You’re Playing Russian Roulette With Your Checkbook

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 19 February 2024

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, George Kamel & Jade Warshaw. Helpful Resources: Need Help with your investments? Click here to connect with a SmartVestor Pro. To learn more about how to plan for Retirement click here To learn more about Investing click here Create a college savings plan for your child’s future. Click here to connect with a SmartVestor Pro. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy

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. Sarah's in Salt Lake City.
0:24.0	Hey Sarah, what's up?
0:25.0	Hi, how are you guys?
0:27.0	Better than we deserve.
0:28.0	What's up?
0:29.0	How can we help?
0:30.0	So, question first and then I have some more background information, but my husband, who's 28, and myself, who's 27, we bought a $476,000
0:40.1	to bed, to bath condo in 2022 2022 and we're now looking to start a family so hopefully
0:47.1	we'll be growing out of it sooner than we expected. My question is how should we tackle the mortgage in our particular situation?
0:56.0	Should we be solely focused on paying off the mortgage or should we focus on other wealth
1:00.4	buildings?
1:01.4	Do you have any other debt? Yes, we have no personal debt, but we have
1:07.2	two mortgages, the condo, and then another mortgage for an investment property that we have renters in.
1:14.0	Okay.
1:17.0	And how much is the payment on the investment property?
1:20.0	About $1,600.
1:23.4	And how much is the rent on the investment property?
1:26.5	$16.50.
1:27.7	You should sell the investment property.
1:29.5	You are losing money.
	...

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