She did it the right way, a lot of people want the luxury home in their 20’s, they get it on debt, get accustomed to that level or lifestyle and then it becomes that much harder to move forward. Well done, lady!
Yeah I lived and worked around them since the 80s. I heard "you can't take it with you" and "live for today" a lot through the years. A lot of crying now.
I cannot understand this. All I want is a trailer or a shack on a few dozen acres. I do not understand the pull of the McMansion with no yard in a block of identical copies.
If the dishwasher breaks you still have to make that phone call and you still have to be onsite when the person shows up. It literally makes zero difference.
@@husher5142 Gotta disagree here, when I rent I call maintenance and they take care of it. When you own you either fix it yourself or pay for someone to come.
@@edwinortiz1262 The only thing you would gain from a rental is the ability to pick up and go when you want, be that pay to quit if you are month to month, or in a major disaster scenario, you could pack up and leave in a flood. Otherwise, it is the same outcome. You pay for the repairs either way, whether that's paying into a monthly emergency fund or monthly rent. And if you call maintenance or a plumber direct - that's the same stressor. My opinion anyway - it's a matter of perspective. It seems like less effort to call maintenance, but really it's not.
When we rented for four years , we were able to get out of debt and it was the most stress-free time of our lives. My husband didn't have to do home care or repairs and was able to relax on weekends.
I always wanted to know how it feels to live like the other side lol. I’m always fixing stuff on our rentals and our house. I wouldn’t have if any other way though
@@MilesFromExtraordinary Because I don't want to give up my yard and privacy. I can love those things but still hate everything that comes with being a homeowner (taxes, home owners ins, repairs, etc).
I've owned and rented, I chose to go back to renting. I get to move around the country, free from weekend trips to home depot, never have to remodel, pay for repairs, I could keep going on. I feel liberated after selling my house, no more ball and chain, no more decades long contract with banks, no painting, no emergency repairs. I might buy again when kids are out of house, but for now I love renting.
Ok. you have kids. I live in a condo that's paid off and free to move around the world. Just lock up and go. been doing this for years. I do plan to remodel soon but no big deal and paying cash.
Yep I agree, There is pros and cons to owning a house. Just remember you dont need to own a house to build long term wealth. My landlord has not raised the rent in seven years and I take all that extra money and max out my retirement funds. Plus I have like zero stress from not owning. I have owned in the past and I would stress out in a bad rain storm for example, Not no more
I know exactly how this lady feels. She's done very well financially and I see nothing wrong with offloading the stress of owning a home that requires a lot of maintenance and renting for a few years. If she doesn't like renting she can always look for a lower maintenance type of property to buy.
Exactly. The nice thing about renting is that there's no long-term commitment. She can try renting, and if she doesn't like it she can buy. There's no reason to rush into buying something if she doesn't want to.
@J E HOA exists for single family homes too and its like 70 bucks a year LOL taxes exist for all home types...condo, townhome, single family...rent is instability...owning is the way to go
@@canadianjatti Not in Chicago. Condo assessment fees are crazy here. The utilities are lumped together and divided based on square footage not how much you use.
@@Nunya7211 There are cost eating away at her. It's like living in California, you won't know how much until you leave and your affordability doubled or tripled.
@Kenura Medagedara it depends what is important to you. America is a diverse place. If like the beach maybe California, Florida or South Carolina. America has a big gun culture so maybe Texas or Oregon if that is important to you. Maybe you're in retirement so you want a state with low or no income taxes like Tennessee.
Everyone knows bad rentals exist but the problem is everyone thinks every house is a great investment. If you broke down the numbers to somebody and their house happend to lose money after accounting for everything they wouldn't believe you no matter what. It's a pride thing
@Jk T yupp, That's the problem with boomers, they hate young ppl but don't realize if they wanna cash out and fund retirement they need us to buy their houses
Owning your own house is a permanent investment. You have a fully funded emergency fund, that is what it is for: roof, paint, over all general maintenance. I dont worry about parking, where I do my laundry, what paint color is on the walls, listening to my neighbors argue or stomp on the floor above me or how many people are over at any giving time. All the things Dave listed you can hire someone to fix on your home. Get a smaller paid for home.
This was my exact response too. I've lived in a condo before and it's no different than an apartment other than the fact that I could do laundry on my porch. Buy a smaller home and pay someone to do any maintenance you'd need while keeping the freedom to do what ever you want to the house when ever you want to.
@@xdeathknight72x That's because you lived in an apartment style condo. Porch? Each condo here has walk in laundry room with sinks and table.. Did you read the bylaws and rules before moving in? What kind of freedom were you prevented from? Were they true condos or apartment that were converted?.....big difference. My condo is an Italian split level 2bed/2bath with two car garage. Part of my condo is a safe room. There are over 30 floor plans from 1500-2400sq.ft..including flats and two story. Gated secure privately owned property,heated pools,two clubhouse,tennis courts,etc.. My other condo is a mid rise beach on an Island cluster in Florida. A true condo.
@@alexmaaan5242 "still single" implies that she should be married. Is that an absolute truth? Women can definitely be amazing outside the context of male admiration or approval.
Have you heard her ex husbands story? How is he living, does he have to work till he dies for a meager existence because the court system in Illinois drained he assets, retirement, and income... two side to her "success" story, you've only heard one...
@Dillon Smith What do you mean he didn't shoot her down? As soon as she started describing that she had also run the numbers for a condo he pushed the silence button and start patronizing her saying she just needs to treat herself without addressing her calculations.
Yep. And he worshipped her as some kind of single mother goddess with no information. She could have ran the scoundrel divorce court game on the husband who was wealthy. In 2021 many of them prefer to be single moms, believe it or not.
@@Originalman144 there's not that many wealthy husbands. It happens but the idea that most divorced women are raping some rich guy's finances is a mythology.
To be honest a nice new condo comes with a monthly HOA (forgot the condo name for that) that can be as high as a mortgage payment and yes that one never goes away.
All you do is buy or rent a condo you can afford. Why would you expect your condo dues to go away when you know where the money is going? I live in an upper middle class secure gated condo community with $280/mo. dues. We have two car oversized garages here. Covers the maintenance,landscaping,heated pools,cable TV,tennis courts,streets,4k security cameras,two club houses,snow removal/sand,etc.. There is always a waiting list to get in here.
So the HO A pays for landscaping, roof, parking, streets, exterior etc. The alternative is she contracts individually for each and every repair and replacement. I live in SW Florida and Hurricane Irma in 2017 did a lot of roof damage . HOAs did the negotiations with insurance companies and roofers for condo communities. There are still occasional blue tarps on homes that have not completed roof repairs here. HOA dealt with debris cleanup, common area damage etc. I appreciated my HOA board, all volunteers from our community.
@@susanmarie2231 should be 30% of income with utilities but plus electric or 30% of income with utilities and electric but smaller apartment than the first
@@susanmarie2231 Yeah it's about a two year waiting list around here too in rural southern Ohio lol. And there isn't anything special about this area at all.
Yeah, people act like the cost of repairing a house is cheap. If my rent goes up $50, thats $600 per year, what a homeowner would pay for a HVAC guy to come and do a simple repair.
Sometimes it’s hard to tell if the caller is still on the line or not 🤣 they’re so smooth transitioning to a rant style conversation after sharing perspective
I've been paying rent for 35 years, and I don't intend to quit, if anything in my place breaks down, the landlord takes care of it, I don't pay any property taxes and everything is included in my rent
@Charles I get your point, and I do want to get my own place really bad but prices on houses are sky high and mortgages plus maintenance fee and tax cost way more than rent here (condominiums)
@Charles I've been living in the same apartment complex for 35 years, management has changed six times, when I first moved here in 1986 my rent was $200 a month, no utilities were included, today, I pay $1150 a month with everything included, if anybody rents from a single landlord, THEY'RE the ones that are idiots, everybody knows it's better and more financially viable to rent in a complex that is owned by a corporation
I know exactly how she feels. I don't want to buy again, because I want the freedom to move when needed. We've been house poor our entire marriage. We're ready to downsize and travel.
Flexibility is a great reason. Even 20-somethings today buying houses don’t realize they may need to move for a job or better career path. Better to invest and rent.
Buying a house is overrated, stressful and often times unnecessary. The vast majority of people don't stay in one place long enough to buy a house anyways! Not to mention, buying a home is getting more and more expensive every year and a lot of people dont get what they want in a home, they settle. Thats a fact. The cost of buying a home goes up equally with rent. There are high rent prices for sure, but you can shop around and get good prices.
I lived in a condo for many years. It's exactly what she's looking for. Sold it for a nice profit too. Just be sure to do your research on the HOAs and their fees.
This is true for lots of people. I've watched a lot of friends spend endless money on their old house and it's still old and needs more maintenance. New is often cheaper
east asia, im in texas right now and thinking should I buy a house here or just rent an apartment and take care of my house and retire in southeast asia?? 🤔🤔
I always love hearing Dave’s advice. Now where I live, apartments are being sold. Therefore, no grass has to be mowed, etc. This is a new concept in my area to purchase individual apartments like condos.
Disagree about buying a brand new condo. The HOA fees are usually set low to lure buyers and then are significantly raised after reality hits the building’s budget committee. Buy a well funded condo with a history of reasonable HOA raises.
Girl, watch those monthly fees at the condo/townhouse complex. They can be HIGH (and they can be raised without your consent) and you will ALWAYS have to pay them. Now, those fees do include outside maintenance so you won't have to pay a lawn company to maintain that. Weigh out the pros and cons. Do NOT choose to rent if you don't have to. I'm in a place where it's cheaper to own now, literally, and it sucks because I don't own yet, haha.
I think what she was really asking was if it is ok for her to make a less than ideal financial decision so she can have piece of mind. I think she has earned the right to rent for the rest of her life even if it means sacrificing a couple hundred thousand in net worth in the long run. Dave always says to live like no one else so one day you can live like no one else. I think she's earned it. Its not like she's asking if its ok to buy a 100k boat and sail around the world. I say rent and throw that 350k from the house sale in a solid index fund. She will be fine.
@@Cahluvca oh yeah, i don't mind buying the house, but we jus want to be done with traveling and also be able to completely cover the cost in cash with lots more left to spare.
I love your condo idea Dave thats what I recommended to my grandma who is in a similar situation, one element I think you could have also added is that she is going to live another 20-30 years and if she rents that potentially hundreds of thousands that dont get passed on to the future generations of family, or alternatively some kind of charity.
Do you really want to be maintaining a house(furnace, roof, plumbing, electric, driveway), removing snows, leaves, flooding, etc. at age 75? Dont forget upgrades, appliance replacements, new roof, etc...etc..etc. at age 75?
@@brianh.2245 I am 73 and hope to keep living in my house until they carry me out feet first. I replaced the furnace, roof and siding, and upgraded the electric panel (complete with switching panel for backup generator use) after I retired seven years ago. The kitchen remodel will probably come next year. I plan to be here another decade at least. We will see how that works out.
I always just wanted to rent and never own a house because of the expenses but now watching this I have changed my mind. Good for her for doing all this herself and has all that net worth! WOW impressive
I am single and retired. I am 56 years old and I have a mortgage. It is half way paid off. I understand where she is coming from. Kinda in the same situation. You want to live somewhere where you don't have to gets things fixed, mow your yard, worring about this and that, and so on. I am very blessed, but now it has become frustrating and to be honest a kinda of a hassle. I want something easy to live in and don't have to worry about repairs and yard work. I want the rest of my life to be easy and not having to budget in to fix something. I have thought about selling my home and buying a condo., but i worry about the increase in HOA fees. I have even considered renting a really nice apartment in a good neighborhood. I am confused and feel like I am caught in the middle. Dave, I wish I could talk to you about this and my dilemma.
It’s like should I lease a vehicle or buy one! Any way I live in apartment here in nyc. Many of my neighbors here in the apartment are elderly widows. When their husband passed away and no children in the nest they sold their homes put the cash in the bank and paid rent for the rest of their lives. Usually 10,20, or ? Years. Bough a nice vehicle and take a few trips. Don’t have to worry about leaking roofs, plumbing problems, electrical problems water bill, taxes, trash pick up nothing. Just pay their $1200 a month and that’s it. The landlord pays everything else. Can you beat that?
@@mizzmiami3242 rent controlled apartments are rare. And there are very strict rules regarding handing if off. But there are still many rent stabilized apartments. Rent is voted on by a board and usually goes 3/4% annually and sometimes not at all.
30 years in the house sounds optimistic. A lot of women enter senior care facilities by their early 80s, still 20 years though. I would also be looking at a condo that is accessible, and maybe where getting increased care might be easier. I would also invest the difference in cost between the house and the condo into its own account to be for assisted living costs.
What she needs is a new build (smaller) house. And then she needs a handyman. Someone who can clean the gutters, fix the sink, caulk the windows, etc. Pay him or or $40-50 an hour and you're good. You only need them once ever few months.
That's exactly what I said. If it's a low maintenance property then it's not going to require a large number of hours or days per month that you're going to have to pay somebody.
Good point, also a new build (smaller) house without HOA fees, that way she could save on HOA fees and take that savings to pay the handyman when needed.
Sure rent goes up, but what you end up paying for your home at the end of the mortgage is SUBSTANTIALLY more. People say ok I bought for $300k and 30 years later sold for $500k , but if you calculate the interest often times you either paid for more even $450k . Cool you made $50k over 30 years and I’m not even including adding costs to maintain the house... new roof, kitchen, plumbing etc...
So your rent and pay the landlord expenses. Paid cash for my rental. Tenant pays my property tax, insurance,and maintenance. The rest is invested profits. Landlords with mortgage it’s included into monthly rent. Good luck!
Property tax and insurance are rising costs every year. That's why rent goes up in part. It might not match rising rent prices, but let's not pretend that you are only affected by rising costs if you rent. She's also going to have to pay quite a bit in a monthly HOA, and those things increase too. But I suppose Dave's recommendations fit what she wants.
Counter point to Dave that she didn’t bring up. Yes, rent has gone up, but don’t property taxes, maintenance costs, and HOA fees also go up just like rent? Not as much as rent I’m sure but it should still be part of the equation.
Majority of people calling in on this show live in states where it’s affordable to live... “House is with 350 and I want to downsize”. You can’t buy SHACK for 350 in the Boston-area. Currently you need $800k-$1M+. Myoffer of $930k on a house asking $870k and assessed at $725k... it sold for a $1Million CASH. The house is old and needs at least $100K+ in work. Location is important. Those of you telling me to move and stop complaining: I’ve considered it and I can’t because I value family. Honoring and caring for your family is in the Bible. I also rather have my children’s grandparents help raise them instead of paying a stranger to do it, while my wife and I work.
You choice your problem. The millionaire realtors,IRS,etc..love you. What kind of gun was that to your head? I think all states have affordable areas to choose from with some states having more than others. You chose insanity instead.
Do any of you value FAMILY?? It’s in the Bible! I am tied to Boston because most of my family lives here, including my parents, who own several properties in the area. My parents are about to retire, those properties are funding their retirement and they need caretaking. I have to help my father, who is a contractor, with it because he’s getting old. Most importantly, I want my children to have a relationship with their grandparents. I’m not paying a stranger to care for my child while my wife and I work.
True! While its possible that buying a house doesn't turn much of a profit after calculating interest and expenses, inheriting a house is a wealthy move for sure
DR is a financial advisor; he will NEVER tell you to not buy. RENT for life, it is the best deal. Make sure that ALL the money you would have spent if you had a house, goes to investments. Easy!! The “American Dream” of ownership has been created by corporations. DO NOT fall for it. Owning a home is NOT the American dream.
Single with no kids. I plan to rent indefinitely as I plan to travel, learn to play the guitar, ride a motorcycle, etc. There’s so much I need to experience in this one life. Owning a house would just be a hindrance. Financially, I fund my traditional 401k and Roth 401k. I also have pension at work and a brokerage IRA. My biggest overhead is rent at $1500 and I don’t own a car.
@@janicenunn8525 Agree, the $1500 buys me the flexibility and freedom. Borrowing from Thomas Sowell, there is only tradeoff and buying a house isn't a solution for me.
I own my home outright but I would prefer to live in an apartment because of the turn-key not having to mess with stuff. Thanks Dave for killing those plans!
Dave Ramsey has only one way of thinking, I think it's unfortunate that he doesn't even let his callers speak, it sounds like this lady had done some thinking about it and wrote it down, but Dave Ramsey just cut her off. It's kind of like Dave Ramsey is just a FAQ at this point.
And the price of buying a house has gone up. No matter how people try to say rent is high. I’m in California and a mortgage payment is double what rent is. Different states different circumstances.
The big minus to renting is that you cannot pass on your apartment to your heirs. I rented for more than 30 years. And my rent was ALWAYS "adjusted upward" every year!
@@MacyHarrell I thought they were but I wasn’t sure about that part. I’ve seen ones that you can buy the condo. I don’t know what Illinois has available but I would imagine they are everywhere.
@@janicenunn8525 They have some nice 55+ condos in Florida she can easily afford. One of my favorites is on the Gulf side along the intracoastal waterway on an island of it's own.
Depends on the locale. In cities like New York and Chicago, I can totally see the cost of homeownership (mortgage, taxes, insurance, condo fees) way outweighing the cost to rent.
WOW!!! She's a single parent who sent four children to college and still managed to accumulate a million dollars in net worth. Impressive.
It's called divorce.
@@blackworldtraveler3711 exactly
@@orangeboy97 Yup, sounds like she got rid of the baggage hold the family back.
She probably divorced a wealthy man
@@blackworldtraveler3711 LOL, some people are so unaware.
Marriage for a man is the worst deal on Earth today.
Siingle mom here 🙋🏻♀️paid off house and car. No debt at all . Thank God for the wisdom and grace he has given me.
Don't thank God, thank yourself! You did the work :) You go!
@@alifloydtv stupid comment.
@@alifloydtv Of course she should thank God first and foremost
And thank her ex husbands for all the child supports...
@@automotivetv9861 for your information
Just one ex husband and one kid. I happen to have a really good job.😎so stop being jealous 😂
She did it the right way, a lot of people want the luxury home in their 20’s, they get it on debt, get accustomed to that level or lifestyle and then it becomes that much harder to move forward. Well done, lady!
Yeah I lived and worked around them since the 80s.
I heard "you can't take it with you" and "live for today" a lot through the years.
A lot of crying now.
did she do right by her husband, what is his reality??? two side to this story, you're only hearing one....
I cannot understand this. All I want is a trailer or a shack on a few dozen acres. I do not understand the pull of the McMansion with no yard in a block of identical copies.
@@TheWaggishAmerican
I know a few coworkers doing this here in Oklahoma and we make over $120k a year.
@@alfredneuman7665 what does he have to do with anything? She barely even talked about him. The fact is that she was home with the kids.
Dont underestimate the freeing life of not having to fix stuff CONSTANTLY.
If the dishwasher breaks you still have to make that phone call and you still have to be onsite when the person shows up. It literally makes zero difference.
@@husher5142 Gotta disagree here, when I rent I call maintenance and they take care of it. When you own you either fix it yourself or pay for someone to come.
@@edwinortiz1262 The only thing you would gain from a rental is the ability to pick up and go when you want, be that pay to quit if you are month to month, or in a major disaster scenario, you could pack up and leave in a flood. Otherwise, it is the same outcome. You pay for the repairs either way, whether that's paying into a monthly emergency fund or monthly rent. And if you call maintenance or a plumber direct - that's the same stressor. My opinion anyway - it's a matter of perspective. It seems like less effort to call maintenance, but really it's not.
Maybe she should have tired to fix her marriage....
@@husher5142 Never underestimate the desperation of having bad/loud/violent neighbors
She seems lovely. I hope everything works out for her
Pl
Lovely, wonder how her ex husband is doing ???? two sides to this story
They always forget about that part ! @@alfredneuman7665
She is such an inspiration! True warrior as Dave said.
Absolutely!
When we rented for four years , we were able to get out of debt and it was the most stress-free time of our lives. My husband didn't have to do home care or repairs and was able to relax on weekends.
I always wanted to know how it feels to live like the other side lol. I’m always fixing stuff on our rentals and our house. I wouldn’t have if any other way though
I hate having to do home repairs. I miss renting.
@@froggiman1 Then go back to renting?
@@MilesFromExtraordinary Because I don't want to give up my yard and privacy. I can love those things but still hate everything that comes with being a homeowner (taxes, home owners ins, repairs, etc).
I've owned and rented, I chose to go back to renting. I get to move around the country, free from weekend trips to home depot, never have to remodel, pay for repairs, I could keep going on. I feel liberated after selling my house, no more ball and chain, no more decades long contract with banks, no painting, no emergency repairs. I might buy again when kids are out of house, but for now I love renting.
I agree.
My thoughts exactly!
Does the landlord keep the rent the same year after year ? Or does he raise it ? I totally understand what you’re saying regarding freedom!
Ok. you have kids.
I live in a condo that's paid off and free to move around the world. Just lock up and go. been doing this for years.
I do plan to remodel soon but no big deal and paying cash.
Yep I agree, There is pros and cons to owning a house. Just remember you dont need to own a house to build long term wealth. My landlord has not raised the rent in seven years and I take all that extra money and max out my retirement funds. Plus I have like zero stress from not owning. I have owned in the past and I would stress out in a bad rain storm for example, Not no more
I know exactly how this lady feels. She's done very well financially and I see nothing wrong with offloading the stress of owning a home that requires a lot of maintenance and renting for a few years. If she doesn't like renting she can always look for a lower maintenance type of property to buy.
Exactly. The nice thing about renting is that there's no long-term commitment. She can try renting, and if she doesn't like it she can buy. There's no reason to rush into buying something if she doesn't want to.
In 2003 My Rent Was $700 Something. I’m Still In The Same Place And The Rent Is $1300,62. A, 9/3/2032
Downsize to a condo and pay people to do those tedious things. Relax and enjoy the fruits of your labor 😁
her labors? or her ex husband who will working for a meager existence till he dies, two sides to the story.....
@@alfredneuman7665 sounds like you’re projecting lol
I feel where she's coming from. It's not always about the money.
Yes but her question was specifically about asking about the financial side
Ask her ex husband 😀
I agree with dave about the condo, best for her.
*+* *1* *7* *7* *8* *6* *5* *1* *2* *0* *3* *1*
@J E agree but nobody is forcing her to buy sonething.
or townhome with condo fees
@J E HOA exists for single family homes too and its like 70 bucks a year LOL taxes exist for all home types...condo, townhome, single family...rent is instability...owning is the way to go
@@canadianjatti Not in Chicago. Condo assessment fees are crazy here. The utilities are lumped together and divided based on square footage not how much you use.
First step is moving out of Illinois.
As a proud Chicagoan, expenses here are insane
@@Nunya7211
There are cost eating away at her. It's like living in California, you won't know how much until you leave and your affordability doubled or tripled.
@Kenura Medagedara It depends if you like living near/in a city that offers entertainment or a rural area that offers the outdoors.
@Kenura Medagedara it depends what is important to you. America is a diverse place. If like the beach maybe California, Florida or South Carolina. America has a big gun culture so maybe Texas or Oregon if that is important to you. Maybe you're in retirement so you want a state with low or no income taxes like Tennessee.
💯
This is a great question🤔
he convinced me on ownership
Everyone knows bad rentals exist but the problem is everyone thinks every house is a great investment. If you broke down the numbers to somebody and their house happend to lose money after accounting for everything they wouldn't believe you no matter what. It's a pride thing
@@riceandbeans2019 exactly
@Jk T yupp, That's the problem with boomers, they hate young ppl but don't realize if they wanna cash out and fund retirement they need us to buy their houses
Black Mormon lives matter
Owning your own house is a permanent investment. You have a fully funded emergency fund, that is what it is for: roof, paint, over all general maintenance. I dont worry about parking, where I do my laundry, what paint color is on the walls, listening to my neighbors argue or stomp on the floor above me or how many people are over at any giving time. All the things Dave listed you can hire someone to fix on your home. Get a smaller paid for home.
That is what I was waiting for him to say and he DIDN'T!!!
This was my exact response too.
I've lived in a condo before and it's no different than an apartment other than the fact that I could do laundry on my porch.
Buy a smaller home and pay someone to do any maintenance you'd need while keeping the freedom to do what ever you want to the house when ever you want to.
Vn
Ya key thing is paying a professional to do those repairs/maintenance. Not sure why she didn’t think of this lol
@@xdeathknight72x
That's because you lived in an apartment style condo.
Porch? Each condo here has walk in laundry room with sinks and table..
Did you read the bylaws and rules before moving in?
What kind of freedom were you prevented from?
Were they true condos or apartment that were converted?.....big difference.
My condo is an Italian split level 2bed/2bath with two car garage. Part of my condo is a safe room.
There are over 30 floor plans from 1500-2400sq.ft..including flats and two story. Gated secure privately owned property,heated pools,two clubhouse,tennis courts,etc..
My other condo is a mid rise beach on an Island cluster in Florida. A true condo.
She’s amazing ! Raised all of your kids as a single mom and more than financially stable. So much respect .!
If she's amazing why is she still single?
“Single mom” is an oxymoron.
@@alexmaaan5242 "still single" implies that she should be married. Is that an absolute truth? Women can definitely be amazing outside the context of male admiration or approval.
Have you heard her ex husbands story? How is he living, does he have to work till he dies for a meager existence because the court system in Illinois drained he assets, retirement, and income... two side to her "success" story, you've only heard one...
Sounds like divorce money.
"Thank you, very good information". What good manners, I bet she raised her kids for treat people with respect. 👍🏽
I love this woman already
wow didn't think I'd find you here lol well Hello there! :)
Maria is awsome!!
OMG funny seeing you here Damon. Although I should’ve figured when you beautifully outfitted your home with thrift store pieces from a Paris flea.
@@inkyuhwang6702 morning buddy I I hope you have a good thanksgiving buddy merry
I love that Dave calls her a "warrior princess" ♥️
Dave shot her down without doing any math or without knowing the full picture.👏 well done!
@Dillon Smith What do you mean he didn't shoot her down? As soon as she started describing that she had also run the numbers for a condo he pushed the silence button and start patronizing her saying she just needs to treat herself without addressing her calculations.
Yep. And he worshipped her as some kind of single mother goddess with no information. She could have ran the scoundrel divorce court game on the husband who was wealthy. In 2021 many of them prefer to be single moms, believe it or not.
@@Originalman144 there's not that many wealthy husbands. It happens but the idea that most divorced women are raping some rich guy's finances is a mythology.
To be honest a nice new condo comes with a monthly HOA (forgot the condo name for that) that can be as high as a mortgage payment and yes that one never goes away.
Thats fine for her she was willing to rent
And stay away from HOAs.
All you do is buy or rent a condo you can afford.
Why would you expect your condo dues to go away when you know where the money is going?
I live in an upper middle class secure gated condo community with $280/mo. dues. We have two car oversized garages here.
Covers the maintenance,landscaping,heated pools,cable TV,tennis courts,streets,4k security cameras,two club houses,snow removal/sand,etc..
There is always a waiting list to get in here.
So the HO A pays for landscaping, roof, parking, streets, exterior etc. The alternative is she contracts individually for each and every repair and replacement. I live in SW Florida and Hurricane Irma in 2017 did a lot of roof damage . HOAs did the negotiations with insurance companies and roofers for condo communities. There are still occasional blue tarps on homes that have not completed roof repairs here. HOA dealt with debris cleanup, common area damage etc. I appreciated my HOA board, all volunteers from our community.
she said she was willing to write a check each month anyway.
I really wish he would stop cutting people off and let them speak.
Then he would take five calls a show. Got to keep it moving, keep everyone on point.
He didn't want her to talk about the #'s because he's a real estate guy that wants to keep the real estate machine going
Senior apartments are less expensive, usually more affordable, cleaner, quieter neighbors
Also filled with Coronavirus.
Amen! I would love to get into a senior apartment where the rent is based on income.
@@susanmarie2231 should be 30% of income with utilities but plus electric or 30% of income with utilities and electric but smaller apartment than the first
@@miked7212 The trouble is, trying to get into an income based senior apartment in Oakland County, Michigan. There’s about a two year waiting list.
@@susanmarie2231 Yeah it's about a two year waiting list around here too in rural southern Ohio lol. And there isn't anything special about this area at all.
Rent goes up, so what? Owning a house: inflation goes up, upkeep prices go up, taxes go up, etc. Everything goes up.
Yeah, people act like the cost of repairing a house is cheap. If my rent goes up $50, thats $600 per year, what a homeowner would pay for a HVAC guy to come and do a simple repair.
Exactly! It’s more like- pick ur poison, because either way everything is going up. Doesn’t matter if u rent, own, or add an HOA to the situation
@@gavip24 The nice thing about renting, is only your rent goes up. Repairs(roof, plumbing, electric, foundation) all stay the same, at zero!
@@unkownuser5809 When I read back the OP's comment...I think that's what they were initially saying. Or at least that's the way I read it.
@@lisacox3750 exactly, I was agreeing with OP and adding more details from my own experience with renting vs owning
Sometimes it’s hard to tell if the caller is still on the line or not 🤣 they’re so smooth transitioning to a rant style conversation after sharing perspective
I've been paying rent for 35 years, and I don't intend to quit, if anything in my place breaks down, the landlord takes care of it, I don't pay any property taxes and everything is included in my rent
@Charles I get your point, and I do want to get my own place really bad but prices on houses are sky high and mortgages plus maintenance fee and tax cost way more than rent here (condominiums)
@Charles I've been living in the same apartment complex for 35 years, management has changed six times, when I first moved here in 1986 my rent was $200 a month, no utilities were included, today, I pay $1150 a month with everything included, if anybody rents from a single landlord, THEY'RE the ones that are idiots, everybody knows it's better and more financially viable to rent in a complex that is owned by a corporation
I do the same I work at different Locations which means a better bet is to rent
I know exactly how she feels. I don't want to buy again, because I want the freedom to move when needed. We've been house poor our entire marriage. We're ready to downsize and travel.
Flexibility is a great reason. Even 20-somethings today buying houses don’t realize they may need to move for a job or better career path. Better to invest and rent.
Why house poor? I'm probably rare because I can make money remotely so I dont feel tied down with a house. I also believe the freedom of choice
Buying a house is overrated, stressful and often times unnecessary.
The vast majority of people don't stay in one place long enough to buy a house anyways! Not to mention, buying a home is getting more and more expensive every year and a lot of people dont get what they want in a home, they settle. Thats a fact. The cost of buying a home goes up equally with rent. There are high rent prices for sure, but you can shop around and get good prices.
“Taxes are really high in Illinois and.....” Dave: “I heard the rumor”
It’s an understatement, I bought double the house in KY and pay the same tax as I did in Illinois.
Not a rumor. It is a fact that taxes are outrageous in IL. Property taxes in Cook County are astronomical. Sales tax more than 10%.
Sarcasm
As a real estate agent I see this thought process from time to time; I love the response. Great advice!
This lady is a rock star!
🌟🌟🌟🌟🌟🌟☄☄☄☄
🙏🏻
@donald johnson or didn’t. Either case could be true.
@donald johnson And he should’ve if he has children. 🤷🏽♀️ Men who love their children don’t mind paying
Exactly!
I lived in a condo for many years. It's exactly what she's looking for. Sold it for a nice profit too. Just be sure to do your research on the HOAs and their fees.
I like russian mafia track suit Dave. I feel he's really tapping into his roots 🤣😂🤣😂☹️
😂
This is a hilarious comment and so true 😂
Black Mormon lives matter
Dave's all like "Cheeki breeki, cyka blyat with that money!"
He probably just burned one.
This is true for lots of people. I've watched a lot of friends spend endless money on their old house and it's still old and needs more maintenance. New is often cheaper
There are people where I work that are in their 50s and 60s and have rented an apartment their whole life.
OOF!
east asia, im in texas right now and thinking should I buy a house here or just rent an apartment and take care of my house and retire in southeast asia?? 🤔🤔
Wonderful advice and wonderful praise for single moms fighting and scratching for their kids - warrior princesses!
Exactly,single moms are the hardest working species on this planet.
I always love hearing Dave’s advice. Now where I live, apartments are being sold. Therefore, no grass has to be mowed, etc. This is a new concept in my area to purchase individual apartments like condos.
I nailed it i said she should get a condo can u tell i been Ramseying for a while 😂😂
That’s just a smart play. Less land, hopefully cheaper utilities. Probably move to a place with an HOA where they keep everything up.
Condos/coops are the best of both worlds
I nailed it as well! I also said she should get a condo! :) great minds think alike! Lol 🤷🏾♂️
Depending on the complex the condo maintenance fees can be pretty high, add in the real estate taxes and it could cost as much as a house.
@Fisher Soren Not very smart to brag in a public comment section about hacking your girlfriend's Instagram account. Just saying.
Glad I’m in my 20s learning this !
Disagree about buying a brand new condo. The HOA fees are usually set low to lure buyers and then are significantly raised after reality hits the building’s budget committee. Buy a well funded condo with a history of reasonable HOA raises.
Girl, watch those monthly fees at the condo/townhouse complex. They can be HIGH (and they can be raised without your consent) and you will ALWAYS have to pay them. Now, those fees do include outside maintenance so you won't have to pay a lawn company to maintain that. Weigh out the pros and cons. Do NOT choose to rent if you don't have to. I'm in a place where it's cheaper to own now, literally, and it sucks because I don't own yet, haha.
Just read the rules and bylaws.
Do the math.
Very simple.
"I'll ask the question first then give you the background"
Proceeds to give the background...
😂😂😂😂
Dude I was like 😂💀
Truth
This is such an inspiring story. Just amazing individual!
I think what she was really asking was if it is ok for her to make a less than ideal financial decision so she can have piece of mind. I think she has earned the right to rent for the rest of her life even if it means sacrificing a couple hundred thousand in net worth in the long run. Dave always says to live like no one else so one day you can live like no one else. I think she's earned it. Its not like she's asking if its ok to buy a 100k boat and sail around the world. I say rent and throw that 350k from the house sale in a solid index fund. She will be fine.
hate to be this guy but it’s *peace of mind*
@@222wheelsdown yep you're right. Good catch. Thanks for that peace of advice. :)
Her ex earned it.
OMG! Thank you so much for this video. I am going thru a very similar ordeal too! Again, thank you very much!
maria thank you for your inspiration! Maria Being a single mom and having no debt and emergency funds, house paid and only 58 is amazing!
I was going to say sell the house and get herself a little apartment for a year or two to breathe for a bit then reevaluate the living situation.
Why pay rent?
Renting is freedom. Can live anywhere.
Home ownership is only if you have kids who need to live with parents.
@@investorclarity
That's a very expensive version of freedom
@@investorclarity Very rare but know digital nomads that have a house and live and travel alot.
@@Cahluvca oh yeah, i don't mind buying the house, but we jus want to be done with traveling and also be able to completely cover the cost in cash with lots more left to spare.
I think Dave’s been watching reruns of Xena warrior princess
lol
I’ll buy that one 😂
Thank you 😂
LOL
I love your condo idea Dave thats what I recommended to my grandma who is in a similar situation, one element I think you could have also added is that she is going to live another 20-30 years and if she rents that potentially hundreds of thousands that dont get passed on to the future generations of family, or alternatively some kind of charity.
Amazing!!! This woman is so inspiring! Go get that new condo! You earned it!
Hey congratulations to this lady. Ran things like a boss
Do you really want to be forced to move out when you're 75 because the landlord wants to move back in?
Do you really want to be maintaining a house(furnace, roof, plumbing, electric, driveway), removing snows, leaves, flooding, etc. at age 75? Dont forget upgrades, appliance replacements, new roof, etc...etc..etc. at age 75?
@@brianh.2245 not all homes are houses you know? Get a condo
@@Azel247 I got a townhouse I rent, condo is too small for me. But really, its up to each person and what they want out of life.
@@brianh.2245 I am 73 and hope to keep living in my house until they carry me out feet first. I replaced the furnace, roof and siding, and upgraded the electric panel (complete with switching panel for backup generator use) after I retired seven years ago. The kitchen remodel will probably come next year. I plan to be here another decade at least. We will see how that works out.
@@brianh.2245 when you don't have a house payment, you can apply that money to paying someone to upgrade/repair it for you
I love this advice! Great job guys!!
She deserves to live great and with no headaches without compromising her future!
How is her ex husband living, what did the courts in Illinois do to him in the divorce, you've only heard one side of the story....
I always just wanted to rent and never own a house because of the expenses but now watching this I have changed my mind. Good for her for doing all this herself and has all that net worth! WOW impressive
Does anyone else laugh at the way Dave says "Dddddeeeebt" ???
There are no luxury condos. Cheaply made. She's done with fixing things.
She should rent, if she wants.
Warrior princess, how darling.
Exactly. She is a warrior QUEEN, not a doggone princess.
@@jodylarson4697 idk, I kinda like the Xina the warrior princess ref. Queen is not as much fun a play w/words.
😫
That sounded like unmerited praise to me. She could have been a warrior monster. Who knows.
@@Originalman144 Lol, ur so right. Ninja worrior, what do we know.
This lady is amazing and an inspiration.
I am single and retired. I am 56 years old and I have a mortgage. It is half way paid off. I understand where she is coming from. Kinda in the same situation. You want to live somewhere where you don't have to gets things fixed, mow your yard, worring about this and that, and so on. I am very blessed, but now it has become frustrating and to be honest a kinda of a hassle. I want something easy to live in and don't have to worry about repairs and yard work. I want the rest of my life to be easy and not having to budget in to fix something. I have thought about selling my home and buying a condo., but i worry about the increase in HOA fees. I have even considered renting a really nice apartment in a good neighborhood. I am confused and feel like I am caught in the middle. Dave, I wish I could talk to you about this and my dilemma.
When HOA fees go up landlord will probably raise the rent to match those fees.
Bless her heart a true warrior
It’s like should I lease a vehicle or buy one! Any way I live in apartment here in nyc.
Many of my neighbors here in the apartment are elderly widows.
When their husband passed away and no children in the nest they sold their homes
put the cash in the bank and paid rent for the rest of their lives.
Usually 10,20, or ? Years. Bough a nice vehicle and take a few trips.
Don’t have to worry about leaking roofs, plumbing problems, electrical problems
water bill, taxes, trash pick up nothing. Just pay their $1200 a month and that’s it.
The landlord pays everything else.
Can you beat that?
They live in rent controlled apartments and pass in on to family members
@@mizzmiami3242 rent controlled apartments are rare.
And there are very strict rules regarding handing if off.
But there are still many rent stabilized apartments.
Rent is voted on by a board and usually goes 3/4% annually
and sometimes not at all.
Totally agree. Rest, enjoy the fruits of your labor.
She earned it to get a rest, however renting is still a losing proposition if you plan to live there next 30-40 years
30 years in the house sounds optimistic. A lot of women enter senior care facilities by their early 80s, still 20 years though. I would also be looking at a condo that is accessible, and maybe where getting increased care might be easier. I would also invest the difference in cost between the house and the condo into its own account to be for assisted living costs.
God Bless this women and she deserves everything and more. 🌹
You can always hire a management agency to manage your home needs
Yep...
That sounds like the life!! Good for her 🙌🏾
What a power woman. Amazing. Reminds me of my mom.
Absolutely love this woman! Good on you ma’am!!!
What she needs is a new build (smaller) house. And then she needs a handyman. Someone who can clean the gutters, fix the sink, caulk the windows, etc. Pay him or or $40-50 an hour and you're good. You only need them once ever few months.
You must be a handyman. LOL
@@ranger-io5db nope. But that's what I would tell my mom to do if I was too far away to help. Nothing wrong with handymen used correctly.
@@ranger-io5db That like people who buy badly build new smaller homes.
That's exactly what I said. If it's a low maintenance property then it's not going to require a large number of hours or days per month that you're going to have to pay somebody.
Good point, also a new build (smaller) house without HOA fees, that way she could save on HOA fees and take that savings to pay the handyman when needed.
Option B: buy smaller home debt free + hire out all the small stuff as it pops up
That’s what I think. Pay cash for a home and get a good handy person on speed dial.
Sure rent goes up, but what you end up paying for your home at the end of the mortgage is SUBSTANTIALLY more. People say ok I bought for $300k and 30 years later sold for $500k , but if you calculate the interest often times you either paid for more even $450k . Cool you made $50k over 30 years and I’m not even including adding costs to maintain the house... new roof, kitchen, plumbing etc...
So your rent and pay the landlord expenses.
Paid cash for my rental. Tenant pays my property tax, insurance,and maintenance. The rest is invested profits.
Landlords with mortgage it’s included into monthly rent.
Good luck!
Dr. John: Making decisions out of exhaustion. What a poignant articulation! 🔥
Property tax and insurance are rising costs every year. That's why rent goes up in part. It might not match rising rent prices, but let's not pretend that you are only affected by rising costs if you rent. She's also going to have to pay quite a bit in a monthly HOA, and those things increase too. But I suppose Dave's recommendations fit what she wants.
That’s EXACTLY what I was thinking. Costs go up regardless whether you rent or pay a mortgage to a lender.
Lady find a newer townhouse, and move in, it's not nearly as expensive as a house!
Hoa fees can be half the cost of rent
Counter point to Dave that she didn’t bring up. Yes, rent has gone up, but don’t property taxes, maintenance costs, and HOA fees also go up just like rent? Not as much as rent I’m sure but it should still be part of the equation.
Majority of people calling in on this show live in states where it’s affordable to live... “House is with 350 and I want to downsize”. You can’t buy SHACK for 350 in the Boston-area. Currently you need $800k-$1M+. Myoffer of $930k on a house asking $870k and assessed at $725k... it sold for a $1Million CASH. The house is old and needs at least $100K+ in work. Location is important.
Those of you telling me to move and stop
complaining: I’ve considered it and I can’t because I value family. Honoring and caring for your family is in the Bible. I also rather have my children’s grandparents help raise them instead of paying a stranger to do it, while my wife and I work.
Ok so who forced you to live in Boston? Stop complaining.
So move then you're not being forced there.
You choice your problem.
The millionaire realtors,IRS,etc..love you.
What kind of gun was that to your head?
I think all states have affordable areas to choose from with some states having more than others.
You chose insanity instead.
Do any of you value FAMILY?? It’s in the Bible! I am tied to Boston because most of my family lives here, including my parents, who own several properties in the area. My parents are about to retire, those properties are funding their retirement and they need caretaking. I have to help my father, who is a contractor, with it because he’s getting old. Most importantly, I want my children to have a relationship with their grandparents. I’m not paying a stranger to care for my child while my wife and I work.
@@davidmelkonian9947
Yup money is everything.
All about choices.
Good luck.
Also the kids can inherit the house which is another financial incentive for looking after them in the future
True! While its possible that buying a house doesn't turn much of a profit after calculating interest and expenses, inheriting a house is a wealthy move for sure
The kids can look after themselves.
I always disliked owning a single home . I loved living in different parts of the city for a year
"I'm just gonna ask the question and explain later..."
Immediately does the opposite.
Awesome Advice. She will really enjoy her new life!
DR is a financial advisor; he will NEVER tell you to not buy. RENT for life, it is the best deal. Make sure that ALL the money you would have spent if you had a house, goes to investments. Easy!! The “American Dream” of ownership has been created by corporations. DO NOT fall for it. Owning a home is NOT the American dream.
Adidas Jump Suit Dave ready to start chain smoking and squaring everywhere
Single with no kids. I plan to rent indefinitely as I plan to travel, learn to play the guitar, ride a motorcycle, etc. There’s so much I need to experience in this one life. Owning a house would just be a hindrance.
Financially, I fund my traditional 401k and Roth 401k. I also have pension at work and a brokerage IRA. My biggest overhead is rent at $1500 and I don’t own a car.
but your rent of 1500 could be a mortgage of 600 and then your building equity as well....
@@canadianjatti that's a myopic way of viewing MY situation but thanks anyway
@@santafilipina9020 I like that flexibility too and have chosen it.
@@janicenunn8525 Agree, the $1500 buys me the flexibility and freedom. Borrowing from Thomas Sowell, there is only tradeoff and buying a house isn't a solution for me.
@@santafilipina9020 also like the escape possibilities if SHTF next few years, I am rapidly losing confidence in guvvy
This is so inspiring!!
We have owned, house and condo. In retirement we love our rental. Great life!
No worries, no debt, no money stress.
"Let me ask you the question and then give you the backstory."
Proceeds to give the backstory first.
all joking aside, good for her!
Haha good spot 🤣
I own my home outright but I would prefer to live in an apartment because of the turn-key not having to mess with stuff. Thanks Dave for killing those plans!
Dave loves this type of caller
0:10 Hilarious how this woman said “let me ask the question first then give the background” while she then gives background then asks question 😅
Condos are garbage. It is an apartment you cannot walk away from.....
she loved the younger sister comment !
GREAT ADVICE DAVE!!!
Renting sucks.
Amen to that
It doesn't if you rent a new apartment, and housing is the major reason a lot of people struggle
Not if ur single
@@bravehats in this area a descent apartment even new is the same cost as a mortgage payment
@@BernardBrunu1 ...or married. Why not?
I feel like I know the answer without seeing the video.
You have been officially Ramseyfied
I wonder if that reasoning applies in other countries.
That means you have a good way of thinking with money.
👍🏽
Dave Ramsey has only one way of thinking, I think it's unfortunate that he doesn't even let his callers speak, it sounds like this lady had done some thinking about it and wrote it down, but Dave Ramsey just cut her off. It's kind of like Dave Ramsey is just a FAQ at this point.
Rent has gone insane after the housing crisis! Not good for people!
And the price of buying a house has gone up. No matter how people try to say rent is high. I’m in California and a mortgage payment is double what rent is. Different states different circumstances.
@@djflash7503 California is ridiculous overall when it comes to cost of living. The decision if it's worth it is a serious one
Love the way Dave yells: "YOU'RE A MILLIONAIRE!" I'll have it as my alarm clock once I get there in ten years.
The big minus to renting is that you cannot pass on your apartment to your heirs. I rented for more than 30 years. And my rent was ALWAYS "adjusted upward" every year!
Why doesn’t she buy a place in a 55+ community? Those places usually provide all the services she wants.
Yep. And it’s rent stabilized. Same thought.
@@MacyHarrell I thought they were but I wasn’t sure about that part. I’ve seen ones that you can buy the condo. I don’t know what Illinois has available but I would imagine they are everywhere.
I didn't know you could buy a place in an older community, usually, they are very low-cost rent.
@@MacyHarrell for low income people with few assets, you must qualify. With 1m in bank she will not qualify....
@@janicenunn8525
They have some nice 55+ condos in Florida she can easily afford.
One of my favorites is on the Gulf side along the intracoastal waterway on an island of it's own.
Condo HOA’s can be a nightmare sometimes. Be careful 😬
Depends on the locale. In cities like New York and Chicago, I can totally see the cost of homeownership (mortgage, taxes, insurance, condo fees) way outweighing the cost to rent.
It really depends on the city/metro area
Everybody does not need to or want to own a home.
true and I guess we all pay rent to live one way or the other, even if you pay for your home, that house will have to be paid property tax for ever.
Very tru