The average American salary today can't support a family of 4 anymore. It requires both spouses to work. Again, if you're talking averages here, you aren't getting very far ahead especially if you have a mortgage.
That is often because they want to vent and complain more than they actually want to take the hard steps to fix their issue. Self pity. You could tell by how he started off the call and the tone in. his voice.
Why did they just buy a $22,000 van? She doesn’t work. Buy her a $5000 car. Budget, budget, budget. You should never act like you don’t know what’s going on.
@@KnowledgeIsComfort He bought that with future-money and is surprised it leads to him not having any today-money. Some people just don't have the ability to think i guess...
This is always my question-why these families are STRUGGLING, but the stay at home spouse isn’t doing anything to bring income. Good on you for doing something to help your family.
This used to be a very common expression in England and Ireland (Irish people would often use ‘the ould fella’ to describe their father) but I haven’t heard it recently - made me chuckle.
I'm 62 and come from a large family of siblings, aunts, uncles, cousins, and friends. I never heard that word used. I grew up and still live in Mississippi. It was always wife or her name. If it's a southern slang term, then it's coming from a disrespectful group.
They aren’t broke just broke minded. They don’t need to sell anything. They need to budget better. Wifey needs to set a monthly or biweekly budget. We’re not getting the whole picture.
what makes you think the husband is gonna follow what the wife budget on? guy like that most likely think anything the wife does is inferior, only good enough to take care of the kids, no way he's gonna follow thru
for a family of 5 they have to have a van, they can't lug arnd the whole family in his truck. but they don't need a brand new van for sure, just get a used one until they are debt free
Anyone who starts off a conversation by saying "I can't save money" and also "I have a Jeep" is a person who truly doesn't see the problem clearly and needs help to look in the mirror and see the problem. Jeeps are soul crushing, financial money pits that have very little practical value over a Camry, for 10x the cost of a used Camry. If you were raised that way, that a new car or even worse, a Jeep, is a wise financial move when you are struggling, you need someone to mentor you and make you face your financial reality and make better choices. Mentorship is extremely important.
This man needed Dave’s straightforward simple guidance. Man to man language. I’m sorry to say but these ladies made it sound complicated and over explained the process. Women have a tendency to be more detailed in emotional and verbal language. There was a simplicity tone in his words and language, it should have been answered in the same way.
You said it perfectly. His situation was easy to break down, they just made it more complicated than what it was. It was frustrating to watch in the beginning.
He doesn't keep track of anything and keeps spending. Same story, different person yet everyone wants to blame something else. Can't be their actions at all.
Jade was such a good addition to a very strong team. They're all good, and she brings another facet of empathy, with a great understanding of the plan.
And why he'll always be broke. Too passive in controlling his cash flow. Brandon needs to lose those cars, stop needless spending, and get that SAHM parasite working even though f it's work at home. He's got to be lousy at being an electrician if he's only making $60,000 a year. Sounds kinda listless and lazy.
The problem is the cars 1000$ month .the car are costing him about a 50k in lost investment opportunity a year . Car payments are the # 1 way to keep you broke if you cant pay cash for the car you can't afford it .
I think these phone calls will be so much more productive if one person answers the question and the other person is listening. In the end, the other person can add to the advice. This advice is all over the place, and just as one person is trying to get behind the question, the other is interrupting.
Really hope they do market research in the comment section. Because this one is gold. Please listen to this comment! They mean well, but there’s too much stepping on each others’ answers, discombobulated conclusions, and over analyzing the numbers when they usually just need Dave’s “get on a budget, sell the cars, no restaurants, rice and beans, etc. etc.”
"Hey, we're broke. Let's pump out a third kid! Gees, old lady. I don't know why we can't save money, but let's go getcha that van. I know we can't afford it, but we can buy money from the bank. I hope this helps us save money and get wealthy." Whiskey Tango Foxtrot???
@@catherinewilke5583 Some people can't physiologically breastfeed. As to the diapers, time costs money, too, and cloth diapers are a giant, time-sucking pain in the ass. Cleaning all of those cloth diapers takes a lot of time and electricity, too.
@@catherinewilke5583 When you can bill $100/hour like most physicians your margin of error is much greater than the majority of people. You're speaking from a perspective of great privilege. Some of the most short-sighted and dumbest people I've ever encountered are doctors.
I drive a 2003 Ford, and my husband drives a 2007. Our household income is over 400k per year, and it still doesn't make sense to have a car payment. Buy old beat up cars until you can pay cash for one. Also, if your wife doesn't work, you can be a one car family.
You were good until the end where do you think the wife doesn’t need a car. You actually contradicted yourself being that you said you have two cars anyway.
@@jasonleatherwood2172 man forget this post lol, it’s a contradiction. First they said they need two cars and then they say you only need one. 😂 don’t bother
Cmon bro, y’all make that much and y’all drive those cars?? lol. I’m All for economic frugality but cmon bro, live a little lol and get a couple Hondas in the 2015 range. 👍🏽🙏🏽💪🏽
Diversification is the secret to optimal performance. This is why I have my interests set on market sectors based on performance and projected growth, such as the EV sector, renewable energy, Tech, and Health. Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE
If you don’t understand the markets, stick to an index like the S&P 500. Dollar cost average and hold long term, or better still consider financial advisory to avoid losses
Sometimes I'm surprised most people don't even know they can do that. I've been making at least 200k every year from my investments by working with an FA. When you realise it, it feels like a life hack.
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
"Do you have any other debt?" - "Well maybe as a young bloke, some medical, groceries..." what is he talking about? He has no financial literacy whatsoever, just some lofty ideas about "building wealth".
Agreed, boiled my blood as well. Also - dude has 3 kids and zero savings. How the F can you justify getting your head on the chopping block for some stupid car...
How do you expect a stay at home mom to drive 3 kids to school, doctor appointments, or grocery shop with no car while her husband's at work? Clearly, you've never had that kind of responsibility.
@@strangerthingsaresaid7655 so true. People think that being a sahm is just laying around all day, going to Starbucks, sleeping in all day… I literally have daily 10k steps from running all day after my 4 kids. At 9pm I’m exhausted and at 5am the baby wakes up ☺️
When I was broke I drive an old car for 4 years but I bought it $1300 cash and after that I bought another car for $5000 cash And drove that for 5 years . and I never finance anything 😊
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Brooke Miller.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
My husband and I have 4 kids on 1 income and we live off $48k/yr and save the rest of my husbands military income. The cars are killing them. We don’t have fancy Wagoneers or Suburbans but that’s the only way to save money. My $11k van isn’t shiny but it’s been super reliable.
@@melinda67 Military get lots of non cash benefits, often including free housing. My sister is military and she gets 2500 a month in housiing reimbursements. So 48k in the military is like 65k for most people.
Hi team! Unpopular opinion here. I lived in Belarus during the hyperinflation years. To give you some perspective, $1 is 32,500,000 roubles if we remove all denominations. Peak inflation rate was 2000%/year. I saw USD price doubled in a single week. Imagine that, all your life savings halved in a week. 1/20th in a year. Worthless if you invest long term. So, wealth building in a currency backed by a Fed debt, with interest payments exceeding $1T... We don't even know a real inflation numbers (unless someone is buying the 9% figure). "Everything is fine"? It would be interesting to hear Ramsey team to talk about the economy in a more general way, not just how to deal with money this year.
Love Jade’s giggle when caller called his wife “the old lady”! Lol I feel for the guy. He feels like he’s working like a dog and not getting anywhere. Budget, budget, budget! That’s the key. My husband and I got serious and paid off two cars, my student loans, medical bills, and almost our home in 5 years. It’s hard now due to inflation, but can be done.
How has he been an electrician for over 7 years and doesn't have his journeyman yet? That's what I want to know. Either he's only been barely working part time, or he's been consistently flunking the classroom part (which is ... pretty elementary stuff). Typically it takes 4-5 years, so something isn't adding up.
Saying he can't save money and then buying a 22k car and whatever the other one is, not far off that value, is just so ridiculous. It's makes me think that the majority of people who claim that life is against them and they'll never have a house and retirement fund are just complaining instead of doing.
I don't think he's listening.... He sounds like he's looking for someone to wave a wand. I'd sell both vehicles. Nobody NEEDS a Jeep. There are other vehicles that are cheaper and better lasting.
@@elivasquez5976if you can afford the price tag and maintenance cost then there's no issue at all. This caller can't really afford a Jeep, van, and 3 young kids with his income.
@@reese85Number one paying for two vehicles on one income is a terrible decision. Secondly, getting rid of the van can help him put a few more dollars towards saving. Lastly, it takes 14 days before a credit report update that a new loan has been added to your credit report. It’s not uncommon for someone to return a vehicle within 3-14 days. I’ve seen people do it.
There was no need for the other stuff you mentioned cuz I just asked about the dealership part! But never heard of anyone returning a car to a dealership
There are plenty of jobs available after 4pm that this man gets home. The lady needs to work anything after 4pm. Gotta be a tag team at home for a while, thats how we did it for many years.
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
The best thing he can do is try to pay himself first (401k) and do the best with the rest. He’s basically broke otherwise living paycheck to paycheck. And no Rachel, you have no idea what he’s going though.
I will never understanding being a stay at home parent ESPECIALLY when you're not rich in 2024. This ain't grandma days. IF you have a household of 4 or more then you need to make a household income of $100K on average. The average household only makes $80K. That's only good for one kid. Average household has around 2 kids.
@@Tashas_Travels with daycare plus before/after school care, working might make her break even. I have 4 kids (2 in school) and it would be $3k/mo for us.
@reviewsbygen5591 it's better than not working at all, in all honesty. They'll have extra money coming in, even if it's a few hundred bucks, they can throw it towards savibgs, debt, investments etc
@@reviewsbygen5591bingo, I was just looking for this comment! Daycare for the little one and before care/aftercare for the other two are going to eat up at least 50% of her pay, if not more. Also, who stays home from work when the kids inevitably get sick? Or on the many school holidays? He better be ready to take turns with her staying home on those days, or she'll lose that new job right quick. He also better be ready to start sharing housekeeping & cooking duties too. People need to take those things into consideration when the stay at home parent goes back to work.
I think I would've told him to dump the Jeep first, then pay off the van. I'm guessing the van was for the kids. If Mom is staying at home or even WFH, then the van is the only absolutely necessary vehicle.
You make crap money for an electrician. Get out there and work a traveling job. They are always hiring electricians. Do it for 2 years and you will be back on track.
This guy doesn't want to figure anything out or make any changes, he just wants a shoulder to cry on while he continues to be lazy about his finances and life choices.
Something i hear a lot from these calls is a guy who makes ok money with a stay at home wife that watches the kids. This is a totally viable option for people who live within their means. But in too many situations they live outside of their means. As a woman who decided that she wanted to partner with her husband on bringing in money, we decided to only have 1 child. We can afford daycare for 1 child, allowing me to have a career that more than doubles what we would have if my husband worked alone. I can't imagine the stress of being the only breadwinner. Man or woman. You lose your job and it feels like sudden poverty. I think people really need to consider if thats the lifestyle they want. I cant express how amazing it feels to know that at least 1 of us can keep us going if the other gets laid off, sick, injured, etc. And while having a house full of kids is a blessing, whats the point if youre living paycheck to paycheck?
I am I as tired as he sounds or is the math not mathin'. I'm excited for him and his family to go through FPU (and FPU Jr. for the 10yo, so they can start him on the right track). My bet is there debt free in a year. Good luck and many blessings
Of course he's broke with supporting three kids and a wife that doesn't work on only six grand a month. There's no way he's going to get by in this world
YUP. Wife needs to work. I say she should call or Email daycares "I have a toddler and two school agers. I'm looking for part time while the school agers are in school that also includes childcare when I'm on the clock"
If he really has $1200 left each month, I wouldn't sell either car. He could pay off the Jeep in 6 months, and the van like a year after that. Standard debt snowball.
He shouldnt leave the union, he has full medical, dental, eye care, annuity and all the other perks ontop of his 60k. And hes an apprentice hes not a journeyman yet. Which means he is not an electrician yet he is a helper making 60k a year. Stay the course brother. Im a Elevator journeyman and im making 160k a year plus a $13 an hour annuity ontop of that. He will be just fine.
I don’t think he makes that much a month. Some people exaggerate their income. If he makes less it makes sense to me he’s cutting so close to his take home salary.
If he saved up and bought the same vehicles in cash he would still be broke. With all of his savings tired up in depreciating assets that are one crash or blown transmission away from being worthless. It’s reckless for them to say that the reason he can’t build wealth is because he has the car payments. That’s not why he can’t build wealth there are way bigger budgeting problems. He’s making $5,000 a month. Where is the other $4,000 going each month?
When rachael says, " the budget needs to be real8stic." Shes not talking about going to rice and beans. I dont think shes truly down with the ramsey plan odd enough considering shes daves daughter.
Yeah, I wonder what's going on with wife has to have a van which I assume is a minivan. Not needed. Put the 10 year old in the front seat and drive a car instead, but too late now. Once you take out a loan you're better off sucking it up and paying it off then just making that minivan work.
First, Sir, my wife is correct, not old lady. Get that straight, and call back when grown up. You will never ever get it right without working it out together.
He’s not even a journeyman yet! His income will skyrocket here in a couple years when he gets his card. Journeymen electricians at the paper mill I work at make $48 an hour
Meh, that's no kind of money. And with three kids? Please. People greatly underestimate what things cost today. He's stuck in this 1990's thinking that 100k a year is good pay. Now go make more money. And you need to make a lot more money.
the average american salary was never meant to support a $1000 car payment
The average American salary today can't support a family of 4 anymore. It requires both spouses to work. Again, if you're talking averages here, you aren't getting very far ahead especially if you have a mortgage.
@@mybdayis420 the ONLY way I could maybe justify it is if the mortgage is totally paid off
Car note$ are a absolute killer.
When the callers can't give direct answers to simple questions, it's frustrating to watch.
Exactly. 💪🏽🙏🏽👍🏽
Agree. I wanted to interrupt him so many times. Answers should not be "Maybe this or that"...
That is often because they want to vent and complain more than they actually want to take the hard steps to fix their issue. Self pity. You could tell by how he started off the call and the tone in. his voice.
And if they've ever watched the show, they know they will be asked to provide specific numbers.
I think he was confusing expenses for loans.
Why did they just buy a $22,000 van? She doesn’t work. Buy her a $5000 car. Budget, budget, budget. You should never act like you don’t know what’s going on.
A car would be too small for a family of 5.
@@anndeecosita3586 I should have said vehicle not car.
He's broke because he doesn't budget. He doesn't even know his numbers.
Numbers?! That’s school learning talk!
American education at its best
Budgeting is not his problem. 3 kids and wife that doesn't work is
Exactly!
@@siva47931 You are wrong, you can have family and manage well. You can be single and buy stupid sh*t on credit and be broke all your life.
Some people are making life so hard for themselves. 3 kids, zero savings, debts and they buy a 22K dollar car on credit?! Simply idiotic...
Exactly. They just bought the van and suddenly they’re shocked!?
@@KnowledgeIsComfort He bought that with future-money and is surprised it leads to him not having any today-money. Some people just don't have the ability to think i guess...
And he probably blames it all on Biden
I was a SAHM with 3 kids and babysat another child in my home for extra $, it paid for all of our groceries . Huge help
Smart, and took initiative.
This is always my question-why these families are STRUGGLING, but the stay at home spouse isn’t doing anything to bring income.
Good on you for doing something to help your family.
I ate a box of donuts and can’t understand why I can’t lose weight
I just bought a new vehicle and don’t know why I’m broke.
Same mentality
"my old lady has her van..." 😅
Best comment
This used to be a very common expression in England and Ireland (Irish people would often use ‘the ould fella’ to describe their father) but I haven’t heard it recently - made me chuckle.
@@ritalally7018 Ugh it is common in some parts of our city it makes me cringe every time I hear it. Anna In Ohio
It's a southern slang
I'm 62 and come from a large family of siblings, aunts, uncles, cousins, and friends. I never heard that word used. I grew up and still live in Mississippi. It was always wife or her name. If it's a southern slang term, then it's coming from a disrespectful group.
They aren’t broke just broke minded. They don’t need to sell anything. They need to budget better. Wifey needs to set a monthly or biweekly budget. We’re not getting the whole picture.
what makes you think the husband is gonna follow what the wife budget on? guy like that most likely think anything the wife does is inferior, only good enough to take care of the kids, no way he's gonna follow thru
"I can't build wealth" "I just bought a van a week ago"
for a family of 5 they have to have a van, they can't lug arnd the whole family in his truck. but they don't need a brand new van for sure, just get a used one until they are debt free
I feel broke. Let’s get a car we can’t afford!
😢😮😅😊
@@Jane-rh7tcThey definitely need a larger vehicle but should have looked for a cheaper one.
Anyone who starts off a conversation by saying "I can't save money" and also "I have a Jeep" is a person who truly doesn't see the problem clearly and needs help to look in the mirror and see the problem.
Jeeps are soul crushing, financial money pits that have very little practical value over a Camry, for 10x the cost of a used Camry. If you were raised that way, that a new car or even worse, a Jeep, is a wise financial move when you are struggling, you need someone to mentor you and make you face your financial reality and make better choices.
Mentorship is extremely important.
If you buy a jeep, your decision making skills are out the window
The jeep isn’t the issue, the car for the wife is. It’s too expensive for her to have while being a stay at home mom
@@reese85 Both are issues. He has a 400 a month payment on that Jeep.
That's a big deal.
I kno but it’s not as a big of a deal until you add in the 600 for her car!
That’s why he is calling in. You can tell from his voice he wants to change, not everyone thinks like you, if they did Ramsey show would not exist.
This man needed Dave’s straightforward simple guidance. Man to man language. I’m sorry to say but these ladies made it sound complicated and over explained the process. Women have a tendency to be more detailed in emotional and verbal language. There was a simplicity tone in his words and language, it should have been answered in the same way.
I agree! Plus Rachel’s too nice sometimes LOL 😆 I feel like this guy doesn’t sound too swift! I don’t get how people walk around so clueless!
Exactly
You said it perfectly. His situation was easy to break down, they just made it more complicated than what it was. It was frustrating to watch in the beginning.
DAVE:
Sell the van!
Rice and beans!
Wife waits tables at night!
@@drc3po💯 accurate this could’ve been a 1 minute discussion 😂😂
He doesn't keep track of anything and keeps spending. Same story, different person yet everyone wants to blame something else. Can't be their actions at all.
Jade was such a good addition to a very strong team. They're all good, and she brings another facet of empathy, with a great understanding of the plan.
He doesn't even know his numbers which is big factor in why he's broke
He is dumb as frick. Who buys a brand new car on credit and whines they can't save money? I can't comprehend people being this clueless
And why he'll always be broke. Too passive in controlling his cash flow. Brandon needs to lose those cars, stop needless spending, and get that SAHM parasite working even though f it's work at home. He's got to be lousy at being an electrician if he's only making $60,000 a year. Sounds kinda listless and lazy.
how much should he be making?
@@RaymondDawson-v2w You must be fun at parties
@@RaymondDawson-v2w I think he only makes 60K cuz he's still an apprentice. It'll go up a lot once he finishes that
I love the duo of Jade and Rachel; Jade is so relatable as she has fought through and successfully resolved money issues.
Jade is my favorite too.
“I don’t know where my money is going”
Has $1,000 in car loans per month.
Just take a look out on your driveway, sir.
😂🎉
He also pays insurance for those vehicles.
I don’t think that’s his only problem because he has $10,000 but can’t really explain who all is owed. Monthly medical bill payments can be expensive.
The problem is the cars 1000$ month .the car are costing him about a 50k in lost investment opportunity a year . Car payments are the # 1 way to keep you broke if you cant pay cash for the car you can't afford it .
The dude is an electrician. Take on some side gigs. You could easily make enough extra to pay for your vehicles.
"Well, sigh...my old lady..." Stop spending and stop buying new cars. Cancel what you don't need. You don't even know where you are...
I think these phone calls will be so much more productive if one person answers the question and the other person is listening. In the end, the other person can add to the advice. This advice is all over the place, and just as one person is trying to get behind the question, the other is interrupting.
Really hope they do market research in the comment section. Because this one is gold. Please listen to this comment! They mean well, but there’s too much stepping on each others’ answers, discombobulated conclusions, and over analyzing the numbers when they usually just need Dave’s “get on a budget, sell the cars, no restaurants, rice and beans, etc. etc.”
4800 net with 3 growing boys and a wife that stays at home, car payments, cc debts, rent yah life's expensive, that's why.
Any smart electrician knows they have to do side jobs for cash( if they're smart.)
He’s the yes man old school mentality, the wife has to start working lol maybe have another kid lol
Add to that no budget. He has no idea why there’s never money left at the end of the month.
All about choices.
The caller does not know why he can't build wealth. The very next second, " Those car payments are eating me up".🤦♂️
How and why does a broke man go out and buy a new van?!? A new $600 payment and he can't see why he has no money! I don't get it.
He "had to" 😂
1:22 😂 The way Jade laughed when he said old lady.
I did, too😂
@ClaxtonBay123 - Saw that too.
"Hey, we're broke. Let's pump out a third kid! Gees, old lady. I don't know why we can't save money, but let's go getcha that van. I know we can't afford it, but we can buy money from the bank. I hope this helps us save money and get wealthy."
Whiskey Tango Foxtrot???
Right? And I can almost guarantee they are buying formula and disposable diapers because she can’t be bothered to breastfeed or use cloth diapers.
@@catherinewilke5583 Some people can't physiologically breastfeed. As to the diapers, time costs money, too, and cloth diapers are a giant, time-sucking pain in the ass. Cleaning all of those cloth diapers takes a lot of time and electricity, too.
@@ThePessimist I used cloth diapers for 6 kids and I’m a doctor so arguably my time is worth more than theirs. Some people are just lazy.
@@catherinewilke5583 When you can bill $100/hour like most physicians your margin of error is much greater than the majority of people. You're speaking from a perspective of great privilege. Some of the most short-sighted and dumbest people I've ever encountered are doctors.
"I'm a union electrician, but I can't do simple subtraction" LAWD
The average income earner in America (which is him) cannot afford $1,000 per month in car payments
We make way more and no way would I spend $1000 on damn car a month. It's ridiculous unless making maybe $350k+
He is way above average at 6k a month after taxes. He is making like $140k a year
@AlbatrossWhisper 6k a month after taxes is 140k b4! Its more like 105-110kish
@@reese85 6*12 is 72 so 110k year is about right
I drive a 2003 Ford, and my husband drives a 2007. Our household income is over 400k per year, and it still doesn't make sense to have a car payment. Buy old beat up cars until you can pay cash for one. Also, if your wife doesn't work, you can be a one car family.
@@Mrs.Butterworth they prob don’t need a brand new car but the wife def needs a car with a baby at home
You were good until the end where do you think the wife doesn’t need a car. You actually contradicted yourself being that you said you have two cars anyway.
She needs a car be hard to uber to doc appointments school events sports etc remwmber he works 6 days a week probably 7-6 pm
@@jasonleatherwood2172 man forget this post lol, it’s a contradiction. First they said they need two cars and then they say you only need one. 😂 don’t bother
Cmon bro, y’all make that much and y’all drive those cars?? lol. I’m
All for economic frugality but cmon bro, live a little lol and get a couple Hondas in the 2015 range. 👍🏽🙏🏽💪🏽
Diversification is the secret to optimal performance. This is why I have my interests set on market sectors based on performance and projected growth, such as the EV sector, renewable energy, Tech, and Health. Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE
If you don’t understand the markets, stick to an index like the S&P 500. Dollar cost average and hold long term, or better still consider financial advisory to avoid losses
Sometimes I'm surprised most people don't even know they can do that. I've been making at least 200k every year from my investments by working with an FA. When you realise it, it feels like a life hack.
Wow, that's interesting . I've recently been exploring the option of working with an FA too. Any chance you could recommend who you work with?
‘’Aileen Gertrude Tippy’’ is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
"Do you have any other debt?" - "Well maybe as a young bloke, some medical, groceries..." what is he talking about? He has no financial literacy whatsoever, just some lofty ideas about "building wealth".
> I feel broke all the time
> Buys his stay at home wife a 22k van
The absolute nerve on some people
Agreed, boiled my blood as well. Also - dude has 3 kids and zero savings. How the F can you justify getting your head on the chopping block for some stupid car...
How do you expect a stay at home mom to drive 3 kids to school, doctor appointments, or grocery shop with no car while her husband's at work? Clearly, you've never had that kind of responsibility.
@@strangerthingsaresaid7655as Dave says but a hoopty to get you by until you're in a better financial position.
@@strangerthingsaresaid7655 so true. People think that being a sahm is just laying around all day, going to Starbucks, sleeping in all day… I literally have daily 10k steps from running all day after my 4 kids. At 9pm I’m exhausted and at 5am the baby wakes up ☺️
@@strangerthingsaresaid7655 she didn’t need a car for that much money tho
When I was broke I drive an old car for 4 years but I bought it $1300 cash and after that I bought another car for $5000 cash
And drove that for 5 years .
and I never finance anything 😊
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Brooke Miller.
I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Very good advice and a hopeless situation. Debt is a killer
Where did all these kids come from?! Must be the old ladies doing.
He represents most people. Where consumer debt like car loans is considered normal
Something tells me….he wants his wife to get a job.
No ... He wants his old lady to git to workin'.
he's a electrician.. chewing tobacco/smokes and alcohol is the problem
ha
My husband and I have 4 kids on 1 income and we live off $48k/yr and save the rest of my husbands military income. The cars are killing them. We don’t have fancy Wagoneers or Suburbans but that’s the only way to save money. My $11k van isn’t shiny but it’s been super reliable.
6 ppl living off 48k yr seems pretty tight!
Wow, how are you able to live let alone save money on that income? 48k a year covers just about my mortgage and utilities.
😅😅
@@melinda67 Military get lots of non cash benefits, often including free housing.
My sister is military and she gets 2500 a month in housiing reimbursements.
So 48k in the military is like 65k for most people.
@@reese85 it is but it’s possible.
Really low income for a union electrician
Agree. Did he say $15.28 an hour? I would think an electrician could make 2/3X that amount.
@@lot2196 at least
@@lot2196 Pretty sure he meant $1528/week which is why he said about $6000/month. At $15.28 an hour that would be about 100 hours per week!
I think that’s what he makes per week
He makes around 60k per year. That's the average for a union electrician
They have to have terrible credit too because I’m sorry 600 a month payment on $22,000 for a van is absolutely ridiculous
Hi team! Unpopular opinion here. I lived in Belarus during the hyperinflation years. To give you some perspective, $1 is 32,500,000 roubles if we remove all denominations. Peak inflation rate was 2000%/year. I saw USD price doubled in a single week. Imagine that, all your life savings halved in a week. 1/20th in a year. Worthless if you invest long term.
So, wealth building in a currency backed by a Fed debt, with interest payments exceeding $1T... We don't even know a real inflation numbers (unless someone is buying the 9% figure). "Everything is fine"?
It would be interesting to hear Ramsey team to talk about the economy in a more general way, not just how to deal with money this year.
Love Jade’s giggle when caller called his wife “the old lady”! Lol
I feel for the guy. He feels like he’s working like a dog and not getting anywhere. Budget, budget, budget! That’s the key. My husband and I got serious and paid off two cars, my student loans, medical bills, and almost our home in 5 years. It’s hard now due to inflation, but can be done.
I don’t think his old lady will like the prospect of getting rid of her new van.
Don’t call if you don’t have your facts ready
How old is this guy? He sounds like 60+ but he has small kids…
Southern accent. Anna In Ohio
No it's the accent
Inability to answer a simple question may be a symptom as to why this guy can't get ahead
Car payments, solved
How has he been an electrician for over 7 years and doesn't have his journeyman yet? That's what I want to know. Either he's only been barely working part time, or he's been consistently flunking the classroom part (which is ... pretty elementary stuff). Typically it takes 4-5 years, so something isn't adding up.
Also, how does he not know his debt? And how is he calling his wife his old lady? And why does he sound like he's 65 when he's probably just 35?
Wife contributes nothing but she just “needed” a $23,000 van to do what, drive the kids around?
Saying he can't save money and then buying a 22k car and whatever the other one is, not far off that value, is just so ridiculous. It's makes me think that the majority of people who claim that life is against them and they'll never have a house and retirement fund are just complaining instead of doing.
Broke and just went out and bought a new car. Smart. How could you be broke with making that kind of decisions?
Stupid decisions = Stupid outcomes 🤷♂️
I don't think he's listening.... He sounds like he's looking for someone to wave a wand. I'd sell both vehicles. Nobody NEEDS a Jeep. There are other vehicles that are cheaper and better lasting.
As a Wrangler owner, I agree. But every time I drive my Jeep, I have the biggest smile on my face.
@@elivasquez5976 Which is great if you can afford it. This guy can't.
@@elivasquez5976if you can afford the price tag and maintenance cost then there's no issue at all. This caller can't really afford a Jeep, van, and 3 young kids with his income.
Take the van back to the dealership to see if they will take it back or sell it.
Why would they do that?
How are they going to go anywhere with 3 kids? They going to walk everywhere 🙄
@@reese85Number one paying for two vehicles on one income is a terrible decision. Secondly, getting rid of the van can help him put a few more dollars towards saving. Lastly, it takes 14 days before a credit report update that a new loan has been added to your credit report. It’s not uncommon for someone to return a vehicle within 3-14 days. I’ve seen people do it.
There was no need for the other stuff you mentioned cuz I just asked about the dealership part! But never heard of anyone returning a car to a dealership
@@juliescott5017yep what’s wrong with walking. they’re in debt not like they’re going anywhere anytime soon.
There are plenty of jobs available after 4pm that this man gets home. The lady needs to work anything after 4pm. Gotta be a tag team at home for a while, thats how we did it for many years.
3 kids, my old lady and a Van. Dave steps in, hold my beer.
“I can’t build wealth!” Goes out and buys a new car….
In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.
If you need advice, consider speaking with a financial advisor. Don't get me wrong, you can do it on your own, but financial advisors have a lot more knowledge and expertise in this area.
you are completely right, Advisors have information and paths that are not disclosed to the public.. I profited £560k in 2022 under the tutelage of my Fiduciary-counselor. Am I selling? Absolutely not.. I am going to sit back and observe how this all plays out.
That's impressive! I could really use the expertise of this manager for my dwindling portfolio. Who’s the professional guiding you?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Sophia Maurine Lanting” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
I checked Sophia up on google out of curiosity and i must say i am impressed by her Credentials. i emailed her already, waiting on her response.
I'm confused, 60k a year is less than 6k/month
If the numbers are correct his wife probably has a side hustle that brings in some money. I doubt his numbers though.
it’s likely $6k net not gross
@@coltonthies4672$6k gross not net.
@@janise01
Step 1, never have kids or only have 1 kid. Step 2, wife needs to work too.
When he said he makes 6k a month I just already knew what the problem was going to be... What I would do to be making 6k a month...
It's a lot higher than the median wage for Americans.
The best thing he can do is try to pay himself first (401k) and do the best with the rest. He’s basically broke otherwise living paycheck to paycheck. And no Rachel, you have no idea what he’s going though.
I will never understanding being a stay at home parent ESPECIALLY when you're not rich in 2024. This ain't grandma days. IF you have a household of 4 or more then you need to make a household income of $100K on average. The average household only makes $80K. That's only good for one kid. Average household has around 2 kids.
Where is she getting 60k from? He said he makes 6k net every month lol. Thats almost 100k gross.
Yeah but even so, it must be tight for a family of 5
@@kman20 Because of the 1k car payments lol thats crazy
This is what happens when you have the Diversity hire and the NEPOTISM hire together
Who the heck has $1k in car payments, thinking it's a good idea and then whines about being broke all the time?
@AllynHin -- Some people are paying that for ONE vehicle. Crazy.
Your lady must also go back to work, start budgeting, and know your numbers. That's a good start.
@@Tashas_Travels with daycare plus before/after school care, working might make her break even. I have 4 kids (2 in school) and it would be $3k/mo for us.
@reviewsbygen5591 it's better than not working at all, in all honesty. They'll have extra money coming in, even if it's a few hundred bucks, they can throw it towards savibgs, debt, investments etc
@@reviewsbygen5591bingo, I was just looking for this comment! Daycare for the little one and before care/aftercare for the other two are going to eat up at least 50% of her pay, if not more. Also, who stays home from work when the kids inevitably get sick? Or on the many school holidays? He better be ready to take turns with her staying home on those days, or she'll lose that new job right quick. He also better be ready to start sharing housekeeping & cooking duties too. People need to take those things into consideration when the stay at home parent goes back to work.
I think I would've told him to dump the Jeep first, then pay off the van. I'm guessing the van was for the kids. If Mom is staying at home or even WFH, then the van is the only absolutely necessary vehicle.
You make crap money for an electrician. Get out there and work a traveling job. They are always hiring electricians. Do it for 2 years and you will be back on track.
What is up with people buying brand new cars on credit?
Brand new cars cost 60,000 to 80,000 not 22,000 that van is used.
he makes good money and thinks he should have nice things too
@@juliescott5017 Yeah, the van can't be new, but the payment is still making things difficult for Dad.
Ken went to Panda Express for Lunch with George and Caleb Hammer..
I drive a Fiat Panda. No car loans....
@@bjthedjdutchdude1992 Panda Express is a Chinese Restaurant
This guy doesn't want to figure anything out or make any changes, he just wants a shoulder to cry on while he continues to be lazy about his finances and life choices.
Nailed it!
If she isnot using that van to get to work and earn money. She doesn't get to keep it. Take a babysitter and make her start to work. Or sell the van!
That's an old school good old boy mentality. This is why they need budgeting 101 in high school.
Personal finance should be mandatory in middle school, high school and college.
Something i hear a lot from these calls is a guy who makes ok money with a stay at home wife that watches the kids. This is a totally viable option for people who live within their means. But in too many situations they live outside of their means. As a woman who decided that she wanted to partner with her husband on bringing in money, we decided to only have 1 child. We can afford daycare for 1 child, allowing me to have a career that more than doubles what we would have if my husband worked alone. I can't imagine the stress of being the only breadwinner. Man or woman. You lose your job and it feels like sudden poverty. I think people really need to consider if thats the lifestyle they want. I cant express how amazing it feels to know that at least 1 of us can keep us going if the other gets laid off, sick, injured, etc. And while having a house full of kids is a blessing, whats the point if youre living paycheck to paycheck?
Brother doesn’t know what’s coming in and what’s going out. He needs to sit down and read through his pay stubs and bills
I was sympathetic, I’ve been in the position where you feel like you’re grinding just to stay in place, and then the car payments came up…
In six months with his extra $1200, the jeep is paid off and then that’s $1600 going into the van. They can work out of this easily.
I am I as tired as he sounds or is the math not mathin'. I'm excited for him and his family to go through FPU (and FPU Jr. for the 10yo, so they can start him on the right track). My bet is there debt free in a year. Good luck and many blessings
Math is not mathing, ole' boy didn't even know what a "debt" was and proceeded to say we just got the payments on cars...
Who buys a car without knowing if they can even afford it
These callers are clowns
He has an income problem. 6K a month as an electrician? If he became a soloreneuer he would immediately make double that.
Of course he's broke with supporting three kids and a wife that doesn't work on only six grand a month. There's no way he's going to get by in this world
YUP. Wife needs to work. I say she should call or Email daycares "I have a toddler and two school agers. I'm looking for part time while the school agers are in school that also includes childcare when I'm on the clock"
If he really has $1200 left each month, I wouldn't sell either car. He could pay off the Jeep in 6 months, and the van like a year after that. Standard debt snowball.
He shouldnt leave the union, he has full medical, dental, eye care, annuity and all the other perks ontop of his 60k. And hes an apprentice hes not a journeyman yet. Which means he is not an electrician yet he is a helper making 60k a year. Stay the course brother. Im a Elevator journeyman and im making 160k a year plus a $13 an hour annuity ontop of that. He will be just fine.
Don't spend more than you have. Don't spend mo.... Then make more!
I don’t think he makes that much a month. Some people exaggerate their income. If he makes less it makes sense to me he’s cutting so close to his take home salary.
If he saved up and bought the same vehicles in cash he would still be broke. With all of his savings tired up in depreciating assets that are one crash or blown transmission away from being worthless. It’s reckless for them to say that the reason he can’t build wealth is because he has the car payments. That’s not why he can’t build wealth there are way bigger budgeting problems. He’s making $5,000 a month. Where is the other $4,000 going each month?
3 kids and he hasn't advanced to the journeyman phase of his career? Man is this guy doing things out of order in life.
Mama needs to get a J.O.B. even if it's part time. Make enough to pay off that nice van and then thier situation will be looking a lot better.
This guy can build money easily. Get rid of the car payments.
Their math is so off here. He is making $6,000 bring home. Before taxes he is making 6 figures, not $60k like Racheal said
When rachael says, " the budget needs to be real8stic." Shes not talking about going to rice and beans. I dont think shes truly down with the ramsey plan odd enough considering shes daves daughter.
Yeah, I wonder what's going on with wife has to have a van which I assume is a minivan. Not needed. Put the 10 year old in the front seat and drive a car instead, but too late now. Once you take out a loan you're better off sucking it up and paying it off then just making that minivan work.
First, Sir, my wife is correct, not old lady. Get that straight, and call back when grown up. You will never ever get it right without working it out together.
He’s not even a journeyman yet! His income will skyrocket here in a couple years when he gets his card. Journeymen electricians at the paper mill I work at make $48 an hour
Meh, that's no kind of money. And with three kids? Please. People greatly underestimate what things cost today. He's stuck in this 1990's thinking that 100k a year is good pay. Now go make more money. And you need to make a lot more money.
6 is a lot.. dude, as soon as the kids are out of the house; downsize and you're rich