New Why The “Tax Benefit” Isn’t Worth Keeping A Mortgage



Why The “Tax Benefit” Isn’t Worth Keeping A Mortgage
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Listen to how ordinary people built extraordinary wealth—and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.

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23 comments

  1. Ramsey Everyday Millionaires

    Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: https://bit.ly/3kwqrhf

  2. I actually had my investment advisor tell me to mortgage my house and invest the money with him. After I finished laughing, I told him to forget it. I asked why he would want me to do that and he said my house was nothing but a "Dead Asset" and was doing me no good. That paid-off mortgage really frees up a great amount of money. Great video!

  3. My heart jumped and he wasn’t even talking to me.

  4. Dave's mortgage advice is probably the worst advices he gives in a sub 3% lending market. He is literally cost his listeners a million dollars at retirement. Yet the cult of Dave is not smart enough to see it. If you are investing the difference there is almost no additional safety in paying it off early.

  5. If you had 50,000 in the bank, would you spend it all on a car ? No, then why would you by a 50,000 dollar car when you have no money in the bank ?

  6. Alexander Roberts

    I have over 200k and don’t want a house at all. If I had a paided off house. Would 100% borrow all the equity

  7. Alexander Roberts

    I would 100% borrow in my house to invest

  8. charles hill

    if he paid off his house today and then took the money he was paying for the Monthly mortgage and invest it for the next 30 years he would be sitting pretty!

  9. Dave does a great job with people and making them also think with there heart when they should. This is why he will always have a place in the market to teach(great job). That being said the tax benefits I get from my house being self employed is far greater then paying it off. Now yes I have thought about it and if the world goes to crqp I can pay it off no problem.

  10. Kaynen Brown

    Dave became wealthy playing the math game when he was 27 and lost it all. He’s speaking from experience and his advice is not terrible as the man is worth over 200 million.

  11. Judy Johnson

    Can someone help me with this: Should I payoff my house or max my Roth IRA?… FYI, since I'm near the end of my house loan, the interest per month is very little, so of course my Roth return is much higher. Thank you in advance!

  12. Good video, but mortgage debt of about $270k @ a little over 2% on a home worth $900k does not equal risk. What does equal risk is high growth mutual funds returning 30% this year with no connection to real world valuations. The caller, given his situation, should be concerned about de-risking his IRA portfolio, which he can do on a tax free basis, as opposed to being concerned about a $270k tax friendly mortgage.

  13. Rodrigo Fernández

    God created engineers to move humankind forward. 🙏

  14. joshua irwin

    I bought my house without a mortgage, wish I could get a tax break

  15. I’ve met a lot of people that kept a mortgage and had investments not work out, never met someone that paid off their house and regretted it. They all seem pretty happy and stress free.

  16. Kevin Rushing

    Housing has never outperformed the stock market over a 15 or 30 year period. Mortgage rates are under 3% right now. The reason to keep a mortgage is to place your money where it will mathematically make you the most money. The highest and best use of that money is to invest it rather than pay off your mortgage early.

  17. As the mortgage ages the interest portion of the payments actually gets smaller. My concern is $150k sitting in the bank earning nothing.

  18. "I'd pay the house off tomorrow."

    Once again, Dave Ramsey doesn't consider the tax implications of his advice. With a current income of $260k, there is no need to dip into his retirement accounts to pay his house off. The caller already stated he could pay the house off within two years with his current income. No need to pile a bunch of income on top of his already high income and pay 35% (or more) on the withdrawals.

    Once folks get past Baby Step #2, they need to get their financial advice elsewhere.
    .

  19. BunkMasterFlex77

    8:43 Dave channeling his inner Joe Biden

  20. Zachary Fair

    the market avg was 30%+ last year lol

  21. If you have a problem with debt then you have a problem with God. There are many promissory notes in the Bible. Abraham, David, the twelve Apostles are waiting for rewards that will be paid sometime in the future. These are debts that the Lord carries.

  22. I’ll keep my 2.5% mortgage and remain invested. As long as rates stay that low, and either my employment income or portfolio income leaves me with little risk in making the mortgage payment, I’ll cash-out refinance that sucker back to 80% LTV and invest the equity into better-appreciating, cash-flowing assets until death.

    I’d rather my kids inherit a $10M portfolio and $500K of debt than a $5M portfolio with no debt! 💡

  23. The only benefit that I can see to not paying off my mortgage is that the interest rate is so incredibly low on it that mathematically speaking it makes more sense for me to just invest the money in the market. However, the problem with math is that it is a hard fact-based science and there is no room for human variables with it (such as emotions). So yes, it mathematically makes sense for me to have that mortgage at such a low rate but I hate the feeling of debt. It feels awful. Therefore, our mortgage on our new home will be paid off in 6 years, not in 30 years (our 30 year mortgage has a lower interest rate by an entire point than a 15 year fixed, oddly enough, so we grabbed the 30 year and set our payment schedule to be done with it in 6 years). Oh, but there is zero tax benefit to the interest. That doesn't even mathematically make sense.

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