We Have Over $2,500,000 Of Debt
The Ramsey Show Highlights
Ramsey Network
4.5 • 840 Ratings
🗓️ 30 January 2025
⏱️ 7 minutes
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| 0:00.0 | Brought to you by CHM, a biblically based alternative to health insurance. |
| 0:06.3 | Learn more at CH Ministries.org slash budget. |
| 0:09.0 | I have a question that my wife and I bought a house worth around $2.5 million. |
| 0:19.0 | And we have another house which is worth's around 1.3 million and it has 500k |
| 0:27.3 | remaining. We have rented it out it's around $4,000 per month. So our salary is around 900,000. |
| 0:38.3 | And yeah, so we were just kind of concerned whether to kind of keep the rental property or sell it off. |
| 0:57.0 | The rental is coming pretty nicely. |
| 0:59.6 | Like it's around $4,500, which is kind of like covering all the mortgagees and any other insurance and stuff like that. |
| 1:09.2 | So I was just wondering what your thought is on that. |
| 1:12.4 | Yeah. |
| 1:12.7 | What is the mortgage on your current home? |
| 1:16.6 | It's around $2 million. |
| 1:18.6 | Okay, so you've got $2.5 million. |
| 1:20.2 | Do you have any other debt outside of these two mortgages? |
| 1:24.6 | Just a car loan, maybe $40K. |
| 1:28.0 | Okay. |
| 1:29.9 | Well, you're calling us because your plan isn't working as you wanted it to. |
| 1:34.4 | There's some stress here, and I would feel it. |
| 1:36.7 | If I was over $2.5 million in debt, regardless of my income and how great things were right now, |
| 1:42.3 | in the back of my mind, I would be knowing this is a house |
| 1:45.0 | of cards. It could all come crashing down any minute. Yep. And so you want to reduce risk in your life. |
| 1:51.3 | You're using language like, well, it's just a 40K car loan. That's kind of what gets us here, right? You |
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