You Want to Stay in Debt Longer??
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- Опубликовано: 17 ноя 2024
- You Want to Stay in Debt Longer??
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Today i made a $33,000 payment on my student loans, paying them off entirely. After selling a rental property i owned. Dave has convinced me to DUMP ALL DEBT
Smart
🙌🏼
That is awesome! Well done
Good job!
Was the rental property cash flowing? what was its ROE. Absolutely no reason to to dump a rental property simply because your scared of a 30 year fixed rate mortgage especially these insanely low interest rates. its basically free money at this point. Plenty of low risk invests than can offset the interest. Now then, homes are artificially high in value right now so you probably got a lot of cash out of it and by this time next year when the mass foreclosures hit, you can buy up some property at dirt cheap rates.
Auto tech makes 24k and finances a newer car. Dude buy a junker since you have the skills to fix it!!
@Danny Bowen the point is to make a junker, not some 2018+ car that’s over 20k. I totally understand people not wanting to do it, wanting the peace of mind that a car isn’t gonna break every time you go and get in it, and plus not everyone is into cars, I am so I have no problem getting something older if it’s fun
It’s like Dave says...........he wants new car so he looks good to people he doesn’t know
I’ve always payed cash for vehicles. It’s all about doing your research and buying from someone that took good care of it before you.
I bought a 2010 Ford Fusion sport with 70k miles on it for 7k 2 years ago. The guy who sold it to me was my age (27) and had all of his service records saved. I knew it was in good hands.
2 years later the car has not given me one single issue and it’s been an amazing car.
@@Thathat-o7w he only owes 8000, not a big deal.
@@saulgoodman2018 I said a newer car. I didn’t say a new car. And he owes 8k. That doesn’t mean he bought it for 8k.
You will never ever ever ever justify financing a newER vehicle on 24k a year salary
I paid off a ridiculous amount of debt (student loans) in 3.5 years using the debt snowball. I made it a game to see how much extra I could make and pay each month and now I'm debt free!!! You can do it!!!
Well done and thanks for sharing
My good friend called me angry because he “accidentally” paid off his CC with a bonus instead of putting it in savings. I said congrats good job and he got mad at me. I’ll never understand.
People psychologically like having cash on hand. It makes them feel secure.
I remember coming into a decent inheritance a few years ago (not like huge money, but enough to make an impact on my investing goals). I had mentioned to my brother that he should pay off his student debt with it and invest a chunk of the rest. Come to find out that he was continuing to make minimum payments on his debt while the money sat in a bank account.
Good morning 😃
Good morning 🌞
@@hornetguy9063
Well I can understand your brother, investing is a scary ordeal, even with just mutual funds, the markets arent stable, and seeing a good chunk of money dropping by thousands in a day will make you feel sick, even if it comes back up tomorrow, its a roller coaster that is scary, and if you have a few days, or weeks in a row of it dropping, people will feel that urge to pull out to keep from losing more.
@@hornetguy9063 In 2011, you could buy a $200K house on my street for $40K.
Problem, $10K cash for the conventional loan.
Other Problem, 5 people bought 30 of the homes Cash.
I made the move to Cash in January, DOW has yet to recover.
Yes, I'm losing money.
But it's a small bleed.
I'm already seeing bargains in the housing market
The pen drop was everything 😂 0:48
This dude doesn't understand math/ finance at all unfortunately. He needs to get his numbers straight. Personal finance needs more emphasis in high schools.
Instead they teach gender bathroom studies.
You’re right @Julian, it does need to be taught in high school however, I believe ultimately it is the parents responsibility to teach their child about finances.
@@user-cv3gd2wr5q That sounds great but their are so many parents that have no understanding of finance.This should be required to graduate H.S.!
@@user-cv3gd2wr5q you assume those parents know anything about finances. Schools are the big equalizer, up to a certain level, they can teach anyone who's willing to learn at least the basics. If you depend on just the parents, there are a lot who will have to learn it on their own, and likely are going to learn it the hard way, probably until it's too late to turn around their situation. While I don't believe schools can make all the difference, if we as a society finds it important to educate ourselves about something, you will need the schools.
@@user-cv3gd2wr5q i concur but some parents teach bad behavior and its a domino affect (my sister worked in banking & "parents" were putting their kids onto their credit cards from early on...as in months/2 years old! No bs & the parents response was "I want to start building their credit" how about you teach your child to build wealth!? Smh p.s I thought that was weird in the usa & was told there no age limit to add someone to a credit card....absolutely backwards....
The sad thing is many people think debt is a normal thing because everyone has it. It’s like wearing flip flops in Florida...........if you don’t wear them, you’re weird. Be weird !
the reason people are in debt is because people buy things w/o thinking about the cost! My cousin just brought a $48k car making $50k a year! 🤔
@@kellyy9349 Ouch!
yup. I explain it doesn't have to be that way and they laugh "Oh you're so young naive to think people can live debt free" I hate it
@Difo Exactly! Being the proof will be such a rewarding feeling!
@@kellyy9349 I BOUGHT AN 8K VAN AND LIVE IN IT NO PAYMENTS AND STILL WORK 9-5 WHILE TRAVELING ITS AWESOME
It's refreshing to hear a call that's actually about a legitimate "I need to get out of debt" financial situation instead of another "my marriage is on the fritz Dave what do I do?!?"
Every time you borrow money, you're robbing your future self
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
I DID IT! Started 8/2020, pulled my small savings to pay towards it and finished 10/2020! I sold anything that would sell on Poshmark to expedite my debt free journey!
Starting to rebuild my emergency fund! So happy! WONT LIE I WAS SOOOOOO TEMPTED to shop “deals” but I kept hearing Dave Ramsey call my decision stupid! I would keep playing these video to stay focus! So glad I followed through.
@Sponge Bob updated
*People are accustomed to always being in debt, that its now the norm. Some people think their lives are empty because they dont have a loan*
Or that they aren’t doing things right if there isn’t debt in their lives 🤦🏼♀️
Hey, debt free, time to lease a fancy car.
@@krystiesolfyre5340 so true. i dont have debt, but my friend just got a shiny new BMW. I think I want one too... LOL
@@bskinny9009 or Finance a car and know imma trade it in in 2 years, and roll over the depreciation.
I'm about to pay off my home mortgage and tbh, I am looking for another debt. I want to get an investment property. I feel like it's a goal to work towards to pay off a debt. Plus you get to leverage borrowed money that you otherwise wouldn't be able to and grow your net worth. Dave says nobody got rich using debt but it's not true. I got rich off leveraging an amount that is relatively less risky for my financial situation. Dave's story is one where he over-leveraged and got himself in trouble. But the majority of people who are rich do leverage at least a little. I'm totally against over-leveraging and my mindset used to be like Dave but I'm trying to change it a bit because I realized his strategy would set me back years because I would have to save up for years to buy a rental property in cash (and I would lose all the appreciation for all those years).
Caller: Hi Dave, I was just abducted by aliens and I'm about to get probed.
Dave: What's your household income?
😂🤣🤓
Debt is the worst... So thankful for guys like Dave Ramsey, Chris Hogan and Anthony O'Neal. They teach things that you don't even learn in the education system.
Love Chris hogan reaction when he said debt CONsolidation....
Chris' face as soon as he mentioned debt consolidation 🤣
That pen drop 🤣
Rob, God bless you for being straight up honest and to the point with your financial situation. Much appreciated and good luck man!
An automotive technician without a 100,000$ Snap on Bill? That’s unheard of
I'll be making a 26k payment towards my student loans in a month, and hopefully knocking the rest of the 54k within a year. I'll only have my mortgage after that and if I put an extra 3k a month towards that I should have my house paid off in 4 years from now at the age of 36!
Idk what the interest rate is on your student loan but great job saving and getting it paid down. Don't pay your home down early like that though. The opportunity cost of paying down a low interest rate mortgage over a long period of time vs paying minimum payments and investing the difference in the general market is literally hundreds of thousands of dollars. The gap is even wider if those investments are in a tax advantaged account.
@@kylesizemore2751 no don't give bad advice
@@KMF3 Math isn't bad advice. Go do the math yourself if you don't believe me man. Unless you have a high variable interest rate mortgage, paying it off early is a mistake.
Kyle probably makes sense mathematically if investments are solid. But the idea of no mortgage payments and then investing the money after that is also good.
@@LittleMopeHead I'm assuming really conservative etf holdings with an average return of 7.6% over a long period of time. Dave suggests that 11-13% return mutual funds are reasonable and if that's the case then the gap is significantly greater. The idea of having no payments is a really nice sentimental one but the cost of committing to it is staggering. If you're someone who is much older and has a time horizon on retirement of less than 15 years then it makes sense to pay it down for the conservative fixed equity return given the uncertainty of the market over small timeframes but if you are 30 and just got a 30 year mortgage, paying it down early is almost always incorrect. If you can afford a 15 year mortgage payment you should take a 30 year and invest the difference as well.
I can't imagine Rob can't find extra work with his skillset. That's 2-4 hours/day extra work somewhere.
I make more on the side fixing friends and family cars than I do at my day job if he is a mechanic and not a oil change guy calling himself a auto technician he could easy pocket a couple hundred a week doing easy stuff brakes tune up starters etc and not need a garage at home...so even if he lives in a apartment he could make a few bucks doing that on the side
@@TheMechanicj At 22yo and with his salary I'm assuming he's on the new/low end of the profession but even still you'd think he'd be able to find side work and get experience.
Spokane is a decent sized city. You could doordash a few hours a week and make and 200-400 a week.
@@Alexvic222 he could make that in a day working on the side fixing cars so na to door dash lol
I have a 8 HR FT job and a 4 HR PT JOB... to pay off $38,000 in 12 months
I've done debt consolidation and it worked well for us. Yes it lowers our MINIMUM monthly payment, but it also lowered our interest rate. We were still able to make extra payments every month above the minimum to pay it off faster and benefited off the lower interest rate so paid it off a little sooner as well. The key is to make more than the minimum payment and try to pay it off as quickly as possible
If you can stay focused and disciplined to keep your payments going, I agree, it can be a good step. But the whole Ramsey theory is that it's not just the numbers, it's keeping it up. And for him, it's easier to do so when you can show some progress, as in, fewer payments to make, because you have eliminated your smallest debts fast. Success works as a drug, and while purely mathematical it might make more sense to do it differently, that's his main reason to stick with the snowball. And let's be honest, if you are deep enough in debt without really knowing what to do, it might be better to do it Ramsey's way, if you are wise enough to not let it get that far, you don't need Dave telling how to count beans for your cooking.
Usually In these situations it's best to focus on increasing your income. Using it to pay down debt
I used to work at a student loan servicing center. I always tried to give people all of the information about consolidation with the hopes that they would NOT consolidation their student loans because it always turns out to be a terrible idea! Everyone I saw who consolidated accrued exponentially more interest on their newly consolidated loan than they did when the loans were separate because the percentage on the smaller amounts equaled out to lower amounts proportionate to the amounts of the loans. Once you hav a big giant loan, the daily interest accrual amount was astronomical and the borrower no longer had the option to pay down individual loans
A part of me thought Dave would say 'Happy Birthday' after the caller said his birthday is 'tomorrow'
Same, but I can see why Dave wants to get the numbers down as this dude was confused with the numbers.
"good for you"
Dave said “fck yo birthday!”
it feels great with zero debt.
I love how so many of these calls end up highlighting the real issue that wasn’t what the caller thought.
$12k a debt, that’s not horrific (but $1500 a month payment Jesus, what’s the APR on these things?). But when you only make $24k a year, that’s pretty bad.
Guy needs to make more money.
The $1500 includes rent and such. He said it wrong
@James Marquis Are you OK?
@@Zamber999 What I get for only watching the first half.
He still has an income problem. It's just not as bad as it initially sounded.
@@Zamber999 Given that I didn't even take the Lord's name in vain, I'm not quite sure if he is lol.
Bondage isn’t any way to go through life.
Sounds hella rapey but he you do you.
I want that sticker on Chris Hogan’s computer focus and not finished
I was going to consolidate my school loans until i saw it would double the amount of debt I'm in. I think I'll put up with living with mom and dad and just be done with loans
I live at home too. I basically pay for all the food (budgeted at $600 a month) and cook along with help with the Internet bill. My parents don’t charge me rent. I just paid off my car and I just need to get through the holidays so o can throw more money at debt. I started a few sinking funds so I’ll be ready for Xmas next year and birthdays without it digging having issues. We get along fine at home but I’d like to be out soon since I can feel a little tension at home. Hopefully by the end of next year I’ll be a little more ready to leave.
To be fair if he found a credit card that allowed consolidating the debt and charged 0 interest for the first 6-12 months (depending on the card) than he would be better off rolling all his debt over to it cutting the cards and just knuckling down and paying that debt off.
However assuming he doesn't have self control and would rack back up the credit cards once the debt is wiped off them than paying the interest is just part and parcel of the debt.
I've heard a lot of bad things about debt consolidation, so I wouldn't do it if I was him
Depends on where you get the loan. If it is from your local credit union, not so bad.
@@insideoutsideupsidedown2218 That is a personal loan. Not the product offered by debt consolidators.
@@bindingcurve correct, don't bother with those companies
It’s the behavior. They consolidate but don’t fix the behavior that created the mess. Soon they have new debt on top of the consolidation. I’ve seen someone do this twice.
I think he should consolidate his debt (It's always best to do it at an actual bank, you may need to secure it though) and not get anymore debt. Also he should throw any extra money he can earn toward the $12,000.
With his income and Dave's plan he better hope some type of tragedy doesn't happen in that year.
After a successful investment you have nothing to worry about weather the rise and fall of the economy or anything won't affect you.
Make good investments to be debt free
@Ranking wise words sir
But what do you think is the best investment now
@Diogo Raul Yeah you gotta see the favourable market rise in crypto
Expert Mary Smith traded my 0.5BTC to 2.4BTC in just 2 weeks of trading
The idiots talking about "expert Mary" the crypto trader are scammers.... Such obvious BS. Anyone trading crypto is playing with fire while standing in gasoline.
About 10 years ago, My wife and I almost went with one of those debt consolidation companies until we did a little figuring of our own and Dave is right about this being a "stay in debt" trap. So glad we didn't go that route.
Now, after making a budget, establishing our emergency fund (which inspired us to go forward), paying smallest first and working from there on the others, saving every dime and no fun stuff as well as dealing with life's bumps and setbacks, we're debt free except for the house which we hope will be paid for soon. I know it took almost 10 years to reach this point, but anyone can be free of debt if you stay focused on it and follow suggestions from Dave and his wonderful list of talented helpers he has on his show. If we can do this, so can you too, people!
Time to make more money.
And there's no time like the present!
I highly recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
I accumulated a huge amount of debt early on to make money. Once I made that money, I paid off the debt and now using my money to get even more wealthy. You need other people’s money to start your way to be financially independent.
Debt consolidation gave me a better interest rate on my student loans at 3.5% fixed 😬
I've never used them but heard since they buy the debt, they can negotiate it down and split some of the difference with you. So they make their bit but you also get an incentive.
He sounds like a nice person and a good person. People need to be paid living wage. Period
I love how Dave sees right through it
I would be paying off the credit card with the highest interest rate first and take it from there. That will help him save money in the long run.
That would work if people actually truly used their heads. But if they did, they likely would not be in debt. But if you start removing payments, the chances of you sliding back into bad habits is smaller.
That intro 0% for 6 months doesn't seem so urgent no matter how much you owe. And worse yet, you back burner it and then you are charged 28% retroactively.
In his case, since he has at least two that have the same or similar balances, he should go after the highest interest rate first. Otherwise, Dave recommends always doing smallest to largest because of the psychological advantage of seeing progress as you wipe them out.
If he goes by Dave’s advice, he’ll be done in a year. So interest rates don’t matter. If he gets a part time job in addition, it can go even faster.
Are u new here ??
You guys ever pause the video to cringe when the caller makes a fool of themselves? Did that around 2:27
Nothing wrong with consolidating unsecured debts to make it more manageable and save on interest. You just have to remain disciplined and understand that the problem is not solved yet.
Listening to Dave Ramsey on the weekends for about a year straight and I have learned these things :
1. If you are knee-deep in debt and trying to dig yourself out you have to live on beans and rice, rice and beans. Cheese and hot sauce are considered luxury items at this point.
2. Work 2 jobs (3 if you can)
3. Get rid of all credit cards, cut them up and donate them to the recycle bin.
4. Your vacations are limited to walks at the local park.
5. If you drive a fancy car, sell it and get a cheap car or take the bus.
All excellent advice, thank you Dave !
I'm organized financially... I always was... But recently I'm giving up 30% of my budget to just stupidly go... I need to stop that and those videos sometimes help me to think about my future moves...
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
Serious question: can you just consolidate and just have larger payments on automatic withdrawal and be the same situation ?
Hi Dave I make pottery for 1k a year and I just bought a Bentley. What should I do?
Buy another Bentley.
Convince Bentley manufacturers they need a certain ceramic part that only you can provide. Examine you lovely new car carefully and brainstorm like crazy!😜😜😜😜😜
I am completely debt free now. I been using my dads truck and it feels weird (i am like 5 months in). But I promise you its worth not have debt obligation. I am saving now for a house and if IT COMES TO WORSE, il buy a cheap car cash. Or finance haha (1.9% or less) but it the car has to be paid within 3 to 6 months. If it require more time/months I cannot afford it.
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
This is why I believe the debt snowball is pure genius. If he tried to do the one with the largest principal (or maybe even rate), he wouldn’t be able to sustain $1,500 of payments. By attacking the smallest, he can get rid of it faster and can use that extra money to do then next largest debt even faster & increase momentum.
I recently became debt free this month, and it was great seeing my payments on my student loans go from $300 to $1600 due to removing my smallest debt.
Congrats on that accomplishment! What a financial burden lifted off your shoulders, well done! I hope you had a great Dave-Style debt free scream!
I’m baffled with the snowball effect. Doesn’t it make more sense to clear the biggest debt first with the higher interest rate, as your paying more in interest? Once that has been paid then allocate that amount to the next biggest interest rate debt. Be happy to hear your thoughts.
Chris Johnson Dave said he initially suggested highest first, but changed it to debt snowball after realizing it was more of a behavioral/motivation issue. Attacking the larger debt and taking longer to pay it off/see progress is really demotivating. Starting with the smallest leads to small victories when seeing each one debt get removed & the ability to see your payoff speed increases in momentum.
Had I started with my largest (overdue tuition) first, I’d only be able to put $300 a month on $21k (😣) ,along with the minimums on others. By getting the smallest out first, my initial medical debts were like$500, $3k , $4k , much easier to knock out quick. By the time I got to the tuition bill, I had only $15k left and a $1600 the full snowball I could use. Guess you’d have to just try to see
my friend got cc dert from years ago and hes slowly paying it off. he tells me he doesnt want to pay it all off fast because it dont make sense to him
I was thinking about debt consolidation bc the interest rate would be lower. Way lower.
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
Contact the credit card companies. AMEX dropped me to 5.5 for a year
I pay about 1500 a month in insurance. How do I get out of debt. What’s my point here You re never going to be out of debt. You gotta pay the piper to live.
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
Wow they just need to grind and get out of debt as soon as possible!!
I highly recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
I started listening to Dave after getting a consolidation loan. I'd like to get a part time but I'm on call 24/7.
For me. Just like you ... The only pt job i can do has to be very very flexible with my schedule. I drive for lyft. Some weeks i make 400$. But i turn it off n on when i want. If no car you can do delivery type service runs n take the bus or subway. 24/7 on call ... is that just an excuse to not work ?
I low key wish Dave would go without co-hosts. Not that they don’t give good input, I find it more entertaining when Dave’s the only one
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
Auto technician only takes home 24k/year??
He may be the new guy who just takes wheels off, cleans up, and does the small low tech things around the shop. His salary should go up over time as he becomes more valuable.
Why don't people understand take home pay is not total. You pay taxes, health, etc.
@@scmsean I know that...so that means his take home pay is likely around 30k. Big jump!!
@@nickm1587 No, he probably makes closer to 40K.
@@scmsean absolutely not. No one making 40k gets 40% of their income taken out in taxes and health care costs, doesn’t happen
Good show!! Interesting topics
I purposefully refinanced my home at this crazy low 2.25% interest rate. Its almost free money. Not all debt is bad. Even if I had my home paid off, I would have done a cash out refinance for that kind of rate. Make money with other peoples money.
Homes are not debt, they are assets waiting to mature
That works great unless the stock market crashed and you lose your job.
@Sponge Bob when did I say that. I am simply saying that with crazy low interest rates, now is the time to invest by buying up the people who over leveraged and where stupid. A little bit of debt wont kill you as long as you have more than enough cash flow to cover it.
So a consolidation couldn’t potentially lower the interest rate?
So informative content! I should add this in my video.☝️
Stupid is as stupid does.
It's so weird when ppl have a hard time paying off $15k, I paid off 25 and still have 35 to go
Once I heard the age it made sense. You got this kid. He will be debt free soon.
Sorry but this is not true in all cases. Your payment goes down because your INTEREST goes down and your TIME stays the same or is shortened. So it's only worth doing if your significantly cutting your ineterst rate. There is nothing wrong with consolidating if you do it properly and don't re-use your credit cards. It's not worth doing in all circumstances but consolidation is the same as refinancing if you do it correctly (Through a bank as a loan not through a company)
Let me leave an example. Lets say you have a credit card for $8000 at 18%. Your minimum payment is $163 (decreasing) over 40 years (or 7yrs 6 months at $163 consistent, with $6500 interest). If you paid $393 every month you would pay it off in 2 years with $1400 interest. On a personal loam at 9%, you would still pay $393, over 1 yr and 11months (one month shorter) and you would only pay $700 in interest. Even if you dropped your repayment on the loan to 3 years at $260, your still only paying $1100 in interest which is still less than the 2 years & $1400 on the credit card by $300.
@Sponge Bob yeah but there are more options out there than Dave. Its always a good idea to do research and learn as much as possible from a lot of sources.
@Sponge Bob i suppose it really depends on why your in debt in the first place 🤷🏻♀️ im not american, but most people i know are more than capable of changing their behaviour once you show them how much money they can save by consolidating and still having a fixed minimum for budgeting ease.
I follow a few different finance people and ive never 100% agreed with any of them, and i dont think anyone should. You should pick the best things from each person and make it work for yourself.
Ive watched a lot also because most youtube finance stuff is american and half of it just isnt applicable, but ive still picked up information i can use.
This guy will keep his debt. I can tell. I wish more people would spend their time getting out of debt, instead of spending their time figuring out how to stay in debt.
Sure sounds like someone from Washington! 😂
He's not very bright.
He's clearly a Republican. Dems don't say financial pickle.
@@kevoncox the Democrats are a financial pickle.
I’m from the same city he is & consider myself an independent but it’s mostly conservative here still
12,000 total! Thats it!
Awesome stuff! New subscriber here!
I own a house and just built a new house my question is should I sell my first house or rent it out. Do to what the housing market is doing should I sell my first house and pay down my mortgage on the house I just built or sell my first house and build a sec house and sell it but I’m concerned about what the housing market is going to be doing in 2021
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
Well that was a waste of time
It all depends if you want to be a landlord. More risk, but over time may pay off. If you stress about small things, do not become a landlord.
Not a fan 🤷🏿♂️
This is where I wish I can post a recent NFL meme on here:
Debt = Budda Baker
Americans = DK Metcalf
picking up another part time job will change his world.
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
good advice
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
Is Rob even capable of paying any attention to a conversation and answering a question as asked? I doubt he’ll ever get out of debt if he refuses to sit down, do some math, and think through some simple ways to reduce the problem.
“time to have plastic surgery” 😂
This is a great lesson for a 22 year old, he will get out if this with some wisdom.
I highly recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
Dave can be so unrealistic some times. How does anyone live on $1k per month? And maybe he is not able to make an additional $1k per month. I wish I could do something to make an additional $1k per month. Have not been able to figure out how to do that.
Good point...especially if you have a wife and kid at home waiting for you to sit at the dinner table. Better to sit at the table and give your family attention. That should be your first goal.
@@evaprappas6307 this does not sound like it comes from the Dave Ramsey Show. Is this an official account? No it doesn't look like it is.
@@Dave-tz9zx I'm single 57 but have several chronic health issues that make working difficult, but I have a full time business that I manage to keep going. I'm sure I could make lots more money if it were not for my health issues. But I'm blessed that I can work at all. And financially I'm in a lot better shape than most Americans, but I'm no where near what I need to be able to retire...ever.
Dave looks like he wants to hit the caller in his thumbnail
he meant to say yea n when dave double back he juss aint want tht conversation
I think he should consolidate his debt and not get anymore debt. Also he should throw any extra money he can earn toward the $12,000.
With his income and Dave's plan he better hope some type of tragedy doesn't happen in that year.
Wait a minute, isn't the interest when you consolidate a lot lower vs credit cards. So if your debt is getting out of hand it is better to consolidate rather then letting it snowball?
The only reason consolidated debt makes sense is if you can't at all afford the monthly payments, but in that case Dave would say you need to get a second job, etc and power through. Consolidating decreases your monthly cost, but the total amount of principal stays the same, so you are paying on it for much longer. With more payments, even with a lower rate, you end up paying much more $ in interest in the long term, not to mention the weight of being in debt that much longer. So if possible, it is always better to keep the debts separate, throw as much money as you can at them, and pay them off one by one. Also, that way, you get the satisfaction of crossing off the different debts as you go, instead of just having one, seemingly never ending, payment.
Problem is most people consolidate just end up going right back to their credit cards
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
Yep, if you do the consolidation correctly its 100% worth it. The time should never be extended, its the lower interest that changes the minimum payment. Its best to do your own research and do it through a bank or credit union.
Let me leave an example. Lets say you have a credit card for $8000 at 18%. Your minimum payment is $163 (decreasing) over 40 years (or 7yrs 6 months at $163 consistent, with $6500 interest). If you paid $393 every month you would pay it off in 2 years with $1400 interest. On a personal loam at 9%, you would still pay $393, over 1 yr and 11months (one month shorter) and you would only pay $700 in interest. Even if you dropped your repayment on the loan to 3 years at $260, your still only paying $1100 in interest which is still less than the 2 years & $1400 on the credit card by $300.
@@jadiecakes3241All that does is provide an excuse to stay in debt. Also what bank is going to give a personal loan to a to a 22-year-old who has maxed out his credit cards.
First time I heard better than I/we deserve in awhile
I highly recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
Sorry I disagree. It all depends on the interest rate and how long your new term is. If rate is much lower, consolidate and get it paid off with extra principle!
0:59 🤣🤣 oops
After work go do some UBER eat. It will help out.
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
He should be delivering pizzas as a 2nd job until that car is paid off!
The only way that the monthly installments go down is by having a lower interest rate, otherwise the duration of the loan is being increased. A lot of people don't look at the numbers of principal + interest and just see how much they have to pay, without considering the duration of the payments. Good for him for calling Dave to get assistance, first step in getting rid of debt.
Though he has a difficult time explaining his debt, I wonder if he really knows where he actually owes money.
Rob and I have similar situations. I have hope now thank you guys 🤝
Good morning 🌞
Push yourself because no one else is going to do it for you!Now is the time to start doing different things to get the result you never had
Dude you are going to make 100k a year in that friend within 5 years if you are good. Keep going.
No way man shop formans make 30$ max even if he turns 50 hours a week which is rare as a foreman most only make 40 since they gotta help out all the other guys and divide up all the work and stuff so 45 times 30 1350 times 52 ain’t even close to 100k...........40000 is average salary at a shop however the money is great if you work for yourself
@@TheMechanicj he’s a automotive technician. They are generally paid by commission and not hourly. The hourly mechanical rate for a shop is anywhere from 85-105 an hour...
@@Gregoman89 the mechanic does not get paid that the shop owner does and he pays the mechanic a wage usually 15-18
But can make like 25 ish if they are master ase also certified by the brand such as gm certified auto technician I doubt at 21 he is a master mechanic
At my shop I charge 60 but I am the owner and I don’t do all jobs some I turn down at the dealer you can’t turn down any job they make you do
Caller is clueless
If something seems too good to be true it often is nothing is free and everything has a price.
Did he read the book or looked at any Dave Ramsey content ever?
I highly recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
I've worked the Dave Ramsey plan and its been great! Thanks for much for the clarity and direction.
I have a question:
Do I need to keep 3/6 months of expenses and also the deductibles for my home and car insurances as my emergency fund?
I've had pay the deductible on my home, car and health insurance this year. Thankfully I still have my job. But this is making my anxious (and maybe irrational) to keep all that cash as an emergency fund.
What do you guys think?
I don't consolidate but i have out 20k down on a 30k truck and refinaceed the 10k. It just helps me i throw more at it every month. The payment dropped 340 dollars.
You cant save money in this Country . Rent is $1,200+ food, gas, bills, .........=Broke.
Sounds like an income problem if you're making less than 15k a year. If you bumped your income up to just 21k a year an invested the difference into an ira living exactly the same way you do now you'de be a millionaire by the time retirement rolls around. The only reasons someone can't save money in this country is because they choose not to or have made an irrecoverable number of mistakes along the way (having a bunch of children, gotten a felony, incurred an insane amount of consumer debt)
A lot better that this gentleman got set straight at 22 than 42.
It's my birthday tomorrow.......................................................... good for you :/
Stay in good debt baby 😎
Do you even watch this channel? 🤷♀️🤦♀️
I highly recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
Caller is why Public School needs to be avoided.
It almost seems as if the callers are paid actors at this point.
Don't you need at least 1 credit card?
Vacations, rentals, online shopping.
I recommend mr sanders. Learn about the secrets of forex and stock and clear your debts and become rich need to work when you have mrs sanders hit him up on W h a t a p p + 1. 8. 5. 6. 3. 7. 6. 0. 3. 4. 4.
No you don't. You can use a debit card for most of that.
Same person that believes having a lower car payment means lower debt
Get rich when you stop making other people rich stay out of fast food drive thru stay out of Wal-Mart etc