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Can I Afford A $1,000,000 House?

The Ramsey Show Highlights 207 views

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This is the reason I don't add the value on my Primary Living Residence into my Net Worth! This Video being over 2 years casts light of the impact of Inflation given a Million Dollars today simply is not an exceptional achievement as it once was in the near past
Comment from : @Charlies1970TA

The way to get rich is to NOT buy a house The way to stay rich is to buy a house A house rises with inflation Crypto and stocks are better long term Invest in emerging technologies
Comment from : @user-wu4bo1hz3p

Or just take a mortgage and put your cash in income producing assets
Comment from : @jasondavis4735

He didn’t even ask the guy their age or income
Comment from : @solidstream13

$1mm can buy you a tent in California and it will cost a fortune to insure it
Comment from : @rossgeller729

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money I started investing with $150k and in the first 2 months, my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and get more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : @caseycantrell-gh6fg

While our mortgages are very low here, housing is super expensive Cheapest livable 55 squate meter condo is 320k Houses that don't crumble start at 700-800kbrAt least mortgages were between 1 and 25 in the last decade
Comment from : @RaxXxvell

rachel looks high as hell
Comment from : @aa-qx1cg

Parts of California a million is a starter home
Comment from : @earllsimmins9373

Comment
Comment from : @dylankramer9249

Ramsey daughter adds no additional value at all She just repeats😅
Comment from : @gorillawear1065

60 of their net worth in a home with high maintenance cost is ok5 in bitcoin is "BULLCRAP"!! Amazing!😂😂
Comment from : @michaelanzalone

In many countries, you don’t pay full capital gains on a family home, so you can trade down as part of your retirement strategy
Comment from : @FranciscoLedwidge

Racheal is selling the shooting range day 1 after Ramsey dies
Comment from : @godsdozer

I bet they just want the enjoyment of living in a million-dollar house & neighborhood And they're excusing it in their minds by calling it an investment
Comment from : @roadrunner9622

Are they really "millionaires" if their net worth is split between the two of them?
Comment from : @roadrunner9622

his advice here is wrong in my opinion He is way biased too far negative with real estate, just because it destroyed him ONCE in the past
Comment from : @RussellD11

That home is if you rent it out
Comment from : @mlee6136

7:01 diversificationbrbr“Sow your seed in the morning, and at evening let your hands not be idle, for you do not know which will succeed, whether this or that, or whether both will do equally well”br‭‭Ecclesiastes‬ ‭11‬:‭6‬ ‭
Comment from : @wesfin

They didn't ask him the income That's the most important thing for a home you're living in
Comment from : @biskit7

In Silicon ValleybrbrNear San Jose cabrbrMobile home is $400k and space rent is 2000 per monthbrbrCheap condo from 1970 is 550k in the ghetto
Comment from : @eatpizzaeatpizzaforyou2060

It’s also unlikely that someone moves into a new home and the only expenditure is the purchase With new furniture, remodelling, redecorating etc… the costs usually spiral That takes even more cash away from investing
Comment from : @Holdeenio

1 million house in California is dirt cheap It’s ridiculous
Comment from : @morningmona

Remember that 1MM house was less than $500K 3 years ago
Comment from : @shanerogers9386

Majority of Australians are needing to spend 1 million to get into the housing market
Comment from : @gamingfinance5426

I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run
Comment from : @Anthony-cp7yc6655

“Can I afford…” No If you ask this question the answer is no
Comment from : @acrane1100

This guy was talking about a 30 year mortgage i believe at some point
Comment from : @lionmangolf

Rent out the current house Buy the $1 million house
Comment from : @kdelete4949

The whole thing about how the primary residence doesn't produce an income for you is why some people don't even include their primary residence in their net worth statement
Comment from : @damemethief

It's only exciting to talk about money, is when you actually have money
Comment from : @brentebner8666

If you wait long enough, the house you have will become a million-dollar house
Comment from : @michaelwoods4495

I think we need to stop calling our personal residence an "asset" An asset puts money in your pocket and a liability takes money out of your pocket So your personal residence is basically a liability It's essentially a toy that also happens to appreciate over time (unlike a car or a boat) But it's still a liability which is why Dave is vaguely vaguely uncomfortable and has no clue why Thankfully, Rachel is a little more clued in So the Ramsey family is progressing forward
Comment from : @kennethw6962

I am guessing it's already been said, but if you have to ask, you can't afford it
Comment from : @randallsmith1664

This caller has a basic risk management problem Perhaps a term life insurance policy would protect them while being overextended with mortgage debt
Comment from : @daveshaler3389

I have couple of houses yet, till i moved to stock investment its really been paying and I am 42 years now
Comment from : @sureshh6193

Like like likedid a man or a woman say that? Like ya yup ya
Comment from : @jonbon7219

The great benefit of having a paid off house is (obviously) you have no mortgage payment, and it's hard to put a dollar value on the weight on your shoulders it can take off It means you require less money to sustain your lifestyle
Comment from : @ianrobinson4200

He's a fool IMHO for investing in over priced CA Sell your house and pay cash for a house even better out of state A million dollar house in CA would cost you 50 less out of state with land
Comment from : @davidsteckley8846

With the higher priced home you have a higher property tax which is maybe not sustainable in retirement Home insurance may keep going up too
Comment from : @libertysprings2244

Why do millionaires phone in for advice?😵‍💫😵‍💫as if they don’t know what to do ?
Comment from : @DannyGmusicc

It's amazing how people forget to put a price tag on their time and energy! With their wealth already built, you would think they would just let it ride, downsize and enjoy life/fruits of their labor INSTEAD, I heard greed
Comment from : @awa4762

The biggest issue in America is quantifying value of the primary housebrTake a call on living frugally in a wealthy house or living well in a basic housebrNever associate your house as part of your net worthbrbrIt's a fixed purchase you die in No mortgages
Comment from : @TheGeorgeous

The average price in Canada is almost $1million
Comment from : @ballathug8404

Great video Never really considered the part about it not being an income producing investment 👍🏻
Comment from : @jacobmoreno6339

He changed his mind when he heard his wife was on the other end
Comment from : @jonathanrobimson4543

Can I afford a 10 billion dollar house?!
Comment from : @SwayzeeSoul

Must be nice…smh
Comment from : @SwayzeeSoul

Have fun with the taxes and expenses if you do buy that kind of home
Comment from : @drbendover2947

"Ramsey study of millionaires" - in the 90s
Comment from : @mattyp3119

I think his question is really whether he should live in an expensive home
Comment from : @FloydofOz

The old adage is still true, If you have to ask, you can't afford it
Comment from : @alinatamashevich3354

In Australia it is no capital gain tax on the owner occupied house, provided that it is used as a main residence We are thinking of selling our main residence which has no mortgage on it and it is expected to sell for over $4 million (only selling expenses would come out of the selling price, no capital gain tax) We would use the money for investments We love one of our investment property and we both agree that we could live in it happily The suburb we would move into lacks several of the conveniences we are used to, however offer more parks, a creek, large lake, bicycle track along the creek, etc The more I am listening to you Dave, the more I convinced that it will be fine
Comment from : @annam4313

California RE go up in value? 😂
Comment from : @ericmed

Not mentioned here, in retirement, what does that million dollar house cost you per year in taxes?
Comment from : @yarrdayarrdayarrda

Idaho is FULL, so please do not consider a $1M home in Idaho!brNo one wants you here and you will not fit in with the regular folks that make Idaho such a great state
Comment from : @michaelmartin1471

They should get an apt downtown and buy rentals in elk grove & stockton Straight cash homie
Comment from : @joeriveracomedy

Rachel is so hot!
Comment from : @Train1587

$1000000 house, at least have $4000000 NETWORH Ratios are so important Dave do not emphasize ratio once someone has done well he give the too much break, I don't think it should stay that way With $200000 over a period of time people can buy experiences Ruther than 4Walls and a Roof People are so obsessed with bigger the better The World is Changing so fast
Comment from : @lunganikhubone

Lifestyle is the destroyer of wealth after 40 You can always make an excuse to upscale a house
Comment from : @larrygerry985

Your 250 acres is bringing you so much enjoyment Let's not forget that has its own worth too :)
Comment from : @williams6334

This video didn't even remotely answer the captioned question
Comment from : @NawfSideLightning

As long as I have water, food, clothing, and shelter, I consider myself a multi-millionaire
Comment from : @greatlakeslighthouses

I’m confused by this one I thought he always suggests paying off the house besides the 15 into mutual funds I don’t recall him ever mentioning not to He’s even told callers to sell their income producing rentals to pay off primary residence without asking if they have other investments
Comment from : @j_rod5893

I would have liked to know what their household income is
Comment from : @Cravz69

I know it's their money but does somebody really need a million dollar house ?
Comment from : @symlexbrn5396

I would sell and get out of California Just don’t come to Texas We already have too many of them here
Comment from : @MrOfficer235

Expensive homes can be hard to sell - this is the problem I've seen a lot of multi-million dollar real estate taking YEARS to sell
Comment from : @tancreddehauteville764

Why did this make the youtube channel; does this represent a lot of people?
Comment from : @joeyr1996

That’s insane move out of CA
Comment from : @johncameron4194

Property taxes, insurance, heating, air conditioning, landscaping, etc etc is all proportional to the value of the house So many people buy too much house
Comment from : @MaiMai-gz1io

This is a question EVERYONE on the west coast is asking themselves
Comment from : @RyanABC123

What about the majority in real estate that is commercial? (income producing)
Comment from : @wichertj3

lol laughs in Toronto as most people make between $60k-100k and live in a $15 million dollar house
Comment from : @Teamshmo

No way
Comment from : @MrMustangrick

Smaller homes often increase in value more than pricier homesbrbrI don't consider $170k "a little left over" to pay on a $575k homebrbrHe started talking about a 30 year mortgage 2:40 Doesn't Dave want 15 year mortgages?
Comment from : @barbieblue3336

I would love Dave to talk some specifics about income producing investments Does he talk about that in his new book?
Comment from : @brokgladden4835

Houses are depreciating assets brWe purchased one in 2006 for $130K and sold it ten years later for $65K
Comment from : @miketheyunggod2534

Sacremento? Lol That place is a “receptacle for bullets” to quote Dave Haven’t people read the news??
Comment from : @DJ-ws6je

I’m confused did they not just say he was gonna have to take like a 600000$ mortgage cause he only has like 400k in equity in his old home
Comment from : @TheMechanicj