brought to you by the every dollar app start budgeting for free today ravi is in austin texas

hi ravi how are you good are you doing dave better than i deserve what's up so i have no debt on my

name there were some debt i cleared it out last. The only thing we have is our mortgage,

which currently is at $350,000. I have a stable job. I earn around $150,000 from a job.

I have a wife and two sons, and I have $200,000 in a savings account.

I cannot figure out if I should invest in a real estate and then

create a passive income or are there other better options that I should go for?

I don't know if you'll like my answer, but if you filter this through the Ramsey Baby Steps,

which people have followed to become Baby Steps Millionaires, you would be at what we call Baby Steps 4, 5, and 6. So invest 15% of your income,

or saving for the kids college, and any extra money we're going to throw at the mortgage

principle. So we have found that one of the keys to building wealth long term is to get

a paid for house in the mix. And it's not one of the keys to building wealth long term is to get a paid for house in the mix.

And it's not, one of the keys to building wealth long term is not keep a $300,000 or $350,000 mortgage while I go to real estate that I learned on TikTok.

Gotcha.

That didn't come up.

That never comes up when we interview millionaires.

What always comes up is we dump money in our 401K, our Roth IRAs, and we paid off our house.

And I've got $800,000 bucks in my 401k, and my house is worth $600,000 and it's paid for, and I'm 53 years old.

That's a typical millionaire.

And so $800 and $600 is $1.4 million net worth, right?

That's a typical millionaire.

So we're always going to lead you first to be debt free, which you've done.

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