Owning A Home: The Most Misunderstood American Dream #1

How could a blog about the truth behind mortgages start with a quote from Madonna?  Well, because she’s right.

Better to live one year as a tiger than a hundred as a sheep.
~ Madonna

Why is it seemingly “uncool” to call someone out?  Maybe because most live like sheep.  I’m tired of this attitude…no more.  We’re going to be tigers here and actually hope that the “sheep” decide to come after us.  Let’s be real clear on the intention of this upcoming series of mortgage blogs.


There are three purposes behind this series:

  1. Dig into the math behind your primary mortgage options and which one benefits you or the bank the most.
  2. Teach people the truth about this huge financial transfer, known as the mortgage, in order to challenge the “false teachers” out there today…primarily Dave Ramsey.
  3. To PROVE with good ‘ol 8th grade math that Dave Ramsey is mathematically challenged.  Afterall, one of his very own (and high-up-the-ladder) executives told me personally that “80% of our (Ramsey’s) clients are financial idiots”…that’s a quote folks.  So congratulations, they think you’re financial idiots.

This will be fun but frustrating for those who have actually followed his mortgage advice…don’t forget how they defined 80% of you.


Like Dave, I’m a Christian. Unlike Dave, I was willing to learn.  Malcolm Forbes said:

“The dumbest people I know are those who know it all.”

When an idea is presented that is “outside the box” of your belief system about what you know to be true, then you have two choices: you can throw it out or get a “bigger box”.

I’ll be asking you to get a bigger box.  Why? Because if what you knew to be true turned out not to be, when would you want to know about it?

Followers of Dave Ramsey will have a choice after math proves him wrong: to keep their box-of-truth the way it is or get a bigger box because they were willing to learn.  Your choice. If you want to remain a “sheep” under his protection fine, we’re looking for tigers.

Get ready for some serious Financial Caffeine. Keep reading, we have a quiz for you next.

I’m Kelly O’Connor and as I dig deeper I’d like to get your comments…I’ll post ‘em all.



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6 Responses to Owning A Home: The Most Misunderstood American Dream #1

  1. fubeca12 says:

    If the goal s doing everything to NOT benefit the bank then sure keep a mortgage. It’s funny to think that of the 1000’s of people I know, I know less than a dozen people with paid off homes. Of the 1000’s I know who have mortgages none of them are as wealthy and financially free as the ones with paid off mortgages.

    Paying off a home is more than just worrying about transfering money to a bank it’s about being as close to untouchable as possible.

    • bethebank says:

      Your first paragraph is a subjective position, not an objective one. You see, of all the people I know who have taken control of their money, have the liquidity to pay off their house if they wanted, have use and control of their funds, and can leverage these monies whenever investment opportunities present themselves or for the purpose of redirecting interest that would have otherwise been paid to another entity or in case of emergency, these are the people who are FAR wealthier and financially free compared to the ones with homes paid for where their money earns no rate of return and is not accessible. Banks love people like you because you continue to feed their coffers. Isn’t it ironic that the very wealthy families don’t pay off their homes? Hmm, maybe they know something.

      Unfortunately, your “untouchable” statement is very flawed. A person with a paid off home is far from untouchable. Having liquidity, use and control of your money always wins over having no control of your money. Plain and simple. Ask our client whose home burned down outside of Boulder last year.

  2. MissGina says:

    Bethebank, you state that your friends with mortgages have the liquidity to pay of their house IF they wanted, have use and control of their funds and can leverage these monies whenever investment opportunities present themselves. BUT….ummm hate to be the bearer of bad news, did you know that you CAN PAY OFF YOUR MORTGAGE AND (don’t miss it now) HAVE CASH IN THE BANK TO PAY OFF THE MORTGAGE AGAIN?!! WOW HAVE A PAID OFF HOUSE WORTH $200,000 AND HAVE A CASH SAVINGS OF $200,000.

    So lets be clear, you can pay off you mortgage (or have none to begin with) AND have money in the bank. The two events are not mutually exclusive. <—I think this is an important point. Who wants to pay all that interest when I can just save up 2 times the cost of the house and have the best of both worlds?!
    Sure that may mean I don't buy a house I shouldn't afford anyway, but it means NO worries from anything, because I have the cash AND the paid off house.

    • bethebank says:

      Thank you MissGina for your comment. I would invite you to read #2 – #5 and then see if you still maintain this position. I will say this, you have done better than 95% of all home homeowners and I certainly applaud you for that; however, you could have done even more.

      If we went back in time together to the very first day you started to save and pay off your house and you did it exactly the way you did up to today but I did it without putting the bank in control then each and EVERY time I have more money than you. If you believe that having control and more money is better than having a little control and less money then you’re going to love what we talk about because that’s truly the fundamental issue at stake.

      Please read on MissGina, I’d love your feedback with other blog posts.

      Kelly O’

    • bethebank says:

      MissGina – very curious what your answer is to Will.

  3. Will says:

    MissGina, I have an honest question for you. If someone offered you a 0% loan for a $300,000 house, but you already had $300,000 in the bank to buy the new house, what would you do? Would you take the 0% loan to buy the house or refuse the loan and pay cash?

    Your answer to this question is crucial.

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