Over-Spending Has Caught Up With Me
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- Опубликовано: 24 ноя 2024
- Over-Spending Has Caught Up With Me
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Suddenly my situation is okay.
mine too
He’s prob still better off than u
No, it's not. His situation has nothing to do with you.
The more insane the debt story I see on the caption the quicker I click.
BUY WHAT YOU NEED NOT WHAT YOU WANT.
RUclips should do something about these bots.
don't worry, they are working full time to get rid of features and adblockers first
RUclips couldn’t care less, the future is here.
Fr, it’s sooo annoying
They are too busy silencing opinions and historical facts to bother with scams.
Seriously
@0:26 Ken is like "whatever, what's the best lunch menu lookin' like today"
Ken: 'you know I haven't had a good Chinese buffet in a while."
That’s better than her dangerous advice. She doesn’t know what she’s talking about. Just parroting Dave is not personal advice.
@@djpuplex@0:50 "where are my TUMS" was all about post Chinese buffet.
"Oh, btw I have $200k in credit cards and vehicles" 🤦♂
He dropped that in so casually at the end
I'd like to be where debt doesn't catch up to me until it gets to a million! 😅
I would pay money just to see Dave, Robert Kiyosaki and Cardone have a discussion about this topic. I think a lot of people don't have the cash reserves when it comes to managing the debt. If you have all those properties you should have at least a good cash reserve as a cushion for any unexpected expense but instead a lot of people don't have a cash reserve or don't have enough.
Jade is very wise for being so young.
People do not understand what a budget means. If you make a little you spend a little. If you make big then spend big but stay within your budget. When my wife and I first got married 46 years ago I did all the finances but she carried the check book. I'd say how much is in the bank, she reply $15. We never bounced a check and never paid late, but we lived on a budget. We bought a starter home and fixed it up sold and upgraded. Now 46 years later we retired own 4 homes and money is not a problem. We still live on a budget. Our grandchildren will benefit from our wealth. But thank goodness my children and their spouses follow the same plan.
This guy never met a mortgage he didn't like!!
1.1 million divided by 22 [edit, units]properties is 50k apiece, which means they're mostly trash in war zones and the ghetto. It's my experience you make little to no money on that kind of stuff. Selling stuff "on contract" only pans out about half the time. I got half of my houses back that way. I'd sell everything I could and just get out of it. He doesn't really know what he's doing
Dave Ransey did the same. Why do you think that he's calling his show? 😮
He has 22 units not 22 properties. They still aren’t very nice I’m sure. But it’s not like he has 22 single family homes.
@@TonyCox1351 You're right. Probably some quads and duplexes, but to sell stuff on contract it's either single family or he sold some multi-units to other investors
@@JustinCase780 He was flipping stuff and his lender called all his notes due.
I was thinking the same thing. I’m surprised the bank approved him for the money. This lets me know banking is scam really..
Dave should have taken this call
Dave is busy deep throating trump
😳 Unwinding this kind of leverage with a $1,000 of liquidity is foolish. I’m all for unwinding it! But having tenants and so much going on it would really be more prudent in this situation to keep more like $10,000 in liquidity to be able to react to bumpiness along the way. You need to have the ability to react quickly without going further into credit card dependency if there is a water leak or an A/C unit goes out.
In general I’m fine with the $1,000 fund for a situation where there is a single owner occupied dwelling. If there is a snag along the way, there is a little more consumer protection in this case. But with rental units, I doubt there is a much wiggle room with lenders if an issue pops up like a couple of tenants fall behind and cashflow suffers… I really hope he considers that. 😮
Leverage (aka Other People's Money) works great when everything goes smoothly. Not so much when you hit a few bumps. I hope all of these properties are in an LLC, at least.
I think the caller is an undercover agent sent by Dave, to scare people out of using debt to invest in real estate 😅
Why cant people just dollar cost average into stocks? All these debt games people play seems complex and stressful.
It is complex and stressful, but it has the potential to get a larger return. If you understand the complexity and can handle the stress, it isn't necessarily a bad idea. If you find yourself calling into a show like this, of course, then it clearly wasn't for you.
Properly leveraged, real estate can make you way more money, but you MUST know what you're doing. This poor guy doesn't.
@@thomasdalton1508 every joe shmo now is trying to turn real estate.
@@imveryhungry112 they are in this weird idea that you can only become wealthy from real estate. They don't tell them about the property tax, vacancies, management, overhead, closing costs.... Stocks you buy and you go live your life.
@@imveryhungry112Now? This is nothing new.
This guy has been watching too many infomercials at 2am
Still amazes me how these people have stayed in business with just repeatedly pointing out the obvious
Common sense left the building a long time ago. Dave Ramsey will never run out of clients.
Ppl keep calling with the same questions. He will be in business forever
@@lonestarrk9308 and all this because of what America is known for... Marketing.... And how a "fake" unnecessary economy was created around it..
The sad part is that this culture is catching up in developing countries ...
I dont really see how this is a big issue, mortgage debt with positive equity is not necessarily bad debt.
Any debt other than a mortgage on your principal residence is bad, according to Ramsey Solutions. Do you understand that?
Buddy has 22 properties and $2,500. That should be illegal, that’s not even enough to cover a simple repair on ONE property, leaving his tenants in a dangerous place.
He said 22 units not properties
@@reese85 That's no better.
Robert Kiyosaki has left the chat.
People kill me when they think they can use convoluted money schemes to make it out on top
Lol some people do it successfully every day
Seems he is just calling to brag about what his assets are worth.
Corey "Umm" from Des Moines
He’s way better than most
Stop. He's fine.
$1.2 million in debt and only $2500 in cash!? 😳🤦😆
Get rich fast scheme didnt work out huh?
Feel better making fun of someone trying to build wealth?
@@JustinCase780 $1.1 million in debt is not building wealth.
Just a small loan of a million dollars
Love Ramsey, but I think this guy is talking to the wrong specialists. These guys are great for talking people out of their CC, student loan, low-income problems. This caller needs a trusted advisor who specializes in these kinds of businesses.
Yea Dave should have taken this call
He be great in the government
If you can’t handle the pressure then don’t do OPM. Ramsey solutions is for you if you are scared
Did he want any advice?
How does he have 22 units and says he can clear them out for a million - 45k average per unit?
Man is nuts
$2500 in savings!!😮
Cash flow should NOT be used to live on (initially).
A % should saved, a % should be reinvested, and the smallest % can be used to live on.
Dramatically increase your assets, your investments, your cash flow, your savings, and then SLOWLY increase your lifestyle.
when you realise there are homeless people out there with bigger net worths
When I started my career, my colleague pointed out that many of us were in student loan debt, so the poverty-level population we served was actually in a better financial position than we were. They had zero, but many of us were in the red.
This guy is fighting to keep his mortgage.
Investing in stocks is planting a tree for your future; with patience, it will bear fruit
Just like a tree, investments need time and care to reach their full potential
I've been in touch with a financial analyst ever since I started investing. Knowing today's culture the challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders
Mind if I ask you to recommend this particular coach you are using their service? Seems you've figured it all out
Gabriel Alberto William is the financial advisor I work with. Most likely, the internet should have his basic info, you can make a research with his full name
I just google his name and his website popped up immediately. I'm very much impressed and i will email him right away
$1.2million debts.
$1000 cash.
🤷🏽♀️
Love it
If you are making a profit, there is no reason to sell.
These people are so anti debt, that they do not take everything into account.
All you do is sell the one is is making no profit, or so little profit.
There's no reason to sell a cash flowing property, just to have no debt.
You might need to start your channel and sell that line of thinking. In this case, this guy called to be advised by people who hate debt like Jade and Ken
The question is are you making enough profit to ASSURE the debts get paid off within a reasonable amount of time or are your profits small enough that your deluding yourself into thinking your running a free flowing business while in reality your sinking financially on paper
@@birdseye2239debts take away your freedom and happiness. ITS NOT WORTH IT
Problem is that leverage only works when the economy is good. But when there's a crash or downturn you can get into real trouble.
@@BMM-op4ou Typical cult follower. Not all debt is bad.
I don't get it. If he'd been doing this for a long time what led him to the realization that he had so much debt?
When interest rates went up.
People's thinking is the property will generate enough money to make the payments easy and leave some aside for your salary. The reality is not always so easy
Ok, I’m 2:00 minutes in and so far he hasn’t asked a question. The guy likes the sound of his own voice. I feel like Dave would have said “what’s your question” by this point.
Update- 3:00 in , I’m bailing on this call. Caller still hasn’t asked a question, still wants to tell us his life story which I couldn’t care less about it. Strangely, Jade, who I normally think is on the ball, is answering his “question” even though he never asked it. The advice here is to sell his assets but, that is in fact exactly what he said he’s doing at the start of the call.
He has 200k in cc and cars??
Well Jade took this one over. Ken just passing out free books
Ken’s role is to provide career advice. This call was not about a career issue.
$2500 in savings……………
Sell me 1 of them properties Cheap , i need a home at good deal and u need some dough 😊
These conversations are very dangerous. That rats nest requires more than a 5 minute conversation on a radio show. Way too many assumptions and interpretations to be fair to this caller.
If you can't buy it twice, you can't afford it‼️ 1M in debt, wow👀🤔
So if you have money to purchase something you still have to pretend as if you should purchase it twice, otherwise you can't afford it?... Doesn't make sense..
$1 millions debt from 22 units is NOTHING. If he sold he should make a PROFIT. This is a fake caller who needed to have better numbers.
I will buy all his 22 units for $1 million right now. What a stupid caller.
$45k per unit!
Greed
How do banks loan money to this people that they are so f broke
This dude must have bought the worst properties in the Midwest. 22 properties the equity growth the last 4 years he should be amazing. You buy a program from a guy that only makes money selling programs this is the result.
LOL more people worth NOTHING
Imagine being soo broke you cant afford one house this guy has many. So Fix YOUR life😂
I’m a tortoise. 65 years old. We’ve been slowly investing in mutual funds and retirement accounts. We’re debt free, mortgage free and the only real estate we own is our home (no other real estate). Our net worth is around 6million. If you don’t know what you’re doing, don’t get into real estate.
Sure it is...
This joker bid up prices. Sell a little at a time. Do not crash the market haha.
This caller has no idea what he is doing real estate-wise. He has zero business sense. Many fortunes have been made in real estate using properly managed leverage. The show hosts know nothing about owning and managing a real estate portfolio...brutal
Confused:
If you have 1.1 million in debt but those debts all cash flow with profit, where's the problem?
Unless he bought properties that didn't cash flow. If so, he doesn't understand how to invest in properties.
I'll happily borrow 0 billion dollars if they cash flow with profit. If each 100k property cash flows only 300 bucks, and you have 11 of them, you're clearing 3300 a month. If they lose 100 bucks a property and you have 11 of them you lose 1100 a month.
Cash flow is the issue, not debt.
Cash flowing the intrest. He said that on the call. Not the principal.
@@DJRiyzen That's what I said is the issue.
He's not cashflowing. He bought properties that didn't adequately cash flow.
The problem is cash flow, not the amount of debt, not the interest rate, nothing else except cash flow.
You should only take debt on properties that cash flow.
Business debt is not real debt. Just write things off against income. Business debt actually LOWERS your income for tax purposes. Don’t trust her. She doesn’t know what she’s talking about. She clueless and this is dangerous advice.
Of course she's clueless, she's American.
Why is Ken even there lol. He never contributes any useful advice.
He and Jade were making out in an office behind the stage after this clip and George walked in on them.
She doesn't give him a chance.
Horrible advice Just horrible. As others have stated, if the properties have positive cash flow, then debt is not an issue.
Plus, he obviously qualifies as a real estate professional, which is actually hard, because there are so many tax benefits from that designation. This means he can write off all the passive depreciation losses against not just passive, but ACTIVE income.
With that many units, all the income will be offset by depreciation, meaning he will not pay neither income nor capital gains tax, and any additional losses can offset income from any other source as well. Yes, there is stress being a real estate professional, as there should be, because the potential reward is so high.
Now, normally, when he went to sell the properties, he would have to pay back that depreciation, thus lowering the value of his sale, (which is the case now, if he sells, the depreciation he took on the properties has to be accounted for) but what he can do in the future is either set up a charity or work with a charity and donate the properties to the charity and he doesn't have to pay back the depreciation, he gets to deduct the entire value of the property.
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