What You’re Doing Is Financial Suicide

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 2 August 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, and George Kamel. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:10.8	Joining me today is Ramsey personality, Ken Coleman.
0:15.5	We'll start with Ben in Tampa, Florida.
0:18.5	Hey, Ben, how are you?
0:20.0	Hey, I'm doing great. How are you? Better than I deserve. What's up? Well, first of all, Ben, how are you? Hey, I'm doing great.
0:20.9	How are you?
0:21.4	Better than I deserve.
0:22.6	What's up?
0:23.5	Well, first of all, thanks for taking my call.
0:26.1	So we have a mortgage, new construction house-related question.
0:34.2	So we sold our house in December of 21, and we made a looka amount of money on it.
0:43.6	And we went under contract for a new build, literally within a couple of weeks in December as well.
0:51.5	Obviously, we did the whole debt to income ratio. We wanted to be in
0:57.0	that 35, 36 percent to be comfortable with this new mortgage. And now that the, uh, the
1:05.3	rates have obviously almost doubled since December of 21, you know, we couldn't foresee that, but I would just like to know what my
1:15.1	options are, and if you have any details on what I think you're going to say, what one option
1:21.6	is. But again, we're just pretty nervous about being up to probably 50% debt's income with the new mortgage,
1:32.6	potentially on the horizon, with taxes and also HOA's.
1:37.0	Yeah.
1:38.1	Well, Ben, Ben, you're apparently fairly new to our material.
1:42.5	We appreciate you joining us.
1:45.0	We teach people to never do anything over 25% of your take-home pay.
	...

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