Why Shouldn’t I Get a 30-Year Mortgage?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 2 December 2024

⏱️ 10 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 ramsysolutions.com
0:10.6	slash invest.
0:14.6	You're listening to Ramsey Everyday Millionaires, where we talk investing, retirement, building
0:19.7	wealth, and outrageous generosity.
0:22.8	And today's Ramsey at Network app question is from Mason. And he asks, I would like a reasonable
0:31.9	explanation on why you only recommend a 15-year mortgage. Why shouldn't I take a 30-year-out and dump
0:37.2	extra cash into an
0:38.9	ETF earning 10 to 12 percent? And at the end of 30 years, I'd leverage my house and pay it off,
0:46.0	also have around $700,000 to spend from my investments. Mason, you're smarter than us. You got us.
0:52.6	You got us on this one.
0:53.6	Yeah, I hadn't thought of that
0:54.4	before. Yeah, where to go, man. Wow. We'll just change our whole policy. No, so Mason, the,
1:00.5	the biggest goal when it comes to your money, one of the, well, not the biggest, one of them starting
1:06.7	out, is to become debt free as soon as possible. And so for a lot of people, this journey of even
1:13.1	paying their house off, which is obviously the largest asset most people have, it's going to take
1:18.2	around nine years. And so there is a psychological change that occurs when you know here is my
1:25.5	payment. And even though my intentions are good on a 30 year
1:30.2	to either pay it like it's a 15 put what what would have been on the mortgage but now I can
1:35.7	invest that money instead you know all of those are good intentions and what we see over and over
1:40.4	again is that human behavior can definitely trump what we had plans.
1:45.9	And things come up, life happens.
1:48.2	And if you think over, you know, 10, 15, 20 years, 30 years, there's a lot of life to happen.
	...

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