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Speaker 1: Boston's Bulldozer never sleeps. The Kooner Report weekend edition on

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Speaker 1: the Voice of Boston WRKO.

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Speaker 2: Joining us now as she always does at this time,

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Speaker 2: the co founder, CEO president of Kelly Financial Services, and yes,

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Speaker 2: that is her charming name, Kelly. Kelly Kelly, how.

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Speaker 3: Are you good morning, Jeff? I am good. For so

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Speaker 3: many retires, Stepping away from work doesn't mean stepping away

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Speaker 3: from responsibility. You may be helping a son or daughter

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Speaker 3: through college, or caring for an aging parent whose needs

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Speaker 3: have grown over time, and when that happens, you feel

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Speaker 3: it financially and emotionally. Maybe you're drawing from savings a

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Speaker 3: little sooner, or stretching your monthly income a little further

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Speaker 3: just to keep everyone supported. But that's when it helps

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Speaker 3: to have something you can lean on, A simple, practical

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Speaker 3: checklist that keeps you focus on the essentials of protecting

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Speaker 3: your income while you care for the people you love.

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Speaker 3: Our Retirement income Planning Checklist offers ten key steps to

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Speaker 3: help you think through healthcare cost inflation and making sure

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Speaker 3: your money keeps working.

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Speaker 4: For you.

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Speaker 3: To request your free copy, give us a caller email

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Speaker 3: Kelly at Kellyfinancial dot org. Jeff I'll continue this conversation

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Speaker 3: with our Kelly Advisors tomorrow morning at nine am on

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Speaker 3: Safe Money Strategies Radio. Do tune in or visit our

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Speaker 3: website for this week's radio rewind Jeff, have a wonderful weekend.

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Speaker 3: My best to Grace and the kiddos.

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Speaker 2: Thank you so much, Kelly, all the best to you

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Speaker 2: and everyone at Kelly Financial. Call now get your free

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Speaker 2: copy of her guide eight eight eight eight hundred eighteen

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Speaker 2: eighty one eight eight eight eight hundred at eighteen eighty one,

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Speaker 2: or if you prefer, you can email Kelly herself directly

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Speaker 2: Kelly at Kelly Financial dot org. Kelly at Kelly Financial

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Speaker 2: dot org. All right, let's go right back to Vincent

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Speaker 2: Long Island. He likes the IDEA big supporter of a

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Speaker 2: fifty year mortgage. He thinks I should listen to my

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Speaker 2: wife more because Grace agrees with it as well. And

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Speaker 2: basically his point is, let the consumer or the buyer decide.

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Speaker 2: If they want to pay the mortgage off sooner they can.

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Speaker 2: If they want to sell the home if it builds

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Speaker 2: up equity, they can. What's the big deal, Vince that

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Speaker 2: I sum up your position accurately pretty much?

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Speaker 4: I wanted to say that debt is a great wealth

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Speaker 4: builder if you know how to use it properly. Can

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Speaker 4: you imagine saving a million dollars to buy a house?

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Speaker 4: How long will it take you, not to mention the

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Speaker 4: inflation costs that that million dollar house you're chasing, when

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Speaker 4: you save the million dollars, it probably cost a million

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Speaker 4: and a half. So it's never a bad idea to own.

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Speaker 4: What are you going to do? Rent? Rent is completely

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Speaker 4: wasted money. At least when you own the interest email

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Speaker 4: you're paying interest. It's tax deductible, so you get a

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Speaker 4: tax benefits. So you probably get at least a twenty

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Speaker 4: five percent return on that deduction that you spending interest on.

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Speaker 4: And you have skin in the game, so you're growing

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Speaker 4: with the economy. Your wealth is accumulating as you grow

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Speaker 4: an income. No one's preventing you, as I said, from

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Speaker 4: making a fifty year mortgage into a twenty year mortgage.

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Speaker 4: You can pay as much as you want. There's no

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Speaker 4: prepayment penalties. The only thing I wanted to say is

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Speaker 4: that we can't make the mistake that George Bush did

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Speaker 4: in two thousand and one when he wanted the ownership society,

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Speaker 4: and he basically threw houses at everybody, including your llegal aliens,

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Speaker 4: with zero percent down. They had a one percent loan

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Speaker 4: that didn't adjust for three or four years, and at

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Speaker 4: the end of three or four years they got this

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Speaker 4: explosive payment that went from one thousand dollars to four

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Speaker 4: thousand and five thousand dollars with zero percent down on

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Speaker 4: the house. People walked away from those houses, and that

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Speaker 4: annoyed the hell out of me because it brought down

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Speaker 4: the market value of houses. So people as you, who

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Speaker 4: want no debt, had a house of say five hundred

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Speaker 4: thousand dollars, and their house dropped to three hundred thousand.

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Speaker 4: They lost two hundred thousand dollars. These people with zero

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Speaker 4: money and those same five hundred thousand dollars house walked

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Speaker 4: away with it without even paying a dollar. And normally

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Speaker 4: whatever the bank loses is technically supposed to be income

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Speaker 4: to you. They even waived that the Congress wave that

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Speaker 4: that so called loss to the bank was not income

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Speaker 4: to you. So these people walked away completely scott free.

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Speaker 4: There were people living in houses they didn't pay the taxes,

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Speaker 4: They didn't get fore clothes on for two or three years,

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Speaker 4: and the tax player basically ate all that expense, and

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Speaker 4: the person who played by the rules and had their

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Speaker 4: twenty twenty five percent down, they took the soaking. So

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Speaker 4: what I'm opposed to is not letting people walk in

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Speaker 4: with zero down. I think you need at least ten

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Speaker 4: percent or more down on a house because you have

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Speaker 4: to have some skin in the game. You have to

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Speaker 4: lose some money if it goes down, leaving these one

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Speaker 4: or two or three percent down stainments. They're ridiculous. And

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Speaker 4: what else did I want to say, Vince?

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Speaker 2: Before you reload. By the way, you're making some excellent points.

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Speaker 2: I have to say, you're really on fire. Vince. I

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Speaker 2: said something a little bit earlier. You may disagree. It's

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Speaker 2: fine that I think a lot of this comes down

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Speaker 2: to personal temperament. And you know, it's funny because what

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Speaker 2: you just said, maybe about two minutes ago, is what

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Speaker 2: Grace tells me all the time. And that's what I

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Speaker 2: meant when I said she's more comfortable with debt than

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Speaker 2: I am. Grace makes a very similar argument to what

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Speaker 2: you make, which is, look, if you really want to

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Speaker 2: have wealth, you need to have debt in order to

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Speaker 2: use as leverage to get to wealth. And she makes

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Speaker 2: your analogy. Often she says, look, how long is it

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Speaker 2: going to take for you to you know, you'll say

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Speaker 2: you want a million dollar home. How long is it

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Speaker 2: going to take for you to save up for that?

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Speaker 2: I mean, yeah, in theory, it's great to say, don't

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Speaker 2: live in debt. But she goes, if you really want

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Speaker 2: to advance, if you want to be upwardly mobile, you've

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Speaker 2: got to take on debt to get more equity, because

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Speaker 2: then you can take on even more debt to take

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Speaker 2: on even greater equity. And her point is, as long

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Speaker 2: as you're constantly financially rising, and your financial portfolio is growing,

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Speaker 2: and your wealth is growing, you know, in other words,

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Speaker 2: you know your debt ratio. Yeah, you don't want to

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Speaker 2: have too much debt, obviously nobody does, but it's equity

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Speaker 2: to debt ratio. And so her point is, I don't

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Speaker 2: want to sound like a banker here, but her point

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Speaker 2: is that you need debt to make money. So debt

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Speaker 2: in and of itself is not a bad thing. Now, look, Vince,

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Speaker 2: I intellectually I get I grasp it. There's no question.

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Speaker 2: I'm just telling you my personality. I hate debt. I

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Speaker 2: get a bill I got to pay it right away.

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Speaker 2: Like how do I say this? If I could pay

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Speaker 2: a car today, I would pay a car today. Like

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Speaker 2: I'm a fanatic when it comes to that. I'm a

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Speaker 2: worry wart. I worry about the future. I always think

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Speaker 2: something bad could potentially be around the corner. So I'm

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Speaker 2: the kind of guy. You know, I'm always a bird

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Speaker 2: in the hand, not two in the bush. Is that

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Speaker 2: also part of the difference in this that whether you

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Speaker 2: like a fifty year mortgage or not comes down in

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Speaker 2: a sense to your outlook on life? Or Am I wrong?

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Speaker 4: All right? I mean, look at Donald Trump. You build

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Speaker 4: an entire wealth establishment at a debt. How could he

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Speaker 4: afford to build those buildings by not having that debt?

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Speaker 4: And of course those buildings doubled in value. The idea

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Speaker 4: is how you use it. I mean, if you go

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Speaker 4: out and spend money on vacations or Taylor's Swift tickets,

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Speaker 4: which I was reading some of these idiots are putting

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Speaker 4: Taylor Swift tickets at two thousand dollars on their credit card.

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Speaker 4: They can't even afford it, but they're putting under credit

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Speaker 4: card that kind of debt you don't want. But you know,

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Speaker 4: if you need a car and stuff like that, It's

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Speaker 4: all right to go for a car loan because in

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Speaker 4: accounting there's a thing called the matching principle. The car's

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Speaker 4: going to serve you many years of use, so you

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Speaker 4: should offset it against many years of revenue that it's

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Speaker 4: coming in the future. It's not a one time expense.

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Speaker 4: I got and buy a fifty thousand dollar car. Well,

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Speaker 4: that's my expense for the month. It's really a six

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Speaker 4: or seven year expense. You should spread it in that way.

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Speaker 4: That's how you balance a budget.

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Speaker 2: Interesting. Interesting, Vince, If I could make you Trump's top

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Speaker 2: economic advisor for a day, he says, listen, Vince, houses

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Speaker 2: are way too expensive. Rents are way too expensive. These

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Speaker 2: Democrats are now. I mean, it's Biden's problem. Obviously he

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Speaker 2: created this, but now they're feasting. I got Mamdani in

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Speaker 2: New York. I've got Spanberger in Virginia. I've got Mikey

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Speaker 2: Cheryl in New Jersey. The Democrats are making this an

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Speaker 2: affordability issue, and they're pinning US Republicans as being out

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Speaker 2: of touch. I've got to get the affordability issue under control.

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Speaker 2: I need to bring the cost of housing and rent

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Speaker 2: down what would you tell them.

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Speaker 4: Well, one of the things is, as as it has

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Speaker 4: been said, illegal aliens are basically overflowing into our system

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Speaker 4: and we can't absorb them, and that drives up the

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Speaker 4: cost of housing as well. So once you get all

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Speaker 4: those people out, you have to also free up all

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Speaker 4: these environmental regulations to allow people to build more housing

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Speaker 4: and all that stuff. And you know, all these all

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Speaker 4: these environmentalists are stopping you from even putting a deck

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Speaker 4: on your on your backyard. It's it's ridiculous. So it's environmental,

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Speaker 4: it's an illegal invasion. And there's no reason why we

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Speaker 4: can't build another million or two million houses a year.

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Speaker 2: We've got twet and Vince, I guess, Vince correct me.

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Speaker 2: I don't want to put words in your mouth, but

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Speaker 2: and get rid of Vege your own Powell, right. I mean,

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Speaker 2: let's get a new feed chair, and let's get these

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Speaker 2: interest rates down, bang bang bang, and then we're rolling again. Vince,

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Speaker 2: thank you very much for that call. As always, I

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Speaker 2: appreciate it. Six one seven two six six six sixty

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Speaker 2: eight is the number? Mike, how much time left? Thirty

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Speaker 2: five seconds? Boy, Mike cheese. Okay, let's let me ask

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Speaker 2: all of you. Trump's people are listening. They want to

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Speaker 2: hear do you like the idea of a fifty year mortgage?

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Speaker 2: Do you not like the idea of a fifty year mortgage?

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Speaker 2: And should this now be made available to first time

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Speaker 2: home buyers? All of your Would you take a fifty

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Speaker 2: year mortgage? I hear Vince, I hear my wife. I'm

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Speaker 2: telling you I would never take I'm sorry, I would

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Speaker 2: never take a fifty year mortgage. Call me crazy.

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Speaker 1: Jeff doesn't get a day off. This request came from

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Speaker 1: his wife. The Kooner Report weekend edition on the Boys

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Speaker 1: of Boston WRKO