I'm 19, Is This $500,000 Purchase a Good Decision?
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I'm 19, Is This $500,000 Purchase a Good Decision?
no
@@David-rg6vj why not?
@@miketonon7946 sell the car
@@dylanabbottmusic6048 but my car is on Scotty Kilmer. Plus it’s sentimental to me.
Sell the grandma the parents and the kids.
This is probably the first episode in a while where I had NO clue what Dave was going to say
What does his fiancée think and feel about the farm after these questions are answered? Does she have debt or savings? Exactly how much is it currently valued by a professional farm property appraiser? What are the taxes and insurances costs? What is it zoned for? Does it have to be a working farm for its current tax rates? They have NO experience running a farm or managing a property this size. Good paying jobs are not usually near farms. Never sign a land contract, if you can’t get a mortgage you can’t afford it. Wish them the best but it does not sound prudent to me.
Same. At first I was thinking "no way", but then I started thinking about it like a mortgage and wasn't so sure what Dave would say.
This is the most mature 19 year old I have ever heard. Congrats to him he has life figured out 🔥
Even his voice was deep
It's amazing what can happen when you ground a young person in the realities of life. This is just my observation but it seems people who pick up skills and work experience in their teens tend to fair better than those who 'followed their interests and dreams' whilst taking on debt at university.
His voice made him sound like he was 30 too
He sounds 35
@@monicarenee7949 FACTS
Hey Dave I’m 7 years old and worth about $100 million dollars. I was just wondering if I can afford to buy a new bicycle or if I should buy an old used skateboard until I save up more. Thanks!
Better you to keep saving and buy your bicycle when you are 10 !
@@johto I think your right. In the mean time I will put my money in a diversified portfolio. I am invested in 50% rice and 50% beans.
@@willm9608 Winning!
What’s your household income?
Ride a Unicycle. Why pay for two wheels to be replaced
This guy is starting an empire! His future grandchildren will sing his praises.
He is obviously getting help from his grandfather. Even if you saved every penny from a 55k job his numbers dont make sense.
@@danieljenkins7951 the boy still lives at home with his parents, what are his major expenses, gas and eating out money?
Im a welder like him and i like to save money the only difference is im single don’t plan getting marry anytime soon lol i don’t get any financial help from my family if anything i give them financial help since i help them pay rent which i don’t mind my parents didn’t have a lot money when i was growing up to me and siblings but always grateful for what they could
Maybe he meant he was 40 but he feels like he’s 19.
Or he's 19 and feels like he's 40
😂
Lol 😆
Lool 😂😂😂
@@JustinCase780 sounds like 40 for sure
I love it... Dave says "if it don't work out, it's gonna work out". Amen brother
This is the oldest sounding 19 year old I’ve heard in my life! He’s doing great though.
A great job at bull shitting.
@@miketheyunggod2534 welders get paid well.
I’m 45 and he sounds 20 years older than me!
Man is no way 19
It's the uncle who is testing the waters to see what his nephew will do. No way that guys is 19
This was the most interesting call I've heard in a long time. Kudos to this kid!
As a farmer’s wife I just want to say this…. make sure u calculate EVERYTHING that is involved in a farming operation… equipment is expensive.. fixing it is expensive.. seed is expensive. Fertilizer is expensive. Make sure you calculate all of your inputs. You’re getting a great deal on the land/house.. it would be best if you could break even With what you make from the farm. ( aka farm income pays for land payments and hopefully farming input ) Then Use your welding income to knock out other farming expenses that may pop up. Hope that made sense.., best of luck! You’re doing great for 19 year old!
You are correct and wise beyond your years. It is unfortunate what has happened to the farmers.
maybe just farm the land till its paid off and sell it at a nice profit
@@dagobaker uh yeah farming isn’t that simple. 😐
This dude is getting the deal of a lifetime.
the key is where this farm is located. the only way it could be worth 1.2M while generating 30K is because it has other potential. even if only part of it can be used for other purposes.
@@joechang8696 even owning 100 acres in general is worth that.
I seriously doubt it's worth $1.2M. If it were really worth that much, everyone else in the family wouldn't have passed. I seem to remember an old saying about a deal that looks to good to be true. I'm surprised Dave didn't call him out on that.
@@mroberts566 Yeah that could be true, but maybe the other family members are broke.
@@joechang8696 must be amazing living somewhere where you think a farm with 100 acres that generates $30k a year is not worth $1.2M lol.. seriously
Absolutely, on the land contract and Dave was exactly right on the possibilities. It happens. That's a headache you don't want.
especially if family members later on decide they want part of the pie when he passes away... thats the biggest risk by far. i think his grandfather and him have good relationship, but others may be jealous.
Dave’s smile as soon as he stated his net worth is the best. Also, he’s buying a house. $100K income and a $500K mortgage isn’t insanely unrealistic with no other debt. The house just happens to have a bonus that bumps his combined income to $130K. 10/10 video.
His $100k household income will only be for 1yr until his 20yr old wife starts pumping out 3-5 kids and stays at home for the next 25yrs.
@@famousamos1 LOL. Well, that’s also assuming his income won’t increase and the farm’s income will not increase. 🤷🏼♂️ Regardless, kid is killing it and I wish him all the best.
@@Dr.C_Stag Lol yes I agree the kid is doing a 1% at his age! He’s also getting a deal you never turn down if the farm land is really worth $1.1M for $500k! It’s like company 401k match!!
lol Dave didnt ask for a breakdown of his net worth guy just wanted to brag a bit, good for him :)
Jeff’s a Ramsey watcher too?!
As he should. He's making a case for his financial ability to take it on.
Let the man flex! He's a 1%er for his age range
Not a bragger - successful people communicate like that. As the caller said - he listens t DR and therefore knows the drill - house hold income, debts, married, kids etc . Caller delivered without a singular um, hesitation. He was such a pleasant to listen to and to think he is still a teenager!
@@juniperbrooke3883 When asking for advice you wait for the give to ask questions no reason to go into details that arent needed, I pay my bills and am financially stable is all he needed to hear...Then again if he knew what to do he wouldn't have called Dave in the first place...
For those who doubt him, I can assure you this is very doable with discipline and a good work ethic. I’m also 19 and am approaching a net worth of $100k. Started work at a young age and became financially literate.
It can be done!
Yeah sure thing
I'm not calling you a liar but how is that possible. Bc how have you made 100k not including spending a single dollar 100k at 19 I don't see how.
I believe he should get a prenuptial agreement. Those assets are worth a lot of money.
If he and grandpa went in together on an irrevocable trust that the youngster had to keep paying into to maintain (and the trust pays into another financial vehicle that pays grandpa), but the property still passed down to him when Grandpa passes, that would probably protect him better than a prenuptial agreement. Those are so fragile.
He is marrying his childhood sweetheart.
@@Neddie2k As if childhood sweethearts don't get divorced
if i was him i would wait on the marriage and just date awhile
u live on the farm and she can get an apartment or keep living with her parents
if she bucks..... next
He makes $55k, she makes $45k.. He has a $100k net worth, we don't know hers... meh. I wouldn't do a prenup.
this man is amazing at 19 years old! He is so smart and knows exactly what he wants in life. I hope all goes well with him and the buying of grandpa's farm.
I always learn something new watching Dave’s show
This young stud is a hard worker and in a good financial position.
Do the math. A lot of his money comes from his family
@@macabretraveler1689 even if that is true, his character and hard work ensures that he keeps it and grows it for his own new family. But he worked for his savings- did you not hear? He doesn't own this farm yet.
"Hard work" when half his net worth is from his family
I need to show this to a kid I know. He is going to be some kind of tradesman, he doesn’t know many people with a decent amount of wealth. Maybe listening to this can inspire him to think beyond all he knows, and create generational wealth for himself and his family.
This guy found his calling early on in life and knows where he wants to go. That is great. Congratulations!
If only the rest of America's 19 year olds had Tom's work ethic and financial education. Wow what a world this would be.
Most people aren't brought up with parents or family that incorporate financial literacy into their upbringing. Bad spending habits of new adults, reflects the parenting of the older generations too.
@@Themoment888 I have a friend who has a kid who has NO financial literacy and she is shocked by that. A little about her: She is retirement age, has filed bankruptcy twice, lost her home, spends WAY more than she makes, but she is mad because her kid doesn't know how to handle money!
@@laliz7025 I would be more concerned about my finances if I filed bankruptcy twice 😵
@@Themoment888 She raised her kids in a narcissistic chaos, and she wonders why they are so fk'd up. It was CHAOS.
@@SonicCloudLink I agree. My older sister is in her 30s and is still mooching off at home
it sounds like a hobby farm since you can't amke a living off it so he's basically buying a place to live. He should rent the land to other farmers in the area, live in the house and keep welding and it sounds like he has a decent situation.
This seems like a good plan. As opposed to shilling out a ton for new to him equipment for a hobby farm.
If he brings in $200 an acre cash rent, on say 80 acres, thats 16k a year. Of course we don't know anything other than he said his grandpa makes approx 30k a year.
It really is sick that a farm is worth more as property then it is worth to farm the land. very few people can afford to farm these days.
Yeah and he’d be better served renting any tillable acres out to a real farmer and he can just live on the acreage part
I always question when family members rely on other family members as the backbone of their retirement plan. I’d like to know who established that the farm is worth $1.1M.
100 acres, plus home/improvements, NW OH, yea 1.1 M is close.
@@wordsalad01 I wonder if he understands the sheet amount of work involved with farming. It's not some "hobby".
@@josephinenelan4204 this is his grandpa, the one who inspired his work ethic.
He's probably spent summers helping
@@ksto0625 it can be either close or not even close. Depends on a lot of factors to be worth that much.
Grandpa wants to keep the farm in the family, and to avoid inheritance tax, otherwise known as a death tax, Grandpa is selling to the family member that actually wants the farm.
Wow, what a great guy. He’s got great things ahead of him.
Good for you!!! I am happy for you and you're future legacy!!!
At 19 i was a rotting idiot without income and f****d up.
Wow, respect to this dude
This guy pulling moves at 19 that most guys haven’t done by 35
The only knock I have against him is getting married waay to young. The stats on that arent good ....makes no sense to have it all figured out by 19 only to lost it all by 35....ask most nba players
@@arnoldk5415 actually wrong. getting married younger has higher chances of the marriage lasting for a lifetime than old.
@@arnoldk5415 NBA players are a horrible thing to compare to or use as an example, extremely uneducated spoiled individuals in almost every case
Partially because he has a good family situation. They might not be rich but definitely well off and I am sure this contributed to his success at such a young age.
@@h3sh926 fr, ppl are forgetting that he said he received help from his grandpa
I'm 19 lol ya sure you are.... that guy sounds older than me and I'm 48.
19 with 130k
He is lying about his age lol, interesting call tho
I’m 20, I believe it. People lie but he sounds like the guys I know.
Testosterone baby
@@al1395-y3d he works and doesn’t pay any bills since he lives at home. All his 50k income goes into a bank account, it’s not that unbelievable.
When i was 19ish i was somewhere in Costa Rica studying business and español🇨🇷
I love this call! You don't find too many young men like this!
Smart guy! His parents must be so proud of him! This is a great example of what hard work can do for a person.
I'm inspired by the work ethic and discipline of this 19 year old young man.
I just bought a 120 acre hobby farm at 40. What a stud to be doing that at 19.
This guy is the most mature 19 year old I've ever heard in my life.
Daves big smile in the beginning.... Priceless
This guy sounds way older than his age haha 😅
Agree!
@@jnetbrown17 yep
Agree. He sounds like a 40 year old man.
Tom sounds like a really sharp character, especially at age 19. If I had been this wise even at 25, I would have been far ahead of where I am today. Good job, Tom!
He sounds like hes 40. Plus i dont believe this call. Has he been welding since he was 14?
He said 16
@@IA-py9by so he started full time after HS. So one year ago. On a 55k salary. No way he has 118 in savings/paid off vehicles.
@UCvOn1yZwQ010ujWO_m6rsmA thats what im thinking. From time to time i think some calls are people lying to get on air
Two years part time + summers, two years full time, plus overtime, paying for no food, rent, or utilities the entire time. And he's including a $28k car in his net worth (which is probably worth a lot less). It's possible, if only just.
It's totally believable. He stays with his parents, and they may be doing much of the household spending. Moreover, his grandfather introduced him to Dave Ramsey two years back, so he is obviously groomed to be a saver.
Assuming he is relatively frugal, he could've easily saved up to 70-80% of his take-home pay, if not more. When he gets married and moves out, the story would be different.
He appeared sincere and extremely mature for his age. It's a testament of his good upbringing. I didn't see a reason to doubt him.
You know why Dave said yes? Because he sees the potential in this deal to make this kid filthy freaking rich. That's Dave's wheelhouse.
Sounds like he’s 40
Yes lol and has a 19 yo gf that makes over 40k as well.
No way that guy is 19 years old....another bs call.
@@edkennedy7952 Agreed
@@hollywoodsmile9483 so you saying he's just lying for attention?
@@LVXD0 All i'm saying that he sounds much older then 19
i’m 19 with about 1/5 of his net worth. That’s insane to me honestly, congrats to that man. I’ve been working hard since 16 and still aren’t even that close to that number😂. Seriously pretty crazy! best of luck to all the young men and women working towards their goals
Congrats to you you're doing really well at your age. I'm 23 24 in 2 months I have a net worth of 93k not including my 10.5k car. Although it may have went down by a little bit bc my stocks are down. I'm not saying he's lying but I don't understand how you could even make a 100k by 19 let alone save/invest it.
Best of luck to this young man. Kudos!
You go Tom. I have known several welders, they were all good people who had great career opportunities. One I met had retired very nicely from welding on Nuclear submarines.
I agree that land contracts can be a problem for either or both parties.
By the way, Lima Ohio was named after the bean, and is pronounced accordingly
He will do really well he a mature, hard worker, i wish him well
Learned welding on night shift after school. Hard work ethics & discipline 👍
Wish I did Votech lol. Going the college route through high school was such a waste.
The one thing he didn’t even mention is the operating line to farm. There is a lot of input costs to farming and typically farmers have to take an operating note to do this. Very high input low margin business. Hopefully he is taking that into account to farm 100 acres is going to cost him over $700 per acre to put a crop of corn. Adds up quickly. Has to carry that cost until harvest. A bad crop year in his first year could really hurt
That IS truly a great story. You have to love it.
Impressive guy. Putting himself in a position to stump Dave and Ken
Good advice for a nice young man. I wish him all the best.
how can someone get married at 19 that’s mind boggling to me. When I was 19 I barely knew what marriage was😂😂😂
Absolutely do not let that farm slip away….and make sure you pass it to one of your kids or grandkids that is as interested as you are now when the time comes.
Every mornin' at the farm you could see him arrive
He stood six-foot-six and weighed two-forty-five
Kinda broad at the shoulder and narrow at the hip
And everybody knew ya didn't give no lip to big Tom
Sounds very smart and doing great with financial decisions! I feel some of it was given and provided to him but regardless. He’s making big moves at a young age.
I think he's doing great.
Hey Dave, I'm only 14 and a half, I own half of south Asia and a quarter of Tibbet. I was wondering If I could purchase a new kitchen rug, or just use paper towel instead.
Just use paper towel. That's what's wrong with this generation. They buy things just to impress people who don't care about you.
Man Dave is so wise.
Great video, thank you
Buying a job and netting -$500-1000/mo is pretty wild. There's a house too, I guess, but it's hard for me to get past the first part.
Plowing the Earth does wonders for the maturity level. God gave Adam the ideal job
Twice! Adam goofed up the first job, though. So God gave him the chance for a do-over.
Dude might be a millionaire at 21!
Ya but he said he’s getting married. Wish him that it really works out.
Millionaire yeah and divorce at 30 or 40 and wife takes half his money.
and worth 500k a year after that as she takes half
@@Random-yq1wu yall are so negative man 😂
Own a farm at 19. I would do it, so long as the farm is in good shape and creates a steady lifetime income. He could always sell it for $1.2 mill if he decides the farm life isnt for him and make a huge profit.
LIMA, Ohio as in the bean, not Peru!
Imagine if most men twice his age had this level of maturity. He sounds like the perfect one to get the farm and make it work for him.
Great advice Dave
Farm makes $30k a year and will cost 500k?? Seems like a poor investment.. I guess it depends how much you would have to work to run the farm.
Supposedly selling 1.1mill property for $500k and none of his kids wants it?? Something doesn’t make sense???
It's a farm. They probably don't want to do the work and think they will just be able to sell it off when he dies.
And $500k (or even $1.1M ) isgreat for 100 acres of farm.
There are people paying that for track houses with HOA fees on top of it!
This would be great!!!
The most important part I took from this was you go out there and get all the ot you can get and pay this thing off
Hats off to this young man who sounds as though he has his stuff together. $500k purchase on his salary is quite a stretch and I hope he isn't getting in over his head.
Old joke: What's the best way to become a millionaire farmer? Start with $10 million.
Married at 19, ABSOLUTELY NOT!
Garmlandcan be a decent asset. I personally would own the property and lease it out to be worked on by another individual.
Its sad to hear about family not wanting the family farm. They are disappearing and being turned into suburbs where every house looks the same. If it were my grandpa I'd want to preserve it in the family and I'm glad Dave gave good advice here to do it, but do it smart.
I never thought I'd see the day! Ramsey condones debt, the deal just has to be sweet enough!
Man I wish I had his head on my shoulders at 19!
Great advice!!!!!!!!!!!!!!!!
Good 19 year old. He is using his brains. Good thing he called Dave.
that dude is on track to retire with a 10m networth or more if he stays on this trajectory and doesnt have any catastrophic disasters. being able to buy the 1.2m family farm for 500k at age 19 is something most could only dream of. if he shows his grandpa this video, knowing he respects dave, the grandpa would probably be willing to sell it to him normally with a mortgage.
That’s a lot of stuff at 19……getting married and a farm. Ask grandpa why the land contract? He has a reason for that.
Land contracts are done to avoid taxes
America needs more of those class programs.
At first it sounded so horrible, however, after thinking about it definitely do it. You're getting 50% off a million dollar deal plus it pays at least 30k a year. Most people buy houses that cost them 30k a year in expenses. Also with his new wife making money they will have roughly 130k a year coming in with the farm. Sell the farm in a few years for probably triple what you paid for it in a few years. Seems like a win.
Great job young man!
19 years and all with hard work coo
Where is Grandpa going to live when the caller moves in with a new wife?
he is very financially mature at his age. the only issue is he isn't going to have time working full time and taking care of a farm. I rather just not get it especially if its for 500k its a lot of work you need to do it to pay it off and make a profit.
He will make 30k renting the land. I live next to 100acres and they rent their land out. Trucks coming and going planting and harvesting. The guy who owns it doesn't even live there.
AWESOME, young man!
I was like this dude can be a welder and I was right hahahaha.
Both around 18 years old and get ~$50k incomes out of high school.... right. That must be some hard work
Wow. What a man!
What would be smart would be to buy the farm. Sell the equipment and rent out all of the crop ground.
There is no way he can afford a 500k 15yr mortgage on his salary. Yeah his wife works too but idk if I’d depend on that especially once they start having kids.
id agree with him saying he takes full ownership rather than a contract. The contract sounds like a screwy retirement plan otherwise that keeps the farm in the family rather than outright selling it for what its worth.
Classic line “if it don’t work out, it’s gonna work out”
Great call. Caller, if you are reading this: I think this is a phenomenal deal. But hire a mortgage lawyer to nail down the details. Once the deal is ready to sign, think about calling Dave again to run the final details by him, just to make sure you aren't missing anything. You want to mitigate your risk.
Oh, my inlaws had a farm. My brother-in-law, a gentlemen farmer like your grandpa, retired and sold the farm because his three kids, who grew up on it, wanted nothing to do with it. Farming, even Gentlemen-farming, takes a certain type of person. It is hard work. But it is a great way of life.
Wow good for him
Those are crazy numbers. $30k in from the farm with a 1.1m value. But it still kind of works if the guy is willing to work for free.
You've heard the old saying property Rich cash poor well this is definitely one of those situations. He sells the property he can easily get a good 5-10 million tops. Especially since people all around the country particularly billionaires are buying up Farmland with no problem. This is one of those situations where the grandfather may have to sell the farm and then give the profits to his grandson and any other family members post his demise
Sounds off to me. If he's getting it for 500k while its worth 1.2 million and generates 30k. What stipulations are in this deal. Does it have to remain a family farm? If multiple family members have rejected a deal to double their wealth something must be off.
I am a little skeptical to the fact that the grandfather is selling the farm way below it's actual value of 1.2 million dollars because if the land gets appraised at 1.2 million dollars, the grandson will have to pay taxes on it, irregardless of what the grandfather is selling it to him for.
Numbers don't add up, he's saying he's got more savings than what he's actually made...
I’m thinking an inheritance could possibly be involved.
Smart young man
Dave I love you