Do NOT Pay Off Your House
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- Опубликовано: 11 июн 2024
- It might sound a bit crazy because a lot of "financial experts" say that paying off your home early is the best thing you can do financially. But I'll show you why you should never pay off your house and what you should do instead.
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Kris Krohn is not in the business of providing personal, financial or investment advice and specifically disclaims any liability, loss or risk, which is incurred as a consequence, either directly or indirectly, by the use of any of the information contained in this document. If legal advice or other expert assistance is required, the services of competent, licensed and certified professionals should be sought. In addition, Kris Krohn does not endorse ANY specific investments, investment strategies, advisors, or financial service firms.
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NO INVESTMENT, FINANCIAL, LEGAL OR TAX ADVICE
The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Kris Krohn is not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicle.
DISCLOSURE OF FINANCIAL RELATIONSHIP
Mr. Krohn has a financial interest in EPIC Insurance Services, LLC (EPIC), a licensed insurance brokerage agency incorporated in New Jersey, and is compensated by EPIC. See full disclosures here: www.kriskrohn.com/epicdisclosure
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Хобби
Your video serves as a calming beacon, particularly when financial markets are in tumult. Your analysis offers a prudent course of action, fitting seamlessly with the current stage of the economic cycle. Nonetheless, one cannot overlook the expanding mainstream adoption of cryptocurrencies since 2019, as well as the fervent discourse surrounding prospective Bitcoin and Ethereum ETFs. Might these elements sustain the market in this particular cycle? Speculation abounds that we are on the verge of a significant market upswing, making this a moment of great import for any discerning investor. My own portfolio, enriched by 34 bitcoins in a mere seven-week interval, serves as a compelling testament to Thomas Easton financial wisdom....
He is @ThomasEaston in TE L E G R AM...
I've followed many traders over the years, but none have been as consistently accurate as Thomas Easton he's truly in an inspiration to us all.
Thanks for sharing his details. I Will contact him right way..
The clarity and precision in Thomas Easton market predictions are astounding. I'm so grateful to have found him insights.
Bitcoin is the way of the future, and investing in it will be the smartest decision you can do, especially with its present Price.
I've been watching the housing market closely, Prices have been skyrocketing for years. It's going to be tough for first-time buyers to enter the market." how can one diversify $280k reserve .
I agree, It's not just the prices, but also the increasing interest rates that are making it more difficult for people to afford homes. With a good FA you can make up your portfolio.
Precise asset allocation is crucial, with some employing hedging strategies or allocating to defensive assets for market downturns. Expert guidance is vital for success. This approach has kept me financially secure for over five years, yielding almost $1 million in investment returns.
“Tenley Megan Amerson” is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I appreciate it. After searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
the banks declined me from pulling out equity out of my home 🤷♂️
great vid! its nice and refreshing when someone talks outside of the normal mindset and makes good logical banter..keep up the good work!
Guys -Guys don’t gets sucked in all this videos . Simplicity is the key .
All sounds good to hear till it’s Not .
Speaking from experience 😊
This might be my favorite video of yours! Thank you. And I love the quote.
Thanks Kris!
I own 2 properties. Everytime someone moves out I need at least $10k to flip the house for a new tenant.
Same here 😢
Questionable. What class is your house? A, B C or D? What side of town is your house located in what type of tennants do you accept? What quality is the house itself? Does the house wear and tear like paper? How is your management or property managers' management skills? How is the situation being managed to where you don't have to put so much into your property every time it turns over? To what extent are you fixing it back up for the next renter? Do you do temporary fixes for semi permanent fixes?
Dang… need someone to take over those for you?
I am on the same boat…our last tenant turnover was about $15k
literally the best video of Kris. and I learned these from my hard way and I totally agree.
Thanks Kris 👍
Doesn't a paid off house still have equity?
Equity does not make you money until u sell it. So he’s saying to use it to buy assets that can bring in cash flow. I agree. Money that sits does nothing. Prob is the market where I live, as where many can relate, is out of control and rent will not cover the mortgage anymore
I have to say I am a big fan of Dave who I have been following for 5 years and help me paid off credit card debt and I am a big fan of Kris who I have only been following for 2 months.
I think your main home you live in should be paid off earlier, (though not too quickly where you cant invest) but I think a rental or financed home should take as long as possible.
Landlord telling renters that buying a house is a bad idea because he doesn't want to lose his clients
Yeah, Dave Ramsey has horrible financial perspectives. Be a Kris, not a Dave.
When did he say don't buy a house??? Did you even watch the video? He said don't pay off your mortgage. To have a mortgage, one must buy a house. In fact... at 5:09, he actually tells us to buy a home ASAP. Watching even further, he tells us to buy more houses than just our primary residence, thus directly competing with him. Clearly you did not watch the video.
@@aedanacheson6148I totally agree! I was thinking the same thing, but then I thought that maybe he was talking about Dave Ramsey.
Is he wrong for that?????
The real key is make allot of money!!!
When you have a bunch of money you pay things off and have equity in everything you own
Use your paid off assets to get more assets
Keep making money and pay off those assets as well
Why dont you have Dave on you show? I’m sure he would correct your misrepresentations of him.
Chris, i have that same shirt, only you fill it WAY better than me! 🤣
Hey Kris do I sell my condo or do I rent it out? In tubac az.
Good one Kris, thank you very much 👍👏🤝🤝🙏
Finding positive cash flowing houses these days are super hard!!
Depends what type of property you’re renting;, ghetto, or respectable property that deserves hard working responsible people….long term or short term….I get that there are tax advantages but I would not empty my IRA….
Dave is good for your everyday millionaire.
When I bought my first and only house a 1500 sq ft full basement on 1.5 acres all electric, in 2002 for $147.000 I thought it was a good deal, but it never started appreciating until 2020. So, I lost out in equity in all those years with negative equity here in northeast Ohio. Now in 2024 they say it's worth $275.000 but will i ever see that??? I have a couple more years till its paid off and the house is still like new. Point is i never got to move ahead like most homeowners did. so kris can you help me???
It sounds like you have a bunch of equity in your house. You could see that money in one of two ways. You can either sell your home and be up that amount of money or you can take out a Home Equity line of Credit (Heloc) and use that money for any sort of investments. A Heloc is about half of what you are up on your investment. So say you bought your house for 150k but it is now worth 300k you would probably be awarded about 75k. These Lines of credit are great but you have to know that they have high interest rates. So whatever investment you choose be sure that it yields a higher return than the percent of your loan. I hope that helps.
Don’t listen to this clown^
Dave Ramsey would not like this video but he has some good educational bullet points do more videos on debt that makes you money it sounds taboo to say great video 🎉👍
Your content is good, but not relevant to people lives outside the US.
Yeessssssiiiiirrrrr
Enjoy the bad renters......
No mortgage makes life easy. Stay healthy, Stay free. My investments failed, Thankfully I survived.
So let me get this right, you own a home, your mortgage is 1500$ a month, the average home right now is 500k in the USA, so you go get a 100k heloc and you go buy a house for 500k as a rental, you now owe 1500$ for your original house, 1300$ for your heloc, and 3,000$ for your rental mortgage??? Or am I wrong or missing something?
The average home in the US is not $500,000. You don't buy a rental in the most expensive markets. You buy a rental in the cash flow markets. I live in Oregon and myself and immediate siblings own roughly 20 properties in Memphis Tennessee. None of us have ever even walked through our properties. I did the Brrr strategy on my first three purchases. It worked like a charm. Blue collar millionaires. Ramsay is great for the masses. You definitely don't want to be part of the masses however.
@@Thedreadedstone this is actually very helpful! Thank you!!!
"The rich rules over the poor, and the borrower is slave of the lender.”
That is so true in context of the time, country, culture as to whom it was written. Things are different now in our society. Back then nothing was FDIC insured. Sure, the principal is great. Context is crucial.
Millions of homeless baby boomers would say pay off that debt before your death.
Exactly. So many people think that if they pay off their home mortgage, they become financially free. Lol, if only it worked that way. That's bad Dave Ramsey type thinking.
@@jamesweiland3214I am 40 with a paid off mortgage, how am I not financially free? I am stacking money into saving and investments like crazy. I’m happy with my choice.
😂😂😂, get into debt!!! Fast talker used car salesman.
I buy all my houses cash , mortgages are a ripoff
closing costs are insane right now as well. $200,000 mortgage wanted to charge me 15 grand in closing costs alone.
But going deep in debt with high prices, high interest and high volatility, seems like a recipe for disaster .
@@joshuadolan3811yep..plus it's amortized..and most people put little down and waste tons of cash on PMI
Huge recipe.
He's right, I'm 50 and fuked
Never too old! Go for it!!
I buy 2 houses a year. Rent your residence and buy another house with 3.5% down
Simplicity is the key . It all sounds great till reality sets in .