Completely agree. His largest client is about $30mil. I think his personal NW is a bare minimum of $5-6mil from what I've gathered, not including his 50% ownership in his firm. My NW is around $1.2mil right now.
Also, agree on the homes. I want my real estate to be as liquid a possible unless I somehow end up with so much god damn money it doesn't matter. But at this point in my life, it certainly matters.
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Thread: Should I go full Dave Ramsey?
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05-20-2024, 08:56 AM #31
- Join Date: Jan 2011
- Location: Colorado, United States
- Posts: 22,170
- Rep Power: 545066
See title.
Always Neg Back Crew.
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05-20-2024, 09:00 AM #32
Assuming you pay off the mortgage, the $4900 doesn't go to $0. You still have a payment of property taxes and insurance. Not sure how much of that 4900 is principle, so you could still be paying decent amount every month anyway. If you keep the mortgage loan, at least you can deduct the interest from your taxes.
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05-20-2024, 09:07 AM #33
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05-20-2024, 09:12 AM #34
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05-20-2024, 09:25 AM #35
- Join Date: Jan 2011
- Location: Colorado, United States
- Posts: 22,170
- Rep Power: 545066
I'd have to check, but it's probably ~$3,500/month interest.
It's tough when you have more money and kids. It is genuinely difficult to pick between a zero-risk strategy and a higher-risk leveraged strategy. It used to be a no-brainer for me to pick the leveraged strategy. But with more money and dependents, the zero-risk strategy looks better and better.
Thanks brah.
Also, I'm not even remotely left and I hate Polis. Tempted to neg.See title.
Always Neg Back Crew.
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05-20-2024, 09:29 AM #36
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05-20-2024, 09:49 AM #37
I'm on the quest to pay my mortgage off as well, was at $240,000 last year, put $90k towards it late last year, have about $130k left. I just want that freedom to know I can do minimal work, no stress financially in case one of us loses a job, and to be fair it's a pretty uncertain world right now.
Edit: I have three kids as well, so it made more sense for me in that regards too..I'm from the Land of Blood and Honey
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05-20-2024, 10:41 AM #38
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05-20-2024, 10:46 AM #39
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05-20-2024, 11:05 AM #40
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05-20-2024, 11:07 AM #41
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05-20-2024, 11:09 AM #42
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05-20-2024, 11:10 AM #43
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05-20-2024, 12:08 PM #44
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05-20-2024, 12:15 PM #45
I have zero debt and zero housing expense, so I'm pretty much full Ramsey at this point. It has its plusses and minuses.
When you have no driving force keeping you motivated, desire to really push the envelope with work goes way down. I reached a point a couple years ago when I was considering just stopping work to travel full time. Obviously I didn't follow through with this, but still when I needed to really push myself with growing business it was a lot tougher to motivate myself than it had been previously.
I personally would recommend keeping expenses low, but it's actually a good thing to have reasonable debt while in the growth stages of your career.
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05-20-2024, 12:29 PM #46
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05-20-2024, 12:33 PM #47
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