This Is Why You Shouldn’t Follow "Investing Bros"

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 27 September 2024

⏱️ 9 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 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. Daniel starts us off in this segment in Houston, Texas. Daniel, how can we help?
0:27.0	Hey, thank you for taking my call.
0:30.0	You bet.
0:31.0	So the dilemma I have right now is at me and my girlfriend looking by a house within the next year probably starting summer 2025 and we're debating whether to go the conventional route or go the FHA route that Grant Cardone and many other real estate
0:46.0	gurus preach. Yeah you had me at Grant Cardone.
0:50.1	Guru. Okay what is causing you to want to buy a house when you don't have any money?
0:56.1	My girlfriend's gonna graduate from college around May of next year, May 2025 and depending where she gets a job, that's where we'll be looking to buy house and settle down.
1:07.0	Okay, and why, what's the urgency to buy a house versus rent until you have enough money to do this with a little bit more
1:13.8	peace and equity. The fear of I guess throw money down the drain. Let me paint
1:20.6	a different picture of fear. You move into this house with an FHA loan, meaning you have to borrow the rest of the money,
1:28.0	because you're putting basically nothing down with these loans.
1:30.0	That's right.
1:32.0	Now you have a giant mortgage that you can't afford that's 64% of
1:36.0	your take-home pay and you don't have money to pay the rest of your bills. Do you
1:41.0	see that side of the fear? I do, I do. And the problem is you get your risk meter gets broken when you follow these
1:48.0	gurus out there who are saying, bro, here's how you can get this house and you're going to rent it out, you're to buy 10 more houses by the time you're 30 you'll have 100 houses and you're going to that's pretty much what they're just saying out there am I correct?
1:59.0	Yes sir. Okay, so we got to turn off those inputs because they are not there to bless us.
2:04.0	They're to, they want you to buy a course and go to the 10X event where you're going to 10X
2:08.8	your mindset and all this crap, right?
2:10.8	So that you can have a yacht too. It's important to point that out.
	...

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