has market ever been hotter?

Trail Goer · 10-07-2020, 03:19 PM

Quote:

Originally Posted by joey2665

Paying cash for a home right now with rates as low as they are is really financially foolish. If you have enough to pay cash, I’m not saying to get am 80% mortgage but consider 50-60% down and invest the rest. You will end up making money on the mortgage.

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You are absolutely right. According to Dave Ramsey, paying off all your mortgage before you start investing is a bad idea.
http://https://www.daveramsey.com/bl...ave-retirement

dickiej · 10-07-2020, 03:51 PM

Unless you're in your sixties....my wife and I are 67 and have no mortgage, no car payments and no credit card debt...we can live on $2500.00/ month for food, utilities, taxes and insurance....we sleep like babies.

joey2665 · 10-07-2020, 04:05 PM

Quote:

Originally Posted by dickiej

Unless you're in your sixties....my wife and I are 67 and have no mortgage, no car payments and no credit card debt...we can live on $2500.00/ month for food, utilities, taxes and insurance....we sleep like babies.

Understood. Remember though my point being the cash not used to purchase the home is still there just in an account appreciating at a faster rate than your mortgage rate. I am definitely not saying to spend the cash not used to purchase the house. Put it in an account that is NOT to be touched. You have to be very disciplined but even at 67 your life expectancy is a minimum of 10 plus years which for 100,000 at 5% would have a value of 162,000.00 and extra 62k is nothing to sneeze e

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thinkxingu · 10-07-2020, 03:59 PM

Quote:

Originally Posted by Trail Goer

You are absolutely right. According to Dave Ramsey, paying off all your mortgage before you start investing is a bad idea.
http://https://www.daveramsey.com/bl...ave-retirement

According to Dave Ramsey, I shouldn't have taken school loans to become a teacher. Life is pretty damn good for us. Though I like some of his ideas, I think he often overlooks life in favor of avoiding debt.

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Trail Goer · 10-08-2020, 06:23 PM

Quote:

Originally Posted by thinkxingu

According to Dave Ramsey, I shouldn't have taken school loans to become a teacher. Life is pretty damn good for us. Though I like some of his ideas, I think he often overlooks life in favor of avoiding debt.

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If you have taken his Financial Peace University course, you would understand that getting out of debt is only part of the battle. He teaches you how to stay out of debt and build wealth, while also teaching you how to give. I've taken that course, then took it again a few years later as a refresher. My wife and I haven't used a credit card in over 4 years.

thinkxingu · 10-08-2020, 06:41 PM

Quote:

Originally Posted by Trail Goer

If you have taken his Financial Peace University course, you would understand that getting out of debt is only part of the battle. He teaches you how to stay out of debt and build wealth, while also teaching you how to give. I've taken that course, then took it again a few years later as a refresher. My wife and I haven't used a credit card in over 4 years.

I use my Discover card for every large purchase and use the cashback to fund my BBQ habit. Who's the genius now?!

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8gv · 10-08-2020, 07:07 PM

I am thankful that Dave Ramsey does his thing.

While I realize there are other ways of conducting one's finances in a responsible way, his teaching and preaching has been great for my three adult kids.

They each have budgets and stick to them.

It is not unusual for them to tell me about a friend who has bought a vehicle or house that they cannot afford.

They brag about their thriftiness and savings!

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10-07-2020, 03:51 PM	#2
dickiej Senior Member Join Date: Oct 2013 Location: White Salmon, WA Posts: 301 Thanks: 21 Thanked 171 Times in 93 Posts	Unless you're in your sixties....my wife and I are 67 and have no mortgage, no car payments and no credit card debt...we can live on $2500.00/ month for food, utilities, taxes and insurance....we sleep like babies.

The Following User Says Thank You to dickiej For This Useful Post:
bigdog (10-07-2020)

10-08-2020, 07:07 PM	#7
8gv Senior Member Join Date: Jan 2012 Posts: 2,195 Thanks: 63 Thanked 764 Times in 497 Posts	I am thankful that Dave Ramsey does his thing. While I realize there are other ways of conducting one's finances in a responsible way, his teaching and preaching has been great for my three adult kids. They each have budgets and stick to them. It is not unusual for them to tell me about a friend who has bought a vehicle or house that they cannot afford. They brag about their thriftiness and savings!