Should I Use A HELOC Because Everyone Else Is?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 10 December 2021

⏱️ 5 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, Christy Wright, 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.
0:12.5	Today's question comes from Joshua and Indiana.
0:19.2	My wife and I are debt-free, including our house, becoming debt-free.
0:22.9	Has been important to us because of the spiritual component of not owing anyone anything.
0:28.2	The problem is that I don't know many people that are truly debt-free.
0:32.7	The people I know who are successful with money have taken out heat locks, unpaid for homes,
0:36.6	to invest the money in the stock market or real estate.
0:40.2	My financial advisor thinks that I'm silly to not leverage some form of debt with interest
0:44.6	rates being so low.
0:46.6	My wife and I are considering doing a home addition that would cost her on 100 to $125,000.
0:51.9	My advisor says that I should take out a $100,000 equity from take out $100,000 of equity
0:57.7	from my house, invest it, and use the earned interest to pay for the remodel.
1:03.3	This makes sense and sounds very appealing.
1:05.7	However, I'm fighting not to wanting to get back into debt.
1:08.9	I hear Dave talk about your study of millionaires and how people that got out of debt never
1:14.8	go back into debt again.
1:16.4	Unfortunately, I just don't see that done around me.
1:19.4	What am I missing?
1:21.0	A lot to unpack here, Rachel.
1:23.2	Man, where to begin, George?
1:25.0	So first of all, Joshua, way to go.
	...

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