This Is a Terrible Way To Build Wealth

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 12 July 2024

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

💰Need Help with your investments? Click here to connect with a SmartVestor Pro. 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, and are disciplined and responsible! Next Steps: 💵 Sign up for EveryDollar today - Create a free Budget! 🏠To learn more about how to plan for Retirement, click here 🏦To learn more about Investing, click here 🎓Create a college savings plan for your child’s future. Click here to connect with a SmartVestor Pro. Listen to more from Ramsey Network 🎙️ The Ramsey Show 🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership 💸 The Ramsey Show Highlights Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

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. Tabitha is in Denver.
0:25.0	Hi Tabitha, welcome to the Ramsey Show.
0:27.0	Hi there, how's it going?
0:28.0	Better than we deserve.
0:30.0	What's up?
0:31.0	So I'm seeking some advice. My husband and I don't agree on whether or not to pay off our
0:35.5	car loans I'd like to pay them off but he does not agree with that.
0:41.4	He likes being in debt on a car he he tells me and I quote
0:46.1	paying off our car loans is like giving away free money based off of our low interest
0:51.2	rates so he actually believes that people build wealth by borrowing on their cars.
0:58.0	I don't understand it to be completely honest.
1:00.0	It's something that we argue about pretty frequently actually.
1:03.0	Okay.
1:05.0	Okay, so how can we help do you think?
1:10.0	Well, so I'm looking for ways that I can explain to him like why it would be worth it to pay the debt off.
1:18.0	Okay. Um, well, I, I ask a quick question Dave really quick.
1:26.6	What's the interest rate on these two loans?
1:30.6	So in total we have 27,000 so 20,000 on one and it's 3.49% interest. 7,000 on the other and it's 2.94% entrance.
1:43.0	Okay.
1:44.0	Well, let's address the theory that he's operating on first, okay?
	...

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