I Make $200,000/Year And Can't Pay Down My Debt!
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If you make $200K and still have money problems, you will always have money problems.
đŻ
Unless you engage in some serious looking at your financial life and make some major changes. This guy and family need to keep a money diary, preferable for several months. As he says, he has no idea where his money is going. That piece of paper will tell you, and my guess is it will be very revealing.
đŻ percent agree
Vydio yeah I don't buy a lot of these callers that make $100K+. I don't care how many kids you have. Necessities don't cost that much. You can buy food in bulk in so many ways. You don't need designer clothes, luxury cars, crazy cable bills, smartphones for everyone, etc. This country is so financially illiterate, it makes me wonder.
They may well make $100,000 per year, but just plain don't know where it is going. I thought foot ball had a certain set time of year that it is played, so when he mentioned $200 for "son's football" as as example of their money woes I thought how is this a surprise.
Amen.
His cohost should be on a smooth jazz show.
His voice is almost as good as Morgan Freeman's!
đđđ I agree
@@elizagold2186 are you a member?!!!
Indeed
Another charletian would be awesome
Yasssss
Seriously. I'd be living off of $40,000 a year and pay off the $166,000 in 3 years tops. People are financially stupid.
Girlwonder right?? đ€·đŒââïžđ€ŠđŒââïž
He and his family could be millionaires easily in 5-10 years making that kind of money being debt-free.
I agree with y'all but he lives in New york so that could be the issue also lol
@@prncessbaby16
So?! Thousands of other people and families live in New York too. He is irresponsible with money, it's no excuse to be making that much and be in a big hole.
Yeah I would too in my area... but having heard some of the math from N.Y. it wouldn't be surprising if he comes home with around half that after everything.
A income problem making 200k.đđ
Chris could have been a reporter or anchor I love his voice! !
More money more problems. I know what heâs doing
200k and have debt means he over indulged in bullcrap. How could you put yourself in that situation. Dave and Chris gave him good pointers
He has a spending problem.
He has a spending problem, not an income problem. Stop spending
It was so pity of him to blame his sonâs 200 bucks football đ€Šđ»ââïž
âTwo-hundred dollars isnât your problem man!â đđ€Łđđ€Ł...!!!!!
Tony Steel kids football threw their budget off the rails. đ
Walid bahhur ...đđ..!! Hate to see what a shopping cart full of Walmart groceries would do. đ
This proves that the guy actually was dumb!!!! How do people like these make such kind of money đ
Raza exactly!! đ
That's an insult to people that are broke!
robert simpson amen brother
Heâs broke too. He just makes more then average
robert simpson exactly! Iâm making 45k. I have paid off 13 credits cards in 11 months. Give me a break with this guy!
*who* are.
Not really. Look at these millionaires that declare bankruptcy and to them being bankrupt means having 2 million dollars lying around. At least this guy is making his payments and not declaring bankruptcy to get out of his situation.
I have no empathy for high income earners claiming they broke
Respectfully I'd have to disagree with you, no matter if a person is making 200,000 or making 20,000 that's not the issue. It's the lifestyle that they choose to have like spending more than what you earn, not having the right priorities, doing what feels great in that moment, but isn't great in the long run with your budget. It's about discipline or a lack thereof not the income
dskmb3 More like top 10%
Elizabeth Webster is right. I have been POOR, had to count every single penny, not buy even a drink at a fast food restaurant, take food from home with me every single day, then I have also at other times had over twice this guy has made; so I have lived both ways. I also had different responsibilities in both these different times in my life, and when life is happening FAST and moving at lightening speed and you can hardly even sleep, and you don't sometimes for a couple of days or so, and work and kids' activities can do this to you, you won't even notice what you are spending. Thankfully there is Dave, and he forces you to STOP that madness and take control, like he did here with this caller. People don't intend to live this way, even people who have money and seem to have it together. Life can creep up on you with everything hitting you at once fast and having the money makes it easy to give into the areas where convenience can help. But convenience does come with a price. If this guy really does listen to Dave, he can take a look at a regular day in his life and be able to quickly tell where the small bleeders are happening with his cash. Multiple coffee runs? Volunteering much ... it always comes with a price tag, hardly ever stops at giving just your time. Kids' activities, forms to fill out for school every week involving fees and purchases, I have been there, and Yes, eating out waay too much!!! Prepare the budget and live intentionally. Stop the multiple little money bleeders.
Seconded
ABSOLUTELY RIGHT! Spoiled spenders that's all they are.....and now crying! Well, Boo Hoo!
People like this need to get together with someone they know who makes $50K, and let that person tell them what to cut. When you make this much, people sometimes lose a grip on what's necessary and what's a luxury.
Bonnie Half-Elven Agree, very true.
It would definitely be interesting to find out wouldn't it?
Absolutely true.
Good point Bonnie
or... with someone who got by on less than $1000 a month.
Which can be done.
Even in NYC, thatâs not an income problem. 25 credit cards is my personal nightmare.
Right??? Mine too, every freakin day you'd have to make a minimum payment. No thank you!
thankfully I only have 1 credit card
You can have 25 cards and use it responsibly. My mom has that much credit cards and she literally have a perfect credit score of 850.
Tricia Charles i totally get that but curiously, whatâs the advantage of having so many?
Exactly! I lived fine with a salary of $65k in NYC
He has two full-time jobs. One is his regular job and the other is juggling 25 credit card payments. I can't even breathe just imagining it.
25 credit cards?!?
should cancel at least 24!!!
666dynomax âąâąâą Right!! đđ
Why??? How????
I had 13, itâs easy to get them itâs hard to get away from them đą
Cheyenne Michelle-Rena was wondering about that too đ
Suddenly my life is not so bad.
If you get nothing else from these videos, it eventually comes up where someone has a way worse situation than you.
Bruh! i`m telling you...
Al Delgado are you related to Joey Delgado
Lol I feel like I am doing better than I deserve when I listen to these broke fools on the show.
@@Theraceagainstmyhealth I'd love to have the problem of 200+ k income
"I make 220k a year and have no common sense"
in his defense he did have to dish out $200 for his kids football..
DAVE DID NOT ASK HOW MANY COFFEES, MEALS OUT - THIS FAMILY DOES.
LET ME GUESS : E.V.E.R.Y. S.I.N.G.L.E. D.A.Y.
People who are attempting to lose weight are often told to keep a food diary ... write down everything they eat and drink for a month or more. This family needs to keep a money diary. I get the impression the caller really doesn't know where a good deal of his money is going.
I thought the exact same thing, he doesn't have to eat ramen noodles for dinner with his wife for years, but date night should probably be pushed back to once a month instead of multiple times a week.
Sun Set most likely. Itâs very possible to eat affordably in NYC but it requires temperance and not eating out. Just a hunch that the caller is trying to keep up with the Joneses, especially if they live in Midtown West.
What's that acronym stand for?
@djicebling
đ
Not enough effort there.. we have a household income of 220k
And weâve been able to pay off 55 grand in last 10 months. And I still feel like we could have done better, except we cash flowed a 10k wedding and 5k honeymoon in the meantime.. so I guess you can say paid off 70k
But still
Buckle down and get it done, get focused
Budget yourself, sacrifice now to live better down the road
My goal is to be debt free by January 2019.
45 k to go!
Cheers! You got it! congrats on your progress so far!
panqakes24 thanks so much!! Itâs hard work though, super worth it though!!!
Very nice! Hope your plan came to fruition! \o/
Did you knock out the $45,000?
@MOUNTIE'S CORNER howâd you go??
Yeah, I heard the kid's football excuse because I used the same type of excuse. I would point the finger at the little stuff and not my big problems. 25 credit cards??? I bet 23 are max'd out. Like Chris said, you have to get MAD at your debt. Being simply irritated won't get you anywhere but deeper in debt.
Wow this guy has problems 220k People living on 30k year are becoming millionaires ! Love the voice
j glesby you taking about me I am a teacher I am living off 30,000
Millionaires after forty years maybe
And in 30 years - when a loaf of bread is $72
How does this guy earn 220K? He doesn't seem to have a clue.
Lots of high income earners are broke. MDs and dentists are famous for poor money management skills.
@@harrisonwintergreen1147 Yes, it is amazing.
Middle management or a broker in a bull market.
An income problem at 200k+ a year? I make roughly 1/3 of that and have plenty of money leftover at the end of the month because I stick to my budget. He's probably eating out a lot, going on a lot of expensive vacations, buying the newest expensive gadgets or something. $200 to put your son in football isn't even the problem. This is clearly a self-control problem. 25 credit cards is far too many.
Nocturnal X he isnât probably doing anything. He IS eating out daily. He IS spending money on bs like computers and smartphones. He DOES NOT even own a car. His claim to work extra for $100 more every 2 weeks while making $220,000/year shows he isnât good at math.
I want to know what sorry company hired him. His story is pathetic.
Omg 200k income 166k debt... Do the math!!!! Why does he have 14k in personal loans, that's 2 weeks income for this guy!!!
I got to that point now I know how to cut my own hair, sew, press my own clothes, make bread from scratch, say no to my girlfriend, and shop with an adjustable appetite
Key point is say no to ur girlfriend lol
dog person hhbhhhhhhhhhhhhhhhhhbhbhbbbbvxbbbbbvvnnn z z z. Z. Z
Girlfriends that ask for items and stuff from their partners is depressing...shouldnât they get their own stuff? I canât imagine asking my partner for anything
Ciel are you a woman?
My husband passed five months ago and my income has dropped to $35K/year without his salary and I've managed to pay off $10K in debt. But I could not have done it without the FPU class I immediately took to help me figure out a plan and the most efficient way of using the little bit of life insurance I did get.
Thatâs very good that your were able to do that on your income, good for u
Love CHRIS VOICE it IS AMAZING lol
I live on SSDI and manage to pay my bills and donât have debt. These people who call in making 6 digits are just ridiculous and stupid.
They never learnt to control and check their financial behavior because their neck was above the water.
This is a lifestyle issue.
I didn't catch the black guy's name but his voice is like gold. So soothing and deep! I feel like he would have a wonderful singing voice
Dave points about how people don't have a debt problem we have a money problems is to true. Most people are in debt because of wasteful spending . And I agree with Dave on how credit cards are the killer because when you have actual money you have a visual of how much you can spend . But when you have a credit card you have no limit on how much money you can spend until you run all your money out of your account . And the man making that much money if he and his family are willing to cut back for year or two he could be out of debt .
200K a year and can't figure a way out....(insert Picard faceplam meme here.)
Sly Foxx đ€Šđżââïžđ€ŠđŒââïžđ€Šđ»ââïž
Sly Foxx đ”
đ€ŠđŸââïž
Chrisâs side job should be voice-overs & audio books đ©
I think people have to go through the stages of grief before they start addressing their debt for real. At least I know we did. I think this man is still somewhat in the denial stage. He feels like he canât really change it. You have to push past this to really acknowledge, formulate a plan, and systematically attack the debts 1 at a time. You can do this Frank! Like Chris said âget mad!â đĄđĄđĄ
Emotions are so controlling. Logic is overthrown by emotion. Logically this guy knows what to do, he does. He is emotionally flushed that he thinks he only has enough to "pay" the bill at value each month instead of paying more every month. Cut up the emotion in your life, cut up the credit cards, all of them. Cut out the wants, and even some "needs". I've found that things I needed could wait. And so I am till I can afford it. Emotion can hold us back so much, that we can't see the logic and path for us.
This guy is the ultimate âjonesesâ I would have a hard time keeping up with him
Omg my wife and I never made over 80k a year and I got injured and lost my job for a few years where we got by on 14k and we are debt free with 2 houses paid off all kind of collectables, silver, gold stock and crytocurrency in case.. So you spend too much money. I'd be a millionaire if I made 200k.
Chris Rock howâs bragging camp going đ
How long did it take you?
@@drmurphdurf4921 yea bragging. I could barely walk and was in more pain than you could take for 4 years. Still in pain every day.
@@stephania4940 we started buckling down 10 years ago. Live below our means.
This destroys the idea that making more money is the key to not having debt. As these calls demonstrate, people with six-figure salaries can be in similar amounts of debt. They don't sound happy, even though they earn more than many listeners. So it's not just how much you make, but how you are spending that money. This is why people who go from poverty to riches must avoid the trap of dramatically increasing their lifestyle. Celebrities and many athletes fail to realise this, hence why they end up broke.
"you're not dumb, dumb people don't make 200k"
debateable
I love that black guy's voice..
I wish I could have him follow me around all day and narrate my life and give me pep talks!
Chris Hogan is that black guyâs name.
Chris hogan
His podcast did have the ability to send in a written "self-pep-talk" and Chris would read it back on the show to you for support. Look into it haha
@J he just mentioned it
I'd say black guy if not know his name
$220k in NYC = $97k in Dallas, Tx. This dude is living well above his means for someone who lives in as expensive of a place as he does.
When I was a kid a co-worker lady said to me more you money make the more you spend. She was right to some extent.
Chris always goes that extra mile lol đ
People make millions a year and still have financial problems. 220k yearly income is no exception.
Yep high income means you can only get into more trouble if not smart...see all those broke athletes.
25 credits cards???? đ€đ€Šââïž
Putting the kid in football at $200 . . . "that's not the problem." No kidding. :-)
This guys will hopefuly get it together, this is an example of a LIFTESTYLE Problem, not a Money problem
this guy needs to stop loving stuff and start loving himself
Its kind of annoying how many people make 6 figures that really are dumb...So when Dave sais people who make a ton of money arent dumb I think hes missing the luck factor, many people make a killing at work because daddy owns the company or they knew the right people...Also the type of caller on this video could make 50k a year and be in debt or they could clear a million annually and still be in debt its a thought problem not a money problem...
I think Dave is pointing out that these group of people outside of their lack of financial prowess usually are somewhat intelligent to be able to command a higher salary. You can have a rocket scientist who can make a lot of money but can be bad with financial matters but that doesn't make him not an intelligent person. Sure the rocket scientist would be a complete idiot when it comes to financial matters but if you just base how an intelligent person should act solely based on his financial matters that is not actually true.
I would also argue the other side too that if you make less money doesn't mean you are not intelligent. Teachers do not get paid that much but that doesn't mean that they are not intelligent. Yes you are right that some people ride the family train and can network to earn a lot of money.
I am not defending the caller's actions. I find it also despicable that someone earning $220K is crying wolf and making excuses about small popups like $200 for his son's football activities and acting like its preventing him from paying down debt.
my thoughts are its not that hard to manage money. i did the math and i could easily save 2 to 5 thousand dollars a year on 24,000 a year income. and yes while paying for rent(to be fair cheap rent but yeah(i personally would not live in anything more then 650 a month) maybe i am living in a fantasy world expecting to pay 650 a month for place to live on my own though), bills(internet,phone etc), food, a car(payed in full/gas) and still have enough any extra things. this is all while being debt free obviously
@@thewewguy8t88 I think peoples biggest hurdle to save money is to think they "deserve" luxuries that they really dont need but want, that may be nicer more expewnive food or a nicer car or even more space in a house they never really use anyway...if people, werent afraid of being judged by ithers they would live much cheaper lives overall
@@cutlerylover yeah i do agree which is something I personally do not understand
My jaw DROPPED when his cohost started speaking oh my god what a voice
I have an income problem I make 220k a year that is hilarious đ€Ł
I donât understand how these people call Dave making 100 -200k a year and are struggling! I have no debt stay on top of all my bills, 2 cars paid off cash and my daughter is well taking care of, all this while making just under 30k, and I will continue living how I live after I finish CDL school to get ahead.
First expense would be taxes. Check that every dollar budget to see where that income goes out.
Of course all these people who go into crazy debt are dating/married. I'm practically debt free and can't get any luck in the dating field, good lord where did I go wrong
5:35 thank you Chris! Bringing back to reality for this guy- SO many people are managing to make life work on FAR less than this caller- he has no excuse!
Did he say that he has 25 credit cards? Pay them off in full. When you get them all paid off, keep maybe two or three of them active. The rest, close them out. The two or three cards you keep, pay them off in full each month.
No he has no business with a cc thats obvious
Good gracious, Sir?! Sir. That voice. That voice is the definition of epic, sir. God done blessed that voice. That is the voice of authority. Hallelujah!!
Give me that $5000 I will put that on my IRA.
2 years later and we're in the pandemic. i can't imagine ol' Frankie boy doing very well.
He couldnât seem to see where he was wasting money.
The man's voice was do deep I thought Obama joined the convođ
Chris makes Obama sound line a soprano.
Obamaâs voice isnât that deep at all
Should be the Chris Hogan show.
On a side note, does Dave just always ignore taxes or is the caller aware that figures are supposed to be after tax?
Too much spending is his issue. Very likely they are going to fancy restaurants every week, taking extravagant vacations, have multiple subscriptions, have pricey service providers they need to replace or negotiate with, overspend on the kids, purchase alot of nick nacks on impulse, and buy things for many people (they are saying yes alot more than no)
I love Chris Hogan. I've listened to Dave for over a DECADE....I really think I like Chris more. I love them both I know, but Chris is just such a sensible awesome guy!
This guy simply doesn't know what he's spending his money on. Unless and until he figures that out nothing else will matter.
Chris voice is amazing!!!l
I also love his voice and my fiance hates it! Lol
Itâs so aggravating when I see people making triple what I make a year doing worse on finances than me.
My god..."we didn't plan to put my boy in football, so that was a couple hundred bucks...."
Wow.........
I am a 16 year old junior and have $3,400 in savings now and plan on buying a New Ford F150 Lariat!
Dont buy a new vehicle man all of that money will go bye bye plus the gas will be horrible
Never even got to the car lease.
Ace Bragg he probably is all show. Sounds like the typical New York dbag that makes a ton and spends even more to impress strangers.
Mid level 5 series BMW or Lexus SUV. Seems like what it always is. Go broke to look rich. It's not a good look. Go buy an old 70's truck for cash, fix it up nice, and be nice to people. That's how you make friends.
Except those 70's trucks are starting to get some good money. That's the hot segment of the collector car hobby right now. :)
Exactly. Buy 70s truck for $5000, in 5 years it'll be worth 10 grand - and you get to enjoy it in the meanwhile.
Enthused agree on the mid level luxury trash people get. They think they fooling us when they driving around in a 5 series+ BMW. Then you overhear them at work about how they can't afford basic necessities or you see how lousy they tip at lunch. Makes me sick!
Chris sounds like the guy on movie trailers đđđ
He has a movie trailer voice đ
200k a year is 18,000 a month
Before taxes though. That is often missed in these conversations.
Even if he was taxed 50% he'd get $110k/yr which is over $9k/month. They could live on half of that and be out of debt in 3-4 years. There's no good reason he's making 0 progress.
They make around 150-155k
@@jeremyrushton8310 taxes are around 35% that still around 150ish a year take home...
@@Tailong And if he moved to Florida he'd pay no state income tax.
Is this a prank call the caller doesn't sound serious
Dan Roberts he sounds stupid.
Why would he own a car in NYC? That's one of the perks of living there unless he lives in the suburban areas like parts of queens or staten island.
Why not have a car in NYC? I live in Brooklyn and almost everyone I know has a car. Yes we have public transportation, but driving is far more convenient.
@@MsAsb-zx4sr you must live in more of the Suburban Brooklyn. I never had a car in Western Queens or Brooklyn. I only know a handful of people that have cars in NYC but maybe it's different when you have a family.
I don't think the estimate of living costs is realistic here; they're shaming him for spending $5K/month for his family in a high cost of living area. My family of three (including a toddler) lives in a small house in the suburbs outside of DC. We don't spend on ANYTHING extra, have no consumer debt and no car loans and still spend around $5K/month.,.. $2000 mortgage/tax + $1500 daycare (yep, normal) + $800 food and HH (Aldi, no restaurants) + $400 commuting costs for two (gas/parking) + $200 home utilities + $200 medical deductibles... that's about $5K right there. Funds go fast in an expensive area.
A classic example of living above your means. I make 1/4 of that and Iâm paying down debt.
Whereâs the money going? State+Federal+NYC TAX half is gone before he even gets it!
225 k and debt.I make only 100k ,I have a paid off house ,no debt,good amount of savings and my husband doesn't work .Plus I have 3 kids
Jesus love umm the hubby needs to get out there and take care of his family regardless of your income. It is in the Bible.
@@1jw298 You already know girl, a Father should protect and provide.
This guy can solve the problems fast with an income like that
"I hate tuna fish." Ha. That made me chuckle.
Sometimes I wonder if some of these guys have a hidden drug problem. This guy is spending 5k and he doesnt know how?
I would love to have making 200k problem part ONLY
I would happily take his situation. I would love to make 220k, could easily pay off all the stuff in a couple of years o and Iâd tell the wife to make some money so having a 250k or so income with wife would be easy
His voice is insane! love it!
I laugh so hard at the tuna fish
The problem when you make so much money, you make excuses for yourself because you keep counting on the money to pour in. It's not until someone loses their job or they finally are too old to work that they realize they are poor. They have nothing to show for it. I pray this man wakes up. My dear friends never worried about this and now they are in their 70's and homeless. They always lived in big houses and drove nice cars. Dont count on this income being forever. You are living on a house of cards. Someone loses their job and you will drown.
Very strange call. Why can't he fix the problem?
I just love this couple! You make my day every day!
If I would make his money next 20 years I would become multimillionaire.
Go through his finances.. That's the crunchy good stuff
Can you imagine all the taxes that he has to pay on that income.
True but he still makes a good amount Avenue after taxes
Man I wish that black dude was around to tell me stories so I can fall asleep! He's voice is just so relaxing lol
The white dude is pretty cool too.
@@DoctorSmartyPants I think his core competency is more along the lines of waking people up.
Spending behavior issue đŻ
If you forced this guy to write down every outgoing he had for a month you would see pretty quickly what he is spending to equate to over 15+k a month in outgoings.
this guy's voice is next level
OMG...that voice (Chris) would make me pay down my debt ASAP!!!! Yes sir...I'm mad!!!
That guy could be a world class voice actor.
He said his income is $220,000 that's is $287,000 in Canadian dollars, I don't believe a single word in this video.
Does Dave not understand the exorbitant income tax rate for people living in NYC? $200,000 immediately turns into $140,000 at most. So putting $50,000 to loans leaves $90,000 to live on. Why does he always ignore this?
Iâm never ready for that voice, even when I know itâs coming.
I just found out why I don't mind being poor. I like tinned fish (all of them) and peanut butter.
I have 4 credit cards. After listening to them, I went, got a scissor and cut 3 off. Iâm keeping one with a $2200 credit limit for gas and grocery and no interest for 15 months. At the end of 15 months I will cut it off too. I wonât make credit cards companies rich while I go poor.
It doesn't matter how much you make. It matters how much you spend.