Buck Sexton

Some 30-year mortgages for the first decade, almost all of it is interest.

And then when you look at the amortization table, by the time you get to the end of a 30-year mortgage, you're actually only then starting to pay principal.

And I bet a huge majority of this audience pays a mortgage

I bet very few people have ever actually looked at the amortization table to recognize, oh, my goodness, it's nearly a decade of a 30-year mortgage where all I'm doing is paying interest.

You're not actually getting to the principle at all.

Now, people say, well, wait a minute, my value –

Yeah, hopefully your overall value of your home is going up, so you're building equity because that home you bought for $300,000 a decade later hopefully is worth $400,000 or something.

So you're getting equity that way, but you're not actually paying it in a way that gets your equity.

And I just don't think most people even understand that.

Again, financial literacy, probably something along with historical literacy –

that so many people are getting preyed upon because they don't have the basic knowledge that is necessary.

So we're making a policy decision on some level that we're okay at 25%, but we're not okay with 45%.

That's exactly right.

By the way, their power is only growing, too, because young people never have cash.

I mean, and Apple, for instance, I am almost to the point sometimes where I would rather just go out with my phone and use Apple Pay.

Look, Apple is really good at figuring out ways to monetize everything that you do, and so they could get you to pay from your phone 10 years from now.

I'm not sure that there's hardly going to be anybody out there paying with cash, and I'm going to be honest with you.

I love when I get in an Uber or a Waymo or a Lyft, whatever it is.

Have you been in a cab where you basically start to get out of the cab because you're so used to being charged automatically on your phone?

Everybody out there around our age, certainly younger, probably around our age because we at least used cash at some point in time.