4.6 • 682 Ratings
🗓️ 6 July 2024
⏱️ 9 minutes
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0:00.0 | Brought to you by the Every Dollar app. Start budgeting for free today. |
0:06.5 | So my wife and I were going through, you know, we try and follow the Ramsey solutions as much as we can. |
0:10.5 | The only debt we have right now is a mortgage and we have a home equity line as well that we took out to replace our roof. |
0:15.8 | So we're attacking the home equity line to try and get that paid off. |
0:19.8 | The question that we will have is should I sell, we own both of our cars, |
0:23.6 | should I sell my truck to pay the equity line off faster? |
0:26.9 | We are playing right now is to pay the equity line off in about nine months. |
0:30.1 | No. |
0:30.6 | If I sell my truck, we could probably do that in about three. |
0:33.0 | No. |
0:33.6 | You should just pay it off in nine months. |
0:36.9 | Okay. And you ought to cut some other stuff out of the budget and do it in six months, |
0:40.0 | but you ought to keep the truck. |
0:42.0 | That's not enough time to, you know, |
0:43.7 | if you told me it's going to take you three, four years or something |
0:46.4 | and selling your truck would cause you to do it in nine months, |
0:49.1 | I'd sell your truck. |
0:51.4 | But if you sell your truck now, nine months later, |
0:53.7 | you're going to be looking for a truck. But if you sell your truck now, nine months later, you're going to be looking for a truck. |
0:57.2 | Because you'll be out of debt. You'll have the money to buy a truck, and you'll be able to do that on the baby steps, right? |
1:02.6 | Right. And the truck has paid off. |
1:05.7 | The only debt is the helot. |
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