Dave Ramsey

If you're running a church, running a business, same thing's true.

So I evangelical man, I believe if the Bible says it and you do it, it's a good thing.

Right.

So I'm with you on that.

Um,

Now, the reason that I lighten up when someone calls in on that is two things.

One is I can pretty much talk you out of or call you stupid taking out a car loan because cars go down in value, the interest rate is higher, and there's no correlation between buying cars with payments and becoming wealthy.

Very few millionaires will tell you that, oh, the best thing I ever did was agree to borrow on a car because I needed a car because I was out in the country and I was driving a long way and I needed a car.

No millionaires told us that when we studied 10,000 of them.

So the fruit is not there.

I'm a fruit inspector.

OK, the second thing is millionaires do tell us that they borrowed to buy a house many times.

And when they got it paid off, they never borrowed money again after that.

They're debt averse, but not completely mortgage averse.

So the the data is in that millionaires do do that, even though I would tell you the best way to do it is save up and pay cash for it.

It's hard to get people to save up for 10 years to buy a house.

I can get them to save up three years to buy a car or 18 months to buy a car.

But I've had trouble doing that.

So I make that violation.

But I also often tell people all the time when I say that, you know, no more than a 15-year mortgage, no more than a payment of a fourth of your take-home pay.