“You Did This to Yourself”
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- Опубликовано: 7 сен 2024
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A 35k car with a commute of walking down some stairs....
That’s funny 😂
He increased his potential energy tenfold with that Cadillac up there.
😂😂😂😂😂
He tried to impress the girls thats why he got that car!
The young man is 23y/o. Prime time to make some mistakes that he can recover from.
He started off the call taking no accountability. Glad Dave straightened that out up front.
On another call a veteran got screwed over by unscrupulous car dealer and Dave gave advice on how to ask his commanding officer to call the dealer to try to straighten them out. A 23-year old is easy prey for these sharks. He should take accountability but also realize that people without any morals or ethics will fleece him if given the opportunity.
Dude sounded like the dealership held a gun to his head and forced him to sign the loan lol
You've clearly never been a 20 year old man.
@@raymond_sycamore You clearly are a victim, lol.
@@GAFB1122 you clearly are a SIMP
exactly!!! its funny that bells don't go off in peoples heads when seeing these loan amounts. WORK FOR IT!!!
@@AMZflipper "do the work" is what Karl Marx said, too.
He doesn't need a car. He lives in NYC at lives above the business. This is ridiculous. Use the subway, buddy.
He pick a hot girl on the subway. LOL
Get a cheaper car if he wants to go on vacation and drive while doing it.
@@MsJoyce31202 it would be a whole lot cheaper if he just rented a car for the occasional vacation.
He’s young. It’s an ego thing. He’ll get over it.
Hey John, I got "screwed over" by bartenders making me an alcoholic.
Hey DUDE! No one twisted your arm to become an alcoholic. ONLY YOU ARE RESPONSIBLE FOR BECOMING AN ALCOHOLIC!!
Do you not see the irony in your statement? Laughing!
😂😂😂
We were all young and dumb. This guy is in great shape either way and has a good head on his shoulders for 23. He will be fine.
Not ALL of us could afford to be THAT " YOUNG & DUMB"....WE didn't live in our parents house!!! He's had a pretty " CUSHY " LIFESTYLE!
Speak for yourself.
@@clarifyingquestionsare you old and dumb? 😂
When you've got parents that create the job for you and give you the high five figures, yes, he will be fine. They will be sure of that haha
He's in great shape because his daddy gave him an 80k a year job and let him live at home for free.
Every decision he made was bad. Went 25k into debt for community college, bought a flashy car and rolled negative into the next flashy car.
Kid was born on 3rd base, got confused and ran to 2nd. Now we've all formed a line to congratulate him on the killer double.
It's clown shit.
"Right" = "I'm not doing any of it" lol.
100%. This is a dead giveaway that they realize there is a difference between reality and the story they have made up, but they'll choose to stick with what they've been doing rather than change anything.
Exactly how I took his responses as well.
Guy is killing it for his age. He should bank as much a humanly possible while living with his folks.
he won't...has a different baseline for standard of living, he'll spend it and rack up debt like most people.
The career trajectory for a bartender is not a solid straight line….he will inherit something though.
@@davidcanning4840 Unless the restaurant goes belly up like so many.
Never rely on an inheritance.
He works in a family restaurant, not killing it.
They are succesfull enough to pay their son 80k. The fam restaurant is doing great...@sct4040
"You already spent the money, paying it off is just finally admiting it." Love that line for people who are afraid of using their savings to pay off their debt, because then they would have no savings. Those savings that they think they are protecting are not actually real.
But the interest those savings earn is.
My mother had an older brother and sister die of starvation,
Creditors are not coming to your
Home to take commodity, food, money.
@@bvoyelr What's also real is the much higher interest on the debt they have... The interest on those savings is always effectively negative when you have debt
@@bvoyelr so is the higher interest charged on the loan 20% - 3% = 17%
It's so annoying listening to people blame others for messes they created for themselves.
Yeah, but this guy is 23 years old. He has life lessons yet to learn. I think he is well ahead of the game just being willing to seek advice.
Dude if you live in the heart of New York, it doesn’t make sense to own ANY type of car. Also - how lucky is this guy to live with his fam, above their restaurant, and making $80k bartending? I know $80k isn’t much in NYC but this guy’s in a pretty good situation.
He probably eats for free at the restaurant, and his mom cooks for the family too, so his food cost is almost nothing.
80k is excellent for NYC when there’s no overhead whatsoever. Dude probably nets about the same as someone making $175k who pays rent, childcare, etc
@@laxbmm84 true
@@bebop504 and if you're a bartender there was never a reason to set foot in college, let alone take out loans for it.
23 year old guy with almost no expenses, besides luxuries he imposed on himself.
He's probably gonna keep the car, because he's still young and wanted to be frivolous...yet living above the restaurant he works at, which he works at because of nepotism, so he has no worry of losing the job...
Man, what I would give to be in his shoes.
Tough to bring women over though 😂
No one screwed anyone over except the caller doing that to himself.
That was the funniest part of the call, glad Dave called it out. And I’m allowed to judge because I did much stupider stuff at 23😂
Well the truth is a lot of people are struggling out there and can get tricked into things like this. People like this caller are suffering and we don't know where our next meal is coming from. Student loan relief and a proper UBI would go a long way in helping us out. This caller would be able to take care of his bills and put food on the table.
@@costco_pizza Reality prevents "a proper UBI".
He's like the people who obtain a loan from a pay-day lender and then bash the pay-day lender.
@@costco_pizzaThe caller isn't "suffering," and no one owes you student loan relief or UBI. You signed up for the student loans and you made all the dumb choices that keep you poor.
You decided to buy the cars and get student loans. That's on you, not the car industry.
"I don't want this debt but I also don't want to give up my escalade or see my bank balance go down, what do I do?" Well only thing left is to work even more to make more money to throw at the debt. That is called living to work.
When a caller on the Ramsey show says “right” that usually means they disagree or they aren’t going to take his advice.
I don’t know why half these callers bother.
A lot of them do it to flex.
They want to hear that they are right or, as in this case, that they 'were' victimized.
Right. I won't buy that 75k Tesla. 😂
$80k as a bartender... daddy pays well. Above industry rates.
Remember this is New York. That's lower middle income in that city. You're typically in a tiny apartment with a roommate with those numbers.
Absolutely nothing wrong with that either. Isn’t that something all of us would want to do as parents if we were able?
“Jealousy is a helluva drug”
Daddy probably wants him to stick around so he can take the business over someday.
It's from tips. Big cities pay a lot. I bartend in San Francisco and we make around that.
You are in great shape. Pay that crap off.. get rid of the rich guy car addiction and get wealthy. Then get the rich guy stuff.. when you rich
25k for community college is crazy
Agreed. It’s way cheaper than that.
And with the interest gone for the car and student loans - INSTANT raise.
I can relate.. when I was that age, I thought having a really cool car was important. Later in life, you realize nobody cares
You should only buy a cool car for you. I got lucky in being satisfied with a miata as my “cool” car, and anything else i really want is either too impractical or unattainable to even consider.
Yes, people don't say; "Look at that cool car and that totally awesome person driving it", but rather; "How'd that jerk get that bitch'n ride?"
Not true. In Los Angeles, the third topic after introductions to a woman is, "What car do you drive?" I am not kidding.
@@frequentlycynical642 and shitbox is the answer
Nobody cares but you! Oh, and any woman who asks what kind of car you drive isn't worth your time!
Thanks to you Dave. Following your recommendation, I started researching into Abby Joseph Cohen Services. Thankfully it was a little over a year ago now, I started an lnvestment with Abby's Services and that allowed me to be on much MUCH more stable ground in the face of global financial upheaval.
So thank you, your channel, and your employees. For what it's worth, it made a difference for me and my little family.
Same here, I got to know about Abby Joseph Cohen on here in 2020. Since then I've paid off 160,000 USD of debt. Now I'm working on building an emergency fund. I didn't even have a savings account three years ago.
I know this FA, Abby Joseph Cohen Services but only by her reputation of being a former employee at Goldman Sachs; even though she's now involved in managing portfolios and providing investmnt guidance to clients. I have been trying to get in contact since I watched her interview on WSJ last month
@@RAKelBerquist
Well her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
@@SahlMeyers
Thank you for this tip. I just looked the name up, wrote to her through her webpage and booked a session..
Abby Joseph Cohen Services has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
Ken contemplating what he is gonna have for breakfast lunch and dinerrr and super😂😂
😂 yep
Why does he need a really expensive car when he’s literally walking downstairs to work????
Chicks
unfortunately it always boils down to personal responsibility. Even if the system is set up against you (whether imagined or real), what YOU do about it is all that matters.
I like the idea that buying something with debt is you already spending the money. Paying off the loan is just admitting it. The most dangerous and disappointing idea credit providers have sold the public is that it's free money.
I would add that when you take on debt, you've spent not just the $ for the product, but also even more $ for the interest.
I drive a used Camry. Bought it used for $16,000. And I’m several decades older than 23…. No one should be broke because of a car.
Best thing I ever did was buy a certified pre owned honda in 2014 for $14,250. Still driving it 10 years later. I constantly have co-workers ask me "when are you getting a new car?!" lol
@@JJones-zg7yzYep, and you just smile! 😊
I have never bought a new car. All of my cars were bought used and I keep them for as long as possible. I still drive my 2008 Honda Civic.
Gotta love Civics. They run forever with minimal upkeep.
Telling people to sell their car is unrealistic. It’s a lot of hassle, and you’re never going to realize what you think it’s worth. Pay off the student loan, double up on the car payment and keep contributing into the IRA. The difference between paying interest on the loan vs drawing interest on the IRA is not enough to take a loss on the car. Just drive the car until the wheels fall off
Dave is congratulating this kid for gettting a lot of money from his parents 😂 How many 23 year old waiters make 80k?
In New York? Probably more than you would think. That's not that much in New York!
This guy makes good money, has the right attitude, and sounds like he takes good advice seriously. He's got a great chance to build some serious wealth very quickly!
The dumbest thing you can do at any stage of life is to go into debt for a depreciating asset like a car
Not everything is about depreciation.
@@jimmymcgill6778 and that's why most ppl bury themselves into debt unnecessarily
If you think it's dumb then you are free not to do it. I bought a new Toyota Avalon 15, or, so, yr's ago which I could easily pay cash for. Enjoyed that car so much. Yes, I took the depreciation on buying a new car & that was fine. Sometimes a luxury is worth it.
I still own the 1972 Chevy Truck that I bought new,
Buy new and never Re-Buy!
@@penelope5500 Car ownership is inherently stupid.
Ken is like …What is this on the Table….must be my Breadcrumbs from my Subway Footlong 😂
And, he's highly concentrating on his next order taking notes. "Note to self - *Go double cheese on next burrito, skip onions the crew hates the smell, maybe try that fried bean option instead of baked, buy John one because he put up with my gas last time"
@@JustinCase780 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂 Legendary!!!! Dave Ordered 1000 of those Vanilla Scented Plug in Fragerances to get rid of the Red Onion Aroma in the Office
@@DudeDude491100%
And, the ladies nicknamed him "Ken don't drop your Pen" because everytime he bends over he releases a silent but deadly.
@@DudeDude491 100% and a reorder ready to go. The ladies in the office constantly repeat "Was Ken in here?" at the start of every meeting.
Jersey mikes😂😂
It’s crazy to me to have the cash to pay off debt and not think you need to do it
Tell me why I should
Pull $50K that is making ~11%
and pay off a 0% loan?
@@aolvaar8792 where are you making 11% and paying 0% for a loan I want to bank there
I can understand it only when it's earning more yield than the cost of interest
@@aolvaar8792 is that 11% guaranteed? Nope. But the debt payment sure is.
He lives above the restaurant and he needs a 35k car?
A 23 year old dude wants to impress the ladies. 😀
Making 80K working for daddy
@@alberttang6955 Exactly. When should he get the 35K car, when he's 45? And then he'll be called a creep for trying to pickup 20 yr olds. Now is his time to impress.
@@Neoquaker1 In the movie Little Miss Sunshine, the grandpa character only gives one piece of advice to his grandson: "Fk a lot of women. Just fk a lot of women". Can't say he's wrong.
@@Neoquaker1 oh how impressive, you can sign your name on a dotted line
Pay off the caddy until wheels fall off. Why waste 10k on a car that will break down in a few years. You live at home and have a job with your parents. You can pay that off quick
$80k as a bartender? That’s more than my company pays for new hire engineers.
He’s at his family’s company.
But are you in New York City? Eighty grand is poverty pay in New York.
@@alansach8437 Nope, but still. You’d expect a college educated engineer would make more than a bartender anywhere in the US.
Blaming others for your misfortune will not resolve anything, you need to pick yourself up when you get knocked down.
Chumbawamba
He’s doing great for 23.. get a cheaper car and stack that cash 💰
Why when he has the money to pay it off? He's upside down and won't profit anything.
@@robr268Dave explained why, but either way works.
It’s a depreciating asset so he isn’t going to profit anything anyway.
Dave and Ken are so good together.
Once maybe, twice its no coincidence. These lessons are expensive.
1. Pay off and keep the car
2. Aggressively pay down the student loan and
3.continue contributing to IRA.
4. Save (HYSA) and Invest (brokerage account)
Wrong.. sell the stupid car because he really doesn't need it, pay off the student loan debt for good in ONE PAYMENT, and pay off whatever else stupid loan or balance he has on the previous car that he mistakenly bought.
@@Blittsplitt5 yeah sell a car and buy a junker that you have no idea what kind of issues it will have... brilliant. He is young and managed to save nearly 60k at 23. He will be fine, he is not drowning in debt, like people in their 30's and 40's with 6 figures in debt. Not everyone needs to develop the scarcity mindset. He has learned his lesson and can still recover without going to extremes. It doesn't hurt that he has privilege on his side.
I bet you the previous bartender didn't make 80k their... Family makes a difference lol.
He's under on the car by over 10,000 or more. He has the cash, so pay it off. Regardless of why he needs it, he has the cash to wipe everything clean.
I got my sweet treats and ready to watch
😂😂😂
Thank you for listening to the advice. It takes a real young man like you to follow the wisdom from experience persons.
(Pssst: he’s not going to do anything Dave recommended)
80k bartending! And you wonder why people aren't interested in getting a corporate job starting at 15$ an hour,...
It's amazing how quickly one can accumulate cash and increase investments when one has zero debt.
Maybe times have changed. But... cadillacs are for old people. The average age of an owner is like 50s and 60s last i knew. Why is a 23 year old buying a cadillac?
@@pdxmusl1510 times def has changed lol
It's probably a CT4-V or CT5-V. That's the only thing that makes sense going from a mustang to caddy
The Cadillac CT5-V has 3.0 L Twin Turbo engine with 360 horsepower. And it's actually a decent looking luxury sedan.
Black wing
I am retiring at 45 and I agree we need to make the right decisions to reach financial freedom.
“The car industry screwed me over.” Unless the CEO of GM put a gun to your head to buy a Cadillac, you only have yourself to blame.
I woke up to the tragic drawbacks of our debt-based financial system during the last financial crash. Through discipline, determination and Abby Joseph Cohen my financial advisor, I was able to retire recently in my early '50s with a bit of land in the Williamson act on the California coast and an investment portfolio that can sustain my daily living. I try to spread the word and encourage many people I meet it is possible to achieve the goal of independence. Living below your means can be enormously rewarding! Practice humility and above all, Invest in the financial markets with expert guidance.
Let's be honest. This grown man is able to stash away a lot of cash because he's living with his Mom and Dad with little to no housing expenses. The question is ... could he still get out of debt without the help of Mom and Dad? Yes, but it would be a hell of lot harder!
Just shows you its who you know not what you know that gets you money
Go with the suggestions and stay out of debt and you will be able to save even more money quickly.
Sometimes I wonder what could've happened for me if I would've been born into such a job. I mean, instead of having to work hard for a decade to start making some decent money, even better than 80, but still. Compound interest being what it is
90k bartending?! That’s like 125k a year at a regular job. That’s why you see bartenders in their 50s 60s and even 70s still bartending because the pay and hours are infinitely preferable to corporate work.
It’s in NYC. COL is WAY higher.
80k in NYC is poverty.
If he said it was invested with his 50k I’d be more skeptical…but if it’s just sitting in a savings account it pay the student loans off immediately and put a big chunk into the car. Maybe you get rid of it maybe you keep it, but be debt free within a year. Then stack cash and open a Roth IRA brokerage account to stock away as much as possible BEFORE life happens and your expenses go up. Your 35 year old self will thank you when the messy middle hits.
You can't stack 6K/month making 80K per year. 6K/month is 72K/year......so he isn't supposed to pay his ~20K in taxes + never go out or have other expenses.
That’s what I’m hearing as well. Drives me crazy how certain jobs don’t pay taxes
I'm a bartender (key words:) "at my family's restaurant." So his parent's hooked him up with a good paying job and dude thinks he "earned" it.
He's 23 with a nice car, he ain't getting rid of that car
Ive done dumb stuff while young get rid of debt regardless.
How can you live at home and not contribute financially ?
Kids if nowadays have no idea of the real world world
I'm already investing in stocks by watchiing youtube videos, but my portfolio of around $120k is not getting much yield. what strategy should I ue at this point to make gains?
diversify into different asset classes but DYOR before investing. If you lack extensive market knowledge, consult a financial advisor to help you.
Accurate asset allocation is crucial, I used hedging strategies to allocate part of my portfOlio to defensive assets for market downturns. Expert guidance is vital for achieving this. This approach has helped me stay finan-cially secure for over five years, yielding nearly $1 million in returns on invest-ments.
pls how can I reach this expert, I need someone to help me manage my portfolio
Monica Shawn Marti is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her site up and filled the form. I hope she gets back to me soon.
A car is the worst investment. Why do ppl invest in it?
It's not a investment maybe a classic car might be a long term investment..maybe depending on the car a market.
They think it makes their thing bigger!
Some people need to go grocery shopping. A car will 999% of the time lose value.
What would you do when you get wealthy? Most wealthy people are extremely extremely and I said it twice that’s right frugal. I with my only income take them out pay for their lunches, buy gifts when they got millions in their stocks, bonds etc.. Most wealthy are very poor at heart. I like watching Dave’s show because he teaches how to be smart with your money I think it will help if he also teaches how to be not sooooo frugal.
Fellow paid some tuition at the school of life. If he's smart that tuition may well have been worth it.
No rent and free food
It’s crazy to say ‘you can probably save $5k-$6k a month’ when earning $80k annually. Not sure which state he is in, but he literally isnt earning enough to do that after taxes.
Its so frustrating how Dave pretends income taxes aren’t a thing
This guy should look at how fast he could cash flow and pay down the debts. Then just pound it away. Don’t sell the caddy for a loss. There is no way he would be able to sell it for even $15k. Just pay the car off and keep it. Cash flow and pound that debt out in 2 years or less.
In what world does he get 25k debt from a community college? The student debt is insane. I’m a senior at a 4 year D1 university and have managed to pay for it all in cash. That’s not bragging it’s just that it hasn’t been that expensive. I don’t stay on campus but I also don’t have any scholarships. 2500 bucks a semester if that.
So, about the Cadillac…..
Has nothing to do with the fact that you work at your parents bar, live in your parents house, right?
So, what you’re trying to do is show the world that you’ve hit a home run, all the while having your gut tell you that in all actuality, your parents dropped your ass on third base and just asked you to run the remaining 90’?
That’s what the Cadillac represents right, Slick Guy?
I love to hear the guy has an IRA too. I was a little concerned he had so much in cash and not invested.
Don't be so judgmental folks. Give him a break.
Who didn't do stupid things when he/she was young and foolish? I know I did.
The fact that young John is calling in to ask for Dave's advice demonstrates clearly that he knows he's not doing well for a young man with a great salary. It takes guts to admit that we've screwed up and to try to do something to rectify.
Not to this degree, financially
He's working in his parents business and is probably better paid than he would be if he wasn't related. He'll also probably inherit the business too.
Thanks!
Why are the student loans (around $25k) so high for a community college? Unless he lived out of his parents home and used the money for rent that seems awfully high. Did he use the loans for the first car? Why bar tend if he got a degree, or did he get one? Dave didn't ask any questions on the student loan situation.
He probably went to school for business and will take over some day. Even if that's not the case, majority of people don't work in the field that they were educated in
Bought flashy cars he couldn’t really afford in order to attract girls. A tale as old as time.
I would pay off the student loan and put some down on the car loan and pay off the rest of the loan quickly. Keep the car if you like it and learn from your mistake.
Where is Dave getting the 5k-6k/month number? That's basically his entire pay, after taxes. Even if you live at home, you're probably still going to have a few expenses each month. All that aside, I do like Dave's plan, just bite the bullet and be done with it. A year from now, he'll be so proud of himself.
A lot of bitter and jealous people on here. This guy is doing better than you were at 23 and will be richer than you. Good job dude.
I’m very happy for him. He’s going to be VERY WEALTHY in his life.
I mean he can keep the cadi if he wants, it's not that much difference. Ask if you can live at home 2 to 3 more years, live cheap, throw your parents $1000 for rent and you're set
23 years old making $80k as a bartender living in NY I know exactly why he got the caddy. 🤷🏾♂️✊🏾
Hes in good shape
I will add, once you start building your cash back open a ROA IRA, save some of the money in a HYA and invest in S&P500. Then keep in a regular bank account your “Emergency Funds”.
I got a 1979 El Camino.
...and?
Cash is KING
Who talked him into rolling the balance on the mustang into the purchase price of the Caddy? Must have been the car dealer.
How much does Dave think 80k a year per month is?
You have $57,000 pay off the student loans. Sale the car and buy affordable car. Student loans are tax deductible.
He's making 80k and is young. He can afford a mid-tier caddy.
Bartenders make $80 grand??? Who knew?
Why did he need to get a Cadillac ? Lol
It wasn't about need it was about want.
I own a Mercedes and pay nothing for it. Lmao
I agree. What baffles me is that he works long hours, 6 days a week and his workplace is in the same building as his residence. So, the expensive car sits parked and is not used much. What a waste of his hard-earned money just to have bragging rights and to 'keep up with the Jones.'
@@karenhale908 not everyone gets an expensive car to brag. Lmao
@@karenhale908do you really think he works long hours 6 days a week at his family business? Yes I know Dave said it and he agreed...but come on now, common sense people
The debt should cause more heart burn than less cash. Cash is King - it makes money 24/7.
He can also hold the savings n gradually pay off for the car ov3r the next few months instead of saving
Uncle David❤ do I pay all your bills and taxes, Sir❤😅
It makes me wonder how many of the problems that we face in our lives are usually a result of our own stupidity?
all of them.
If I get da car, then I get da gurlza... right dude bro!
he has to impress the bar bunnies