I'm $300,000 In Debt and Only Make $65,000!
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- Опубликовано: 5 окт 2024
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She mentions wanting to live comfortably twice. She’s doomed.
How on earth could she run up 300k in debt after declaring bankruptcy in 2018? The creditors are brain dead.
Student loans. Guaranteed she used loans to pay for undergrad and grad school at a private school to get a job making $65K
@@eq2092 $65k at the beginning and most likely $100k when she retires. I think she did a good thing getting those student loans.
@@johnSmith-uz8nl $300K in debt when making $65K a year in NYC is absurd. She won't have enough enough to pay that back. That payment is going to be $2K per month which is about 1/2 her take home pay. She would have been better off not having the degree or the debt and making less money.
@@eq2092 exactly.
That's absolutely absurd 65k is no money anywhere specially in New York and they have no shame in charging hundreds of thousands.
First thing is to move out of New York
Tell me about it.
Yep they are all here in Florida, cost of living has gone up here too, and our Governor does not tolerate any of the criminal activity rampant there
NY isn’t that expensive. Stop reading articles about all these Manhattan apartments being 4-5k. You can still find apartments for well under $2k within the boroughs like Queens.
@@JonathanIvy221 hmm how is the quality of life in that area ? Grocery stores? Health care ? Security ? Infrastructure?
@@highlyfavored2434 sucks 😂😂😂
$65K in NYC is like $30k income in many other places.
so you make more money to cover the high costs?
kind of like australia ? where a dishwasher makes $30 an hour but an ice cream costs about $30 too
She is in the Bronx, not Manhattan
The difference is $30k is liveable in many other places.
Car note is the problem. Nobody needs a car in NY
True.
This is actually a myth. She didn't say what borough she lived in but unless you live in Manhattan, not everything is accessible by foot. Unless you live near work, you probably do need a car. Staten Island is basically the suburbia of NYC and there is no solid public transportation like the rest of the city. Edit: She said she lives in the Bronx.... you'd have to sacrifice your personal safety and wellbeing. That's a different frying pan
Part of the problem but I'd like to have known what all her debt is.
@@za4117then why move there if you’re afraid to move around in the community 🤔
@@craftingallartpeaceful695It where she's from.... it's what she knows.
My daughter used to make $65k, and lived in the Bronx for three years. She was just barely making it, had no savings, and got periodic gifts from my wife and I. There was only one solution: she moved to St. Paul. Suddenly life is beautiful. None of the hassles of NYC, none of the dinging fees the City inflicts, MUCH lower cost of real estate. She now owns a mansion for the cost of a two bedroom apartment in the Bronx.
Why in the world would anybody live in NYC?
Unless you are rich other than that...100% agree!
Did you not hear her? She has a 7 year mortgage .
NYC is pretty good to many people. To each his/her own. I love NYC, thought of moving and realize that it's not for me. At least unless I decide to move entirely out of America.
@@staceyc9343 Well, OK, tell me what is good about it. I am willing to be wrong.
@@christianlibertarian5488 I enjoy going to MOMA for free or the many other free museums, all the outdoor activities( also majority free) in the summer. China Town, Korea town, lil Brooklyn, lil Italy, Governors Island( no cars allowed) the free ferry. Going to Times Square on Saturday and watching the street performers or the different activities. Going to watch a free orchestra event. Broadway, off Broadway, just relaxing in Central Park on a hot day or if u have kids Bronx Zoo( free on Wednesdays) or Botanical Garden. Or in the Summer when the neighborhood comes alive. NYC maybe not be for everyone, which is understandable but I'm cool with it.
She has a huge spending problem. If she doesn't get her spending under control- she will never get out of debt. It's not what you make- it's how you spend it!
But she Neeeeeeds the extra space don't ya know?
She's already calling herself a middle income individual on $65k income while at the same time trying to get low income co-op housing.
She’s not smart enough to figure this out. She filed for bankruptcy once and now she’s right back. She can’t handle money. She’s a child.
Making 65k having 300k debt is not going to getting out.... its not spending problem, just moveout of the country or die with it
She’s really not getting it, you can hear the numbness. Why would you get a 2 bedroom in NYC if you only make 65K a year. That’s insane
This is the first time I’ve seen Dave not be able to answer a callers question lol 😂 that’s how bad her situation is.
I know 🙄🙄🙄 Gosh I feel sorry for the lady 😳😳😳
" RADICAL DIFFICULT SITUATION REQUIRE RADICAL DIFFICULT SOLUTION"
I like it so much that I write it & frame the words in my house
She didnt provide enough detail. She doesnt even know what she signed up for at 33K
😂😂 guys she’s a share holder not a owner … it’s one of those programs where rents can go up so much
😂😂😂😂
Unfortunately I don't think Sharniece is ready/willing to do what it takes to fix this mess. It will involve a massive lifestyle change and with a child, it will be very hard. Hopefully she does Dave's program and is able to make the necessary changes. The fact that she filed bankruptcy once before and got back into crazy debt doesn't inspire much confidence. Good luck to her.
There is no fix for 65k income 300k debt, impossible
@@johndone8045 Anything is possible but Dave was right that it will probably take her 20 years 🥺 And she won't have anything in retirement.
Who would loan this person ANY money ??? Had to be a prank call !
@@johndone8045 😂😂😂
@@nic_ccc3366 I don't remember how old that she said she is now. But there IS HOPE.
She wants to live comfortable, yall. 🤣😂
Comfortable = same as people who made choices and paid their debts. Comfortable = getting her debts forgiven with other people's money.
@@Whoiskevinjones other people's money for the win!!
@@macneoh7418 🤣
@@Whoiskevinjones she down with OPP
How did she get into debt?
"I like to live comfortable"
🤣🤣🤣🤣🤣
So do I but I don't spend money
that I don't have!
Basically 70% of America's problem today.
There is nothing comfortable about owing almost 5x your yearly salary. She will never be able to pay it off unless she doubles or triples her income or cut way way back on her expenses.
@@Sierra_Lynn People CHOOSE to ignore debt as if it were an invented number that will never catch up with them.
Dave knew he needed to call bullshit lol. She had no interest in wanting to change. She wants things to change without making any sacrifices.
Why do I feel like she doesn't know what she actually owes the co-op
Wrong. She knows. But people don't want to believe how little she is paying.
Same here 😎
Yeah where can you buy any place to live, much less the Bronx for $33k? I don't think she knows the details fully on her situation.
@@Westcoastguy She said it more than once, it's a program. She's right too. I was on the list for that same program years ago when I still lived in NYC. Just a way to keep broke working class people n the city to do the dirty work.
@@jimmymcgill6778 possibly. She just sounded unsure so I wondered. If it is the case, then that's legit she got into a program that incredible !
I'm confused. She racked up more dept after having already filed for bankruptcy??
Yes she did.
Yes sir not everyone is wise, . She will become in time with this burden😊👌🏽
Student loan debt can’t be discharged in bankruptcy, I believe.
@@MrsWheezer yes you are correct. That makes sense how she still had debt. I thought she racked up consumer debt again
@@MrsWheezer correct
She really thought Dave was going to tell her what she wanted to hear. But truth is, she already knows the answer to her problems.
If she knew the answers she wouldnt of called. Seems like Dave would rather be condescending and offer no solutions, says more about him than it does her.
@@rawketeer The answer is, like Dave said, a math problem, aka, living above ones means. And he did offer her the solution: to increase her income however she can and live frugally. That he didn't sugar coat it doesn't mean he didn't offer a solution; she needs to realize just how deep a hole she's in so she can be moved to take action.
I think this woman wants to hear bankruptcy file asap
@@Cieloazul85 Agree
@@carmenross1077 It should not be that extreme? This women makes $60k a year. Do you know where that puts her? In the top 20% of income earners, in the COUNTRY. You heard that right, if you make $60k a year you are a top 20 percenter. This woman has nothing to worry about. She will be out of debt and on her way to becoming a millionaire in no time.
With that debt, you're qualified to be a Congresswoman.
🤣
Everyone makes this joke, but in reality it qualifies you to be an American. Majority of us have debt and the country is north of 30 trillion with no way to pay it back. It's an illusion of a country being successful.
Ha,ha,ha!!!
the caller needs to run for public office
@@CaBdosdos I have a coworker that is in hiding from bill collectors.
Dave doesn't joke. His words of wisdom will sting, but he has good intentions.
Single mom living in NYC with $300K in debt??? God bless the children!!!😌🙏🏾💯
The most important job a mother has is in picking the father of her children.
@@alphathefirstone1222 reverse is also true
Nah, the children will turn out the same.
@@MichaelJones-rn2pq It is possible that the father may be deceased, was a good man when he was alive, and was her husband not a boyfriend.
Not all men and women, that are single parents, became single parents the same way.
@@alphathefirstone1222 Yes-- I forgot about that.
She sure isn't short on excuses or wants.
That's why she is in this mess. If she continues doing what she is doing and making excuses, she will be 400k in debt this time next year. She needs to get her priorities in line. Until she does, she will never get out of this mess. And only making 65k in NY, I wonder if she ever will get that debt paid off. The math is just not there for that hole to shovel ratio.
I’m sorry, but what sort of advice did she expect when she repeated that she wants to live a comfortable life making 65k in NYC with 300k!?
Emotional decisions can lead to chaos.
Even making 100K the cost of living in NYC would make it very hard to pay off 300K. She needs to move to a lower cost area perhaps in the Midwest or Deep South and then commit to working a second job for several years to pay the debt off.
She has a kid. She’s hosed.
Yea
Now wait a minute? This women makes $60k a year. Do you know where that puts her? In the top 20% of income earners, in the COUNTRY. You heard that right, if you make $60k a year you are a top 20 percenter. This woman has nothing to worry about. She will be out of debt and on her way to becoming a millionaire in no time.
No, she's in a super affordable housing situation. She can stay there but needs to do other things.
@@costco_pizza LOL
Wow im making the same as her and already having anxiety having 7k in debt 💸
You got this!!!
@@janelleg597 thank you, its just a car payment only and planning to pay it as fast as possible
I paid off $105k in three years making a similar amount. If you budget carefully and say "no" to a lot of things for 4-6 months, you can knock it out in that timeframe.
@@unfairsanic5089 So.... what are your strategies for paying it off as fast as possible? What are your strategies for acquiring what you ought to have, which is savings and investments? For many people (myself included) that required frugal living and a bare minimum of expenses.
@@SeattlePioneer Wow. You presented excellent questions. Definately things to think about. Thank you.
dave sat there listening like "this woman has no chance"
That's how I felt for the entire call. Holy cow ... it took me three years to pay off a third of what she owes and I live in Texas where the cost of living is far lower.
Dave was probably thinking that she may never get out of this. He didn't even know how to tell her how to pay that off cause it is such an astronomical amount compared to what she makes. Honestly, unless she doubles or even triples her income, I can't see her ever getting out of this mess.
her chance will be worse still when she has two or more kids by two more dads who will never marry her because of the debt she is in.
What is she called for?
Handouts? ?
i mean its obvious that this chick is already condemned to a live of poverty, its not like dave can tell her that though
Well, there’s just some calls that make me feel real good about my choices
Right
That's why we all listen to these type of calls 😁
How does a social worker get into 300k worth of debt? That’s wild
Mortgage, car loan and student loans. It’s actually pretty easy
She definitely has a masters.
@@barnabusdoyle4930 I don't think the $300k includes a mortgage. Also, she lives in NYC, so I'm guessing she does not have a car. Most likely it's student loan and Visa debt. Ten years ago I was dating a lady who owed $150k (about $250k today) and made $45k a year as a social worker. Pretty much just SOL and it was her own incompetency that got her there. She was hugely dependent on the child support from her Ex husband.
Some other clip, Dave said you shouldn’t get a masters in Sociology to earn $40k being a social worker. lol. The system does all this on purpose.
She worked HARD for it!!!!!!
I'm failing to understand how someone can file for bankruptcy and learn NOTHING 🤦🏽♀️ A few years back she got her debt cleared and then racked up that much debt....how on earth can someone do that?
It just makes ZERO sense to me, why people don't learn 🤦🏽♀️ This is truly the definition of INSANITY.
She thought bankruptcy would give her infinite money glitch.
It must be mostly student loans
The bankruptcy law should not let those people to borrow any money for 30 years instead of just 7 years.
@@mimosa9188 They can borrow money as soon as someone is willing to give them credit. The waiting period just prevents them from filing another bankruptcy for a few years.
My friend sold his house to pay off over $100K credit card debt. After selling his house and paid off all his debt he started renting a luxury condo and signed up for more credit cards. People don’t learn.
One thing about this channel is it gives me hope, and that there are people a lot worse off than I am at 20k in debt. Grossing 80k
So you are the type who look at others in worse situations than yourself to feel better about your situations?
You should be looking up to find hope, not down.
@@rayjgold hear, hear!
@@rayjgold That’s exactly what he said. Read the first line in his comment.
I’m on the same boat but I gross $100k. I just don’t like the calls from millionaires who call to ask if they should buy a rolls Royce.
I wish we had a breakdown of what she owed.
We do. Uhhhhh uhhhhhh uhhhhhh. lol
Dave didn’t even bother to ask what her monthly payment was on the coop. Just ready to tell her to move. More info is needed before handing out advice.
@@Luv2Ski4500 Yeah he didn't believe her co-op deal, which is a real deal and she described and understood it. So, he didn't want to help her
@@hollystiener16he didn't believe there was anyway to help her before she even mentioned that. Paying off 300k with a 65k income in New York is wilddddd. The only way to solve that issue is to increase your income. And even if she does increase her income she seemed like the type that will just increase her lifestyle next.
Probably half of that is student loan debt
This is NOT a math problem. She IS the problem. Any plan would fall apart due to human behavior
You are exactly right .
“I am a homeowner “ that’s such a great line . Missing the Forrest for the trees .
We all got the privilege of subsidizing her home ownership...so she can set herself up for a 2nd bankruptcy.
I wish they had continued this after the break so we could have heard the specifics.
She bought a HDFC coo op apartment. These buildings are usually in low income areas and can only be sold to people who make less than a certain amount. There are many restrictions tied to this and steps to even qualify. It’s a city program to help low and middle income New Yorkers buy a property. The areas are not all that desirable.
I figured it was something like that because she makes no sense. Have to be poor to qualify like Medicaid.
I bet she is only hearing good things and not the risks and issues involved.
She's even calling herself a middle income individual because of it.
It's New York City. The entire city is desirable.
@@LyricalTampon not the bronx. that place is as bad as most of chicago.
@@LyricalTampon not a fact. Not all NYC boroughs and neighborhoods are the same. In Manhattan even the worst neighborhood is desirable do to the allure and wealth (as the business and financial center) but not the reality for many other parts of queens, Brooklyn or the Bronx. If by desirable you mean price wise than yes, all of NYC’s 5 boroughs are desirable for developers and landlords , because even the worst apartment in the worst neighborhood is expensive. People usually think all of NYC is the same as Manhattan 🤦♀️ many areas in the Bronx have high crime and drug rates; and not the safest. I
True except the on the location! There are a lot of nice luxury buildings that are apart of this program as they receive huge tax breaks n other incentives from the city by allowing a small percentage of units to be in these programs.
A social worker who can't manage her own life problems...yet, her job as a social worker is to help fix people's problems. oy vey, what a conundrum!!
😂😂😂😂😂
35, single mom, 300k debt.....
I have no words!!🙄
I wanna know what she spent $300 thousand on🤔
RUN!!!
Just every single thing that could be wrong is wrong. And I often complain about my own life!
Call her what you want but she got the best dang darn co-op deal in the world 😂
it is more likely she misunderstood the deal.
@@qb5118 there a clause where she can’t sell it for couple years I would assume?
@Socket Yellow Usually they just ban renting out your unit. You can only resell or live in it. There are probably rules about how to resell.
@@eatenvegan1565 there has to be some clause where she can’t sell it for couple of years
I’m calling her confused and someone who does not actually know what she has gotten herself into.
I have a family member like her. No end of positivity + pain. No end of debt.
i don’t think she even cares about getting out of the debt. She sounds chill
With 300k of debt at that point just F*** it.
Yeah except for the first minute she said she has a lot of anxiety. She's a single mom who is used to being insanely strong in front of her kid. Broke, single and living in New York city. I hope she pulls through.
@@antionneanderson9721 yep
Dumb and irresponsible is what I came away with, not 'chill'
Some people are just like that. She could be really struggling inside.
It is most likely Mitchell Lama Housing. She owns shares and if she moves, she sells it back for only what she paid for it. My mom owned a similar one in Harlem. You do not build equity, but you can stabilize your housing costs.
that makes more sense. Because if there were actually co-ops in NYC for $35k available for sale the whole country would be moving to the Bronx, lol
Sounds like slavery
@@alinatamashevich3354 You are very misguided then as to what slavery actually was.
Exactly. And for her situation sounds like it’s the best action for her scenario.
Do I understand it correctly that she does only pay a (very moderate) one time fee and then live rent-free (apart from utlilities, ofc) as long as she stays there? That's an incredible bargain!
How is a social worker qualified to help when they can’t help themselves? 🙁
I hope she gets this sorted out.
What exactly do you think social workers help with that they need to be financially savvy? If anything they point you in the direction of grants, charity, and handouts, which is probably how she found out about the "program" that helped her buy a co-op for $33k.
I’m glad that she sought help, but I don’t think she understood the amount of debt, bankruptcy, and co-op agreement that she actually have gotten herself into. I pray she seeks more help.
First thing she has to do is get a real job. social worker is fine if you’re a second income earner, but she’s a single mom. So she gets to do what we get to do when we need to earn a good income. There’s people living in America illegally that have far better living standards than this chick.
What is the name of this program? I need it.
@@hornetguy9063 she is in service to others. It doesn’t pay a lot but it is meaningful. Pay isn’t everything but she needs to prioritize necessities vs wants and not worry about how others perceive her. Like Dave suggested, she should move outside of the city or to a less expensive state.
@@nothing-oj1sz I don’t think she described it appropriately as she perceived it to be. It sounds like a variable loan with a balloon ing interest rate…I don’t think she understood what she’s actually signed up for.
@@kristilewis3411 can’t service others if you don’t service yourself. She needs to make more money, her kid depends on it. If she wants to be a social worker, then she’s going to need to get another job as well.
I'm sorry just because you have a kid doesn't mean you are owed a 2 bedroom or more space..she can't pay for it. End of story. HUGE problem with the way people think they are "owed" things
This. Right. Here.
And don't have to pay.
Folk think they deserve this and that. Nobody deserves anything
Those people
What are her monthly payments for the coop? Dave never asked her this important question.
Living in Manhattan on $65k with no debt and no kids is a poverty lifestyle. More than half your take-home income will go to rent (even with roommates), and then you get to pay through the nose for what little else you’re able to buy. Forget about being able to save a dime and consider yourself lucky to merely not have to take on debt just to afford your daily life over there.
Really? That bad? I knew it was expensive but geeze.
@@nancyval325 yea do not choose to live in the big city because you think it’s cool. You will end up broke and living paycheck to paycheck unless you have an amazing job.
@@thesig301 how much do you need to make to be comfortable there?
I'm in the south so my similar salary allows me to be comfortable, save and travel.
@@nancyval325 idk but I do know rent is typically $2500+ for tiny and old apartments
She doesn't live in Manhattan.
It's like we're all one big support group.
Well she is a social worker.
I can feel the frustration on Dave’s facial expression
Priceless
I'd just move to a new country and start over
That’s prob the most reasonable solution.
She has a lot of options, as long as she does some research.
To be honest, if she increased her income, and got super strict with her spending she can tackle that debt
@@highlyfavored2434 not with a useless social services degree
@@reesercliff it's not useless, on top of her job she can get two other jobs in the service industry night and day shift and tackle that debt
I find myself seeing all these people with new $50k vehicles and I have to almost verbally tell myself that I cant have it even though I make 65k and live in a frugile 150k house. How people do it with kids is beyond me. I hope there is a reckoning of epic proportions because these people just keep spending. America won't be the same after this. Thought I'd say that in '08 but here we go again.
I’ve know people with nice house and 100000 dollars of car loans and have to borrow money to get by every month.
She probably owns shares in the coop..thats where the 33k comes in..most coops here are expensive to get in but the maintenance fee monthly is affordable. That's my guess.
perfectly said
Yeah she is very mislead about the whole situation.
The numbers still don't make any sense. You can't buy property anywhere in the US for that cheap really. So what does she possibly own?
There is a program in NYC called the Mitchell- Lama program- low and middle income families can buy into a co op at below market rate . The application process is cumbersome, wait list are long and those chosen are selected by lottery. That being said the 33k is most likely a loan for the down payment and she probably has a morgage on top of that-
Trying not to judge here but did she say she filed BK once before? 😢
I’m judging. Single mother heaping all that on the who? Tax payers. We eat that. What a pos
1:52
Dave decimates her on the spot😂
Shouldnt he be trying to help her?
@@rawketeer Telling the truth is part of helping. Her lack of honesty and self awareness is what led to the situation.
He also rhymed
@@rawketeer He's helping her by letting her realize how stupid her decisions are.
@@ithinkigottalent4047 She called in for help and he spent nine minutes and didn't offer ONE solution. What was she dishonest about?
Yes Dave, it's a lower mid level housing program to help people in public service (like teachers and human services) get in to housing, who otherwise could never afford to do so. I have a teacher friend in NYC who was able to win a lottery to get in to a similar program to buy an affordable condo.
Do you know how it works? I saw something online but it was help with the down payment only for up to $100k
I think that was a troll^
I don’t think it was a troll, NYC does have a lottery system for housing. You can get into apartments for dirt cheap if selected. Luck is heavily involved in getting selected, plus there’s typically a LONG waiting period. I’m not 100% sure how it works (don’t live in NYC anymore) but it’s definitely a thing.
@@Jmontesinos0966 yes the lottery is a thing, but if you don't meet the criteria for low-income housing annual income of $36k-$52k/year, you can't get into the lottery that is the first step. then all luck on getting selected. she is at $65k so she is not qualified. it makes no sense she is on it.
In Marin county I know someone who bought a 2 million dollar home for 300k because of this program but idk about 35k for a condo near the most expensive city in the US.
When Dave sat up in his chair, i couldn't help but laugh
Makes me feel grateful that my only debt is a 21 Tacoma, with 10k miles, @ 1.9% and nearly paid off.
100% chance her and I disagree politically and blames everyone else for her horrible choices throughout life
Yup starting with being a single mother.
I still feel bad for her. I have anxiety just from listening to her problems.
The co-op being 33,k is a real thing the company i work for supplies maintenance to one of those programs its like a more upscale projects lol(it’s actually kind of nice) but I believe it was originally designed for military veterans. I believe the prices and value of your apartment that you own never go up also.
What’s this program called if you don’t mind sharing?
@@richeshere1535 sure its called “Amalgamated Housing “ aside from that I don’t know much i had a co worker that had family living in there but I personally don’t know how to get in or apply .
@@richeshere1535in nyc it’s called a Mitchell lama.
I’m familiar with a similar project in Virginia. Limiting the future sales price keeps people from flipping it and making it unaffordable for others. You buy into affordable living, then later sell it so someone else an get affordable living. Good for people of limited means, but not for those who want to build wealth through real estate. It’s privately owned and operated, not a government project.
Yup in NJ it’s called Mt. Laurel
I’m so confused about her debt and why she filed bankruptcy
I thought social service people are more or less knowledgeable on life’s uncertainties. How does this social service teach steps of bettering life and strategies to patients and unable to figure herself.
One of the most underpaid and overworked professions is being a social worker. IMO you have to be even more on top of things in that kind of situation.
It's a worthless degree. What social problems have they solved? None.
We need people to do it buy itis thankless and underpaid. My cousin has the degree but sells real estate.
Nah, EMTs are far more over worked n underpaid!
Ummmm. What she needs is a social worker to straighten out her life and finances.
@@KidFromQueens Yep, they are also.
I live in the bronx.... this is literally impossible
Yeah I think she is confused I hope she can get out of whatever situation she got her and her son in because I think she owe a lot more for that apartment than she think🤔🤷♀️please read what you are signing👀
She live in the section of the Bronx called Co-op City. Yes to buy is very cheap and there a waiting list that can take years to call. I live in co-op city also. Beautiful low crime neighborhood and quiet.
This is what borrowed future looks like, 300k in the hole.
Dave's facial expressions says it all lol.
What's wrong with people? I guess people just don't think anymore.
Social media has made people live way above their means.
So condo's are kinda like co-ops. In a condo, you own the building, but not the land. You pay an HOA to manage the land surrounding the unit. You elect a board to manage the HOA. You pay the same HOA due amount as the next guy.
In a co-op, you own shares of a company, that company owns your building. You elect a board to manage the company. Typically these are non profits and the value of the unit are set by the board at the time of sale, typically only raising in value a few percent to keep the cost low. You are buying a place to live, not investing. The sale has to be approved by the board, who typically have a min and max income limit, no rich people allowed usually. Usually, this has to be your only real estate, no subletting. If you move out you have to sell your shares. Because you are buying a company, you pay a maintenance fee. This maintenance fee will pay the mortgage, utilities, and all other bills generated. Your maintenance fee is based on the percentage of the company you own, the percentage of the company you own is often the percentage of the building you can occupy. Unlike HOA dues, if your neighbor doesn't pay their maintenance fees, that will fall on the other owners to pick up the tab, these bills have to get paid. If the board has to evict you, they would need to buy you out first.
They can be a god sent to low-middle income people, but they can very easily become a nightmare if managed poorly.
Very informative. Thank you
Sounds like you know what you’re saying but idk anything about co-ops, thanks for your information!
"In a condo, you own PART of the building." I fixed it for ya.
So many dumb decisions. No way is a social worker paying off $300k
That’s the point. She’s not.
Wait, where was the answer to her question? Dave pretty much just said sorry, your f*cked. Next caller 😂
At the end of the video he literally said “I’m putting you through financial peace because I don’t know how to help you on this call.”
because he needed to address the issue at hand she thinks she can do whatever she wants.
He actually did answer her question. He said “Pick your pain if you want to live comfortably making 65k in NYC with 300k debt”. she is not ready to face reality justifying the reason she moved from a studio apt to buying a coop in NYC.
No answer🤣. Dave couldn't help.
she hasn’t felt any. real pain. yet, that’s why she’s not ready to change
She's gonna stay right where she is...BROKE AF! WINTER IS HERE TO STAY! 💀
Lol people on here are mean
Dave’s head shake at 1:28 😂😂😂
Probably the fact she lives in NY and saying she wants a comfortable life
It’s probably that cheap because the tax payers pay most of it. It is a state with high taxes
Definitely a low income program.
When she's an old woman and her time on earth is over, the mountain of debt will still be there right by her side. It's never going away.
Well, the debt is discharged and the taxpayers pick it up....
You reap what you sow.
I feel like nothing got accomplished on that call
You're right. It didn't. She just felt worse than she did when she first called in.
He didn’t help at all. Maybe because he realized that she was b
He did'nt have enough time to delve into the pit of a mess. Would need to continue off-air.
I don’t Dave’s program is even designed for what she’s trying to do once they understand her true debt load and the type of low income co-op she’s referring to.
Well, he did put her through to Financial Peace University.
The bronx is not a prime real estate area lol. The coop she bought was basically an apartment with a maintenance fee. It’s totally feasible. The only thing is, I wonder if she needs a car? In nyc you don’t really need a car.
Yes for work purposes and my child
Yea you do. Not everyone wants to take public transportation
@@SnapszDuhh yea but not everyone wants to be in $300k debt either. I agree, who really “wants” to take public transportation vs driving, and with a kid? But my comment was about “needs”, seeing she is more than a quarter million in debt and wants to get out of it.
I think Dave Ramsey has to look at the supreme values of cooperative housing.
This is what happens when you pick baby daddy over a husband.
Facts. Filed for bankruptcy which makes all the rest of us pay more for everything. Horrible
Yh like husbands don’t constantly do this 🙄🙄🙄
I think in her case, it would be relevant to ask more about her relationship status as it relates to her financial situation. Does the father contribute towards childcare costs, for example?
And how do you know that? She can be a single mother because she's a widow.
Husband? From a group of men that statically known for making women single moms!!!
"I want to live comfortably." You do. Well beyond your means. "Comfortable" costs you about $2500/month interest. Many families live on $2500/month.
She would be calling into Kevin Samuels now if he was still alive. "Why can't I find a high value man to take care of me?"
S/O to the Godfather Kevin Samuels.
"You can't make this **** up!"
Man I miss KS!
For the streets!
These are the type that complain about men
Boy, Dave took over that train wreck in a hurry.
Theres absolutely no way she got a co-op in NYC for $33k. Not a chance. You cant even buy a parking space in NYC for 33k.
SCREAMING
im from the same city and i agree. even im confused as to how she got it for that cheap. i think she got into a program that shes not clear about the terms.
You’re actually wrong.
She's referring to Co - op City in the BX. The equity is what you paying for when buying the co op and it's regulated by NY. In addition you pay for the maintenance each month or "rent" from 700- 1600 a month + the finance for the equity. If you have the value of the equity it's amazing because everything is included in the maintenance and you will not find those prices of rent in the bronx. when you sell you get the purchase price back minus 3 months rent . But if you finance the equipty it's a add on. Looks like she took a 3 bedroom apt. I wouldnt move from there cause it's a steal for the Bronx and not that bad of a neighborhood . However, Selling the car and taking the bus to save is best or obtaining a second job but that will require a babysitter.
The time constraints are so annoying. Why can’t they just allow for longer calls?
This video inspires me to research bankruptcy and why we allow it
There are legitimate circumstances that warrant bankruptcy- especially medical events...death of a spouse..
A fresh start to do the same thing again.
We allow it so that a serious mistake doesn't imprison one for life. Except for student loans of course, because 18-year olds are very wise and should know what they're doing.
You just run up debts every few years and don't have to pay it off. Nice system. Wish I had done that. But then, I have integrity.
For people with a decent income, bankruptcy doesn’t mean just wiping your slate clean. It’s rather like making an agreement with your debtors based on what you can actually pay. If you have a low income you could file for bankruptcy that pays nothing but most have to still pay something.
This lady is likely referring to the HDFC co-ops program. At 6:45 she doesn't seem to have a firm grasp of co-op arrangements and may be giving a confusing account of her purchase price - for example, she mentions "pay off the other half that I owe." A co-op owner does not own real estate. Instead, the owner owns shares in the co-op corporation that owns the building. The owner is simply granted a lease for a particular unit. So, she has a loan - not a mortgage. She is a shareholder - not a homeowner. Technicalities aside, the fact that she is in financial trouble after a bankruptcy in just 2018 indicates a much bigger problem that may be out of reach for anyone to fix other than herself.
She probably has the nicest clothes and shoes of all her friends though 🤷🏼♀️
Sell the kid
Hilarious
No
Make the kid est rice n beans, beans n rice and have him deliver pizzas
And also sell a kidney!
Sorry but she probably will never get rid of that debt. She doesn't seem to understand the gravity of her bad decisions much less have the motivation required to fix them. She just says, "I just want a good comfortable life." Yeah NS 😂
You can hear no shame and accountability in her voice, pure entitlement and projected blame 🙄
See those good old fashioned biblical principles like waiting until marriage to have kids exist for a reason.
But that doesn't guarantee the spouse will stick around. Many don't, especially if they don't want kids. Lots of married guys will leave if the wife gets pregnant.
@@christinebutler7630 you're delusional.
@@christinebutler7630
“Lots of married guys will leave”?
What are you talking about? Where’s the math? Most divorces are kicked off by women. At 80%.
@@christinebutler7630 You’re right. The spouse the doesn’t “stick around” is the woman.
@@christinebutler7630 it’s mostly women that leave, society likes to blame men when it’s the opposite that’s the reality
She just wants to be "comfortable."
Story of the modern woman.
As a former New Yorker and co-op owner in Manhattan, I have seen these programs, mostly in the Bronx, and they made me a little mad. But trust me, her apartment is not palatial and has no doormen, and an elevator that works only from time-to-time. The city tries get lower income people into ownership rather than living in NYCHA rentals. Co-ops have Maintenance Charges. These are not HOA fees. These are total common charges plus property taxes that increase ever year and can include special assessments. (Ours far exceeded our mortgage within a few years). Right now she is riding on a low so-called mortgage and a tax abatement. Get rid of the car. She can take care of that $300k pretty easily.
Bronx is a dump and that co-op place she living is probably miserable. You couldn’t pay me to live in the Bronx
It's not NYCHA. She is in a Mitchell Lama program. The elevators work ALL the time and it's a very nice low crime area. Yes, I live there. Shouldn't make assumptions!
Whichever program she is in, she has lucked out. That said, she does not need a car in the Bronx. Sell the car. Beans and rice.
So basically, the city taxes real income earners and offers middle income single moms a 95% off special on a home? What happens when they want to sell? I’m with Dave in that I’m hugely confused as to how this can exist.
@@hornetguy9063 it’s a program designed to keep low to middle class in nyc to do the dirty work. Who else is going to really want to live in nyc blue collar worker and wage these days. The American dream is just that a freakin dream lol total joke 😂 unless you making 90k+ in nyc you never going to get a fair shake. So this program helps keep the necessary services running because otherwise affordable housing is a joke and unobtainable there and it would be literally just be two classes of people in nyc, the homeless and the wealthy/super wealthy. The program is a testament how jacked up nyc really is. Have to look at it beneath the service. People only see Oo how nice sweet gentle would they are giving programs like this to single moms. Not so fast it’s a means to end to keep the machine running
It's just getting insane..there are far to many single moms
I’m wishing her the best! Seems like she’s a single mom and that tough. Hang in there!
She picked the guy!!!
@@alinatamashevich3354 Okay…Your point is? You can pick a guy and they’re great at first and turn into a nightmare. Look at Lacey Peterson, look at Shanann Watts. You think they thought their husband would do that to them?
@@alinatamashevich3354 Yet funny how men switch up their behaviour Jodie Aries is a Queen
These are the calls Dave was made for
These are the oddball calls Dave was NOT made for. He even admitted in the end he couldnt help her. All of the calls are screened and calls like this usually dont get through. Dave wasnt even familiar with the program she was talking about. The working class in NYC know about these programs.
@@Jerico1830 huh?!?! I work in nyc and never heard of such a dotard program. Dave csnt help anyone that refuses to help themselves.
He didn't know what to say.....
@@ovrjoyd4u2 he knew what to say...he just chose to stay away from the hot mess lol 😆
Dave doesn’t know what a co-op is.
Does he need to with 300K debt
@@coleworld904 Well yeah, it's an important part of the picture. I know co-ops are not common in America but they can be great options for middle to lower income people, it provides stable housing at a low cost. The question in this case is how much are the monthly maintenance fees...
Truth be told I don't either
Sad that nowadays 65k is borderline poverty and the majority of families need at least six figures just to have a little sense of security
What a nasty bunch of comments. She made the call so maybe support her process in working to get debt free. And yea, there are some not so great co-ops in the Bronx.
Thanks 🙏🏾
Depressing call, I would love a follow up.
she thinks she is a homeowner for $33k... the jokes write themselves.
It's a public service program to help people like social workers and teachers that will never afford a home. Basically there is a buy in, then after that is paid, to my understanding, there is a maintenance fee that is charged monthly that is less than most rent in the area, and you get to have, in her case, 33,000 in equity when it is for the next time
This is what happens when you go to school to study your passion and say that you don't care about money.
What a mess 🤦🏻♂️, where’s the father of the child?
prob in jail
None of your business