I'm In A $451,000 Financial Mess!
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Not even rice and beans. Just water for breakfast, thoughts for lunch and sleep for dinner.
And snack on head-scratching throughout the day.
đđđđ
He can have a ketchup packet on his Birthday đ
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Don't forget prayers, can't have thoughts without prayers.
I got in debt just listening to him.
LOL!
@@KC-eu3vu hahahha! true
đ€ŠđŸââïžMessy!đđđ€ŠđŸââïž
U got into debt because it was ur choice truth! It wasn't Dave's fault it was urs
Noel Martinez đđđđđ
Not married, living together, kids, massive debt, opposite financial goals, and can't even discuss finances. This relationship is broken before it started.
And even he is raising a daughter thatâs not his
I can tell you now he only bought that house cause the single mommy told him they need it for her daughter. Dude is screwed
Get rid of the girlfriend. Start Air BnB'ing the crib or get a roommate. Get a side security gig. Adjunct teach criminal justice classes at the nearest community college.
@zadose GF is going to be a single mother if she runs so she's going to cling to anything she can get
Nonya Buz they are both dead weight, thatâs why theyâre together.
I'd consider the house a bigger problem at this time.
The girl needs to get rid of him.
Alan Butler I agree 100%. My house is 215K with 70K income, but I have two roommates who pay a total of $900. I canât complain đ
This dude just needs to be born again and start over literally.
Be nice if it worked that way sometimes.
mesidye Gold đđœđđđđđ
If he had a reset button to restart his life he would've pressed it long ago.
Deeper question is if you had a choice would you choose to be born?
How the heck was he approved for a home loan with over 200k in debt? Who issues these loans?!
Parents donât always know whatâs best for you. He could have went to community college and got the exact same job
If he wanted to be in law enforcement, he could have enlisted, gotten out and paid a premium as a vet, and had his education paid for, and gotten a salary while he served. Win win chicken dinner.
you are right i have caught my parents giving me such bad advice before now i dnt trust them anymore
Or just graduated high school for his job.
@@Columbus1152 Exactly!
same problem, first generation college. first i have to say i love my parents and i respect them, but when it come to financial matters, the best way is to avoid debt as much as possible. my parent "encourage" me to take a $60k/yearly tuition prestigious private university over a good public one that cover all my tuition. they and everyone i know also encourage me to take $25k-30k student loan debts as they are cheap government-financed debts. then my parents also encourage me to buy a new car as soon as I graduate, even offering me$5k for down payment. well i took their offer and use the down payment to buy $3k used car, and then rest in a saving account for maintenance. i took the public school, and graduate with 1/2 debt as compare to my peer. when it come to parents, love and respect them, but think for yourself.
"We are not willing to talk about marriage until we are willing to talk about money,"
-this is on point and the best advice i heard all day while having a morning coffee.
That part
For sure đđ
Im so sorry Mike, im sure your parents didnt mean to give you bad advice, they just didn't know any better. We all make mistakes. Best of luck to you.
His mom wanted to brag her her knitting club where her son was going to school
Faxxđ
Dave even tried to make him 3 years younger to help him lol
Fun guy!
Max My god I heard Kawhiâs laugh over my own from your comment.
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Messy đđ€Łđ
@@jayhenry3146 Same
That woman is gone a soon as she finish school.She doesn't want to talk because she has a plan,sry dude.
Richard Graham thatâs exactly what I was thinking too. Tom Leykis would agree with you.
Yeah it's sad but it's the nature of hypergamy. She will be itching for doctor in under 6 months after graduation especially if he trying really hard to get out of debt. Even the marriage option only has a 50% chance of working out but it's more like 30% since she will be making more than him.
Just like MD's I have have DROPPED my clients RIGHT after they finished school. You also are 100% right- just saying and IMO :-)
Professionals in the medical field are notoriously bad with finances.
@@triad6425 more like %20 since she has a daughter with someone else
âI went there originally for finance, and I didnât do good at financeâ
Story checks out lol
Dave - How old are you?
Caller - I'm 31
Dave - How old are you? 28?
Caller - I'm 31
Dave - Sell it all and deliver pizzas
Walter White đđđ
đđđđ
đđđ
đ€Łđ€Łđ€Łđ€Ł
"I didn't do good in finance, so I switched my major." That says it all.. my god!!
lol.
He should've switched schools not majors.
And a private institution to boot!
He canât even spell finance.
Bob Smith đ
RUN, donât walk away from the girlfriend. Once she graduates she will be making a very comfortable living on her own and wonât need you anymore. If she isnât talking about her future with you then she doesnât see you in it.
PERIODT
Spot on!
Amen
boss 630 lol
Girlfriend out!đ
As a woman I can honestly tell you that that girl is probably just with him because she wants to finish school and she needs a spot for her kid to live. She probably messed up her life early on and is trying to fix it which is obviously the right thing to do but this is the wrong way to go about it. She's probably using him I'm just being honest đł
Agree
You are probably right.
agree
Yep, zero advantage for a man to get with a woman with kids.
I love when a woman can see their own BS.
If she won't talk about money by 6 P.M. dump her at 6:15.
Hahaha
Lol
I pray he never pull me over in traffic. He is a ticking time bomb...
Just stay away from Philly
Best comment ever loooool
@@edgehodl4832 Lol thanks
đđđđ
Ralinebe 233- Yeah, your speeding ticket will be $252,000.00
He's doing everything wrong. Does whatever his parents wanted to make them happy and has an uncooperative girlfriend with some one else's kid. A ship doomed to be wrecked. He probably has self confidence issues.
Agree...he's doomed...lost cause
But look at it from another perspective. He's a cop. What this cop needs is a really good drug bust with some cash on scene. Tada!!! Debt fixed
@@SigXman hahaha bro you made my day!
@@SigXman lol. I can't even. And then free housing for life as an inmate. Debt problem irrelevant.
How can you have self confidence issues if ur a cop? They see and deal with a lot of crazy people. You gave to have a lot of confidence to deal with guns drugs violence on a daily basis
I'm a police officer listening to this and thinking, thank God I'm not in this much debt.
Many agencies wouldn't hire someone with such substantial unsecured debt. Becoming "dirty" when you're desperate to pay bills is a too common occurrence. It shows bad judgment in a big way.
Dude I'm Police as well and same age.. this hurts listening...he needs to work for an agency that allows for a lot of OT or extra jobs...
@Paulsicles - same. Gives me anxiety just thinking of this.
An old family friend used to say.." Tell me the truth and hurt my feelings...and save my soul!"â€ïž
Mike. My dude 2 things.
1. Quit listening to what others are telling you what you need to do.
2. Dump the girlfriend and her kid. You asked her about her loans and she keeps side stepping. You will eventually be asked to carry their financial burden because "they told you that's what a man does"
No he wont necessarily have to carry her loans. the only way he will have to carry her debt is if she drops out. or dose not get a job Its not like she is doing a stupid course. She is training to be a nurse. She will make good money. Just because the boyfriend is an idiot with money dose not mean that she should have to give up her dreams.
The boyfriend can work with her to keep her to keep her debts down. get married to her and then use there combined income to dig himself out of debt.
But if she is unwilling to keep her own debts to a minimum well they will have to break up.
omg-interesting that a person said those words to me directly yesterday- "..that's what a man does" and I just thought 'that is such a 'stupid' thing to say.
YOU ARE 100% CORRECT. Smile. I can only hope millions listen to the vid closely and then read your post. Amen. Namaste.
Lightningbluemeanie, you just gave this guy best advice ever, I hope that's exactly what he does. Its common sense, but people have no common sense now days
I 100% agree.Mike , please act fast.
Typical mamas boy
Uncooked rice and beans bro. Without water. For two years. Problem solved.
Yep, unplug the stove and microwave. Can't afford it.
Murphyanho sell them on Craigslist.
Bahahaha uncooked rice and beans!! Thatâs funny!
hey it expands in your stomach which helps
matthew williams How would you even pass.... that
1:07 "And I didn't do good at finance", foreshadowing if I've ever seen it
"We're not willing to talk about marriage until we are willing to talk about money"
How did he secure a home loan with his debt to income ratio? $252K in student loan debt is nothing to sneeze at. These predatory loan schemes have got to stop.
He could The minimum credit score for an FHA loan is 500, so maybe he has around there
he probley used the GF to secure the home loan.
Lenders love government employees. Stable careers & predictable paychecks
I know someone who is unemployed and got a 15k car loan...
Steuern sind Diebstahl lord lol
He should be single đ€·đŸââïž. If his parents influenced him to make bad financial decisions, imagine what a girlfriend/wife would do. Work on yourself first.
Right
faggy maxwell what money? He has a ton of debt just to become a cop. Obviously heâs stupid. And canât make decisions on his own.
Exactly. We are attracted to what we are familiar with. Red flags everywhere with this dude.
He never overcame his mother and now heâs about to marry the girlfriend who resembles the mother. He is in a fallen state. Definitely needs to be single and on his own for a while.
That girlfriend will get this poor guy into more trouble. I can just sense it.
Never let your student debt get higher than your first year salary.
That makes no sense. Stay out of debt period.
@@HaywoodHomestead You need to understand that some people dont have the resource to pursue the career they want. Obviously they need to be smart on choosing which one is the good investment, and one year salary debt is very reasonable if you can get one. If not then you may choose to invest your time instead in that industry and just hope an opportunity come up for you to go up the ladder and do things you actually wanted to do. But then again, some jobs cant compromise on qualification, that's why research is very important.
Dear Katelyn,
Please tell me where I can order your crystal ball that tells you what your first year salary will be 4-5 years in advance of graduation.
Sincerely,
A recession grad
I'm only in $21000: Student Loan Debt $17,100 & the rest credit cards. I told myself I would not go over $24000 of "intentional" debt. I've decided $0 of intentional debt is a much healthier option. I will NOT be going back to school after I graduate this year. Not worth it.
@@lloovveellyy742 at least your debt isn't as really major as others. Also is there some sort of interest rate on student loans? If so how common if you feel confrontable disclosing that.
I can relate to this man who called. But unlike him, I ignored my parents and did what was best for me. Sometimes, parents don't realize the costs of the education and the house. I went to the state school and am still renting because that's what I can afford. After a while we need to be adults and do what's best for our well being
If this police officer stops me, im running.
jean lenor id this police officer stops you. $200 will probably make it all âgo awayâ
@@3of11 đ€Łđ€Łđ€ŁYour very bad..
He will take you down, son.
Don't confuse he's financial decision-making with his job-potential. They are not the same.
RoseRevanCroix ok calm down tough guy it was a joke đ
@@3of11 How did he get a job as a police officer with that much debt? From my understanding you can't be an officer if you have a debt because your easily able to be bought
This guy is a perfect law enforcement officer: Do what he's told, don't ask questions.
Lol
Yup, scared to be fired, will make him do things he doesn't like.
larrybud My son is a cop. Donât lump everyone into stereotypes.
@@Joseph-en7gx Aren't we all like that? scared to be fired i know i am.
ouch
His dying father told him to buy a house?? That was what his father was worried about? Weird family.
Yes that sounds very weird.
nah i think it was probably just a conversation he had with him when he was alive, donât think his father told him to buy a house on his deathbed
@@lesryglrhfohser đ€Łđ€Łđ€Łđ€Łđ€Łđ€Ł
@@lesryglrhfohser Exactly! I don't understand why he would still buy the house. I'm pretty sure the dream was to be across the street from his son and nothing to do with the house. That dream passed along with his father. Shouldn't have bought the house.
@@Marbles53 Humans are emotional creatures. All of us. All of us are susceptible to our emotions.
âHow much debt are you in?â
âI donât want to worry about it so Iâm not telling youâ
Do not marry this woman
$250k to be a cop, wow. There are brain surgeons who went to school for less.
Lol brain surgeons spend much more in this economic time.
Seems like these schools are predatory..
iamthedr333 the income ratio is better than an officer.
And housing a single mom and raising another mans kid. This guy is in a fallen state. He needs to forgive his parents for leading him astray. Drop the single mommy and get in a tiny room somewhere, be single, and pay off that debt.
He could join the military and also work as security on the side and sell the house ditch the gf
Poor guy. Getting burned left, right and centre.
Not getting burned, he's just dumb.
He's also burnt front and back!!
@@kevinb8881 I especially liked the part where his mom, who never went to college, had him go to that school because she liked it. Maybe they had really nice houses around that school. đ€Ł
@@marvinthemartian9584 Stupid is is stupid does, LOL!!!
He was dumb lets face it. He spent $250,000 on an education he didn't need to please his mum, then spent another $180,000 purchasing a house to please his dad. Virtually all his debt came about because he couldn't say no to his parents. Now he is shacked up with some bird and someone else's kid. This guy needs to grow up real fast.
Growing up with my father, I've learned to do the exact opposite of what he advises financially.
Lol
I can relive my life in a type of âchose your own adventureâ scenario and am glad I did NOT do some of the things my parents wanted me to do. Would not have worked out.
Going through this now. Every time I mention a bill âdonât worry aboutâ while he worries about old debt that isnât being paid off due to interest and late fees.
Same.
"Darling, will you marry me? i need you to help me pay off a half million in debt." She's already got a kid to support, so I'm thinking she may not want to do that ... The guy sounds like a nice guy with a good heart ... I feel bad for him.
This man is deep in a hole he can't get out of & he's taking care of another mans child? I really hope he reevaluates his situation after this call..
Yep he should run
suppeboy saaid Sometimes life is not all about money. If theyâre in love they can fight this battle together, not to mention her gf would be a rn earning a higher salary
Maybe she doesnât have debt maybe she doesnât want to tell him her business cause they arenât married maybe she like keeping finances separate. I know I would want his debt with his poor financial still attached mamas boy.
Its fun making assumptions!
@@roserevancroix2308 I may have heard wrong, but isn't his income 70k, and hers 85k. How is HE taking care of HER.
@@geriroush8004, cuz he's housing her
After Dave says âYour headed for bankruptcy,â Iâm almost positive that the fiancĂ© is planning an âexit strategyâ after completing college!
Poor guy, he sounds sweet. His parents lead him down a terrible path.
Dave is the judge Judy of finance.. blood Raw!
He's savage lol
One level higher -- I doubt anyone uses "Judy" as a cuss word in their homes, most people either love her or laugh at her and ignore her, but Dave, well, when you have somebody realizing how they are SICK OF BEING ENSLAVED TO DEBT then the other people in their life get sick of hearing about Dave pretty quickly! :-)
Do a load of overtime. Police make a ton of money doing overtime.
Not so much after taxes lol
He said they don't offer OT, probably small town. Dude has to get rid of the house and the gf&kid, and step up his game
Why does the government make them pay taxes instead of paying them less
Chief of police.. Maybe in mayberry. A chief in a even moderately sized city is making 300 g a year.
@@gilbertgonzales7833
Not that much, maybe in CA.
Our CHief made 170k + 65k in detail, and we have an NFL stadium in town. A fairly expensive state too.
He's banking on his girlfriend making bank. Sounds great, until she says she wants to stay home with the kids.
Or find another guy who doesn't have $252K of additional debt....
@@marcusarelius yup, she will upgrade
More like until she dumps him, leaves him with the debt, and finds herself a hotter or richer guy
Which is always inevitable :/
Sheâs a nurse and thatâs a has a child and a good job and probably getting her masters. I bet she was doing just fine while heâs making crazy decisions then moved in the house to help him out. No wonder why she doesnât want to take on his debt.
He's just going to have to delete his saved game and start over on level 1.
He's a perfect example of someone who shouldn't have gone to college. Love your parents but understand when to ignore their advice when they don't know what they're talking about.
if he knew he wanted to be a cop why go to university and get a masters degree?
@@toddlavigne6441 peer pressure, not having a backbone, not really knowing what you want to do in life. The reasons are limitless/
Buying a home to honor somebody dying smh
I mean thats fine if you have the money, but clearly in his case...
I want to know who gave him a mortgage!
@@Vydio I know right no wonder we are heading towards another hard recession
He was thinking with his emotions. People do really dumb stuff when they think that way. I know I have. He can sell it.
Yeah, his dad was wrong for that. If he really felt that way he should've left his son some money to get that house.
The pricks who approved his loans should be fired immediately and heavily fined
Their job is to give out loans.
It's not their fault people can't pay back.
They don't force anyone to do it.
It's your own responsibility. Not the banks.
@@roserevancroix2308 Yes but many times they act in an extremely predatory way which preys on financially illiterate and irresponsible individuals. It's extremely unethical to offer someone like this a loan, even though it is ultimately on the individual to take charge of their finances.
Thats the name of the game, how they play you!
I have $0 loan. And +760 credit. Still canât get loan in a lower interest rate.
They did that intentionally, what do you think is their occupation? In the job description working people who are already struggling dig a little deeper into the hole.
This one is heartbreaking. Iâm glad Dave pointed out the issues between he and his parents. Thereâs more going on than just the money. Parents, potential marriage and of course money.
All of a sudden my 40k student loan feels like a stroll thru the park. God bless this man.
The police academy cost me $4,000.... My degree cost me about 15k at a local college. Wow $252,000. Good luck partner. You have to really hammer this debt.
Women love to talk, when a woman says she doesn't wanna talk, the future is NOT bright. I wouldn't bank on this marriage if I was him. An NP will be making about $100k, she'll get job and leave him for an MD lol . Sorry
She is smart, with his financial situation, she is not gonna settle with him
Edge HODL Yep! Thatâs why she doesnât wanna talk about it. I feel bad for the guy cause I donât think he sees whatâs gonna happen
Unfortunately, that's probably going to be the caseđ.
True
"she'll get job and leave him for an MD" -- she's got a kid so it will not be that easy. There are some MDs, however, who are complete beta males and might go for that.
"...So how do you have $252,000 in student loans to become a police officer"
DEAD.
He said he went to a private college because his mama wanted him to.
He shouldnât even be dating someone if his parents dictate his life at that level in his 30âs. He isnât even grown.
He did not get around to the $30.000 car payment and why did he get a masters in crime?
Yes, the student loans were his masters in CRIME đ
@@mesidye đ€Łđ€Łđ€Łđ€Ł
Kids take out student loans like they'll never have to be paid back đ€·ââïžđ
Exactly they are kids making a huge decision with no long term planning on their part or their parents.
No one would say or loud : "I plan to take out 200k for an English degree that has the average salary of 40k and will have a monthly payment of 2k a month for 10 years".
Chris Invests Exactly. Then they blame it on the government or the bank as if they didn't sign their name on the dotted line themselves. They don't feel responsibility for the money they borrowed. The banks & gov't should consider the student's success in high school like GPA, SAT/ACT scores, and extracurricular activities to see if they'll be able to succeed at the school they are planning to attend & if they don't qualify they should be made to apply for scholarships or attend a cheaper school in line with their abilities. I am a college student who luckily doesn't have any loans, but a majority students are oblivious to the long-term implications of their debt.
Another problem is affirmative action, allowing lower standards for minority students hinders their success. These students take out loans to go to these schools and end up failing out, taking much longer to attain a degree, or never graduate. It is not a coincidence that AA students have lower success/graduation rates. I'm not saying they are less intelligent, but that MANY students at these school, both minority & majority, are at schools above their skill level.
It's almost like someone who's not 18 and has likely never made more than minimum wage is ill-equipped to make such huge financial decisions. But for some reason everyone older than them from their parents to their school, including their job and even their country, is pushing them to take out these loans.
They're setup for failure from the start and by blaming them, as opposed to blaming this insane system that no other country allows to this extent, we are allowing this problem to continue.
One person who did the paperwork for loans at the college always was smiling when the student signed the docs for loans....I wonder why...:-)
I'm starting to believe that college debt is the source of all ills. Parents, please, don't push them to go, let them work and build up a bankroll first.
iâm a college student I went to a community college đ then went to a state university ended with only 2k in debt and I just paid it and i have one year left
i was so scared when I was in debt itâs scary donât go in debt guys be careful!
He needs to leave the law enforcement job...with a Masters and the police experience, he has a legit opportunity to make money in the private sector..also drop the GF and her kid...not your bag, dude.
Amen
She needs to drop him... he has baggage
ineedhoez more the other way around
@@ineedhoez I know this comment is old, but they need to dump each other. The kid is not his problem and his debt is not her problem.
this guy is not telling everything.. his girlfriend goes to school and makes $89K a year and dont want to talk about finances until after school.. this does not make sense..
It's clear as day, he is not part of plan in her future....once she finishes school, he is out, new guy, more financially stable, will replace him
Have you ever tried working full time and going to nursing school full time? Not to mention she may have kids? When I was doing this I had no life and no time to do much of anything. On the plus side because I was going from work to school and had projects I had to complete on the weekends I had little to no idle time to spend money on recreation.
@@ariefraiser140 no one is saying she is not a hard worker, she is. But she doesn't want to open up to this guy, its red flag, she doesnt plan her future with him, unfortunately.... that's why Dave adviced to figure out if they are in this together or not...
@@edgehodl4832 not to mention the girlfriend has free daycare--him!!
@@ariefraiser140 Sooo that means she can't take 30 minutes every couple of weeks to figure out a budget and allocate her money?? Once a budget is set and you have a way to track spending, it's not much work after that. Nobody is saying she has to get a side hustle if she doesn't have the time for it. But she's "too busy" to even TALK about money. There's an issue here
One of my favorite things about DR is that he tells people to quit playing house. Heâs not shy about telling it like it is with relationships and people living together.
I wish we can get updates on some of these older calls. Iâd love to know where this man is at now. Hopefully him and his girl worked things out financially, got married, and started taking on this debt. We can hope.
LoPiccolo exactly, i'd love to know if he made it! I differ re his girlfriend though, imo better they had separated.
His parents dreams for him were pipe dreams.
I think before Mike even starts to think about the money situation, he needs to address the relationship side of this struggle. Either she wants him long term or doesn't. His financial plan is impacted by this relationship obstacle which needs to be figured out first.
Yep. I wonder what came to be of this
Parents can be toxic sometimes. Let your kids decide what they want to study. Donât put your frustrations with your own life onto your kids.
if you want to be a cop, do the exactly what is required to be a cop. I'm sure you don't need a masters degree in finance. Ironically, it was a bad financial decision.
When cops go to a domestic call, its usually about cheating or drugs are involved lol This cop just went along with what Dave said
Sell House...live in a $1,000 camper on a Wal-Mart parking lot. Pay 90% of income to Student Loans....live off rest of %10. Eat one pack of Ramen a day...drink tap water. Shower once a week. Panhandle in a used wheelchair at street corner as a side hustle.
Listening to others put him into a hole of trouble, unfortunately.
No, his personality-type and male-nature put him in trouble.
@@roserevancroix2308 Exactly. You can listen to others without bending yourself into a pretzel to do their bidding at all costs. I see this person as an Igor type "YEEEES MAAAASTER"
@@roserevancroix2308 Kids are raised to obey orders without questioning them, no wonder they can't think for themselves.
Girlfriend and HER daughter living with you? tap water for breakfast
Sounds like a really nice guy. Hope heâs doing well!
This guy blames his mom on college debt and then blames his dead dad on home, typical person who lacks personal responsibility , Girlfriend needs to run because he is about to blame her too
Big Red "she wanted this baby"
I thought the exact same thing.
It is the parents fault. No 18 year old is gonna say no to there parents. No smart one anyway. He would have not gone to that college with out her Making him go. Your brain fully developes at 25-26 years old. An 18 year old knows nothing about anything. To tell me that an 18 year old is an adult in any other sense other than the law is ridiculous. It is his mom's fault.
Oh no, let's hope the single-mom with debt don't run away. She's a catch. Are you an idiot?
@@MrTaketheshot That's a good argument on the school front, but a poor one to explain why, at 31, he bought a house simply because his deceased father wanted him to do so.
Listening to you at work David. Preaching on a Tuesday, bless you.
School isn't what it was years ago....I'm 41 and when I was young school meant something. Today you need to really consider life circumstances.
You want to learn something. Start a company importing pens or something from China, then try to go and sell those pens or whatever. Do that for one year you will learn more then ANY BA or MBA degree will ever teach you.
He needs to dump the house, dump the lady, and get a side hustle, then grind it out. That's all he can do really.
The federal government has allowed and even encouraged people to take on debt they should have never been able to take.
Hulen Bryant The federal government is like a drunken sailor in itself spending money it doesnât have
Dave always wants people to get rid of their house and that's not always the best option. Its a $185k house, if this guy rents, how much is he gonna actually save monthly, maybe $250 bucks? No way! I would get rid of everything else before the house.
Agree-rents could be more than his mortgage.
And he should try to get into a federal law enforcement job or a county job and get into the public service student loan repayment program.
I don't understand why he can't afford a $185K house on $70K/year? If he gets rid of the house and rents I guarantee the amount he is saving per month on rent vs his mortgage is extremely minimal and he is building zero equity while renting. Dave is wrong to tell him to sell the house, he simply needs to get his income up and attack the student loan debt
I was wondering the same, all the other stuff I get but he def can afford the house IF he didn't have all the other debt.
With a Master's in CJ and experience already being in an agency, he needs to: sell the house and apply to big agencies or federal law enforcement. There's no way he should be taking home 40k with those credentials. He likely needs to relocate to where the money is.
Why are people buying house when they make no where near enough money to have one?
If he had no debt he can easily get a 180k house on 70k salary
@Kertigen1 that's exactly what I'm asking!đŻ who was the idiot that approved that home loan!
nothing wrong with buying a house comparable to what you would be making rent payment on a reasonable home. don't pay for other people's mortgages
@@oldtwinsna8347 the problem is that many people think that the mortgage covers everything and that's far from the truth. When you rent you're not responsible for many things but when you own everything is your responsibility. And that's why many people fail when they buy because they're not prepared for emergencies.
renting isn't without risk over long term. leases expire and new ones rise with the market so after staying so many years in a rental you're now paying much more vs having locked in a determinable mortgage payment. one also has significantly more protection from eviction in the event of major financial difficulties with home ownership than with renting in landlord friendly states. only time I would be pro renting is if you aren't certain about long term plans to stay in one area, then it's a great idea as just look for fully furnished or buy lawn furniture and bail when the time comes up.
I truly feel for this man. Thank you sir for being brave and sharing your story. You have inspired me to get my act together ASAP.
How was he approved for a loan for a house when he was already in 100k in debt and 31? I can't even get a credit card from a bank and I only have 9k in debt and make 45k a year and I'm 32. Crazy
justus 28 you can get a loan on a house with your income. What kind of debt do you have? $9k in student loans? Pay it off in a year and youâll be fine. Start a side hussle like postmates or selling stuff on EBay . You can make $9k in no time. I once made $3k at a garage sale with stuff I found in alleys. I also bought cat food from the dollar store and sold it on Amazon for a profit. Get creative.
@@JanetKohl Janet I'd like restitution for Mr Whiskers. He died from the bad cat food you were selling đđđ
@@ChristopherInTexas đ€Ł lol
âI didnât do good at Finance.â Glad he told us, cos we were all wondering!
He should do consulting on the side or considering private security agencies. I would also sell the house. I feel for him. I did a lot of stuff cause my mom wanted me to, made some mistakes but he can do this. It wont be over night, but he can do it.
whats this guy gonna consult on? how to wreck your life financially lol?
5:11 I disagree with Dave which is unusual⊠a single guy making 70k/year can easily afford a 185k home. 70k after taxes comes out to a little over 4K/mo. Mortgage on a 185k home is a little over 800-1100/mo depending on tax and down payment. So Iâm not sure what he means by this statementâŠ
Better than renting. He CAN afford it.
He didnât know he had a relationship problem until this calâŠ.
My sister got me into debt. My brother wanted to marry and asked me to help him which I did with his weeding. Family can be the worst financial advisors..
Yes! Dave! listen to dave!!
Dump the girl with kid! Please please please she does not want a serious relationship with you sorry.
Move with your mom rent out your new house(find good renters) it's perfect since it's across the street!!! You are a cop they will be in line!
Pay your debts quickly loans cards while your house get paid with renters!!! Once you have loans paid off start paying off the house and find a new girl that wants to marry you without a doubt do it right get married then move in together or buy a new house but both in it together best of luck that's what I would do.
Great advice
Makes me wonder does this idiot have friends or even one real friend? Apparently not!!!
If I was running a police force. I would be very worried about one of my officers being this much in debt... has a way of âalteringâ oneâs sense of the job letâs say.
It's the same in the UK, they rake over EVERYTHING to ensure you're not open to compromise or corruption. Being in good financial health is a crucial part of good personal integrity, essential for a cop.
If something happens to you like you fall behind on your mortgage and your home gets repossessed, you can lose your job.
The bigger question is how did he get this job with that much debt?
â@@clarissamcpigeon7857 I feel like they should do that with every government, state, or local civil servant job. What stops me from paying him off and 9/10 he'll accept the bribe
military will screen carefully, six figure debt without being a physician will have you denied for sure.
3of11 I agree officers with debt like this maybe very susceptible to maybe not doing the right thing, but not saying this will happen to this poor guy sounds like he tried to please everyone except himself. I wish him well.
my heart goes out to him, AND he should NOT be dating anyone, he needs to focus on himself and healing the wounds that caused him to get this far into debt
Student loans seem to ruin alot of people..thank goodness i didnt take any loans out, only free financial aid and worked
Yr mother qualified it
Oh, he's going to be bankrupt? Well, too bad he absolutely CANNOT bankrupt those ginormous student loans. Those are for LIFE (unless permanently disabled). p.s. they can even garnish your Social Security when you are old. Modern indentured servitude is what student loans are.
wow is that true. they can garnish social security???
@@mannyjeanpierre4062 Yes.
@@mannyjeanpierre4062 they can legally leave you with what they believe you should be able to live on
The difference is that nobody is forced to take out a loan.
@@larrybud True, but nobody is forced to take out a mortgage, car loans, personal loan, etc., BUT all of those are able to be erased/reduced/settled by filing for bankruptcy. Not so with student loans. It's an unfair playing field.
This is outrageous. These choices that people make really exposes how ignorant they are. You have to read, learn and seek influence from people that are WINNING in whatever it is that you're seeking advice or mentorship for. You follow advice and hang around broke people....yes im talking about your friends and family! Its the closest ones to you that tend to harm you the most....you will be broke all your life and never see the true riches life has to offer.
Amen Emile. God made me see your post!!! I loaned to a family member $10,000 and it was NEVER PAID BACK. Sad
@@leniwash.dcarea6372 We've all done it! Now it's time to be an adult and say NO. "NO" will really change a person's life.
The issue is that most people get themselves into a big mess before they get to learn from a little mess...
With a a masterâs degree in Criminal Justice, he can pick up some adjunct work on the side at a community college in addition to contract security work.
Ugh, college will be the death of us.
....ooooor you could decide NOT to go, that works too, kid=)
All for that degree
Scholarships are frequently unclaimed because no one applied.
Victory IsMine I was admitted to a 28/k year school which had an average gpa of 3.0 with a 3.75 GPA. I was also admitted to a 55k/yt institute which had an average req of 3.56 the 55k/yr offered me 22k off the 55 and the 27/yr offered me 14k/yr. Full rides arenât given to anybody that doesnât have an athletic ability most academic scholarships wonât even go past 50% unless weâre talking about ivy leagues/ top tiers.
College is really only the death of you if:
1. You do nothing with your degree.
2. Choose a degree that has no marketability, i.e. most non-STEM majors.
3. Choose to drop out with student loan debt.
I was an IT major in college and straight after graduation, I was making $40K. Zero debt, zero complaints about going to college. If I didn't go, I'd still be working at a local fast food joint making less than half of that!
Listening to this makes me feel better about my situation.
The student loans are his mother's fault. The house he can't afford is his father's fault. It seems like the first thing he needs to do is accept responsibility for his own actions.
All I can think right now is that the education system has failed many many generations of people. This was so sad to listen to. I wish him the best
All the very best Mike.
(australia)
Life lesson: Never buy a home or have a baby with someone you arenât married to.
Its not even his baby! đŹ
Exactly. Where is her baby daddy at? And when she graduates and starts making money she could go back to him and be a family again. That's not his kid so why is he letting her live there and her child too? She is using his resources to better herself. Once she gets stable she could use his resources to find a better man and use the excuse that she can't be with him because of his debt.
OMG yes a thousand times.
With his income (plus working overtime) and his girlfriend's income, these two should be able to knock off their debts in 5 years. The only thing they need to do is to make sure everyone is on the same page and is focused.
Why should she have to knock off his debt when itâs a pointless debt in the first place
What if she finishes school and goes back to baby daddy?
I have seen that a few times. Good guy John takes broken betty, fixes her up, gets her on her feet again, then two years later she divorces him and is back to bad boy Billy for baby 2.
Correct. She could use his resources now to go back to her baby dad or find a better man. She has game. She is in a good position.
He probably don't even work, she'll end up doing everything. Women logic.
Seraph Creed I guess it depends on the level of attraction. My baby daddy and I no longer find each other attractive (separated for 10 +years) and therefore we will never ever be back together. We are both very happy with our respective new partners đ and even if we were single again, we wouldnât be back together, we can always find new mates with more compatibility.