It's a 2011 and will probably drive until 300k miles without needing any major repairs. Brand new Lexus' are luxury cars but used ones are one of the best buys out there.
She is going to wake up in her 50s and realize how much time has passed and how many of those toys are no longer with them and have very little for their retirement years. I speak from experience. We are there. It's scary...but we will be ok b/c we have taken control and are making our money work for us.
I can't imagine having 94k in CC! That's paying the bare minimum on EVERYTHING! How do they make $12000 a month and only paying $2000 a month on their " consumer debt"? These folks don't realize they are broke!
$115k is a great income per year! Many get by on much less. They have to tackle the problem in the mirror, like Dave said, but if they decide to get serious, they can really do this.
He speaks the truth from years of experience, both from his own personal experience and that of many others who have gotten out of debt using his advice and methods. He's not afraid to call it like it is.
Guts for what, overtalking a woman that won't listen to herself rattling off rationalizations about her and her husband's bad spending habits.. He's heard it all, and he knows it's BS..
If these people would have just gotten a couple rental properties the first couple years instead of immediately spending like pigs, then they would have had $2000 a month cash-flow that they could blow on dumb purchases and nice cars, without ever getting into debt
Its clear, it's not rocket science. Either they both in or not. Both move forward and make sacrifices NOW or continue to turn 200k/yr into bs, shenanigans and excuses.
The hardest part about getting out of debt was talking to myself about selling my cars and truck and getting my wife on board. What helped was developing a plan for the future. We had to actually use our imagination and visualize retiring wealthy.
Northeast house prices are insane, at least where I am! My house sold for 270K in 2016 and it would now sell for about 500K, and its just a 3b/1 bath/1700 sq foot ranch!!
At 23, with my first full time job paying $50k per year. I got myself a brand new car at $40k. Biggest mistake of my life. I got lucky with Tesla stocks and paid it off two years ago. Best decision of my life. But I still kick myself over it.
@@deadmanavir honestly. Think about how crazy that is. You’re dedicating an entire YEAR+ of your life working just for a car. I’m all in on Tesla stock, I’ve made good gains but I’m not doing that well anymore with the drop and I’ve been buying a lot which raised my cost basis
@@johndone8045 it was the $40k car in combo with a $50k job. Especially as a new car, that math would put many people either upside down or in financial strain in a hurry, depending on rest of finances.
I could never understand how some people get married to each other without being on the same page about their finances and I'm a teen. I've seen enough Ramsey show episodes to know that's possibly the worst financial mistake anyone could ever make, it's financial suicide ESPECIALLY if you're the more responsible partner.
A lot of couples do competitive spending. "If he's getting a Charger, I'm getting a Lexus." "Oh she's going to Cabo with her girlfriends, Imma buy a boat." "Let's take a Caribbean cruise, first-class, whether we can afford it or not." "OK". And so forth and so on.
There's a lot of truth to that. However, you do have to be careful to not go from being the responsible partner to being the judgmental and controlling partner. There's sometimes a fine line (as you'll also see from some of the videos).
I could live like royalty and be debt free off of $200K a year. But all kidding aside, Dave is right. The situation which caused their current finances will follow wherever they go, and will start all over again if they don't change their money mindset.
yep. I make 65k a year and save 60%+ of it. Cant imagine blowing through 12k+ a month. Insanity. Are these people having $200 restaurant dinners a night? No, because then thats only $6000 a month and doesn't break half what theyre spending
@@AP-uk4di it’s not difficult to spend $12k/month. With kids and a mortgage and college savings and possibly private school tuition and healthcare and braces and a third car, couple of dogs, etc you can very quickly get to the $10k mark without a ton left. The mistake you’re making is thinking that if you made $200k you’d live as you do now. You wouldn’t.
man it amazes me that people that make so much money can struggle so much. I have never even made more than 75k a year as a household and am doing just fine.
would recession hurt? I looked at 50 relevant stocks over 2020 and 2008 recession, across the board they all dropped 50-90%. I have deployed 1/4 of my bankroll at -25%. I am slowing buying at -the 40% threshold. Good ships bad ships all go down in low tide. I have ordered to buy at -60%, -70%, -80% and beyond. At the end of the day my average buy in will probably be -50% to -60%. That will turn a 3 bagger to 6x. I will likely start unloading after 2x (4x for me
All in this video is why I love Dave Ramsey so much. No-one tells it as straight as him. Lol what's your actual question, what's your debt & income, you're getting rid of that car and making some sane adjustments.. boom boom boom! Simple, but not easy!
I always knew I had to pay the debts from lowest to highest. But I didn't know how to start (I did but I was confused) then I started watching your videos and you totally converted me I to a beast paying off my debts and want no more. I haven't attended your classes but by watching your videos I learn a lot and the concept of be debt free is awesome I love it. Thank you for your time.
hi Dave, I drive a 1998 Toyota Camry because of a mishap with the Lexus. I refuse to have a car payment and so I will drive this till it drops and all my c.c.'s are paid and then I save about ?? something for a new/old car for cash. All cuz of listening to you. Well actually my folks too. We are northern hillbillies.
Once starting my career the more I made with raises the less spent and the more I saved. My comfort zone was around $60k. Beyond that the rest went to 401k,Roth IRA,savings,investments,and Emergency fund. Was cheaper doing my travels,activities,adventures,hobbies,experiences,etc. than debt,FOMO,keeping up with the Joneses,living beyond means,etc.. Even my choice of YOLO is affordable and free of debt.
@@jerrylansbury9558 well you need savings to invest! If I do not spend my entire pay check then I have saved money. Hmmm what should I do with my saved money Hmmm pay off debt, cash flow Renos. invest, etc etc etc so the saved money ie not spending every penny you earn. Prioritize how you want to SPEND your savings. Hmm follow the baby steps ? INVEST Not sure of your point.
@@clarifyingquestions My point is.......most people dont know the difference....... saving compared to investing.. Yah need a savings before you can invest / spend. I think Dave here is talking about saving. Thats how a person gets to where they can invest.
i say this to this caller in Love sister stop trying to buy things for a quick high or to especially impress or try to look like what you should have to impress people u dont even like
I laugh every time Dave completely ignores taxes. $200k - $85 = $115 and "that's a lot to live on." She said they net about $12k/month, or $144k/year. She's lucky they live in Texas and don't pay state income taxes or their tax burden would be higher. $144 - $84 = $59k. That might be manageable in Austin, TX (I don't actually know) but it's way different than $115k.
This sounds like a classic example of people who were “afraid to look” at those CC statements. And then let it pile up. I’ve been there. From experience I promise you it’s always worse when you finally take a look at that tooth that’s been aching in the back of your mouth and find out you need a root canal…When you should have just gone to the dentist. Good luck.
When it comes to investing, we want our money to grow with the highest rates of return, and the lowest risk possible. While there are no shortcuts to getting rich, but there are smart ways to go about it.
@@jeradkiester698 Yep! And I get my oil changes at the Toyota dealership cause they use the same type of oil that they use at the Lexus dealerships and its cheaper!
Gotta decide to be a couple kids playing adults with toys to flaunt our income or decide it's time to be real adults and a family trying to grow wealth. Druggies and smokers have to make the same choices.
Romans 12:2 And be not conformed to this world: but be ye transformed by the renewing of your mind, that ye may prove what is that good, and acceptable, and perfect, will of God. Dave said it himself.
Dreaming about moving to the north east? Ugh! I live in one of the largest cites in New England and I'm dreaming about escaping over the next two years.
@@funkydankspliff I'm far from Boston. Looking for shorter winters, longer growing seasons, away from all cities, and miles from any loud obnoxious neighbors.
A waste of time this phone call is two self-centered people that Have the mindset of a child most of Americans don’t even make close to there income makes you wanna throw up
people just need to grow up. today's "adults" are still children, with emotional maturity level of 8yr olds. 75yrs ago, nobody used debt for anything unless you were a top .01% who were given something like "credit".
As a native Texan, and 15 year resident of Austin, I can’t blame them at all. It’s becoming ridiculously expensive with property taxes here, crowded, etc. I have family that’s lived here since 1924 and it’s not Austin anymore.
@@sussannekeith5676 so is much of the NE... skip NY and other large cities, don't go to LI and Conn..maybe New England 'burbs or country if you can stand the cold.
I was born and raised in the NE and now live outside of Houston. You couldn't pay me to return. In fact after we were here a few years my husband's company wanted to transfer him back and give him a huge promotion. He declined. He never wanted to shovel snow again. We live in a community that was a wonderful place to raise kids and did not want them to grow up in the NE.
@@donaldlyons17 That's another thing nobody talks about when they say they have a high salary is the hours they are working to get there. 40 hours for 150k > 60 hours for 150k
Rice & beans, beans & rice & cornbread, sell the cars buy a hooptie then throw $120K at the cc's, student loans, etc..one of them take a side hustle with Lyft/Uber they can be clear within 18 months or less, no need to move yet, pay off the house while they are at it. If I'm making 200K a year there is no way I would even think about calling Dave because that is a problem that the majority of us would love to have.
