Should I Sell My Vacation Home To Pay Off My Primary House?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 30 March 2022

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires, where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:13.9	Scott's with us in New York City.
0:15.8	Hey Scott, how are you?
0:17.6	Well, leave in yourself.
0:19.6	Better than not deserve.
0:20.9	How can I help?
0:21.9	Good.
0:22.9	Good.
0:23.9	I'll start with my question and then give a little background as I can.
0:28.6	My wife and I are 42 years old.
0:31.9	We own a vacation property, which is actually only four miles away from our main house.
0:37.6	It's a waterfront property that we rent a little bit just to cover its overall cost.
0:43.4	I own this property out right now.
0:45.4	I'm curious if I should sell it to pay my main house off.
0:51.8	So the house we live in right now, I have a $870,000 mortgage on it.
0:58.2	It's worth about a million for the house that we're looking to sell is actually got a value
1:04.5	of about three million right now.
1:08.3	But I have, I would have substantial capital gains because of the real estate market in the
1:14.2	last two or three years here.
1:16.0	Wow.
1:17.0	So your lake house is worth more than your house?
	...

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