Yes I'm in that situation for over 20 yes ! What I mean by that is that I'm constantly changing vehicles every two three years . I never finish paying a car. I get the twoish itch every two yrs. And just days ago I've just realized what dumb decisions all this years. So I'm done !!!! Ive set finally my goal you finish paying off this car. Got two more years to go.
People don't want to drive a basic used car because it feels good to have a nice car to show off. But that good feeling wears off fast while the joy of being debt free is lasting
We got stuck with car payments because we didn’t have cash to pay up front for a used car. This is true for most people. It’s easier to make $200+ payment monthly than have cash to pay for a car unfortunately.
@@user-wf8xi5fs8r I believe that is true for a lot of people but having a car payment is different than having a car payment for a car way out of your reach. I see lots of people driving brand new Camry when a used Yaris is just fine. And I don't even totally blame the person. Car salesman are good at upselling. They wouldnt be in the business otherwise
Many people believe that buying a brand new car means they won’t have any problems with it down the road when it’s out of warranty. Every car, new and old, domestic or foreign, will have something go wrong eventually.
paid off house with free (after initial investment) wind, solar or hydro power=insurance and taxes as your only bills. so technically bills never go away, but you can get those bills to be pretty low.
My eighteen year old son didi the same for a brand new car. Shopped best vehicle, best price, saved up working minimum wage, lots of hours and surprised the dealership with cash. Start them young folks.
There is a video from a gentleman named Kevin Hunter you may want to check out about car buying in cash. He gives you tips on how to get the best deals and strategies at dealerships when buying a car. Figure it's good advice for the future.
Choco Wine I am scared too. Calculating every year how much we need to retire. Telling my spouse we need to work til 65 At Least. Checking my accounts to see when will we be on tract to never go into one of those state care homes. Good luck to you. I hope more people start saving now
@mizzmolly I wouldnt be so mean on someone for not knowing sq footage. If you are going to be settled for a long time, why does it matter? home sq footage can mean different things. Do you count the 3 bedroom s in the basement?
@@devilsadvocate7059 hey at my first job as a bagger at kroger a women who in her late 60s retired. Worked at kroger for 50+ years never rising past shift lead/customer service . She rented her whole life. She used the employee programs to start retirement account. She retired with $600k+ and no debt. She then bought her first small home all cash. In kansas its not hard to find a cheap home to retire in when you dont have to worry about being close to work. She encouraged every new hire to start an account even if all you could contribute was the min $5/paycheck
@mizzmolly no. She knows EXACTLY how much money they have and EXACTLY where it is going and EXACTLY how much he was putting into retirement. She just wants to play the victim now. You have to feel sorry for idiots like this some but NOT MUCH! They just bought an expensive new car with him turning 70. This lady is out of control and needs her head examined. On top of it she is spending all this money and NOT working. I am amazed at the financial suicide. I am a millionaire and will never have a house over $200,000 or a new Toyota 4-runner. I never did hear her say anything about going to WORK, a 4 letter word.
@@jfraz_7720 as someone who represents CDL clients as an attorney, a CDL is an expensive liability if you are not using it. If you happen to get a ticket, what may have been a simple payment for traffic school or other diversion programs often turns into a much larger affair. Due to the anti masking rules, most affordable ways to keep tickets off your record are foreclosed
@jfraz_7720 20 bucks plus like another 120 or so for the med card the dmv demands to see before you can renew plus lost work time for the dmv and doc appointment because you can't renew a cdl online, at least in my state. Pain in the ass if you're not using it or planning to use it, and with the way drivers are getting treated right now I'll be happy to downgrade.
@@twincherry4958 I must be in la la land than.... 32, mortgage free, debt free, over $100,000 in the bank, easily have a million or two by the time I retire, and I only make $70k a year, 2 kids, single income. ITS NOT THAT HARD
Lesson for today’s young studs to plan for the future, my god, he’s turning 70 and still grinding. They should already be sitting with their grandkids getting pension every month with a decent paid off house and car.
llcross04 yeah it’s really sad. I was lucky enough to be given a car as a gift when I was 17 so I’ve never had a car payment, and thanks to Dave I never will.
To Everyone: PLEASE stop financing expensive cars. The fact that a lot of people think even $400-500 monthly payments is "not bad" is crazy! $800/month is completely insane just to have "a new car" for your image and ego.
400 a month for 40 years if invested makes you a millionaire at a 7% average return, so yeah its absolutely stupid to be spending that on a depreciating item like a car. i know people dont make car payments for 40 years, but you get the point lol.
CARRY YOUR FIREARM TO STAY SAFE DURING RIOTS 2020 Well it would have to be an extremely consistent 7% Because if it was 5% it would be half that, its crazy how big a difference 1-2% can make in the long term. XD Buy you are correct, you would be a millionaire with a constant 7% at that rate.
I make about the same as the husband after taxes and that much money goes to my rent. Can't believe why anyone would pay almost a grand for a depreciating car.
@@harrisonwintergreen1147 Even $20 a week into his 401K and compounding interest over 47 years would leave him 180K+ which could get rid of his car payments and give him room to breath.
MSotelo503 this is true. Most have no idea how to handle their money even though they make pretty good money. I drive myself and I’m able to stack back 400 a week in savings.
Jason Harris Jason that is total nonsense the richest man in Babylon has been around for decades. these people have absolutely no ability whatsoever to curb their spending ...it is actually horrific the state they are in
There is no fool like an old fool. and these people have been foolish with their finances their entire lives. Hopefully, they can get back on track and redeem many of the mistakes they have made.
@@ajh.4131 I could not agree more because their goals from now on cannot be comparable to one we have in mind. Being a student for the first time could be a goal accomplished.
This guy should be getting 1) a military retirement benefit, 2) social security, and 3) he's still working at age 70, plus the wife is on disability. And they still owe 200k on a house? One of those cases where you wonder what they've been spending their money on over the past 40 years - probably gigantic car payments, for some reason they have like 3 car payments when the wife doesn't work?
He was a truck driver in the military, not a Vet. There are no benefits there. Clearly social security is not enough, it never is for any old people and she said there is nothing in there retirement. It sounds like those car payments are all his. It’s sounds he was the money maker and the money decider for the past 40 years and she sat back with her mouth shut. She saying they are not on the same page and she’s on disability. She needs to stop all this crying and moping and stand up to him.
But you are right. Why are they taking care of their great grandchild? That’s their grandchild’s kid. Where are all the other family members? They should be getting some type of state assistance for him especially if he’s autistic. There’s a lot of missing pieces here.
You see ridiculous car payments with a fairly pedestrian car in a lot of these situations. It's usually because they bought something with no money down and rolled negative equity from their previous car into it.
@@channell11 There are probably other details in the story that we are not aware of. $800 of car debt is still manageable on $60000 per year. Why is his mortgage $200,000 at his age. Once over 50 you will struggle to get a mortgage. There is no way the banks gave him a Mortgage with an outstanding debt of $200,000 at 70. It is not even possible and I would want more details on this.
Hate me, I don't care: He is NOT going to find a job at his age. He is a liability with his age and his disability. I know too many who are in their 50's and can't get work anywhere with experience, degrees and are healthy. Even Walmart and Pizza delivery wants young and fit. That said, he's retired military, pulling that pension plus VA benefits (no matter what). He has been receiving that WHILE working full time for 20 plus years. He chose NOT to fully fund his 401K (most likely due to his military pension....why bother mind-set) and she JUST found this out (why did she not know about his the entire time); they are caring for an autistic child (if they have full custody, have they applied for disability for the child?), SHE receives a disability check, he receives a disability check in addition to his pension, they have a huge mortgage at their age (bet it's due to home equity line of credit/loans) plus a HUGE car payment..... The level of stupidity with money is off the chart with them. There is NO excuse for them being in this situation other than greed/stupidity. It boggles the mind. Geez.
@@leadnsteel1428 ill slap the salesman, Walk out, browse at facebook marketplace for used cars under 10k, save that money, get a mechanic with you once you find the car that is reliable and you like, buy that car, comeback at the dealership and slap that salesman again
The whole point of buying a car is to drive it into the ground to get the full value out of the vehicle. I never understood people who always has to have the latest tech, especially when only making 60k a year.
Man this is insane. Retired after 21 years and makes 60 on top of retirement and most likely Va disability. They should have several hundred grand at this age in the bank with no bills except living expenses.
I was about to say this also, there is no way they should be broke. Mil retired plus va, plus SSA. This guy's should get rid of his toys and just retire
This is precisely why I'm not running a multi-million dollar company. I would lose it at this woman before she started to break down. I can't imagine the sort of damage I would do. God bless Dave Ramsey.
I’ve noticed that he’s been slowly losing it...he’s gotten snippier lately...and I think the hosts are there to give him the ease to shut it, before he completely snaps.
Buy a car cash that you can afford. Drive it till you can't anymore and repeat. Imagine paying 860 and you have to pay for insurance and gas. That's insane.
Dave, I bought my car new 10yrs ago. It currently has over 270,000 miles and runs without issue. It's is market value is between $150-$450... I'll be running it for another 100,000 miles or so before buying another "newer" car. Intrinsic vs market value. Love what you do!
Does she work? She is the problem. The man retired from the military with a pension, plus VA benefits and social security. That should be comfortable living.
Calls like this make you wake up.. I’m almost done with my car payment... same monthly price as this guy.. I bought a mercedes a few years ago and that was the dumbest decision ever. I’m 38 years old and refuse to make that mistake again. Expensive cars are really a waste of money!!!! Being debt free and healthy are the biggest blessings in life!!!
Why when asked by Dave "how are you?" They reply good..after I listen to their story..I'm like you aren't good. If I'm not doing or feeling good, I'll be honest and say..not good today....
He may have gotten a 50 year mortgage on the house when he got it, just speculation. A friend of mine got a 50 year mortgage when he got his house 4 or 5 years ago
You dont know what people go thru. I spent most of my income for about 3 years trying to get my daughter the help she needed. It is about your priorities. You just never know.
I don’t want to be this situation when I get old I’m starting to save for My retirement cuz I don’t think Social Security will be around that much longer
Here's what winning looks like when you are in your 70's: 1. Living in a house that's paid for 2. Driving a car (if you need a car) that's paid for 3. No credit card debt, no debt period 4. Enough passive income to eat, take trips, feed your hobbies, buy clothes, etc (the necessities), spoil grand-kids 5. Working part-time on your terms, only if you want to in order to keep busy (not because you need the money) What does losing look like in your 70's: 1. This phone call. To have worked for that many years and have so little to show for it is very sad because it seems like it could have been avoided. They just needed to make better decisions while they were in their 50's and 60's. Let me also add that I really start laughing to myself when Dave 'gifts' his financial peace university and Ramsey+ membership (whatever that is). His tone and choice of words (15 minute free counseling session with a coach) makes it seem like the caller hit the jackpot and everything is going to be fine. He actually used the word birthday present when giving them financial peace and made a point to say it's free several times and that he is paying for it.
Action, action, and more action. You have to be intentional in personal finance. It takes hard work and strategy to plan for the future. Education and deferred gratification is the key to living well with in your means.
For some of these people, a plan and some good advice would be considerably more valuable than a check. Most of these people have behavioral problems that have resulted in financial problems. You have to address the irresponsible behavior before you can make an impact on the finances.
This is crazy, the guy is almost 70, still working and you’re worried about him loosing his job? At that age loosing a job should be a blessing! Finally a reason to retire. Heck I hope I’m retired long before 70. Also idk what kind of car y’all be driving at 70, but you don’t need it if it’s costing that much 😂
He can't afford to stop working-that's the problem. Dave knows the odds of someone hiring him at 70 are pretty slim, but with their financial situation he's literally going to have to work until he falls down dead-and they'll still be in debt.
@@devilsadvocate7059 Imo... Very unfair to kids for parents to do that. If this couple is raising a gr child, their kids can't be doing well either, for whatever reason...
I know a RU-vidr that bought a C8 Corvette for $84,000. He put $4,000 down which paid for the taxes and financed $80k over 72 months. His payment is $1,070 a month. He thinks is going to make enough on RU-vid videos to afford it. I told him what Dave always says, "You're not driving the car, the car is driving you."
I'm shocked that he's 69 still working and so much debt still over their heads. He should be ramping down to retire but unfortunately that won't seem to happen.
Neal Bakker how is the system flawed? I’m in the same status as the caller and know plenty others and all aren’t in his position. Some folks just aren’t good with money...military or not. So I guess the entire financial world is flawed.
You never let a CDL go!!!! I can not stress this enough, even if you are not using it just pay the extra money every 5 years and keep the fricken thing.
My gf has a $740 monthly payment on a car. You try to warn these people but they don't care. Whenever an emergency happens shes always looking at me for me for money, even though we make the same amount. On top of that I pay rent, she doesn't. I used to help her out financially but then you learn that the more you help, the more you enable them. So I've stopped doing that and let her learn.
This is one of the sadder calls and it sounds like some important information might have been left out. Imagine working 50 years and having nothing saved. Fear of that outcome should motivate anyone listening to get their life plan together. If he’d set aside even just 5% of his checks during his career, he’d be able to clear his mortgage tomorrow. If he’d saved 15%, he could have retired comfortably a few years ago.
Sounds just like my parents. 55 years old, just purchased their first house , neither has a dime in 401k and my mom just got a brand new suv with an $800 a month car payment. They've been in debt their whole lives.
The majority of Boomers have nothing saved for retirement and are or going to be on social security solely as they're financial support. The program is set to end with them and the rest of us will have it taken out of our paychecks as we continue to pay into it. The top percenters in wealth of the Boomers are going to continue the wealth gap when they die out, what they leave for their children and their families of the top percenters of wealth, They are tracking this is set to be the biggest financial distribution from one generation to the next the world has ever seen.
It dawned on me just now how important it is to get out of debt and stay out of it for good. And some people are getting out of debt well into their golden years and may not ever retire, but AT LEAST they will go out swinging. That’s still a powerful message to send to the younger generations, that grandpa never had a retirement because he went out fighting tooth and nail to get his dignity back, and you don’t have to. You can clean up your mess NOW and retire with the same dignity he fought for.
I really cant understand people or im just not good with math. Im a software engineer in europe completely debt free and im afraid to take a 250e / month car loan Paying 850 is completely madness to me
@@bigad23 you would if you didnt have a car payment and cut dow on unnecessary. I just sold my car I had payments on and my bank account is going up quick! Debt free. His plan works. Although not really his plan... just common sense that we forget about
My mom: 68 years old, zero 401k, zero pension, zero savings, over $150k in debt thanks to the house and credit cards. She basically just shrugs her shoulders and says "it will all work out". Somehow, I think that's the American mindset that "god will fix it" so it's no big deal.
Makes 60k a year, has no savings and 234k mortgage.. except the car, what have they been doing with their money? doesnt make sense and she should get a job
My entire car cost me $1600. I'm 43 and retired (from full time work) debt free at 36. Prioritize! I do spend A LOT of money on vintage motorcycle parts though.
Way to go...but Dave would tell about that spending on the motorcycle parts...unless it makes you money in returns of what you spend--then he would say carry on🤣
You do not get your finances together when the crisis hits, you do it during good times like the past 4-5 years because frankly that's as good as it gets, we are never going back to that time for a very long time.
I feel bad for people that use Credit. I used to work for a Credit Repair Company for 5 years and saw thousands of people’s Credit Reports. I know how Credit works and I don’t even use it. It’s the biggest scam in History. I once had someone tell me their Truck Payment was 1,000 a month for an F-350. And more. I used to see people Max out their Credit cards and only pay the minimum payment and continue the cycle and paying interest.
Grimmy Rippy if you live in a more rural area, a 15 yr fixed rate mortgage can be around that price. In an urban city setting, that would be highly unlikely to find a mortgage that cheap.
@Grimmy Rippy Actually, it's 2300 sq ft, 3/4 acre yard, and a pool. I just don't live anywhere near a major city, or in California, plus it's built in the 70's. And yeah, 15 year mortgage with a 20% down payment
@Grimmy Rippy we have a 3 bedroom , 2 bath , finished basement , fenced in yard ranch style home in a nice subdivision here in the midwest and our mortgage is $750 per month. I couldn't fathom living in a big city and paying thousands monthly , living below our means.
I've only bought two cars since I turned 21. Each vehicle I was able to pay fully, with no payments. I can afford a nice car but I love being debt free even more!!! I do my own macitence work so I'm saving more money. Being debt free is amazing. I can lose my job but my emergency fund can support me for over one year. My expenses is just video streaming services, gas, food, cell phone and no rent/mortgage. I'm only a 34 millennia but my money skills is that of an old wise man haha.
It is not ok that this man spent 47 years of his life working for a company only to be laid off via mail! Bless this couple. 💖 Trucking jobs are plentiful, so he should be ok with finding something new quickly.
Jessica Hicks Getting up every morning to drive a truck at 70, that must feel awful. I am 58, have an office job and I am so ready to pack it in. 2 more years I am done.
Been working for 47 years at the same company with no retirement and a ton a debt. No wonder she is scared. I hope people listen to her story and don’t make the same mistake. These people will never be able to retire or be out of debt.
YOUNG PEOPLE: Let this be a lesson 1. Pay cash for a used car, not a loan or lease 2. Save for retirement by contributing early 3. No job is forever. Have an emergency fund just in case 4. Have a financial plan. Follow Dave Ramsey Baby steps 5. A home can easily be a nightmare if you buy it when you can’t afford it. (Seriously, the callers mortgage must be crazy high if he still owes $237k)
Just followed Dave’s advice..paid off my Tesla last week that i bought September last year. Now I only have to put the same monthly payment in an ETF which will serve as my piggy bank for the next car to purchase probably in 10 yrs.
I’m going to call in next year and tell Dave I have a paid for truck, house, no student loans, and just financed a $100K boat just to see what he says lol
