You’re Out of Control!
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- Опубликовано: 28 янв 2024
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He gets paid $8800/month to not work and the wife is in a MLM. And they can't make it on $8800/month?! Sounds like a couple of folks who don't want to eliminate any luxuries or have wifey reporting to a boss instead of "owning her own business". Just pay your dang bills and stop eating out and taking vacations!
Don’t think he is necessarily eating out and taking vacations. He made bad financial decisions when he quit work. High interest rate loans. That is difficult to get out of. He pays out more than he brings in. I agree with sell the car and have the wife get a job. But everyone that thinks he is just blowing his money may be wrong . His question was legitimate. Pay 4 k on debt but what about other bills ie rent utilities etc
Maybe. But the largest chunk of his disability earnings come from the military. That chunk has no doubt been in place for quite some time as well as his military retirement (since before he quit his job 3 years ago). SSI is harder to qualify for but he got that about 30 months ago. So he was making several thousand dollars a month from the military even when he decided to quit his post-military job and he's been making $8800/month for the last year and a half. He lives in a lower cost of living city. You'd have a hard time convincing me this wasn't all about bad choices on unnecessary spending.
8800$ take home and still in debt, I guess his back doesn’t hurt when he taking vacations
He needs to cut lifestyle. Lifestyle isn't a necessity. And his wife needs to get a paying job. And they don't need an expensive car. They have an excellent income + disability income isn't taxable. What are they doing with their money? Cut lifestyle - no eating out, no vacations, no expensive cars, no expensive clothing. No magic or rocket science to figure this out. Lifestyle isn't a necessity. Be responsible.
@@dadbodkiller3174 Multi-Level Marketing like Scentsy, Amway, Mary Kay - all pretty much scams that prey on weak-minded people by promising them they'll be smashingly successful when in reality all they end up doing is pissing all their friends and relatives off by trying to get them to "hold a party" for them to sell their over-priced goods.
Papa Dave was way too nice on this call because the guy was in the military lol 😂
Agreed. Why didn't we hear Dave say "Where's all your money going?"
Totally. He’s much meaner to people way less stupid.
@@pistachiosandpopcorn7146 PTSD...why would anyone YELL at someone who informed you that part of their disability is PTSD?
You don't want to be mean to someone that has PTSD. They could hurt themselves or someone else.
This call was pretty frustrating to hear, but I survived it. Caller kept making excuses. He just needs to figure out what comes in and out each month, written budget. Receiving $8k/month and broke!
Yeah, this was very frustrating to hear. He served 20 years so he should have been in a leadership position. How can he manage people if he can’t manage himself? And I say that as a retired veteran and BA disability recipient myself. And I don’t get SSDI.
It's a struggle when your body won't let you do what you used to do. He needs some therapy both physical and mental combined to deal with everything. The physical limitations will really destroy the mental if you let it.
Much of it tax-free. And he doesn't have to work. He's got it so good, and still can't get it together.
I’ll never understand why people call in without knowing the numbers on their debts/income, it’s always “uuuuuuumm” and guessing, prepare a little! It’s hard to listen to
They should be a one car family for a while. He’s retired, she’s “working” from home. They don’t need two cars. Put that 20 grand from her car into paying those loans.
I agree. Plus if he can’t sit for long periods of time then he probably can’t sit in a car for more than 5-10 minutes anyway so there’s no point.
He can’t work, so why would he need to drive around when his wife is not home? No need for 2 cars here.
I ride a 125cc motorcycle/scooter for pennies a mile
I'm a retired Marine, colleting my retirement and disability for PTSD. I am currently working as a high school teacher full time. Just because you have PTSD does not mean you can't work. I am not buying the fact that he can't move or do anything. He is basically saying he is a vegetable. If he can't move or sit for periods of time, why have a car or any bills for that matter if he is immobile?
Just excuses on his end
He is TDIU so he's subject to income limits by the VA which is around $13,000 a year
He makes over $8,000, and he is suffering financially. This is insane.
@@relaxyourmind669 that's because having a high income doesn't mean you're financially savvy
Bc he’s living the dream lol what a joke of a call
Dude’s just making excuses without even knowing his own numbers. Until he overcomes his desire to make excuses and takes responsibility for his actions, he will continue to be a victim instead of a victor.
Sad to see. Dave was a lot easier on him than I would have been.
Agree 100%.
I agree. Full of excuses and he doesn’t know his numbers. He needs to cut down his expenses
When you’re in that kind of financial trouble, you should know those numbers 100% of the time
i hate it when people call in and give the woe is me tantrums. Instead people should be acknowledging the problem and saying yes to Dave and George's suggestions.
He makes $8000 per month but cant pay his bills? He must be eating steaks at expensive restaurants every single day
Ridiculous. That’s what my wife and I pull in and we live very comfortably.
@@aeromedical6776 Yup, I make around 5k a month and I'm single. It's more than enough for me. Shame on the caller. That's just throwing a gift from God right back in God's face. Spitting on a gift. Shameful.
A life of socialism
Bet he also hates when the government helps others😂😂 @@John3.36
Nothing wrong with eating peanut butter sandwich and fruits with water twice a day. Lol
Dont be sorry for the mess hes in just because hes a Vet Dave. As a vet myself living on half his income I pay for everything every month with money to spare. Having the military discipline we lived for years this dude should know better
I am so thankful for you and others who have sacrificed to serve our country. (And, yes, I too have trouble understanding why he has financial issues at all with this income!)
@@dking1362 Dude didn't get his poor financial situation overnight. Serving in the military is similar to going to college. Both institutions teach you a lot, but neither teach you personal financial management. He's weak with finances, as many Americans are; no schools, colleges or institutions teach required courses on personal financial management. Many don't learn anything about them until they've been sucked into the matrix.
I almost fell out of my chair when I heard how MUCH this guy has coming in. I LITERALLY live on a third of that and have no issues. Sometimes people have to have some resolve and discipline. Wow.
He sounds like he has uncontrolled PTSD. it will make some chaotic life choices
He’s a 100% disabled veteran and if he’s getting retirement then he’s served over 20 years in the military. That takes a lot of resolve and discipline doing that.
I 💯 agree 🇺🇲 @@zipy4900
@@zipy4900There are other interpretations. I was completely unimpressed with his presentation.
Yeah I said the same 100K a year a dude. Come on. Figure it out.
If you listen to him.....he's not ready to do what it will take.
And he's not in a dire situation either (not yet anyway). They could easily fix that problem with those payments if they're smart about it.
Why did this clown call in. He clearly didn’t bother to listen.
He is just asking questions.
Dude is making good money. Hes just not making good choices.
Almost 9k a month doing nothing is crazy. He can pay it in no time. Liquidate everything.
I am disabled on less than $1300, and I am at least debt free, eating well and sleeping at night.
More information is needed. What are they spending the money on every month? It doesn’t add up making almost 9k a month
That's all tax free money and free health care
Most of it, military retirement is taxable but Va disability is not, not sure about social security disability. Free health care from VA for sure 👍🏼. So he is in good healthy financially but needs to adjust his lifestyle.
Social security and military retired is taxable.
@@dinahcharles6502 My FIL was 100% disabled and he did not have to pay taxes on his military retirement.
@@dinahcharles6502 SSI is not taxed.
@@curiouscat3384 He's getting SSDI not SSI.
He must live real nice he got 8800 a month and he lives in Oklahoma he should be able to get out of debt he must be spending a lot of money
Stop spending! This is outrageous that they make 100K and are this broke.
That’s most people 😢
He doesn't make 100k we the taxpayers give him 100k..
@@kyfeam actually, he earned that for serving our country so it is not a gift, he broke his body to serve you
@@MAELOBCome on. He could have been a supply clerk or in the motor pool. Only a tiny fraction are jumping out of planes.
He ain't listening
He doesn’t want to be debt free
Nope and he wont.
I doubt even half of these callers put Dave's advice into practice.
No he’s not
Dude makes 100k and only owes 25k, he should have plenty of cash flow unless they are spending like crazy.
He owes 55K
Some people will always have excuses
I suspect more is going on than he is telling Dave and George. Perhaps some substance abuse by him and/or his wife? Perhaps they are shopaholics and buy crap they don't need? Who knows but I agree with others that he is trying to play the victim.
From the sound of it, even with minimum payments on the debt, he's probably blowing at least $7k/month on general living expenses. It's absolutely nuts.
@JustinCase780 still can easily pay his bills and not drown making 100k.
This guys situation gets exponentially better in just 3or 4 months of sacrifice to eliminate the worst of the high interest loans. After that he will have some cash flow back and it’ll be much less stressful to manage through.
As someone who suffers from PTSD and have knees and back problems please be kind to him I’ve been there as well
The majority of Americans have never done service (most are too fat to pass). They have no idea of what a toll it takes on mind and body. But, the unfit and self-righteous sit in their comfort without the crippling injuries and nightmares you cannot tell any about...and shit on him.
The gov is being kind to him
@@isay207 I get 100% 4500 and a teacher and I go to school so I know he can make it out it’s tough dealing with PTSD and injuries
“I make good money”
No, sir. We pay you good money.
There has to be a lot more to this story than what we heard.
Sounds like he’s drowning in payday loans and was trying to tell Dave that he has no margin after making all the minimum payments on them. Those payday loans are terrible.
That’s what I gathered💯probably after his household bills and minimum payments he said he was OVER what he brings in a month! His WIFE needs to get a job to cover her car loan! and they can throw what she brings in at 1st at the debt which will free up more of his money
Their issues aren't just financial. There is some other healing around their relationship and social/emotional challenges as well that needs to be addressed.
Agreed needs a therapist if he doesnt have one
He is a idiot.
"Out of control" sums it up.
$100k a year and still broke is wild. Renting at 60 is also wild. Bringing up PTSD then saying the jobs ended because of physical pain is even crazier.
This man has been out of the service for close to or at least 20 years, there’s no excuses here. Even when Dave tried to list out a plan, he had a rebuttal for everything. I doubt this guy will actually execute his plan. However, I hope he does.
And standard of living in Oklahoma is very, very reasonable. There is way way more to this story.
I don’t get this. He is retired military and getting VA disability. That should be over $5,800 plus SSDI is about another $2,400. That’s $8,200. People survive on much, much less. What’s the quote Dave says, that is not a math problem but a he problem.
Edited to put in actual amount after he said because I estimated much lower.
Some quick math. Even if these loans are at 100% interest, that’s $2,000 a month. So he’s saying he can’t live on $6,000 a month? He sounds like he wants to blame everything on his disability when really it’s mostly his and his wife’s bad decisions.
Yeah poor pitiful him.
PTSD will create chaos
He could have higher interest. I know someone that had 779 percent interest on a twelve month loan. It was only $1200. It was over $250 every two weeks. Over $500 a month for only $1200. The craziest thing I have ever seen. These should be illegal. I don't care if they are on native American land.
@@xmotiontube That's true. And this man admits he made bad choices and got into some sketchy loans. But that still doesn't answer why they couldn't live within their means BEFORE he started borrowing money here and there.
@@curiouscat3384 PTSD...look it up!
this is why everyone need a financial advisor , i am looking for one.
Certainly, I've been consulting with a Certified Financial Planner (CFP) since the outbreak. Beginning with an initial fund of $80k, my advisor makes decisions on when to enter and exit positions in my portfolio, which has now expanded to around $350k.
tbh i also need one my finance is shitt
Please can you leave the info of your expert here? I’m in dire need for one
Graciela Lynne Schriewer is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just looked up Graciela Lynne Schriewer; she has a strong resume and also researched her accreditation online and qualifications on FINRA and SEC, she seems really solid.
Only served four years in the military and it taught me how to be in control of myself in all aspects. Looks like this guy didn’t learn in 20+ years of service
I wish the show didn’t cut to a commercial.
I wanted to hear the caller argue with Dave on ‘Why it can’t be done.’ 🤦🏻♀️
His wife is in a MLM.
for sure
Exactly. I was thinking maybe they’re into drugs but instead perhaps the garage and basement are stuffed full of MLM product.
As a vet I served with plenty of guys who went into the va almost daily (conveniently when they were close to getting out) to complain about their back or some kind of pain. Every time they did it would get put on their record and if it was consistent enough then they’d determine if it was service related. If it was then they’ll come up with a percentage for va disability payments. The guys I knew were all fine and just trying to get the extra money from the government on top of what they’d make working after they got out. It’s scummy but I don’t blame them after the hell we went through. Sometimes I wish I did it too but I just felt morally wrong about lying about that.
I saw that also. Navy guys who weren’t even in combat after dessert storm, laughing and bragging they got 75-100% disability for “bad knees”. There’s definitely a segment of people in All government (not just military) who know how to work the system and it takes away from those who truly are disabled.
Thank you for your service. My former boss served in Vietnam and told me about the veterans. Not all are true to what they might had claimed.
Great video. Im a huge PbatesLTD fan and love your videos on it.
He's a spendaholic, might be spending because he's bored. 100k and not working nor can he go out alot because he's injured he should be able to save like crazy
If this guy doesn't have dependents, with their household income he and his wife are about upper-ish middle class living in Oklahoma. He needs to be on the Every Dollar Budget because if he's spending $8,800 each month, the math isn't making sense if he says he is "drowning".
Thats his problem, not dave
I think he could do it and keep the car. I’m a veteran myself with almost the same problems. The VA will help him find an occupation he can perform. Also may be a spending problem. Thank you for your service brother, tuff love here, but you got to get up and do it some how some way. You can do it.
“May” be a spending problem…this dude makes double the median individual income just for sitting on his ass.
@@TonyCox1351
HINC-04
U.S. Census
Male, no Spouse, no children under 18
Median income = $74K/yr
He's 60. He's just given up. Wish I could do that too but I MAKE MYSELF get up everyday and get to work!
I'm also a vet with close to the same problems. What he needs is to get his PTSD undercontrol. We know the chaos that creates.
@@TonyCox1351 just for crippling himself in the service of his country, you mean.
"I've watched some of your RUclips things..."
Um, Dave has built an empire that can support his family heartily even with less of his direct input as his plans to retire come to fruition.
You've caught a few funnel entry points, have you?
Not by accident, I'm sure.
I hope you catch enough to repair your finances and command the kind of empire Dave has built.
Sincerely, I do.
It’s amazing how many people have no idea how much they make a year and how much they spend.
But then take out multiple loans because they think they "dont make enough".
Dude doesn't wanna work, he wants to be a victim. Every 60 year old has a bad back and bad knees.
There are different degrees of that. You can be so crippled you can’t work a physical job. If he can do an online job he’d have a chance of getting back into it.
So insensitive and actually FALSE. You aren’t in his shoes so you don’t get it. This man’s body is shot
I can tell you never served. I’m not even 40 and I collect VA disability for my back and every joint from the waist down.
Why would I work if I’m making 8k a month lollll dumb comment
So true
Morning all!
You can tell when someone is not going to follow the advice.
My question is: if he cant sit, stand, or lie for a long period of time, whats he doing right now? Floating? Standing desks exist so that you can move between sotting and standing.
He sounds like another FREELOADER in society. Many people that worked a life in construction have bad backs and knees and don't get this kind of money. As a vet I also question when a person claims to have ptsd . So many people in America get away with claiming disability when they can still work for a living.
@musicman7297 my husband is also a vet; we both share your sentiment. He had "victim mentality" written all over him. You could hear it in his voice.
@@musicman7297agreed
@@ruhhshelle Exactly, I know regular people who somehow can do everything but work and they are on SS disability in their 20s and 40s. It's amazing how many FREELOADINGPEOPLEAREINAMERICA. PS. the vets that i feel bad for are the ones missing body parts and THEY want to contribute to society.
I have the same type of disability. I have as special type of 0-gravity chair, a special adjustable bed...and tons of people who don't realize that a sitting disability is a very real and life destroying thing.
It isn't just going from sitting to standing and standing to sitting every 20 minutes or so.
You cannot stand long..you cannot sit long...you cannot lie flat. So, you move from pain and exhaustion to pain and exhaustion. While people look at you in mid-move and mock that there is nothing wrong.
Bro is making a shit ton of money for not working
Victim mentality and doesn't want to change, Sounds like excuse after excuse, Mooching the system for all its worth and not using the money wisely
I live on $2,000 a month
I live on $1200 mth. Car and house paid for - retired so I don't spend a lot on clothes, travel, entertainment, junk.....
A good way to do it!@@curiouscat3384
I live on 1730 a month and can still buy about 6000 dollars in silver a year to add to my pile.
“Somma your RUclips things” disrespectful 😂
This is one of those painful calls to listen to. You have all the tools to get the job done, but you are not willing to do it. I don't want to call entitlement here, but I cannot think of a better word to describe what I just listened to. Hopefully, they realize that have to cut their lifestyle and start taking care of all those debts
The better word would be PTSD.... It creates a chaotic and horrible life.
How do you have a car payment at 60 years old? Wow.
We never heard his rent payment or food or gas budget. Could be a big part of that 4k that was missing.
With 22% of Americans lacking retirement savings, I'm seeking advice on growing my depleted $120k.
Evaluate actions harming your finances, like carrying over credit card debt monthly.
Take small steps; any progress beats inaction.
Create a budget with a financial advisor for effective income and expense management.
The decision on when to pick an advisor is a very personal one. I take guidance from ‘ Monica Mary Strigle ‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
Iooked up this Monica lady and set up a call, how effective is the call calendar?
Thank you for your service!
This is a spending issue. It's completely chaotic.
As a fellow 100% disabled combat vet I feel your pain and situation, but you've gotta be better with your money. The government owes you the disability money it agreed to as part of a contract you both entered into,that however doesn't mean its their job to make sure you manage it correctly. I don't know if you are over spending as coping for mental illness,or just have always been bad with money,but you make WAY to much to be in this situation. I hope your health and finances improve,just stay strong and get your discipline going again
Cue the music
Damn, I wanted to hear how high those interest rates were! I feel let down!
He makes more in disability than most people make working. He's 60 and sounds like he's 25. Must be the not working. Of course the wife has a hobby job that cost more than it brings in.
Agree, they both need to adjust their lifestyle
“I don’t…, uh… you know…”
This guy doesn’t have a clue.
It kills me how long he takes to answer simple questions. How much credit card do you owe? Instead of saying a simple "8 thousand dollars". He says "well, uhhh, I have this, I have that" Just say the number WTF.
I suspect the caller is unwilling to make changes. And his wife will not make the job change either.
Agree.
But even then, the money coming in should still allow them to get debt free if they make a plan and first of all know what their numbers are.
Listening to the call it seems they have not much idea of what exactly they owe, to who, and how much.
The title of this should be- "Stoner Phones Dave"
$100,000 to sit around the house 😂 must be nice
He’s a 100% disabled veteran with that rate, you have to be SERIOUSLY messed up or injured to get 100%. For a lot of disabled veterans that money means nothing for the life and limbs a lot of they gave. And the fact he’s getting retirement pay also means he served over 20 years. I’m currently serving in the Marine Corps and am getting out soon also because of a medical reason in case you were wondering.
This is America 🤗
Be fair, he’s got 2 cars to sit/drive in. He’s not at home.
@@zipy4900not necessarily. He described his disability. His back hurts and his knees hurt, and he has PTSD. I’m a veteran with 23 years of service and I’ve never applied for a VA disability rating. I know some who milk it for everything they can. I hope he is not one of those.
Really?!?!?! He retired from the military, worked again but has been deemed unemployable, and has disabilities due to being in the military. He may need to find a hobby to help him occupy his time to keep his mind going, but your comment was very insensitive!
Its crazy to me people in their 60s still cant do basic personal finance.
I give a little grace to 20 year olds but WTF have you been doing for 40 years that you haven't figured this out by now.
I'm 64 ,have no debt and live on my SS which is 1730 a month and I can still buy about 6000 dollars or more in silver a year.
@@musicman7297 i rest my case
Don’t judge lives you know nothing about.
@@barbararepko4824 isnt that the entire point of this channel.
@@barbararepko4824 Excuse me, but we just learned what the guys financial life was . Thanks
Also, his VA disability is tax free! They need to get on a budget smh
Damn, my wife and I do good to bring home $7500 most months and we live good.
Can't never built a bridge....
This call sent my bs meter into hyper drive. Guy has an excuse for everything and gets to ride the disability gravy train….
IKR? Maybe $250K/year from taxpayers and he’d be okay… 🙄
Now we just need to see the PbatesLTD price also move in the same direction as these charts. Up. Very Up.
This is just a frustrating call and he will probably sadly never get out of debt It seems as if he called to give a counter to everything instead just tackling the issue. I thank him for his service to this country but now it’s time to deal with the problems and try to make no excuses.
Sucks that he's not in great health. glad he's getting really good financial benefits but it seems like a spending issue. I would like to see if he and his wife are on the same page financially.
That was a tough call to listen too
Thank you for your service I would say to him
But making $100,000 a year there’s gottabbe an answer
It’s simple…
I simply don’t get why he was pushing back the entire time
SMH 🤦♀️
I don't understand where his money is going, especially since he gets free medical care. So why didn't ya ask him how much his mortgage was? I can't imagine what he spends the money
He said they rent early on in the interview.
Would have loved to have known how much they are paying for rent/mortgage. And why did the wife decide to start a business that is making no money when they are so far in debt? If she would have worked any normal job and with his $8200/month they would have been out of debt in 6 months, then she could start her own business because his money alone would keep them going if they had no payments.
This man has the common sense of a toddler
Why in the world don’t these people have the numbers ready when they call? Dave needs a new call screener.
I know. They should have these numbers memorized.
@@annehajdu8654 don't even have to do that just write em down before calling
A low income definitely makes things difficult but there's a huge discipline component. I'm doing just fine on my income and know coworkers making more than me that just can't keep it together financially.
You can only lead a horse to water....
First off, I appreciate this man's service. 🇺🇸 He's clearly fought in one or more wars that put him where he is today. Now he has another war to fight. His wife needs to downsize her car and seriously upgrade her income in order to support them both alongside his income. Then go through the FPU Baby Steps, get out of debt, save up for emergencies (with his health, he'll need it), and hopefully set aside for their remaining years. It'll be a marathon, but it can be done.
Work from home standing desk. Switch between standing and sitting as needed
Here is how I feel, emphasis on feel; and it's that because I hold no debt while additionally USD's are a debt based currency that I am actually still ahead. Am I dumb for thinking that?
Makes 8200 a month and cant pay his bills ? We need an overhaul on paying these people for their disablities , hes just an irresponsible person
disclaimer: i'm a disabled vet
this is the second video ive seen of a disabled vet who is just clearly bad with money. I remember the last one I saw the guy wasn't paying his mortgage for like 3 years. dave is way too nice to vets! he needs to yell at them like the rest! wife needs to get a real job and dump the mlm.
8,200 a month disabled retired income . There's no problem here unless you make it . I'm disabled on about 20% of his
Hate to say it but this guy sounds like he has a victim mentality, like all of this financial mess just happened to him. He had enough money coming in but managed it piss poorly. I appreciate his service but it's time to suck it up and get it together or he's going to be miserable the rest of his life.
This, he probably lives in a nice house with 2 new cars and eats out 4 times a week at good restaurants.
He really did throw a little pity party to make us feel bad when he’s getting 100k from Uncle Sam.
Exactly. People are too soft. Suck It up, and buckle the hell down
I agree
Yes and he didn’t even tell Dave thanks for gifting him FPU and Everydollar.
Every time he was about to explain what he was spending his money on and why he didn’t have anything left to pay off the loans, Dave would interrupt. He has $8k a month coming in! How much is his mortgage/rent? What other bills does he have?
If he can't work, he doesn't need a car. Don't understand why they couldn't sell the one on finance and have his wife drive his car. Also, I don't understand how he collects military disability, social security and social security disability.
This is absolutely insane how much money he’s bringing in so I am military veteran and I wish I would have gotten my retirement pay but I got out early. His injuries aside you don’t have to live in the United States to receive your benefits. I’ve lived in eight different countries throughout my life And what $8000 a month can get you you can live I can’t even put into words how good you can live on $8000 a month in pretty much every single country except western Europe
and Australia
Love the PbatesLTD content. I think this project is just as essential as HBAR and they both will be great movers
The unaccountability is astonishing.
my feeling based on what he said is that his wife is in a Multilevel Marketing Company and is just another expense. 99.9 % of people in MLMs lose money! it makes more sense to play the lottery!
Sounds to me like caller has gotten into some grey market loan sharking with insane 3-figure annual interest rates such as payday, tribal, pawn or even outright black market/mafia lenders.
There's a big difference between owing $25K at 10-20-30% from an "honest" unsecured lender Vs owing $25k to sharks or criminals at 200-300-360% interest rates.
Sounds to me like caller needs legal advice because there are sometimes legal ways to defer payday lenders and break the cycle with state-mandated hardship programs also with active military (disabled vet as well?) there can be legal protections against loan sharking that would limit a shark's ability to prey on him.
Around here grey market payday and pawn lenders are about 20-25% per MONTH and black market lenders are about 4% per WEEK so $25,000 could be literally unpayable depending how it's structured.
He probably should have thought about that when choosing to take out those loans rather than live within his considerable means in one of the cheapest metro areas in the US. Hard to feel sorry for him. Actually, it's impossible to feel sorry for him.
Thanks for addressing the high-interest loan issue. Dave did not.
I have a very close disability in that I cannot stand nor sit very long. (a reclined life is boring, awful) When I move around, I look fine but the xrays shows that just isn't so.
I have about 1/2 his income with no debt, own my house, own my car, and live a comfortable life. It's all based on decisions. The PTSD will lead to chaotic choices. He needs to take control of that.
There are issues here on both sides of this call. The caller is full of excuses and doesn't really know his own situation. On the flip sidenof that, Dave is not listening to the fact that his loans are "High Interest". If they are something like payday loans or something, they are likely short term and 50% to 150% interest and fees when calculated annually. That could mean that the debt doesn't seem bad, but the minimum monthly payments stack up large and fast.
Should I pay my bills?
That's not really a lot of Debt.... They must eating really good every day
Did Dave just say to start with the high interest loans first?
Dave knows all the high interest loans are small stupid pay day loans, smaller than the car
The guy owes $25K on "high interest" loans but doesn't know how many he has. Therefore, it is logical that many of those loans are low balance. Knock them out first because they are low balance, not necessarily because they are high interest. How upside down are they on the wife's car? What's her monthly payment. She should be able to get a job making $40K a year and ditch her "hobby" job. They can't afford her making no income while "working." That could allow her to double up on payments and get the car paid off faster. If she does that, there is no reason a couple making a combined $140K a year can't pay off $55K quickly. This guy doesn't want to get serious about getting out of debt.
@@scottsanders2474 And there's no reason they can't pay it off with just 100k.
@@Jdonaleshen Dave does not know. Because he never said.
@@scottsanders2474, *high interest can be 300 percent, 500 or 700. Tribal, payday loans.
Dave so quick to say get rid of the car payment
He's not even trying.
Military retirement, mil disability, soc sec, and of course Tsp. Good sum of money.