This young man mentioned his troubled childhood, he probably didn't learn a thing about being wise with money. I'm glad you're around you help us all out.
I might be wrong, but when I hear troubled childhood, I assume he means with his parents, which really makes it difficult because he is an adult still living with those parents.
Oh please. Even some college graduates out there don’t know what they are doing. That’s why they got callers that got like large student debts just for a garbage degree lol
Not going to lie. First, the amount of money you get from Uber and Lyft seriously depends on where you live. Yes you can make money from these ride share companies but in most of these areas you’ll literally make LESS than minimum wage after you factor in cost. A simple job at Walmart or Home Depot will literally pay more after considering costs. Gas, oil changes, brake jobs, and mileage SERIOUSLY adds up very quickly when doing Uber.
I lived near Pensacola Florida. If he is a full time Uber driver there he will be off to a great start. Huge need for driver to/from the airport to the beach.
One thing my middle school math teacher always said was “no excuses, only improvements”. This really pushed me to towards a better future. I’m now doing really good for myself and I’m part of “this generation”.
a lot of high schools offer financial literacy and financial related classes as an elective. people have the option to pick that or take some useless art class. if people really wanted to educate themselves financially they would, it's all online.
@@thelethalclips lol Those classes, like most high school electives. Are 100% useless, you aren’t taught any real world context. It’s about completing worksheets, and getting a grade. Not actually about teaching.
Nothing wrong with living with the parents and saving up a ton of money -- but you need an income to do it. Just be sure to help out with the bills so you're not being a sponge.
The word is parasite. As long as people are not parasites they should be able to live with their parents. People do that in Europe..... no need for tough love all the time.
$6k/mo driving for Uber/Uber Eats...I find that very hard to believe. And if someone is making that much they're probably working 12 hour days every day of the week.
I think uber and uber eats doesn't take out taxes, so you could theoretically make money like that, but make sure to set some aside for tax time when you may be required to pay
I make 4k a month driving uber and lyft with a full time job I make 6k a month from that. Its a lot of work but making debt disappear with the quickness. Ill dial back with rideshare once I get my wife's lexus paid off.
I only started becoming financially literate when I turned 25. Didn't really take it seriously until 27. I'm 29 now and almost out of debt with only my car and student loans left which should be done in about 10 months. I wish my parents knew about this stuff to teach me but the truth is my parents didn't know either. They made mistakes growing up and didn't have a Dave Ramsey to learn from. There's more knowledge and opportunity out there in the world today than ever before, so I count myself lucky to have been raised up in this time and I will pass on what I have learned to my children and my hope is that the generational wealth I build in my lifetime will support my family tree for as long as possible. That's all anyone could want for their family, is to give their kids more than they had.
Refinance the car, get a second job, do multiple coding boot camps, find a new job, pay off your car, save 6-month's worth of expenses, move out. You can have a completely different life in 2-3 years. Work hard and don't stop!
Ya, but their advise wouldn’t have changed. He needs to find a side-gig to get above water financially and then any spare time has, learn the skills necessary for career path he wants to pursue. Simple plan, but execution takes a lot of work and effort.
Iffy. I know a couple of Bachelors of Computer Science that are accepting $12.43/hr job. Actually he should stay at home and dedicate all of his income towards bonds and retire at 45.
In addition to Uber, Dude needs to work at Amazon, FedEx, or UPS warehouse. My 3 girl roommates all lost their restaurant jobs, but managed to get jobs at the 3 companies above. Pays $36k a year, with benefits.
Yes, if you can fill out the application using your phone, they will hire you! Be enthusiastic, nice to everyone, and go above and beyond and they will Love you!
As long as you're working and doing whatever you can, there's nothing wrong with living with your parents. He just needs to find a better job or get a side job. I also wonder what the interest is on the car.
Agreed plus there's the wear and tear on the vehicle that sharply accelerates the depreciation, the increase to maintenance that comes with it and increase to insurance rates.
Agreed. Florida is wild enough, but a pandemic is just adding another level of risk. Your life is worth more than that fare. Opt for "leave at door" options and food delivery
Driving Uber will jack up your car insurance. You need a second car insurance policy that covers you specifically for Uber/Lyft. I agree that putting in the work can help, but Dave and this other guy don't appear to know the realities. This is like Reagan in the middle of high unemployment saying "I looked at the classified section of the newspaper and saw plenty of jobs. So the only reason you're not working is because you don't want to." It's absolutely blind to the realities of the world. They're pretty callous about it, too.
Agreed about the income but Dave dropped the ball on this one. The kid could have had a 30% interest loan that could have been refinanced down to 5%. Even though it's only 13,000- That makes quite a bit of difference over the period of the loan.
I just KBB'd a 2017 Ford Focus. Worth MAX $10k... yikes... upside down on a Focus that's only four years old... I don't know what he paid for it, but to only be worth $10k four years after it was first sold is horrible. DEPRECIATION is a sonofabich. Wealthy people buy assets. Poor people buy liabilities (depreciating ones, at that)
@thsuperreallycoolguy That's a huge amount of money... it's only going to go down in value. It will go down in value quicker than the principal owed. Being upside down at ALL is a bad situation because he can't sell it without having to fork over cash to get the pink slip. I'll parrot whatever I want. It's good advice to parrot. Bad advice is saying "it's only $3k". $3k is 33% of the value of the car...
Hey, Florida just passed 15$hr Here you go boy, I worked my way to fifteen starting at fast food at 9$hr to now doing landscaping/lawn maintenance, guess I should get 25 now
As a parent I would let my 26 year old live with me if they were actively trying to pay off their debt. I’m wondering if he called in because his parents said he needed to be paying off his debt to live there
I don't think it's that, but like he said he doesn't have a set career as of yet and that may be why he feels the car is a bit much for him and he's trying to find a way out of it
This video was perfect bc I literally owe 13K on my car as well and I love how you fault the parents when it comes to not speaking life over their kids and just saying oh well that's how the cookie crumbles or to settle. I need this thank you so much!
You’re in Pensacola close to several ship yards. They are always hiring for helpers, boat washers, and many other jobs that pay more than what you make now
@@xenakaifinancevideos8650 This kid can easily make $5,000-$10,000 a month delivering pizzas and mowing lawns! He needs to stop sulking and go out there and go after his goals!!!
thanks for the caller, ive also been having the same problem. Im 21 i got laid off in april and while i currently have an AA in film and certificate in banking, i was working freelance in film and photography but i feel useless by not having a stable job and not recieving income for whole months.
@@costco_pizza but how will he have the time to pursue the career he wants when he's spending all his living hours working? Florida isn't cheap. I'm in Miami and it's hard enough for me making just under 2000 a month. I like many can't afford to do college cause I have to work fulltime and I can't afford the loans.
@@michael567jober i said the same thing.he will need too work 7 days a week just to pay for that car. and the 6k a thing month is rare and all really depends on peoples tips. i would sell the car and go back to school to get a real career.the uber and lyft and stuff is only a short term solution but not long tem to retire because its based on peoples tips.
@@queen.kristal8395 totally agree. if that car loan is hurting him that much, he needs to trade it for something he can afford. 13k is alotta money for some especially when u make minimum wage
what didn't you like? i lived in navarre and loved the pensacola area and found it very safe. however i will agree with you 100% on the low amount of jobs. that's why we left.
@@nemesis656 Didn't like lying awake at night listening to gunshots only a couple of blocks away. We heard, after moving out, that there was a shooting IN the apartment complex we'd been living in less than a month after we left.
Unless he got the most decked out Ford Focus, he spent 2 years paying this car and he still owes 13k while you can buy this now private sale around 10k
Yeah your cost of living keeps going up if you keep spending more, clearly the issue is you need to stop buying stuff at Walgreens and MINIMIZE living costs. Minimize means living in a studio if you don’t need a bedroom, means not eating out not going out for drinks, not buying songs on Apple iTunes, buying used clothing.
So you're saying if your kids had a catastrophe happen and they were about to be homeless, you wouldn't let them use the spare room while they got back on their feet? You'd let your kids and grand-kids sleep in their car for a month, a week, or even a day?
That's right! I had parents that were always refinancing, I had to learn the entrepreneur life & I did & now teaching my children but you're right Dave We need to speak life, especially into our children!
The guy clearly has a problem that he does not wish to discuss on the call. 13K is a bit too much, but it is not the problem. He can make money and solve the car. Something else is the problem.
I really like that, you have to teach your kids to work hard and to do what they can to succeed. I like that he said speak life. I think he needs to stay home and get the skills he needs to make an income. Nothing wrong with student loans, but don’t take out more than you need for school.
To much car for the amount of income. Lots of people fall into the "gotta get a new car trap". And what is not covered here is that if you use your car for commercial reasons, you have different insurance that will be required on your vehicle and that is no cheap. Ditch the car.
He could deduct the car as a business expense, his bedroom could be his office, he could deduct the rent he pays his parents as a business expense. I hope Dave’s buddy there can reveal all this to him.
I agree that's too much car debt for so little income, but living with your parents? I got 4 roommates to share a 2 bedroom apt with during college while working a part time job just so I didn't have to stay at my mom's house anymore lol. Don't regret it. At 26, definitely don't need to be living with mom and dad. I was 19 when I moved out lol. As a mama myself, I would want my child to learn to be responsible and independent as an adult.
@@gamerji-li4755 plenty of cultures think differently. In my culture it’s normal to stay with parents till marriage. From an economic standpoint, that’s less years to have to pay rent and can save that money towards a down payment. I moved away for school so I’ve got the independence down. I’ve never understood those who push their kids out at 18 just for the sake of learning independence. You can teach your kids independence while living under your roof
This young man needs career coaching from Dave Ramsey's team and the advice (which was given) on increasing his income. So refinancing his car loan is not the issue. I disagree however with what Anthony shared about Millennials living at home and working. Some Millennials are contributing to the bills for the parent's household, especially if it is a single parent household. The hard times this young man experienced could be deaths in the family, parent(s) being laid off, etc. They just need to take this young man by the hand and help him...not berate him!
Not you assuming he isn't stepping up and isn't being the young man he could be insinuating he's just sitting on his hands 😑 some people don't know what to do it isn't a matter of their work ethic or privilege all the time but valuable suggestions overall
Yea I think it depends on the caller because AO can speak better to younger people than Dave or any other co hosts can. I am younger and feel like I listen to AO more than anyone else on the show
I did Uber and Lyft for a year… nope. Not for me. I already had a job though. I live in Vegas. That was driving me nuts. I work at the airport for a contractor on a British airline. I’m happy there. Been there 10 years. Find what you can make money at first, then go from there.
Should He Refinance Or Not ? I Haven’t Heard You Answer Nobody Question Yet ! Should He Refinance With The Income He Making Now Without A Different Job Is The Question
My 15 yr old step-son just told his dad & me "I just want to live my life having fun!!!!" He was serious when he said that & started to cry. 😭 I'll "show him, fun!!!!" 👿👿
This is stupid. How much do you owe? What is the interest rate? Then Yes/No, it's a simple as that. Doesn't matter how much you make, job, upbringing, etc - super lame response
The best course of action is to get an education or learn a trade, like electrical or plumbing so you can get a bigger shovel and be able to afford to live! Stop making excuse and motivate yourself to work hard to get a better job/career!
hi thanks much for video🙏 but i couldnt find anywhere whats the dmv process of refinancing , do i need to pay registiration fee again ? or do i need get new insurance plan , how it works , thanks in advance
How about now??… can I consider a used car with a very small mirco loan… unless some Kia dealer or something other place wants to get Squirrley and give me full book or more than I owe on it.. Lemon Lot no interest payments (Hard Head)
Bad advice never use your vehicle for rideshare you need to have commercial insurance plus you have to spend money on fuel and you need to have the discipline to save money to pay taxes. Plus your are destroying the value of the vehicle by putting miles on it.
To give this Young man Hope!!! I been doing uber and Uber eats during this pandemic in Houston. you would easily make $400 a week just working smart 25 hours a week. Weekend is where you need to drive and Sunday Uber Eats is always on fire !!
Raise you hands if you have a 4 years degree but no field experience so you couldn’t get a job.? Be careful who you marry and what you go to college for.
You're supposed to get experience while in college. Internships, shadowing, student worker, work study, working outside of school, etc. There's absolutely no reason you shouldn't have at least 2 years experience in your field by the time you graduate with a 4-year degree. Just like Anthony said, you need to man up and put in the work.
@@bentleyboy72 I think I’m more man than most men I know. I work since I was 15 and work while in college to support my family (siblings) so I didn’t have the luxury to do unpaid internship.
@@HangNguyen-ih8rf Very few internships are unpaid anymore and internships are only one of the methods of work experience I mentioned above. If you worked during college, that means you 100% had the opportunity to get an entry-level job in the field you were studying.
Heres the problem with uber . He might make great money, but he's not gonna have the money for Maintenance and pay taxes at the end of the year. Hes gonna have problems with the IRS later on
Not true. There are plenty of free online tools that would allow him to deduct most if not all expenses while driving for Uber/Lyft. He will also have the chance to write of depreciation on his car that would give him a huge tax break and since he is making so little. He can take the standard deductions for his main job and still end up ahead. The only issues I would foresee is if he does not report his income.
