If any of you are young reading this. Simply just never borrow money. Live a life where you live within your means.
He teaches that 15 year fixed rate mortgages are the preferred way to purchase a home if you can't pay cash which most people can't. 20% down is also preferred but pretty tough with today's prices.If you have the discipline to pay cash for everything, you have discipline for a mortgage building equity. Save than spend. a mortgage (assuming standard rates and not adjustable) does give one the ability to avoid rent increases. Yes, there is the possibility of a water heater dying, or unplanned expenses or necessary upgrades or increased property taxes, but it saves more money and aggravation than worrying that your landlord will not do necessary repairs. Mortgages are a good forced long term savings plan.
Perhaps I have a misunderstanding of dave ramsey, all I have heard about him is all debt is bad.
I think from Dave's perspective, having bad debt problems is like drinking or gambling. It doesn't take much to relapse back into bad habits so it's just better to go the teetotaller way.If you have the discipline to pay cash for everything, you have discipline for a mortgage building equity. Save than spend. a mortgage (assuming standard rates and not adjustable) does give one the ability to avoid rent increases. Yes, there is the possibility of a water heater dying, or unplanned expenses or necessary upgrades or increased property taxes, but it saves more money and aggravation than worrying that your landlord will not do necessary repairs. Mortgages are a good forced long term savings plan.
Perhaps I have a misunderstanding of dave ramsey, all I have heard about him is all debt is bad.
Layoffs are next.With record high auto repossessions, prices for used vehicles are coming down. It’s just taking some time to work through the system. Folks are just waking away from their $1,000 vehicle payments.
Auto dealers are in a panic. They just haven’t shared that with the public.
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