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- [00:06]
A
This episode is brought to you by SmartVestor. Connect with an investing pro near you at RamseySolutions.com SmartVestor We've got Chuck in Pittsburgh, Pennsylvania. Chuck, what's up?
- [00:18]
B
Hi, Jade and Rachel. Thanks for taking my call. I have a question about purchasing a house. I'm 68 years old. I plan on married. I plan on retiring before year end. We followed all your Ramsey principles, and my wife and I have accumulated a nest egg. A little over 4 million.
- [00:36]
A
Nice.
- [00:36]
C
Wow.
- [00:38]
B
Yeah. We met with a financial advisor just to see what they might be able to do to help us plan retirement. And we had our money up on the whiteboard and I had mentioned that my wife and I were planning on pulling a million dollars out of retirement to pay cash for a house. And they told me that I would be making a mistake doing that. And I. And they said that because you would be on Medicare and your Medicare payments would go from 200amonth to 700amonth. I've always lived my life debt free and they were trying to convince me to take a mortgage out to pay for the house.
- [01:18]
C
Of course they were.
- [01:20]
B
I was curious to see what your opinion was, Chuck.
- [01:24]
C
I think your gut is correct on what you guys would want to do. I think that's exactly what you would do. And yeah, and a financial advisor for different reasons is going to maybe steer you in that direction. One that, you know, they look at the spread usually and they're like, well, if you keep this in, you know, in good mutual funds, you know, you could make, you know, 10 to 12% versus a mortgage right now is 6%. So you could be making a 6% spread mathematically, yada yada. Some do it because they want to keep your money and they're making money off of your money and they don't want to see that go. But for, for some financial planners, debt is definitely a normalcy and it is seen as a tool. And that is why there are a lot of them that we do not agree with wholeheartedly, which is probably the ones you're talking to, because the Ramsey way is different and it is weird. It doesn't mathematically maybe make sense to a financial planner, but they're not, they're not calculating. Peace of mind, Chuck. You know, when you are retired with $3 million sitting in investments and you got a paid for house, like, I mean, like, like to me, that's, that's living the dream because there's zero risk in it. And so I would, I would, yeah, check out SmartVestor. Pros. You can find one in your area if you go to ramseysolutions.com and sit down. There are ones that have been vetted by us and that we, you know, recommend. And I hope this one wasn't one of those.
- [02:48]
B
Well, no. And actually, my gut was what you just told me. And this morning I put my information in for an ELP and I had a response from five people. Within an hour. Within an hour.
- [03:01]
C
Amazing.
- [03:02]
B
And you Emails. Yes.
- [03:03]
C
Good. Well, I would sit down with them.
- [03:05]
A
Good.
- [03:05]
C
Yeah. And go interview, you know, two or three of them and get a gut check on how you're feeling about them. Because I think to your financial planner, you want to enjoy and, like, trust them as a person. Right. And I think a personality match is a big part of it, too. Like, it's someone that, yes, you. You want them to have the knowledge to be able to help and discern your situation the Ramsey way, but you also want to enjoy them and have that level of rapport. So meeting with a couple of them, I think is good. And Chuck, well done. Can we just applaud you? I mean, that is, like, unbelievable. You've literally done it all. I'm like, you're at the.
- [03:43]
A
Very, very good. Thanks for the call. And very well.