1 00:00:01,280 --> 00:00:03,520 Speaker 1: This episode is brought to you by P and C Bank. 2 00:00:03,920 --> 00:00:06,680 Speaker 1: A lot of people think podcasts about work are boring, 3 00:00:06,880 --> 00:00:10,719 Speaker 1: and sure they definitely can be, but understanding a professionals 4 00:00:10,800 --> 00:00:14,040 Speaker 1: routine shows us how they achieve their success little by little, 5 00:00:14,440 --> 00:00:18,079 Speaker 1: day after day. It's like banking with P and C Bank. 6 00:00:18,560 --> 00:00:21,360 Speaker 1: It might seem boring to save, plan and make calculated 7 00:00:21,400 --> 00:00:24,479 Speaker 1: decisions with your bank, but keeping your money boring is 8 00:00:24,520 --> 00:00:27,840 Speaker 1: what helps you live or more happily fulfilled life. P 9 00:00:27,960 --> 00:00:32,800 Speaker 1: and C Bank Brilliantly Boring since eighteen sixty five. Brilliantly 10 00:00:32,840 --> 00:00:35,479 Speaker 1: Boring since eighteen sixty five is a service mark of 11 00:00:35,520 --> 00:00:38,760 Speaker 1: the PNC Financial Service Group, Inc. P and C Bank 12 00:00:39,159 --> 00:00:41,360 Speaker 1: National Association Member FDIC. 13 00:00:43,159 --> 00:00:46,520 Speaker 2: All right, let's talk about this on Donald Trump's proposed 14 00:00:46,560 --> 00:00:51,920 Speaker 2: plan for a fifty year mortgage. Not the first time 15 00:00:51,920 --> 00:00:55,320 Speaker 2: of this something like this has been said, and it'll 16 00:00:55,400 --> 00:00:58,160 Speaker 2: take other steps for this to actually be able to 17 00:00:58,160 --> 00:01:00,400 Speaker 2: be implemented. But like all things, you know, he just 18 00:01:00,440 --> 00:01:02,400 Speaker 2: went on social media and just made a true post, 19 00:01:02,480 --> 00:01:06,120 Speaker 2: a true social post post. It got people buzzing and 20 00:01:06,160 --> 00:01:11,520 Speaker 2: talking about it, but I mean also a mortgage mistakes. 21 00:01:12,319 --> 00:01:14,840 Speaker 3: I even hate the idea of the thirty one that 22 00:01:14,880 --> 00:01:18,960 Speaker 3: got enacted, but also too in combination when the falseter 23 00:01:19,040 --> 00:01:23,680 Speaker 3: at the highest level on credit cards, they're thinking about 24 00:01:23,680 --> 00:01:27,000 Speaker 3: having a fifteen year card note. I hate to sound 25 00:01:27,040 --> 00:01:30,600 Speaker 3: like Dave Ramsey, but a fifty year mortgage and a 26 00:01:30,640 --> 00:01:32,800 Speaker 3: fifteen year card note is absolutely insane. 27 00:01:33,280 --> 00:01:37,640 Speaker 2: Well, hear me out. Here's a thing. Here's a thing. 28 00:01:39,319 --> 00:01:41,319 Speaker 2: Most people stay in the house for the average of 29 00:01:41,360 --> 00:01:45,200 Speaker 2: eight years, I believe, maybe maybe less. So very few 30 00:01:45,200 --> 00:01:47,559 Speaker 2: people are staying in a home for thirty years. Right 31 00:01:48,240 --> 00:01:53,120 Speaker 2: in real estate. Real estate has been appreciating over the 32 00:01:53,160 --> 00:01:56,280 Speaker 2: course of time, right, and it's probably going to keep 33 00:01:56,280 --> 00:01:58,960 Speaker 2: appreciating because there's a housing shortage, all the stuff that 34 00:01:58,960 --> 00:02:04,600 Speaker 2: we talk about all the time. So, okay, people can't 35 00:02:04,600 --> 00:02:07,280 Speaker 2: afford to buy a home right now. So if you 36 00:02:07,320 --> 00:02:10,280 Speaker 2: get into a thirty year mortgage, the downside is that 37 00:02:10,639 --> 00:02:14,639 Speaker 2: the upside for a fifty year mortgage as opposed to 38 00:02:14,639 --> 00:02:16,960 Speaker 2: thirty year mortgage. At the fifty year mortgage, if you 39 00:02:17,000 --> 00:02:19,919 Speaker 2: have the same interest rate, you're paying less. You're paying 40 00:02:20,000 --> 00:02:23,960 Speaker 2: less money monthly. The downside is that you're paying more 41 00:02:24,000 --> 00:02:27,280 Speaker 2: money over the court of time because you have more interest, 42 00:02:27,480 --> 00:02:31,040 Speaker 2: more interest that you're paying right, So you're paying almost 43 00:02:31,080 --> 00:02:36,200 Speaker 2: twice as much over the course of time. But if 44 00:02:36,240 --> 00:02:38,760 Speaker 2: your plan is not to actually stay in the house 45 00:02:39,680 --> 00:02:44,800 Speaker 2: for thirty forty fifty years, which majority people are not anyway, 46 00:02:46,120 --> 00:02:48,919 Speaker 2: well you can actually now maybe potentially get into a 47 00:02:48,960 --> 00:02:52,160 Speaker 2: house at a lower monthly payment which makes it more affordable, 48 00:02:52,760 --> 00:02:55,720 Speaker 2: get your feet on the ground, build up equity in 49 00:02:55,760 --> 00:02:59,600 Speaker 2: the house, sell the house, have a lump sum profit 50 00:03:00,280 --> 00:03:04,880 Speaker 2: that now you can you know, create more wealth with. 51 00:03:06,720 --> 00:03:09,200 Speaker 3: That sounds good in theory, but the thing, the fact 52 00:03:09,240 --> 00:03:12,639 Speaker 3: that they will leave it out is unstable government ruling 53 00:03:12,800 --> 00:03:17,000 Speaker 3: currently in the United States of America. Like prior to 54 00:03:17,480 --> 00:03:20,840 Speaker 3: that money being printed in COVID wouldn't be a bad idea, 55 00:03:23,520 --> 00:03:24,919 Speaker 3: but also too, if you if you have a house 56 00:03:24,960 --> 00:03:27,440 Speaker 3: that's three hundred thousand, which is that's hard to find 57 00:03:28,000 --> 00:03:31,160 Speaker 3: now in most major cities, you're probably end up pending 58 00:03:31,240 --> 00:03:33,680 Speaker 3: like one point two million dollars once you add up 59 00:03:33,720 --> 00:03:36,240 Speaker 3: interest if you haven't for the life cycle of the loan. 60 00:03:36,720 --> 00:03:38,480 Speaker 3: And if you're married, that was over to the person 61 00:03:38,480 --> 00:03:39,800 Speaker 3: that you're married to, correct. 62 00:03:42,040 --> 00:03:47,640 Speaker 2: One hundred percent. But but but opportunity course, the money 63 00:03:47,640 --> 00:03:49,800 Speaker 2: that you're saving you can be investing. 64 00:03:52,080 --> 00:03:54,840 Speaker 3: Good point. I want to be clear though, at fifty 65 00:03:54,920 --> 00:03:59,839 Speaker 3: year mortgage only benefits the banks because even the every 66 00:04:00,000 --> 00:04:02,320 Speaker 3: person should have a home. That was a banking product, 67 00:04:02,600 --> 00:04:05,480 Speaker 3: marketing idea. It wasn't for the benefit of the city 68 00:04:05,560 --> 00:04:08,240 Speaker 3: of the United States of America. Now, will most people 69 00:04:08,280 --> 00:04:11,800 Speaker 3: invest the difference? No, they're gonna go jet the holiday. 70 00:04:13,560 --> 00:04:17,320 Speaker 3: Most people, maybe like the talented tenth or fifteen percent, 71 00:04:17,320 --> 00:04:20,279 Speaker 3: will probably invest the difference, but most which is a 72 00:04:20,279 --> 00:04:22,320 Speaker 3: great idea. Whatever you put into your mortgage, you should 73 00:04:22,360 --> 00:04:25,400 Speaker 3: be putting them out minimum into the market. But most 74 00:04:25,400 --> 00:04:30,360 Speaker 3: people are going to take the difference and do lifestyle shit. Unfortunately, 75 00:04:30,920 --> 00:04:33,960 Speaker 3: So you're coming from a logical standpoint because you're a 76 00:04:34,000 --> 00:04:40,400 Speaker 3: logical person. Most people are very emotional, not logical. Yeah. 77 00:04:40,680 --> 00:04:42,640 Speaker 2: Simple, Once again, that's why you gotta play this both game. This, 78 00:04:42,760 --> 00:04:46,000 Speaker 2: this whole game is it's a it's a game, and 79 00:04:46,040 --> 00:04:49,839 Speaker 2: that's what you gotta play this both game. You gotta okay, 80 00:04:49,839 --> 00:04:51,680 Speaker 2: I'm I'm gonna do this. To do this, what's your 81 00:04:51,720 --> 00:04:56,240 Speaker 2: next move? You gotta think about three moves ahead. If 82 00:04:56,240 --> 00:04:59,560 Speaker 2: you mind a hat, don't go into it. Don't go 83 00:04:59,640 --> 00:05:04,600 Speaker 2: anywhere without knowing the exit already. And if you don't 84 00:05:04,640 --> 00:05:09,359 Speaker 2: know the exit, you are the exit so don't go 85 00:05:09,520 --> 00:05:13,000 Speaker 2: into a house without thinking about when you're gonna sell 86 00:05:13,040 --> 00:05:15,400 Speaker 2: a house. Just like a stock, right, we always say, okay, 87 00:05:15,400 --> 00:05:16,880 Speaker 2: you should hold the stock for ten years or if 88 00:05:16,920 --> 00:05:18,800 Speaker 2: you're going too an options trade. You know when I 89 00:05:18,839 --> 00:05:20,679 Speaker 2: think you gotta have the same approach in real estate. 90 00:05:20,960 --> 00:05:25,360 Speaker 2: I'm gonna stay in this house for ten years maximum. 91 00:05:25,520 --> 00:05:27,640 Speaker 2: I'm gonna stay in this house for five years if 92 00:05:27,640 --> 00:05:30,560 Speaker 2: I can get a really you know, I anticipate based 93 00:05:30,560 --> 00:05:33,120 Speaker 2: off of the area, the current climate is gonna appreciate 94 00:05:33,160 --> 00:05:35,479 Speaker 2: over the cost of time. I'm gonna take this money 95 00:05:35,720 --> 00:05:38,000 Speaker 2: go to Ghana. I'm gonna make sure that they got 96 00:05:38,040 --> 00:05:39,880 Speaker 2: a nice kitchen because I know that that's gonna help 97 00:05:39,920 --> 00:05:42,120 Speaker 2: the value of the house on the resale. I'm gonna 98 00:05:42,160 --> 00:05:45,599 Speaker 2: make sure that the floors are a certain material because 99 00:05:46,000 --> 00:05:48,880 Speaker 2: not even thinking about myself thinking about the next person 100 00:05:48,880 --> 00:05:51,240 Speaker 2: that's gonna buy you. You got to think about the 101 00:05:51,279 --> 00:05:55,000 Speaker 2: next person that's gonna buy your house. Why while you're 102 00:05:55,000 --> 00:05:57,440 Speaker 2: putting your house together, Yeah. 103 00:05:57,320 --> 00:05:59,120 Speaker 3: Gotta have some innovation, and that's when that teen of 104 00:05:59,160 --> 00:06:01,400 Speaker 3: life cycle comes to don't undated, so you have to 105 00:06:01,440 --> 00:06:03,599 Speaker 3: do all the repairs. It's a lot of things to consider. 106 00:06:05,160 --> 00:06:10,039 Speaker 3: But if they pass this fifty year thing, it won't 107 00:06:10,040 --> 00:06:13,920 Speaker 3: be for far benefit. 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