I’m $42,000 in Debt and Just Got Laid Off 

Never modify a car that isn’t yours, and if you owe money on it, it’s not yours yet.

Money isn't everything until you don't have any.

This is exactly why I don't feel jealous when I pull up to a fancy car in traffic. There's a 98% chance it's some broke clown behind the wheel.

Glad this guy called..21yrs old, not too many of them will call and be transparent. hope he listens and sets goals for himself financially and becomes a firefighter.

Collin is so fortunate he has a wonderful aunt and uncle who are trying to guide him in life.

I had a $760 car payment at 20 (last year I’m 21 now) $1,000 total monthly payment including insurance. I woke up one day and sold it even tho I was upside down $10,000. I realized that if I got fired from my job I would’ve been fucked. Fast forward 5 months…. I got fired.

This is why you ALWAYS have an emergency fund. No wage job is guaranteed. I'm in a similar situation. Government contract making $190k at age 27, which is nearly impossible for engineers my age. I should be making half that. People always ask "Why don't you buy a house? You easily qualify for one." I'm not buying a house until I can save enough of a down payment afford it on a $90k salary. Houses in the area only appreciate on average $20k-$25k/yr and I save about $75k/yr excluding my 401K contributions. I'd rather take the $40k sunk cost than risk buying a house, the housing bubble burst and I'm 30% underwater on my house, and I lose my job while I'm $600k in debt.

When this guy said his age and he said he worked oil fields, I knew this debt was tied to cars. This is too common. Visit Midland, Texas when the price of oil is high and you will see big customized trucks rolling around everywhere. Then visit again when oil is cheap and you will see those same trucks sitting on dealer lots for cheap. Happens every cycle.

He was an oiler on the road working on heavy equipment. This guy is most hireable and should be seeking out new work as the only focus while selling three cars (one of the four is already up for sale) The fireman program isn't available until September so that focus can wait.

This is why you shouldn't spend as if you'll always have your job. Who knows what could happen?

Brit here 🇬🇧. I can’t believe how much personal debt Americans seem to have. It’s absolutely crazy to hear these huge debt figures from relatively young people. Is the entire US economy propped up by people just continuing to spend money they don’t have? 😱

He's realizing the errors of his ways at a young age. He'll bounce back from this.

Luckily he's only 21. Plenty time to get back on track and do it right.

Can’t imagine making 130K and then moving home cause I lost that job. Hope this kid learns from his mistakes

Take this as a blessing in disguise. Sometimes we need to go through something stressful to learn to make better financial decisions. You dropped out of school, bought all these cars, and did not save money. Really bad decisions. Take it as a learning experience and make better decisions next time you get the opportunity and pave a better road for you in the future.

In the car community the joke is “the bank wouldn’t like it if they knew you were modifying their car” hahah

As a guy who LOVES cars, I just can't justify spending so much on cars. I'm happy with my 09 Accord 🙏

My first car was a 2004 BMW with 140,000 miles. I joined the army and got a 20k signing bonus. Only got 14k after tax. I used 4 of that to pay off the car then took another 4k to modify it. Then only 5-10k miles later the engine blew up. Sold it at a huge loss. Took the rest that I had and used it as a down payment on a reliable Toyota. Cars are cool but that car put a bad taste in my mouth and I won’t ever waste that much money on a car again. My new hobby is motorcycles. So much cheaper and more fun. Bought a 2000 Honda Shadow for $1200 and between getting it running and mods it only cost me $800. So I’m only in 2k total. I love that bike it never gives me problems and so much fun to ride.

imagine calling in about debt that can be unloaded in a week

He seems really honest. Good luck to him and his future.

Colin: "Doc, I keep getting this excruciating pain in my left hand" Doctor: "You ever try moving your hand out of the way, before you swing the hammer"?

Money wasn’t important but it was important enough to use to spend on cars.

He should have saved some of that "crap ton of money" he was making. I agree that he needs to sell those vehicles and use that money to stay afloat, until he gets another job. He also needs to negotiate paying his debtors. I guess those are the mistakes you make when you are 21 years old. I hope this is a learning experience.

We never finance cars. We buy them right off cash to save money. 🎉

I feel like these two counselors are more supportive whereas Dave is like, cold hard truth. No remorse.

It’s very common to make stupid mistakes when you make good money at a young age, and it’s probably better to get those mistakes out of the way than to wait till you’re 50 with more at stake.

I wish this guy the best. He's a kid still. He learned how to work hard from his job, which is more than a lot of people his age. He will be an excellent firefighter. ✝️🙏

🤦‍♀️ 90-130k income 40k debt lingering No savings??? This generation is going down hill‼️

Pretty typical young adult things. Lesson learned and love on from it and do not make the same stupid mistakes again. Keep going forward my man.

I started training my kids as tweens to see cars as bad investments bc of this kind of call. Glad he called!

He should file an unemployment claim right away. He should see what services the unemployment office in his state or province provides.

Unfortunately he made his cars his idol.

The last word of this video title got cut off on my phone and I was extremely confused for a minute.

I hope he realizes that his hobbies and his potential line of work don't line up.

Bless his aunt and uncle

I'll never understand why people waste so much money on stupid things like cars. All you need is something with four wheels to get around. It's so stupid!! I've been laid off a number of times. Always got another job. We've made less, but have a paid-off house and buy cars with cash.

12k into a car you haven’t even paid off with 26,000 still owed is crazy. Plus no one is going to trust buying a moded car from a young guy as they will assume you beat up on it

Sell 3 of the 4 cars. Get another high paying oil job or any job. Grind until it's paid off. When you're done, give the family helping you some money and then save save save and grind doing as high paying a job you can get for at least 6 months. Then you can think about passion jobs. He can work decent pay construction or maybe a grocery store. Overnight stocking jobs and warehouse work are options for a guy in shape-full time overnight stocking and part time somewhere else during the evenings/day. Get your GED. If he misses the deadline for this FF program, he can go for another one later. Look in other areas less than a day's drive from family. He's in Ft Worth/Dallas, there's Houston and San Antonio nearby.

I read the title of this video as: I’m 42,000 in debt and just got laid. 😅

Made all that money and had no savings account. The american dream is a nighmare of DEBT

I'm so fortunate that i live in the midwest and have a modest brick ranch home with a 20 year mortgage at 2.87% with a monthly payment of $718.39 I am humbled

Me: Im in a bind, also me: i own 4 cars 😂

He's lucky that he's thinking about getting out of debt while still young. I hope he teaches others to become debt free. The world needs desperately to know this.

I have a cousin who worked for Chevron and has been with them since graduating out of High School. Now he is retired from Chevron after 45 years. He has stock in the company, and last year when gas was up. He made a killing in the Stock Market. He has been living in the same house since he was married back in 1965. He saves money like crazy. He still has his 64 GTO, and drives an SUV. When he retired had over $300,000 in stock, now it tripled since last year. He started as a mechanic and left working in the executive offices of the Company. Lucky!

As a car enthusiast it does hurt to sell your car you put all your money and vision into it. But I had to sell it due to financial stress, now I feel I can breathe. Yes I do miss the car but I now help my friends detail or modify their cars. Almost makes me feel like I have a project car 😅

The concept of modding a sportscar while still paying for it is alien to me. I only added hitch and DIY repairs on mine after paying my car off. and I'm not a car guy at all. lol

When people dropout of high school, I roll my eyes... you dropped out of the most required thing a job requires 😂😂😂.. why did no one in your family tell you this was stupid!!!

No one is telling him to get out and get a couple of jobs (any job) until the firefighter job opens up.

Very simple, sell your junk and find a job asap. Seems like you don’t mind hard work and it’s always valuable. God bless

Part out the car, and sell all the performance parts off the car and put back to stock. Then sell the car

Let's be real: He aint getting any of that money for those cars that he modded. My friend works in the car sales industry. It costs them money to bring it back to stock. Nobody cares about the subwoofer system in your Honda Civic, especially when most people use that car to get groceries and now, you have no space for it.

A "Car Enthusiast" with an old Tahoe, a Sierra, a broken down civic and a Camaro 😅😅😅. Is this Hector from Fast and The Furious??

Spending 100k on all depreciating assets is literally stabbing your future self in the back

The caller doesn't care about money, but he owns 4 cars lol.

He better sell them before they get repossessed. No matter how good you think you are at hiding the bank's vehicles, the repo man is better.

Just get after it, sell the two paid off cars should be enough to get out from under the sports car. Go get a job as a mechanic somewhere TODAY! Work on you GED and knock that out. You should be debt free with money in the bank by the end of the year. If the firefighter thing doesnt work out keep banjing money, then find a volunteer dept...get some skills and try again next year.

Idols always lead to destruction.

If I made that kinda money, I would be set for life.

I first read the title as 'im 42000 in debt and just got laid'

I work in the car business. Young salesman with $700+ car payments left and right. I try to tell them what a liability they are, but they dont want to hear it. Meanwhile, I own my car free and clear 😊

Experience is a hard teacher! It gives you the test first and the lesson later! It's difficult listening to the idiots that call Ramsey!

Firefighters is basically a unionized position. Even if it isn't union, it is union. The sports car is worth more in parts. Very hard to get into unless you know somebody. This guy shouldn't wait on a dream but work his butt off until he is above water.

"I'm in a bind Nate."

This guy threw a blower on that super slow, guarantee it. He's me, except I paid cash for my Charger before modding.

We act as if our jobs are gauranteed They are not. He is 21, young. He will be ok going forward.

I paid off over $60K in student loans in just under 2 years. He’s still young, he has to get rid of those excess cars.

As wise men say “money can’t buy happiness, but being broke can’t buy anything” - good to learn this lesson early kiddo.

At least this guy has the excuse of being young. It never ceases to amaze me when I see a vehicle that has been heavily modified in one way or another, with thousands upon thousands spent, and it is worth no more or even LESS than if they had done nothing.

My husband wanted a kit car, where you build your own Cobra. We saved up the money, it took over 5 years and he got it! We have only ever borrowed money for mortgages

1400 for just cars . That’s rent right there

if you're going to mod your car keep the stock parts so you can put them back on if you have to sell it later

Car broker...seen it all the time. I wish this young man the best of luck!!!!

I'm religious and money isn't everything but I own 17 cars

He has basically short term goals and long terms goals. Short term would be to get ANY job and keep cash flow going. Take any job you can get hands on. Sell the cars but keep one that is reliable. This is America you need transportation. Layoffs can happen to anyone, don’t panic but definitely learn from it. Cars can be a ridiculous hobby. I wish him well.

Spending over ten grand in modding a Camero instead of paying down the balance is crazy. I'm a car enthusiast too but drag/roll racing has literally become a game of who's dumber with their money.

All that money wasted on cars. 😮

...he's not gonna sell

He made a boat load of money and NOTHING to show for it other than a HIGE debt ??!! Doesn’t his parents teach him how to budget and save for RAINY DAYS and now it’s a BIG HURRICANE and STORM ⛈️ !!!!!

At least all his debt is cars and he just gotta find a way to sell the ones he owes on

21 years old? Ah he'll be alright!

Sista looking lovely today! Loving that hair!😍😊😘

than you Ramsey channel. I come here when my tiny 30k debt begins to give me anxiety 🙏 😂

"I don't need or care about money" ... "I'm really into cars and modifying/customizing them" My dude, you need to come to terms with your conflicting life views.

2 words that’s will change your life financially ….. “Bus…. Ticket”.

All the firefighters I know are broke and have 2 jobs.

Sell it all! The modifications lower the resale value to dealers. They like stock parts their mechanics were trained to work on. Definitely should go private sell. Clear it all out and chalk it up to a lesson learned.

take it from someone who doesnt have a college degree and still earns great money, stay in the heavy industrial side of career path (dont go be a firefighter, you'll be poor). you'll earn a whole lot more than the vast majority of degree holders, and you wont have to borrow $100k in student loans to get it. the dude just needs to grow up and manage money better. a degree wont solve what his issue are. get your GED and then move continue on into the industrial side of working. im telling you the amount of money you can earn after 10years experience in some of these industrial jobs is bonkers.

After stating twice that he had done modifications on the sports car, Jade still asks "Did you do a bunch of stuff to it?" Duh, do you know what modification means?

Cars are the worst possible investment you can make.

It’s an atrocity that young men do this with their money. Full on disrespect for money and self. Ugh!!!

Florida is full of these clowns...the fancy cars on the road do NOT impress me because these folks are one missed paycheck away from losing everything, including the overpriced car. Its pretty wild how financially irresponsible most people are given how precarious being a working person can be.

Sell everything except the sierra. You need that to get to work. Get another job quickly. Mechanics are in demand! Hit the gym so you can excel at firefighter school in sept. Hot rods are a colossal waste of money.

He should open a dealership

Civic are very reliable! Put motor on Civic & sell everything else. Then focus on GED.

I don't have money. Let me borrow it. I owe even more money than I borrowed. And that's the cycle of generational poverty.

Chinese saying: work to get money to do things that you enjoy. Your profession pays well. You enjoy working on cars which is online with working on machinery. My opinion would be to suck it up and stay with the well paying job. There is too much risk in wanting to become a fire fighter.

Keep the honda 😂😂😂 and getting an engine

Dude modified someone else’s car and crushed half its resale value 😂

I can't even imagine making that much money without a high school diploma. I went to college and moved to another country so I could pay off my student debt. In 29 months, i should be done. Finally, I can start savings and cash.

This guy called to brag about his shitbox car "collection😂