What an annoying caller, who only wants to hear himself. He needs to work on his listening skills before anything else. He just wants to dominate conversations.
He knows the baby steps, but he wants to implement his own plan. Probably he was thinking that Dave was going to tell him that he needs to continuing in the mess he is in.
I liked this episode I wish this guy the best. What I would have told him is pay the CCs first and never do a balance transfer on your ccs again. I wish he reached his future dreams. Move back home, pay off the ccs, utilize all matches from work. Good luck you had a fun 20s and you can pay it off by the time you're 30
Do these people even listen to the show or follow the baby steps before calling in?! The very basics Dave teaches would tell him exactly what to do!! I feel like these people call in just to get on the air.
The guy said it but didn't understand....debt is debt to get rid of...0% or 25% ...Baby Steps work to get out of debt and to build wealth but not get rich quick....everyone wants get rich quick! But do they stay wealthy?
Wait, he took the course, knows exactly what to do, yet he calls for advice to hear the exact same thing he already knows? Oh, ok, just checking 🤦🏾♂️🤷🏾♂️
Continue the 401k at max for a bold future. Use your current "discretionary" money to pay off that debt man. I consider debt as who owns my name. Take your name back.
He said what he went threw made him think different or whatever. And they looked at each other shocked. Can someone help me understand or they not really listening ?
Caller, you're not in as bad of a situation as people think you are. You could still put in 10% into 401k which would give you $816/m to work with. Sell the car and knock out the 13k CC and use the money left over to buy a replacement vehicle. Chew on the 7500 cc with the money you was putting towards larger CC. You're debt free in 41 months as you turn or have turned 40. Your current savings can act as your emergency fund. All while maintaining 401k allotments @10%. Actually you're debt free sooner because by dumping the car payments you can take bigger bites out of the 7500 cc. I forgot about dumping the car payments.
His financial situation isn't bad, but his financial attitude is terrible. Exactly as Dave said it, his plan sucks, baby steps is much better. The guy seemed unwilling to acknowledge this so I'm not sure why he even claims to follow Ramsey.
One unless you have more than 250k in one of them. You don’t want to have more than 250k in one account because that is max amount that is ensured by FDIC.
This is where I disagree with Dave a bit, and many others I know agree. If he has zero % interest, to be investing the money in his 401k early in and gaining that equity and compounding interest is a better investment than paying off zero % loans. You need to do that early so it has plenty of time to grow. That being said he should pay off all debt before he pays a dime of interest.
@@TheDjcarter1966 not if you make a concerted effort to pay it off before it gets to that point. You pay the payments needed to avoid interest, while putting away money in your 401k for long term investment
@@thecrazed777 Not sure I get your point. Either way the money is gone... whether you pay off your loans or put the money in retirement accounts. The emergency fund is there to handle events like your describe. Two completely different things.
Dave, I admire your passion for helping people get out of debt, but can you in good conscience direct so many people to buying high fee mutual funds? Anyone who crunches the numbers can plainly see that it results in lower returns when compared to low fee index funds for the majority of investors, which appear to be your target audience.
How da fuq is he broke? He's got everything he needs and he's got discretionary income of 600, there is no way that he's broke; stop giving fault advice. Another thing no one needs to buy any course, you can learn for free.
I'm not sure if you're being sarcastic or anything.. if your workplace matches up to 10% of your salary to your 401k on a 100k income., That's 10k a year. Pretty good stuff
@@lionheart93 what's going up in the next few years? Tax rates? How do you know that you tax rate will be higher when you retire than it is today? Crystal ball?
It is literally a 💯 instant return on your money, you know something better. Even if you pulled it out the next day and subtracted taxes and penalty it would be around 65% return depending on your bracket, you know a better investment anywhere?
