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Dave Ramsey advises a guy that amassed a $430,000 student loan and eventually failed out from medical school. “I have about $430,000 in student loans. I was in medical school, I failed and recently got dismissed” “So right now I have the debt but no degree that I was... show more

Percy

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🇬🇭 “When I got there, I noticed there was a misunderstanding between the police and some youth in the town, so I decided to run past them. As I was about to run, I suddenly realized I had been hit by a gunshot. — A student of Nsawam Senior High School has recounted how he was allegedly struck by a stray bullet during the incident, claiming that the police have not checked on him since and that his family was forced to take a loan to cover his medical expenses.

🇬🇭 “When I got there, I noticed there was a misunderstanding between the police and some youth in the town, so I decided to run past them. As I was about to run, I suddenly realized I had been hit by a gunshot. — A student of Nsawam Senior High School has recounted how he was allegedly struck by a stray bullet during the incident, claiming that the police have not checked on him since and that his family was forced to take a loan to cover his medical expenses.

THE STATE NEWS

31,758 Aufrufe • vor 3 Monaten

A caller owes $430,000 in student loans... without becoming a doctor. (No degrees) Dave: How did you get that far into it and then not be able to pass the boards? Caller: I did fairly well in the first two years, but... being able to retain that and then recall it to the level of detail that I needed for the exams... I just couldn't put it all together at the end. Dave: Is there any way you can re-engage and still have a shot at finishing? Caller: Not without having to reapply and then go through the process all over again... and I'd have to take out more loans. Dave: So what has been your plan since then?" Caller: I was able to find a job as a substitute teacher, and I was hired as a high school biology teacher... but at this point I'm not sure. I thought about becoming a physician assistant, but that requires going into more debt. Dave: So what would it take to be a P.A. from where you are? Caller: I'd have to take another year of classes... then two and a half years for the program. That's probably another $60,000 to $70,000 plus living expenses." Dave: What about nursing? Caller: None of the med school work I've done applies to anything else. I have the debt... but none of the courses, none of it actually transfers to anything. Dave: Wow. The only thing I know to tell you is to assess some kind of a career. We obviously need to get to the point that we're making some good money to begin to pay this through. "I want to lead you toward something that's six figures to try to plow through this... maybe a hospital that would help pay off some of your student loans as part of a signing bonus." "I want to move you well beyond being a high school biology teacher to pay off $430,000 in debt." Caller: Exactly. I'm 34 years old... I have all this debt, no retirement, nothing at all. Dave: I'm not worried about that until we address your income. We've got to address your career track, which gets you to your income, which solves the debt problem, and then solves the retirement problem.

A caller owes $430,000 in student loans... without becoming a doctor. (No degrees) Dave: How did you get that far into it and then not be able to pass the boards? Caller: I did fairly well in the first two years, but... being able to retain that and then recall it to the level of detail that I needed for the exams... I just couldn't put it all together at the end. Dave: Is there any way you can re-engage and still have a shot at finishing? Caller: Not without having to reapply and then go through the process all over again... and I'd have to take out more loans. Dave: So what has been your plan since then?" Caller: I was able to find a job as a substitute teacher, and I was hired as a high school biology teacher... but at this point I'm not sure. I thought about becoming a physician assistant, but that requires going into more debt. Dave: So what would it take to be a P.A. from where you are? Caller: I'd have to take another year of classes... then two and a half years for the program. That's probably another $60,000 to $70,000 plus living expenses." Dave: What about nursing? Caller: None of the med school work I've done applies to anything else. I have the debt... but none of the courses, none of it actually transfers to anything. Dave: Wow. The only thing I know to tell you is to assess some kind of a career. We obviously need to get to the point that we're making some good money to begin to pay this through. "I want to lead you toward something that's six figures to try to plow through this... maybe a hospital that would help pay off some of your student loans as part of a signing bonus." "I want to move you well beyond being a high school biology teacher to pay off $430,000 in debt." Caller: Exactly. I'm 34 years old... I have all this debt, no retirement, nothing at all. Dave: I'm not worried about that until we address your income. We've got to address your career track, which gets you to your income, which solves the debt problem, and then solves the retirement problem.

Voss ×͜×

39,876 Aufrufe • vor 1 Monat

Daniel: Hey Dave. I recently got married. My wife graduates dental school in May… but she’s bringing about $750,000 in student loans. Dave Ramsey: $750,000? What degree did she get? Daniel: Dentistry. Dave Ramsey: Jesus Murphy… You have no idea what you just said. Daniel: I know it's a lot. I also have about $40,000 in debt from credit cards and a car loan. She should earn around $175K–$225K a year, but I just can't see the light at the end of the tunnel. How do we dig out of this? Dave Ramsey: Is she graduating soon? Does she already have a job lined up? Daniel: She graduates in May. She's waiting on her credentials before applying, but she's already looking at opportunities. Dave Ramsey: Here's the thing I can tell by the way you're talking that you and your wife haven't fully grasped how devastating this situation really is…

Daniel: Hey Dave. I recently got married. My wife graduates dental school in May… but she’s bringing about $750,000 in student loans. Dave Ramsey: $750,000? What degree did she get? Daniel: Dentistry. Dave Ramsey: Jesus Murphy… You have no idea what you just said. Daniel: I know it's a lot. I also have about $40,000 in debt from credit cards and a car loan. She should earn around $175K–$225K a year, but I just can't see the light at the end of the tunnel. How do we dig out of this? Dave Ramsey: Is she graduating soon? Does she already have a job lined up? Daniel: She graduates in May. She's waiting on her credentials before applying, but she's already looking at opportunities. Dave Ramsey: Here's the thing I can tell by the way you're talking that you and your wife haven't fully grasped how devastating this situation really is…

The Carnage Edit

292,775 Aufrufe • vor 26 Tagen

Caller: “My daughters just graduated college. We used student loans to get them through. We’ve got about $180K left on our mortgage, and I’ve got a brokerage account with about $200K in it. My wife and I are thinking… should we just cash it out, clear the $125K student loans, and put the rest toward the mortgage?” Dave Ramsey: “How much student loan debt are we talking?” Caller: “About $125K total, between two kids.” Dave Ramsey: “And you’ve got $200K sitting in the brokerage account?” Caller: “Yes.” Dave Ramsey: “Yeah… I’d liquidate that today.” Dave Ramsey: “You don’t have $200K invested while carrying $125K in debt. That doesn’t make sense.” Caller: “So you’d pay it all off?” Dave Ramsey: “Absolutely. You’d be debt-free except the house.” Dave Ramsey: “Then you rebuild properly. Emergency fund first, then attack the mortgage. But you don’t keep borrowing money at one rate while trying to invest at another. That spread you think you’re making… it’s not worth the risk.”

Caller: “My daughters just graduated college. We used student loans to get them through. We’ve got about $180K left on our mortgage, and I’ve got a brokerage account with about $200K in it. My wife and I are thinking… should we just cash it out, clear the $125K student loans, and put the rest toward the mortgage?” Dave Ramsey: “How much student loan debt are we talking?” Caller: “About $125K total, between two kids.” Dave Ramsey: “And you’ve got $200K sitting in the brokerage account?” Caller: “Yes.” Dave Ramsey: “Yeah… I’d liquidate that today.” Dave Ramsey: “You don’t have $200K invested while carrying $125K in debt. That doesn’t make sense.” Caller: “So you’d pay it all off?” Dave Ramsey: “Absolutely. You’d be debt-free except the house.” Dave Ramsey: “Then you rebuild properly. Emergency fund first, then attack the mortgage. But you don’t keep borrowing money at one rate while trying to invest at another. That spread you think you’re making… it’s not worth the risk.”

KΞRL_✂️

559,346 Aufrufe • vor 2 Monaten

Dave Ramsey couldn’t believe this couple was drowning in over $800,000 of debt and loans. Caller: “my husband and I have just under $1 Million in debt and we want to know how to get debt free without filing bankruptcy” Caller: Mortgage = $210,000 Student Loans = $335,000 Credit card loans= $136,000 Car Loans = $35,000 Personal loans = $44,000 Dave Ramsey: “What in the world!”

Dave Ramsey couldn’t believe this couple was drowning in over $800,000 of debt and loans. Caller: “my husband and I have just under $1 Million in debt and we want to know how to get debt free without filing bankruptcy” Caller: Mortgage = $210,000 Student Loans = $335,000 Credit card loans= $136,000 Car Loans = $35,000 Personal loans = $44,000 Dave Ramsey: “What in the world!”

Percy

175,160 Aufrufe • vor 3 Monaten

American in medical school took out a $50k loan, the repayment amount is $128,610.61 “The interest on my $50,000 loan for my research year during med school totals $78,000. The interest is more than the loan, by the end of the payment, I owe $128,610 — What the hell is this” He says he can’t afford the payments so was offered a payment plan. If he takes the payment plan, by the end of it he will actually owe more than he owes now That’s not all, he has another $250,000 loan for medical school “I have $250,000 in loan through the med school that I haven't even considered yet that I don't want to think about. So I have $300,000 in direct debt, but if I put include the interest, then my debt is actually over half a million dollars” No wonder America is facing a doctors shortage, who could ever afford to pay for school

American in medical school took out a $50k loan, the repayment amount is $128,610.61 “The interest on my $50,000 loan for my research year during med school totals $78,000. The interest is more than the loan, by the end of the payment, I owe $128,610 — What the hell is this” He says he can’t afford the payments so was offered a payment plan. If he takes the payment plan, by the end of it he will actually owe more than he owes now That’s not all, he has another $250,000 loan for medical school “I have $250,000 in loan through the med school that I haven't even considered yet that I don't want to think about. So I have $300,000 in direct debt, but if I put include the interest, then my debt is actually over half a million dollars” No wonder America is facing a doctors shortage, who could ever afford to pay for school

Wall Street Apes

330,549 Aufrufe • vor 1 Jahr

I just voted against Joe Biden’s student loan debt forgiveness scam. There’s no reason the trucker or waitress should have to pay for the person with a theater degree, and Joe Biden has no authority to wipe away billions in student loan debt.

I just voted against Joe Biden’s student loan debt forgiveness scam. There’s no reason the trucker or waitress should have to pay for the person with a theater degree, and Joe Biden has no authority to wipe away billions in student loan debt.

Eric Schmitt

44,834 Aufrufe • vor 3 Jahren

Caller: I'm $451,000 in total debt. $252,000 of that is student loans, and I have 185 in a home loan. I only bring in $70,000 a year. After pension and all that stuff taken out, it's more like $40,000. I just don't know where to start. Dave Ramsey: What do you do for a living? Caller: Law enforcement. Dave Ramsey: How do you get $252,000 in student loan debt to be a policeman? Caller: I went to a private institution because my mother wanted me to go there. I went there originally for finance, didn't do good, so I switched my major to criminal justice, and then eventually went on for a master's as well, which didn't really help my employment eligibility as much as I thought it would. Dave Ramsey: Is your mother wealthy? Caller: No, neither my mother nor my father. I'm the first in my family to go to college. Dave Ramsey: Mathematically, we always look at the ratio of shovel to hole. The amount of hole you're in versus the shovel you have, your debt to your income. Are you married? Caller: No, I have a girlfriend who lives with me, and her daughter as well. Dave Ramsey: What is this house worth? Caller: I actually just purchased it off of a whim. My father passed away and it was the last conversation we had. It was across the street from his house, and he really wanted me to get it, so I jumped in with both feet to honor him. Dave Ramsey: So you didn't put anything down, so the house is worth $185,000? Caller: Yeah. Dave Ramsey: How old are you? Caller: I'm 31. Dave Ramsey: When are you planning on marrying this girl? Caller: She's currently in school to finish up for nurse practitioner. Sometime after that, hopefully after January. Dave Ramsey: Does she have student loan debt? Caller: She does. Dave Ramsey: How much? Caller: I'm not sure because she's not really on board with all this. I've tried to bring this up to her when listening to your show recently, and her thing is, "I'm too busy with school and don't want to worry about that right now." Dave Ramsey: I think you're the voice of experience that says it's a good idea to worry about it, otherwise you end up up a creek, which is where you are right now, and your paddle is real small. You told me in a five-minute conversation of two really stupid financial decisions you made from the influence of your mother and your father. You bought things you couldn't afford with money you didn't have, because of their influence. At 31 years old, you're going to have to decide to love your parents but no longer be influenced to do financial decisions based on their opinion, or even your perceived opinion of what your father would have thought. You cannot please these people anymore. They are breaking you. You make $70,000 a year and you're so far in debt you can't breathe. Buying a house you can't afford, going to a school you shouldn't have gone to and paying twice or three times as much for an education that you didn't even need to do the job you do. Am I wrong? Caller: Right. No, not at all. Dave Ramsey: Number one, that influence has to stop. Number two, you can't afford this house as a single guy making $70,000 a year.

Caller: I'm $451,000 in total debt. $252,000 of that is student loans, and I have 185 in a home loan. I only bring in $70,000 a year. After pension and all that stuff taken out, it's more like $40,000. I just don't know where to start. Dave Ramsey: What do you do for a living? Caller: Law enforcement. Dave Ramsey: How do you get $252,000 in student loan debt to be a policeman? Caller: I went to a private institution because my mother wanted me to go there. I went there originally for finance, didn't do good, so I switched my major to criminal justice, and then eventually went on for a master's as well, which didn't really help my employment eligibility as much as I thought it would. Dave Ramsey: Is your mother wealthy? Caller: No, neither my mother nor my father. I'm the first in my family to go to college. Dave Ramsey: Mathematically, we always look at the ratio of shovel to hole. The amount of hole you're in versus the shovel you have, your debt to your income. Are you married? Caller: No, I have a girlfriend who lives with me, and her daughter as well. Dave Ramsey: What is this house worth? Caller: I actually just purchased it off of a whim. My father passed away and it was the last conversation we had. It was across the street from his house, and he really wanted me to get it, so I jumped in with both feet to honor him. Dave Ramsey: So you didn't put anything down, so the house is worth $185,000? Caller: Yeah. Dave Ramsey: How old are you? Caller: I'm 31. Dave Ramsey: When are you planning on marrying this girl? Caller: She's currently in school to finish up for nurse practitioner. Sometime after that, hopefully after January. Dave Ramsey: Does she have student loan debt? Caller: She does. Dave Ramsey: How much? Caller: I'm not sure because she's not really on board with all this. I've tried to bring this up to her when listening to your show recently, and her thing is, "I'm too busy with school and don't want to worry about that right now." Dave Ramsey: I think you're the voice of experience that says it's a good idea to worry about it, otherwise you end up up a creek, which is where you are right now, and your paddle is real small. You told me in a five-minute conversation of two really stupid financial decisions you made from the influence of your mother and your father. You bought things you couldn't afford with money you didn't have, because of their influence. At 31 years old, you're going to have to decide to love your parents but no longer be influenced to do financial decisions based on their opinion, or even your perceived opinion of what your father would have thought. You cannot please these people anymore. They are breaking you. You make $70,000 a year and you're so far in debt you can't breathe. Buying a house you can't afford, going to a school you shouldn't have gone to and paying twice or three times as much for an education that you didn't even need to do the job you do. Am I wrong? Caller: Right. No, not at all. Dave Ramsey: Number one, that influence has to stop. Number two, you can't afford this house as a single guy making $70,000 a year.

Traeyz ♠️

31,663 Aufrufe • vor 1 Monat

Caleb Hammer reveals he went from $90,000 in debt at 18 to a $250,000 net worth before he ever made a dollar on YouTube “When I graduated high school, my parents first advice they told me to do was go max out a credit card for a piano I wanted, so I immediately did that. also a store card maxed out for an iMac, because I needed a sick iMac for college. A card maxed out on McDonald’s, federal student loans for a bullshit degree that I dropped out for anyway, Sallie Mae student loans, a $13,000 car loan, and a family loan for a down payment on the car too. So I just owed money to everybody.” “I had goals of where I wanted to get to in life and even though I was making the minimum to live, with the goals I wanted, I couldn’t get there, I just looked around and I was like this isn’t it.” “My friend got a job down here in Austin, a sales job, very low pay but great upside if you do well, so I just packed up my sedan, sold all my stuff, drove down in a week and a half to Austin, and it was a $32,000 a year job but the upside was basically unlimited” “I got to the top of the sales team in terms of sales volume and commission and I immediately started making six figures, saved up that emergency fund, cutting everything I could, living in cheaper places, doing roommates, so that I could save up for a 10% down payment on a house in Austin, “Then I rode the COVID market, sold it for a $100,000 profit, rolled that into the next property, rental property, and I kept rolling, So I went from negative $90,000 at 18 to positive $250,000”

Caleb Hammer reveals he went from $90,000 in debt at 18 to a $250,000 net worth before he ever made a dollar on YouTube “When I graduated high school, my parents first advice they told me to do was go max out a credit card for a piano I wanted, so I immediately did that. also a store card maxed out for an iMac, because I needed a sick iMac for college. A card maxed out on McDonald’s, federal student loans for a bullshit degree that I dropped out for anyway, Sallie Mae student loans, a $13,000 car loan, and a family loan for a down payment on the car too. So I just owed money to everybody.” “I had goals of where I wanted to get to in life and even though I was making the minimum to live, with the goals I wanted, I couldn’t get there, I just looked around and I was like this isn’t it.” “My friend got a job down here in Austin, a sales job, very low pay but great upside if you do well, so I just packed up my sedan, sold all my stuff, drove down in a week and a half to Austin, and it was a $32,000 a year job but the upside was basically unlimited” “I got to the top of the sales team in terms of sales volume and commission and I immediately started making six figures, saved up that emergency fund, cutting everything I could, living in cheaper places, doing roommates, so that I could save up for a 10% down payment on a house in Austin, “Then I rode the COVID market, sold it for a $100,000 profit, rolled that into the next property, rental property, and I kept rolling, So I went from negative $90,000 at 18 to positive $250,000”

Third

537,353 Aufrufe • vor 1 Monat

Dave Ramsey was shocked after a caller told him he had over $670,000 in student loan debts. Caller: “My wife and I both have a substantial amount of student loans well over $600,000. We’re both Physicians” Dave Ramsey: “$600K? I hope you’re freaking brain surgeons” Caller: “I study medicine, she psychiatry” Dave Ramsey: “Oh my Lord, you’re kidding. These are not high paying fields”

Dave Ramsey was shocked after a caller told him he had over $670,000 in student loan debts. Caller: “My wife and I both have a substantial amount of student loans well over $600,000. We’re both Physicians” Dave Ramsey: “$600K? I hope you’re freaking brain surgeons” Caller: “I study medicine, she psychiatry” Dave Ramsey: “Oh my Lord, you’re kidding. These are not high paying fields”

Percy

183,203 Aufrufe • vor 3 Monaten

Dave Ramsey advises a guy who has $250k in the bank and now in debt due to his house Caller: “about 6 month ago I had about $250k in the bank I live in a $900 apartment debt free and own my car and I’m a self employed musician making about $50k - $60k a year” Dave: so what’s the problem Caller: “I purchased a home my mortgage is about $1500 a month and then I was in a car accident so I ended up getting a new vehicle now I have a loan on it for about $12k with warranty half my money is gone I have about $100k in the bank” Dave: how much is your house payment Caller: “it’s about $1500 a month and I’m sick”

Dave Ramsey advises a guy who has $250k in the bank and now in debt due to his house Caller: “about 6 month ago I had about $250k in the bank I live in a $900 apartment debt free and own my car and I’m a self employed musician making about $50k - $60k a year” Dave: so what’s the problem Caller: “I purchased a home my mortgage is about $1500 a month and then I was in a car accident so I ended up getting a new vehicle now I have a loan on it for about $12k with warranty half my money is gone I have about $100k in the bank” Dave: how much is your house payment Caller: “it’s about $1500 a month and I’m sick”

zaza

2,847,253 Aufrufe • vor 3 Monaten

Unfortunately I have been Medically Denied by the Air Force medical review board due to a surgery I had back in January that I recently found out had Failed. I’ve been Committed to Air Force Football Since January. The failure of the surgery does NOT prevent me from playing football. I am now looking for ANY opportunities to play. Any School, JUCO, Prep school 6’4 250lbs DE 3.5 GPA Class of 2026

Unfortunately I have been Medically Denied by the Air Force medical review board due to a surgery I had back in January that I recently found out had Failed. I’ve been Committed to Air Force Football Since January. The failure of the surgery does NOT prevent me from playing football. I am now looking for ANY opportunities to play. Any School, JUCO, Prep school 6’4 250lbs DE 3.5 GPA Class of 2026

Ryland Keefe 6’4 240lbs

651,195 Aufrufe • vor 3 Monaten

I've failed a lot, and I'm only 32. But, I always survive. I failed to get my CPA. I Survived. I disliked working at big 4. I Survived. I failed every diet I tried. I Survived. I had $60k in credit card debt. I Survived. I gained 200lbs after college (still working on it!) I Survived. I failed in every relationship. I Survived. I disliked living in a city. I Survived. I dropped out of grad school. I Survived. I had $100k in student loans (still have a lot!) I Survived. Start where you are. You can do it. I can do it. We can do it.

I've failed a lot, and I'm only 32. But, I always survive. I failed to get my CPA. I Survived. I disliked working at big 4. I Survived. I failed every diet I tried. I Survived. I had $60k in credit card debt. I Survived. I gained 200lbs after college (still working on it!) I Survived. I failed in every relationship. I Survived. I disliked living in a city. I Survived. I dropped out of grad school. I Survived. I had $100k in student loans (still have a lot!) I Survived. Start where you are. You can do it. I can do it. We can do it.

Dave Danna

39,262 Aufrufe • vor 1 Jahr

A coffee shop owner making $750K a year asks Dave Ramsey which debt he should pay off first: Caller: "My wife and I own some coffee shops. We have about 100 employees, did $4.2 million last year, and we're unsure whether to attack our personal debt or our business debt first." Dave Ramsey: "Well... they're all personal. The SBA loans were signed personally." Caller: "We've got about $270,000 in vehicle loans..." Dave Ramsey: "How many vehicles?" Caller: "Four. The bulk of that is our personal vehicles. They're very expensive." Dave Ramsey: "You made $4.2 million. What was your net profit?" Caller: "About 15%. I also have a day job making about $250,000." Dave Ramsey: "So you've got a $750,000 household income?" Caller: "Yes." Dave Ramsey: "And the SBA loans?" Caller: "About $1 million." Dave Ramsey: "Other debt?" Caller: "$55,000 to the IRS, a $1.9 million mortgage, a $200,000 HELOC, and a $280,000 flip house." Dave Ramsey: "You're a busy guy. You're flipping houses, running 11 coffee shops, and have a full-time job."

A coffee shop owner making $750K a year asks Dave Ramsey which debt he should pay off first: Caller: "My wife and I own some coffee shops. We have about 100 employees, did $4.2 million last year, and we're unsure whether to attack our personal debt or our business debt first." Dave Ramsey: "Well... they're all personal. The SBA loans were signed personally." Caller: "We've got about $270,000 in vehicle loans..." Dave Ramsey: "How many vehicles?" Caller: "Four. The bulk of that is our personal vehicles. They're very expensive." Dave Ramsey: "You made $4.2 million. What was your net profit?" Caller: "About 15%. I also have a day job making about $250,000." Dave Ramsey: "So you've got a $750,000 household income?" Caller: "Yes." Dave Ramsey: "And the SBA loans?" Caller: "About $1 million." Dave Ramsey: "Other debt?" Caller: "$55,000 to the IRS, a $1.9 million mortgage, a $200,000 HELOC, and a $280,000 flip house." Dave Ramsey: "You're a busy guy. You're flipping houses, running 11 coffee shops, and have a full-time job."

Bee♧

339,873 Aufrufe • vor 1 Monat

Caller: I just recently graduated from residency to become an orthodontist. And I have student loans that total just over $1 million. Dave Ramsey: You're kidding. Caller: No, sir. Dave Ramsey: What were you thinking? Caller: Well, I wasn't thinking, clearly. So I sat down and calculated my interest rates, and my interest is about $5,800 a month. My fiancé and I are trying to decide what's the best way to try to attack this. This first year, if we're able to pay $10,000 a month, I guess there's basically two ways that we thought of it. I can do income-based, and my required payment will be about $3,000, and then we can take the remaining $7,000 and pay it directly at individual loans. Or should we cover the interest and then pay additional moneys towards other loans? Dave Ramsey: Okay. What will you be making as an orthodontist? Caller: About $250,000. Dave Ramsey: What does your fiancé do, and what will she be making? Caller: We actually just opened up an office, and she works in the office, so she's not taking any income out of the office. Dave Ramsey: Okay. So if you make $250,000 a year, why are you only putting $120,000 on your debt? Caller: The $250,000 I calculated pre-tax and everything else. We're going to put as much as we possibly can on the debt. And in the years to come as the income goes up, we're hoping to be able to make payments of $20,000-$40,000 a month. Dave Ramsey: Okay. I think the income-based option does not do away with interest, and so interest is going to be accruing greater than you're putting in. So you're not making any mathematical progress by doing the 3 and 7 idea, but you will make emotional progress because you'll be able to knock off some of the smaller ones. Caller: Right. Dave Ramsey: And God knows you're going to need some emotional progress in this process. And then the only other commentary I would just add is that, this is such an extreme situation. Your income is extreme, and your debt is extreme, that you have to be very, very careful to just act like you're a broke college student because you are a broke orthodontist. Caller: Right. Dave Ramsey: And so, that means you guys aren't going on vacations, you're not buying a house, you're not leasing a new BMW, you're not going to a restaurant. You have a $1,000,000 student loan debt. It gives me an anxiety attack, and it's not even my debt, but the horrible news is that ridiculous figure. The wonderful news is you have great income potential and a great income right now. So, you cannot relax. Caller: Right. Dave Ramsey: You have to cut as deeply as you can cut. Caller: Right. Dave Ramsey: And so, be dialing your taxes in. I don't want you to get behind on taxes. But other than taxes, and food, and water, and electricity, I really want everything else just going on student loan debt.

Caller: I just recently graduated from residency to become an orthodontist. And I have student loans that total just over $1 million. Dave Ramsey: You're kidding. Caller: No, sir. Dave Ramsey: What were you thinking? Caller: Well, I wasn't thinking, clearly. So I sat down and calculated my interest rates, and my interest is about $5,800 a month. My fiancé and I are trying to decide what's the best way to try to attack this. This first year, if we're able to pay $10,000 a month, I guess there's basically two ways that we thought of it. I can do income-based, and my required payment will be about $3,000, and then we can take the remaining $7,000 and pay it directly at individual loans. Or should we cover the interest and then pay additional moneys towards other loans? Dave Ramsey: Okay. What will you be making as an orthodontist? Caller: About $250,000. Dave Ramsey: What does your fiancé do, and what will she be making? Caller: We actually just opened up an office, and she works in the office, so she's not taking any income out of the office. Dave Ramsey: Okay. So if you make $250,000 a year, why are you only putting $120,000 on your debt? Caller: The $250,000 I calculated pre-tax and everything else. We're going to put as much as we possibly can on the debt. And in the years to come as the income goes up, we're hoping to be able to make payments of $20,000-$40,000 a month. Dave Ramsey: Okay. I think the income-based option does not do away with interest, and so interest is going to be accruing greater than you're putting in. So you're not making any mathematical progress by doing the 3 and 7 idea, but you will make emotional progress because you'll be able to knock off some of the smaller ones. Caller: Right. Dave Ramsey: And God knows you're going to need some emotional progress in this process. And then the only other commentary I would just add is that, this is such an extreme situation. Your income is extreme, and your debt is extreme, that you have to be very, very careful to just act like you're a broke college student because you are a broke orthodontist. Caller: Right. Dave Ramsey: And so, that means you guys aren't going on vacations, you're not buying a house, you're not leasing a new BMW, you're not going to a restaurant. You have a $1,000,000 student loan debt. It gives me an anxiety attack, and it's not even my debt, but the horrible news is that ridiculous figure. The wonderful news is you have great income potential and a great income right now. So, you cannot relax. Caller: Right. Dave Ramsey: You have to cut as deeply as you can cut. Caller: Right. Dave Ramsey: And so, be dialing your taxes in. I don't want you to get behind on taxes. But other than taxes, and food, and water, and electricity, I really want everything else just going on student loan debt.

Traeyz ♠️

72,785 Aufrufe • vor 1 Monat

I'm completely non-political, but this is bullshit Student loan forgiveness rewards bad decision making I took out a $160,000 student load a decade ago I saved every penny I made to pay it back in full. I ended up paying over $300,000 on the loan Now I'm getting punished because I was too responsible and paid back my loan too quickly? I lived in a $500 a month rat and cockroach infested sun room in Boston for years to pay back this debt If I would have instead ignored my debt and bought cars and useless luxury items I'd get a free $300,000 check? I'm as a-political as it gets. I hate all politicians. But this is insanity and rewards the WORST behavior

I'm completely non-political, but this is bullshit Student loan forgiveness rewards bad decision making I took out a $160,000 student load a decade ago I saved every penny I made to pay it back in full. I ended up paying over $300,000 on the loan Now I'm getting punished because I was too responsible and paid back my loan too quickly? I lived in a $500 a month rat and cockroach infested sun room in Boston for years to pay back this debt If I would have instead ignored my debt and bought cars and useless luxury items I'd get a free $300,000 check? I'm as a-political as it gets. I hate all politicians. But this is insanity and rewards the WORST behavior

Alex Finn

3,301,713 Aufrufe • vor 2 Jahren

"In the last 30 years, administrative staff in educational institutions has grown by 6x while students have been flat." David david friedberg reveals how government-backed student loans created the student debt crisis: "The federal student loan program would give a loan to any student going to any college, for any degree, regardless of the price." "No kid who's 18 years old is going to make a good decision about what school to go to when you can go to any school you want, with any degree, regardless of your personal GPA or income outcome when you come out of that school." "As a result, it created all these mis-incentives where institutions could spend as much as they wanted on administrative staff, build a new building, put in a new rec center, charge more for tuition, charge more for tuition, charge more for tuition—because there was no constraints." "In a private market, you would've tested how much does that education cost, is that a good school, is that a good degree, and are you a good student?" "It would've constrained how much was being loaned for education." "Instead, it was unlimited. Everything broke, and everything got so expensive, and now people can't pay their student loan debt."

"In the last 30 years, administrative staff in educational institutions has grown by 6x while students have been flat." David david friedberg reveals how government-backed student loans created the student debt crisis: "The federal student loan program would give a loan to any student going to any college, for any degree, regardless of the price." "No kid who's 18 years old is going to make a good decision about what school to go to when you can go to any school you want, with any degree, regardless of your personal GPA or income outcome when you come out of that school." "As a result, it created all these mis-incentives where institutions could spend as much as they wanted on administrative staff, build a new building, put in a new rec center, charge more for tuition, charge more for tuition, charge more for tuition—because there was no constraints." "In a private market, you would've tested how much does that education cost, is that a good school, is that a good degree, and are you a good student?" "It would've constrained how much was being loaned for education." "Instead, it was unlimited. Everything broke, and everything got so expensive, and now people can't pay their student loan debt."

sourcery

43,669 Aufrufe • vor 1 Monat

President Biden and I are removing obstacles to financial freedom. We have forgiven $167B in student loan debt for more than 4.7M people, and our Administration is on track to ensure that medical debt will no longer be used in calculating your credit score.

President Biden and I are removing obstacles to financial freedom. We have forgiven $167B in student loan debt for more than 4.7M people, and our Administration is on track to ensure that medical debt will no longer be used in calculating your credit score.

Vice President Kamala Harris Archived

253,872 Aufrufe • vor 2 Jahren