Should I Pay Off My House or Start Investing?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 25 December 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 SmartVestor. Connect with an investing pro for free at ramsysolutions.com
0:10.6	slash invest.
0:14.6	You're listening to Ramsey Everyday Millionaires, where we talk investing, retirement, building wealth, and outrageous generosity.
0:22.7	Richard is in St. Cloud, Minnesota. Up next, what's going on, Richard?
0:26.3	Hi, thanks for taking my call. I'm in a place where I've never been before where I have
0:32.2	no debt other than what remains on the principal of my house. I have nothing invested, but I do have my six-month
0:40.4	emergency fund. I've spoken with a smart bester pro, and I'm comfortable with him, but I'm
0:47.6	wondering, I can pay off what I have remaining on my house of $79,000 in 30 months, or I can start investing. What would be the point of
0:59.1	investing if I can pay off the house? I kind of like the weight of that off of me.
1:03.8	That is true, but we also need to realize that compound growth is our best friend when it comes
1:08.7	to our NASDAG, and right now, you don't have a lot of time
1:11.8	between you and retirement. What are you looking to retire? I like what I'm doing, and as long as I
1:18.3	can do it, I don't plan to retire. But do you have a pension or something? Let's say your body
1:23.1	says I can. Okay. So at 70 years old, how are you going to pay the bills if you don't have anything invested?
1:30.3	With the Social Security.
1:32.3	Do you know what that payment will be?
1:34.3	Because the average payment is about $1,700.
1:37.3	Well, I currently work full-time, well, mostly full-time, and I also receive Social Security disability, and
1:45.7	then that will switch to standard Social Security automatically at age 67.
1:51.2	And presently between the disability and income, I have a take home of 4,500 a month.
1:59.6	Okay.
2:00.6	My house payment is 1377.
	...

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