My Favorite Quote On Money
Love him, hate him,or find him irrelevant. Dave Ramsey has the best intro on any podcast about money and one of the best quotes.
Love him, hate him,or find him irrelevant. Dave Ramsey has the best intro on any podcast about money and one of the best quotes.
“Debt is dumb, cash is king, and the paid off home-mortgage has taken the place of the BMW as the status symbol of choice.”
Let’s unpack this. Debt gets us all in trouble. Student loan debt for example has a lot of people drawing, stressed and scared. Waiting for “an act of congress” to literally save them. You may have a car payment you cannot afford.
Cash IS King! When times are good and when times are bad, cash always makes things less stressful. Not gold bars or silver, common! When the economy has crashed, people want green pieces of paper in their pockets to buy things with and to survive.
At one point in time a luxury car became the thing to get to show everyone you know that you made it. Most times holding a car note that is ridiculous.
The paid off home has become the unicorn in personal finance. No one thinks this is possible or doable. We all just think that a 30 year mortgage means we’ll never pay the home off. Each time we buy a home we simply get a 30 year mortgage to keep the payments manageable. But the data shows us that you can pay off your home mortgage. Dave and his programs show people how and many of his followers do that.
A paid off home mortgage is one of the leading indicators to massive wealth building. We all know how expensive homes can be and a mortgage payment. But be “weird” as Dave Ramsey says. “Normal is broke.”
Dan Roman is a Husband, Father, and writer that releases a daily blog. A quick read on money, marriage, parenting, self-improvement, development and his thoughts. Dan is also Founder/Creator of Roman Solutions, a Personal Finance Firm that currently provides coaching and education.
To connect with Dan visit: https://linktr.ee/bydanroman
Or by email : financialdifference@danromansolutions.com