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Episode Transcript

(00:00):
Calculation. And also that's the namesyou are listening to around the atl with

(00:28):
Chris and Jordan will be for sevenyears. Want to refinance? Oh your
mortgage? They say, refinance willgive you better? Right, Well,
are your pains? Are your paymentthree twenty five pm? Oh wow,

(00:52):
that's great? And instead of fivepercentage, thanks, besign me to pull
out a little equity in the allthree thousand dollars. That's what most people
do. We're gonna real thanking eightthousand dollars bart that you have, We're

(01:21):
gonna put it. We're gonna doa payment on the mortgage of four thousand
dollars using credit card that now takesthe balance on your mortgage the fifty six

(01:46):
excuse me, forty six thousand dollarsand one month. How long would it
take you to take four thousand dollarsoff the principle of your mortgage seven years
and three sift them? Well,you might be saying, we'll wait a

(02:08):
minute, now, I got topay four thousand dollars an interest at twenty
eight percent by my critit card.That's what you think, But lift your
sheet over to the example I gaveyou earlier. Remember, all expenses is

(02:32):
going on the card. So wasall your income. Now what this does,
what this does require? And ifyou just play that out, you
play that out, you'll still justyou're you'll still be making your mortgage payment

(02:53):
of three fifty, You'll be makingthat that But that four thousand ump the
interest now calculated is only on fortysix thousand, So you took four thousand
off the principle. When you makemonthly payments on a mortgage for seventeen years,

(03:20):
thirty year mortgage, those mostly offthe interests. You hadn't touched the
principle. That's why nobody ever paysoff their home because you're only paying interest
for years. And then most peoplerefinanced five to six, five to seven
years in those statistics, they refinanceand that starts. That starts you back

(03:46):
at a hero as far as gettingback to paying the principle, you got
start all over again. But ifyou make that chump payment four thousand,
and then you cemented to pay thatfour thousand all six months that we use
on the other sheet of paper thatyou have every six months or so,

(04:10):
you're making a four thousand dollars paymenton that mortgage. LL do the math
quickly. This is just round numbers. Fifty thousand provided by four thousand.
We turned in thirty year mortgage toa twelve and a half year mortgage.

(04:32):
I know it's a lot of numbers, but I try to take it slow
at first. That you grasped thecontent. So then now this goes back
to Grandma's house. In your house, mother, you Chris in the context
of it's then I'm how I'm fortythousand, forty three and mom still has

(05:00):
a mortgage for that past thirty yearmortgage. The moon is nineties. The
mortgages ain't paid off yet. There'sthere's various reasons, just beyond the point.
What is, whatever the choices,whatever the decision, think about whatnot?

(05:24):
You take over the house and thenfour years you have a free and
clear house with equity that you coulddo with. What's what? What's you?
What you clean? Our value overyears always go up. There's some

(05:47):
did, but over years mounts valuesalways go up, always go up.
If we use this message, itwill increase your credit score to pay off
your debt faster. Now, asparted to say, it does require two

(06:14):
things discipline and cash flow cast flowmeaning what, well, this don't work
if you're actually it does, whichit's a little more complicated. But if
you if your income is fifteen hundredof moms, think on and your bills,

(06:36):
your expensive total rent, gass,electricity, this that in the third
your expenses are sixteen hundred dollars amonth, then you're out of deficit every
month of one hundred dollars. Tothink on work not as good, not
nearly as fast. It does stillwork, but it gets much more complicated.

(07:00):
So, like you said earlier,mother, knowing your numbers, what
are must A lot of people don'teven know what they must calling. In
other words, do y'all have abudget? Here? One of y'all have
a budget? I really I foundthat out when I start doing this and

(07:28):
realize that, um, I'm notbeing careful, and um that's got do
we adjust? I think differently.I don't even know what's the white world
is, and just be honest aboutwhen I'm doing or not doing. Holdout

(07:54):
you christ no. So one ofthe first things I'm