To Get Control Of Your Life You Have To Take Responsibility
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- čas přidán 25. 08. 2024
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George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
I was so fortunate to have the Dad I had. He reminded me all the time of two things: 1) your life is not gonna turn out like you expect, but 2) if you don't give up it will turn out OK. Also, "understand the difference between gross and net - most of your money is not really yours."
The more that I make, the more this rings true. Uncle Sam is a greedy you-know-what.
My dad said the same thing!
Yeah, unfortunately the economy we live in is messed up. the more you make the less you take home.
Wise man
Isn’t it funny how a good dad like yours is actually the biggest asshole because he can’t claim ignorance about the human condition? He was keenly aware of it and still got greedy with those last few strokes, perpetuating the human condition to his own child. THE ultimate act of pathetic, reckless and selfish indulgence. Oh the humanity, Lolol!
“It’s not all your fault, but it is your responsibility” is just reality. Yes we strive for people to take accountibility, and we can do that through voting etc. BUT, take ownership of what’s in your plate NOW.
It's not your fault but is your responsibility. So true in so many aspects of life! Life and other people can put us in terrible circumstances. Don't rely on other people. Rely on you. Dave Ramsey says control the controllable. You can't control other people; however, you CAN CONTROL YOURSELF. Don't give up. Keep going. Winners do what losers won't.
I agree with you except the part about voting. Do you know of any politicians that are in office to help the citizens? They are mostly there to help themselves and special interests.
@@shipdog44 not voting is the worst thing you can do, at the very least put your vote where your values align and then you did something more productive than randomness. The whole point is doing to the extent of what you can control. At some point you have to pass the Baton
I don't got shut on my plate. So ig im just gonna starve😂
It is absolutely their fault. They signed the deal as adults, knowing full well the bill will come due.
My Dad, who will always be my hero, was all the proof i needed to see that college isn't the only path in lfe. My dad effectively has a 6th grade education and was living on his own since he was 15. He has worked so many different blue-collar and direct labor jobs that he designed and built his own 2 story house and garage when he was in his early 30's. He is a machine builder, welder/fabrication, carpenter, plumber, machinist, electrician, mechanic and so many other skilled trades that it's ridiculous. I've learned so much from him that at 21 years old, I'm a full time Industrial maintenance technician making over $30/hr and i have several hobbies/side hustles.
To any yung man that doesn't want to sit at a desk all day for work, go into a blue collar job and work with the old-timers. You will very quickly see how much you are really capable of.
I was so blessed. My mom had savings bonds withheld from her paychecks. When I started college, I would tell her how much I needed for the semester for tuition and books. She would cash in enough bonds to pay for it. My last year of school was paid for with a $10,000 life insurance policy. My mom passed away, but she had planned ahead of time for me to have enough for school. Miss that lady so much. I think she would be proud of me. No debt and my house is paid for.
I got out of college at age 24 making 35K a year at entry level IT. I didn't hit 100k until age 32 as a Senior IT Engineer. Busted ass working 60+ hours a week my first 4 years getting as much project and business experience as I can.
Best part is my student loans were under 20k and I lived with my parents all that time. Working part time serving food at a baseball stadium and doing computer repairs for a mom and pop shop.
Almost a word for word experience I've had. Went to a vocational school to get my baseline IT education. Started out doing tech support for an ISP, not the most fun work at all... got my first real step into IT doing computer work for a school district. I'm at the 100k+ mark now as a cloud architect doing things I never dreamed I would do when I started out just patching os's, running cable and imaging laptops.
I still haven't hit 100k and almost 40 lol
I had a similar situation. I work in IT. I started at a 40k income with roughly 20k in debt. Worked at 40k for a year, then made 60. Worked at 60 for 2 years, then hit 100. Worked at 100 for about 3 months, then hit 180. Once I saw how salary increases actually worked, it was pretty simple to reach a high salary, but it took quite a few years to figure out how that worked.
Now I see that I could have just started at 140 if I had worked smarter and not harder, but it took years to learn that lesson.
Makes me feel better about my situation. 33, last 3 roles were IT Admin, Network Engineer, and now Technical Services Engineer and I finally hit 104k this year in the new role. No IT related schooling, just 6 months of automotive school and high school.
Word of advice, don't stay anywhere too long, most employers these days don't reward loyalty unfortunately and moving around is how you get real tangible income jumps.
Army paid 75,000 for my college education. Go Airborne and you’re limited in your permanent duty station with hazard pay. My dad chipped in the rest and then we actually started receiving refunds when the scholarships rolled in.
Debt free. Looks great on a resume. Great fitness and a lot of maturity and experience beyond the norm.
Makes you a freaking weirdo in college as a 22 y/o freshman around 18 y/o’s. But debt free
want a medal?
“I’m a new college grad, any advice?”
“You should have joined the Army and had your parents pay for school 4 years ago.”
@@daedaluxefor serving their country while you seek validation in CZcams comments for attempts to put down your betters? a medal is less than we owe veterans, but free college and healthcare is a good start
@@jedinxf7 want a medal?
"It's not all your fault, but it is your responsibility." I agree, this is an important distinction. You may not have caused it, but you do have to deal with it.
It was also INGRAINED that if you didn’t have a degree you’d be a loser.
Never live beyond your means
You have to make 98,000 a year to be able to afford the median cost home in america, and 61,000 for an apartment. If you live in a state like CA (like me) its more like 137,000 and 90,000 respectively.
Even when cross referencing the data for many of the cheaper states, (OK, AL etc.) the median income still comes it at or below the cost to rent. This suggests that regardless of which state you live in it's still very difficult to afford shelter.
CA is a shithole and an exception. You shouldn't be expecting to buy a house right out of college, and 50-65k is fairly in the range for just out of college (If you aren't making at least 50k then your degree is essentially wasted because you can make that much on a ged if you're a quick learner and willing to do manual labor). So an apartment is reasonable, as is buying a small piece of unused land (an acre or less) for ten or fifteen grand, renovating a trailer and living out of that while you save up to build a little house yourself. Hell, if you're single then there's very little reason not to just get a van and live in the back. It's cheap, might not be the most comfortable, but it lets you save for buying a house quicker. There are options.
Yeah but the median includes multi million dollar houses. If you make 50k just move to a area where the average house is not multi million and maybe only 200-500k and you will be fine
BECAUSE THEY HAVE TO MAKE THAT TO HAVE A SHOT AT SURVIVING, living on your own, with student debt, with hwo the housing and living costs are rn, they literwlly do, the only reaspn ik not homeless right now is because my mom loves me and didnt say once youre 18 its on you, thats the only fucking reason
I was able to work and save hard during high school and college, and was blessed to be able to graduate with a Finance degree debt free. I am 9 months post-grad, I make $24.50 an hour, and I still can’t afford to move out of my parents’ house…
My kid is graduating with her Bachelors Degree in May with zero debt and my son will do the same in 2 years. It can be done, our family saved, made sacrifices, and lived within our means.
High school grad here. Only post secondary school was 6 months in automotive school trying to be a mechanic. I ended up in the IT industry and it took me 14 years of working (age 33 now) to cross the 100k threshold and especially today with inflation, that is the bare minimum I could support my family of 4 on. Considering all this, I dont see 80-100k as a "lofty" goal these days for college grads...
You also have 4 kids to take care of though…
@@TheSusan1127 family of 4, 2 kids. Shouldn't be this tight to live on a household income of $100k but I am lucky to make what I do because I know people survive on less.
@@bassman5066if it’s family of 4 meaning 2 kids and a wife/husband household should be much higher than $100k
Yeah 15 years ago 50-55k was normal out of college in medium col areas. 80 given inflation and 100 in hcol areas seems about right.
@@Mathis218337 I get calls from IT recruiters all day long for 30-60k and literally laugh back at them. Nobody wants to work in a professional field for a low rate like that, even entry level. There's no such thing as a "worker shortage", only employers who miss their slaves. Smart business owners are paying good rates and getting all the good people for it while the ones paying slave wages will be a continuous revolving door.
George you're alright, you seem well-rounded. But listening to this guy makes me go work on my budget or find a better job. So in a way, I guess it works
Out of college I’m making 50k at my first job and it’s great, my boyfriend is set to make about the same so together we’ll have 100k before taxes and I’m so excited😂
Edit: Of course not combining anything till we're married. Also neither of us have debt because of scholarships and community college.
Until you are married, you are making 50k and he is making 50k. Do not combine anything w a boyfriend.
Yes of course, I'm especially excited about getting married to him. In my planning I act like its a given and that'a not always clear XD@@joyfulhomemaker8053
Me and my wife net just over $100k a year after taxes and we live extremely comfortable in the South. New build house locked in at 2% 2 paid off cars and no debt.
You could’ve been making 6 figures at the post office by now with no student debt
@@topher7716
The post office doesn’t pay that high and even if there are positions that do, it would take a long time to work your way up to 6 figures
My son makes 80k a year as a head chef at 19. Culinary school was 6 months. And the salary will only go up. We live in Colorado so he works at a high end resort and loves it!
So he’s lower middle class with no health, no retirement, and zero job security. Nice.
He's 19. He's got time to build those things. What are you doing with your life?@@jeffcanto
@@jeffcantolmfao. he’s 19. he probably lives at home and is able to save a bunch of money for his future as well as help mom and dad out or “take care” of stuff sometimes, like a dinner tab. he may not have everything set up yet but he is doing “top 1% well” for his age regardless.
@jeffcanto I don't see any of what you typed, in her post. That's amazing! Where did you learn mindreading?
LMAO slow clap, living with mommy and daddy while saving, not paying real world expenses doesn't even count sweeties. lmao
I do feel bad for these kids. Look at the price of a 1 bedroom apartment in your area right now! The 1 bedrooms are 3 times what they were when my husband and I were just starting out 20 years ago. Car insurance is crazy! Yes, these kids can do it, but if they make even a few basic mistakes, it's a lot harder to fix those mistakes than it used to be.
Not every college senior, sure a lot of college seniors… but not even half.
First, if you’re going into Chemical or Computer Engineering… you are likely to earn that much money.
If you’re going into a field that isn’t going to make bank… you probably understood that going in. Sure, not everyone is going to be paying attention; however, if you’re going into education, you know you’re going to start under 50K a year.
There are a lot of ways to drive the cost of college down (starting with going to a Junior College for your first two years), and that is what we should be talking about. We can’t forget that throughout a lifetime, your average college graduate is going to earn about a million more dollars than someone with only a High School diploma.
❤️No loans …….. work your ass off and go to school for job that is on demand , not that has no skills involved.
❤️ learn skills that are needed for life to survive with or without school .
Start small business as needed in your community as services with skill .
❤️ live your life that is meaningful with simplicity. Don’t sell your time . Spend time with your family and relatives as value .
Think non-college grads are starting low $40sk college grads low $50sk. I’ve learned that attitude and people skills are equally important as aptitude, and that degrees are largely irrelevant outside of the hard sciences. Great essay on the shifting attitudes about the utility of today’s college education by Douglas Belkin in this week’s WSJ Saturday Essay.
Great content!
Costs of living have ballooned, doubled. Inflation will only get worse. Lowering your expectations today won’t work for the future.
It worked more at one point in time until everyone was trying to do it, then it becomes a competition to get the job, not about having the skills anymore
18-21 - Lived in the Barracks (4 man room)
22-25 - Mobile Home @$75 month
26-29 - Three roommates @ $250
30 - Bought my first Townhouse @$96K
Above timeline is from 1976 to 1990, best deal was the $75 monthly rent on the Mobile Home.
That great but this isn’t realistic 30 years later.
@@beautifulmess2023 Sure it is, every town has a military recruiting office to walk into.
@@beautifulmess2023 Sure it is boss. My story is:
18-20 Barracks (6 man room - 1 head, USMC)
20-25 Back to the parents
26-29 tiny 1bdr apartment far away from everything ($550/mo) (get a fuel efficient car)
30-33 first home 1933 former rental in a great area near the city ($155k, we pay $1,500/mo for the mortgage, insurance, and taxes)
33+ we're currently looking for something about double in price since we've paid down so much of the mortgage. We want all major repairs done so I can spend more time with my wife and we can have a family.
Prices have increased, but the principal stays the same. The move to the house required intense savings and hard work. We put down over 20%. You might need to move but we're in a beautiful suburb of Cleveland. Our home is worth around $200k now after the big increase. You may need to move cities, but I work for the largest company in my field in the world, so don't pass by smaller cities for big opportunities. Get into a good paying career. If you want guidance, dm me. I never had a good mentor so I'd love to be one.
Just multiply by 20x and that is what is cost now you POS
Wow if only I’d thought of buying a home for less than millions 🥺 if only
PSA
BITCOIN = HARD MONEY = EASY LIFE
USD = EASY MONEY = HARD LIFE
High school freshman are freaking out.
He is right on
Also, You CAN live in CA, NYC, LA, lets keep going, on less than $100,000. Seriously want to have anyone throw their budget at me and Ill work it out. How do I know? Ive LIVED in all those places and have done it. There’s sacrifice, but it doesn’t feel like sacrifice when you’re living in your means, feels good. Also, Im a liberal, I believe in government doing better, canceling debts up to a certain point, but I like having all the options I can reach for.
Best of luck achieving 100k per year without some form of post secondary education. It’s possible (trades or you can drive a truck) but accounting, coding or tech jobs, finance, etc will require it. Plan a career path early, and figure out what you’ll need to do to get that job.
I want to point something out: People are afraid to trust themselves in doing due diligence on a used car, but get unusually confident that they should have a new car and can manage a $700-$1,000 effectively. hmm
I wish I would have explored my options for furthering my education outside of college. I did not know there were incredible opportunities for certificate programs and cheaper, of quality, options out there. I am now in $25,000 in student loan debt so far and graduate this year. I go to school for Software Engineering, I could have learned this from anywhere. I just didn’t know that at 17.
Honestly it took me 10 years out of college for my salary to get strong. It’s a degree in communication by the way. But I made it. I think the hardest part for kids these days is having to wait long for anything, since they aren’t used to waiting more than 5 minutes for anything.
College not for you?
Trade school. Many trades pay extremely well.
The real issue is you need 100k to pay for an undergrad degree and no undergrad starting job pays that. You need a master's to pay for your undergrad degree.
Just to clarify it is more than possible to hit this 80-100k target. I have peers who had starting base salaries of 80k+. Please take into account that this is in the engineering world, so expected starting salary is anywhere between 70k-100k depending on the type of engineer. Within 2 years you can easily hit 100-120k
This is a big problem. As a recruiter I see this all the time. Then if these new graduates get job offers at $65-$75K they are disappointed saying their colleges told them their market value would be $90-$100K which isn’t what the positions pay. Some are taking positions and then trying to job hop in 1-2 years for jobs that require 5 years experience and then when they are being told they need more experience, it’s a cycle. I understand wanting and even needing more $$, but at the same time there needs to be consistency and fairness in the workplace. Believe me, I would love to pay everyone more, but as we all know life just isn’t fair and doesn’t work that way.
We will never be able to afford anything besides our living expenses with that amount the way the world is heading right now
pulling prices down doesnt help you. if you want to keep people you as an employer you literally have to pay them to stay, or let them roll on.
As a recruiter you should obviously also know that wages have not kept up with inflation and the cost of living. That is the crux of the problem. The US printing ass tons of money devaluing your wallet every year while companies do not increase their salaries accordingly. If the US doesn’t solve its debt crisis/inflation ASAP things are going to get much worse for your average worker in America in the next 20 years. History tells us this. Read The Changing World Order - Dalio.
Nah I was getting recruiters trying to offer 40-45 for engineering. I was interviewing for an internship in SF Bay Area one time and their estimate was $15 an hour and I said at that wage it is impossible to live there. Rooms in shared places were very difficult to find under 1 or 2k a month plus fronting the deposits. Response oh we were expecting to hire someone who lives with their parents. 🥵
It amazes me that college grads expect to walk into their dream job top rank after graduation. A college degree doesn't = success. You need to prove yourself and earn it.
IMO. There is also a misinterpretation on being able to live on your own at 21 and still be able to do all these things. Even when I was in that age range had a roommate until I got married and drove a piece of crap. Then with two incomes we started making progress. It’s always been start low and build up. The issue I think now is expectations have changed more than anything. Ie.. I pay a lot of $$ for a degree so I expect to be paid enough to do all this on my own as soon as I get out of school.
First guy has bugged me ever since his statements on wfh. Painted all wfh employees as lazy when in reality, it enables my busy lifestyle so much more. Just doesn't revolve around an office!
The quickest way to making a $100k, become a plumber.
An electrician or HVAC are also two good careers. College is okay for high paying jobs but many students choose a career that dont pay enough to pay off their student loans.
That would mean doing physical work, they feel that going to college exempts them from doing those sort of things.
Besides, around here your lucky to get a job at minimum wage as a plumber or any trade, which is now the min. wage. The same money you get flipping burgers or any other unskilled job. This economy has made it so there's almost no gap between min. wage and top pay. When the top earners are making $20/hr, and the peons are making $15, there's not much room for advancement. I see tons of ads and employers saying that no one wants to work. That's not the case, no one wants to work 60hrs a week for min. wage.
I don't know where you live but in Toronto you are charged 90 plus just for them to walk in the door. My ex is a master plumbed making 120 at his main position and has always had a slew of side jobs. Not cheap for Plumbers or Electricians.
Whereabouts are you that Plumbers are making minimum wage?
Lay brick , and get a f350 to move the brick to locations to lay said brick.
The idiots in high school now make 100k with just a hs degree.... not even people with masters make that
Thank you ! Have respect for our plumbers, carpenters, construction workers, first responders, sanitation workers (who we don’t appreciate until they go on strikes LOL ), get my point ?
Where is the full podcast?
Good answer about responsibility!
Expect housing to cost $2k, food will be at least $300, and you'll likely have about $500/month in miscellaneous expenses on top of that. Find out what you want to do, then find a college where you can get degree within 5 years and won't saddle you with more debt than the average of the first 5 years of expected income.
I don't know if Millenial's will be passing that advice along to their kids; at least I know for myself I won't be lying to my kid's face that their degree for Communications is going to lead to a six-figure salary. Instead it'll simply focus on what they "want" to do and then educating them on how they can live on that dream and the challenges they'll face.
Mom and Dad won't be around forever, and we don't make enough to support you on your own.
I won't exactly rush my kiddo out the house, but there will be an expectation that eventually they live on their own.
We all make sacrifices as we grow up, sometimes this means bending the dream or kicking the dream down the road a bit.
Yep, they got screwed. Now no life for awhile, IF they can emotionally get through it. Where is that help.? Too laye for me but yall messed these kids up.
80-100 right out of college is nuts. My best friend is a chemical engineer, recently graduated, and he makes 75 at a good job
The sad reality is that JUST average rent and mortgage is about 30k a year! Then add basic bills and insurance, and you're at 60-70k. So if you want to buy a car or SOMETHING then you can't make it on average wage. As a supervisor in Healthcare with an MBA, I find it difficult to provide for my family of 5 if the job is less than 100k a year.
Bro in what world is your rent 30k? Even in NY and SF it’s like 24k. Mine is 16k and split in half. If you pay 30k for rent you are living like Larry
@@smellycheese2466 If you read the whole message you would've known that I wasn't talking about split rent or a single person, I was talking about a family. I bought my home close to where this show is in 2021 and my mortgage is 2700/month, since then, a similar home's mortgage is TWICE because price went up about 80% and interest doubled. So whoever bought a home recently is even much worse situation than what I described.
Get a part time job at night and weekends. Stop whining!
@@CaptainWillard830 nobody's whining. Learn how to read and process information. I was simply presenting information about how bad the inflation is and how yhe Ramsey team is failing to connect with post-Covid realities of the regular folk.
@@CaptainWillard830 Yeah work 90 hrs a week you lazy bastards----lmfao
They will need more than 100K.
I love clips that don't contain a complete thought.
How about talking to high school sophomores and juniors AND parents? Or parents in the maternity ward? Saving money along the way to college could cover some of the costs.
Bro what do you expect when kids aren't taught anything that will help them with managing debt or literally anything that will actually help them with life down the road? Kids leave college unprepared and then are expected to know what to do and take out loans to get a degree. The whole system is a mess. And it is like that on purpose
Student loans out of high school could be considered predatory lending change my mind
Aquire a trade…
True, you work your butt off but will make 80-100k.
Skip college unless you’re studying higher education such as finance , medicine etc. of course you won’t be partying and watching football on the sofa after a night of drinking 5 days a week,,,,but you’ll graduate and win in the game !
And you will have zero debt if you pick the trade route
Also learn new skills in your free time. We have most of the world's knowledge at our fingertips, yet so many people waste that opportunity thinking they need pay someone insane amounts of money to teach them.
Another is trying out other random ventures. Nothing that will harm you financially if it fails, but something you enjoy with a potential of earning you money. Never know what will happen. One day that random hobby/venture could be making you more than you ever could working under someone else.
Do what the rest of us did out of college - eat ramen, go to bed early, have 3 roommates and learn to use public transportation. If your parents' financial education to you was limited to "get more loans" that's the problem.
I make 110k but I am now 35 and it took years of moving up the ladder with lots of extra education along the way. Sadly home ownership is going to be in the future what it is a the American Dream.
We dont expect 18-20 year olds to be responsible enough o choose how many drinks they have yet we blame them for their choice and made unforgivable debt an OK thing....
If you can't decide to have a single glass of scotch because you are too young, then your student loans should be bankruptcy eligible (and then you lose your degree as well though).
What’s the guy in the green name?
Their expectations should be that their job will be taken by a foreigner
If a job requires a degree, what business do they actually have paying below 80k-100k?
We need to stop expecting medium skill job qualification creep
Come to the Midwest
Learn to sell.
$30K entry level plus a second job. Five years later, six figures. You gotta put in the work and show loyalty to your company. Work in the office for face to face with the boss and owner. You gotta play the game or you'll lose.
University culture in the US is insane, I have a lot of qualms with Canada, but we don't really care what University you went to here
The government should make all new student loans cleared through bankruptcy like most other debts and hand it off fully to the private sector. Their would increased risk to for the lender so they will lend more conservative and tighten the money supply for colleges. If colleges can’t demanded a blank check for education they will have to make it affordable or close. It also the responsibility of the individual to be responsible with their money but changing how the financial industry sees students would help.
This is not going to happen. Because in most cases the government is the lender. And just like the IRS the government wants its money. And if you default, then just like the IRS, the government can reach their grimy hand right into your private finances. They can garnish your wages, freeze all your bank accounts, seize all your monetary and property assets. And they don’t need to go through a court to do that! They can even take your Social Security checks if your old enough to claim them. ( I’ve known more than one person that happened to)
Before 1976 private student loans could be discharged 5 years after graduation or in case of undue hardship. That sounds reasonable
Good idea but heres the problem with making it clear with bankruptcy. You get out of school at 22, you start working probably with a salary you can't really afford a home on so you rent. You have this 50-100k student loan that is weighing you down and you figure if you pay that off you won't get buy a house for 7-10 years. So in theory you get out of school, file bankruptcy, bankruptcy stays on your credit report for 7 years but in that 7 years you decide to just save money and invest and you practically got a free education.
Success comes after Sacrifice! Without any sacrificing, don't even expect even 65k a year! 8-5 jobs is over!
Well you still need 100k/year, in alot of the US and expanding. You either break yourself in trades or manual work, get a high salary job which will take alot of time and debt. Sell drugs/scam people. So what is somebody gonna do when their future has been robbed. How people that are teenagers now, gonna do?
Ummmm, a good reliable car IS important for all of us that don't have access to good public transportation! If you have to get a car loan, that's better than driving a car that might not get you to your job or costs too much to maintain.
I understand that buying a car in cash is always the ideal option, but most of us don't have a bunch of money lying around when we get our first job, so buying a reliable car within reason (like 20/3/8) makes a lot of sense for people.
People get hung up on this car deal. Go find a 3k car and drive it for a year. Save in a sinking fund what a typical car payment(let’s say $400) would be.
Then sell that 3k for $2700 and add to it the $4800 you saved and now go buy a 7k car and drive it for 2 years. Rinse and repeat until you get to the level of car you want. Most people are in too damn of a hurry to get what their parents or peers have to live responsibly. Best of luck to you.
@bhuff8695 nice take! I'm sure a lot of people would be better off taking your advice. I actually still drive the same car I bought out of high school for $2,500 seven years ago. 350,000 miles, and it's never broke down. Maintenance adds up on any car, but I consider myself lucky. I have friends and family who try to buy cheap cars, and it seems like their vehicles are always at the shop.
To me, it's a nuanced question based on income, needs and comfort level. I could've upgraded cars years ago but I chose to focus on starting to invest and attempt to save a down-payment for a house. Young people just have to prioritize what's important to them and unfortunately they (myself included) are never really taught about compound interest and managing risk.
That said, Ramsey Solutions has been a big part of my life even though I believe personal finance is very nuanced and not so one size fits all they seem to teach.
You do not need a new car for it to be reliable.
A year or so ago, we bought a 10 year old car and it is just as reliable as a newer car.
@joyfulhomemaker8053 as I stated above, I had the same experience! 😀
@@edwinroyal9734
Except the part where you said “most of us don’t have a stack of cash”
Well, the reason for that is people don’t know how to manage money and buy things they can’t afford (borrowing money).
I mentioned I bought a 10 year old car. It didn’t cost a whole lot and the car I was replacing was actually still extremely reliable… that one was a 2005 Hyundai Elantra GT sedan. It was a manual and I loved it. We needed something smaller to fit in a toy hauler so we sold it for about $1000 and the family that bought it still has it and has no problem with it.
I think the idea of “You WILL start in the Mailroom” has been lost, too.
I just read text books and practice. Don't need to pay 200k to learn.
Be smart, while your credits good get a private loan or buy a house pay back your student loans with that money then go bankrupt on that
You put yourself on an assembly line! An assembly line that you didn’t check for quality of the operation, nor the final outcome/ destination.
Exactly!
Live below your means. Don’t be duped by marketing…you don’t “need” a Chanel bag.
Where can I find this entire episode?
I wish CZcams would allow some of these videos to go on a little longer .. 30 seconds and you cut off mid sentence…Why bother
State Farm is hiring.
if it sounds too good to be true...
I can survive off 40 I just wouldn’t be able to live with myself
I know a couple who believed that.
What's wrong with you people? It's super easy 1. have rich parents who pay for your college and rent 2. get job at parent's company 3. have parents co sign for house loan to get that perfect house you want 4. have extra money every month to invest where mommy & daddy have shown you
I’m lucky. School is paid for but it sure in the hell didn’t make me much money.
Learn a trade
It’s your responsibility to go check how the rest of the world works and realize that the system is rigged
“It’s not all your fault, but it is your responsibility” 👏
if this guy isn't Dave Ramsay's son I'd be extremely disturbed
College is a waste of time and money.
100k is the new 40k younger millenials, gen z, and gen alpha are just screwed. MAYBE Gen Alpha can have an ok live by 40.
Oh please. These kids are soft. They assume that they are entitled to live the cushy lifestyles afforded them by their parents. And if they don't get to go on international trips, eat at restaurants and buy designer sneakers, they post TikTok videos about how unfair the system is. Back in my day, I drove a dented, 10-year-old car and lived in a small apartment located far from the city center. I never went on vacations, ate out or wore fancy clothes back then. I sacrificed, but perhaps I lucked out by the fact that we didn't have "influencers" on Instagram bragging about their posh lifestyles, so I really didn't know what I was missing. Now, decades later, I have multiple 7 figures' net worth and multiple homes and I marvel at how spartan my lifestyle was when I was first starting out on my own. We all have to start somewhere, and to feel entitled to an upper middle class lifestyle coming right out of school is just bonkers.
You can do better with a trade or going into truck driving otr
200k or you will struggle to raise a family.
You do. It costs 100k plus to raise a family now a days
Get more young people into the Trades.
I worked on drill rigs. Not the job I wanted but it was good pay. Plus, working three weeks on, staying in camps where food and accommodation was sorted, meant spending was a minimum.
I am a baby boomer. We just went to school and worked part-time to pay for it. We didn't take out loans. I made $3.50 an hour and paid $150 a quarter plus books, books didn't cost much.
Young folks unfortunately think that they deserve to live at their parents socioeconomic level right out of college. Welcome to the real world. Pay your bills. Buy a used car that you can afford. Live below your means and payoff debt as fast as you can
Middle class now is $173,000 per year.
Gotta love the gaslight here. Instead of expecting fair wages they’re telling you to simple lower your expectations for your standard of living. Sorry if you thought you could maintain the lifestyle your parents had, or god forbid improve upon it. Just plan on renting and working til you die and don’t you dare order the avocado toast.
Neither guy in this clip is gaslighting anyone. At base, this isolated clip is about expectations versus reality for a college graduate. Dave Ramsey and his acolytes are not right about everything, and people have and do criticize their shtick and advice often and legitimately. Your metaphorical avocado toast seems to miss the mark.
Everyone like "how can I afford my car, going out twice a week, student loans, 10 subscriptions, single-bed apartment" like man just live a simple life and safe some money. You dont need 100k.
Go into a trade school. Work a trade, then you dont have the college loan debt.
Dual income is the key. 60 + 40....100k. Easy to live on that