2picas 1chu stupid. You’re a team. Every choice he made should have been a team choice 50/50. She’s just as liable and she knows it but she’s taking the easy way out
Joe Thurman I would say too but if he kept making these terrible decisions on his own, then it is completely his fault and we don’t know that. That’s why I personally haven’t made an opinion on it.
I would assumed he is an immigrant who made success at one point here in the US, and one thing i can tell you about immigrants including myself that we are used to hard life and we always make due of what we have and persevere. I had many great memories living with our grand parents along side with my aunts and uncles family under one roof and no matter how difficult things get and a lot of times it gets harder. Our house always has laughter
Many large companies took on a lot of debt to buy back their own stock. Already 16% of companies in America are zombies. In the next downturn that is going to rise substantially.
@@Je.rone_ I know this guy that financed his business. He was always just barely making it. One day he totaled his truck. He went & financed a new Silverado. Within 3 months him & his wife filed for bankruptcy. Then, his wife filed for divorce. Now, he's also paying child support on 2 kids. & he didn't keep up with his bankruptcy agreements so he's being sued buy his lenders all over again.
@Dis1chick -- first of all, there is no such thing as “good debt.” That is a fallacy. There are acceptable forms of debt, but none of them are good. Debt makes you hostage to the lender - PERIOD! Don’t believe it - try not paying them for whatever reason. Would it be nice to never have to borrow money - sure it would. People like Susie Ormond try to convince you that debt such as school loans is “good debt” because it should have a payoff. Go talk to people who strangling under student loan payments and ask them if they think it’s good debt. I am completely debt free and feel a level of freedom you can’t imagine.
The caller is getting some great advice, imagine being in his position. He's literally getting a lifeline, allowing him to keep his business and to keep his head out of water. Always amazed Dave.
Wow so even if he sold both stores he would only get $140k tops?? Sounds like he was better off just storing the stuff in his house and investing all his energy into the online store.
Except he has great potential for upping his income. Why would he file bankruptcy and destroy his life and credit if he can fix it without that? $622k isn't as bad if you can make $200k per year.
@@harorider96 it's been over 12 years bro, and she's been with me when I didn't have two pennies to rub together. If we ever broke she does deserve her fair share of what we've built together
My expression the entire time: 😰 A debt that high is definitely no joke! I feel bad for him... To end up with a huge debt while in the middle of a divorce, terrible. With that aside, Dave's advice about tackling the most "legally" aggressive debts first is a good start for Jamal to get back up and tackle this situation. I do hope it works out for him at the end!
The divorce part is really what made me feel pain for this guy. Going through these things at the same time is just... i dont know where to even begin. I hope he finds his way.
Do not go into credit card debt for a business. I think he should file for bankruptcy & sell both businesses. He is getting divorced & alimony is in his future.
Katrina Umana easier said than done. Banks no longer lend to small businesses and then your only other 2 options are either going to one of these scumbag usury rate capital loan businesses or use your own credit card
I was about to have an anxiety attack half way during this call. I can’t imagine the stress this man has. He sounds so sad :( I hope he can turn this around and call in few years to tell us he’s debt free. It’s a huge mess but there is always a way out! Keep you head high Jamal and keep pushing!
@@milkcowx Reality hurts sometimes. What is really sad is how his wife left him after taking sacred vows in front of him, his/her family and the church. Shame on her.
@@macneoh7418 if your assuming she left him for financial reasons then sure. Alot if things happen to people when they feel their lives are spinning out of control. Maybe he hit her one too many times, or cheated on her or if stress, or any number of things would have happened. Your assumption that she left him because of financial difficulties, is sad. I'm sorry you've had whatever experiences are making you feel that way.
@@milkcowx my assumption is based on the fact that women initiate over 70% of the divorces in the United States. Maybe he hit her, maybe he cheated on her or maybe she didn't want her lifestyle to decline and took the kids and left him with all the bills. Or maybe she just got bored and decided there was something better in life for her. Women can do whatever they want and the family courts will punish the man for it.
This happened to one of my customers too, 6 years of solid business in the cellphone industry and then the sales started to go down, big cellphone companies started to provide cheap insurance and the repair shops stopped getting business. My customer lost 3 stores and his mobile repair service, this industry is changing and the profits are really low.
At this point I can't really blame her. The guy probably refused to accept that his businesses weren't working and just kept doing what he was doing instead of adapting, racking up over $600k in debt.
Well of course. Sadly, the prevalence of desire for hypergamy in most women isn’t a myth. The whole ‘for richer and for poorer’ part of traditional vows is oftentimes forgotten faster than molé through a Mexican.
I really wish I knew how Jamal was doing now. This was posted before the pandemic hit. Hearing the pain in his voice is heartbreaking. I'm rooting for him.
Chasing cheap and easy was probably what set him on this course in the first place. I wouldn't be surprised if he crossed paths with a drop shipping guru at some point.
considering he was making a million a year just online, he sure knows how to run a business. I think his main issue is he was biting more than he can chew, he should have just focused on one buisness
when i started my company, no bank would even loan me a cent. now I invest in high interest yield index funds, after I invest most of the profits back into my business. no need for loans, thank you very much
@@ErrorPagenotFound-ig1cy Well that's a stupid comment... ask a real estate investor and a kid with a philosophy degree and 100k in student debt the difference.
If it was my kid and she said she had to pay 16k to pay off her car and she had a job I'd tell her to go after it. If it was my kid and he said he in the process of divorce and he had done some stupid mistakes and owes over 600k...that's a sit down talk
This was a great episode, solid advices. Dave focused right on to the problem and gave him suggestions fast!!! Jamal will be okay, though under pressure, he is got a clear head it sounds like and with Dave’s kind of help, he will pull through.
How do you not declare bankruptcy with $622,000 of non-student loan debt? This is basically a case of "i don't want to lose my $100k/year income, but I have $600,000+ of debt"
Man I don't care what those who bag on Dave nonstop say, Dave truly is a master at his craft. In this case, giving financial and just advice in general. Does he slip sometimes? Yeah, but that makes him human.
I am watching this a year after and oh boy this man was in for a ride! wish we all had a crystal ball to see into the future and avoid our mistakes. I feel bad for this man :(
Wouldn't be surprised if Jamal's marriage has broken down because of the financial strain. I really wish him all the best in digging himself out of this. I tried (and failed) to run a small renovation business with my ex, and even with orders of magnitude less debt the stress of it all is horrible. The only good that came of it was we split up - long overdue.
he should have stayed an IT consultant. I admire folks who have the courage to run their own business. But, it's such a huge risk. People seem to either hit the jackpot or their life is destroyed. I like working for someone and having a steady paycheck, health insurance, etc. I work my 8 hours and come home and forget about it until the next work day. Is getting rich the meaning of life?
In ordinary circumstances, you would be right. Problem is, nowadays, stable jobs no longer exist. I don't want to cast aspersions but you sound as if you work in the public sector. In reality, most people are not living like what you describe. They go to work having the fear in the back of their mind they can lose their job at any moment, and in order to get a new job, they will have to send out hundreds of applications for the remote chance of just an interview. *At best*, the paycheque you seem to talk about is just barely keeping with inflation.
Neil Kelley, there are repayment options, but that's a ridiculous amount of money. The biggest drawback with student loans is that there is NO consumer protection. There's no underwriting to determine if the degree is viable or if the candidate is disciplined enough. There is no return policy if the degree doesn't work out. And, worst of all, there is no bankruptcy protection if things go really badly. The only real way out is death. If that's not a recipe for disaster, I don't know what is.
This came right on time. Was actually thinking about doing velocity banking and doing a personal line of credit to pay off my mortgage. I'm just going to pay extra to the mortgage each month. It's suppose to keep from paying so much interest but it's risky.
Jamal is from Karachi. He was trying to game it . Was trying to showoff his success and it bit him. The "divorce" is "on paper". She will stay with him and will get social assistance as a "single mom"
How has SNL not done a Dave Ramsey skit yet? Caller: Dave, I'm one billion dollars in debt. I don't know what to do. Can you help me? Dave Ramsey: You're going to have to improve your income. Then, I want you to live on rice and bean and rice and beans. After that, attack that mortgage. I think you will be out of that hole in three years...rice and beans.
This situation is perhaps the only time that Dave puts aside the baby steps, because Jamal was facing a crisis between creditors, collectors and cc agencies. If one threatens to sue for money and the other has a gun to your business' head, paying off the lowest debt isn't the best strategy.
Respectfully, that’s a foolish comparison. Debt is debt. This guy could find someone with $10 million in debt and suddenly feel better about his $622k. Don’t compare your debt. Debt is debt. Get rid of it. Cheers?!
He should get the ball rolling on the bankruptcy. The debt isn't student loans so at least he can start fresh while working a decent job. In the mean time, get some secured credit cards and maintain them. Hopefully pride wont stop him from making the right decision. Ignore the gossip amongst friends and family. It sucks but life goes on.
Sometimes bussinesses can put u in big trouble,Some people they tried or I would say they never contended to live an average life,They want more and more and more until everything went down.I bet u if he stayed to be an I.T.I bet you he probably has more money now compare his life today.Debts I tell it’s like your already dead while your still living,Some people won’t sleep much anymore because of stress and that panic mode I call it.Situations like that it’s very disturbing.I’d rather live just a normal person not a lot of money but you have peace of mind and u have your freedom each day.I wish him the best that he can resolve his debts one day.
My advise would be to claim bankruptcy for the company and himself.. in the mean time start a new corporation/company. Build the credit there in the mean time and buy stuff on company’s name till your name is discharged from bankruptcy
I can hear the pain in Jamal’s voice. I wish him well😢
Yeah, I'm genuinely concerned for his safety.
This is HEARTWRENCHING.😢 Praying for his emotional health & personal wellbeing.
Yeah I typically enjoy these but this guy is in serious trama.
Yes. Prayers for Jamal! 🙌🏼
I have the feeling his name is not Jamal. Sounds more like a Kinjal
The divorce part really rubs salt in the wound.
I would divorce a man dumb enough to get that much debt too.
2picas 1chu stupid. You’re a team. Every choice he made should have been a team choice 50/50. She’s just as liable and she knows it but she’s taking the easy way out
@@joethurman2712 I am thinking she is getting out of this with no debt what so ever.
Joe Thurman I would say too but if he kept making these terrible decisions on his own, then it is completely his fault and we don’t know that. That’s why I personally haven’t made an opinion on it.
Probably more to the story
The more ridiculous the debt, the more I'm likely to watch Dave's videos. It's terrible, I know.
I understand, it makes me feel better about myself 😂
Literally same
Same! I see the video title and I'm like "HOW???" lol
@@OpiumBride We are in the same situation 😄 Well done my friend.
Me too!!!!
You can hear the pressure in his voice, he sounds like he can barely breath.
OMG Yes
L- Train Yes!!!!
Yeah bro that's crazy
Remember the lady who had a $500,000 debt and had that cheerful voice?
I could barely breathe listening to 300K in CC debt
Debt and divorce sometimes make people suicidal...good he had someone to talk to
I would assumed he is an immigrant who made success at one point here in the US, and one thing i can tell you about immigrants including myself that we are used to hard life and we always make due of what we have and persevere. I had many great memories living with our grand parents along side with my aunts and uncles family under one roof and no matter how difficult things get and a lot of times it gets harder. Our house always has laughter
Hes probably Pakistani . He can have 4 wives .
The amount is wrongs in one statement is baffling. I don't even know where to start
@@sweetasflipyeah and then u fall for a white chick and loose everything in a divorce
Yeeh🎉
This caller is not doing better then he deserves.
Think Money 🤣
😂😂😂😂😂dude that is hilarious 😂
Loool
*than
😭😭😭😂😂😂💀💀💀
*THIS is the danger of using debt in a business, managing it can be rather risky*
Many large companies took on a lot of debt to buy back their own stock. Already 16% of companies in America are zombies. In the next downturn that is going to rise substantially.
Black Vito - Moneyology Life is a risk. He just got caught up in trying to do more than what he could.
@@raymondreddington134 this is true
@@Je.rone_ I know this guy that financed his business. He was always just barely making it. One day he totaled his truck. He went & financed a new Silverado. Within 3 months him & his wife filed for bankruptcy. Then, his wife filed for divorce. Now, he's also paying child support on 2 kids. & he didn't keep up with his bankruptcy agreements so he's being sued buy his lenders all over again.
@Dis1chick -- first of all, there is no such thing as “good debt.” That is a fallacy. There are acceptable forms of debt, but none of them are good. Debt makes you hostage to the lender - PERIOD! Don’t believe it - try not paying them for whatever reason. Would it be nice to never have to borrow money - sure it would. People like Susie Ormond try to convince you that debt such as school loans is “good debt” because it should have a payoff. Go talk to people who strangling under student loan payments and ask them if they think it’s good debt. I am completely debt free and feel a level of freedom you can’t imagine.
“632,000 in debt??”
“No, no, $622,000.”
“Phew! ... I thought you were in a REAL mess.”
Hey man, 10 grand aint nothing to sneaze at.
Omg 🤣🤣🤣
Yeah, I thought he was in a real mess there for a second...
😂😂😂😂
Who gives people this much money? My bank gave me $6k tops to start my business.
The caller is getting some great advice, imagine being in his position. He's literally getting a lifeline, allowing him to keep his business and to keep his head out of water.
Always amazed Dave.
The Platinum Tugboat
He can get all the lifeline he wants. He still has the ex wife boat anchor.
@@blackworldtraveler3711 exactly
Hearing stories like this is an eye opener. Makes you not want to complain about anything again.
what’s your phone # 😂
Amen
No kidding, feeling pretty great right now. 😶
Wow so even if he sold both stores he would only get $140k tops?? Sounds like he was better off just storing the stuff in his house and investing all his energy into the online store.
Bankruptcy 101
The Cash Compass just subscribed
@@NYSTyl Thank you so much!
@@JK20239 Right! He is beyond insolvent lol
Hindsight's always 20/20 and is finally 2020
If this guy isn't an ideal candidate for bankruptcy I don't know who is.
Literally my exact thoughts. I see now why we have bankruptcy.
I think business bankruptcy is different and is even worse for those involved.
Yes, that's what I was thinking also.
@@Billybillybillyrocking In 2019, there were 22,780 cases of business bankruptcy filed nationwide in the United States.
Except he has great potential for upping his income. Why would he file bankruptcy and destroy his life and credit if he can fix it without that? $622k isn't as bad if you can make $200k per year.
This is scary man, before you know it one day, life just turns around. Debt is a very scary thing, be careful!
Sultan’s Financial Journey
And divorce.
@@roserevancroix2308 what so you mean don't get involved with a woman?
Truckerman he has a point
@@The1TopGamer ok so what about having a family, all women aren't the same.
@@harorider96 it's been over 12 years bro, and she's been with me when I didn't have two pennies to rub together. If we ever broke she does deserve her fair share of what we've built together
I'm having a panic attack listening to this omg 😩
Lol, same!
Lilly Cham 😂
because you're in debt. Sell the panic.
I wish him the best. At least he’s trying and called Dave. He has hope.
God Bless Dave Ramsey. He's like a pastor, teacher, and finance guru all in one.
My expression the entire time: 😰
A debt that high is definitely no joke! I feel bad for him... To end up with a huge debt while in the middle of a divorce, terrible. With that aside, Dave's advice about tackling the most "legally" aggressive debts first is a good start for Jamal to get back up and tackle this situation. I do hope it works out for him at the end!
That's not an expression - you just repeated the episode.
RoseRevanCroix Hahahaha! I totally agree with that!
Erika Kullberg: Lawyer's Finance Tips divorce means you split the debt?
@@Michelle-po9xy Hard question to answer. Depends on a lot of factors and varies by state and your circumstances.
Wow erica on a ramsey vid lol… say you should do a colab with him sometime… that would definitely bring the views
I could cry for this guy.
The divorce part is really what made me feel pain for this guy. Going through these things at the same time is just... i dont know where to even begin. I hope he finds his way.
He says : I;m doing good dave...pause...I am in a huge mess...
I laughed harder than I should have at this comment
@@barbarar.22 I laughed super hard too 🤣
@@barbarar.22Same 4 years later
Poor guy, hope everything works out for him.
He sounds like a nice fellow.
Hope he gets it all straightened out.
He sounds impulsive
Praying for you Jamal , you sound like a great person. You got this brotha!
Jamal is in prison now
Do not go into credit card debt for a business. I think he should file for bankruptcy & sell both businesses. He is getting divorced & alimony is in his future.
Katrina Umana easier said than done. Banks no longer lend to small businesses and then your only other 2 options are either going to one of these scumbag usury rate capital loan businesses or use your own credit card
@@Alex-xl3yr as it should be.
Funny how women love men when rich but when struggling she gone!
Perhaps he will be the one getting alimony? I'm sure she will be after her half of the 600k lol
I definitely did this and it's absolutely horrible
I was about to have an anxiety attack half way during this call. I can’t imagine the stress this man has. He sounds so sad :(
I hope he can turn this around and call in few years to tell us he’s debt free. It’s a huge mess but there is always a way out! Keep you head high Jamal and keep pushing!
You’re a good person for this message
I’m impressed by how good of a business man Dave is. He has to be in order to be worth what he is. He usually gives really sound advice.
Bless his heart, I really wish the best for him. This is a terrifying situation.
Absolutely brilliant on how Dave handled such a high pressure situation
$3700. Interest on credit card per month
Before any principal is paid
🙊
That's almost as much as I make a month... dear God that's horrible
rminitials think before u charge
Jamal is working hard to make the bank rich
I wouldn't even know how to start working on this. Good Luck. 🍀
Bankruptcy
I feel bad for this guy. It sounds like he is intelligent and had good intentions but made bad decisions. God bless him.
Woah he’s going through a lot. I hope things have worked out for him. Hang in there keep pushing
I really hope Jamal survives this season of his life. He sounds very much at risk.
Yes, he needs a counselor. 🙏❤
I really hope everything goes well for him soon!
And this is basically what bankruptcy is for...
The idea of being in that much debt is terrifying, but I hope he comes out on top!
I wonder why he doesn't find new suppliers and push harder online... Sounds like he is in a tough spot financially.. and a divorce...
I guess he thought he couldnt sell online anymore so he just abandoned it when in reality he can sell but h just wont get the money.
He should just declare bankruptcy and start over lol
His businesses start to go downhill and his wife decides she wants a divorce......what a surprise.
Really sad way to look at a relationship.
@@milkcowx Reality hurts sometimes. What is really sad is how his wife left him after taking sacred vows in front of him, his/her family and the church. Shame on her.
@@macneoh7418 if your assuming she left him for financial reasons then sure. Alot if things happen to people when they feel their lives are spinning out of control.
Maybe he hit her one too many times, or cheated on her or if stress, or any number of things would have happened.
Your assumption that she left him because of financial difficulties, is sad. I'm sorry you've had whatever experiences are making you feel that way.
Maybe he was cheating
@@milkcowx my assumption is based on the fact that women initiate over 70% of the divorces in the United States. Maybe he hit her, maybe he cheated on her or maybe she didn't want her lifestyle to decline and took the kids and left him with all the bills. Or maybe she just got bored and decided there was something better in life for her. Women can do whatever they want and the family courts will punish the man for it.
This happened to one of my customers too, 6 years of solid business in the cellphone industry and then the sales started to go down, big cellphone companies started to provide cheap insurance and the repair shops stopped getting business. My customer lost 3 stores and his mobile repair service, this industry is changing and the profits are really low.
my dad had a friend who was in an even worse situation. He had almost 13 million in debt and his businesses weren't doing too good.
This is just unbelievable, I can’t even begin to understand this much debt…WOW! 😶
9 years ago, I was in debt of $500.00 and It was a good lesson for me to learn from. I am debt free now.
Congratulations!!!!!!!!
Pftt $500 debt? Seriously?
best of luck to jamal
i think dave really saw himself in this guy from his past experience
Caller: “I’m doing good Dave HBU?”
Also caller: “I’m 622k in debt and just got divorced” 😬😳
His wife bailed when the ship started sinking
At this point I can't really blame her. The guy probably refused to accept that his businesses weren't working and just kept doing what he was doing instead of adapting, racking up over $600k in debt.
Well of course. Sadly, the prevalence of desire for hypergamy in most women isn’t a myth. The whole ‘for richer and for poorer’ part of traditional vows is oftentimes forgotten faster than molé through a Mexican.
What else is new
@@ja4120 i still like mole more then woman lol
Good for her.
It's been almost a year any updates from this guy? I really wish he is doing better now.
I really wish I knew how Jamal was doing now. This was posted before the pandemic hit. Hearing the pain in his voice is heartbreaking. I'm rooting for him.
I was just thinking about how during the pandemic maybe the online sales skyrocketed since people weren’t going places! Maybe so!
I listen to these stories to make myself feel better :)
Man, best way to start a business is one that is cheap or free to start. This is awful.
Chasing cheap and easy was probably what set him on this course in the first place. I wouldn't be surprised if he crossed paths with a drop shipping guru at some point.
considering he was making a million a year just online, he sure knows how to run a business. I think his main issue is he was biting more than he can chew, he should have just focused on one buisness
not necessarily.
@@NeededGR13F yep he has defentely has encounterd a drop shipping guru.
“You’d better drive like no one else”
*rides a canoe down the river to work*
😂😂😂
Crying! 😭😭 id do it with zero shame lol
Lol
Lolol done!
GearShots “rides” a canoe? 😂 I’d love to see that.
I think in this case Dave thinks bankruptcy might be best.
when i started my company, no bank would even loan me a cent.
now I invest in high interest yield index funds, after I invest most of the profits back into my business. no need for loans, thank you very much
Wow this really makes my $16K in car debt look like nothing 😅
Steffanie debt is debt
@@ErrorPagenotFound-ig1cy Well that's a stupid comment... ask a real estate investor and a kid with a philosophy degree and 100k in student debt the difference.
@@fernnoli i have student debt with 0%. Been investing the money. Definition of good debt
If it was my kid and she said she had to pay 16k to pay off her car and she had a job I'd tell her to go after it. If it was my kid and he said he in the process of divorce and he had done some stupid mistakes and owes over 600k...that's a sit down talk
Fernando Lopez debt is still money you OWE. Bottom line, you are in the negative for $1 or $1,000 , you’re still IN DEBT.
What a mess... My prayers go out to this young man... 🙏🙏🙏...
$325k on a credit card? That's a lot bigger than my mortgage.
Dave really gave some solid advice. I would've jumped off the ship $400,000k ago 😂😂😂
On god
Wow, the pain of getting into debt, very sad! I wish him the best in his money recovery!
Gulp, this poor man. He sounded dejected. Great advice from uncle Dave. Hopefully he will get out of this mess.
Marlyn
Bankruptcy! Declare it. Then start over. Smart and hard working guy will succeed. Good Luck!
This was a great episode, solid advices. Dave focused right on to the problem and gave him suggestions fast!!! Jamal will be okay, though under pressure, he is got a clear head it sounds like and with Dave’s kind of help, he will pull through.
How do you not declare bankruptcy with $622,000 of non-student loan debt? This is basically a case of "i don't want to lose my $100k/year income, but I have $600,000+ of debt"
File Chapter 7 and move on.
I agree. Especially, since he is going through a divorce as well.
Man I don't care what those who bag on Dave nonstop say, Dave truly is a master at his craft. In this case, giving financial and just advice in general. Does he slip sometimes? Yeah, but that makes him human.
I've listened to this call several times and the brokenness in his voice just hurts every time.
Divorce, give your wife half the debt
Does it really work like that😭😭
Love it🤣😂😂
🤣🤣🤣 if that was possible Jamal would have filed the divorce a long time back...
😂
I am watching this a year after and oh boy this man was in for a ride! wish we all had a crystal ball to see into the future and avoid our mistakes. I feel bad for this man :(
Poor guy. Hope he’s doing well. That’s a tough situation
Wouldn't be surprised if Jamal's marriage has broken down because of the financial strain. I really wish him all the best in digging himself out of this. I tried (and failed) to run a small renovation business with my ex, and even with orders of magnitude less debt the stress of it all is horrible. The only good that came of it was we split up - long overdue.
Lots of sleepless nights for this guy. Hope he had recovered.
I'm doing good, just 622,000 in debt. how about you?
Id really like some follow up "were are they now" episodes.
$622,000 in debt it’s going to be a struggle but your going to recover we believe
Valeria Vagapova yeah
There is a reason people stop buying from you.......
And when you get in to debt you know when to call it a day not keep going with credit cards
Lordddd his tone was depressing.......
He in so much debt it sounds terrifying! 😳
POVERTY knocking at the door 😳
Can you do a series of “where are they now?”
Omg. Wish him the best of luck thru this process but I also hope he learned his lesson on his business practices.
he should have stayed an IT consultant. I admire folks who have the courage to run their own business. But, it's such a huge risk. People seem to either hit the jackpot or their life is destroyed. I like working for someone and having a steady paycheck, health insurance, etc. I work my 8 hours and come home and forget about it until the next work day. Is getting rich the meaning of life?
In ordinary circumstances, you would be right. Problem is, nowadays, stable jobs no longer exist. I don't want to cast aspersions but you sound as if you work in the public sector. In reality, most people are not living like what you describe. They go to work having the fear in the back of their mind they can lose their job at any moment, and in order to get a new job, they will have to send out hundreds of applications for the remote chance of just an interview. *At best*, the paycheque you seem to talk about is just barely keeping with inflation.
Sheesh. Not even a mortgage included.
Wow, this places so much in perspective for me.
Thank God not student loans
He even could have gotten about two tuba degrees with that much in debt by now
Student loans have income based repayment and forgiveness options
@@nealkelly9757 IBR you pay taxes on the forgiveness amount. PSLF has a failure rate of 0.0001%...
Joshua pslf??
Neil Kelley, there are repayment options, but that's a ridiculous amount of money. The biggest drawback with student loans is that there is NO consumer protection. There's no underwriting to determine if the degree is viable or if the candidate is disciplined enough. There is no return policy if the degree doesn't work out. And, worst of all, there is no bankruptcy protection if things go really badly. The only real way out is death. If that's not a recipe for disaster, I don't know what is.
This came right on time. Was actually thinking about doing velocity banking and doing a personal line of credit to pay off my mortgage. I'm just going to pay extra to the mortgage each month. It's suppose to keep from paying so much interest but it's risky.
A real woman sticks with you through good and bad times.
Once or twice, OK. But a string of bad choices!!! She needs to bail and save herself!
Old debt come off your credit in 7 years. I was 53,000 in debt now I’m down to 8,000 and that’s my car that I pay every month.
Jamal is from Karachi. He was trying to game it . Was trying to showoff his success and it bit him.
The "divorce" is "on paper". She will stay with him and will get social assistance as a "single mom"
You can hear this poor man suffocating through the phone.
wife sees ship sinking so she bails
Nice assumption
So she sails
Their goes her Beta provider
TyPIcAl wOMeN! THey OnlY CaRe aBoUt MonEy!!!!!!!
For better or for worse means nothing to folks, huh.
I hope he is alright. I can imagine his stress.
I'm from the future Jamal.
Society is about to get crazy in the next couple months FYI
Hang in there 🤞
Dave keep it up!!!.
thnx every one for the likes.
This is so sad 😞
How has SNL not done a Dave Ramsey skit yet?
Caller: Dave, I'm one billion dollars in debt. I don't know what to do. Can you help me?
Dave Ramsey: You're going to have to improve your income. Then, I want you to live on rice and bean and rice and beans. After that, attack that mortgage. I think you will be out of that hole in three years...rice and beans.
This is Dave at his best.
This situation is perhaps the only time that Dave puts aside the baby steps, because Jamal was facing a crisis between creditors, collectors and cc agencies. If one threatens to sue for money and the other has a gun to your business' head, paying off the lowest debt isn't the best strategy.
At this point he needs to flee the country lol
Here's me stressing over 6k debt!!!
LOL SAME. Gonna pay it off by summer.
Then you're doing it right. This man wouldn't be 622,000 in debt if he had properly stressed over the first 6k.
Same under 6k dept and plan on getting out in the summer! Cutting card and I don’t ever want to use them again
Will be gone by summer x
Respectfully, that’s a foolish comparison. Debt is debt. This guy could find someone with $10 million in debt and suddenly feel better about his $622k. Don’t compare your debt. Debt is debt. Get rid of it. Cheers?!
He should get the ball rolling on the bankruptcy. The debt isn't student loans so at least he can start fresh while working a decent job. In the mean time, get some secured credit cards and maintain them. Hopefully pride wont stop him from making the right decision. Ignore the gossip amongst friends and family. It sucks but life goes on.
We need a follow up on this guy.
I really hope Jamal is doing better now.
Sometimes bussinesses can put u in big trouble,Some people they tried or I would say they never contended to live an average life,They want more and more and more until everything went down.I bet u if he stayed to be an I.T.I bet you he probably has more money now compare his life today.Debts I tell it’s like your already dead while your still living,Some people won’t sleep much anymore because of stress and that panic mode I call it.Situations like that it’s very disturbing.I’d rather live just a normal person not a lot of money but you have peace of mind and u have your freedom each day.I wish him the best that he can resolve his debts one day.
My advise would be to claim bankruptcy for the company and himself.. in the mean time start a new corporation/company. Build the credit there in the mean time and buy stuff on company’s name till your name is discharged from bankruptcy
Bankruptcy is exactly for guy like him who took the chance