Should I Take a Loan From My Dad? He Makes $250,000 a Year!
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- Опубликовано: 5 сен 2024
- Should I Take a Loan From My Dad? He Makes $250,000 a Year!
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Three years of free college and he’s still having a conniption about paying a year. Your dad has done enough.
Exactly there is something he is not telling/hiding.
The kids voice says it all
Vulnerable?! He's 22 making 70k a year, his only debt is the loan. He's set up to win! Put on your big boy pants and don't ask daddy to pay for YOUR loan. You are super blessed!
His dad agreed to pay it.
Hero:You are spot on! I think Dave’s advice is reasonable.
@@KS-cl8br People agree to a lot of things but it doesn't mean they will follow through. It's in his name so ultimately it's his problem. Kid makes a ton of money and his income will go up, this is a tiny baby problem. Just pay it off.
I’m shocked everyday that Dave can stand to listen to all these stories for 3 hours dailyyy!
Lol that's why he has a handful of other hosts now.
Same here.
He loves to do it!
Ehh it makes his business 100’s of millions of dollars every year. I’d listen to a few stupid stories for that much money
He doesn't. Seams like at least once a week Hogan, or some other personality takes the wheel.
The kid should just add to whatever his dad is paying so the loan can be paid off in a year. That would avoid having a potential confrontation with his dad.
Or what he could do is hoard cash (while he did continues to make the minimum monthly payments) and when he has sufficient cash on had to pay it off, then pay it off.
@Severus Sneed I guess the question about that is, would you make the minimum payments and save up a lump sum in another account? if so, great. if not, why? In my mind since he'll end up paying more interest if his dad "defaults" it's a gamble to do it like that. If his dad makes that much money and this guy called the show, it seems like he doesn't have a whole lot of faith that his dad would not end up costing him a lot in interest.
What I would do is go to my dad and say Can you? if you can't, let's work together. I'll contribute this much every month. Can you contribute more or continue to contribute what you have at least?
@@Mehwhatevr Unless he's on some weird income based repayment plan where his dad's payments aren't even covering interest, then he's still likely coming out way ahead by letting his dad make payments while he saves what he would have paid. If his dad pays it all off, then cool, you've got a huge chunk of money to put towards a house. If his dad fails to make payments at some point, then cool, pay the loan off in full with a bunch left over.
@@ke6264 the longer it exists the longer you have to budget your wages in a way that stops you from enjoying it to the fullest potential
In my opinion, since the Dad already has the loan payments on auto pay, I would say thank you to Dad, but still set aside $40,000 in a savings account, in case something happens. There is an old saying, "don't look a gift horse in the mouth," which means to not criticize a gift that you are given. I think if he told his Dad to pay off the loan in 6 months, that would be criticizing the gift.
Best solution! Definitely what I was thinking and their solutions here will definitely cause problems with dad. He could just have a nice talk with dad to figure out solutions and ease his anxiety too.
He didn't give him any gift. The kid had to put the loan under his name. What kind of gift is that?
@@552mustang The gift is paying off the loan.
I knew some people who were given the gift of a car. Their parents paid the down payment and then they had to pay the monthly payment after that. it's kind of a gift and the parents probably thought they were doing something great but it's actually a terrible gift.
@@josephwheeler1 I guess it depends on how bad you need a car.
Offer to match his contributions then everyone is happy. No hurt feelings or awkward conversations. They make 320k between the two of them. 40k is a non-issue.
Just add to whatever dad is paying and knock it out in 18 months. Then tell dad to stop the auto pay.
This kid feel so entitle that makes me sick. Already a grown men waiting for his dad to pay his stuff. What a shame!
His dad is broke making $250,000 a year WHAT? This is a crazy world we live in
Because he is divorced AND making really bad financial decisions.
The caller never said his Dad was broke. He said his credit score was not great, but that does not mean he is broke. He is making $250k per year.
@@deanalbertson7203 Plenty of sports stars make way more than that and go broke. It's not what you earn but what you keep.
@@markg999 Exactly! It's not all about income, that savings/investing rate is key!
@@markg999 It is true that many sports stars go broke. Ideally, one would live like a normal person, and save the rest. The key is to spend less than you make. In this case, my guess is that the Dad is doing ok, if he makes $250k a year, and is already paying off the son's college loan.
His Dad's first mistake was naming his kid "Boston"
Boston is the best city in the world
@@tony9131 yes, but the one in Lincolnshire
At least it wasn’t Poughkeepsie.
At least it wasn't A guy named Carroll.
Was he named after the city or the rock band? 😆
Military pension at $250k a year? Sounds fishy. My father retired after 32 years as an 0-6. He doesnt make anything near that. And why did this guy who got three years paid for free not work during those three years to pay for the fourth year?? Sounds like a loser to me.
Here's my take, family is family, friends are friends, and business is business NEVER EVER mix these together in any way
@Josh I consider you the exception not the rule
“A friendship founded on business is a good deal better than a business founded on friendship.”
@Anna Lee IMHO, never mix money with family or friends regardless of the dynamic, the odds of it coming out favorably for all involved are slim, and often leads to resentment from someone in the dynamic
Exactly!!
@Anna Lee No, it's never good!!
Expect the worst, ALWAYS hope for the best. Alot of HOPE & FAITH, will go take you very very far in life.
The biggest question is why one year of college costs 40k 😳
Some colleges cost a fortune.
Idk if he went to private school but he said out of state tuition
Ya! I though the same thing!!! Instate tuition was 40k???? 😳😳 Wow, change states AND college!
Honestly the Dad dont have to pay nothing
NEVER take a loan from family.....ever
It didn't sound like he was taking a loan from his dad to me. The loan is in his name and his dad is making the payments -- which sounds more like a gift.
He didn't take a loan from family, his father willing volunteered to pay for college. The loan is logistics. If it were in the father's the name the son would be unbothered. The son is ungrateful for what his father has done for him so far
@Andrew E he obviously didn’t have it and also had bad credit, he couldn’t even put the loan in his name. He’s probably paying it but making late payments. That’s probably why his son is concerned and called Dave. He probably didn’t want his dad to sound like a loser.
@@dec1slh no he doesn’t sound ungrateful. I think he’s concerned about his dad making late payments since he has bad credit to begin with. He couldn’t take the loan out making 250k a year.
If Financial Peace is what you’re after you need to get all of this out of your life as quickly as possible.
Where did fake Dave come from? ☝
Doesn’t matter how much dad makes. He is an adult. Just tell dad , I’m going to start paying the loan. Thank you , I bought you Dave ramsey plus and I would like you to take care of you and secure your retirement.
Nothing prevents the son from making payments in addition to the Dad payments. When he asks, tell him "Dad, I appreciate everything you have done for me. I just felt obligated to help pay off MY loan."
you don't demand your dad's cash.. if he wants to help you, he will.
Dave normally gives out great advice. But I wouldn't talk this way to such a giving father. I would go behind my father and make "additional" payments and pay it off within a year. After it's done, then tell my dad that I had a need to do it, and let's celebrate it together. Don't burn familial bridges when you don't have to. All things done with love!
I would not bother with the conversation with the father. Just add to the father's payments and be glad to be taking some responsibility for the school fee.
I paid for my son's college in cash for 5 1/2 years but after that, he was on his own.
Money and family is a slippery road.
My dad did the same thing for me.
@@PrettyGurl12361 he's a good man (patting self on back). ;)
How does a military pension pay $250k...
It doesn't. It would be half of your highest 3 years of taxable income. A significant percentage of military pay isn't taxable. 250k would be a total pay (Both taxable and untaxable), not the halved retirement, of very high officer. Maybe the kid was totalling his pension, VA compensation, and day job pay 🤷🏿
@@jaysleeper264 so in reality he doesnt make anywhere near 250k???
Yes, at about 2:00, the dude was starting to explain the $250K income, which is at least partly a military pension, but Dave talked over him before he was finished. (Wish Dave would stop cutting people off and stop making decisions on partial information, but...) I got the feeling dude was going to explain his Dad's income is partly the pension plus partly a post- military regular job.
Now you know where your taxes go. LOL
@@debbiericker8223 I heard something like “the military pension is 80% of… “
Even still that’s 200k, which is a ridiculous pension.
Dad doesn't have to pay. This guy needs to pay for his own school. But if Dad wants to do it, he needs to pay it off now.
His dad doesn't need to do anything. He's giving his son free money every month. If the son doesn't want to accept it on his dad's terms, then the son can pay the loan himself. The dad doesn't need to change his gift just because his son is a fan of a radio show.
Divorce is the common downfall of all rich people..
true a woman or the government never divorces your money
If he's making $250k a year which I think he doesn't, there is no reason not to pay that $40k loan for his son. He's computer scientist at 22. He's going to be a millionaire or multi millionaire by 30. Pay the kid's loan.
Your making $70,000 you can pay it off $40,000 in a year and half. Stop taking out loans.
After taxes and yearly cost of living expenses it would be difficult to pay that off that fast. My wife and I combined make $96,000 a year and our yearly cost of living expenses are $40,000 and the best I've done is pay off a $10,000 loan in 8 months. So it'd take me about two and a half years to pay that off.
Never ever borrow money from family members or friends, give it to them. In the long run it creates animosity.
One would think that with Dave Ramsey being so popular, consumer debt would be going down. The truth is debt is still increasing at record pace.
Ya, you would think after 30 years of doing this that people would learn. Credit companies should be out of business by now.
That's because once ppl pay off their debt they go back into debt.
@@greencase before I came across Dave I did the budgeting and snowball and I did the same thing, got back into debt. But now that I found the baby steps, I’m sticking to this. I wish I would have heard of him 20 years ago.
He got a divorce years ago...
Well that explains a lot
Dave's analogy on the rental story hit home. I don't know how many times people have tried to get me to rent to someone they know they claim to be a "really good person, and great family member or friend." Yet when I do a background check on that same person and learn they were evicted in the past, have anger management issues, poor credit and other negative influences to make me turn them down.
2020 is a great "never again year". God bless you both!😊
@Omar Abdul-Malik
As salaam alaikum Omar! I see you all on A LOT of videos that I watch, leading me to believe that we have a lot in common 😁. I have always wanted to contact you. I am a senior in college and am pre-pa/pre-med. I can't decide between the two yet. I crave ultimate job satisfaction, financial stability, and being debt free before 25 years old. Growing a family is important to me so that is a big determining factor in my decision. Is there a way I could possibly shadow you as a PA?
Kid sounds entitled AF, you got three years of free college from your dad, pay the rest and sack up
Completely disagree. He is bothering to ask the tough questions because he has a better financial sense than his dad. From the sounds of it, he’s being forced to grow up on behalf of his parents because of their mess.
He doesn’t seem entitled. He just learning to take responsibility. He is needing courage and Dave to tell him he isn’t wrong about taking that responsibility.
@@jonathancutler9115 “forced to grow up” the man is 22 smh🤦♂️
It's not entitlement to expect your parents to do exactly what they told you they would do. If they dad made a promise that he would pay for his son's college, the son has every right to expect him to keep his word.
Doesn’t matter how much money you make, it’s all about what you do with your financial decisions.
Idk why but I had a stomach ache for 2 days I just watched Ramsey and by the end of the video my stomach was better! Weird... I love finance
Cuz ramsey is the third thing closest to god
@@samysamy566 🤑🤣🤣🤣🤣
If the dad is already paying monthly what is the problem?
Because 40 grand paid off over the next 20 years is a very long time for things to go very wrong. He could pass away, or actually go broke with the way he handles cash.
NO. NEVER. DON’T DO IT.
It's a gift from the dad. Let him pay it. If he stops paying it then you start paying it.
Did anybody hear that he was still living with his mom? I think Dave didn't hear that.
Just take your money and start saving and investing it. In a year or two you will have the $40k, just let Dad keep making payments...the first payment he misses just pay it all off problem solved without drama.
The kid should pay it be thankful
If he makes 250k why did he get a loan? This conversation is just odd. If he wants it paid off pay it off. Sheesh.
The father brings in a lot of $$ but has no $$ saved, even for a predicted event like partially paying for his son's college. It's sad and stupid, but far from unusual.
It's a loan in your name funding your education... am I missing something? Why is anyone besides you supposed to pay this? You're a big boy college grad. Your way was already paved for the first 3 years. No more handouts dude, pay your debt yourself
True, except the dad said he would pay it. I still wouldn't have ever took out the loan, but the dad still wouldn't be keeping his word
@The Dave Ramsey Show Lol, fake account and a scammer, real cute
His dad said he would pay it, just let him pay. If his dad decides he doesn't want to pay anymore then he can just start paying it himself.
Thanks for all the great content Mr Ramsey..
We can’t download the every dollar app in New Zealand for some reason??
No
Take care of it yourself. Will only take 1 year of beans and rice.
American Express podcast as the ads on the Dave Ramsey show. Lol
He knows more about what his dad would be like about a loan than Dave or anyone else.
With the student loan is his name, the kid should go ahead and pay on it if not pay it all off.
250,000 and he’s broke.
Why?!
The caller never said his Dad was broke. He said his credit score was not great, and he went through a divorce. That doesn't mean he is broke. It means he is not as well off as he could be otherwise. Anyone making $250k a year is probably doing ok.
@@deanalbertson7203 You think but not always actually many arent when keeping up with the Jonses.
@@deanalbertson7203 if he isn't broke, why isn't he paying his bills?
@@superblump87 He is apparently paying his son's college loan, on auto pay. In the real world, if you pay a bill late a few times, it will lower your credit score, but it does not mean he's broke.
@@deanalbertson7203 it takes a lot more than a few late payments to have a not great credit score.
He shouldn't go to his dad at all; if it's not paid off in the time frame of his liking, he should just pay it off himself. And thank his dad while telling him he decided to pay off the remaining balance.
If his dad if paying, and he's financially stable, why even care? Just save up the 40k and pay it off if it doesn't get paid lol
This kid just needs to start investing! Let the compound interest work in his favor. Cant ever get the time back! If I could go back that's what I would have done
I took a loan from my parents and paid off my house! I’d rather owe my folks than a bank any day!!
investment is the key to achieving success with the current pandemic slowing down so many business.
I totally agree with you it has been an eye opening experience for a lot of people.
I think the pandemic has taught people the importance of multiple streams of income, unfortunately of having a job donsn't mean security.
Stock are good but crypto is better 💯
2020 online stock market is just different and unbelieve. I rather invest my money on crypto
I invested in both stock and crypto but I believe crypto is doing well better 💯
Ask dad to double team the loan and both pay on it and pay it off in three months.
Calling to make this stupid question??? Just man up and pay the loan yourself, it doesn't matter how much your dad is making !!!
I mean you have no debt and your dad already paid for most of your education, be responsible and show some appreciation to your dad...
Man kid just stack your money while pops pay . Take over if you need too .
This kid should be an adult and pay it off himself. His dad already did so much, it will make you a better person and your dad will respect you. Personally I paid for college 100% by myself including my own rent. If my parents had offered to pay I would have paid them back the full amount. I have a hard time with the concept of mommy and daddy paying for things after the age of 18 but that's just me. It comes off as a bit snowflake to me.
The apple doesn’t fall far from the tree
In this case, both apples are making more money than the average person.
@@deanalbertson7203 have you heard of people actually lying about income on the world Wide Web ?
I would probably be more diplomatic and ask dad to pay off half this year, then half next year, or some kind of percentage and see how it goes, then if nothing happens take it on myself. lol
NO!
If you can help your dad pay and save at the same time go for it!!
I just randomly came across this channel an hour ago. After watching a few videos. I have learned so much good information! Thank You!
I noticed it years ago and still listen.
@@bighands69 I wish I had!! I will keep on watching his videos from here on out!
A lot of people want a good lifestyle , but the way they spend can't see them getting that lifestyle anytime soon , the rich invests more and spends less
Investing in the right things matters, I actually invested in the stock market and also the crypto market , trust me crypto trading is more profitable than stock investment
The rich gets richer by investing while the poor just spend like the rich without thinking about a good investment to go into
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Buy silver, buy gold but don't forget to acquire as many crypto as you can. Mark these words , someday people will regret not having at least one satoshi in their wallet
Crypto investment requires good experience and knowledge to carry out a good and successful trade, I have a lot trying to trade all by myself .
Good investments are life savers
The graduate earns $70, 000 a year and he should start paying off his school debt period - he should start paying on the loan and if Dad helps great but be a big boy and pay it off.!
No one is mentioning how much his pops is paying in alimony or how much of his pension goes to the ex or how much debt he has. At age 22 its best to just knock it out together as fast as possible. You can make a million a year and still be bankrupt.
Blood and money don't mix.
Then why is he even asking such a stupid question? He's a grown man and he should pay his own debts like a real MAN. For three years this clown got a free education, now he has to pay his own bills so there's no reason to ask for help on what hHIS name is on.
The better plan is to just pay it all no discussion and let dad know that the loan is officially paid off and if he wants to help me cover the expense, he can make automatic payments to my account instead of the bank.
I’ve considered a family loan to invest in RE but it just sounds way too messy.
Do not do it. Borrowing from a family member and then losing the money would be one of the worse things possible.
Imagine having to tell the family member that you lost the money especially when they need it for something.
Something's not right. If his dad's military pension is 80% of his income, there is no way he could be making nearly a quarter million a year, or anything even close to that. Even a Brigadier General or Rear Admiral would be fortunate to have a 6-figure pension.
Sorry, but the caller is not correct here. No way a bank is going to give a private student loan to anyone not employed. This loan was obtained (while the son was still in college) due to the dad's high income and credit score. When the loan was distributed, it was under both the dad's and son's name - they are both responsible and yes, it shows up under both of their credit scores. Now, the dad agreed to pay off the loan and is doing so - and is paying both principle and interest. Payment is about 450 per month over 15 years - when making 250 K per year - 450 per month is peanuts - the dad is probably paying down on other loans first - the loans probably have much higher payments - so he is trying to get rid of those. Dave is right though, if the son does not like the deal, then go ahead and pay it off himself. But, how stupid is that - as the way it is now, it is costing the son nothing.
If the dad has payments on auto pay I’d just make principle payments anytime I could and let him keep helping me.
Thankful for his... Uh... Service.
This is bad advice! I would let his dad keep paying while I’m setting aside money to pay and in the event he doesn’t pay I would pay it my self
Very bad advice. Just because he's graduated and has a job now shouldn't make him so entitled and start putting pressure on his dad.
dude pay off the debt. it's your own education
Respectfully Disagree, I’d ask the dad for a rough timeline of when he can pay it off. If he’s unable to pay it off quicker, then we will tackle it together and get it paid off in a year or 18 months max.
I admire what Mr. Ramsey is doing, especially given how people are. I think wealth is like health - everybody ACTUALLY knows how to get it, but they rather moan, complain and go the longest way around rather than do simple babysteps and reach their goal. I tried leading friends to wealth, I never got them there. They prefer the sty - it's smelly but it is familiar. With cozy flees.
Austin is with us in Charleston hey boston
What a brat! Pay your own bills!! Your dad did this for you, help him out! Welcome to adulthood!! OMG!!
Dave what is your opinion on "rich dad poor dad" book , making money from debt?
I wouldn’t worry about it. The loan will be forgiven in a couple of months...
Pay the loan off yourself and take the money directly from your dad easy
Is it me or does it seem like Dave changed his tone on this one? Usually he is like 'well it's YOUR loan' so you need to pay it. Now it's daddy needs to pay in 6-12 months?
Legal responsibilities are important and do matter.
Dave hasn't changed anything. He is being consistent, in expecting people to keep promises that they made. According to the caller, his Dad promised that he would pay for his college. If that is indeed the case, then Dad should be expected to keep his word and do as he says.
Have I made a mistake in getting an Accounting and Finance degree? do accountants have the ability to earn over 100k a year, what other high paying iobs are there in the field?
I started as an accountant at a software company and moved into sales due to the income difference. The only accounting and finance folks making more than six figures were in management. I will say I did sleep a lot better before I had a sales quota and the job stability of accounting is hard to beat.
That is my limited experience at that one company. With that said, there are many different types of accounting and finance careers out there with varying levels of income.
@@superblump87 if I got a marketing degree, is it worth it to pursue a BS in Accounting? I just need 9 classes. So with a full time job, assuming I take 2 classes per semester, I can earn accounting degree in 2 years
@@magickingdom1386 I would say it depends on the accounting career you are aiming for. I have a BA in Business Administration. Some companies don't require a degree in accounting for entry level accounting roles. It may limit your ability to move up the ladder in accounting though. But if you can get your foot in the door and prove you know what you're doing then it may not matter what your degree is.
Our son majored in accounting and also became a CPA. He works for a nice CPA firm and does quite well. Tax season can be overwhelming just because of the time commitment, but he is glad that he became a CPA. And his end of the season bonus is quite nice.
How about, just go .ahead and take over and say, dad, thank you but I got this. What's the conflict?
Or dave for 6 months, to a year and pay off while thing..
Seriously, you don't need dave for this...
He didn’t want to be disrespectful
First!
Great advice 👌👌👌👌, trust Uncle Dave.
How does some one talk to Dave?
Family loan = guaranteed drama.
Hooooold up, CS degree and only making 70k?
Dad needs to call Dave...
I like that! 2017 will be my never again year!
Nice video! What about FBC13 algorithm review?
No one said the Dad is broke... He is just paying the loan overtime for leverage that his son blows money on stupid stuff... Here's my proposal, let your dad keep paying or you take it over as an adult.
Kid is still a child
He could just double up have his dad pay whatever he is paying and then he pays what he can and done
Buy silver and crypto
For real Crypto is the future🚀🚀
Trading crypto has become a very lucrative way of making money
Stocks Are good too
@@paulrash4058 Stocks are good crypto is better
I wanted to trade crypto but I got confused by the fluctuations in price
He graduated college guys.......graduated college wonder what he graduate the college to...Amazing how many College grads don't know you graduate from college.
what? run on sentence google it.
Let pops pay least he can due he got 3 years free