We always brought houses based on my husband's income. That gave me the option to be a stay at home mom. Money was often tight but the basic expenses were covered by my husband's income.
I was thinking the same thing, esp going back to school and paying out of pocket for all of that. Maybe she plans on going back once they are school age
The first Dad caller about the daughter and fiancee buying the house...EXACTLY! I had family who chose to do this and stuff went wrong with the property so now they don't feel they can afford the wedding! We cautioned them about rushing to buy a house and now they are feeling the consequences.
Why cant a home school mom take a "second actual paying job" after husband home from work when school is over? Or on the weekends? Always telling other full time workers to get a second job....
Borrow from 401k rather than take out a small mortgage?? No way. I can understand the emotions of not having another mortgage after you already paid off your current house, but it doesn't make much sense. They'll also probably run into the issue of many mortgage companies having a minimum of $50-100k for a mortgage, so they'll end up borrowing more than they need, but there's rarely a penalty for paying it off early, so take out the min, make an extra principal payment with the excess in month 1, and pay it off quickly.
You’ve got me convinced to cancel our whole life policies!! For our kids, this is something I’ve been thinking about too. Our local funeral home offers free services for kids. And once my kids are grown, I can get term policies to cover for emergencies. What I don’t 100% understand are the ROIs on term policies. At the end of the term, what is the cash value and how does that work?
@@maxine2564 feels kind of pointless either way then TBH. I feel like we’re set up enough that if the worst happened, me and the kids would still be okay.
If you had no home, a storage FULL of belongings, no job but are fully capable, you must move out of storage by Oct. 31st and $3,000 what would you do? To rent you must make 3x the cost of rent. You have to have had a job a specific amount of time. You need to pay for a moving truck if you keep belongings. You need help to load and unload. This is the result of leaving your job to go live with and care for a loved one who has now passed away. Had no final arrangements, no life, no savings.
When the college kids get married there will still be housing available to rent or purchase... It's not like there will be nothing to live in the day that they get married if they don't buy it now.
This is why I haven’t remodeled my house, I’m scared of myself and the damage I could make with all the beautiful things I see and how I would like my house to look like, I’ll just wait to pay it off 😅😅 😬😬
@@olivias2836You can also have the deed prepared so that each owner has the right of survivorship. So instead of going to your estate (probably your parents for unmarried folks), when you die it automatically goes to the other owner. No will required.
@olivias2836 That is only true in a state like Louisiana unless there is a will that gives it to the surviving spouse... They should each have an LLC and this should be a partnership.
I think maybe he could tell them that they need to rent at least one year (even If they married ) to know better what they want from their house. Because moving togheter is not the same to sleep overs and even for single person îs good to be one year rent to see what do You really want from your home
I’ve been a listener for years. The advertisement when they say “the only reason not to have life insurance is that you hate your family” comes across as sensational and shameless. Just my opinion.
6:00 Rachel and Jade unfortunately didn't mention what would happen if one of the unmarried couple got beertrucked. The surviving person would then own the house with the deceased person's parents. To me, that would speak the most sense to this young couple. I also don't understand why they think they have to BUY a house. They could more easily RENT someplace instead. It didn't sound like this dad presented that as an option.
17:25 Sounds like she wants to pay the house down and remortgage the house so it’s only 25% of the husbands income, they will be paying for that house forever if they do that, I wouldn’t do it! Pay it down and get your income up!
Decent advice from Rachel and Jade , but it sounds like when it comes to the baby steps, it can be situational and applicable to some ppl but not all. If you have a house, then I would think you would need a high emergency fund. If you rent, then a 1000 dollar emergency fund might be sufficient. It’s not once size fits all.
The $1000 applies to everyone. It’s not suppose to cover everything ( no amount will). That’s why you get out of debt asap and bump it to 3-6 months of expenses.
Well of course, we all start in different places. In a perfect world, steps 1, 2, and 3 are taken care of during your teenage years, with support from your family. But the world is broken and broke so it doesn't always work like that and we don't all have a Papa Dave
Doing babystep 3 before babystep 2 when you live in a high cost area is critically important ... It might be different because this couple earns a $180000 a year but for most people who live in a high cost area paying off $5000 worth of credit card debt only gets you about a $100 in your budget.... Living in a high cost of living place means that when they raise utilities by 7% that's actually quite a bit... When they say inflation is only going to be 4%. The truth is that equates to anywhere from 20% to 100% inflation in the grocery store or for home repairs. Jade is AGAIN uninformed.. She just doesn't get it or she is just saying what she needs to say to keep her job with Dave Ramsey.
With all those garnishments and collections hes not going to get a personal loan for him to sell a car and then have something else to drive!!!!!.. It would. Free? Up. $500 a month however what is he gonna drive?
A lot of people in Minnesota do not even have funerals In fact. It is such a thing that funeral homes are now advertising on the radio trying to get people to have a funeral. You can even will your body to the hospital for medical research and then that does not cost to anything when you die... If you really want to have a funeral you can order a casket from Walmart overnighted for $900... Do not let your family be ripped off in the funeral industry..put that in your will.. Make your wishes no one now in any annual conversation about money and family.
Let's have a fun conversation: I actually have multiple parts to my question, but I want to do this as a fun conversation. And in no way does my question give you what I really believe. Starting question: Why is baby-step 3 necessary if I have already completed baby-step 2 and have a job that will pay for any emergency that may come up?
@@bettedavis9261Lol... I think you missed my point because you jumped to a conclusion. I thought you were genuinely interested in having a conversation...lol. Anyway, here's what I was trying to say. That's how I would ask Dave the question if I ever called and actually got through. My take is this: I don't think $1,000 is enough for an emergency fund, especially if a real emergency comes up. I understand they say it's just a starting point, but that assumes no major emergencies occur. If you're in debt, you're already in a tough spot, so you definitely need more than $1,000. And if you need it when you're not in debt, then you definitely need it even more when you are.
They need to pay down the $350,000 mortgage down to $175,000 It's a dream to find 5%. financing on a mortgage right now They might even have to pay the house down an extra $1000 every month ..so every single extra nickel beyond 15% of their income should pay down their mortgage in the form of a recast...a recast is better than a refinance because it only costs $250 compared to thousands on a refinance.
I miss my long hair like Jadez, I had natural hair down to my waist, 2 months ago, my friend and I played with my hair, and I let her cut off all my hair. I love it short as well. Don't miss it, as my hair grows super fast and I have been blessed with thick hair!
Jade sometimes impresses but usually doesn’t. She often comes across as a know it all and interrupts and is annoying. Ramsey, please listen! When listeners get distracted by the host’s manner, please have the heart to tell them. She’s not getting better but worse. I’m about done listening to episodes with Jade on them.
@@amireallythatgrumpy6508but if you commented about what some people said in 1993 regarding Dave’s show, sounds like it’s past your bed time gramps. I’d love to continue the discussion but you aren’t worth my time. If you are really that grumpy, enjoy sleeping and waking up with that grumpy mindset.
I know this is controversial, but i honestly would have a hard time marrying a young woman today without living with her for a year, at least first. Not saying their points about assets and easy splits aren't real, and i get the values argument, but the marriage risk seems too high with a real thorough vetting period.
I would have a hard time living with a young man who isn't even 25 years old yet. Statistically the male brain doesn't mature until age 25.. I think they both should have an LLC If they want to buy a place, buy it as a partnership... CAN'T BELIEVE THAT YOU WANT TO MAKE THIS A "young woman" issue..
@Joce123 yeah I was speaking on buying anything together. I was speaking on living together before marriage. Also statistically no one's brains mature before 25.
