield savings account and then pay it all off and one big chunk at the end.
0:55.0	Mm.
0:56.0	This is the this is a classic existential question in today's world Adam and it's a tough one truthfully
1:01.0	because we we get harangue for this in the comment section on the
1:04.5	internet they're going you should never pay down your low-interest mortgage keep it
1:07.4	forever and I'm going do you guys understand the options you have when you don't
1:11.8	have a mortgage payment you can like move if you want to
1:14.5	and what I'm hearing can as people go I have a low-interest mortgage I'm handcuffed to it
1:19.5	because I can't sell the home because then I'll have to go get another mortgage that's going to be at a 7% rate.
1:25.2	So number one, Adam, you're choosing freedom.
1:27.6	You're solving for freedom when you pay down the mortgage.
	...

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