Wow Mr. Ramsey I am baffled. You only cared that your tax money insured his debt not the systems that allowed him to go in a million dollar debt and that he cant even file bankruptcy for all that debt if he ever got under water? Wow
bad advice in this special case, he has a lot of potential because of the high flow of money. the only way togo would be pay the minimum use as much as he can to invest. quickly he gonna turn the 1mil student loan into 1 mil investment loan that then could be furter investet with higher rates of payback. that would also secure him a bit better since most of his income comes from a job he could loose at any moment. any momeny payback then is just lost and the debt is crushing him anyway. better have assets that ensure payback
It doesn't take that long to make your millionth dollar.. difference between being a millionaire and having made a million. He will pay more than that, though because of the interest.
A doctor who is really bad with money will be $650K in the hole when exiting residency, tops... That's assuming this person picks an extremely expensive med school and can't manage a $60K a year lifestyle during residency, borrowing money in expectation of high future income. Apparently, it's normal for an orthodontist to be $1 million in the hole, because they also have to pay for residency... Wow... This is a level of education debt that I wasn't aware existed...
To his credit, not only did he go into a well paying field that the world actually needs, but he had the guts to call in, admit his mistake and ask for help.
Yup, admitting the debt out loud is hard. My credit has always been great but I remember one time it being a littlw low credit score. I knew it dropped but I could never get the guts to look at my score. I finally had the guts to just look at it. And it was not as bad as I thought. But you just have to look at debt in the face and say" I see you. I can conquer this "
There's a lot missing from his story, though. I haven't priced orthodontic schools, but there is no way he racked all of that up in one straight run. He probably went to 4 or 5 schools, tried 2 or 3 majors before settling on orthodontics. He also put living expenses on it. I'm guessing you could get the same degree for under 150,000, probably even less than that.
He's going to be fine. In 5 to 10 years, his business will grow. Now I know why all dentists I have visited are shady af. They all want to make quick bucks with the worst quality service.
@@emperorceejay1655 I'll be his accountant if he does free dental work for me🤣 I just graduated debt free but need 30k in dental work done🤦♂️ *I take that back, I can pay off my student loans and be debt free but still need dental work or get dental work and have student loans
Us college is though jesus Christ. I always envied your salaries but looking at it from this perspective we make waay more 😅 The high doctors here make like 300k on average while in the US ones make 400k but ours have basically 0 student debt.
I remember seeing somewhere that doctors make as much as teachers. Why bc it takes multiple years of schooling so then you aren't working during those years and loans etc.
@@imluvinyourmum yeah idk why people are so worried for this guy. Give it 10 years or less and he will be 100x better off than most people in these comments
@@SamuelMM_Mitosis I think it's just programming by Dave lol. Apple is billions in debt, it's what the debt is for and the return. If the debt is for an arts degree and u can't even get in the industry because u have no talent and don't put in the effort, that's a bad debt lol. But if you took out a $500k loan to buy your own truck and start your own logistics business that would guarantee you $200k the first year, that's a good debt.
What The you never thought what if he got fired or never got the job, you gotta realize a degree doesn’t mean you’re gone get or keep the job...... and 1,000,000 is hard asf to get just imagine tryna get out 1,000,000 in the negatives you might as well fine for bankruptcy😭💯
Orthodoxy or Death This is America, where we feel pressured to pay a ton of money for things we don’t need. Student loans must be paid back. There’s absolutely no way out other than death or paying it. It’s creating the next economic bubble that could be the end of the American economy.
Mike Brown (Bassist) I agree that bankruptcy isn’t something to just get a free pass. But if someone has a bad enough set of circumstances, there can be grounds for bankruptcy. His situation is certainly manageable right now.
Unfortunately we fell victim to this. I was the first one in my family to go to college. My parents didn't know anything about it. I graduated with 200k of debt. I lived at home after graduating for another 6 years but I'm debt free! Better feeling then graduating 🎓.
It just isn’t true. In order to accept the loan, the system makes you watch a demonstration on how interest works and how long it can take and how much more you pay the principal. You have to answer quiz questions correctly demonstrating understanding before you are given the page where you sign. They know going into it and they have magical thinking the someone else with pay it. He was smart enough to graduate from dental school, so he was smart enough to know what $1M is. Fortunately, he’ll make a million in take-home in about 6 years. The worst thing is that his finance is working without income or a retirement savings plan so he has more to put on his debt.
Am I the only one who thinks his fiancé is the best thing happened to him ? She is on board with him, accepted his gigantic debt, helps him in office and doesn’t even take money for her work ... dude you are so lucky
“She doesn’t take any income out of the office” meaning she doesn’t get salary anywhere else. She gets paid through his practice. Many people do that as it serves a tax advantage. I am not saying she is less supportive by doing that. Just correcting the facts
@@SummeRain783 thank you for the info I appreciate it and yes I agree doesn’t make her any less supportive but good to know this tax advantage arrangement appreciated
Well duh lol. But it’s relative, obviously having debt 4x your salary is terrible. But once it’s paid off, 250k a year is pretty sick. Imagine being 4x in debt but your salary is 30k, there’s no happy ending in sight there lol.
A lot depends on how well his business goes. Obviously he will still be in a lotta debt but after 3 years or so, if the business goes well then they can live a normal lifestyle
Right. That's my rent, health and car insurance, car note, food, gas, groceries, water, and light bill with some international travel money left over. 😳😳😳
Actually, if he will be earning $250K per year, he should be able to live on only $100K, he and his wife. Other folks can live comfortably with that. With that, he should be able to pay about $10K per month on the loan. Just set up direct deposit and forget about it. Just say his income is $100K per year and forget it. Let the autopayment take over.
I told a coworker yesterday that I’m gonna save up $200,000 so I can buy a house straight cash and he told me that’s impossible. Time to prove this boy wrong.
Save up enough to buy a house for $100,000 cash or less then you're living rent and mortgage free and then you only have to save up another $100,000 or so as it should be far easier with your increased cash flow. Sell the present house to go towards your new forever home added together with you $100,000+ savings and you got this. Definitely doable as it should only take you 4 to 5 years maybe less. Good luck and continue being a leader.
Your Co-worker jealous. Anyone that tells me I cannot do something. I make a sure point of doing it. Who are they? No one important. Go change that dream into reality.
Pretty sure this guy was featured on “Borrowed Future” and he definitely took the advice. It shows the apartment he lived in and everything. He had it down to 600k at that point. I feel bad for him this is a hard situation.
His situation is not as it appears. He will over the life of his career earn 10 million minimum. And with good wealth creation he can easily obtain a net worth of 20 million. He is the 1% of the 1% in that he has graduated with a fellowship in his specialist field of dentistry. That means he has done dentistry school and then orthodontic training. I would say what he has done is worth it. The one million does seem extreme but in the big picture it is nothing. Now if he graduated architecture or physio with 1 million that would be a different tale.
I can relate! When my friends/family tell me about their debt, I freak out. I have $12K in student loans left to pay and that stresses me out enough. When I hear people say they have 100s of thousands in debt, it affects me emotionally lol
that is true, but I can't believe school should cost anyone that much. My wife is a lawyer and her student debt is 1/4 of that. That's a doctorate too.
@@baldkat82 The lawyer makes 120K and the ortho dentist makes 230K according to bls. Also this dude probably went to a private school. At a public he would have about 400K + residency.
@@crimansizers5840 my wife makes 250k, not even as a practicing attorney but as compliance director, and went to private school for undergrad and grad. She passed the bar too. His college costs just don't make sense.
@@baldkat82 I agree, it should be 400K if he was smart(er). That being said I was citing averages. I know an ortho dude that makes ~ 375K and owns his practice.
Christopher Homer Dental school can cost up to half a million dollars in tuition, plus living expenses. Also need to take into consideration undergraduate and a possible master’s tuition and living expenses. All that interest could be accruing while in dental school I think? Also not sure if the dental residences have fees. It does make sense when you consider all of this because dental schools are not cheap in the slightest. They cost more than medical schools and if you only get into one dental school and it happens to be one of the highest in tuition, you have to go there. It looks really bad to apply to dental school a second time if you got in somewhere else but turned them down, you could jeopardize your chances of getting into a school and then would have all that debt with not a high enough salary to repay it.
@Johnny Five, he knows exactly what to say: stop guaranteeing loans and start underwriting them again. The "crisis" is that we're allowing it to continue getting worse.
This is tough. I feel so sorry for him. A lot of advice us students are given is to just get the degree and worry about paying it off later and then we're told not to work and just focus on school and this is the result unfortunately.
@@chloerodgers692 school does not teach finances very well and what they do teach is usually not the best advice anyways. I have never learned anything about finances until actively choosing to myself at 24. There are many people in this same position.
The orthodontist calling in to Dave Ramsey is Justin McDaniel DMD of Jacksonville, Florida Though he graduated with his bachelor degree debt-free, McDaniel finished dental school with “somewhere around $400,000” in loans that grew to around $600,000 by the time he went to school for orthodontia at a cost of $95,000 per year.
As s foreign to conclusion that the United States is in sever trouble ax s nation the levels of student,autio,medical ,credit card debt is appalling this society is totally bankrupt how this country considers itself a superpower is a joke China has replaced the USA as the premier power what s joke country
@@mujjuman Only if you are on PSLF and working as an employee at a public hospital is all debt forgiven (this takes 10 years not a "few" brah...). Not true at all for REPAYE or PAYE, where even if the debt is forgiven in 20 years you still have the tax bomb for all the unpaid debt. This dude will still be paying at least $300k in debt BARE MINIMUM the REPAYE/PAYE route!
me: *graduates with $25,000 in debt and an engineering degree* "I AM NEVER GOING TO FINANCIALLY RECOVER FROM THIS!" *see's this guy* "OH THANK GOD! At least I am not him." I have since paid the debt off. Since this video was posted, but I come back and watch this when ever I want to buy something I would have to finance.
@i Bee Amazin I think most of us feel better about our student loans after hearing this one--makes most 5 digit student loan debt amount seem like a cake walk in comparison.
I'm a dentist and was 1.4 million in debt two years ago. I'm in a better place now, obviously still in 6 figure debt, but I used to wake up in the middle of the night panicking. I dont own any vehicles over 30K and rent a 3 bdrm home as I have two little ones. The cost of the profession is immense and I didnt have help like many of my colleagues who had parents paying for their schooling, etc. I feel his pain but he needs to make more sacrifices and be smarter with his money. Those loan interest rates are ridiculous. I havent paid myself out of my practice for 2 years to pay down debt and am working on the side so as to provide for my family. We all make mistakes but we need to take responsibility and fix them.
Izzysmom no just get a free degree in Europe in a country with a super high minimum wage to rent ratio like Germany, Belgium Sweden Finland etc. European university’s are often taught in English so you wouldn’t wed to worry about that. I’m lucky that I live in Europe and I’d have to pay very little for university. Might move to the UK where salaries take into account student loan debt after my degree. In Germany you’d have to work 3 hours a week to pay for accommodation and the degree is free. You also do a work placement that can pay €50,000 a year with rent @3600 that counts as your degree. It’s very similar in other European countries.
This is an oldie but a good one. A lesson for students: be prudent about what you are borrowing, and pay the interest along the way to keep the balances from growing. My kids have loans and are still in school. I pay just the interest, and more when i can. We've already paid a few off. Your loan servicer shows you how much interest has accumulated and you can calculate it each month. At least pay that. Hopefully this guy made some progress during the COVID pause.
My dad in law was a perpetual student and took out 300,000 and lived off of disability and food stamps. His wife was allowed to finish her degree and get a teaching job. I don’t know how, they are not required to pay the loan back. For our government to allow that makes me angry.
I can’t even believe like Dave said that this was an option- that there weren’t more checks and balances in place to prevent this. I guess our future children’s teeth will be in good hands ?
@@trustthe_process4371 That guy through his own practice will have a lifetime career earnings about of about $10 million. And that does not include wealth creation.
+theron12 That guy is going to earn some money throughout his career. The million looks like a large number but his life time career earnings around going to be around 10 million and with wealth building he could easily be hitting 20 million in wealth valuations.
@@billymabum3514the loaners are actually gonna lose money on him. After 25 years the loan is forgiven. So anything he hasn’t paid up until that point goes away. Still messed up but at least it won’t hit his credit
@@billymabum3514Yeah but it kinda evens out with the massive incomes. USA people always seem like they're overpaid, but I understand due to the extremely high college cost 😅
Rootless Tool the lender is you, that’s the problem. The federal government guarantees them and we will all be stuck with the bill when this blows up while the 3rd party lenders and schools get unimaginably rich
@@Vita-a-stelle-e-strisce U have to get loans in most places, Australia, the UK for example. The quality plummets when it's all community college, no university in the top 100 is free.
actually this guy is not in the worst situation because he has a very large income. he probably need 8-10 years before he can pay it back, then enjoys the big income after that.
A friend of ours daughter went to school and got a four year arts degree, didn't do anything with that. Then she decided she wanted to be a lawyer, started law school and a few years later lost her enthusiasm for it and downgraded for a legal assistant. Didn't really like that and decided to become a physician's assistant, now she's losing enthusiasm for that and supposedly settling for an degree in nursing. I have no idea how much debt she's piled up, but before you buy that shiny new degree, be sure to know what it is you want to do or else you become a professional student and that pays nothing and costs you everything.
Columbus1152 I still regret taking ONE class while in a business degree that is not useful for the current degree im working on. I cant imagine changing majors that many times... and i pay out of pocket, so no debt.
What she's doing sounds incredibly dumb. That's great advice though, when you pursue a degree make sure you are certain you are making the right choice. Don't flip flop on what you want to do because education is very expensive.
Major respect to all these callers for having the guts to be so vulnerable on-air. Hope this guy is doing better now, best of luck to him and everyone else in debt right now!
I cried when I completed my pension paperwork at 38. I'm free for life, greatest feeling in my life. My daughter is 13. she can have my 2 million in pension payments. God bless America.
Every call like this makes me that much happier that my $20k student loan debt led to a job where I made $55k-70k + benefits. I paid off the student loan in about 18 months.
he’ll be making 500k+/ year in no time. If he works for 30 years, 15M is worth the 1M of debt. There’s a reason why dental schools feel like they can charge that much
I remember graduating with $105k student loan as a Pharm.D back 10 years ago… oh boy the excitement of getting your schooling done quickly replaced by the anxiety of paying this 105k loan. At least I got it paid off in 1.5 years working 50 hours a week earning 180k-200k a year. A million student loan debt ? Oh my god I would have died.
@@kickandblock 42.9 million Americans have student loan debt. Student loans are worth 1.57 trillion in the US, a world high... it's sad... that country has so many great things but the bad is so bad that it's just a wasted country imo
My sister went to dental school back on 2006 ish and had $500k debt after graduated. She lived *very* frugally and moved back in with our parents for a few years and drove a car from 1996 til it died to pay off her debt as fast as possible. Gave her so much stress.
I guarantee you she still owes. 500k im 17 years would only knock off 30% of the loan depending on the payments. How is that even possible to have so much.
Wtf. what do you get for 500k? What did she paid for? Golden teeths for working? How long did she go to school? Im german and this is such a crazy number. No one ever, would give you so much here by us. Not for a degree. No matter what you are studying.
@@markelraya10You know nothing about her loan or her income, yet claim that she only paid 30% of it up to now... that's preposterous 😂 From what we hear, she lead a frugal life after graduating. It's likely paid off in full. Average students loan is at 6% p.a., so about 2,5k/month at the start of the payment period. If we assume she was able to pay 10k/month, it should have taken her about 5-7 years to pay it off!
This guys has officially motivated me to pay off every debt I have immediately‼️ He can’t even file bankruptcy like the rich who borrow and just don’t want to pay! 😰
I owed 440k after dental school - no residency. My payment was 4500 a month for 25 years. I wasted 3 years trying to”income based” and trying to even mentally process the debt amount. Then I moved to rural area and lived on my husbands 60 k income and put my yearly 180k ( after tax) income all into the debt. And after 2 years i began to breathe a little. I still owe 60k though haha. My body aches from overworking past 7 years and i think i was suicidal every other month but i made it. Nobody understands this kind of debt - student loans go to grave with you and no bankruptcy. DONT GET INTO THIS KINDA DEBT. Being a doctor is not worth it because you will handle doctor level stress with NO gratification whatsoever.
Glad you're near the end of your loan! I'm a dentist myself; luckily total debt was $220,000. I plan on paying it off myself in the next about 6 months. Let's finish strong!
@@Trewq79 220k is nothing! Idunno if you are a new grad but can do that in a year or two . Don’t listen to other ppl saying invest in your CE and office and pay off slow while maximizing. Yes, a good running practice will give you wealth but it takes YEARS to get there while ur interest doubles and triples. You can do all that more effectively AFTER you paid off your debt. Anyways I guess this July we shall have something to celebrate about 🍾🍾🍾🍾
@@w1thjd With the cost of medical school being roughly 240K along with the cost of living that would include food, housing and amenities, 440K seems totally reasonable. However, the original caller’s 1 Million debt indicates that he went to an undergraduate college that was out of state, 60K a year. Sorry, but that is a financially stupid decision. Nobody should go out of state college for any reason whatsoever.
If he lives on $50k a year, he can put like $100k towards his loans ever year after taxes. 15 years or so later, he's out of student loans and making >$250k a year. I've heard sadder stories.
@Thelondonbadger Oof, don't tell me, I was the breadwinner and had to pay my ex support and alimony because he quit his job to get a PhD. :) A different story, though!
Not to mention hes probably already in his 30s, so by then he'll be getting towards retirement and will still not have anything in a 401k. He didn't go to school for dentistry only to live on 50k a year
@Thelondonbadger yeah true that. People will waste money on cars and restaurants, not realizing they are throwing away millions in lost future investing potential
Ramsay lands it perfectly. You fasten your belt for a time, you live like a student, you rent like a student, you don't travel and nothing. No glamour, no glitter, just swallow it down until that debt stops being a behemoth.
You must not have seen the video about the lady with the child support question who had two kids with an abusive illegal guy. He was speachless for about two minutes.
@@TheCookieFranco with my mortgage, utilities, car payment, insurance etc I will probably be done in 3-4 months. I work 2 jobs too. Its hard to get lots of hrs at second job
Dave was speechless for a moment because he didn’t want to be to tough with the guy … extreme cases… I would say God bless you and hang up because it is overwhelming to even think about it 😅
tjbalistic That’s funny you mention that. I recently went to a new dental office and the owner had just spent thousands of dollars on all new high tech equipment and decor. Guess what, he quoted me $4000 in dental work that I “needed ASAP”....went to another practice and I only needed $600 worth of work.
Dentists are notorious for doing this. I work alongside dentists who tell me they do this to make extra money. Always get a second opinion and don't tell the second dentist what the first quoted you. Thank you for coming to my Ted talk
Yes! So few people point this out, and want to blame the borrower. Yes, they took out the money, but he is just trying to improve his life. The lenders take advantage of this, and end up making slaves out of us. Can’t get a mortgage for $1,000,000 with his salary, but can definitely buy his way into indentured servitude to the banks and U.S. govt.
@@monicasmith2148 That's because debt is how the ruling class intends to re-establish slavery and undo the Magna Carta, the document that outlines western rule of law and human rights. I thought this before hearing about The Great Reset (before it was the Green New Deal and A Just Society) but after hearing about that I'm now sure it's intended to become the new reality.
@@christianespino2422 Maybe because their is not a single school out there that over 8 years charges there students 1m? The most expensive school in America is Harvard at like 75k a year (for out of state, in state is way cheaper). That's 600k in debt. Yes, there is no definitive proof that it is fake, but all you need is common sense to put 2 and 2 together that the chances this was an honest caller are astronomically low.
@@kabulbolan That guy will have a career lifetime earnings of about $10 million. How is a homeless person worth more than that? At some point down the line he will end up with a beautiful florida home with a nice big house and no mortgage. That million will be a distant dream.
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How is your kids, or grandchildren doing?
Wow Mr. Ramsey I am baffled. You only cared that your tax money insured his debt not the systems that allowed him to go in a million dollar debt and that he cant even file bankruptcy for all that debt if he ever got under water? Wow
Hello Dave I have questions I’m in $11,000 bet and 20,000 car payment loan what should I do to relive those problems?
I’mI’m has always happen every
bad advice in this special case, he has a lot of potential because of the high flow of money. the only way togo would be pay the minimum
use as much as he can to invest. quickly he gonna turn the 1mil student loan into 1 mil investment loan that then could be furter investet with higher rates of payback.
that would also secure him a bit better since most of his income comes from a job he could loose at any moment. any momeny payback then is just lost and the debt is crushing him anyway. better have assets that ensure payback
So this guy is practically a millionaire except in the negative direction.
Bruh
There's a silver lining to everything.
They say if you dance with the devil might as well lead.
It doesn't take that long to make your millionth dollar.. difference between being a millionaire and having made a million. He will pay more than that, though because of the interest.
He just has to turn the galactic currency from a 1 to a -1.
He is a -millionaire
''my interest is about 5800 dollars a month'. That line send shivers up my spine.
Half of my total amount PER MONTH 😩
That’s nearly 3 times my mortgage.
That’s 5 times my mortgage monthly payment
$5,800 a month on a million dollar debt is 6.81% average interest. He must have been taking every loan he could get.
A doctor who is really bad with money will be $650K in the hole when exiting residency, tops... That's assuming this person picks an extremely expensive med school and can't manage a $60K a year lifestyle during residency, borrowing money in expectation of high future income.
Apparently, it's normal for an orthodontist to be $1 million in the hole, because they also have to pay for residency... Wow... This is a level of education debt that I wasn't aware existed...
To his credit, not only did he go into a well paying field that the world actually needs, but he had the guts to call in, admit his mistake and ask for help.
Yup, admitting the debt out loud is hard. My credit has always been great but I remember one time it being a littlw low credit score. I knew it dropped but I could never get the guts to look at my score. I finally had the guts to just look at it. And it was not as bad as I thought. But you just have to look at debt in the face and say" I see you. I can conquer this "
There's a lot missing from his story, though. I haven't priced orthodontic schools, but there is no way he racked all of that up in one straight run. He probably went to 4 or 5 schools, tried 2 or 3 majors before settling on orthodontics. He also put living expenses on it.
I'm guessing you could get the same degree for under 150,000, probably even less than that.
@@---cr8nw he also probably took out more just to cover expenses and to eat
@@---cr8nw no way, not in the us
Sorry you don't get credit for that
Our university system needs to be looked at. There should be no way that this could happen
fr this is horrible
Dead right about that...becoming the same in Australia with some stud. Debts up over 700k. Crazy world!
While I agree with you, this is his fault 100%. You can't blame it on the university.
@@fglend73 You can blame it on both. Both are ridiculous.
It’s all private schools and private loans. All our medical schools are private
He sounds ........defeated..I can hear the sadness in his soul......I hope he gets his joy back....I'm praying for him.....
Percy Sherrod Sir/Ma’am, You are right! If things go down farther, he will be close to suicide! I speak from experience!
he defeated hmiself.
Suddenly my life at the poverty line after being suddenly widowed in 2019 doesn't seem so bad.
@@suzannejones7260 Prayers for you too : )
@@johannesswillery5146 Thank you so much. Together 40 years, I spent my entire adult life with him. I still can't get used to his absence. 🌹
This guy owes one million dollars and his fiance still married him, That is true love!
No doubt, she is a trooper
She’s a debt digger.
Probably ignorance, pure ignorance
Or insanity.
Not me !!!
Every kid this guy sees is getting braces for 8 years.
LOL
Ahaahaha
It's funny but it's actually a good commentary on the Americans medical system. Certain drugs and treatments are pushed regardless if it's needed
You hit the nail on the head and explains the corruption in. all of healthcare. Patient care is based on Money. It's no longer based on patient needs.
@dustoff Go work in Healthcare and then get back to me
I feel overwhelmed with 30k debt. I cant imagine 1 million
He's going to be fine. In 5 to 10 years, his business will grow. Now I know why all dentists I have visited are shady af. They all want to make quick bucks with the worst quality service.
I feel dead having to owe $1000 😂
ya but he will start making a ton pretty soon
Me too have 30,000 in debt and I hate it and want to get rid of it.
You can hear it in his voice. He’s defeated
I literally have $0 im 1 million richer than him.
I wanted to write this response so that I had time to let your comment sink in. This is an amazingly stark contrast.
🤣🤣🤣🤣
Hahaha
Lol
This man has a $1,000,000 investment in his career that he leveraged with no assets yielding 100% return in less than 10 years.
"When a man owes the bank $1,000, he can't sleep at night. When a man owes the bank $1,000,000, the banker can't sleep at night." -Old Proverb
I heard it differently. When a man owes the bank $1,000, he has a problem. When a man owes the bank $1,000,000, the bank has a problem.
Why would the bank have a problem?
MrJaytheking because the man probably cant ever pay it back to the bank
When you owe the bank $1,000,000, that's your problem. When you owe the bank $100,000,000, that's their problem.
@@MrJaytheking Because they now have a million dollars to recover and will be afraid of not getting it back.
this man graduated at the top of his class with an advanced degree in Debt Slavery
He can be a multimillionaire in a decade or two if his business takes off.
He opened a business I'm hoping in a few years he and his future wife are multimillionaires 👏🏾
@@emperorceejay1655 I'll be his accountant if he does free dental work for me🤣 I just graduated debt free but need 30k in dental work done🤦♂️
*I take that back, I can pay off my student loans and be debt free but still need dental work or get dental work and have student loans
My dentist told me they usually spend half their career paying of debt and the other half making a living and saving for retirement.
yup doctors too
How sad
Agree. I couldn't image always feeling so far behind. Especially when you are in your prime.@@fire12731
Us college is though jesus Christ.
I always envied your salaries but looking at it from this perspective we make waay more 😅
The high doctors here make like 300k on average while in the US ones make 400k but ours have basically 0 student debt.
I remember seeing somewhere that doctors make as much as teachers. Why bc it takes multiple years of schooling so then you aren't working during those years and loans etc.
He has enough debt for somebody to retire comfortably off his interest.
But now he does get to cruise on a guaranteed $300k+ per year with no risk.
@@imluvinyourmum yeah idk why people are so worried for this guy. Give it 10 years or less and he will be 100x better off than most people in these comments
@@SamuelMM_Mitosis I think it's just programming by Dave lol.
Apple is billions in debt, it's what the debt is for and the return. If the debt is for an arts degree and u can't even get in the industry because u have no talent and don't put in the effort, that's a bad debt lol.
But if you took out a $500k loan to buy your own truck and start your own logistics business that would guarantee you $200k the first year, that's a good debt.
@@imluvinyourmum well said.
What The you never thought what if he got fired or never got the job, you gotta realize a degree doesn’t mean you’re gone get or keep the job...... and 1,000,000 is hard asf to get just imagine tryna get out 1,000,000 in the negatives you might as well fine for bankruptcy😭💯
Imagine being this guy and winning a million dollars, and you’re net worth is at $0
No he’s income would still be negative because of the taxes lol
Still richer than the average American at $0
winning a million dollars is a good $600000 - $700000 after tax...so he still in debt
Needs to yolo on gamestop 🚀🚀
@@goynwa7110 what??? You guys pay taxes on lottery winnings? No tax on winnings here in Canada
I'm going to become a millionaire
*Uno Reverse card
Good one....
I didn't mean to bust out laughing. Omg!
Underrated comment but this is sad and I feel bad for the guy.
Rick Sanchez Wow!
Lol
$1 million in non-bankruptable debt.... This hurts my soul.
Practical Bible Studies drive the dagger through my heart
at least he has a degree and a career. Many people go incredibly into debt, and don't have a degree to show for it.
@Orthodoxy or Death
It’s true. Only way student loan debt goes away is by payment or death. 😢
Orthodoxy or Death This is America, where we feel pressured to pay a ton of money for things we don’t need. Student loans must be paid back. There’s absolutely no way out other than death or paying it. It’s creating the next economic bubble that could be the end of the American economy.
Mike Brown (Bassist) I agree that bankruptcy isn’t something to just get a free pass. But if someone has a bad enough set of circumstances, there can be grounds for bankruptcy. His situation is certainly manageable right now.
a million bucks in the red and he STILL has a fiance.....
👏👏👏👍👍👍
She's a keeper
Couldn't be me!
shes thinking of the future income....
That's exactly what I thought! I can't even get the time of day. Lol
I heard that True love is real
Student loan debt is plaguing our country. I'm so determined to get out! Just paid off 60k in 2 years. A little under 10k to go 🎉🎉🎉
It's because of socialism. 😁
@Dumbelldoor thanks!
So close keep making your money 💕
@@overthinkingintrovert396 uh, how
Awesome! Can you please share how you did it? Second job, etc.?
It’s a crime that the College Industry can bait and switch with predatory overpricing.
Bingo! 💯
Unfortunately we fell victim to this. I was the first one in my family to go to college. My parents didn't know anything about it. I graduated with 200k of debt. I lived at home after graduating for another 6 years but I'm debt free! Better feeling then graduating 🎓.
It just isn’t true. In order to accept the loan, the system makes you watch a demonstration on how interest works and how long it can take and how much more you pay the principal. You have to answer quiz questions correctly demonstrating understanding before you are given the page where you sign. They know going into it and they have magical thinking the someone else with pay it. He was smart enough to graduate from dental school, so he was smart enough to know what $1M is. Fortunately, he’ll make a million in take-home in about 6 years. The worst thing is that his finance is working without income or a retirement savings plan so he has more to put on his debt.
Idiotic post
@@drlisa3yep you don't know have a clue what you're talking about
Dave is actually 23 years old. However taking on the stress of his callers’ debts has aged him to a middle aged man.
😹
🥴
At 61 with a 23 year old girlfriend, I needed that story .
@@waterheaterservices sus...
@@waterheaterservices Nice!
I’m a trucker making $100k and when I hear this type of stories I tell you, I’m so happy to be a trucker
in 10 years he will earn 500K plus and be debt free
Except the Democrats wants truckers to pay for the "forgiveness" of student loans from guys like this.
Wow that’s great! Is it longhaul?
( my husband is a trucker too and doesn’t make that much but he’s short haul )
@@BenStateDoubt that . His liability will take the bulk of it
@@BenStateif someone gonna sue them 😂
Am I the only one who thinks his fiancé is the best thing happened to him ? She is on board with him, accepted his gigantic debt, helps him in office and doesn’t even take money for her work ... dude you are so lucky
she is such a soul man
This is VERY true. So many times women try to take from you. She is giving this man life.
She's probably just a stupid as he is
“She doesn’t take any income out of the office” meaning she doesn’t get salary anywhere else. She gets paid through his practice. Many people do that as it serves a tax advantage. I am not saying she is less supportive by doing that. Just correcting the facts
@@SummeRain783 thank you for the info I appreciate it and yes I agree doesn’t make her any less supportive but good to know this tax advantage arrangement appreciated
”I’m doing well” *next sentence* “I’m about 1,000,000 in student loan debt”
Lol
He's earning $200k working 3 days a week though lol, that's some juicy figures.
that's a great oxymoron lol
@@imluvinyourmum firefighters in CA make that too with substantially less schooling
@@hugolizardi1479 that's cap bro no wayy
I wanna be a firefighter
I feel like living with 80-90k with no loans would provide a better quality of life than 250k and $1m in debt. That's insane.
Well duh lol. But it’s relative, obviously having debt 4x your salary is terrible. But once it’s paid off, 250k a year is pretty sick. Imagine being 4x in debt but your salary is 30k, there’s no happy ending in sight there lol.
Especially since this couple have to live like 'poor' people for several years. Debt is quite the humbling experience.
A lot depends on how well his business goes.
Obviously he will still be in a lotta debt but after 3 years or so, if the business goes well then they can live a normal lifestyle
Yes absolutely your 20 year outlook is better with 90k and no debt than 250k and 1m debt
In the short term, yes. But he will probably make more than $250k once he’s got 10 years of experience.
when I heard him say that the interest is $5800 A MONTH, my heart dropped
Same omg. That's more than the vast majority of Americans make period.
Same 🥸
Right. That's my rent, health and car insurance, car note, food, gas, groceries, water, and light bill with some international travel money left over. 😳😳😳
Actually, if he will be earning $250K per year, he should be able to live on only $100K, he and his wife. Other folks can live comfortably with that. With that, he should be able to pay about $10K per month on the loan. Just set up direct deposit and forget about it. Just say his income is $100K per year and forget it. Let the autopayment take over.
Ikr!!! Wth!
I told a coworker yesterday that I’m gonna save up $200,000 so I can buy a house straight cash and he told me that’s impossible. Time to prove this boy wrong.
Save up enough to buy a house for $100,000 cash or less then you're living rent and mortgage free and then you only have to save up another $100,000 or so as it should be far easier with your increased cash flow. Sell the present house to go towards your new forever home added together with you $100,000+ savings and you got this. Definitely doable as it should only take you 4 to 5 years maybe less. Good luck and continue being a leader.
Very possible. If you earn 70k a year save 40k. Live wayy below your means
Your Co-worker jealous. Anyone that tells me I cannot do something. I make a sure point of doing it. Who are they? No one important. Go change that dream into reality.
Yes!! Do it man!!
Not impossible at all. You can do it
I will share this clip with my parents who kicked me out for not going to school. I make 50k no debt what so ever. Not even a penny I owe.
Naam Gill proud of you
Some people make 50,000 annually and have spent 100,000+ to do so.. Your not doing bad at all! Lol.
You're better off than this guy.
Good for you.
What’s your job?
Dude, mad respect to this guy for looking to solve his situation and asking for advice.
Well I'm done complaining about my S13,000 Student loan
Yea, that’s really nothing
lol, and Im done complaining about my 18,000 student loan debt
You mean bragging about ...
Naa imma still complain about my $93,000
@@tpespos I can help pay let me know !
Business idea to become rich: open up an orthodontist university, I just need one student and I'm set for life.
😂💰
Word
Thanos: everything
Brilliant!
😂
I’m so glad I went to a community college first and then transferred to a cheap university after that. I graduated debt free. Glory to God 🙏
If you don’t mind me asking what job do you have and how much do you make?
Amen
It's all about credentials.
Amen
Your smart.
Pretty sure this guy was featured on “Borrowed Future” and he definitely took the advice. It shows the apartment he lived in and everything. He had it down to 600k at that point. I feel bad for him this is a hard situation.
if doctors didn’t borrow for the future, say goodbye to doctors
@@doctorposting If government didn't guarantee the loans, the colleges would be forced to lower tuition rates.
@@bhe8336BOOM
Borrowed Futures is a Ramsey Solutions Documentary. And yes it seems like this guy was definitely on it.
Don’t own. Don’t even rent. Live in that friggin office. Set up a couple cots and get a microwave and a one burner stove.
Lol there goes his fiancé.
If she won't live through the storm with him she doesn't deserve the nice weather later.
@@DubRighteous None ever do because discipline is strictly a male trait. Females cannot see past tomorrow.
@@DubRighteous you sound bitter who hurt you 😂
@@sashmp3869 how does that sound bitter in the faintest sense? This literally sounds like projection
“It gives me an anxiety attack and it’s not even my debt”. Me too Dave 🤯
Vanessa's World I saw a millionaire asking for food at the food bank. This is the guy.
His situation is not as it appears. He will over the life of his career earn 10 million minimum. And with good wealth creation he can easily obtain a net worth of 20 million.
He is the 1% of the 1% in that he has graduated with a fellowship in his specialist field of dentistry. That means he has done dentistry school and then orthodontic training.
I would say what he has done is worth it. The one million does seem extreme but in the big picture it is nothing.
Now if he graduated architecture or physio with 1 million that would be a different tale.
I can relate! When my friends/family tell me about their debt, I freak out. I have $12K in student loans left to pay and that stresses me out enough. When I hear people say they have 100s of thousands in debt, it affects me emotionally lol
Yes! I thought the same!
Student loan debt is for suckers
Jeez.... he opened his office right before quarantine.... let's hope this man is still alive....
In Florida though. Interest also stopped accruing. Corona could’ve actually saved him!
We are all going to die!
@@waterheaterservices we better
@@reefym2627 suicidal?...
@@riverdaletales8457 Realistic
I had an anxiety attack just thinking about a million dollar debt. The world we live in is unforgiving.
He chose this lol
Just move to Mexico somewhere close to the border in California for 10 years change your name to Juan and your good
Nah fr a million in debt is fucking insane he’s still probably paying it off to this day
I’m willing to get braces AGAIN to help this man out 😭
😅
Skylar Nutter 🤣🤣
I loved my braces. Best 1,000 bucks I ever spent
@@annagarcia1527 I had to spend like 10k for them
Bro I hear ya fly out to him and everything
At least he has a high income skill, he's attacking the issue not complaining about it, gotta respect that
that is true, but I can't believe school should cost anyone that much. My wife is a lawyer and her student debt is 1/4 of that. That's a doctorate too.
@@baldkat82 The lawyer makes 120K and the ortho dentist makes 230K according to bls. Also this dude probably went to a private school. At a public he would have about 400K + residency.
@@crimansizers5840 my wife makes 250k, not even as a practicing attorney but as compliance director, and went to private school for undergrad and grad. She passed the bar too. His college costs just don't make sense.
@@baldkat82 I agree, it should be 400K if he was smart(er). That being said I was citing averages. I know an ortho dude that makes ~ 375K and owns his practice.
Christopher Homer Dental school can cost up to half a million dollars in tuition, plus living expenses. Also need to take into consideration undergraduate and a possible master’s tuition and living expenses. All that interest could be accruing while in dental school I think? Also not sure if the dental residences have fees. It does make sense when you consider all of this because dental schools are not cheap in the slightest. They cost more than medical schools and if you only get into one dental school and it happens to be one of the highest in tuition, you have to go there. It looks really bad to apply to dental school a second time if you got in somewhere else but turned them down, you could jeopardize your chances of getting into a school and then would have all that debt with not a high enough salary to repay it.
I don’t think even Dave was confident about this one today.
Put some teeth under his mutual fund pillow at 12%.
The 1 million dollars threw him off so much it looked like he forgot the question for a second.
Yeah it’s one of those you’ll be okay lines.
@Johnny Five, he knows exactly what to say: stop guaranteeing loans and start underwriting them again. The "crisis" is that we're allowing it to continue getting worse.
how much is his interest, 5800 or 50800???
This is tough. I feel so sorry for him. A lot of advice us students are given is to just get the degree and worry about paying it off later and then we're told not to work and just focus on school and this is the result unfortunately.
funny how he goes to school (as a career) but not smart enough to figure out his finances. I do not feel sorry for him
@@chloerodgers692 school does not teach finances very well and what they do teach is usually not the best advice anyways. I have never learned anything about finances until actively choosing to myself at 24. There are many people in this same position.
@@chloerodgers692It’s not really a big deal as long as he doesn’t become disabled. He’ll make tens of millions in his career.
@@chloerodgers692 Funny how you felt the need to tupe this as if you're saying something smart
He sounds so defeated after working so hard to get where he is. Heartbreaking. Wishing this couple well.
He didn't sound defeated at all, he even chuckled in appropriate places a few times. I think you're projecting.
he just needs 3 years dude
@@bands3633lol 3 years? What math are you doing?
Almost $6000 a month in interest!! Ouch!
That makes me saaaaad
His income is 180 after taxes. Putting 120k is the most... Dave is nuts...
That makes me sick
Josh if his income is 180k after taxes he should live on 30-35k and put 145-150k on debt.
Two people can live in Florida on less than $120k/yr, net.
It’s a lot, but you’ve got this. He has the right attitude and he’s seeking help.
It won’t be easy, but I believe in him!
I agree
You're so kind.
He's already married, but nice try.
Yes and he makes 250 k a year. Should not be a problem
Love the positivity. I agree. He can get it done.
The orthodontist calling in to Dave Ramsey is Justin McDaniel DMD of Jacksonville, Florida
Though he graduated with his bachelor degree debt-free, McDaniel finished dental school with “somewhere around $400,000” in loans that grew to around $600,000 by the time he went to school for orthodontia at a cost of $95,000 per year.
Caller: _"I have a million dollars in debt"_
Dave: *_*breathes with difficulty*_*
@ fsmoura - while several listeners have to lie down with their feet elevated higher than their heads . . .
Lol yea I think Dave had to pop a nitro tab under his tongue for the chest pains he had after this call
Dyspnea... haha
It would be funny if Dave calmly said: ''OK how much do you owe on your car?"
I have to click out of these videos sometimes because it’s gives me too much second hand anxiety.
Sally Mae: when can we expect payment
Me: you can expect payment whenever you want. Getting it is a whole another Story😂
I know that’s right 😂😂😂
On me bro lol
As s foreign to conclusion that the United States is in sever trouble ax s nation the levels of student,autio,medical ,credit card debt is appalling this society is totally bankrupt how this country considers itself a superpower is a joke China has replaced the USA as the premier power what s joke country
@@juniordunkley5298 , the day of reckoning is near.
Sammy Sosa But that’s what you agreed to!
I hate the fact that when he will become a millionaire , he won’t become a millionaire
He'll be like us.
One of us! One of us! A normie.
his loan will be forgiven in a few years and then he will just start racking up the money while we the tax payers pay off his debt.
mujjuman as you should as education cost for dentists is high bc anyone can get loans & not finish college which is 40%+ (;
That sucks lol
@@mujjuman Only if you are on PSLF and working as an employee at a public hospital is all debt forgiven (this takes 10 years not a "few" brah...). Not true at all for REPAYE or PAYE, where even if the debt is forgiven in 20 years you still have the tax bomb for all the unpaid debt. This dude will still be paying at least $300k in debt BARE MINIMUM the REPAYE/PAYE route!
Dudes going to make it. Big mess but he's organized and has a big shovel. I'm pulling for him and his family
Yea man I wish the best for him and his family
me: *graduates with $25,000 in debt and an engineering degree*
"I AM NEVER GOING TO FINANCIALLY RECOVER FROM THIS!"
*see's this guy*
"OH THANK GOD! At least I am not him."
I have since paid the debt off. Since this video was posted, but I come back and watch this when ever I want to buy something I would have to finance.
Bro juts invest in stocks and crpyto and real estate you don’t need a degree to be successful sooooo life choice baby
@@fortart6547 If it was that easy everyone would do it lol
Compsci major looking at a prospective 40k of debt in a couple of years. This is some good perspective lol.
Joshua S it is that easy but people just go to college because of peer pressure
@i Bee Amazin I think most of us feel better about our student loans after hearing this one--makes most 5 digit student loan debt amount seem like a cake walk in comparison.
I'm a dentist and was 1.4 million in debt two years ago. I'm in a better place now, obviously still in 6 figure debt, but I used to wake up in the middle of the night panicking. I dont own any vehicles over 30K and rent a 3 bdrm home as I have two little ones. The cost of the profession is immense and I didnt have help like many of my colleagues who had parents paying for their schooling, etc. I feel his pain but he needs to make more sacrifices and be smarter with his money. Those loan interest rates are ridiculous. I havent paid myself out of my practice for 2 years to pay down debt and am working on the side so as to provide for my family. We all make mistakes but we need to take responsibility and fix them.
The math is simple. If you can't afford the debt, choose another career!
Holy moly dude. I wish you best of luck on this huge task, and I admire your willingness to take responsibility for this. You can do this!
that’s tough my guy. keep your head up don’t give up. there are many more w the same story
Izzysmom no just get a free degree in Europe in a country with a super high minimum wage to rent ratio like Germany, Belgium Sweden Finland etc. European university’s are often taught in English so you wouldn’t wed to worry about that. I’m lucky that I live in Europe and I’d have to pay very little for university. Might move to the UK where salaries take into account student loan debt after my degree. In Germany you’d have to work 3 hours a week to pay for accommodation and the degree is free. You also do a work placement that can pay €50,000 a year with rent @3600 that counts as your degree. It’s very similar in other European countries.
My heart goes out to you! You got this though. You are temporarily behind, but you’ll outpace the rest of us if you keep your head down :)
Beans and rice...rice and beans
And I'm not talking name brand...I am talking about Great Value brand...
brian middleton still cost too much
He needs to buy dry beans and rice in bulk.
He needs to buy them by the pallet and no not at costco somewhere even cheaper shoot maybe by the trailer load
I like great value..they actually are better than some of the name brand.. j/s
lol 😂
This is an oldie but a good one. A lesson for students: be prudent about what you are borrowing, and pay the interest along the way to keep the balances from growing. My kids have loans and are still in school. I pay just the interest, and more when i can. We've already paid a few off. Your loan servicer shows you how much interest has accumulated and you can calculate it each month. At least pay that. Hopefully this guy made some progress during the COVID pause.
Imagine still having a fiance after they find out you are $1M in debt...
They must be in love I’ll run opposite direction if I was her.
I would not marry him just yet😉
Probably misheard him saying one million and thought he had that lol
first thing I thought
It’s a huge loan, but the salary is solid, too. In 10 years, the loan will be gone and the salary will be like 400k+.
He better start an onlyfans as a side job
his fiancee would make more money 😅
😂😂😂😂😂
Does he sound 🔥
Teeth fetish
If he were female, good looking, and had a PC this debt wouldnt be an issue
"How are you?" "I'm doing well Dave. Anyway, I'm a million dollars in debt"
😭
That’s a good man.
I wouldn’t know what to say good god.
🤣🤣
Happens a lot on Dave's show lol. First sentence is an upbeat greeting, second sentence is a statement of unbearable financial pain
My dad in law was a perpetual student and took out 300,000 and lived off of disability and food stamps. His wife was allowed to finish her degree and get a teaching job. I don’t know how, they are not required to pay the loan back. For our government to allow that makes me angry.
Imagine going $1 million in student loan debt..
Caller: Hold My Degree
I can’t even believe like Dave said that this was an option- that there weren’t more checks and balances in place to prevent this. I guess our future children’s teeth will be in good hands ?
Trust the_process I thought I don’t care how much i love the dude. I would run!!!
@@trustthe_process4371
That guy through his own practice will have a lifetime career earnings about of about $10 million. And that does not include wealth creation.
+theron12
That guy is going to earn some money throughout his career. The million looks like a large number but his life time career earnings around going to be around 10 million and with wealth building he could easily be hitting 20 million in wealth valuations.
@@Bae_mackx I have exactly the same thought. I agree with your comment!
5800 a month in interest????
Land of the free
@@billymabum3514the loaners are actually gonna lose money on him. After 25 years the loan is forgiven. So anything he hasn’t paid up until that point goes away. Still messed up but at least it won’t hit his credit
@@billymabum3514Yeah but it kinda evens out with the massive incomes. USA people always seem like they're overpaid, but I understand due to the extremely high college cost 😅
@@earl12121 that’s not true at all . That’s why most people struggle to pay off their debt
Unfortunately, compounded interest works both ways.
That is the biggest student loan debt I have ever seen.
But there is always a way out - good luck!
It just sucks....
Alongebaby - nah, it’s just stupid. No way getting that type of education should cost that much.
Alongebaby hundred percent!
Jersey nurse this is just crazy and usually only possible in US
Within a lifetime?
He has the title and the debt. I've met a couple of Dr's in the same position. Stay strong.
Who were the idiots giving 1 million in students loans to one person!
He is a dentist and just finished his residency for orthodontic; good income is guaranteed. Low risk loan in my book.
Rootless Tool lender is insured by the government though. They have no risk, therein lies the problem.
Rootless Tool the lender is you, that’s the problem. The federal government guarantees them and we will all be stuck with the bill when this blows up while the 3rd party lenders and schools get unimaginably rich
Rootless Tool HAHAHA NO
Cali Dreams I would
This is why braces are so expensive. We’re paying off the dentist student loan debt.
🤣
I never feel sorry for the dentist.
If I could give bills like that for working that amount of time I'd be walking around with a Mr Monopoly man hat.
500 dollars in mexico just adjust them in the states.
That’s USA. So sad.
@@Vita-a-stelle-e-strisce U have to get loans in most places, Australia, the UK for example.
The quality plummets when it's all community college, no university in the top 100 is free.
"Gives me an anxiety attack and it isn't even my debt" LOL same, Dave
actually this guy is not in the worst situation because he has a very large income. he probably need 8-10 years before he can pay it back, then enjoys the big income after that.
of course he knows this poor fella is going to have to pay it off
@@ericshang7744 diesel GJuk
Right i agree anxiety is through the roof
First world country people are always having anxiety attacks.. wonder why that is
I really appreciate that Dave acknowledges and accounts for the emotional aspect of debt payoff.
A friend of ours daughter went to school and got a four year arts degree, didn't do anything with that. Then she decided she wanted to be a lawyer, started law school and a few years later lost her enthusiasm for it and downgraded for a legal assistant. Didn't really like that and decided to become a physician's assistant, now she's losing enthusiasm for that and supposedly settling for an degree in nursing. I have no idea how much debt she's piled up, but before you buy that shiny new degree, be sure to know what it is you want to do or else you become a professional student and that pays nothing and costs you everything.
Columbus1152 TRUTH.
Columbus1152 I still regret taking ONE class while in a business degree that is not useful for the current degree im working on. I cant imagine changing majors that many times... and i pay out of pocket, so no debt.
What she's doing sounds incredibly dumb. That's great advice though, when you pursue a degree make sure you are certain you are making the right choice. Don't flip flop on what you want to do because education is very expensive.
@@hotman718 -Well educated but dumb
@@Columbus1152 Imagine if education was free paid by government, what a burden professional students like her will be on society.
Major respect to all these callers for having the guts to be so vulnerable on-air. Hope this guy is doing better now, best of luck to him and everyone else in debt right now!
They are hanging on by a thread! This is all they have left!
He definitely still in debt lol
I guess they have been through the stage of acceptance and despair so they decided to call.
Dave ended up featuring him in a documentary on the student loan crisis. Seems like he’s chipping along.
I'd love to hear back from him now!
I cried when I paid off my $10k in student loans!!! I can't imagine the relief this guy will feel If he pays his off....
Hopes he is still alive by then
Chook P. Not to mention I do all my dental work in Mexico 🇲🇽 taking a flight ✈️ and getting in done in Mexico is cheaper than the US
I cried when I completed my pension paperwork at 38. I'm free for life, greatest feeling in my life. My daughter is 13. she can have my 2 million in pension payments. God bless America.
This guy will be earning $1m per year in less than 10 years.
But he'll own a $750,000 house, be taking $10,000 vacations, have a boat, a vacation house. He'll be broke because he "deserves" all that good stuff
Every call like this makes me that much happier that my $20k student loan debt led to a job where I made $55k-70k + benefits. I paid off the student loan in about 18 months.
I have no college degree and I make 400 racks a year till I die
1M in student debt?? I didn't even know that was possible!!
How did that happen
he’ll be making 500k+/ year in no time. If he works for 30 years, 15M is worth the 1M of debt. There’s a reason why dental schools feel like they can charge that much
@@mjwahba Assuming he keeps his job for 30 years.
Especially for an orthodontist
@@MadOrange644 he’s self employed .... has his own clinic, you think he’ll fire himself?
I felt some relief when he said Orthodontist, some relief. Can you imagine if he said his major was "Undecided"
*Breathing heavily* D:
He has his own office practice so his income could fluctuate which is even worse
Or anything with the term social or drama
Left handed puppetry 😂
Plus when he’s old and retired he won’t have a normal pension.
That is straight up terrifying, I would be living in a van and eating rice, for real
Nope... I’d just be living in a van down by the river.
@@dekirkbride I just want to let you know I appreciate your comment
I would purchase a one way ticket to some African nation 😂
@@cbowser3 Welcome Home
What I really like about this show is, that people mostly call in with a lot of respect and reasoning.
When this makes your $50,000 student loan seem so small.
I will not be complaining about my $16k student loan anymore
@@nunyabusiness1317 if your salary is 66k then why didn't u paid student loans?
I'm sitting here at 0k cuz i never went to college.
And this makes my $5000 student loan look like a microagression
@@TienTran-qf9nu I’m thankful because my high school had an agreement with the community college to give students 2 years completely free!
I wonder how this guy fared during the pandemic closures. I really hope he's doing ok.
No student loan interest for a few months so that's a plus
And people still need healthcare
News has come that he committed suicide
I have the same thoughts. The lockdowns are hurting almost every business.
@@student7259 thats the best way out. 60% of the time it works every time
this is why dentists want to take every one's wisdom teeth out at age 14
🤣🤣🤣🤣🤣🤣🤣🤣
yeah, really gives you a ton of trust that your dentist has your best interest at heart, right? :D hail capitalism.
And fill teeth and then cap the same tooth later.
They wanted to take mine and said there was no room. They've grown in fine
@brandon I was 30.
I remember graduating with $105k student loan as a Pharm.D back 10 years ago… oh boy the excitement of getting your schooling done quickly replaced by the anxiety of paying this 105k loan. At least I got it paid off in 1.5 years working 50 hours a week earning 180k-200k a year. A million student loan debt ? Oh my god I would have died.
the fact that only 50 years ago, schools were relatively free to getting 1M in loans shows u how messed up the system is
Indeed, I'm scandalized by this!!! This is the American Third level education system?? Broken... very broken system
Why do you have to pay for residency?
@@mairedaly4926 do not get it twisted, this is NOT normal. This dude is an absolute outlier
@@kickandblock 42.9 million Americans have student loan debt. Student loans are worth 1.57 trillion in the US, a world high... it's sad... that country has so many great things but the bad is so bad that it's just a wasted country imo
@Leonard Wolf ahh, just like healthcare, right?
$5800 a month in interest ... where do you even start with paying your loan off
If he can dump 15-20k/ month on his loan, he will eventually get somewhere.
And that's why my religion prohibits interest.
@@tasneemahmed5821 la ilaha illa allah
@@tasneemahmed5821 very ironic that banks in Islamic countries replace the word "interest" with the word investment
I can't breathe
My sister went to dental school back on 2006 ish and had $500k debt after graduated. She lived *very* frugally and moved back in with our parents for a few years and drove a car from 1996 til it died to pay off her debt as fast as possible. Gave her so much stress.
omg
I guarantee you she still owes. 500k im 17 years would only knock off 30% of the loan depending on the payments. How is that even possible to have so much.
Wtf. what do you get for 500k? What did she paid for? Golden teeths for working? How long did she go to school? Im german and this is such a crazy number. No one ever, would give you so much here by us. Not for a degree. No matter what you are studying.
@@markelraya10You know nothing about her loan or her income, yet claim that she only paid 30% of it up to now... that's preposterous 😂
From what we hear, she lead a frugal life after graduating. It's likely paid off in full. Average students loan is at 6% p.a., so about 2,5k/month at the start of the payment period. If we assume she was able to pay 10k/month, it should have taken her about 5-7 years to pay it off!
This guys has officially motivated me to pay off every debt I have immediately‼️ He can’t even file bankruptcy like the rich who borrow and just don’t want to pay! 😰
Dave wanted to pull his hair but he didn't have any to grab. Lol 😂
Omg😂😂😂yooo I love the internet
He's beard maybe 😂
pulled it out years ago on his radio show before youtube even existed
Juan carlos Martinez hahahahaha!!!
The fact this is even possible is what's wrong with america
no name exactly
This is what happens when the government gets involved with student loans
We have to get the government out
Yep
Ok guys, get the government out of it...so that would take care of the federal student loans but what about the private loan companies? Lol
Did he say he pays $5800.00 a month in interest? That makes me want to pass out.
Kris 😂😂😂
I know I got sick
Me too!!
I owed 440k after dental school - no residency. My payment was 4500 a month for 25 years. I wasted 3 years trying to”income based” and trying to even mentally process the debt amount. Then I moved to rural area and lived on my husbands 60 k income and put my yearly 180k ( after tax) income all into the debt. And after 2 years i began to breathe a little. I still owe 60k though haha. My body aches from overworking past 7 years and i think i was suicidal every other month but i made it. Nobody understands this kind of debt - student loans go to grave with you and no bankruptcy. DONT GET INTO THIS KINDA DEBT. Being a doctor is not worth it because you will handle doctor level stress with NO gratification whatsoever.
Glad you're near the end of your loan! I'm a dentist myself; luckily total debt was $220,000. I plan on paying it off myself in the next about 6 months.
Let's finish strong!
@@Trewq79 220k is nothing! Idunno if you are a new grad but can do that in a year or two . Don’t listen to other ppl saying invest in your CE and office and pay off slow while maximizing. Yes, a good running practice will give you wealth but it takes YEARS to get there while ur interest doubles and triples. You can do all that more effectively AFTER you paid off your debt.
Anyways I guess this July we shall have something to celebrate about 🍾🍾🍾🍾
@@w1thjd With the cost of medical school being roughly 240K along with the cost of living that would include food, housing and amenities, 440K seems totally reasonable. However, the original caller’s 1 Million debt indicates that he went to an undergraduate college that was out of state, 60K a year. Sorry, but that is a financially stupid decision. Nobody should go out of state college for any reason whatsoever.
Can almost garantee she will leave her husband when she gets out of debt 😂
@@dmitri2366 well not everyone thinks like you.. we just had a baby post student debt and our marriage has never been stronger :)
If he lives on $50k a year, he can put like $100k towards his loans ever year after taxes. 15 years or so later, he's out of student loans and making >$250k a year. I've heard sadder stories.
True. But that is 15 years of no nice house, no BMW, no keeping up with his colleagues, etc. What a test of will it will be.
@@jenniferwright8355 Agreed.
@Thelondonbadger Oof, don't tell me, I was the breadwinner and had to pay my ex support and alimony because he quit his job to get a PhD. :) A different story, though!
Yeah, I agree. If they live a minimalist lifestyle, they can do this. Once his own business is up and running properly he could double his income
Not to mention hes probably already in his 30s, so by then he'll be getting towards retirement and will still not have anything in a 401k. He didn't go to school for dentistry only to live on 50k a year
Imagine if he paid all of that off and then the government did student loan forgiveness right after
😵😵😵😵😵
Oof
I would cry myself to sleep
😂😂😂😂
Lol
I'm here cuz I wanna feel better about my situation.
Haha you picked the right segment...
Lol, I'm here for the same reason. I also love listening to Dave's opinion and advice, on people's financial problems
He can actually dig his way out in 6-7 years if he follows Dave's advice. And then he'll be making $500k / year
@Thelondonbadger yeah true that. People will waste money on cars and restaurants, not realizing they are throwing away millions in lost future investing potential
Preach girl!!!
Ramsay lands it perfectly. You fasten your belt for a time, you live like a student, you rent like a student, you don't travel and nothing. No glamour, no glitter, just swallow it down until that debt stops being a behemoth.
This is the closest I’ve ever seen Dave to being speechless
You must not have seen the video about the lady with the child support question who had two kids with an abusive illegal guy. He was speachless for about two minutes.
“Hey Justin how are you”?
“I’m great”
“How can I help you?”
“Well I have a million dollars in debt”
XD
🤪😅
And I was over here stressing about paying $2,000 on a credit card!
Me 2. My 3k line of credit
sara Sarah I picked up a part time that I go to after my full-time job because of Dave. I should be done in a month.
@@TheCookieFranco with my mortgage, utilities, car payment, insurance etc
I will probably be done in 3-4 months.
I work 2 jobs too.
Its hard to get lots of hrs at second job
sara Sarah I work at Round1 part-time. They’re open from 10 AM to 2 AM. I’m getting about 30 hours a week from them.
I’m trying to repay $500
Dave was speechless for a moment because he didn’t want to be to tough with the guy … extreme cases… I would say God bless you and hang up because it is overwhelming to even think about it 😅
These calls make me feel better about my situation.
"You're going to need the most expensive braces and veneers, sir." "But all I wanted was a crown!"
Partner with a plastic surgeon. Those patients will soooooo want invisalign
😂😂
tjbalistic That’s funny you mention that. I recently went to a new dental office and the owner had just spent thousands of dollars on all new high tech equipment and decor. Guess what, he quoted me $4000 in dental work that I “needed ASAP”....went to another practice and I only needed $600 worth of work.
Megan Mawhinney kind of sounds like a car dealership. Go in for standard brake work, get quoted for a new engine and transmission.
Dentists are notorious for doing this. I work alongside dentists who tell me they do this to make extra money. Always get a second opinion and don't tell the second dentist what the first quoted you.
Thank you for coming to my Ted talk
This is the issue with the government backing these loans, no reason for someone to be able to take this amount out before they graduate.
Yes! So few people point this out, and want to blame the borrower. Yes, they took out the money, but he is just trying to improve his life. The lenders take advantage of this, and end up making slaves out of us. Can’t get a mortgage for $1,000,000 with his salary, but can definitely buy his way into indentured servitude to the banks and U.S. govt.
@@monicasmith2148 That's because debt is how the ruling class intends to re-establish slavery and undo the Magna Carta, the document that outlines western rule of law and human rights. I thought this before hearing about The Great Reset (before it was the Green New Deal and A Just Society) but after hearing about that I'm now sure it's intended to become the new reality.
@@MK_ULTRA420 blew it out of proportions.
Here in the U.K. they give u based in your home income and it’s really difficult to take out more
@@SBTrading-c7v You said all those words to say nothing at all...
3 years later, I'm watching this. I am curious how this guy is doing. Hopefully he is making good progress. I often feel overwhelmed with $175,000.
It’s a fake call
@@K.E.A.9.4.
He was featured in Dave’s money, “Borrowed Future”. It’s a legit call
@@K.E.A.9.4.haha how do you know?
@@christianespino2422 Maybe because their is not a single school out there that over 8 years charges there students 1m? The most expensive school in America is Harvard at like 75k a year (for out of state, in state is way cheaper). That's 600k in debt.
Yes, there is no definitive proof that it is fake, but all you need is common sense to put 2 and 2 together that the chances this was an honest caller are astronomically low.
A homeless man is more rich than him
Yes/no
Homeless man makes $0. He makes $250k. I’m sure he can pay that off in about 5 yrs or even less
@@kabulbolan
That guy will have a career lifetime earnings of about $10 million. How is a homeless person worth more than that?
At some point down the line he will end up with a beautiful florida home with a nice big house and no mortgage.
That million will be a distant dream.
@@kabulbolan no way in 5 years. 10 minimum
probably happier !
Just start over in another universe
Pa Ct 😂
🤣🤣🤣
Lol it will follow him !!
He'll have to go on a quest to get the time stone like Thanos did lol. In order to reverse this debt.
Observer16 18 yes LOL.
Brother when you come out of that debt don't ever let that women go she is the kind of sole mate 1 of a million.
@Christi A No it sounds like he recognizes a good woman
Men leave women like this because they secretly hate needing women's help and staying with her will be a constant reminder of this time in his life