âSomeone Gave You Bad Advice!â
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The 1% of rich Americans think of how to invest their money to increase their wealth during the recession. While the 99% of struggling hard-luck Americans think of how to survive without food and daily necessities in the recession and the coming hyperinflation. I am just about to make my first index fund purchase via vanguard. I intend to invest long term. just getting slightly stuck on how I balance my percentage portfolio between equity vs bonds. Low risk is good for me. Any tips
You are absolutely right ,firstly I believe money in the bank is not money because it is bond to inflation and losses values overtime, You have to be well disciplined to achieve success and save before you spend Lastly success does not happen overnight it takes time, dedication and self discipline
money is a liability, not an asset. You have to exchange it for assets that represent real VALUE. Real estate - properties for rent. Stocks (dividends). Bonds (interest), funds, REITs (interest), intellectual property, The aid of an institutional or basic financial advisor's cannot be over expressed. I started saving and investing in 1989 at the age of 20... I am 54 today and have 2.2 million in my retirement account, 135k liquid and I trade securities with 50-55k
I'm bombarded with the don't sit on it during the inflation, I wanted to jump in 8/22 and did nothing. So far this year I think I need to get my feet wet but I stopped listening and taking financial advise from CZcamsrs, because at the end of the day, I end up with a bunch of confusing stories. Have you always had guidance?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ââAileen Gertrude Tippyââ for about five years now, and her performance has been consistently impressive. Sheâs quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Youâre a SURVIVOR my Brother- you can beat & defeat this. đđżđđŸ
đȘđŸ
No doubt.
Miracle! I'm an RN and I know how rare it is for someone to get ONE organ let alone TWO!!!!!!!!!!!!!
yeah ok queen
$700/month for a camry is just WILD!! House hold income 50k they aint got no business getting a car thats worth 32k
Its easy to fall into saying yes to a car salesman when you REALLY need a car.
Never go to a car dealership when you HAVE to buy a car.
@saltysaty8686 sorry man that aint a good excuse if you need a car look on marketplace it's simple math your income at the time was 50k the car is 32k
You should learn grammar before giving other people a hard time
$700/month +200 for gas +250 insurance minimum. Dude is paying $1k MINIMUM per month for a Camry? Yikess
@19hundoc47 you sound like u probably in the same situation huh driving a car you can't afford lol
Atleast he bought a really good reliable car for a decent price. The worst is hearing calls on $90,000 American trucks and $60,000 BMW's. He could keep this Camry but needs to get it paid off.
There is no "decent price" when buying a new vehicle unless you are keeping it for ten or twelve years and pay cash for it. Like my parents used to do. Buying new is a mug's game.
Good point. Had he bought a German car he would be upside down on the car loan because the car would had depreciated drastically.
But his credit score is 512. He can't AFFORD to keep it, while he and his wife only make roughly 70k between them.
But, he also said that his wife JUST recently got a job at a call center from being a hair stylist, so SHE'S not making anything right now and call centers don't pay THAT much.
He needs to keep the Camry, yes. He needs a reliable vehicle for HIS family...not just to look good and go to the race track.
@@frequentlycynical642I rather buy brand new if I can find one without interest than buy used with high interest
People need to understand debt to income.
its like the US needs to make it a standard class in grade school and a required course in college.
@@zerafians8145itâs a good thought but even then, it wouldnât matter. Folks donât respond to things unless theyâre naturally curious or precautious, or need a reason to. I didnât care to learn about financial things until my early 20âs. But Iâm sure glad I did and that I found Dave. Saved myself a lot of trouble.
it's the American way!
â@@zerafians8145California is đ
You mean income to debt đ
Honestly, I wouldn't sell the car. In most cases I think that is the right way to go, but Alan's family is broke and a reliable car when you are broke is GOLD. Instead I would get the income up and just throw it at the Camry, pay it off as fast as possible. That's way preferable to eating $5k on the Camry AND needing another $5k to buy a beater AND then putting $2k every few months into the beater for the next year or so. Just work more, pay off the Camry as fast as possible, and then keep it for at least 10 more years.
Best advice here, including Dave's.
I agree. Had he bought anything else that was German or American it would be best to dump it. But the Camry will last him a long time with good maintenance. He could even put it to work doing ride share or food delivery.
đ
It is easy to judge this man I wonât. We have all been there. Encouraging words go longer than blind criticism
I don't judge him, I empathize with him . good luck fam.
Finally a decent comment in this channel
Thts a grown man with a wife, he shd
Have been smarter than tht. Dont buy a car unless u can buy it in cash and itâs something u can afford.
@ianward8107 true, but some people are just living in a fantasy world, my step daughter (26 years old), bought a nissan maxima loaded for around $25k then bought a Dodge Charger for her new boyfriend , not sure how much she got it for but I'm certain it cost more than the maxima. She purchased both cars last year. She was working as a bartender for just a few months and the boyfriend working as a barber, they both have been out of work for months, and for the past 4 months they been living with me and my my soon to be ex-wife.
My wife wants to support them and I refuse, so I am living in a month or so, I'm done supporting lazy bums.
@@SantistaFighter I understand your point. He was just doing what he thought was right at the time. He has to learn from this mistake
Itâs amazing how calm these callers are. I freak out with a $100 credit card bill. Debt free and it feels amazing. Live within your means
My car blew up shortly after I bought my first house. It was a $1500 Aud. car that was going to cost me more to repair than it was worth. I'd drained the emergency fund that I had for the house and was flat broke. I borrowed $3k to buy another used car. Every week for the next 7 or 8 months, I'd take nearly all of my pay packet out of the bank on payday, walk into the bank next door, give them $100, do the grocery shopping, pay the bills, buy some beer and go home. Whatever I had left in my wallet had to last for the week. I wasn't even thinking about saving money. Never again. Never ever again.
If youâre freaking out with a $100 credit bill then I think you have bigger issues
â@@JonathanIvy221 đLOL you don't get it! đ
@@JonathanIvy221 I disagree. When living paycheck to paycheck, a $100 debt can throw your life into chaos."Take care of the pennies and the dollars will take care of themselves"
@@JonathanIvy221 im DEBT FREE! What issue?
This video really spoke to me. Iâm 23. Got myself in the same situation with a car at 33k. I worked for 4 months at my job (I work in hvac) and I saved every penny and my goodness it was tough. But I now owe 16k and Iâm in POSITIVE equity on the car with only 14k miles. And I was able to refinance it for HALF of what my original payment was. I say this because sometimes the only way out is to push through. God is good
My bros a senior hvac tech brings in 150k a year. Hates it though.
@@XCVi_MAC I live in Arizona so summers can be awful. But all in Godâs plan.
@@BJRoach I live in the California desert.
Yep. I learned really fast never to buy a new car. They depreciate too fast.
I buy 2-3 years old after 30-50% depreciation.
Best thing you can do is after you get it paid off keep tossing that monthly payment into a high interest savings (5%+)
I drove my subaru for 10 years, saved $500/month for about 5-6 years. Makes a great extra emergency fund.
Found my 2021 Ram 1500 lease return for $36k last year. Paid cash. Felt great. Saved a bunch. Original MSRP new was just under $60k.
That's $1k a month depreciation buying new.
I can't imagine burning that much money on a new Truck. It's nuts. Let someone else waste their money. I figure I can buy a whole new drivetrain with the $24k I save buying slightly used vs new.
@@getinthespace7715 famous quote I heard was âBe wise with what you spend and who you give to. 10 years of hard work can be gone in 1 second from a dealer.â
$1000 hoopty doesnât exist anymore Dave
Lol more like thousand dollar shell on bricks đą
@@smarsmar800 This. I made the same comment before seeing yours. Guess Dave hasn't needed a hoopty in quite a while.
I promise you I can find them on fb marketplace right now
They exist but i would not drive it
I just checked on fb market. Found about 200 for $1000
Rent has gone through the roof. I feel for this guy.
What does that have to do with buying a car they couldn't afford anyway? Even if rent was 500 less a month they still can't afford this car. Whiing about the cost of stuff does nothing to solve the problem. Stuff goes up in price. So whine or come up with an actual solution. Stop buying cars on payments. Buying a car on payments means the person cannot afford it.
They don't care lol
@@danielrn133 Agree. I use to make the car mistake then got wise.
I'm in Arizona (Phoenix area). I pay $1300 for a studio. My monthly bus pass is $65 a month.
It is very difficult to wait for these slow buses this time of year in Southern Arizona. Average highs are 110F°+ daily. However, I do it. As I have no money for these high inflation vehicles.
Unfortunately, there aren't any better options for him (family of 4), but to dismiss the car.
@@danielrn133I live in PHX
$214/mo mortgage
I bought a new car with an 858 FICO,
0% interest
Yea, I know pull $50K thatâs making 11% and pay cash
Dave gives good advice, but a $1000 car 30 years ago isn't the same as a $1000 car today.
But baby step 1! Lol...
30 years ago you could get a hooptie for a few hundred bucks, you absolutely can get a $1000-1500 car today that's just ugly but runs fine.
True! So heâs suggesting to sell the Camry, buy a $1000 beater which god knows what type of condition a $1000 car is in these days. Then what happens when you start running into mechanical issues with the $1000 hoopty?
â@@luisserna7695 But, if he can't afford it, what's the point?
He HAS to start over so he can get back on track.
He's got:
- 512 credit score
- 50k/yr. job
- 4 kids
- a wife who is a part-time hairstylist who JUST went back to work at a call center that doesn't pay much
- and a $695/mo. car payment that's killing him
The math AIN'T mathin'! â
đ
My first instinct was to get a 2nd job. Too many people, their 1st instinct is to call a radio show. I worked 2 jobs for 26 years. It was hard but I have a great life today.
This is scary how people get themselves in situations like this. Emotional children when it comes to spending and budgeting.
the world need burger-flippers...
I wouldn't necessarily phrase it that way. A lot of it is generational and people just not being properly educated.
It is funny how people say it is generational. Every family was poor at some point. They didnât blame the last the took responsibility. It is easy to see why so many fail when they blame everything on everyone else
@@joesmith3590
Not Every
I graduated in 1980, $100K/yr
60hours/wk
Room & board provided
DD straight to the Bank
Oh youâve never made financial mistakes? Hypocrite
It's good this guy called in to Uncle Dave. Quite often people get in a $$$ mess, then can't think straight about how to fix the situation. This guy needs someone in his life to help him see clearly. I wish him luck.
So glad Papa Dave was the one who took this call.
Papa Dave?! Woah đł
Keep the vehicle, pay it off as quickly as possible, and drive it for the next 10-20 years. That's what I plan to do with my wife's financed 2025 Toyota Camry SE.
Yep, just got a 2025 LE. I expect I'll pay it off within the first 30 days and will be dissapointed if it doesn't last me 20 years.
With all respect to Uncle Dave I would love to see what type of running car you can get with a thousand dollars in today's market/economy
@@bleedinorangeblue903 a thousand bucks? Nothing that runs or that you'd entrust with your kids' safety.
Yea they are crazy. Get a 3k and itâs gonna come with thousands of dollars in repairs within 6 months
Same!
Obviously it's a metaphor, get something for 5k thats fairly decent for the time being, that can get you from A to B safely, then in a year or two depending on your situation you can upgrade.
@@nedelchopankovski9681 itâs a metaphor bt when you start doing realistic math it changes the equation. Having to pay an extra 5k to get rid of a car, then spend another 5k to get a car that will likely run you thousands in repairs. And count the missed work time from those repairs. You can come to a conclusion that they may just need to keep the car and drive Uber to pay it off asap
So Dave is wrong about Carmax. Their business isn't selling cars, it's peddling high interest used car loans to people with less than good credit. They are often paying retail or close enough to retail and can be a great place to SELL your car. When I traded in my last car I used Car Max's offer on my car as leverage, car max was offering pretty much retail for my car.
I agree. Caravana gave me way too much money for my car that was leaking transmission fluid. They didn't care. I don't even know if they fixed it before reselling it though, đ
Same. I sold a car to Carmax last month and they gave me close to retail for it. Carmax and Carvana make most of their money on high-interest loans.
$1800 a month for a 2-bedroom in Arizona is diabolocal⊠but the cost of living across the entire country is becoming diabolical.
In the Phoenix metro area, that is a steal. Prices usually start at $2200 for a 2 bedroom if lucky.
Landlords have been colluding on rent prices. They subscribe to the same price-setting services, so they're able to do price-fixing without directly talking to each other.
I pay 1800 here in Michigan for the same kind of 2 bedroom. Rent is so overpriced.
One bedrooms in Charleston, SC rent for that amount.
@@kellygarvin7955 Thatâs crazy cause that is the going rate for a 1 bedroom here in Sacramento CA. I thought everything was more affordable in most other states? This whole cost of living situation is horrible
Just paid off my final chunk of car debt. Never again if i have anything to say about it đ
I travel for a living and am running around the southeast in a 305k mile vehicle. Thatâs how bad I DONT want a car payment again lol
â@@jason91205I drive from Memphis to Dallas 3 times per month in a 01 Camry, 400 thousand miles, same engine and transmission, no AC. 800 dollar car. People now days cry about everything and their standards are so high. I'll never allow myself to have a car payment, as long as this beat up Camry can drive lol
Try to hold on to that Camry. Itâs going to last trouble free. Long after you paid it off.
Agreed the trouble Dave just talked him through isnât worth it. Rather work their butt off to pay this car off
@@Shortballa11 I have a Camry Hybrid and it runs cheap and is vary hard to let go.
@@trainsandlocomotives Iâm sure you get like 40-50 mpg. Iâm in the car market now and hoping for something 30mpg
He can buy a cheaper $10k Camry?
@@Miggy2222 with what money? No cash and terrible credit. Itâs too late for all that.
2022-23 was the peak of carflation. I sold my dad's five year old 2017 Beetle to Carvana for $2k more than he paid for it.
@@mrfranchize02 you got ripped off man I'm sorry. I sold a couple cars at that time for at least 1-2k more than Carvana offered to pay me. None of those sold for more than 7k so you got ripped off hard...
@saltysaty8686 Maybe Carvana didn't need your particular car?? I went with the highest bid. Yall just say anything and don't know nothing lol
đ§ I don't understand.
Loan on Car is 32,000
Car value is 27,000
That means you are only $5000 under water on the loan
If you sell that car you will lose $5000
you have to buy a $1000 beater car.
Basically, you have spend $6000 on a beater car.
A better option is to use that car- for business like an Uber or door dash.
Both you and the wife and use it for
Uber/door dash earn an extra $500-800 per month. You can make up for that $5000 diff in no time plus more.
Turn your liabilities into an asset
Agreed because 1. You arenât going to find a beater for 1k. 2. A 3k beater is gonna come with thousands of dollars in repairs over the next years.
Better just to work their butt off paying off the car
What Dave is saying, with the debt payments, this gentleman could easily buy a super cheap car that will only be there temporarily so he can take care of his responsibilities. At that point he owns the car so no worrying about payments or the interest on those payments. Once those payments on the current car are gone that money will stack up pretty quickly in his pocket, not the bank's. He can even use the bank to earn himself a little bit over time...right now, over time, he's losing more than 5000 because of payments. Psychologically that hurts and not seeing the amount go down might make him feel even more overburdened. If he gets rid of it he doesn't *have* to drive uber or do Doordash. I dont think your idea is bad. He doesn't want the upside-down situation to get even worse which will happen if he puts more miles on the car.... It's an option but it might take longer than to just simply earnthat 5000 and then sell it. It will also reduce the value of the car even more making him have to lose more than 5000. I Think Dave is saying the *simplest* solution/ the more psychologically efficient is to just get rid of it so this man can start to have more money in his pocket and savings more quickly and more peace overall.
Thatâs the average for a car at the dealership after all the fees
â@@Shortballa11This is bad advice that gets repeated and people end up scared for no reason. There are plenty of good running cars that wont cost you thousands in maintenance on marketplace. I bought a 1998 Chevy S10 7 years ago for $1500...it was just ugly. I drove it an hour and back every day for 2.5 years.
@@Tigersfan829 7 years ago is a lot different pricing than now. Also just because you were the exception, doesnât make you the rule. Repairs are expensive nowadays. Almost everything is $1,000 to fix so if you have a hoopty is rlly hard to save. I believe p should buy cars cash bt in this persons situation itâs already too late
Gotta love how they always ask if they have good credit to get a loan, but then always say you never need a credit score ever, make up ur minds lol
You use the credit in the mean time to get you out of debt faster. Then never touch it again. It's the only time they ever talk about getting a non mortgage loan.
@@sumoman485 but they preach never get a credit score cause you font need it, same reason you canât get a mortgage with a credit score, same reason 2 apartments turned me down cause I donât have credit and finally found one that I had to pay an extra 2k up front cause I donât have credit so they donât know what there talking about
I notice the same thing.
Right.. Iâve never heard someone say their credit score on this show haha
Thatâs because the guy already used his credit to buy the car before calling in, so they are brainstorming a solution. If he called before buying the car and said âI want a $30k Camry but I donât have the money for itâ, they wouldnât have recommended taking a loan or using credit
There are no $1000 running cars out there.
Yah I just paid $1000 for 4 tires installed on my SUV.
How you going buy a whole car for $1000
Yea I just found some on FB. They are ugly no doubt.
@@markg999 Guy better be a descent mechanic, have access to descent mass transit and an understanding boss when he calls in late because the beater broke down again.
@schadlarry I wouldn't recommend a 1k car but they do exist.
No, but there's piles of running $3k cars out there and boatloads of $5k cars.
That Camry is a good price they offered. They go for between 20-25k. A 2024 you can get for 28k.
Oh yeah?
They used to go for 20K-25K, not anymore. Markups and low inventory are still a problem with Toyota. I bought my Camry brand new in 2020 for $23K OTD now the dealer wants $30K+ for a new base one with all discounts incentives.
Yeah, we found Carmax to be fair. We sold a Toyota that needed bodywork and was in fair/good condition. Expected a couple thousand, got offered $7K from Carmax. Sold it and got out of debt!
@@COMMANDERFOX31 Still does not mean your 2020 is worth 30k.
In today's world there's no such thing as $1,000 won't be that runs and drives
There is but you have to look further out of your imitate area. Even new car buys have had to go to small town dealerships to get a better deal than their big city dealerships.
Blessings to you and your family â€
It's all too common. The average car payment in America is over $700. Lenders are partially to blame too. Back when people were getting stimulus checks, they were giving out car loans like candy.
Buyers want $40,000+ cars not the $15,000 subcompact. It is buyers fault.
â@@scottlaux6934Exactly. This particular caller could had settled for a Corolla instead that start at $22,000.
@evoman44 no because he would be paying $550-600 a month still too expensive. Should have been used car for $6000
@@MarlonAllen-pg9dl I would have to agree because of the current high interest rates.
Toyota is still behind with inventory across North America. Dealer markups are still everywhere. He can sell it for atleast $29K-30K if it is low mileage and accident free. I sold my 2020 Camry for $30K to the dealer 7 months ago as there were no new available Camrys within a 200 mile radius.
That's insane... I bought a new 2024 Camry SE 3 months ago for 29K out the door..
â@@mdees88that's because they were trying to dump inventory before the 2025s came in.
Iâve bought new cars for years and never paid over $30k for one.
Much harder to purchase new cars nowadays for less than $30,000
New Camry's start at over $28k MSRP....dealer fees, taxes (some times markups) and interest is putting you over $30k. Car prices have risen a lot. When I purchased my 2012 Camry brand new, the starting prices were $19k and topped out at around $31k WITH 60 month 0% interest offers direct from Toyota.
Your hair looks great, Rachel!
Bless his heart â€
No individual sale is going to get top dollar for a car . People look to buy from an individual to get a good deal if someone wanted to pay full price for it they would go to a dealer who could be liable if itâs a lemon
Yes the private sale value on a car that carmax is offering 22 on is not 27 itâs more like 24-25
Yea selling private party is not easy. Rather buy from a dealership and have more assurances
In my opinion it's worth it to get $1000-2000 less with how flakey, inconvenient, and potentially dangerous a private sale can be.
@@Shortballa11Especially since most are financing, a dealership is much easier transaction.
Heâll need to sell his car for 2k -3k less than a dealership would, to make it an attractive option for a buyer
Some people think I'm mean. I'm only mean to those who deserve mean in my opinion!
The previous Ramsey video today (7/9/24) was a letter from a guy who has a household income of $400K and can't make ends meet. I cannot begin to tell you how much disdain I have for that guy and family.
Compare that to this guy. Sure he needs to learn and do better financially but man, he says he worked full time while dealing with a kidney and pancreas transplant and the guy earns around $50K. I'm pulling for this guy and his family!! See I champion people who deserve to be championed!!
@@GAFB1122 lol I hope your not referring to me when you say âsome ppl think Iâm meanâ cuz those words or anything similar never can out my mouth lol. Iâm too big of a guy/grown to be calling another man mean lol but both callers/vids deserve grace cuz we donât kno anything about the other caller or his situation. We just kno his household income and that there in debt and that alone. Shouldnât make you feel away lol
@reese85 I believe you did say, I sound angry. I acknowledge you didn't say mean. My anger to include meanness at times is warranted based on what I see out there.
Again, we'll respectfully agree to disagree on the two videos. My disdain for the first remains! I have no grace for the first with that income!!
I just don't want anyone to think I'm always angry (or mean).
I am not always angry (or mean). Only when warranted. It was warranted on the first video, and sadly, on many of Ramsey videos. But not all, as I champion this guy! I feel for this guy and wish him and his family better đđ And I'll always root for the little guy, who tries to do the right thing and be better today than he was yesterday.
I'm a new subscriber. I wish I found this channel a long time ago. Thanks
Good Call.
crackin the whip is crazy đđđ
The genuine, childhood wonder in Alan's voice at 3:35 made me happy.
"Childhood wonder"???
The MAN makes 50k/yr., with a 512 credit score, a $695/mo. car payment, 4 kids and a wife who's a part-time hairstylist who JUST RECENTLY went back to work at a call center, that doesn't pay much.
REALLY???? đ
@@marciawade9101 settle down, I was just referring to the tone of his voice.
ignore the comparisonism of the internet and stay within your means until your means get better over time. You got this!
I was fool once tooo who thought I "deserved" what others had... I should have driven more beaters until I could pay cash for a nicer one... paid my dues, waited my time. Accepted less "now" to have more "later" I'm lucky I escaped that debt trap... never again! I wish the best for you!
Hope this guy finds relief!!!
I have been there. having young kids, renting a shoebox apartment because we couldn't afford to buy, and debts up to our eyeballs.
The only thing I can offer is that it does get better but only you have the power to make it better.
Find a way to save up a few grand and then get rid of this car and buy something cheap in cash. Then without that monthly note hanging over your head, you can attack the other debt.
Once you have no monthly debt payments life gets a whole lot easier.
They need to save up $5K to pay off the loan while also finding another car for, say, $3K. Not so easy.
@@frequentlycynical642 no one said it was east.
Maybe he just needs to get a 2nd job for a few months?
Start working like crazy for your family man. Once you get rid of that car loan you're off to the races. $700/month freed up in his situation is huge.
Great advice â€
I've been there my brother. Not with the health issues but the financial strain. I pray you get out of this debt.
Its great thing that this guy acknowledge the problem and called Dave. I have friend who is single makes $80k and cant even pay rent. Dude drives $80k car, cant pay rent, cant pay minimum payment on credit cards, got iphone 15 pro max and Z fold 5($1.5k each). I have told him to read daves book and sent link to all the financial gurus(dave,caleb,graham,etc). Dude wont watch financial vids but still watch stupid shorts.
Ive listened to dave for almost 15 yrs. There are some things that i dont agree with but dude is legend. Thanks to dave i dont have any debt and have over a million in my brokerage account. Started from making $25k as private in the Army to $180k year.
I usually agree with Dave but in this case, I think the guy should keep the car and paydown the loan as soon as possible. Double up on the principle on each payment.
If he tries to sell the car there is no guarantee he will get the $27K and he doesn't have the $5K difference now anyway. More likely he'll have to dump the price in order to move it. Even if he did sell it he still has to buy another car and he ain't getting anything half way decent for under $3K. Even at $3K he'll probably have to dump some more money into it to make it reliable.
đŻ
It is too much car for how much he and the wife make...
A Toyota Camry was a good choice just the wrong year. Get like a reliable 2004 for like $4k. đđĄđ
I remember back when I was younger, doing hourly work, and trying to get some money saved up. I broke down how much money I needed to save every day over a three month period, wrote it all out on paper and taped up that sheet of paper by my bed. Every day I'd write down how much extra I'd made and could put towards savings. Some days it was a big fat zero, other days it was a much happier number. All those little victories kept me going, and seeing the total creep up over the months also helped. I didn't quite make my goal but I came pretty close, and I don't think I would have if I hadn't had that silly bit of paper by my bed. These folk need to have that same attitude, get to $25K, dollar by dollar, day by day.
Hey man its not the end of the world. Just take a few years of really hard work and you'll be ahead someday. It's a live and learn brother
If you have loving and caring spouse, half of your problems are solved. The other half is the choices you make.
He thought Dave gonna give him 25000 , until Dave said extra jobđ
I was thinking the same thing.
Caravana pays you good money. Dave is wrong. Carmax offered me $12,600 while Carvana offered me $15,800.
Carvana offered me $2000 for 2011 BMW X5 diesel awd. Fully functional and looking presentable for its age.
â@@fern9234 It's a 2011 diesel BMW, it seems to me Carvana was being generous by offering you $2k for it. A year ago I sold a 2014 Accord to Carvana and they paid me more than what I bought it for in 2016. At the end I practically used the car for 7 years for free.
@@Aki_Lesbrinco Don't forget about 7 years of inflation. You didn't get more than you paid for. You got much less. Equal dollar figure, very different worth.
Couldnât wait on cars dropping but bought mine for 37k⊠but I paid it off in 8 months⊠I hate car payments
Sometimes Daves advise is bad. Start ubering and write off some of the car payments, plus extra money will help. There are no cars for 1k , and you need a reliable car for work.
I really liked this caller.
He seems ignorant but humble đ
Never understand the selling of the car just to be carless and broke. Most people need a car for work. Granted $700 a month is way too much but, Dave says save $5k and payoff the car and sell it. But then if he could save 5K in the first place he would never be in this situation. Dave needs to start a bank and loan some of his millions out. Put his money where his mouth is!
Atleast he didnât get an oversized pick up. Camry are really reliable
This guy has a transplant and may be facing a short life. I donât blame someone like him to splurge a little. I wish more people would take more responsibility for themselves so people like this guy that truly may need extra help. We have lots of people with excuses that are able bodied holding their hand out all the time. We could take better care of those truly in need if we didnât allow every excuse.
I wouldn't call a toyota camry purchase a splurge đ He just got ripped off by the dealership
Anyone could have a short life. It doesn't mean make a dumb idiotic decision. Now his entire family is screwed for a Camry.
@@Jane-rh7tc No one has to get ripped off. They agree to the terms. Any business where one person will pay 2k for something at the next person will pay 3k who are they going to sell to? If I was selling it private and one guy offered me 2 grand more guess who I am selling it to. Not my job to make sure civilians don't get "ripped off".
@@danielrn133 Making the world a better place, are ya?
He could had at least settled for a Corolla instead for about $10k less if he really wanted to buy new.
I have no idea for this man. I hope Ramsey can actually help!
Millions of people are in this same situation. Corolla used to be the go to now that car is minimum $400 payment
Too much tech in the car is to blame
This is the kind of I would donate to. That man could have laid it down and rode the system
When Dave asked the 25k changing his life I just knew Dave was going to bless this man.
Thatâs what I thought đ
Has he ever helped ?
@@eunicemeekins not that I've seen on CZcams.
I bet he DID do it, but not in public.
@@DNaupari I would sure hope so
Bless his heart! đą Follow this plan to the letter and watch what God doesâŠ. His word and plan is always right. Debtor is slave to the lender⊠always..
glad your ok!
Buy a used Toyota or Honda in the four-figure range and drive it until the wheels fall off. You can easily get 250-300k miles out of them.
door dash on your lunch hour or an hour after work, all extra money goes towards the car
Also if he has gap or warranty cancel it prior to selling so he can decrease the loan amount of his car I did that for my gap and it decreased my loan amount by like 1200
The marriage between your car payment and your yearly income is the deciding factor in how you either got fleeced, or simply chose to take something on you couldnât afford.
That's my mortgage payment.
Wow all that for a Toyota Camry?? Didnât even know they were that pricey these days.
Every car is up a solid 15-20% over the last half decade
They're not "that" pricey these days. I bought a 2024 Camry SE 3 months ago for $29K out the door (and probably could've got it for 27-28K in hindsight).
My friend just financed a 2018 honda and it 600 a month and 36,000 plus tax
It just depends on how bad they screw you over when you buy it. My friend bought a used Civic for $38k.
â@@grod805Wowzers
This is why I recommend ppl to buy a Mitsubishi Mirage, Chevy Spark or a Honda Fit. You could find a good use one with low miles for 6-10k
I agree on the Honda fit but not the others because only the Honda will last you a long time. I personally bought a 95 Acura Integra in 2001 for $7,600 with a 100k. The car now has 276k miles. It has out lasted many other used or new cars I could had bought in 2001.
If the caller ever sees this, I would check your contract to see if they added a warranty, tire protection, or any other F&I product that can be canceled and partially refunded to the balance. Itâs rare to be $10k flipped on a Camry unless you have that, you put too many miles on it, or you rolled negative equity.
I pay 342.00 a month 5.9 apr on my 24 Honda EXL. I financed 20,500. I paid MSRP 29,000. No mark ups! I put 20 percent down with trade equity and 2 k cash. I pay extra principal so in 10 months Iâm at 11,800. Iâll be done in 2.5 years. My condo mortgage is 564.00 month at 3.125 apr. I put 20 percent down on my condo. My credit is 795. Pay your bills on time.
Car Max offered me $700 for my 2014 Leaf. Privately a good deal more. Fortunately my vehicles are paid for.
I had a $678 payment, 2% interest, on a 22 Corolla. Granted it was a 36 month term. Paid it off in 10 months. The dealer eyes got really big when I asked for 36 months. Apparently no one does that anymore
get rid of the car bro đ€Ł
Donât do it. They are paying 5k to get out of it. Just to spend another 3-5k on a trash car to then spend thousands in repairs over the next year. Plus time missed from working when the car is in the shop. They need to use that car to Uber and pay off the debt
â@Shortballa11 Uber will depreciate that car and increase maintenance. You gotta cut your losses...
@@aaronbrutus2654 if this guy had good enough credit to buy a 10k car Iâd say it be worth it. Bt trying to save and work while dealing with a 5k or less beater is terrible. Iâd still advise them to just pay off the car. Maybe not Uber any side job
You cant find a car for 1,000$
That's not where the dollar sign goes.
@@amireallythatgrumpy6508 i didnât ask
Dave itâs 25k practice what you preach and give!
500 credit score...u need a hoopty bro
And you need to update your style, nice chain necklace
At 34 l have been working 10 to 12 hr a day for 15 year . I'm not getting any were. Once upon a time it was paying off but Inflation has influenced that. I work thought the pandemic why do I have to pay for it. I have a family that someday I would like to enjoy. Well I guess I'll see them when they have their kids.
I was gonna purchase a 2020 TLX but them payments are $710 a month for 48 months. I took a huge step back and thought realistically. NO car is worth $700 monthly payments.
Last year (2023) I worked with two characters. One bought a fully loaded Raptor (1200/mo) and the other a 4dr Jeep (800).
Thatâs insanity
If he can't sell his Camry, sell his children!!!
$700 per month on a 32k car. Itâs either he have bad credit or he said yes to anything the dealership offered to him. My truck was 30k and they wanted me to pay 680 per month and we were about to walk out but they stopped us. They brought us a chart of 83 months for $520 or 72 months for 580. So I use it against the dealership and told them that Iâll do 72 for $520 then Iâll take the truck. They said no but they counter offered 72 months for $527. So we took that. You have to say NO to their offer or willing to walk out. You have to stand up against the dealership because at the end of the day, if they didnât screw you over, at least they sold a car and onto the next victim that who donât know how to deal with the dealership when it comes to car buying
Iâm Canadian and retired in my 50s. I have a 2011 Nissan versa and would love a new car but I hear stuff like this and decide Iâm going to keep my old carâŠitâs perfectly fine, has low mileage and since I just drive in my small town there isnât any point to âneedingâ a new car. A new car is a âwantâ. Iâd never take out a loan for a vehicle! Iâm retired, have a good pension and benefits and money in the bank with only a mortgage with a small interest rate (lucky I know). A new car, as much as I want one, would mean back to being a supply teacherâŠand thatâs a big old nope! So many young people are car poor! Your worth doesnât depend on what car is parked in your driveway!
Just work work and work. $17k isn't bad for debt and can be paid in 1or 2. $700 in a car payment is expensive just get your income up.
Allen, I door dash and Uber eats at night, 15 hours a week and make 1000 a month. I hit the dinner rush from 6-9pm. Get after it.
My truck payment is $1,250 a month. It's all relative to your income! I invest most of my disposable cash rather than pay off my vehicles.
My mortgage is less than that lolll
Donât sell the car. Just work your butt off to pay it off.
This is a quality great guy. He has overcome so much. Great Dad, hard worker. You can do it!
I bought a 2007 Lincoln town car for 4k I had to put money into it. Tires,body work etc around 7k total investment and runs great
People trade in cars like their cell phones is what I noticed at a dealership while taking in my 2008 Toyota Tacoma for service. What a waste on a depreciable asset.
Im starting to wonder about the state of the US as a whole right now because i feel like at least 75 percent of the country is in debt that they will never get out of
Dave acts like private sales occur at full blue book value
I have a 17k debt on a ( Benz CLA 250 2016 with 59k miles ) and the best price I can get rigth now is 13k .... almost 5k will have to get out of my pocket ... I just brought a Eletric bike to go to work because in this economy it's hard to maintain 600$ car payment and 270$ insurance every month . Not conting 60$ a week of gas or more so
Sometimes we do wrong decisions and it's not a shame to take a step
Back to then enjoy life ... I make around 72k a year but that's nothing these days , not enough to maintain 600-800$ car payments
đđŸ
The first piece of advise these âexpertsâ should have told him is to pay $25 a month towards the medical bills. There is no rush to pay off the medical debt it wonât impact his credit if heâs at least making a minimum payment. Canât believe they didnât tell him that. Really itâs 5 grand he needs.