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Calling to Ramsey Show can feel as if you step on the financial version of the boxing ring – most caller get tips, some get a verbal beginning, and sometimes something goes down to a punch. This is exactly what happened when the pastor of a small town challenged Ramsey about what he saw as a contradiction in his training.
“I often hear the phrase you use, ‘the lender is a lender’s slave,” the pastor said. “But then at the other end I noticed that when it comes to the mortgage, you are borrowing everything well, which seems to have almost a little betrayed.”
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“This is the only hypocritical tip we give in this show,” he said. “This is the only time my advice is incompatible with my life … And absolutely, it is quite right that you summon me.”
Ramsey explained that after 20, after a break, he assumed a personal commitment to never borrow money again – and he stuck to it. “I won’t borrow anything for anything. Never. For any reason. In any circumstances,” he said. But advising others, he said he was doing “that violation” for two main reasons.
First, he said it is easy to direct people from car loans because “cars are decreasing”, interest rates are higher and “there is no correlation between cars with payments and becomes rich.”
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Second, Ramsey said the data from their team research on millionaire shows: “They borrowed a house many times, and when they paid off, they never borrowed money again afterwards.” Although he still believes that “the best way to do it is to save and pay for it,” he admitted that it is difficult to make people save 10 years to buy a house. “
His mortgage tips remain strict: “No more than 15 years of mortgage, not just paying a quarter of your payment at home … And then the stupid home will pay off as soon as possible. The shortest distance between where you are and the property is the freedom of debt.”