Это видео недоступно.
Сожалеем об этом.
Can I Buy A House With $138,000 Of Student Loan Debt?
HTML-код
- Опубликовано: 7 фев 2018
- 💵 Create Your Free Budget! Sign up for EveryDollar ⮕ ter.li/6h2c45
📱Download the Ramsey Network App ⮕ ter.li/ajeshj
🛒 Visit The Ramsey Store ⮕ ter.li/7vyom2
📞 Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message ter.li/n88ly5
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ ter.li/ng9950
🍸 Smart Money Happy Hour ⮕ ter.li/9gcp3d
🧠 The Dr. John Delony Show ⮕ ter.li/2u3mc0
💰 George Kamel ⮕ ter.li/1elws8
💡 The Rachel Cruze Show ⮕ ter.li/n2u6jc
💼 The Ken Coleman Show - Highlights ⮕ ter.li/1rbjr2
📈 EntreLeadership ⮕ ter.li/ktxv2k
Ramsey Solutions Privacy Policy
www.ramseysolutions.com/compa...
If you can't live on 50K and you're healthy, young, and childless, with less than $700 rent I don't know what to tell you.
childfree, not childless.
me either lol with TWO incomes too. what's going on over there lol
Childfree Single and Atheist thanks for the correction. Proudly childfree.
@Brandon Boss That's the point?
Right!!! We have a child and our household is about 50k and we have combined $140k in debt which is a house and two student loans, and we still don’t struggle to put food on the table, and we pay over minimum payments. Not sure why he’s struggling to see the solution
It's not beans n rice anymore.
It's bread n water.
Brantley good one 🤣
Raman noodles
Well, 50k is not exactly starving. Especially in Detroit.
Beans and rice is better because of the nutritional benefits. Bread and Water you can live off of but you’ll be malnourished after a while causing you to become sick and increase cost of living.
Crumb and drip
Is he really complaining about $675 in rent ??
Half pint Paris uh hello!they cant afford to fix a roof😳
More like complaining about it going up to 800, the thing is I think the man is particularly afraid of the landlord raising the rent.
Half pint Paris why are you so pretty?
I don't hear complaining. I hear inquiry. I hear "what is the wisest path".
There is nothing wrong with asking. In fact, more people should ask investment questions because there are a lot of people who give bad advice for free.
In northern virginia thatll get you a closet! Avg 1 bedroom with laundry is 15-1700
Here's the answer to the question, No.
David Apilado no
Hahaha. I love it. One word answer. I love it.
Yeah, Dave had to say it four times while the guy rambled on about wanting to buy a house.
That's actually not true at all. Nor is it difficult to do. It depends on your income, your monthly debt bill, your other debts, your interest rates, etc. Most ppl with that debt have low fixed interest rates and are on the IBR where you pay about 10% of your income. In terms of monthly net income, if you're ontop of everything else, that isn't bad at all. In fact, not only can they do it, they probably SHOULD do it, since buying a home is an investment. There are all sorts of student loan programs that enable you to live a normal life but I guess people dont use them or know about them.
SuperPhdiva SRB right!Common sense.
As a fellow nurse, if he works 5 days a week as opposed to the regular 3 shift (which is overtime) they will be set. Nurses make soooo much overtime pay.
Thank you Obama * program started in his administration
That would be a very tough lifestyle, though. 12 hours a day, only 12 hours for sleep, chores, eating, bathing, etc. Assuming 8 hours sleep, that's only 4 hours for commute and everything else he has to do. Only the 2 days off would be freer.
@@Liuhuayue Would be temporary They have to focus in to pay this debt. Ask God for health and strength.🤔
@@Liuhuayue i had a friend that was in the navy he worked in the kitchen and he told me he worked 16 hrs a day
correct that debt is nothing
Every since I been listening to Dave Ramsey, I learn to embrace a debt free lifestyle.
hursti05 you will get by, but you will never be rich with that mindset. Try starting a legitimate business without borrowing any money (not to mention going to college).
It is the only way to be if you want to accumulate any wealth in your life.
Five Cents Matter it’ll help you accumulate wealth but you will at best be middle class. Not wealthy by any standard.
Empire Textbooks Seeing how the average middle class person has only $38k set aside for retirement... trust me I am wealthy. The logic of why bother implies defeat. I vote for optimism, and potential wealth.
hmm... my husband started a business having one employee (himself). he put no money into it and borrowed nothing. about 10 years later it had 15 employees and was profiting about 3 million a year... in fact this wasn't an uncommon occurrence in the area we worked with lots of tech opportunities. so yea, you can become rich without borrowing people's money. just think of all the youtube stars out there...
He's not going to listen. He's going to stick to the loan forgiveness program, buy a house, and two new BMW's.
They will be calling years later with even more dept and going broke.
BMW'S are a prerequisite
Yep. He's not trying to hear anything. I wish I could pay $675 or $800/month.
Democrats will wipe his loans, so technically he's doing the right thing.
😂 you probably right
Student loan forgiveness is not guaranteed.
Ever. The program is falling apart and very few (less than 100) have been approved.
Five Cents Matter that’s not true I just got approved the other day
Dev Wheeler I’m happy for you, but you are not the majority.
You get a nasty tax bill if you complete the program.
@@hajime2k Not in the Public Service Loan Forgiveness. Taxes are waived.
I wish people would stop going to private schools paying out the hooha for the same education you'd get at a community college for a fraction of the price. That's ridiculous .
But it gives them status and respect in their community
@@fanmaxis3004 lol. not in their banks or wallets
Exactly
Graduating from community college in 2 weeks with my RN. Cost $3,000 for 2 years with scholarships. Worked full time. Already offered job $55K year and they will pay for my BSN.
@@TheMabes69 that is a good price. Way to hustle smart !
$183k vs $138k in title
Isaac Burnside Yeah, big difference!
A Benavidez: What video are you watching, or are you joking in some way?
A Benavidez if you actually listen to the video, he says $183,000 debt. It's a typo in the title.
Flip the 3 and the 8 there you go!
Isaac Burnside????
No one ever listens to Dave. 🤦🏻♂️ Call a millionaire for advice and talk over him explaining why “your” way is better. Unbelievable.
Trying to read the comments and listen to Dave at the same time.
I wonder why they can't. Since he s a nurse with potential to make a lot of money . Student loan is low interest rate and for the reason I don't see why he should rush with paying this off !
Same here. Lol
It's like my brain can handle more. 😂😂
Dave was itching at that button, lol
When he said "CLEAR!!" bahahaha love it!
TDBee09 😂😂😂😂😂😂
He’s not going to listen to Dave.
Has he shouldn't. If he can get some debt forgiveness on his student loans and still live by the same means that they recommended but instead apply that $50,000 he's talking about putting towards student loans towards a house or other debt that would be the smarter way to do it. Dave's leaving money on the table with his theory. It doesn't make sense
Adam, please give us your credentials. You're a complete bummer for those working their steps. Create your own video's so we can hear all your brilliant idea's. This belongs to the "THE DAVE RAMSEY SHOW". Spew on your own space.
Yeah my house is almost paid off. I am glad I bought the house early. You can have room mates while paying other debt. I only pay about 200 bucks a month for my house.
As my grandma use to say those that won't hear will feel!
@@victormendoza3295 who wants to have room-mates while married?
I’m graduating as an RN making at least 50k in May. Zero debt coming out, went the community college way.
Everyone thinks when there rent goes up it’s better to buy a house. Nope because you just don’t have the mortgage you have taxes and repairs also if you start to miss payments you will lose the home.
Exactly!!!
big point there
All in with utilities,I bought a house for the same if not less then what average rent is in East MA... It might be more debt but at least the money is going towards ownership...
They only good side is that the taxes are going to be pulled in the monthly payment via escrow. Downside...you'll still wind up with an escrow shortage each year. In my case I could afford it and It was cheaper than rent. But that's not the case for everyone. I bought in 2012, sold this summer for a lot more than I paid for it.
if you miss rent payments you'll be evicted so what's the difference?
Did they just say $800/month in rent is expensive?
Liberty First: Detroit does not have that high a cost of living. 800 a month shouldn't feel expensive to a couple making 5500 (likely more when they adjust their paychecks)
triad6425 $2,400 a month for rent is tough.
I live in Philly so yeah rent is $800+.
Welcome to LA...$2600 and up $800 is a room in a shared apartment only...unfortunately.
Dublin, CA and San Jose, CA - August 2018... very common for rent to be $2000+ for a one bedroom.
People usually only look at the mortgage payment while buying a house. This is wrong. I spend a lot of money, e.g., $5000 per year on repairs and upgrades to our house. There is always something in need of repair or yard work to do.
He said "get in attack mode", like your in the ER trying to save somebody's life. "CLEAR"
I'm in the mode baby!
liltenou 😂😂😂😂😂😂😂😂
I just found out today (may 2nd 2019) that about 99 percent of students loan forgiveness applications get rejected....DO NOT relay on it....because in 10 years you'll end up with a HUGE, compounded interest balance that you'll have to pay back.
The lady(a teacher) interviewed for the news article on the high rejection rate for loan forgiveness took out 40k in 1999, made minimum payments, she applied for the loan forgiveness in 2017 (almost 20 years later) and was denied...her current balance is about 80k....that is DOUBLE what she took out!
I have been planning my debt payment plan around that loan forgiveness program, but with this new statistic from the department of education, I am changing course and creating a new plan
This is the game they play. Dave is giving people a feasible way of paying off debt but it seems a lot of people want to tryn finnegal the system, to their own detriment.
This forgiveness program is nothing and that’s all it is. Only Ford Direct loans of one type are accepted and there aren’t many of them. Stafford loans and others are no good.
Yes you can. I had 112,000 in loans, I bought a house. Sold the house a few years later, made 30k, also paid off the student loans. Now I'm on my second home and it is almost paid off.
Yes It's Me yes! He can buy a home and pay off debt slowly! No rush if the interest is low
@@brandydao bad attitude, money now is not money tomorrow, if you have the means to pay now and pay off fast, do it while you have the means.
❤️
@@OpiumBride I agree I don't know why people insist on living in places where anything less than 100k a year is poverty, that's just craziness
Yeah I knew that was possible I was watching this video the whole time like wow this is terrible advice 😂 if he can get the house for the same rent as the apartment for what reason would he rent rather than own ?
Notice how quick Dave was to jump his finger over the mute button when the guy starts saying what wasn't included in his $129 class 😅
@ "$200,000 divided by $50k is what?" dead silence.
Yep. His education was a waste.
LOL
It's scary that he is a nurse. You have to perform more difficult calculations in nursing.
Yeah, guy can't do math..."I'm trying to write everything down...," he says, lol let him administer your medication haha you can hear it in his voice he's going deeper in debt so he can drive a nice car and own a home. Bankruptcy in the future for him i think
That right there is why I don't vote. I can't tolerate standing in line with these people. Those are the average people. The thought of my voice being drowned out by the idiocy around me is too much.
Did anyone else get a weird vibe in general about this call? She obviously called in and did the preliminary discussion with the producer cause Dave was expecting Vanessa on the phone then when they got to air it was suddenly Adrian and we didn't hear a word from Vanessa except for possibly a weird noise when Dave called him out on his gross vs. take home income figures.
Yes. I have a feeling they are not on the page about their debt. She wants to tackle it, knuckle down, sacrifice and be debt free. He is not on that page. Divorce could be ahead
@@strangeaslife that's quite the assumption considering nothing like that was said by either of them and she didn't even speak. As a man, it's more likely she was asked to handle the details and give the man the phone when it's time for adult conversation with Dave
j kelz “adult conversation” really
@@strangeaslife as you might guess I get the complete opposite vibe. I could literally picture her rolling her eyes when Dave said the loan forgiveness was a bad idea. She wanted her man to hang up.
She probably just got nervous.
They’re definitely still going to try to purchase a home
Who’s the doctor or lawyer? Oh no I’m a nurse and she’s a social worker 🤣🤦♀️ 🤦♂️
😈
they still make a 130 a year.
What’s wrong with that? Not everyone meant to be doctor or lawyer.
III7 he meant it because their student debt was so high
Great professions.. An RN can continue to become an NP or CRNA earning the same as a primary care physician or more.
He can be making 70-80k easy as a nurse, and she can make 50-60k, i don’t see the problem
I pay $1,900 for a one bedroom apartment. You think $800 is a lot for rent??!!
I paid $2650 for a 1br. And that was 1400 cheaper than my friends were paying for 1brs!
Dear gawd!!
Going to college is one of the worst mistakes I've ever made.
ToLovelyJesus Why?
@@deadreckoner5276 probably got an arts degree. Lol
ToLovelyJesus You studied the wrong thing champ
Me too.
Wasted time I could've been working, got a student loan that stressed me out when I finally started working at a job that didn't need a degree
You would have said the opposite if you didn't go.
No,I am fine with community college.Good lorddd!I went RN in community college for 2years(+1for prerequisites)and I am pulling close to 74+ with overtime and I am working to get my Bachelors.
zunai andre which State and City are you working as a nurse ? :)
That's what I'm telling my kids to do.
zunai andre how are you so productive?
zunai andre that what my mom did too. Community college is a great tool not many people utilize
I went to a 4 year state school right out of high school, got two bachelor’s I never used for work. 14 years ago went back to community college and got an Associate’s degree in nursing. I paid $2k for my BSN. My employer paid the remaining 80%.
College makes sense for a lot of degrees/careers, but some of them? oh no sir. it’s a waste of money. I mean I took a three semesters of Italian. For what?! Because a language was required for my arts degree. Society has this expectation that college should be directly after high school. As an 18 year old, I knew NOTHING about the real world.
High school grads need a year or two of real world experience while they part-time basic courses at a community college.
People already know the answer they just "need" someone else to tell them.....99% of the time still not listen.
It blows my mind that people can get 10k or more in credit cards that sounds insane to me.
Elaine Lloyd _ikyg I said the same thing
Fix your credit
Rice and beans forever
PiplupJames Battle nah rice and beans for a while then INVEST forever
My favorite daily meal
Lol
NOT!!
had some last night. It was delicious.
You broke , let's do the maths, YOU BROKE ....
I am amazed that smart people do not know how to manage their finances, your take home is $5,500 and your rent when it goes up will be $ 890. that is still less than 20% of your take home pay. cannot you live on another %20 and dump the rest towards your SL? pick overtime and dump every penny you can save towards the debt
Discipline in action....Many are taught to make money for others
Moudy Beshay problem is that thier only BOOK smart, not real world smart or financially smart (same things really). "I'm trying to write down everything you say" said the guy when Dave asked him whats 200.000÷50.000. He was defintaley a good college student and look how he's doing financially. I really do feel bad for these people, they think they're doing the norm and whats sad is that it's true...
Moudy Beshay you have not met enough broke doctors that take twenty years to pay off their student loans. I have two uncles both and dumb with money.
You can be smart in specific areas and dumb in others. Everyone is.
Moudy Beshay Rent is $890 dollars, try $2400 in my area.
Daves reaction to
"Hey this is Adrian and Vanessa" hahahah
So, whenever nurses come on here and have a delayed response in dividing $200K by $50K..... makes me scared to go to a hospital.
I totally agree. When he didn't immediately say "4" I said "nope".
That’s why it took him longer to finish and ended up with 138k
@Abitamim Bharmal That is quite an insult. People like you make so many assumptions about things they have no experience in. I can't begin to tell you the level of CRITICAL thinking we do that can be the difference between someone staying alive or losing it. And we do dosage calculations. I've lost count of how many doctors I've called to clarify medication orders with them because the dosage calculations when I checked it myself were off. Please don't talk about what you don't know anything about.
Nurse (singular), not nurses. Why generalize ? 🤷🏽♀️
if you only knew of how many time nurses prevent doctors from killing patients. nursing is a ridiculously hard profession. both mentally and physically.
I'm a nurse turned Business Finance student I LOVE this man! He sounds like one of my professors! Lol
I'm glad I randomly decided to watch this clip. Growing up poor I wouldn't have interpreted 100k+ as broke but form a debt-focused perspective I can see why it is. I'll take this into consideration as I finish college.
Correction: The title says $138,000, but Dave says $183,000 for the student debt.
Man, these are always great motivation to stay on top of my studies and work to get a great job.
I can’t believe people feel so entitled to take out massive student loans and can pay it off in a few years but would rather wait 10 years for it to drop
Um.... lets see... i pay 20k and 160k in debt is forgiven?? which makes more sense.
yup and everyone else who didn't make idiotic financial decisions are stuck footing the bill
@@jeffzorbo2822 Of course the $20K makes more sense to you when other tax payers are footing the difference
@@JN-ox2yd that's just like saying you aren't going to deduct as much as you can on your taxes. Everybody saves money where they can.
@@JN-ox2yd The government was expected to earn money from student loans but the government has let down everyone who took out the loans by promising us great jobs when we graduated and we are earning significantly less, so when one entity doesn't hold up it's end of the deal, how can you expect the other? Also, not all loans are forgiven after 10 years, it's only those who work in public service who make 10 years of on time payments. The rest of us are looking at 20-25 years in which the government will ultimately get back more than double than what we borrowed and any remaining balance at that time that gets forgiven, is interest, which is ridiculously high. I like how some "tax payers" complain about their taxes when they go towards the betterment of the country, but the taxes that they pay that are basically a waste or goes to line the pockets of military contractors, they seem to be fine with. This country is slipping behind because people are putting less importance on education - what do you think will happen if we have to start importing all our brains? Think about it. Sad petty little people.
- Community College Resident Tuition - $4000 a year (FAFSA Typically pays for most to all of the tuition; don't forget them grants 😉)
- In State University - $9k to $12k a year
- Out of State University - $22k to $28k a year
- Private University - $38k to $80k a year
Since I started budgeting time is going by slow
Sounds like you need a 2nd...3rd job brother!
The Blessing is that you know where your money is going and that's progress. Keep going and stay encouraged.
But when you complete the debt free journey you feel awesome.
elevate4eva I think bc he isn’t doing anything extra bc he’s broke another job won’t help
I feel like he’s not going to listen...
Dave Ramsey for president
Hassan Ismail I’ll vote for him no matter which party he’s in.
Wow I never thought of this.... yesss please get someone in there with some damm common sense
Dave's beans and rice spending program would crash our consumer driven economy !
Dave's not that stupid.
Does anyone really think Dave Ramsey votes Democratic?
He’s a nurse. There’s a big shortage of nurses. Work crazy OT for like a year or year and a half and pay off all your debt.
nurses get compensated very well in addition to OT. You can literally work as much as you want. He can knock that debt out in no time.
Hospitals are getting TIGHT with overtime in the Detroit area. Basically there is NO time and 1/2 where I work nor where my sister works. You would need a second job to work more on standard time.
m ph. I'm in Texas. Low cost of living and you can find work in a day. Completely understand that may not be the situation every where though
Nakie Thompson What are the employment possibilities for nurses in Texas? I’m a critical care nurse and itching to relocate to Austin or San Antonio or even Houston.
Nakie Thompson what part of TX? Here in Dallas rent is getting more expensive because of the corps that have moved here. So the cost of living has gone up tremendously.
I'm always amazed that supposedly well-educated "college graduates" are so financially ignorant. Pay off the stupid credit card! That's costing you over $150 a month in interest, and that $150 will cover any raise in rent you're likely to get. Live on one salary and put the other entire take-home salary against the loan debt.
Done deal in 5 years...or less. Then, you can buy a house and have kids.
The people who peddle student loans are borderline criminal
agreed!!!
The people that give the student loans are criminal for the interest rates on those loans!
Ingrid Morbid it depends. I got my student loans through FAFSA. Subsidized student loans don't start collecting interest 6 months after you stop taking classes or graduate. Unsubsidized student loans collect interest as soon as you take them out but it's a low interest.
No one forces you to accept the terms of a loan. You don't like ridiculous tuition and rates? Get the government out of the business of financing education. Simple solution.
atotalidiot
This couple is so financially stupid they can make anyone they deal with look criminal.
This is not the first caller to think/bank on the idea of the 10-year debt forgiveness "should I just carry the debt til it's forgiven" mentality. What I take from this is that if those programs are cancelled/revoked that we are going to have a second wave of tuition repayment crisis in a decade for all those that find themselves at square 1 having paid only the interest. :(
I disagree when he tells the guys to "stop investing" to increase his take-home pay. Usually student loans have cheap interest rates and the interest is tax-deductible. Investing has expected returns that are higher than their debt interest rate, and the effects of compounding and employer 401(k) matches are magical for building wealth. Don't sacrifice investing just to pay off cheap/good debt sooner! [For credit cards, maybe.] The earlier you start to save/invest for retirement, the better.
He tells them this because more money can be thrown on the loan to knock it down quicker. Even with a low interest rate, it still adds up quite a bit each month. Also, once other debt is done the extras can be thrown into the 401k.
that is the stupidest thing that i've ever heard. if you are in debt, then you don't have money to invest. you are in the NEGATIVE. How can you possibly invest NEGATIVE DOLLARS into anything? you literally have a NEGATIVE NET WORTH.
@@ericjordan6059 Yeah, I get it, but he's only saying that from a behavioral finance point of view, not mathematically. The investments in a 401(k) can grow 7-10% annually, and the return compounds over time. You have to consider your opportunity cost. Most student loan interest rates are in the 4-7% range and they're tax deductible which makes the effective rate even lower. When you invest money instead of paying down the debt with it, you net the difference (i.e., 10% return minus 4% borrowing cost = 6% net return). Of course, you won't make 10% return every single year in your investments and it fluctuates greatly, but you should average somewhere close to that over long periods of time. And I'm not even factoring in the employer match yet, which is just more free money on top of it all. I just don't think you should forgo all of that and "steal" from your retirement to pay down cheap student loans faster. We already have a retirement crisis that is brewing--employees don't get guaranteed pensions anymore and Social Security benefits are at risk, so it's up to YOU to save for your own retirement, and you need to start EARLY to benefit from compounding for the maximum results.
@@kikikay10 ... Employee match can only be factored if you get it, and a lot don't. Student loan interest rates are a lock. Also, investing more once you free up money will compound more down the road as you can actually max out your contributions. If your loan, as many people have stated, are too much to handle along with other bills and debt, this is a feasible alternative. I did it myself and it worked out better. Started 2 years ago making $85k/yr. Paid my bills and other debt down and was left with a hefty student loan to pay but able to begin putting money back into the 401k. Just recently got a new position making almost double what I was making so now I will max that and contribute more to the IRA I have as well. Will see more gains all around because of "extra" money and growth will come quickly.
I just knew Dave was going to catch him in the middle of that lie how do you bring home $5,000 a month but your annual gross is 123k
jo jo The $5500 was take home pay after tax
So you're telling me the other 5500 was taken in taxes out of his paycheck each month even if he's contributing to a 401k it's still not going to be half their take-home pay each month come on
jo jo Perhaps. Did he refer to 5500 as both of their incomes or his own?
I'm assuming he was talking about both their incomes since the 123k was their combined income Dave said it himself it didn't add up right and then the guy started back tracking talking about a 401k
jo jo So it is his 401k contribution and probably other stuff where his income is not going to him
All these debtors expect us tax payers to pay off their lifestyle's. This will stop very soon. Pay off what you owe!
When I was digging myself out....this is who I listen to. It's hard and truthful
I don't get how my brother still can't save anything. Between him and the wife they bring in over 100k, no mortgage, no car payment, and they bankrupted their student loans (you can in Canada if you declare bankruptcy after 10 years)
My rent will increase by $200 so let me get in debt for another 180k.
Nursing is a good degree based on salary projections if you have to borrow. Social workers typically don’t make more than 50k a year but require a masters and more school borrowing.
No one should be getting a masters degree that doesn’t have a projected 100k + income within a few years of graduating
Good point Dave how you explained the increase in income to attack their student loans.
Dave loves priming up the finger to hit that button that cuts off the person on the other line. What a savage😂
But $800 for a rent in CA you’re blessed.
It's getting harder and harder to respect Dave Ramsay...
Did this dude really say not to contribute to 401k ????
@@TheDisccity nah, you get higher ROI contributing to 401k then you would paying off debt, simple.
Dark Gold is this dude working for student loans or what?
@@certifiedfinest5065 He is.
Along with that is the added interest and the amount that debt will grow year by year. It's insane not to want to get rid of it as soon as possible. Student loan forgiveness shouldn't be what people fall back on. Totally agree with him!
I don't get it why are so many people think they can borrow their way to prosperity it's mathematically impossible to do that my sister-in-law for an example she makes good money as a nurse Married 2 kids two car payments two mortgages on a house and student loan debt little that she knows she's living in borrowed time and time is not on her side we all need to wake up and quit buying junk on credit
A Benavidez well I have to say you're not wrong on this subject but do you think it's better to buy things in cash or buy things using credit cards
I borrowed 100k to get a degree that got me a job making 90k. yah debt sucks but it isn't like it doesn't have uses. businesses borrow money all the time to grow. my mortgage + costs is less than rent. There is a time value to money that can be more than the interest on a loan.
You need to learn math better, to say it's mathematically impossible to borrow your way to prosperity is incorrect. Most lawyers and doctors borrow far more than anyone else for school and it pays off quite well. In the case with your sister-in-law, it wasn't her student loan borrowing that has put her in her position.
@@hunter11300 .... Yep. I borrowed $130k and make $100k, with room to make way more, so sometimes you do what you have to do.
I've never heard Dave ask when the loans are this high for a non doctorate or lawyer career if they spent the extra money that the financial aid gives people. I know alot of people that after they get a loan check they spend the excess instead of sending it back. My niece is swimming in debt from going on shopping sprees with the excess.
Doctors would be luckily if they had $130K in debt.
My friend bought a house in 2008 in California for $125k, he got $145k student loan in 2008. He sold that house in 2018 for $345, paid off his student loan plus put his equity to his saving. So to give an advise is better to know more information.
Dmitry L where in Cali did he find a house that cheap?
@@certifiedfinest5065 in 2008 in Sacramento
A traveling nurse makes bank! He should consider
I was thinking the SAME EXACT THING!!
I’m a travel nurse. Industry isn’t what it used to be financially, plus he needs two years of experience first.
izeprnzess she can do travel social work as well. People have no idea what social workers can make
Wife and I paid off 130k of debt in two years- we both were travel nurses. Best decision we ever made, and I would recommend it for any nurses that are in debt. I loved it so much, I now help other nurses travel. If anyone knows of any nurses who are interested in traveling, send them my way, I can help! 531-200-3015
Michael Niehaus what agency are you working for? This is something that I am interested in doing. I’ve been a nurse for 2 years. Working on Medsurg floor. How much can I expect to make?
People don't understand that education... no matter what degree you get shouldn't be this expensive. I graduated with 250k in student debt.
I think sometimes we don't take the time to thoroughly listen to the callers' perspective. Buying a home in Detroit can be dirt cheap and it doesn't require paying 20% down. FHA programs require 3.5% down. Often times persons automatically think that buying a home means putting down a high down payment as well as having high mortgage payments; but it all depends on the cost of the home and not necessarily the act of purchasing one. I purchased a short sale townhome and I pay $480 a month for mortage; before that I paid $343, prior to that I paid $298 a month when I first bought the place (due to insurance and tax increases). Prior to that, my rent for an apartment was $800 and it would've gone up to $1,000 a month; so buying the home worked out for me! The point the caller was try to make was that he wanted to find a home that would have a mortgage payment cheaper than or equivalent to the rent he's currently paying. I see nothing wrong with that because I did the same thing. I couldn't imagine paying rent where I live. It's way too expensive. Regardless of the amount of debt you owe, if the rent will cost you MORE than, or the same as a mortgage, I don't see why buying the home would be a bad idea.
Exactly. Dave's from the old school. He has lost sight of the way the world operates
Wow! All the self-help books in the world don’t add up to that
This is just not the average scenario. Most people I know have about $100K+ in Student loan debt making anywhere from $35-55,000 a year. Where is the Dave Ramsey response for that?
Rubies2007 exactly. I'm 140k in the hole with student loans and only make 40k/yr.
I make 40k and didn’t go to school 😳 but I enjoy these videos I almost went to Everest I thank God I didn’t.
Miss Paola Minaj hey :)haha
Rubies2007 and who's fault is that exactly? You all chose to go to expensive schools and or stayed in school for way too long. Pay your debt.
@@rminitials Agree. That is why I went to a very small, private school. It is tuition free, and it cost me about 5k a year in fees. I live off campus, if I live on campus it would be like 14k a year. I got a scholarship too, which helped. But, it was less than 2k in scholarship fund. My first choice would had been a big state school. But, they wanted like 30k a year. I told the counselor, "But, I don't even make that a year, there is no way I can afford this." She said not to worry, they had loans... Nope. Never applied to any of those 30-50k schools.
Hi Dave Ramsey! I started listening to your show and it really cracks me up. Thank you :) I will keep listening.
This is good advice.
Nursing school is pretty expensive, plus you might take longer due to the heavy course load. I know a lot of new grad Rn with 50k+ of Ioan
buy a house with a student loan, make minimum payments and get the loan forgiven in 10 years????
the title is misleading. They aren't using the SL to pay for the house.
@@alicelaybourne1620 agreed 👏👏👏
That forgiveness program is the worst deal ever. If you sit on an unreasonable amount of debt for 10 years while making garbage the government *might* pay it off. No guarantees from the government but your debt contracts are very binding.
Dan Anyone can get student loan debt forgiven except for the taxes after 15-20 years 😉
There's a RUclips couple who have structured their whole life around this forgiveness program and have over 400k in loans but it just seems so illogical to me. They took out loans to go to prestigous Schools to become lawyers, but now work for Peanuts in public Service for 10 years each all the while paying interest only with the hopes of loan forgiveness. But wouldn't it make more sense to get out there and earn a much higher income while retiring the debt more quickly?
@@swissladydriver8980 none of the debt has a definite time when it HAS to be paid, only that you make your monthly payments. Would make more sense to get a lucrative job and just live with the debt and hope your excess income you used for investing will grow into larger assets to pay down the debt.
I knew the comment section would be lit 🔥
Tool OnDaBoards 🤣
I think people make the mistake when they hear the word student loan forgiveness, they think all of it will be forgiven. That's not the case, if you actually read through it they can forgive as little as 5k. IT DOESN'T MEAN THEY WILL DROP ALL OF IT. 🙄
At 5:13, "you have to buy an extra bedroom for Sallie Mae". Lol 🤣🤣🤣, so glad I have paid off Sallie Mae, even though they were bought out by another servicer.
Why does he never account for interest? He is assuming that every dollar of the payment is going towards principal...when in reality less than half of the payment is going towards principal when interest is 6-9%.
I used to not understand why people are so hyped about having full-scholarships, but watching this show makes me appreciate I actually had one. . I wish I had picked a better field of study than sociology though, it did not help me finding a job at all.
Cool aid and ramen noodles
SupremeVision- No Kool-Aid, not even the unsugared kind!
loriloristuff collect rain water
cameron harper ????
loriloristuff collecting rain water to drink and use is free
and, that is before you try to go debt free ! Its survival, what an insult to all of us who know you have to trade off ! e.g., if i want a job, I dont take my financial issues into the work place .
Hahaha CLEAR I love Dave Ramsey
I got my degree and the Wife got a dual Masters degree with no debt, thank you Army Reserve!!
$123K low... the median family income is $59K... Dave is out of touch with normal people.
Right that's what I said
Sinbreaker right that’s what I was thinking. 123k for an RN and a social worker isn’t bad!
I'm no expert, but if you can buy a home and pay the same or around the same amount of rent, why not buy? Why are we concentrating on paying off a debt instead of focusing on getting a home, which is a great investment while you still pay toward your loans.
From experience, yes you can pick up a lot of overtime as an ER Nurse. Not everyone is cut out for it though
He got me nervous struggling with his math skills...
If they're getting a 401K company match, they should still be contributing enough to get the full match even if they're in wicked debt. It's free money!
Can I go into a huge amount of debt and call a national talk show to tell the whole world about it? lol
Is it just me or is Dave HILARIOUS?! xD
LOL I misread the title. I thought this was going to be someone just starting college asking if they should take out 138,000 to buy a house ON student loans.
Probably better than most college degrees
Great episode. Really put this thing into perspective. Please correct the debt amount in the video title from $138k to $183k
I noticed this too
LOL ROFL... "CLEAR" ... I love it! Great financial advice.
Anyone ever notice the titles to Dave's videos are usually wrong? For example, this one says $138,000 in debt but it's actually $183,000.
It's sounds to me they're going to wait the ten years to have SL forgiven, buy the house and go to FPU again because the rest of the sheep will lead them to follow that path. I hope I'm wrong.
I hope you're wrong, but I fear you're right.
I owe about 73k for BA + MS in business I will probably live frugally for 4-5 years to pay it off before considering a home :)
Great advice. Also at least this couple recognizes they need help. Which is a good thing. A lot of people let there ego prevent them from asking
An extra bedroom for Sallie Mae....classic!