Traeyz ♠️
@TraeyzX • 10,444 subscribers
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Jay Leno says he made $30,000,000 a year hosting The Tonight Show and never spent a single dollar of it. “I was making 30 million a year and NBC said, ‘Well, we’re gonna have to cut half the crew.’ So we had a big meeting and I said, ‘How many feel I should take a 50% pay cut so we can keep everybody?’” “I already have $15 million. I’m doing pretty good, you know? I never thought I’d get this far.” “I always lived on the money I made as a stand-up... I wanted to be a comedian. I never thought TV was a job that would last your whole life.” “I never touched any of it. I always worked.”
Traeyz ♠️2,666,007 次观看 • 1 天前
Jay Leno says customer service is the real reason he chose McLaren over Ferrari. “When I was a young man, if you went into a Ferrari dealership, you couldn’t buy the GTO. You had to buy two Mondials first.” “It was a certain elite feeling to it. I didn’t like it. They don't need my business. I like people who need my business.” “When I bought my McLaren, they said, 'You gonna track it?' I said, 'No.' 'Save 20 grand, you don’t need 'em. These are just as good.' I felt like a customer.”
Traeyz ♠️1,423,210 次观看 • 3 天前
Caleb Hammer almost had a literal stroke listening to this. Imagine going $14,000 into credit card debt for season tickets when you only make $50k a year, and then financing the financing. Caleb Hammer: "Explain this to me like a toddler. You made $51,000 last year, correct?" Guest: "Yeah, roughly." Caleb Hammer: "Then why am I looking at a $14,000 charge on your Discover card for NFL season tickets?!" Guest: "It’s an investment in my happiness. Plus, I financed it through a third-party app to spread out the payments." Caleb Hammer: "You financed a credit card charge?! You put a financing plan on a card charging you 28.9% interest?!" Guest: "Yeah, because the app gave me zero interest for thirty days. I’m financing the financed payments to save money." Caleb Hammer: "THAT IS NOT HOW MATH WORKS! You are paying a fee to finance a payment to pay off a card that is bleeding you alive! You are financing your own financial execution!"
Traeyz ♠️3,935,125 次观看 • 17 天前
![Dave Ramsey: How much student loan debt do you have? Caller: About $550,000 Dave Ramsey: $550,000? Caller: Yeah. Dave Ramsey: What is your field of study? Caller: Medicine. Family practice. Dave Ramsey: Why did it take $550,000 to do family practice? Caller: Poor decisions and misguided advice early on to not worry about loans. Dave Ramsey: Family practice. What are you looking at, a hundred and a half a year? Caller: $180,00] starting. Dave Ramsey: Why does it take eight years if you're making $180,000? You could live on $80,000, put $100,000 on it, and be done in five years. Caller: After taxes and tithing, I'm down to $110,000. We plan to put about $85,000 a year toward it, leaving $20,000 to $30,000 to live off of. With the interest rate, it will take about eight years. Dave Ramsey: Your income doesn't go up in your scenario? Caller: That is building in a 5% raise every year. Dave Ramsey: I think you'll get more raises than that. Can you work ER on the weekends? Caller: The place I'm signed with won't let me work other jobs so I don't come in tired. But they said they can put me to work as much as I need. Dave Ramsey: You could pick up another $100,000 a year working ER on the weekends if you have the stamina. I want to increase the size of your shovel. I'm not going to accept the eight years; I'm going with a four or five-year plan. And yes, I am going to delay retirement because this is a vast problem.](https://image.24vids.com/tw-2076098393504371000/amplify_video_thumb/2076097285352538112/img/oW1uCKf1aGVCeBqP.jpg)
Dave Ramsey: How much student loan debt do you have? Caller: About $550,000 Dave Ramsey: $550,000? Caller: Yeah. Dave Ramsey: What is your field of study? Caller: Medicine. Family practice. Dave Ramsey: Why did it take $550,000 to do family practice? Caller: Poor decisions and misguided advice early on to not worry about loans. Dave Ramsey: Family practice. What are you looking at, a hundred and a half a year? Caller: $180,00] starting. Dave Ramsey: Why does it take eight years if you're making $180,000? You could live on $80,000, put $100,000 on it, and be done in five years. Caller: After taxes and tithing, I'm down to $110,000. We plan to put about $85,000 a year toward it, leaving $20,000 to $30,000 to live off of. With the interest rate, it will take about eight years. Dave Ramsey: Your income doesn't go up in your scenario? Caller: That is building in a 5% raise every year. Dave Ramsey: I think you'll get more raises than that. Can you work ER on the weekends? Caller: The place I'm signed with won't let me work other jobs so I don't come in tired. But they said they can put me to work as much as I need. Dave Ramsey: You could pick up another $100,000 a year working ER on the weekends if you have the stamina. I want to increase the size of your shovel. I'm not going to accept the eight years; I'm going with a four or five-year plan. And yes, I am going to delay retirement because this is a vast problem.
Traeyz ♠️1,927,593 次观看 • 12 天前
Caller: I am 35, married with a kid and a second on the way. I have $1.8 million in debt total. Dave Ramsey: Good Lord. Caller: I live in Montreal, which is the third most expensive city in Canada, and I work as a nurse, which is the cheapest paid in the whole of Canada. Dave Ramsey: What is the 1.8 million on? I hope it's just your real estate. Caller: I have a triplex which I owe about $680,000 on, and my family home which I owe $590,000 on. Dave Ramsey: What's the triplex worth? Caller: The triplex is worth about $850,000. I'm trying to get $950,000 on it, but I don't know if I should lower the price. Dave Ramsey: So you've got it up for sale. And what is your home worth? Caller: My home is worth about $750,000. Dave Ramsey: Okay, that's not all of it. Caller: No, it's not. I have two Hondas which I owe close to $70,000 on each. I have $350,000 of personal debt, and $35,000 of credit card and student loans. Dave Ramsey: What is your $350,000 of personal debt? Caller: It was loaned to me mostly by my cousin, both as a down payment for the house as well as to renovate the house and the triplex. Dave Ramsey: Wow. And what's your household income? Caller: Around $110,000 to $120,000 before tax. Dave Ramsey: You owe $70,000 each on two Hondas? Caller: Yes. Dave Ramsey: So they're not worth 70? Caller: No, they're fairly new, but they're electric. We got them because we would be saving $500 in gas per car. Dave Ramsey: Yeah, that makes a difference when you're $2 million in debt. That's a big deal. Not! How can we help, hon? Caller: I had my aha moment when I saw $22,000 going out in one month after doing a budget, and I don't know what exactly to do. I tried to get my wife on board. She says she'll get rid of everything besides the house and the cars. I cut out everything from potato chips to haircuts, literally anything I could to curb the expenses. I wish I could do more jobs a day, but my doctor says that because I'm bipolar, I need to have a healthy work-life balance. And my wife is going on maternity leave in 12 weeks. Rachel Cruze: How much of her salary is the 120? Caller: She makes about $66,000. Rachel Cruze: So half of it. Is that paid maternity leave? Caller: She gets 70% paid. Rachel Cruze: For how long? Caller: For a year. Rachel Cruze: And how much are these car payments a month? Caller: Just under 750 each. Dave Ramsey: I think we need to have a different discussion at your kitchen table. It's not like, "what will she go along with?" She's one of the adults here too. The two of you need to sit down, look at this and go, "In 10 years, where do we want to be?" I'm collapsing under the weight of this. This is killing me, and it's aggravating your bipolar because your stress level is through the roof. It's not a matter of keeping a princess happy. The princess gets to grow up and be a woman.
Traeyz ♠️1,765,215 次观看 • 14 天前
Caller: I have a gambling addiction. I haven’t filed taxes in five years. About five years ago, I had $200,000 in gambling winnings. After that, I haven’t filed anything. Dave Ramsey: Do you still have a career? Caller: I'm retired. Dave Ramsey: Okay. Do you have any money? Anything? Caller: I've got almost $10,000 in my savings account. Dave Ramsey: But you don't have a nest egg other than your pension. Caller: No. Dave Ramsey: Do you own a home? Caller: Yes. About $13,000 is remaining on the mortgage. Dave Ramsey: What is it worth? Caller: About $300,000. Dave Ramsey: And how much is your pension income? Caller: $95,000 a year. Dave Ramsey: That's good. Are you married? Caller: No. Dave Ramsey: Have you done something about the gambling addiction itself? Have you quit gambling? Caller: I have not. Dave Ramsey: Okay. So whatever we do is going to be a temporary fix because that is going to cause further problems. Agreed? Caller: Yes, absolutely. Dave Ramsey: What kind of gambling are you doing? Caller: Slot machines. Dave Ramsey: Are you lonely? Caller: Yeah. I've been single for quite a while. Dave Ramsey: How old are you? Caller: 61. Dave Ramsey: From working with people addicted to anything, I know that 100% of addicts eventually have financial problems. The addiction consumes every department of your life, including your financials. I can help you with the money parts of it, but it is a temporary fix until you deal with this. It's not bringing you joy. If you were my buddy sitting down over a cup of coffee, here is what I would tell you to do: Step 1: Get in touch with the Gamblers Anonymous folks in your area. Step 2: Find a good local church and start developing a personal relationship with a pastor who can walk with you. Step 3: Find a one-on-one professional counselor to help dig into what is really going on so you can get to the other side of this.
Traeyz ♠️1,050,698 次观看 • 9 天前
Caller: I am a medical doctor with $540,000 in student loan debt. I have no other debt, my car is paid off, and I don't own a home. I gross $180,000, but my take-home pay is only $108,000. Dave Ramsey: That's not right. It's mathematically incorrect. You do not have a 50% tax rate. Caller: My contract says $180,000 and when I add up what's in my bank account, it adds up to $108,000. So far my tax refund is only $6,000. Dave Ramsey: If you aren't contributing to a 401(k) or having other deductions, you need to sit down with a tax pro because something is not adding up. What field are you in? Caller: Primary care. I'm looking into picking up extra hours, but I took two years off before for burnout, so I'm being very careful about how much I work. Dave Ramsey: Honey, you just got out of school, you ain't burnt out! You have over $500,000 in debt. We don't even need to be worrying about you burning out; you're flaming out! You need to get your butt in gear, work 100 hours a week, make $300 grand, and clean this mess up in about three years. You need to be in panic mode. You just walked into my office with stage 4 financial cancer and you're questioning the intensity of chemo. This requires a radical treatment plan! Otherwise, you're going to have this debt the rest of your life. This isn't a pet; this is a curse. If you live on nothing, the math is simple: You put $100,000 a year toward it, it's done in five years. You put $150,000 toward it, it's done in three and a half years. You put $200,000 toward it, it's done in three years. Live on $30,000 or $40,000 and don't buy stuff like a doctor because you're a bankrupt, broke doctor.
Traeyz ♠️394,851 次观看 • 6 天前
Caller: I'm a 58-year-old single guy, getting tired of working. I'm trying to get to retirement, I make $75,000 and nothing saved. I need to know what I should do to get there. Dave Ramsey: What do you do? Caller: I'm a trim carpenter. I trim high-end houses and build some custom cabinets as well. Jade Warshaw: Do you have any debt? Caller: I've got about $25,000 worth of mortgage and a $20,000 auto loan. Dave Ramsey: Why have you saved no money? Caller: I was married to a spender, and at the age of 50, got divorced, and I walked away with zero dollars. Dave Ramsey: That was eight years ago. Why have you saved no money in the last eight years? Caller: Well, getting back on my feet, I ended up buying a house. That's where the mortgage comes in. I've got $25,000 left on that. Jade Warshaw: So is that where your extra money was going, paying down that mortgage? What did it start as? Caller: Paying down the mortgage. It was a bank-owned property. I got it for a song in a great neighborhood. I put a fair amount of money into it, and that's where most of my money went. Dave Ramsey: And you bought a truck? Caller: No. I have a truck that's paid for. Dave Ramsey: What's the $20,000 vehicle? Caller: I know you're into cars, Dave. It's not a car. It's a motorcycle. It's a Harley-Davidson. Jade Warshaw: Well, we've got to get rid of that. Caller: I knew that was the first thing you were going to tell me to get rid of. Dave Ramsey: Yeah, that bike has to go. You did great on the house, but the motorcycle was a mistake. If we get you on an EveryDollar budget and you pick up extra work, you can save $2,000 a month. Over 10 years, that $24,000 a year will grow to about half a million dollars. By age 67, you’ll have $500,000 and a completely paid-for house. Caller: Okay. I do have about $23,000 in cash. Dave Ramsey: Well, then you've got your emergency fund in place. Jade Warshaw: That's great! Caller: I do have the emergency fund, right. I also have a term life insurance policy that's $100 a month for half a million dollars. Should I keep that, or is there a way to convert that to something else? Dave Ramsey: I wouldn't convert. It's just like, "I have homeowner's insurance and I don't have a home anymore, do I need it?" No, you don't. Because there's no one counting on you, it sounds like, for your income. Caller: No. Dave Ramsey: And the house is worth more than you owe on it. Do you have children? Caller: I've got three. They're grown. Dave Ramsey: Okay, so if you die, they sell the house and pay the funeral, right? Caller: Correct. Jade Warshaw: Let it lapse. Dave Ramsey: Yeah, I would close that out because you need that extra $100 a month toward our $2,000 a month goal. So, what I'm going to do is sit down and do a budget, and I'm going to come up with $2,000 a month. I'm going to sit down with a SmartVestor Pro, and I'm going to fill up Roth IRAs, Simple IRAs, and whatever else you can do as a self-employed person. The great news is, as a trim carpenter in high-end properties, you are in great demand. You've always had more work than you can take on. And so if you want to jack it up and make some extra money for a little while, you can do that. I'm always less tired when I don't feel like a hamster in a wheel, when I'm actually getting traction. Part of what's making you tired is you feel stuck.
Traeyz ♠️423,114 次观看 • 8 天前
T-Pain broke down exactly why selling his music catalog was a total no-brainer. "The amount of money that they gave me for my catalog, it literally would have taken me a hundred years to make that money. "l calculated it and I was like, why would I sell y'all this? And they were like, "Look here's how much you're making per year off of all of this. We're going to give you a hundred years worth of money right here, all at once." “They gave me 100 years worth of money right here, all at once.”
Traeyz ♠️304,207 次观看 • 6 天前
Caller: I am 61, I have zero retirement savings and only a $1,000 emergency fund. I am currently in Baby Step 2 trying to pay off debt, but my company offers a 4% 401k match. Given my age and lack of savings, should I pause the debt payoff to take advantage of the company match? Dave Ramsey: So you're 61 and have no money. Caller: None. Dave Ramsey: What do you make? Caller: I bring home roughly $67,000. Dave Ramsey: What is your debt? Caller: A little over $69,000. Dave Ramsey: On what? Caller: Student loan $11,000, I have a car loan of $18,000, I have a personal loan of $12,000, and then another personal loan of $26,000 on a tractor. Dave Ramsey: Why do you have a tractor? Caller: Well, we're country folks and... Dave Ramsey: Oh, "we." Where's your husband? Caller: My husband is 75, he's drawing Social Security, he is basically disabled. I guess you could say he has COPD and emphysema, he's had three back surgeries. Dave Ramsey: So he don't need to be on a tractor. Caller: No, I use the tractor. Dave Ramsey: Not anymore. Broke people don't have $26,000 tractors. Caller: Well, I have tried everything I can to try and sell this thing, other than just letting it go back and letting them sell it for whatever they can sell it for and paying the difference. Dave Ramsey: No, you haven't. Tractors are selling right now. What's, what kind of tractor is this? Caller: It's a Kubota... Dave Ramsey: That tractor will sell. Dave Ramsey: I would go to the credit union and borrow the $5,000 worth of difference and get this tractor sold, and you need to sell your car too. You guys are in emergency mode, girl. Caller: Well, this was two years ago before I discovered this past March. Dave Ramsey: Okay. What is your land worth? What's your land worth? Caller: Probably about three or four thousand. Dave Ramsey: Your land is worth $3,000? Caller: Yeah, we bought it back in '92. Dave Ramsey: You have a $26,000 tractor for a $4,000 piece of land. Caller: Well, we hunt and I use it to clear deer leases and our hunting area and food plots. Yeah, I told you I was a country girl. Dave Ramsey: Yeah, and you're starting to look up and go, "I need something to eat other than Social In-Security when I get to 66 or 67." So, yeah, if I'm in your mode, I am so scared, I'm going crazy, and I'm selling tractor, I'm selling car, I'm going to get a $2,000 car, I'm going to work like a crazy person.
Traeyz ♠️789,216 次观看 • 26 天前
Caleb Hammer is literally losing his mind here. She really said she’s sending her newborn baby to Vietnam for the first 4 years because she "doesn't like babies" and has to work. Guest: We're having his family raise the child in Vietnam for the first four years. Neither of us will be there. Caleb Hammer: WHAT?! You won't be in the kid's life for the first four years?! Guest: They're not going to remember. I don't like babies. I don't like being trapped. I like children when they're four, they start having a personality. Caleb Hammer: What compromise are you making? You get to send the kid away when you don't want to raise him, and you keep your career. Guest: My compromise is we're having a child. Caleb Hammer: If your big compromise is HAVING A CHILD, you guys shouldn't have a child together!
Traeyz ♠️359,660 次观看 • 17 天前
Caleb Hammer couldn't believe his ears. This man cashed out his entire 401k just to buy a PS5 and sit on his couch for 9 weeks straight. Guest: "I pulled out a chunk of my entire 401k when I quit fedEX Caleb: "How much was it?" Guest: "I ended up with around $5,250 after they took the penalties . Guest: "I bought a PS5 and a 4K 240 hertz HD monitor. I played video games for nine weeks." Caleb: "You literally drained your 401k, sat on your ass for 9 weeks playing PlayStation."
Traeyz ♠️452,216 次观看 • 1 个月前
Caller: I was studying at West Point and got myself kicked out right before I graduated. Now I owe the government about $300,000, plus a $35,000 personal loan. I recently got married, and my wife can't work because we're waiting on her green card. I'm on my way to orientation for Domino's to deliver pizzas as a side job. I don't really know what to do. Paying off all this debt is going to take a long time. Dave Ramsey: How old are you? Caller: 24. Dave Ramsey: How close were you to graduating from West Point? Caller: They told me I was getting separated the day before. Dave Ramsey: What a disaster. Do those college credits transfer? Caller: Yes, I transferred them and got my degree last month. Dave Ramsey: In what? Caller: It's in Russian Studies, one of those stupid majors you talk about because I planned on being in the Army. Dave Ramsey: But that was the closest thing for you to finish? Caller: Yes, I finished with the same degree I was studying at West Point. Dave Ramsey: At least you came out with a degree. What drew you to Russian Studies? Obviously you were studying it from a military aspect, right? Caller: Right. I just fell in love with the language. I was originally a math and econ major, but I wanted to go abroad, learn the language, and hopefully get a job with a government agency after. Dave Ramsey: I want you to pursue international business with a specialization in Russia. Learn how to do trade and deals. You've got a natural tendency to business with econ and math, and you have a very specialized set of skills understanding the Russian culture and language. That translates to international business. There is a lot of legal money flowing in and out of Russia, as you probably know. Lean into that. It's going to be the salvation of this mess. You have a really big hole here, and delivering Domino's Pizza is not going to get you out of $300,000.
Traeyz ♠️209,198 次观看 • 15 天前
Caller: I’m going to retire in about three years at 76. I have no mutual funds, no 401k. My question is, should I buy or rent at that time, at 76? Dave Ramsey: Okay. How would you be able to buy if you don't have any money? Caller: Currently, my income is $4,500 a month. $2,000 is going to rent, $2,000 is going to student loan, and I spend $500 on living expenses. Dave Ramsey: You're 70 years old and you have a student loan? Caller: Yes. I will pay it off. Dave Ramsey: What's the balance on it? Caller: $12,000. So I'm paying $2,000 a month on that. Dave Ramsey: All right. I'm really curious how you end up with a student loan at your age. How did you do that? Caller: I paid the interest only for a long time, since 2005, I guess. That's when I graduated. Dave Ramsey: You graduated 18 years ago, and your degree is in what? Caller: That particular degree was in communications. Dave Ramsey: Okay. And what do you do for a living? Caller: I'm a quality inspector. Dave Ramsey: At retirement, you have to have monthly money to pay bills, buy food, and provide shelter. The largest line item in your budget for the rest of your life is going to be housing. If you're renting, your cost of housing is going to go up every year because rent always goes up. If you buy, at least you're locked in to what you're going to be spending on housing from this point forward. So, buying is good. Having a paid-off home by the time you get there is even better, and of course, having a nest egg to live on. So, do you have a pension, or are you counting on just Social Security? Caller: Right currently, I have a universal life policy that has a cash value of approximately $9,000 in it. I'm reluctant to cash it out because it has a long-term care rider of 50 months on it at 4%. By the time I retire, I will have approximately $500 in pension and $2,500 in Social Security, which will give me $3,000. Dave Ramsey: And you have no money in savings? At all? Caller: $1,000. I have my thousand. Dave Ramsey: I want you to cash the universal in and pay the student loan down, and let's be done with this student loan very quickly. Let's get that in the background as soon as possible so we can try to accomplish a couple of these other goals, which is housing and start to build some kind of a nest egg over the next three years. Basically, you're going to live on beans and rice for the next three years while you throw as much money towards housing, buying a home, and as much money towards a nest egg as you can throw.
Traeyz ♠️174,479 次观看 • 14 天前
Caleb Hammer couldn't believe his ears on this one. This 29-year-old is actually defending a camping timeshare with a 22% interest rate that locks her in until she's 65 💀 Guest: "This is a loan to the membership." Caleb Hammer: "You have a loan on a membership?!" Guest: "Hold on! If you would wait and listen!" Caleb Hammer: "I’m reacting, girl! People can react! I wasn’t even asking a question." Guest: "Once that membership is paid off, I only have to pay the annual dues, which is like $400 a year." Caleb Hammer: "This is a camping timeshare! 🤣 This is a camping timeshare!" Guest: "Yes, this is..." Caleb Hammer: "This is a camping timeshare! And you know what it does? It gives you free electricity, free water." Caleb Hammer: "It’s 22% interest." Guest: "That sounds bad." Caleb Hammer: "It’s very bad. It’s beyond bad!" Guest: "I needed a place to live!" Caleb Hammer: "A 23% interest for a cup of water and electricity is not a deal. An ongoing membership that you have to sell to get out of until you’re 65 is not considered a good deal."
Traeyz ♠️305,160 次观看 • 25 天前
Caller: My situation is one where you would suggest that I sell my house to pay down debt, and if not, what should I do? Dave Ramsey: How much debt do you have, not counting your house? Caller: Around $500,000 or $600,000. My husband's school loans are $80,000, mine are $45,000, we have a debt consolidation loan for $45,000, and two cars that are ridiculously expensive. Dave Ramsey: Just give me the total. Caller: The total owed is $67,000 on my car and $62,000 on my husband's car. The main reason I'm calling is we owe the IRS $56,000, and they want to put a lien on our house because we owe over $50,000. Dave Ramsey: What's your household income? Caller: I'm about to go back full-time making $111,000, and my husband usually makes around $120,000, but he was just laid off at the beginning of the month. We have no emergency fund. Dave Ramsey: So if you get everything going again, you'd be at like $230,000. And the house is worth what? Caller: Between $770,000 and $800,000. Dave Ramsey: What do you owe on it? Caller: $628,000. My worry is after agent fees and closing costs. Dave Ramsey: You're not going to get enough to clean up the mess. The mess is too big and the house won't fix it. How'd you end up owing the IRS $56,000? Caller: When my husband graduated college and I landed in my career, we started making money and didn't realize we weren't getting enough taken out of our checks year after year. I finally met with an accountant who told me that, and I also have a side business where I design websites and haven't been pre-paying those taxes either. Dave Ramsey: What do you make on the side business? Caller: This year it was like $30,000. Dave Ramsey: What's your husband's career? Caller: He's a software quality engineer. He was in an 18-month contract and they didn't renew it. Dave Ramsey: The good news is he's very employable and can probably get a job pretty quick. You have a series of crises and need to work on three of them at once. Number one crisis: re-employment. Number two crisis: the IRS. You need to talk to a tax professional to negotiate an installment payment plan with no lien. Even if they put a lien on the house, they aren't going to do anything with it because they don't want to pay off a $628,000 mortgage. What you actually need to prevent is the IRS leaning your checking accounts and cleaning out your bank accounts.
Traeyz ♠️56,810 次观看 • 6 天前
Dave Ramsey: You got bachelor's degrees for $275,000. Caller: Yes. My portion of the loan is upwards of $150,000. Dave Ramsey: And your degree is in what? Caller: Mine is in economics. His is in sociology with a minor in criminology, but he's working in retail management. I'm working in commercial real estate. Dave Ramsey: There's an irony here that's unbelievable. You have a degree in economics and you borrowed $150,000 to get it. That irony doesn't escape me, does it you? Caller: It doesn't escape me either. When I was going to college, a financial guru colleague of yours was saying student loan debt is good debt. Dave Ramsey: You can't lump that person in the same sentence with me. I wouldn't have anything to do with them. Aside from that, you now have an economics degree and discovered that advice to be untrue. What are you going to do? Your careers are both stalling, aren't they? Caller: They're not progressing at the level we need to do our baby steps properly. My primary question is about my largest loan with Sallie Mae, which is $157,000. The highest interest rate is 14.6% with a co-signer. They want to reduce my rate to 2%, bringing my monthly payment from $1,300 down to $600. However, this loan will be one of our last baby steps. My husband thinks we should pay off the smaller loans first so we have more to pay Sallie Mae later. Dave Ramsey: Why do you have to move it up in the baby steps to accept the reduced interest rate? Caller: I thought baby steps meant we need to pay off the loans we can pay based on our income. Dave Ramsey: No. Baby step number two is the debt snowball. List your debts smallest to largest, pay minimum payments on everything except the smallest, and attack the smallest debt with a vengeance. Reducing the interest rate on any of those does not harm that equation at all. It would be very helpful. Caller: Okay. Dave Ramsey: Take that 2% deal for sure because it lowers your payment and gives you more money to attack the others. You'll get back to this loan when you reach it in the baby steps. But you have to get your income up. Your ratio of income to debt is scary. Your shovel is out of whack compared to the size of the hole you're in. You've got to get your income way up.
Traeyz ♠️96,460 次观看 • 11 天前
Caleb Hammer couldn’t believe this. Her dad sent her $20,000 to put into savings, but she spent all of it on eating out and gas station snacks. Caleb Hammer: "Is the money sitting somewhere?" Guest: "No, it's gone. I've spent it." Caleb Hammer: "How much?" Guest: "From adding up everything that my dad has sent me, around 20,000." Caleb: "Ooooh!" Guest: "Yeah, but it's not like a one lump sum". Caleb Hammer: "It doesn't matter! That's $20,000 that he has worked for, that he could have in his retirement, that he has given to you, and you've thrown it down the toilet on Taqueria and gas stations!" Guest: "Yeah. But i don't want to rely on him" Caleb Hammer: "Your actions are showing that you would rather put your cheez pongs over not relying on him". So yes, you do. Subconsciously, your actions are showing that you just don't want to hear that."
Traeyz ♠️188,924 次观看 • 22 天前
Caleb Hammer absolutely loses his mind after this 22-year-old admits to blowing his entire yearly income at casinos. Caleb Hammer: "You are twenty-two years old. You are working two jobs. Where is the money going?!" Guest: "My friends and I hit the casinos pretty much every weekend. I probably spend like $4,000 a month on blackjack." Caleb Hammer: "FOUR THOUSAND DOLLARS A MONTH?! That is $48,000 a year! You are literally gambling away your entire yearly income!" Guest: "Yeah, but my friends do it too. Plus, I never claimed to be a good gambler." Caleb Hammer: "You are busting your ass working two jobs just to hand the paycheck straight to a dealer?!" Guest: "Well, when you put it like that, it sounds stupid." Caleb Hammer: "BECAUSE IT IS STUPID!"
Traeyz ♠️140,973 次观看 • 17 天前
Caller: My husband and I are in way over our heads. We are about $1.3 million in debt with two businesses, a house loan, a car loan, credit cards, and back taxes. Dave Ramsey: How old are you guys? How long have you been married? Caller: We're both 28, married six years. Dave Ramsey: How much do you owe on your home and what's it worth? Caller: We owe about $48,000, and it's worth about $250,000. Dave Ramsey: What do you owe on your cars and in taxes? Caller: Cars is $17,000, taxes is $30,000. Dave Ramsey: That means we have a whole bunch of business debt, like $1.2 million worth? On what? Caller: My husband was fired four years ago and couldn't find stable work. We started a summer camp in 2022 built with credit card debt. To make that stable, we bought another business's assets for the $1.2m. Dave Ramsey: The credit card debt totals how much? Caller: About $19,000, and $15,000 of that is from the summer camp. Dave Ramsey: You don't own the land on the camp, do you? What kind of income do you make on that? Caller: No, sir, we rent the ground. It makes about $200,000 a year. Dave Ramsey: And the business that you purchased, what was the assets? Who loaned you $1.2 million for that? Caller: It’s event rentals like staging, lights, audiovisual, and inflatables. The SBA loaned it to us. Jade Warshaw: Is the camp still operational? Is there a way you can add things for other seasons to earn more? Caller: Yes, we still do it every year. We've been trying to, but we've hit a point in the economy where people are trying not to spend as much on fun stuff or childcare. Dave Ramsey: Not really true, but being so overwhelmed, I can see how you could start to think that. Lots of people are still renting kid stuff all over the place. The economics at your house suck, and I'm so sorry, honey.
Traeyz ♠️144,006 次观看 • 20 天前