@@Rockynight Tbh he s not broke he s got money. Yea can t be broke on 30k a month unless you re a dummy he can pay off the debt easily and even keep the car and so on
A lot of people are ragging on this man asking how, but he answered it during the call. "I've never thought about how much I owe and how much debt I'm in. I've always been thinking about right now and how much I owe for the month." The American dream. Climb the ladder and get as much stuff as possible. Isn't that how a vast majority of people live? It's a mindset. I applaud him for having the courage to call in knowing his situation would be scrutinized. Thing is, if he and his wife both get on board, they have enough income to turn this ship around. Best wishes to them.
Getting as much staff as possible as the real problem here. Get rid of that staff. Teach your kids it is not about staff by showing them other ways of living a fulfilling life so they don't fall into this trap.
So he and/or his wife managed to rack up $180k in student loans but didn't retain enough basic math skills to get that much underwater with those kinds of salaries? Nope, this is ridiculous. Don't spend more than you make, especially on when it's on luxury items.
Sending them prayers for what? They make the equivalent of the GDP of a small country and rolling around in luxury cars. Save the prayers for people who are helpless and hungry.
Do these rich broke idiots have no common sense and self control? My wife stays at home, we earn about $120k/year. We only have a mortgage, our net worth is sitting at about $500k. We are both 36. We had nothing handed to us. The Canadian dream (for us) is not dead. People need to practice some delayed gratification. I’m getting anxious listening to this.
It's about keping up with the Joneses. Their high-income friends and colleagues have luxury cars and lavish lifestyles, so they feel like they have to buy similar luxuries.
@@megalodon1726 believe it or not it’s easy to do. Been in a similar situation with lifestyle creep all good while money coming in. They are lucky they still have the money coming in and are self adjusting not being forced on them by bank etc
Or annoyed (and jealous) because they may be drowning in debt, and you are not. I've seen it at stop lights. Stay safe (limit eye contact so they don't engage). Think safety. All the best to you lombardo, and us all ✨😊✨
With an income over 300k, they can live below their means and still be living great. I make over 200k and drive a paid off Honda Civic. If you are having trouble getting your family on board, it's because you're not leading by example. Driving a car with $1,500 payment is sending the message that it's okay to be careless with your money.
same here, over $200k/year, no debt, and drive a mazda. I pay off my credit card bills every month and never leave a balance. I can take my family on really nice vacations every few months and still be positive at the end of the year, in terms of overall cashflow. Life is great!.. .but dang these ppl makin $350k/year and can't manage that??!! like WTF??...
The last thing they need to do at their income level is worry about "side hustles". Just get rid of the car, sell the house and downsize, and attack the credit card and student loan debt. In 2 years they will be in a totally different financial world.
Really enjoyed this conversation; both from the caller (who listened actively) and Ken and Rachel (prompting the caller to give more valid info.) Very interesting and useful. The biggest takeaway was Ken’s statement: “Know your numbers”…. By the way, it would be a great addition to show the caller’s numbers/budget on screen as they are mentioned/repeated.
@kirang9759 They want it all and they want it now! They have an income where I'd soon run out of ideas what to buy. That doesn't even mean a car that's about to fall apart, but e.g. a lower spec C-class is much cheaper than a GLE.
My wife just got offered a job for 200k+ a year. I am so thankful that we’ve built our foundation of living off of my income while she has been in school. When she starts working next may we are going to have a lot of opportunities while having 0 debt
@@lovelifelaugh2727 That car is only "used" because I bought it "new" 10 years ago. Give me a break, it is still in good shape and get me from point A-B.
Zero sympathy for people who live large and don't have the money to support that lifestyle. Be modest and save. Stealth wealth is the most impressive kind of wealth.
Sounds like a nice guy. Good on him for making this realization. Seems like he is trying to make some good decisions for his family. Best of luck to him.
After taxes 350k is probably more like 200k ish. And assuming he is making out on a 401k plus a mortgage (plus monthly HOA and insurance), he probably does not have much left over monthly… so yeah he needs to get rid of that car. ASAP
I know a guy who’s paying 2000 a month for 72 months! Lolol I couldn’t believe it when he told me. 24’ Ram 2500 and he had rolled a bunch of negative equity into it. Like 20k
Caller is definitely an idiot. Stupid people usually hang around those that amplify their stupidity. It's not always about professional success, but living life with wisdom.
I drive a 1997 Lexus ES 300 w/ 275k miles. It has a loud muffler, but gets me from A to B every day without hesitation. People are stupid with money and cars. It's what the dealers/dealerships want!
Dont agree , this dude can pay 300-400 a month so getting a good car wont be an issue . We all live only once and having a decent car is not a crime , but 1500 a month is stupidity .
@@StartreckTu 1500 with his income is not stupid, 1500 for a piece of garbage gle 350 IS STUPID, not even AMG! ! ! that price could lease a x3m competition or add a little more for a m3 / 4 competition
if he cuts A LOT of his expenses then probably can pay off that ~1M debt in a few years. but if not, they need more income otherwise just interest would pile up quicker than they could pay.
@@aaronalquiza9680most of the debt is house. They can knock out credit cards in a couple months and will be fine after that as long as they continue to build the knowledge around using money properly
I make slightly more money than 350k and drive a 2022 x3 that I paid cash for. I never felt the need to take out any debt. I paid cash for my 320k home after saving for 4 years.
@@Gavin-bp3xx damn, ai will sadly replace the younger ones in your field.. I'm a land surveyor at 27 making 90k a year but i want to start some sort of side hustle making good money on the weekends here in TX. any ideas?
@@Blazin_Tundra That’s false. There are actually a lot more jobs in the field available than there was before. I’m only 32 and I’m a manager. AI eventually will make our jobs easier but much of the math and strategy behind our job will never be done by Ai. Definitely not in the next century. The job outlook is insane, but you must be good to get a high paying job because there aren’t many available. Many more will be needed in the near future. I tell everyone who can handle very difficult math to get into because there is potential to make millions. AI has to be created by people who understand the math and nobody understands what we do well enough to automate it reliably. My mom is the director of Automation at a large company. She advised me that it won’t be possible. I’d recommend going into automation or becoming an actuary to anyone right now. My mom made only double what I made when I started as an actuary at 160k now she makes about 6x my current salary because her company created an automation dept. for her. Tech jobs are wild right now. Actuaries are special because our job is painful to most, but if you can’t handle it you can become a statistician or data analyst with an actuarial science degree. I always say go for it because the back ups are good jobs with a lot less work and stress. It’s perfect for me because I am a bad speaker and writer but can solve anything with numbers.
@@Blazin_Tundra I live in PA but for a side hustle for you I would look into a land improvement business I feel like in rural-suburban areas you could make money giving advice on how to improve property value. When I was making less money I would tutor for actuarial exams for $50/hr.
I am always asking myself: what are these people doing for a living with these bird brains…..I have three masters degrees and I am working my butt of and barely make 100k…..
@@letstalkaboutgermany8288 because dumb people often walk into success. Intelligent people like us are not that lucky. tbf though 100k, do you realise how lucky you are to earn that!!!!
Car debt is insane. My $3000 2008 civic coupe still looks brand new, and helped me saved 60k from a minimum wage job. I am now starting my career, and ready to put a down payment on a house, or start up my business!
Car debt is beyond insane. My wife and I always owned cheap cars that we paid cash for. Twelve years after paying of the mortgage I paid cash for my firs new but modest vehicle. That was four years ago. My wife is literally waiting for delivery of her first new car which she has also paid cash for. She's 54 and hasn't had a cracker of debt for sixteen years.
@ yessir im 24 and went to school for business development so it gave me some pretty good business acumen that personally, I believe everyone should have since it helps so much in the day to day life! But thats awesome man I love hearing stories like these because it helps me realize that im on the right path. thank you dude and congrats on everything :D
$350K combined income and still broke! This shows how much financial literacy is needed in America!! Paying a $1500K lease is past cray cray!! All to impress who? 🤦🏾♂️
Awesome video! Do you suggest copy trading as a good approach for beginner to start with trading or should I just invest long term while I learn things on how day trading works? Thank you
Focus on long term investments in property, stocks, and bonds. Avoid copying, daytrading and 'chart astrology'. Diversify across different geographies, industries, and value chain stages - to reduce your risk. You can do this with ETFs, or by selecting different stocks yourself. This is the best way to invest for more than 90% of people
"It's usually best to ignore the trend whether bullish or bearish and stick to a proper trading plan maybe from the help of a professional. I recently just started investing again so I am still in touch with the consultant that provides entry and exit points on the securities I focus on. She does all the technical analysis legwork while I go about my other businesses. You can use something else if you are the DIY type of guy, investing has no one way to do it".
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Henry's situation shows just how easy it is to get trapped in debt, even with a high income. Living beyond your means can lead to feeling financially suffocated, no matter how much you're making. It’s all about making sacrifices and getting things under control-like selling that expensive car and focusing on cutting down unnecessary costs. I’ve been through a similar realization and started saving by switching my car insurance to $25/month with Insurance Panda. It's those little changes that really add up over time!
@@raygarasich6152 he prob works in tech. I am making 275k in cybersecurity as an engineer( Florida no income tax) early thirties no kids, but my my car is a bit cheaper than this. I spent 63k on a BMW m340i and do NOT regret. love that car No debt either. guy in video probably spent around 85 k for his shitbox mercedes. Don't really believe guy in the video but I don't know his expenses. I fully fund my retirement accounts and would still have a good amount of money left over after taxes and retirement where a 1500 dollar car payment wouldn't be ideal but wouldn't matter in the long run. his take home pay makes no sense he pulled that 250k salary out of his ass
Just bought my teen daughter a 2007 Lexus RX 350 from a retired elderly couple for $5,000. They really took care of this car.....clean and smooth like butter. Everyone was impressed by the condition for $5k.
Hope she takes care of it. Just go easy on speed bumps and potholes. Toyotas, Lexus, and Mazdas are notorious for blowing engine seals and head gaskets.
18k per year to NOT own a car? And I bet his mileage is capped at 12k per year in the terms. Factor in gas and insurance, that car costs two dollars per mile to drive.
Just a head note : This consumer culture is spreading like wild fire in India , low wage earning workers are buying I-phone on Loan and that' s damaging their mental as well as as financial health
Credit is so easy to obtain that instant gratification is at our finger tips. Its one thing if people paid cash for everything but most cannot do that so they are drawn towards debt. Lifestyle creep is real.
It’s not about how much money you make, it’s about how money do you save! This guy needs to take control of the finances and be a leader. Shape up or ship out!
People like him make great examples for others. 250k per year, plus 100k from the wife, and he still manages to be a million dollars in debt. No matter your income, if you put your mind to it, you can go broke.
I came across your channel through this video- case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
I'm a newbie talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 10Ok to test the waters now that large cap stocks are at a discount
So sad when people get themselves in situations like these, if you’re not well off and your paying way beyond what you make, why ???? Too much stress and upkeep 😢
There are a lot of folks out there making a lot of money but living paycheck to paycheck. It’s the lavish lifestyle and debt that got yall in this mess. I and my wife also own a 2024 GLE but we paid all cash for it. Only pay cash on a luxury car is the rule of thumb as the monthly payment will for sure haunt you!
Owing a million $ is not the problem. It's the fact that they earn $350k per year and have no assets to show for it. It'll come a time when their salary level will end. They can be so well off financially at their income level had they made better choices. But it's never too late to start. Hope these folks come to their sense quick.
I empathize with the desire for freedom. I'm down to my last $20K in debt and I am free. I will have it paid off by this time next year and I am so excited to be there. The relief I'm experiencing right now, being on a budget, not using debt to pay for anything, only using cash, has been life changing.
350k a year between the two of them and they’re broke… insanity! I wish Dave was in on this call he would’ve said something like “stop living like you’re in Congress”😂
Yeah they make good money but not NEARLY enough to be living anywhere close to this lifestyle. Henry just wants to show off to people. Get over yourself, dude. Grow up.
We have slightly better incomes than the caller family, >550k/y. I am driving a 2011 Honda crosstour bought third hand in 2013 for 16k. 11 years on, i am still driving it at 180k miles. Everyday i still feel grateful that I have this beautiful car and enjoy every ride in it.
@@mhodge0890Or he put a HUGE down payment. Just as I bought a $40,000 car and took a loan for 5 years with a car mote of $220. Because I put down $28,500. And I paid off the car after 3 months.
@@mhodge0890 I bought a house in 2016 for $440k, 20% down payment and 3.5% interest. Over 30 years, the principal and interest payment was just under a grand. Taxes and insurance bumps the monthly total to about $1600
Ive just leased a car temporarily for 40 days, which costs around 800 dollars.. which was expensive to me, and I would never plan to do it again. The idea I would do it all the time would be absurd.
We’re taught how to get a degree so that we can get the high paying job, but we’re not taught how to manage the money. A lot of people have a reckless mindset when it comes to money.
He was sold a line, then they make good money. They are the same as someone making 60,000 and broke. Same deal. Yes, kudos for him realizeing "this is nuts"
Success is dependent on the action or steps you take to achieve it.. show me a man who doesn't have an investment and I will tell you how soon he'll go broke .. investment is building a safe heaven for the future. with the right choice of investment that has at least 1% minimum risk and with an expert guidance profit and interest is 100% guaranteed.
The world is gradually moving out of the I work for my boss era, and people who choose to be entrepreneurs are highly securing a brighter future for themselves..
@@untouchable360xmost offer free oil changes for three years or 35K miles. Makes you responsible for tires, which usually last past a lease for most vehicles. Also wiper blades very minor maintenance expenses. I guess air cabin filter and air intake filter.
Some of these spouses are hiding debt from the other party 😂 imagine coming onto the show for financial advice only to find out your spouse racked up thousands in credit card you didn't know about 🤣🤣
@@janel4429I also think it's because either spouse not present is at work during the call. Either way, it would be interesting to have more instances of both spouses being present.
If yall don't know, it is called lifestyle creep. Most people have about the same exact savings rate independent of income. That is why a waitress can have a higher net worth than a surgeon. Nothing is common sense, everything it's a skill. Unfortunately most people are bad at most skills. It is very very very easy for someone to be broke making 350k. Just live to the max of your income.
When I was in college, it was completely inconceivable for me to imagine making 6-figures and being broke. HOWEVER, once you start making money and you start to create a lifestyle for yourself, its easy to feel broke and essentially be paycheck to paycheck even when you make what the average person thinks is "good" money.
@@reese85 It's a question of discipline and priorities. Once you are making X amount of money lifestyle IS a choice. To be fair they did one smart thing, they bought a $650k house on $350k e.g. about 2x their income.
@michaelgodden7187 yes your right! It is a choice and you do gotta be disciplined and set priorities but it is natural to wanna upgrade your lifestyle some when you make more cuz that’s the point of us working so hard, but on the flip side! Once you start making these incomes, you learn real fast that they don’t stretch as far as you thought they did b4 making it, so it’s really easy to find yourself behind and broke
@michaelgodden7187 yes your right! It is a choice and you do gotta be disciplined and set priorities but it is natural to wanna upgrade your lifestyle some when you make more cuz that’s the point of us working so hard, but on the flip side! Once you start making these incomes, you learn real fast that they don’t stretch as far as you thought they did b4 making it
yes your right! It is a choice and you do gotta be disciplined and set priorities but it is natural to wanna upgrade your lifestyle some when you make more cuz that’s the point of us working so hard, but on the flip side! Once you start making these incomes, you learn real fast that they don’t stretch as far as you thought they did b4 making it
It’s difficult to private sale a $50k car. A $20k Honda? Sure there will be a ton of prospective buyers. But it’s difficult to find someone who wants to save $3k on a private sale when they can afford the convenience and peace of mind by just going to a dealership.
@@alinatamashevich3354 I’ve private sold two Acuras in the 15-20k frame pretty easily. Reliable Hondas and Toyotas are also rapper to private sale because people aren’t (shouldn’t) as worried about buying a lemon.
@@Julian-zc9vm Depends on what part of the Country you live in as well. Took me months to sell a very clean Nissan Frontier, had so many low ballers. Was getting wholesale offers, 3 to 5 a day! Sold a RAV4 in 3 days!
@@alinatamashevich3354 Nissans absolutely suck in terms of reliability and depreciation. And Toyotas literally have the best reliability and thus, very slow depreciation for a used car.
What planet are you on? Dealers will waste your entire day with paperwork and ad ons and fake products while private party can be transacted in 60 seconds.
You have to ask yourself where you get move value from your money. Just sit down and work out how much a Mercedes GLE would cost to run compared to a Toyota Corolla and ask yourself if there is somewhere else you'd sooner spend all that.
Yea for sure. Not many private buyers are going to fork 60K cash or even a bank to some random guy you found on facebook marketplace. I could be wrong but I know used car dealers that will contact you also but then give you wholesale price.
This dude is a liar. They probably have sales jobs where if they both had their best month ever EVERY month, they would make $350k in a year. He’s lying and also stupid.
The car isn’t the problem. A $1500 lease on $15k+ in income SHOULD be a doable “splurge” if that’s what the caller values. We’re talking less than 10% of take home pay. The issue is everything else. These people have no control. Their interest expenses alone between mortgage, credit card, and student loans is probably 3k+ per month. When you have that much money going to the bank every month, there’s no overcoming that.
Boggles my mind that making 350k and not having any money is wild. It really puts in perspective that a lot of people look like they are living well but in reality they are buried in debt and have no savings.
How on earth people with 350k annual income rack up 70k in credit card debt baffles me.
BECAUSE,
THEY HAVE TO LOOK LIKE
THEY MAKE $ 350,000 😀
@@carterwgtx depends on how long they were making that income for
They are living beyond their ($350k!) means, thats how. Buying Gucci purses and whatnot
It’s simple, it’s called stupidity!
Out of control spending habits, even the people with 7-figure salaries have credit card debt.
Making 350k and broke. More proof that success with money is rarely about what you make. Behavior is everything.
Guy has to be making up his income.
@@RockynightYeah. For sure
I thought he said 250k?
@@jorgesalazar818 A bit later in the convo he said that his wife makes $100k. So combined they make $350k.
@@Rockynight Tbh he s not broke he s got money. Yea can t be broke on 30k a month unless you re a dummy he can pay off the debt easily and even keep the car and so on
The car is not the problem....he is...
Did you listen to it?
His wife is
His wife is
His wife is
They both are the problem
A lot of people are ragging on this man asking how, but he answered it during the call. "I've never thought about how much I owe and how much debt I'm in. I've always been thinking about right now and how much I owe for the month." The American dream. Climb the ladder and get as much stuff as possible. Isn't that how a vast majority of people live? It's a mindset. I applaud him for having the courage to call in knowing his situation would be scrutinized. Thing is, if he and his wife both get on board, they have enough income to turn this ship around. Best wishes to them.
That’s very gracious of you however there are degrees of foolishness. These folks are near one end of the spectrum - brazen lack of common sense.
@@robertthompson5908I do agree concerning it being foolish.
Getting as much staff as possible as the real problem here. Get rid of that staff. Teach your kids it is not about staff by showing them other ways of living a fulfilling life so they don't fall into this trap.
So he and/or his wife managed to rack up $180k in student loans but didn't retain enough basic math skills to get that much underwater with those kinds of salaries? Nope, this is ridiculous. Don't spend more than you make, especially on when it's on luxury items.
At least he knows there’s a problem and wants change his family’s future. Sending them prayers .
Sending them prayers for what? They make the equivalent of the GDP of a small country and rolling around in luxury cars. Save the prayers for people who are helpless and hungry.
Prayers for the lease payment? He makes $350k..Haha...You people are hilarious...
GLE350 is a $65k-$75k vehicle max. After 36 months he will have paid $54k just to rent it. And we don’t even know how much paid down / drive off.
Agree with you. How come $75k car has a lease payment of $1,500/month. He bought a $75k car with $350k salary. So, his credit can't be that bad.
He probably wrapped negative equity into the deal.
Or...his affordability is high because his high income but his credit is pretty bad and he got a bad interest rate
@@appleiphone69bingo!
Do these rich broke idiots have no common sense and self control? My wife stays at home, we earn about $120k/year. We only have a mortgage, our net worth is sitting at about $500k. We are both 36. We had nothing handed to us. The Canadian dream (for us) is not dead. People need to practice some delayed gratification. I’m getting anxious listening to this.
They ain’t rich they are broke!!
Why do you think there rich cuz they make $350k a yr?
@@reese85 they ain’t they are broke people as Dave would say
It's about keping up with the Joneses. Their high-income friends and colleagues have luxury cars and lavish lifestyles, so they feel like they have to buy similar luxuries.
@@megalodon1726 believe it or not it’s easy to do. Been in a similar situation with lifestyle creep all good while money coming in. They are lucky they still have the money coming in and are self adjusting not being forced on them by bank etc
He does not need to get a side hustle, they make plenty. They need to get the spending under control.
That explains why when i pull up to the stop light in my 2004 Hyundai sonata next to the people driving these cars they always look depressed. 😂
and your Hyundai will likely last longer.
Maybe not Hyundai lol @fi7959
@@fi7959 Bought in 2008, just about to cross 200k miles. 😊.
Or annoyed (and jealous) because they may be drowning in debt, and you are not. I've seen it at stop lights. Stay safe (limit eye contact so they don't engage). Think safety. All the best to you lombardo, and us all ✨😊✨
@@rustykatt3870 ty
With an income over 300k, they can live below their means and still be living great. I make over 200k and drive a paid off Honda Civic. If you are having trouble getting your family on board, it's because you're not leading by example. Driving a car with $1,500 payment is sending the message that it's okay to be careless with your money.
same here, over $200k/year, no debt, and drive a mazda. I pay off my credit card bills every month and never leave a balance. I can take my family on really nice vacations every few months and still be positive at the end of the year, in terms of overall cashflow. Life is great!.. .but dang these ppl makin $350k/year and can't manage that??!! like WTF??...
Nailed it.
No one wants to drive a Civic or Mazda. lol
side hustles? no, these guys could make a million a year and still be broke. they need to get off their high horse
Yeah it's not an income problem, it's a budgeting and self control problem.
The last thing they need to do at their income level is worry about "side hustles". Just get rid of the car, sell the house and downsize, and attack the credit card and student loan debt. In 2 years they will be in a totally different financial world.
Yeah, I was scratching my head when she mentioned about side hussle
Yassssssssssss
@littlesongbird1 self control problem for sure, a show called the financial audit by caleb hammer exposes all of these guys
Really enjoyed this conversation; both from the caller (who listened actively) and Ken and Rachel (prompting the caller to give more valid info.) Very interesting and useful. The biggest takeaway was Ken’s statement: “Know your numbers”…. By the way, it would be a great addition to show the caller’s numbers/budget on screen as they are mentioned/repeated.
This couple makes double what my household does yet we have far more money. It's all about good choices.
He shouldn’t even have a car payment lol 😂
Yet alone a lease.
How people who earn that kind of money can't just accumulate savings over X months and then buy the car outright, I will never understand.
@@kirang9759 They be living large ig
@kirang9759 They want it all and they want it now!
They have an income where I'd soon run out of ideas what to buy.
That doesn't even mean a car that's about to fall apart, but e.g. a lower spec C-class is much cheaper than a GLE.
especially for a MEASLY GLE 350 WHICH IS A BASE MODEL GLE. i can understand that payment for a GLE AMG 63.
Investments are the roots of financial security; the deeper they grow, the stronger your future will be."
The deeper your investment roots, the stronger your financial security will be in the future.
Exactly! With my adviser, I’ve cultivated deep investment roots, strengthening my financial security for the future.
I would love an introduction to an adviser who can help me strengthen my financial roots.
Nicole Anastasia Plumlee can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
Thank you for this amazing tip. I just looked the name up and wrote her.
My wife just got offered a job for 200k+ a year. I am so thankful that we’ve built our foundation of living off of my income while she has been in school. When she starts working next may we are going to have a lot of opportunities while having 0 debt
What are yall’s jobs?
@@do_ob85 LET'S GOOOOOOO
350k a year and broke.. Amazing
The only millionaires I know thrift and drive used cars
@@lovelifelaugh2727 That car is only "used" because I bought it "new" 10 years ago. Give me a break, it is still in good shape and get me from point A-B.
@@lovelifelaugh2727 You are so right
350k a year and broke... living proof that you can out-earn common sense! 😂
@@2Unplugged You can take someone out of the trailer park, but you can not take the trailer park out of the person.
Zero sympathy for people who live large and don't have the money to support that lifestyle. Be modest and save. Stealth wealth is the most impressive kind of wealth.
They are mentally ill
Sounds like a nice guy. Good on him for making this realization. Seems like he is trying to make some good decisions for his family. Best of luck to him.
House old income of $350,000 a year and he is struggling with $1,500 ? These hosts are way too nice. This is a Dave Ramsey call. lol
I agree!!!!!!
At least the caller gets its a problem. Dave would have a hay day!
The credit card debt is the shocking thing to me.
Way too nice
After taxes 350k is probably more like 200k ish. And assuming he is making out on a 401k plus a mortgage (plus monthly HOA and insurance), he probably does not have much left over monthly… so yeah he needs to get rid of that car. ASAP
I know a guy who’s paying 2000 a month for 72 months! Lolol I couldn’t believe it when he told me. 24’ Ram 2500 and he had rolled a bunch of negative equity into it. Like 20k
$350k and this broke? I was making $35k a year when I was in my 20s and I was in a better position.
Caller is definitely an idiot. Stupid people usually hang around those that amplify their stupidity. It's not always about professional success, but living life with wisdom.
Imagine bringing $12,000 a month
That would solve all my problems
Except he should be more like $20k take home if he knew his numbers. $12k+$4k * 12mo = $192k net is approx $256k Gross.
it would solve my problems, my mom's problems, and my siblings' problems all at once.
I would have paid my house off in one year.
@MaddaxxxE Paid it off, did all kinds of maintenance and updating, and gone on a nice vacation. Jeeze.
@@bonniemcmaken3966 Probably could buy a house every year and rent them all out.
Rachel biceps looking awesome! Well done.😊.
I drive a 1997 Lexus ES 300 w/ 275k miles. It has a loud muffler, but gets me from A to B every day without hesitation. People are stupid with money and cars. It's what the dealers/dealerships want!
@@LittleMopeHead cars are more than a to b, its a life, its a passion, its more than a tool
@@johndone8045 Not when you got $1500/mo payment and broke.
Dont agree , this dude can pay 300-400 a month so getting a good car wont be an issue . We all live only once and having a decent car is not a crime , but 1500 a month is stupidity .
@@StartreckTu 1500 with his income is not stupid, 1500 for a piece of garbage gle 350 IS STUPID, not even AMG! ! ! that price could lease a x3m competition or add a little more for a m3 / 4 competition
With that income, the vehicle alone isn't the problem. It's all of the other stuff which is compounding the issue.
Mercedes doesn’t do anything for me
Audi?
Bentley Flying Spur would make more sense for $1500 a month lol
don't tell me a G-wagon doesn't tickle your pickle!
@@user-hd8ej8yx9pNot at all.
@@user-hd8ej8yx9phe don’t drive a expensive Jeep he drives a expensive outlander
Rachel: "And, you getting a side hustle Henry..."
The guy makes $250k. That sounds like a script for a comedy film.
Literally what I said lol dude don’t have an income problem
if he cuts A LOT of his expenses then probably can pay off that ~1M debt in a few years. but if not, they need more income otherwise just interest would pile up quicker than they could pay.
I thought the same thing. Rachel is only on because she’s a daughter lol
@@aaronalquiza9680most of the debt is house. They can knock out credit cards in a couple months and will be fine after that as long as they continue to build the knowledge around using money properly
Their side hustle should be to do NO Extravagance SHOPPING FOR minimum 5 YEARS and focus on paying off debts.
Like they always say, it’s not how much you make but how much you keep.
I would have LOVED to see Dave on this one. Would've been scorched earth! But credit to this dude for waking up.
I make slightly more money than 350k and drive a 2022 x3 that I paid cash for. I never felt the need to take out any debt. I paid cash for my 320k home after saving for 4 years.
Congratulations and Shout out to u finding the best solution for u! 😎
You’re Awesome! 💪
what do you do for work?
@@Gavin-bp3xx damn, ai will sadly replace the younger ones in your field.. I'm a land surveyor at 27 making 90k a year but i want to start some sort of side hustle making good money on the weekends here in TX. any ideas?
@@Blazin_Tundra That’s false. There are actually a lot more jobs in the field available than there was before. I’m only 32 and I’m a manager. AI eventually will make our jobs easier but much of the math and strategy behind our job will never be done by Ai. Definitely not in the next century. The job outlook is insane, but you must be good to get a high paying job because there aren’t many available. Many more will be needed in the near future. I tell everyone who can handle very difficult math to get into because there is potential to make millions. AI has to be created by people who understand the math and nobody understands what we do well enough to automate it reliably. My mom is the director of Automation at a large company. She advised me that it won’t be possible. I’d recommend going into automation or becoming an actuary to anyone right now. My mom made only double what I made when I started as an actuary at 160k now she makes about 6x my current salary because her company created an automation dept. for her. Tech jobs are wild right now. Actuaries are special because our job is painful to most, but if you can’t handle it you can become a statistician or data analyst with an actuarial science degree. I always say go for it because the back ups are good jobs with a lot less work and stress. It’s perfect for me because I am a bad speaker and writer but can solve anything with numbers.
@@Blazin_Tundra I live in PA but for a side hustle for you I would look into a land improvement business I feel like in rural-suburban areas you could make money giving advice on how to improve property value. When I was making less money I would tutor for actuarial exams for $50/hr.
This is called living beyond your means!
Big incomes. Small brains.
I don't get how people make those big incomes with such apparently small brains.
I am always asking myself: what are these people doing for a living with these bird brains…..I have three masters degrees and I am working my butt of and barely make 100k…..
@@letstalkaboutgermany8288 because dumb people often walk into success. Intelligent people like us are not that lucky. tbf though 100k, do you realise how lucky you are to earn that!!!!
I am leasing my $65000 Mbz convertible paying $635 a month including taxes. Given I have 800+ FICO and I put $8000 down at signing.
Car debt is insane. My $3000 2008 civic coupe still looks brand new, and helped me saved 60k from a minimum wage job. I am now starting my career, and ready to put a down payment on a house, or start up my business!
Well done 💯 💪 ❤
Car debt is beyond insane. My wife and I always owned cheap cars that we paid cash for. Twelve years after paying of the mortgage I paid cash for my firs new but modest vehicle.
That was four years ago. My wife is literally waiting for delivery of her first new car which she has also paid cash for. She's 54 and hasn't had a cracker of debt for sixteen years.
@ yessir im 24 and went to school for business development so it gave me some pretty good business acumen that personally, I believe everyone should have since it helps so much in the day to day life! But thats awesome man I love hearing stories like these because it helps me realize that im on the right path. thank you dude and congrats on everything :D
$350K combined income and still broke! This shows how much financial literacy is needed in America!! Paying a $1500K lease is past cray cray!! All to impress who? 🤦🏾♂️
Awesome video! Do you suggest copy trading as a good approach for beginner to start with trading or should I just invest long term while I learn things on how day trading works? Thank you
Focus on long term investments in property, stocks, and bonds. Avoid copying, daytrading and 'chart astrology'. Diversify across different geographies, industries, and value chain stages - to reduce your risk. You can do this with ETFs, or by selecting different stocks yourself. This is the best way to invest for more than 90% of people
proper research, good analysis and luck is what you need to make profit in this constant market decline.
it's all about finding the right moment to take advantage of and generate colossal profit, which is why you need to do your research.
"It's usually best to ignore the trend whether bullish or bearish and stick to a proper trading plan maybe from the help of a professional. I recently just started investing again so I am still in touch with the consultant that provides entry and exit points on the securities I focus on. She does all the technical analysis legwork while I go about my other businesses. You can use something else if you are the DIY type of guy, investing has no one way to do it".
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Dude's paying RENT MONEY for something he's in maybe 1 hour a day.
$1500/month for a gle350 is crazy. Dude got worked
Most likely rolling negative equity
ya that's terrible... gle350 is mid and that's a crazy payment
The real question is why doesn't someone who makes a third of a million dollars a year just buy the car cash?
@@vincecarluccio5018 well he has a lot of debt so he doesn’t have $70k just laying around. But to overpay by $500+/month for a lease is dumb.
Seriously. That should be like 900 max
Henry's situation shows just how easy it is to get trapped in debt, even with a high income. Living beyond your means can lead to feeling financially suffocated, no matter how much you're making. It’s all about making sacrifices and getting things under control-like selling that expensive car and focusing on cutting down unnecessary costs. I’ve been through a similar realization and started saving by switching my car insurance to $25/month with Insurance Panda. It's those little changes that really add up over time!
I make 250k a year and am able to save and invest 80% of that. People are idiots. Oh and I've never made a budget in my life
What’s your job?
@@raygarasich6152 he prob works in tech. I am making 275k in cybersecurity as an engineer( Florida no income tax) early thirties no kids, but my my car is a bit cheaper than this. I spent 63k on a BMW m340i and do NOT regret. love that car No debt either. guy in video probably spent around 85 k for his shitbox mercedes. Don't really believe guy in the video but I don't know his expenses. I fully fund my retirement accounts and would still have a good amount of money left over after taxes and retirement where a 1500 dollar car payment wouldn't be ideal but wouldn't matter in the long run. his take home pay makes no sense he pulled that 250k salary out of his ass
@@raygarasich6152 dentist
You don’t need to with that income
Are you single, kids etc cuz it’s a whole lot easier doin what you said without having to provide for others
That honestly doesn’t sound like a terrible financial situation… could it be better? Yes! Just needs a little tweaking
I'm favoured, $22K every week! I can now give back to the locals in my community and also support God's work and the church. less America.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
Waking up every 14th of each month to 210,000 dollars it's a blessing to I and my family... Big gratitude to Sonia duke 🙌🏻
Yeah, 253k from Sonai duke, looking up to acquire a new House, blessings.
Stawrted with 5,000$ and Withdrew profits
89,000$
I'm glad to write her tay I do hope she will help handle my paycheck properly☺️☺️☺️
Rachel is the best
They went way to soft on him.
Because they like the car he drives
This is bizarre… to think someone that makes $20 an hour with zero debt technically has a higher net worth than them making 350K a year
Love driving my Paid off 08 Impala and 08 Escalade.
Thats just too much for a lease, and actually a poor decision
Currently saving up to buy my next car cash, I’m done financing and leasing
Holy smokes $1500 .. nice car but not worth it .. greatest thing i ever did was not lease
Three hundred fifty thousand per year with $70k in credit card debt, broke, and paycheck to paycheck.
Just bought my teen daughter a 2007 Lexus RX 350 from a retired elderly couple for $5,000. They really took care of this car.....clean and smooth like butter. Everyone was impressed by the condition for $5k.
I have a 2005 that currently has 230k miles and zero issues still. You chose a good car for her!
You robbed them. You should of paid way more
@@mhodge0890 no he didn't
Hope she takes care of it. Just go easy on speed bumps and potholes. Toyotas, Lexus, and Mazdas are notorious for blowing engine seals and head gaskets.
@mhodge0890 it's an 07 lol $5000 is a decent price for both parties
For $1500 month lease payment I would be driving a $120k MBZ not GLE. Henry probably has bad credit 😢
1500 a month for a 4 cylinder small suv is INSANE. You can finance a bmw m3 for less than that.
It's insane. That's M-power/AMG money. Not saying going into debt is good, but that's just a horrible deal.
@@marvi1515 i know right, i was really expecting a car at the level of Napa leather not synthetic leather
18k per year to NOT own a car? And I bet his mileage is capped at 12k per year in the terms. Factor in gas and insurance, that car costs two dollars per mile to drive.
Just a head note : This consumer culture is spreading like wild fire in India , low wage earning workers are buying I-phone on Loan and that' s damaging their mental as well as as financial health
Terrible, a ticking time bomb 😬
Hey you live in a small shack with a tin roof may as well drive something cool
The Us is to fat gone with Consumer culture, that god i wasn’t raised that way.
@@ashwathbhide6442 hey when you live in a tin shack may as well drive something cool
Credit is so easy to obtain that instant gratification is at our finger tips. Its one thing if people paid cash for everything but most cannot do that so they are drawn towards debt. Lifestyle creep is real.
It’s not about how much money you make, it’s about how money do you save! This guy needs to take control of the finances and be a leader. Shape up or ship out!
People like him make great examples for others. 250k per year, plus 100k from the wife, and he still manages to be a million dollars in debt. No matter your income, if you put your mind to it, you can go broke.
Its amazing isn’t it
Its amazing isn’t it
You don’t even need to put mind into it lol
Mortgage who cares
You don’t have to put your mind to it that’s the problem. Just keep spending
He said the car is a lease, he has nothing to sell. He can find someone to take over his lease payments or he is stuck.
I came across your channel through this video-
case studies are incredibly valuable, and I'm eager
to see more in the future! Building wealth involves
establishing routines, like consistently setting aside
funds at regular intervals for smart investments.
You're correct. I think the smartest way to go is
to spread out your investments. By putting
your money into different asset classes like
bonds, real estate, and stocks from other
countries, you can lower the risk if one part of
the market goes bad.
That sounds like a good plan. In the past two
years, working closely with a financial market
specialist, I've built a six-figure diversified
stock portfolio. Now, I aim to diversify even
more this year.
I'm a newbie talking about a financial market specialist, do
you consider anyone worthy of
recommendations? I have about 10Ok to test
the waters now that large cap stocks are at a
discount
Ms Martha Ann Hammerton was my hope during the
'bear summer last year . I did so many
mistakes but also learned so much from it
I was skeptical at first till I decided to try. Its huge returns is awesome.
That's why my past 2 cars have been a Nissan sentra and a Ford fiesta both I bought new and paid cash.
That $1500 doesn't include car insurance which is just horrendous!
So sad when people get themselves in situations like these, if you’re not well off and your paying way beyond what you make, why ???? Too much stress and upkeep 😢
There are a lot of folks out there making a lot of money but living paycheck to paycheck. It’s the lavish lifestyle and debt that got yall in this mess. I and my wife also own a 2024 GLE but we paid all cash for it. Only pay cash on a luxury car is the rule of thumb as the monthly payment will for sure haunt you!
Yes, on all points.
690k left on the house.
Property taxes and home insurance is about 25k a yr
Owing a million $ is not the problem. It's the fact that they earn $350k per year and have no assets to show for it. It'll come a time when their salary level will end. They can be so well off financially at their income level had they made better choices. But it's never too late to start. Hope these folks come to their sense quick.
Thats the point, they still can turn this around , next 10 years invest it wisely and they can come out of this mess .
Mortgage shouldn't be included
I empathize with the desire for freedom. I'm down to my last $20K in debt and I am free. I will have it paid off by this time next year and I am so excited to be there. The relief I'm experiencing right now, being on a budget, not using debt to pay for anything, only using cash, has been life changing.
350k a year between the two of them and they’re broke… insanity! I wish Dave was in on this call he would’ve said something like “stop living like you’re in Congress”😂
*you're
Wow people in the US seem to have way bigger salaries than here in the UK but their debt piles are literally insane.
Yeah they make good money but not NEARLY enough to be living anywhere close to this lifestyle. Henry just wants to show off to people. Get over yourself, dude. Grow up.
$1500 a month, $18000/yr, crazy. He can get a 2 or 3 year old Lexus for less than half, and put some the rest towards his credit cards.
Yup. An $18k Lexus would last about 10 years too with little to no headache.
We have slightly better incomes than the caller family, >550k/y. I am driving a 2011 Honda crosstour bought third hand in 2013 for 16k. 11 years on, i am still driving it at 180k miles. Everyday i still feel grateful that I have this beautiful car and enjoy every ride in it.
His lease is more than my mortgage!!😳 And I've owned a Benz and currently drive an Audi and my note was NEVER, EVER that high. Geesh!!!
How you get your mortgage below 1500? You bought back in 96?
@@mhodge0890Or he put a HUGE down payment. Just as I bought a $40,000 car and took a loan for 5 years with a car mote of $220. Because I put down $28,500. And I paid off the car after 3 months.
@@mhodge0890 2010
@@mhodge0890 I bought a house in 2016 for $440k, 20% down payment and 3.5% interest. Over 30 years, the principal and interest payment was just under a grand. Taxes and insurance bumps the monthly total to about $1600
Ive just leased a car temporarily for 40 days, which costs around 800 dollars.. which was expensive to me, and I would never plan to do it again. The idea I would do it all the time would be absurd.
No sympathy for people who makes these stupid decisions.
We’re taught how to get a degree so that we can get the high paying job, but we’re not taught how to manage the money. A lot of people have a reckless mindset when it comes to money.
Yes, but kudos to the caller for wanting to make a change.
He was sold a line, then they make good money. They are the same as someone making 60,000 and broke. Same deal. Yes, kudos for him realizeing "this is nuts"
we all make mistakes, hes reaching out for help.
@@AbbyC543I’m so tired of this excuse. It’s common sense to not rack up $1M in debt. It doesn’t need taught
$100k/year does NOT take home $4k per month... it's more like $6k per month (after taxes/health/insurance/401k, etc)
Success is dependent on the action or steps you take to achieve it.. show me a man who doesn't have an investment and I will tell you how soon he'll go broke .. investment is building a safe heaven for the future. with the right choice of investment that has at least 1% minimum risk and with an expert guidance profit and interest is 100% guaranteed.
Assets that can make one successful in life
I. Forex
2.Stocks
3.Shares
You are right.
But I don't know why people remain poor due to ignorance
The world is gradually moving out of the I work for my boss era, and people who choose to be entrepreneurs are highly securing a brighter future for themselves..
More money doesn’t make you wise with managing money
Livin a little high on the hog there Henry
This is just a plain ole lifestyle problem. Living like they are millionaires. Gotta get that under control ASAP.
That's not included insurance, registration and maintenance
U pay 0 for lease maintainence
@@johndone8045 Wrong. You are responsible for maintenance unless you negotiate not to.
@@untouchable360x - I didn't know that (never had a lease). Makes it even worse of a deal.
@@untouchable360xmost offer free oil changes for three years or 35K miles. Makes you responsible for tires, which usually last past a lease for most vehicles. Also wiper blades very minor maintenance expenses. I guess air cabin filter and air intake filter.
$1500 a month to only drive less than 12k miles a year is wild.
$1,500 is more than my mortgage, HOA, and car insurance combined. That's crazy.
Could this show have both husband and wife on the phone at the same time, rather than just speaking to one spouse?
Some of these spouses are hiding debt from the other party 😂 imagine coming onto the show for financial advice only to find out your spouse racked up thousands in credit card you didn't know about 🤣🤣
@@janel4429I also think it's because either spouse not present is at work during the call. Either way, it would be interesting to have more instances of both spouses being present.
If yall don't know, it is called lifestyle creep. Most people have about the same exact savings rate independent of income. That is why a waitress can have a higher net worth than a surgeon.
Nothing is common sense, everything it's a skill. Unfortunately most people are bad at most skills.
It is very very very easy for someone to be broke making 350k. Just live to the max of your income.
When I was in college, it was completely inconceivable for me to imagine making 6-figures and being broke. HOWEVER, once you start making money and you start to create a lifestyle for yourself, its easy to feel broke and essentially be paycheck to paycheck even when you make what the average person thinks is "good" money.
Unfortunately the average person won’t agree with what your talking about until they experience it for themselves
@@reese85 It's a question of discipline and priorities. Once you are making X amount of money lifestyle IS a choice. To be fair they did one smart thing, they bought a $650k house on $350k e.g. about 2x their income.
@michaelgodden7187 yes your right! It is a choice and you do gotta be disciplined and set priorities but it is natural to wanna upgrade your lifestyle some when you make more cuz that’s the point of us working so hard, but on the flip side! Once you start making these incomes, you learn real fast that they don’t stretch as far as you thought they did b4 making it, so it’s really easy to find yourself behind and broke
@michaelgodden7187 yes your right! It is a choice and you do gotta be disciplined and set priorities but it is natural to wanna upgrade your lifestyle some when you make more cuz that’s the point of us working so hard, but on the flip side! Once you start making these incomes, you learn real fast that they don’t stretch as far as you thought they did b4 making it
yes your right! It is a choice and you do gotta be disciplined and set priorities but it is natural to wanna upgrade your lifestyle some when you make more cuz that’s the point of us working so hard, but on the flip side! Once you start making these incomes, you learn real fast that they don’t stretch as far as you thought they did b4 making it
He’s gonna buy that summer kitchen and like it! 😂
You’re making $250,000 a year and can’t afford a $1,500 a month lease? The debt is taking over big time
My 2004 Lincoln Town Car drives like a champ. Paid $7,000 for it. Looks 2 years old.
It’s difficult to private sale a $50k car. A $20k Honda? Sure there will be a ton of prospective buyers. But it’s difficult to find someone who wants to save $3k on a private sale when they can afford the convenience and peace of mind by just going to a dealership.
The sweet spot for private sale is 5K or below, Might get lucky around 10K. Anything more , people have to have a loan.
@@alinatamashevich3354 I’ve private sold two Acuras in the 15-20k frame pretty easily. Reliable Hondas and Toyotas are also rapper to private sale because people aren’t (shouldn’t) as worried about buying a lemon.
@@Julian-zc9vm Depends on what part of the Country you live in as well. Took me months to sell a very clean Nissan Frontier, had so many low ballers. Was getting wholesale offers, 3 to 5 a day! Sold a RAV4 in 3 days!
@@alinatamashevich3354 Nissans absolutely suck in terms of reliability and depreciation. And Toyotas literally have the best reliability and thus, very slow depreciation for a used car.
What planet are you on? Dealers will waste your entire day with paperwork and ad ons and fake products while private party can be transacted in 60 seconds.
You have to ask yourself where you get move value from your money. Just sit down and work out how much a Mercedes GLE would cost to run compared to a Toyota Corolla and ask yourself if there is somewhere else you'd sooner spend all that.
No one has $60K for a vehicle. Yea, just sell it. NOT!!!
Yea for sure. Not many private buyers are going to fork 60K cash or even a bank to some random guy you found on facebook marketplace. I could be wrong but I know used car dealers that will contact you also but then give you wholesale price.
The nervousness in his voice 😂
This dude is a liar. They probably have sales jobs where if they both had their best month ever EVERY month, they would make $350k in a year. He’s lying and also stupid.
The car isn’t the problem. A $1500 lease on $15k+ in income SHOULD be a doable “splurge” if that’s what the caller values. We’re talking less than 10% of take home pay.
The issue is everything else. These people have no control. Their interest expenses alone between mortgage, credit card, and student loans is probably 3k+ per month. When you have that much money going to the bank every month, there’s no overcoming that.
The math isn’t mathing…
His total debt is at 640k and he claims to be over 1M. What’s the other 360k of debt?
Okay, The mortgage is SIX HUNDRED ninety thousand. He’s still 60k short. I’m to assume it’s the car?
@@MisteRRYouTuby180k student loans & 70k credit cards.
@@greaterishe7197and a 690k home mortgage…
This guy will forever struggle with money. Even if he gets out of debt it’ll come right back.
living beyond means, damn. He should have no issues paying a $1500 lease note.
01:50 what!? 😂
$1,500 lease $350,000 income no cash and 1M debt cmon dude ...
Boggles my mind that making 350k and not having any money is wild. It really puts in perspective that a lot of people look like they are living well but in reality they are buried in debt and have no savings.