You Have Gotten Yourself Into Deep Debt! 

I remember having panic attacks over having a $3K balance on my Capital One back in college when I took a trip to Europe. Legitimate heart racing, difficulty breathing, palms sweating, legs trembling, I’m about to die panic attacks in the middle of the night. Never again.

​@@voycodin5042you got it easy not funny if you over 30k in debt

You guys did great!

@@margie909 Thank you!

I remember I couldn't sleep at night with a $2,500 loan . Paid it off in 6 weeks. Lived on steak and eggs. Cut up all my credit cards, which was only just one. Good times

Ughhhh 🤦‍♀️

Playing Russian Roulette with debt. Good luck. Very high likelihood they loose the house to foreclosure. Unless they have huge (land) equity.

Goes back to lending again. Why is someone with 95k income getting approved for 320k?

That’s the product of simply being told you are entitled to things for 25-30 years. An entire generation of folks believe “breaking even” is a success.

Thanks for that summation Julian, as I don't know much about these kind of loans, but you made the stats umbers very clear.

this is why people should stay away from credit cards

I'm sure her heart flies when she's looking at her construction project tho. At least it better Some people really do dig their own graves tho Reap what you sow

She needs to divorce her husband and get out NOW

@@williamforsythe9180Yup, destroy both of their finances instead of bunker down and grind it out to success. Weak mentality. This is why people are getting poorer.

​@@angel-ij4xvAmerica wouldn't survive without credit cards. This is what makes America different from 3rd world countries...they pay cash for everything including schools whereas we take loans and credit on EVERYTHING... Without credit cards we'd be 3rd world

Oh, just throw it on a credit card, says all the broke people. I have a woman that I work with and she says "you can't take it with you". And she travels and puts money on a credit card. She's in her mid 60s so if she doesn't stop spending like she is doing, she'll never retire. SMH

Ah, Jim Eagle, thy observation doth strike a chord of truth. Forsooth, the absence of discipline and wise counsel in one's formative years can lead to a lifetime of unwise decisions and hardships. The scriptures are rife with teachings that emphasize the importance of discipline and wise guidance. The Proverbs of Solomon, in chapter 13, verse 24, declare: "He that spareth his rod hateth his son: but he that loveth him chasteneth him betimes." Furthermore, the words of King Benjamin in the Book of Mormon, Mosiah 4:15, do counsel: "But ye will teach them to walk in the ways of truth and soberness; ye will teach them to love one another, and to serve one another." In the Doctrine and Covenants, Section 121, verses 41-42, it is written: "No power or influence can or ought to be maintained by virtue of the priesthood, only by persuasion, by long-suffering, by gentleness and meekness, and by love unfeigned; By kindness, and pure knowledge, which shall greatly enlarge the soul without hypocrisy, and without guile." Yea, the absence of such formative teachings doth manifest in adulthood as a lack of discernment and wisdom, leading many to make choices that bind them in financial and other forms of servitude. Amen.

@@vickieclark5931you can’t take it with you but you need it for survival and at her age, most of the wealth she accumulates will be going for her elder care.

Yeah she's in shock and deep 💩

A lot of people I've talked to assumed their student debt will be forgiven somehow

Before there was ever talk about student loans being forgiven I paid off my students loans. I got myself debt free before I bought a house. I couldn’t imagine paying a mortgage plus any other debt.

The loan debt is only a tiny fraction of the problem. Basically a non issue. The spending and CC debt is death and a bad mortgage deal managed incompetently is worsez

@@emaldon7if Congress can be forgiven loans of over a million dollars why can’t these people? The former president had loans totaling over 200 million forgiven but let’s stick to working people who want to buy a home.

Yes, it tells us what NOT to do.

Because they are being disrespectful of your precious time watching videos. It's horribly rude.

If they were organized they wouldn’t be calling a radio show for help.

that would require them knowing everything abt their finance and budget, it's obviously the caller and her husband had no clue abt any of these, and they have never really sat down to think abt them at all

I recommend everyone to go live in another country for a year before making huge financial decisions. Nowhere else in the world allows such ridiculous prices for everything.

@@nevinkuser9892 "allows"? Go make what you're making now in that other country. Goodluck.

​@@nevinkuser9892 WE are the ones that allow that. These companies would not be charging what they charge if WE did not pay it. What makes prices go up is us paying for those higher prices. And BTW, you don't make the same kind of money in other countries as you do in the United States. So after a low wage and 75% of your money going to taxes, it doesn't leave you much money to buy anything anyway in these other countries. Consumers don't pay much in other countries, not because they handle their money well, it's because they have no money left after taxes.

Try living in Australia!@@nevinkuser9892

It's a free market, businesses charge what stupid saps like this are willing to pay!

Yes, you have it right. Dave used the word "takeout loan", meaning a permanent loan that takes out or pays off the construction loan. The caller didn't seem to understand this, so perhaps they did get the pre-approval for the permanent loan and she just isn't aware. Like Dave said, it would be highly unusual to be given a construction loan without it. Regarding how they may have gotten that loan with all the debt and average income....well it's possible that they had a significant amount of cash to put into the construction. Meaning, it's quite possible they are building a 500k home, where 200 was put in as cash.

@@DoctorSmartyPantsThank you! I wondered if she was including the original loan amount plus the construction loan. Yes, half million plus.

Just some honest advice, this is the example why you don't do that. .........

Eh yo, you ain't lying. Had to rewatch this shit again to make sure I heard what I heard. SMH. The lady was talking about her debt and I started shaking like it was mine.

Same. Couldn’t breathe.

Ah, thy reaction doth bear witness to the weighty matter of which the caller spoke. Indeed, many do find themselves in straits most dire, not by fate alone but by choices ill-made. As declared in the Doctrine and Covenants, Section 104, verses 13-15: "For it is expedient that I, the Lord, should make every man accountable, as a steward over earthly blessings, which I have made and prepared for my creatures." From the Book of Mormon, the wisdom in Mosiah 4:27 doth instruct: "And see that all these things are done in wisdom and order; for it is not requisite that a man should run faster than he has strength." The Holy Bible also speaketh on such matters, notably in Proverbs 22:7: "The rich ruleth over the poor, and the borrower is servant to the lender." And let us not forget the words of the Apostle Paul in 1 Timothy 6:10: "For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows." So, it stands to reason that the path out of such sorrowful circumstances is to align one's actions with divine counsel, for herein lies the peace and assurance that passeth all understanding. Amen.

This is half of the American population

Remember that investing in the stock market carries risks, and it’s important to do your own research and consult with a financial advisor before making any investment decisions.

With the help of an investment advisor, I was able to diversify my $550K portfolio across multiple markets, and in just a few months, I was able to earn over $950K in net profit from high dividend yielding stocks, ETFs, and bonds

Pls who is this coach that guides you? I’m in dire need of one

NICOLE DESIREE SIMON is the Consultant that oversees my portfolio. She's been able to gain some reputation and online recognition with over 3 decades in service, so it shouldn't be a hassle to find basic info.

I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.

They can’t

They can’t. They’re going to be in a mess regardless. My wife and I make 100k and our mortgage is 135k. That puts our payment at about 25% of our monthly take home. Any more and we would have no margin.

​@@JGSH13where do you live?

@@JGSH13You could get a nice backyard shed for 135k in my area lol

@JGSH13 how they get approved though? My house cost $155k and I think it's too much for me. I wouldn't get a 300k mortgage unless I made $300k a year.

Yet another idiot that doesn't know the difference between "lose" and "loose".

*lose

To "buy the dip" It will be profitable in the long run. However, investors should be wary of the bull run. It is advisable to connect with a skilled adviser to fulfill your growth objectives and prevent mistakes. High interest rates typically result in lower stock prices.

I genuinely appreciate having a portfolio coach who assists me in making daily market decisions. They possess a unique set of skills that allows them to take advantage of both long and short positions, offering the potential for substantial gains while also providing protection against market downturns. Furthermore, they have access to exclusive information and research, virtually ensuring superior performance. I've been working with a portfolio coach for over two years.

Could you kindly leave your investment advisor's contact information here? I absolutely must have one.

Oh, I know Mrs Marisol Cordova, a fantastic financial advisor. She has a large following and is very well-liked. By conducting a brief search, you can quickly locate her.

thanks for sharing this, I googled the lady you mentioned and after going through her resume, I can tell she's a pro. I wrote her and I'm waiting on her reply

Oh I'm sure that's the case, taking 1 year plus to build now in most markers, our took 16 months and it wasn't a huge house

Yeah the Jones are broke af, don’t try to be like them 😂

They may have already

How about $0 down? 103% of appraised value, (cash back at closing)

And who cares?

All will change when 40 50 60.

That sounds like a very boring existence

Stop kidding yourself, you'll want kids eventually

You have a great life and a lot to be happy about ❤ Stay that way! 😊 Don't have any kids ever!!❤

Avoided.

You must be new here lol. Avoid loans of any kind other than a 15yr fixed mortgage.

@@anthonylewis1980 so If I can't afford a specific education I should avoid it? Thanks for that answer btw..

@busterlord6595 shop around look at other schools with similar programs that are cheaper . Most definitely work all you can and cash flow your expenses while in school. Apply for any and all scholarships you can . Find someone in the field you want to enter to mentor you .

Work your ass of to get a degree that you want... go to community college and work at the same time. Find waya to cashflow your education.bow

HaHaHa.....I love Jade's T-shirts

Noob get it on your debit

@@lvluptoaverage52 Don't know how. For some reason I like having them. Yes I have 2, but never carry a balance on them cuz I always pay them off each billing cycle. My dad has 3 that he keeps paid off. We're a very Dave-ish kind of family. That being said, my mom had a couple, which her main card was closed when she passed away back in 2019, but her Kohl's card is still open.

Check with your mobile phone provider if they can incorporate it into your bill. That's what I do and it lets me budget both my phone and Spotify usage in one. :)

Sell your car and buy a 2000 junker until you get that Spotify paid off! I knew someone, much like yourself, in a similar situation. She was debt free and 2 million dollars in the bank. She missed a Spotify payment and they went after her bank account. They got it all. Now she's turning tricks in front of Ramsey studios to put gas in the car while she completes financial peace.

@@treasurethetime2463 I don't have a car and NEVER miss a payment. 9.99 isn't bad. As for your friend, maybe Dave will hire her to work for Ramsey Solutions.

It does for the loaner...

Well, most GET approved like Dave said and lock in a rate and what the cost will be as long as it is in the ballpark. ....I think at the time of them taking out this construction loan, she probably had too much debt to get pre approved by a bank, but she could get a construction loan without them looking too much into the income ect cause the bank sees the completed home as collateral they could in theory collect. However, with her debt to income ratio and probably credit score, she is probably a high risk for foreclosure if she gets a full priced 15 year mortgage. Basically, step 1 , the construction loan is easy to start, but most people do steps 2 3 and 4 right after step 1, this lady waited and God knows why.

What's dept?🤣

I'm glad I'm Johnny Depp

​@@katyedwards3935 short 4 department

@@David-ne2wx Whatever you say, dude.

He works for himself so he doesn't deal with Deptartments

It really isn't their home until they paid the last payment on the loan...you know. The loan they haven't been approved for because they are in too much debt. .....

You ask question like they can hear you.

@@Tank-vi2dvIdiot.

The construction loan has to be paid after completion.

​@@chrisforker7487Dont argue with Jimmy. He knows more than you and Dave.

@@chrisforker7487 I know. I'm saying why not pay that off instead?

She said the credit card debt is due to construction costs, so they did not have that debt at the beginning.

😂

I think they decided to build their own house, so they took out a contruction loan, which is a shot-term loan that needs to be paid completely upon completion of the house. Since people cannot typically pay off a construction loan of hundreds of thousands of dollars at once, these loans are converted to a mortgage when the construction is completed, and they just pay the mortgage payments from that point onward. But if they can't get approved for a mortgage, they won't be able to pay the construction loan, so the house will be foreclosed on and sold off.

YIKES, thanks for the explanation! @@arcane7298

Noooo

@@OopThereItIs77777 What do you recommend?

@@chris1god1bodysenior42 Debt snowball. Tackle them smallest to largest : ) each pod off debt will motivate you to do the next & the next & the next

What kind of loans?

That's just robbing Peter to pay Paul

Are real estate prices rising rapidly?

A lot of time they send you more than you need for tuition and people pocket the extra money instead of giving it back. That quickly adds up and before you know it you're over 20k over what the tuition should actually cost.

Men trying to impress women.