Buck Sexton

My name Clay.

Chalk.com.

Yeah, I think historically he's going to be up there with James Buchanan, who was president when the Civil War was allowed to start right before Abraham Lincoln, which is a history nerd take there for you.

Yes, no doubt.

By the way, I wanted to mention this because we were talking about not that we're in any way the greatest advocates or the greatest experts when it comes to financial decisions.

I wanted to mention something that I didn't even know, and I bet a huge percentage of our audience doesn't even know.

As we set the table, by the way, latest on Minneapolis, President Trump is speaking right now at the Detroit Economic Club.

We'll go live to that in a few minutes and hear what he's saying there.

The credit card debt discussion.

Buck, I used to wonder, they don't teach you anything about mortgages.

We were talking about the lack of financial literacy that comes from schools, and it is incredibly unfortunate that that is the reality that we face.

Here is a crazy take that I think a lot of people never actually go into.

Do you know that when you get a mortgage, 30-year or 15-year mortgage, the first several years of your mortgage payments, go look at the amortization table.

I don't even think most people even know what an amortization table is.

Almost all of your mortgage payments is interest.

So if you wonder why is a bank always so happy to have people refi, it can be a very good decision because you can go from a 7% rate down to a 4% rate or whatever.

I'm not saying it's not a smart decision.

It often is.

but they're giving up that rate because you go back to just paying interest to them.

Most people never complete a 30-year mortgage.