Couple Has No Idea How Much Debt They Are In - Til Debt Do Us Part 313 - The Worst Family Ever?
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- Опубликовано: 18 сен 2024
- Til Debt Do Us Part offers tough love solutions to those in financial crisis.
Sandy and Mike are living in bliss with their new baby. Sandy’s taken a year off work to stay home with the baby, and she spends most of her time shopping. Meanwhile, Mike’s set up their banking so their mortgage is paid by their line of credit. Neither of them have any idea of how deep they’re really in. When Gail gives them the bad news, it doesn’t go over well. Will these two lovebirds get out of the situation Gail calls “the worst ever”?
My adult son lived at home for a while when he had to move during the pandemic and paid board (as well as doing his share of domestic tasks). He moved on, fell for a lovely lady and is getting married. I kept all of his board money in a separate account (he didnt know) and will give it back as a wedding present
You should add some to it
@@AFBudgets none of your business, but I have (and, by saving the board money, clearly supported him during the tough time)
@cassieoz1702 oh hunny I wasn't being rude. But you are. It is my business when you post anything on the Internet. It's public. You must be so old you don't understand how It works.
How was the wedding?
@RRVVWW73 wonderful. Only immediate families, in our garden, I catered. The money has allowed them to do repairs on their old house and my grandson was born 3 weeks ago 🥰
using their line of credit to pay their mortgage.....wtf.....🤯
Exactly. That was just CRAZY.
I used to work for a bank and I'd see people do that all the time. They were the ones who were late paying their bills all the time, too.
I'm surprised the bank approved the mortgage. It's the bank's fault also
Just erasing your equity in the house. The bill is due when you sell and walk away with no money after 15 years.
We used to say many years age - " Can I use my Visa to pay on my MasterCard?"
"are you sending the dog to university?"🤣🤣
I love these but really wish they had follow up episodes to show how couples are doing a couple of years later❤
It would be. But unfortunately for this couple, the show ended in 2011 I think and they still had until 2014 to pay off their debt.
They actually has clips on Slice online that did update interviews for some participanta
I am from the United States and I don’t have access to Slice. I would also love to see updates
Some really savvy parents charge their kids rent and then when they move out, they give them the money for a down payment on a house or emergency savings.
That's what we r doing for our son …we said ur income is not disposable….he started saving from each pay for a house fund pays rent, contributes to electric, groceries etc…
Jesus, I would have sold the home in a heartbeat and been done with the debt
They require a new way of thinking, new way of living and look at money in the different way. Selling the home to pay off consumer debt would not teach them money management. This people must learn basic living skills. They have very serious mental problems which able them to think that it is ok to borrow and spend money on a credit card/ Anything other than an un-expected medical bill or an asset which is expected to increase in value over-time mentally healthy people don't borrow money for. Car purchase, save money for it, from a young age start to do jobs and save every cent to purchase your first car, to purchase any depreciating items save the money first. I took a decent, honest and respectable but very difficult road to archive my top 1% wealth in a foreign to me language speaking country. I love to see other people achieving.
Would that help, though? If they had a line of credit, they might have to PAY to sell the house... Unless they can get what they owed on the mortgage plus the extra $18,000.
they should’ve rented an apartment and not bought a house right away
Maybe they're underwater on it
Watch your mouth
I love Gail more and more watching these episodes. She makes the couples feel safe when facing such scary financial issues. This is why shes so successful 🙌
Hallelujah a class that teaches children about debt and budgeting. Now they need a mandatory refresher course for all 12th graders which includes responsible handling of student loans, credit card debt, and mortgage lending. Most important class many of us will ever take.
I took an economics class as an elective in the 11th grade in high school. Best class I ever took. We were taught about debt, ( not to get into it),how much of ur income to spend on housing, TO NEVER use a balloon, fluctuating or adjustable loan,...yada yada...Lessons I never forgot. 🙂
@@twatquat3322 Yes that course should be MANDATORY across Canada!
some debts (student loan and line) are only necessary due to neoliberalism.
Had that mandatory class in 11th grade. Plus my parents taught me about finances.
Can we just take a minute to admire Gail’s jacket?
Yes, but only a minute.
NO! That is the kind of idiocy that has
them on this AVOIDABLE mess .
@@robertwalker5521 … did you misread what I wrote? I said admire, not buy. What did you think I said? It must have been something terrible, judging by your rude response.
gail makes such a good point about the living with parents paying the rent which means you blow the money that you would have paid. if parents let adult children live with them, the agreement should be that the cost of rent money they are saving must be invested into a Roth IRA or some other investment. so if they would be paying $1000 for rent on their own they would just invest that much for each year they live rent free with parents.
Roth IRAs don't exist in Canada
@@ellenorbjornsdottir1166 damn, that sucks
The equivalent of a roth IRA in Canada is your Tax free savings account.
I definitely agree with what you are saying. My parents let me live rent free but only if I was saving money. I saved up so much money living with my parents. It really set up great financial.
@@izzygoboom12 thats great to hear. i hope you're doing well 😎
Yup, they couldhave been contributing to their RRSPs
Gail is such a great teacher. I love her 💕
I can’t believe she didn’t return to working in the daycare setting sooner? My sister in law is a daycare director and she gets free daycare for my niece while she works!
Exactly and hr child would be in the same building, not many parents have that option.
This is not a usual situation. Nobody gets free childcare, even if you work there
I am a teacher and I am exhausted by being told that everytime parenting and family financials fail, that somehow the education system should pick up the slack. Yes, I do believe the education system can help, BUT bottom line is that parents must take full responsibility for educating their children beginning at a very young age. So an 8 yr old getting an $8 allowance a week should be taught to save 10% and learn what NEEDS and WANTS mean, and so on as they age. I do it with my 3 children...... so why not others????
Agreed. In my opinion it is the parents responsibility to teach their children about finances. My parents never actually said much about finances to me and my sister. However, they led by example. My parents didn't make a lot of money and were frugal but not cheap. We went with them to the bank and we could see that they put money in savings every week. They did not use credit cards, they saved up before making a big purchase and did not take out loans for toys. We did not receive gifts except on our Birthday or Christmas and we managed just fine. The amount of stuff I see parents buying their kids on this show is crazy. We had daily chores and were given a small allowance once a week. We were not paid extra for doing more chores as that was our responsibility as a part of the family and household. My sister and I follow their example to this day. Neither of us carries any debt except our mortgages and any credit card purchases are completely paid every month.
School taught me what compound interest was, and we did personal finance in fifth and sixth grade. I think many people just paid no attention. The RESPONSIBILITY lies with each person to be in charge of their own decisions.
I think it's both, in a way. Parents are responsible for the character aspect. They need to teach impulse control, discipline, and general financial wisdom; though I do think it makes sense to teach basic financial skills in high school.
I do think education from parents and teachers would be great. However even if someone didn't receive either, there is no excuse to be willfully ignoring their financial situation.
Agree, but… most parents are clueless. I’d love to see household budgeting and basic business math incorporated into the math curriculum for every grade.
All the moneys been spent on tacky ornaments.
Precious Moments were a big deal back then. It’s so funny how styles change. I’m glad that minimalism is in vogue now. So much cleaner and better looking. And less dusting 😎
Holy crap. They threw up every colour from the crayon box on their walls.
They need more knick-knacks…
Wow, I’ve never heard her tell a couple to sell their home.
I’ve heard it a half dozen times.
One that comes from mind was a couple where she did home daycare
@@cjhoward409Sam and Stephanie 😢
I would love updates on all these families.
Indeed! Updates would be great!
Half would be divorced by now and over 75% would be living in a different house.
They still believe that having the house of their dreams will make them happy, so they became house poor. I made that mistake too and I am still paying for it. But they did have the chance to sell and downsize and rejected. I have learnt that happiness comes from having a roof on your head, one you can afford and lets you have savings for a rainy day.
Sorry to hear that Carol, speaking as a 27 y.o looking to buy, that is a concept that frankly should be talked about more and more. Banks will service a loan/house to make them their own money, and not looking after your well-being. That is a mindset/deficiency I see expressed with some of the people of my group. Dangerous stuff
@@phaldaz im actually grateful i grew up house poor , we had a huge home but nothing in the fridge . It sucked . everyone was thinking we were rich but we couldnt afford school camps :(
The shine of a new house disappears so fast . As long as you have some warmth , privacy and plumbing you really dont notice the rest of it . Growing up like that made me realize I had way more fun in the crappy house when parents were less stressed and i shared a room with my siblings .
I agree, no point having a huge house if you can't afford to do anything
House poor! 👍🏼
Sucks how financial lessons aren’t taught in schools. That’s a small part of people end up in these debt holes they can’t dig out of.
People keep saying this, but we were definitely taught in school about compound interest, and how quickly it can work FOR and AGAINST you, also keeping a checkbook, and balancing a budget. If you took some of the business courses they got into a lot more detail.
That is the job of the parent, not government schools.
@@allie8442 As you can see by these very programs, many parents don't have a damn clue so how are they to teach their children anything ? Here's a clue - they can't.
@@debbiemohekey1509 Word! I remember watching The Cosby Show where Martin, Olivia & Denise had to live with The Huxtables because Denise on purpose didn't put in the application for the Home on Rhode Island, NY. Martin offered to pay $600.00 Rent which is Peanuts by today's standards. I would have given them Rent no questions asked. In my family when you start working, you pay and earn your keep. Sometimes they would be "late" but my Grandfather was very patient and forgiving.
Yes, but why do schools have to handle everything when parents don’t want to teach their own kids life lessons. Schools can’t raise every kid in their community
Financial math is taught at school, however in reality I am talking into the wind because the strongest influence regarding money is the family environment . All my students see is plastic cards and always getting what they want. No needs no wants just stuff !
We need this show today where people are struggling because prices are raising and wages are stagnate. I agree 61,000 in debt and a house worth 225,000 i agree sell the house pay off the debt and learn to be financial secure
Noooo houses in Canada are a million dollars today! Hope they didn’t sell
@@bettygrable6440 This show is 20 years old....lol...
there's a few youtube shows now where a youtuber goes over someones finances then yells at them lol
Ignoring the advice to sell the house tells me they haven't learned anything.
No way I would sell my house when I have a child.
@@katemiller7874 Their debt was so substantial, selling the house would have been an immediate relief--- for them *and* their child. And who knows, the new house could have ended up being even better in some ways.
@@katemiller7874 If you couldn't financially afford it and ended up bankrupt, you'd lose it anyway. The child is beside the point. They. Have. No. Money
@@katemiller7874 If you wouldn't leave a house you can't afford to rent instead because you have a child, you clearly love the house more than your child 🤷♀️
Considering this is 2007, I hope they did sell before the 2008 crash. If they followed the plan they could of been in a better home within a couple years.
He looked actually, genuinely SHOCKED at those numbers. Wow. He's lovely, but HOW can you not know??!! WHAT kind of parents don't teach their children money management?! My father helped me open my first bank account at 12. My mom gave me lessons, taught me the market, interest accrual, etc..I retired at 48 and have enjoyed myself since. No money worries. Only debt I EVER had was my mortgage. We are NOT wealthy people, just people who bothered to learn a few things.
Diapers and formula cost a lot less back then, but still have to budget for it.
When my now husband and I lived with my parents, we were saving 50% of our net income to buy our house. Parents should never let their adult kids live with them if there isn’t a goal like that and an action plan in place to get there.
what bank allows u to pay your mortgage with credit?! Madness!!!😮
Well they give you a line of credit - they don't police what you use it for. You could pull out cash, deposit it in checking, and then send a check for your mortgage, which would be the same thing. You can definitely set up bills to be paid by your line of credit, and the bank isn't going to check to make sure it's not one that will hurt you financially... that's on the homeowner...
The bank doesn't care where the money comes from, they just want "their" money.
Ohhh those red walls ! 🤢
One red accent wall is ok… not every wall in a room ! Yuck !
It's the yellow that alarmed me
I agree. This show started in 2005, which probably explains the styles lol
My kitchen was barn red: I LOVED IT
@peggypeggy4137 Having every colour under the sun on your walls wasn't in style here in Canada at any time that I recall (and I'm 54 now).
I was left with credit card debt from my family, I have never had any form of card, I have managed to remain debt free throughout my adult life, I live by the rule, if I haven't got it in my pocket, I can't spend it because I haven't got it to spend
To think that he would be offended or upset about some professional help is mind boggling. I hope he did end up using her advice.
If he can channel his stubbornness, they have a chance.
I don t even understand how people can live without looking at their budget. It's just unbelievable ...it does not need to be taught at school. It's common sense. You get x money, you cannot spend more without digging a hole...
Hello Caro, I agree with you. I watch these shows to try to understand people behaviours with money. It is impossible to comprehend how other people live without knowing exactly how much money they have and without having a plan for themselves to achieve. I experienced serious hardship in my life, I moved to a new foreign to me language speaking country and I had to struggle to be able to achieve top 1% net wealth, I must admit I did not give myself any other options. I love your intelligent, matter of fact approach, it is exactly how you wrote it "You get x money, you cannot spend more without digging a hole.." I would like to add the following to it, you must have a plan, calculated in detail, follow it, check your progress daily, make changes if needed, on the way do not forget to be honest, kind, decent, helpful, respectful, great full and appreciative.
I want to laugh when people say 'this needs to be taught in schools'. What - subtraction? Percentages? How to use a calculator?
@@jtidema Hello Janet, you are correct, money management requires common sense and decency together with responsibility for the persons actions and its effect. I am a humble person and only stating the facts when I admit that from a very young age I had very high level of mathematical, logical and analytical skills which makes it for me even more difficult to comprehend how is it possible for some people to not to see and think logically. I believe that responsibility, honesty and decency is what should the schools be teaching and with those skills people will be able to use a calculator.
I can promise you that lots of bad money habits can be taught to your children. It's not as simple as, "common sense." When you are raised by parents with bad habits that is what a person grows up thinking is "normal." On the flip side, when kids grow up with parents who are well off kids tend to think life will always be that way. This means that they believe they should have everything at 20. If they have to put it on credit, well, maybe that's what people do, they assume.
Preach It! I've seen people in my family who were spoiled rotten. Got everything, and got away with everything. It was more out of Guilt and Shame or the parent didn't want their child to struggle the way they had. Yet it's very bad, not taught morals, values, lifeskill lessons and when they go out into the real world, its overwhelming.
They live on *$90000 a year"* 10x what I live on a year, and they're in debt???,
Unbelievable....
I admire the patience of Gail. I find it interesting to watch shows like this one, i am attempting to understand how average people behave and how they handle money. I admit that I am un-able to comprehend and un-able to understand how it is possible to be this ignorant. I have been very good with money from a very young age and built wealth at a young age, however I moved to a foreign language to me speaking country and had to start again. At times it took everything of me before I managed to achieve top 1% wealth in my new country. I sincerely hope that this people learned from Gail and will take a hard road and able to achieve at least financial independence.
I need to know if they are still married
Their eight year plan to play off debt is a draconian alternative to selling the house. They also can't slide back into debt. Wish them the best but it will be a Herculean effort.
GAIL is so nice 😍 💕. Love this show.
8 years is a long time but at least they are already in their own home.
First impressions : teenages pretending to be adults
Thank you-Looking forward to Season 4!!
I really thought this couple did a good job. I soon as he heard the news to sell the house they both were on board to make more money. I mean they boosted there income. By doing so they seemed to really work hard on the budget.
Who paints their walls like McDonald’s?? Jfc
It’s called an accent wall
@@katemiller7874 was that popular in 2000?
@@sneakerfreak2002 it really was hahaha, we called ours a "feature wall " the whole room beige except one wall is lime green lol
82 percent on fixed costs....holy fuck. Also if you want your kids to live rent free to set up their lives you should be taking the money from them and putting it in an account so that they dont spend it.
Seem like a really sweet couple.
One thing we’ve always did was whenever we got a raise at work or a new position with better pay we would take 1/2 the income upgrade and put it straight into savings or our 491k increase, so we got to enjoy a slight income increase to our daily lives but also increased our savings capacity. It helped. Also for our 2 kids as they approached 18 we made sure they were already engaged with saving habits if their own and how and when to use a credit card. We told them get a card under their own name at 18, put about $25 or $50 on it every month then pay it off in full and on time each month. They did and it built up their credit history and later down the road they have both with their married partners were able to buy homes! Very proud of their efforts and thankful!
I am so glad Gayle said it; "I see parents do this to their kids all the time. "
Because that is essentially what's happening; it's on parents to make sure that their kids can survive without them. That's what raising kids IS.
If you're not seeing finance/ home economics/ economics in their class choices at the beginning of each school year then you have to do something about that lack of education.
It’s spelled Gail
How can people think money is FREE
I love Gail's accent 🥰
Jamaican canadian
@@isabelbecerra9258 I live in the UK and Jamaican English is also beautiful. Warm accents ❤️
Thank you!
They really do need to have classes like that for 10 + year olds, would probably stop a lot of people from getting into these situations if they were educated about it early
I agree, we need more education on financial literacy. However, a whole lot of people get themselves into financial trouble because they lack impulse control, not education.
High school is the ideal age for full on classes
Personal finance is 20% knowledge
80% behavior
Parents need to be setting a better example for children regarding impulse control
then the parents should teach them. it's ridiculous how parents just wait around for schools to teach their kids everything, and if the schools don't, then the parents don't bother to teach their kids at all. not just money management, but also taxes, home ec, driving, car maintenance, or even just adding fuel to cars!
I agree high school is a perfect time for financial classes high school should have the financial class teach it through the students jobs they probably have. Have them budget there paycheck for current and future expenses like phone, car, etc.
Hmmmm. Schools give education on how money works like that? I never had a class like that haha. Must have been a private school.
In private school in 10th gr was consumer math. I learned to shop around and price different cars. That’s all I remember ugh 😑
I went to a public high school and I got to play as a president of a company I made up. I had to manage my team, figure out where to put my funds, check stocks, etc. Not sure if it's because I lived in a big city that I got to learn all of this.
@@beartackle Arizona. Ranked 49th in education in the country and has been that low for a century. I can understand why we are ranked so low, they wouldn’t want people who were smart with money wages, understanding the system we are in and to realize the rich exploit us poor people badly.
People having kids when they cannot afford kids....
Top Tip: Switch all of your banking and spending over to electronic. Do all your shopping with cards or online. That way you can't stick bills in a drawer and you will have a minute by minute picture of your financial affairs
Yep. Sell house!!
If I had had a chance to go live at home with my mother I’d probably still be there and I’m 70😮
If I had had a chance to go live at home with my mother, we probably would have killed each other... ;-)
They never grew up. Party party party thats all they know. Time to learn about money and being adults. Its going to hurt.
If you never leave the basics, you will never have to get back to the basics. From AA.
I'd've loved to see if and they got the rest of the money
I was hoping she wouldn’t give them a dime until 5 years later and they were on track. Those guys changed the rules every time she had a plan they did something else. They just wanted free money lol
He didn’t speak
She just giggled incessantly
I have the SAME problem with involuntary smiling during moments of intense emotion. People think I'm making a joke of the situation, but under the surface a volcano is about to erupt.
They’re going to lose their house
The couples always think its a joke until you become homeless and bankrupt,,SMH
Blimey 2 years debt takes 7 years to clear
What you are approved for with a mortgage is completely different than what you can afford
Gail really cares
😞 first couple I can relate to and I don't even have a kid yet...meaning 98% of my income is rent and utilities.
Whoa. I hope this episode helped you figure out how to get on track.
I’m making $125,000 plus bonuses. My rent is $1,099 which comes with strong Wi-Fi included. I cook at home every day and drink water. The only person who can dig you into a hole is you. Who can dig you out? You.
Gail is funny and very nice.
Anyone else notice that the 7th grade girl was given men’s clothes and a mustache to be the banker? Because a woman could not possibly be a banker, right?! Oh, the messages we send our children.
It couldn't be because they were using Monopoly money and she was made to look like the Monopoly banker. It must be a sexist reason, of course.
@@robbiegleason4462 yes, I think you’re right..lol
It’s the banker from monopoly. You cat wait to be offended lol
Yeah, I wondered about that, too.
Calm down Karen. Did anyone look unhappy to you?
3 cards for the death of a partner? Nah that’s the whole deck. Trust me.
Completely agree from experience of this event.
Absolutely. I have a widow and her 2 kids licing with me at the moment. We dont see an end date in sight. That is a whole deck.
No house will be ever worth a struggle to me. Brick and mortar - that's all it is.
Love people, use things - not the other way around.
I don’t understand how people making $85k/year can’t afford a $225k house. That should be well within budget for them. $666/month in maintenance? $763/month in insurance?! That house must be falling down! All of those expenses are ridiculous. They should have cut those more.
They spend 9000 dollars a month more than they make. They live like they are making 130 thousand dollars ayear. That's why they cant make it.
cocofluff Right, but she cut the variable expenses way down. The point is their fixed expenses are 82% of their income. 82%! It should not be that high with a $225k house. They needed to look at cutting some of those (not just by selling the house, though I agree that it’s an option to just sell it, pay off debt, and then start over).
You also have to remember that it’s in Canada, and their mortgage rates are not the same as the US
@@vonda26777 They aren’t that different. And I wasn’t talking about mortgage rates, anyway.
@@drewconway7135 I think that in Canada you have a balloon payment at the end of your mortgage. I could be wrong.
Super cool lesson for those kids in school!
This woman is thinking about opening a day care without taking any college courses or registering with her local city/county government? I live in the US and you can't open a day care without some courses in how to run one (checking for signs of neglect & abuse are part of the training), a day care license from the state, a standard business license, as well as regular safety/cleanliness checks by the county, plus a child/infant CPR certificate and vouchers for food which is to be provided by the facility. There are limits as to how many children per worker - in my state it's 6 kids for 1 worker, which may include 3 infants. Don't know where you can just open your living room, invite kids in and call it a business. Is she planning on sitting them in front of their tv all day?
This has been asked on other episodes as well, apparently in Canada there are not these restrictions.
She was a daycare supervisor before her mat leave, they said it at the beginning
This is for a LICENSED daycare! I ran an in home daycare for YEARS- unlicensed.......
The most frightening thing about this is that someone is lending to them and, they haven't got a pot to piss in
Gail has such a maniacal laugh.
This aired in 2007.
Their son would be 13 now
Crazzzy!
Congrats. You can use a calculator
@@sneakerfreak2002 I'm skilled.
I wonder what those salaries would be like today, adjusted for inflation.
She needs to get what’s called a JOB
If they had a spare bedroom they could have charged someone rent
$225000 on an $85000 income is to much!? Im confused.
What a shame that they got themselves in so much debt, they are a wonderful couple.
Can we take a moment just to hate on the orange and red walls!!
I give large odds they will have strong debts within three years...and bankruptcy
within six.!
They are too goofy and giddy....'may never
Necessary logic & common sense.
A couple of hours of "dining out" can cost
more than a month's electric bill.
Automobiles will choke them.
I feel grateful that I fucked up with money and credit cards in my very early 20s- I had already been working for 5 years and was thankfully able to dig myself out of the hole with savings. Plus, I lived with my dad for a year and saved money. I will never ever make that mistake again and my credit is great now at 28. I cannot believe how ignorant you can choose to be while raising a child. Idiots!
People like to stick their head in the ground and ignored how much they been spending and assumed magically their financial problems will disappear! Not happening!
Had to stop watching. The grin and the smiles on Wifey's face is SOOOOOOOOOOOOO maddening. Both need a hard dose of reality.
The party's over, time to start acting like grownups and parents.
Yah, $300 for one party doing DJ? Na, I can pick our own songs to dance to. DJ work is a joke I laughed when I found out he thought his services as a DJ would cover the spread of $1200. That’s a huge shortfall. But they did it to themselves.
This video aged like warm milk. Here in 2024, 5 years later, that $225k house is probably worth $500k or more. Selling it would have been a huge mistake.
I would also like to know who these people vote for - the damage they do to their own lives by being irresponsible is compounded when they vote for politicians to do the same thing to the country!!!
Boy did they have so many problems. A. Their Yearly Income, doesn't "Match". Friends are great to have but when you entertain every weekend, it catches up with you. I couldn't do that to a Friend, I'd suggest Potluck. Also Mat Leave means you don't make the same amount. Babies are small but they are very expensive now more than ever. They want to impress their friends but they can be leeches and with you live with Fam Rent Free, that is the worst thing to do. Remember the Gay Couple, and the Dental Student. They were a mess.
When you put your bills away, you are committing financial denial. They "don't" go away. Sandy and Mike got away with alot. Did they not think about pre marital counselling and talk about their finances. Also The Parents meant well, but they shouldn't have let them live rent free. Remember Martin offered Cliff Huxtable $600.00 Per Month and that was around 1989. He should have paid from the moment he moved in.
They are responsible 100% for their debt but why does no one rage against the system that allows all this to happen? The consumer driven economy is based on debt, and a lot of it.
Well of course it is. I think people forget that the stores / banks / insurance companies / etc. are businesses. They are not there to help us be financially healthy. They are there to make money, and they can take a certain amount of risk on people not being able to handle the pressure. Sometimes they take too much risk, like the S&L crisis. But it's totally up to us from there. Caveat emptor.
The problem is the central banks. That allows the government to overspend, making the value of the national currency diluted in value. This means making $50K a year does mean what it used to. If we, being everyone in the world, no one has this right now, had SOUND money, people would be much better off. With that said, people overcome these challenges all the time but people do not realize the harm to the economy that government overreach and manipulation of markets creates.
this is such a ridiculous comment. the economy is not based on debt at all; the economy is based on needs and wants. people just have bad money management and misuse credit. this is like a drug addict blaming the drug dealers. ridiculous
the economy is not based on debt at all? What planet do you live on?
Aired in 2007. They should have sold their house and profited before the housing crash. I live in a 3000 sq ft home and paid less than $200,000 as a new build. They lost out. I wonder how they are doing.
Do you think they would have known about the house crash before it happened?
@@___melanie of course not. I was just thinking aloud because I know the outcome responding to something that happened in the past. However, I believe there were some subtle warning signs the US economy could be headed for a downturn if you’re paying attention. I also don’t think it happens over night like their financial woes. It came with a lot of poor financial decisions that caught up to them.
Well it depends where your house is located
This is a canadian show
@@___melanie
We knew it was coming. You could see the “financial bubble” getting ready to burst ! We sold our house in ‘07 when the prices were high. 😜
What we didn’t know was, would it burst in 08 or 09…. 🤷🏼♀️ we just knew it would happen. It’s going to happen again here before too long. Maybe by the end of this year but I’m guessing late winter 2023
"Sell your home." **she giggles like a goofball**
She's nervous and upset. Gail recognized it.
Do what you have always done and expect different results are mad
Sell the cars take the bus
$60k was the worst ever? I guess we have gotten so much worse since then.
Caleb Hammers mom is way more compassionate than her son 7:00
Honest question: Do you find that most couples you know (or were 1/2 of) split up to financial problems? Gail starts off with that statement, but I cannot think of a couple I have known who split up over $$. Addiction, infidelity, and immaturity sure, but not money. Thanks.
I am glad to see the wife thinks that it's a joke when the advice was to sell the house.
Some people have a nervous laugh. This might be her way of releading her tension.
She's just nervous! It's not that she doesnt care... it's a coping mechanism, she would burst into tears otherwise!
I thought she was shocked. My cousin laughs any time she is nervous / surprised / embarassed.
Wow 😮
These are the clowns I'm competing with for buying a house
I hate the in five years you will owe over a million, would never happen you would be done long before the five years