I'm not quite convinced these are "rich" people paying for dog walking services. They are probably broke people looking rich. Everyday millionaire people probably would walk their own dogs.
Idk I got a much lower interest rate from a bank to consolidate my debt and it saved me a lot of money. I was able to pay it off aggressively. The key is to not just pay the minimum payments. Go at it aggressively
Debt consolidation is mostly about not having to keep track of multiple payments and potentially missing one. Not about kicking the can if continue to pay it off or saving on interest.
Right.. it's psychological in many ways. It helps you not forget, as well as being one pile instead of 7. For me personally if I'm paying 1 thing off it's psychologically easier than thinking : oh I still have x to pay for on this and when I'm done with that I get to pay off 7 more things. Acting like the psychological aspect is irrelevant is dumb. Financial issues are often founded on psychological bases (immaturity, impulsivity, irresponsibility, etc)
Right.. it's psychological in many ways. It helps you not forget, as well as being one pile instead of 7. For me personally if I'm paying 1 thing off it's psychologically easier than thinking : oh I still have x to pay for on this and when I'm done with that I get to pay off 7 more things. Acting like the psychological aspect is irrelevant is dumb. Financial issues are often founded on psychological bases (immaturity, impulsivity, irresponsibility, etc)
It does change something... It makes you feel like you did something to reduce your debt and then you give yourself permission to rack up more debt. Nobody does a debt consolidation loan without taking some cash out too...
If you're getting a lower interest rate, it's likely because they're extending the term of repayment. So they're counting on getting all the money you would've paid to the initial lender, and them some.
Exactly right. And often before getting surgery after an injury, a bandage is used. Get that lower rate with a better structure then go pay it down aggressively.
The other problem with things like Uber is that If you driven enough to make significant money you've driven significant miles on your car and tanked its value. Let's say you had just driven to a place where you work 5 min away for 2-3 years, It could be the difference between having a car with say 100,000 mi in one with 50 at the end of that period of time. Which changes the retail value significantly meaning you get a lot more money when you go to sell it. But for some reason nobody has this talk when it comes to Uber. Some of what you earn is offset by the car value loss.
Dave is wrong AGAIN. I had four credit cards with a total of $49K balances with 25% interest. I consolidated those balances to one payment at 8.9%. It allowed me to pay it off faster with less interest.
Currently already maxed on ROTH. Should I max my work simple IRA for tax benefits even if i don’t like the company NWM ? Or take the extra after company match and invest my own?
IMHO, You would have to really not like NWM, to make it worth giving up tax-deferal compounding with timed-taxation. But more importantly, if/when your SIMPLE has been open for two years, you can have your cake and eat it, too: Just roll your the maxed out SIMPLE money over to an IRA at your brokerage of preference, and invest how you see fit! You can do this multiple times (say, 1x/yr) and still contribute to your SIMPLE at work.
@@indianatime thank you , sure I’m being paranoid and should just max it . Speaking with NWM advisor tomorrow . The funds they put money in, i can’t track a history on or it’s overly complicated
Run numbers in a spreadsheet to find the most effective payment strategy, it's generally bringing down your largest debt, especially anything over 30k.
You can earn well beyond the hourly wages doing DoorDash, Instacart, Uber Eats, etc. than the hourly rates Ken discussed for those jobs. (In most places).
His math just is not mathing here. For example.... I have around 30k in credit card debt between three cards. I currently pay about 1k each month, just in interest at around 25%. By using a simple loan calculator, if I get a loan of 30k for a term of four years at an identical rate of 25%, my payments would be just under 1k a month. That is principal and interest. How is that not better? I get that Dave or his co-hosts may not answer this, but I would truly like to understand their opinion on this.
After saving for taxes, car maintenance and car depreciation that's only 20/hr. Might as well get a pt job at a big box store, it's less hustle for same pay
@@Dahmer_Jeff how much y'all be spending on maintenance 😂 if you drive correctly and a keep good car of the car the most you got is regular oil change and brakes/tires every 2-3 years Car depreciation don't matter when the car you got is older/excellent condition and not financed. With no intention of selling. I can understand dropping profit to $30/hr but $20/hr is exaggerated. In the is area the most packing jobs pay $15/hr with poor working conditions
At one point, I just want Dave Ramsey to do a joke video titled: "Millienial being not financially Optimal" and the joke is pitched straightforward with us.
@@TimeisUp22 yea, just find it funny how most of the financial advise influencers look at people who just snort up debt like its oxygen. Want one silly episode where its just someone being not debt ridden, but just putting their money in the most suboptimal place as a joke. And its just giving simple advise of what not to do like, putting all your money into a no interest checkings account and such.
A debt consolodation loan does not save you money. Interest rates are usually higher and they stretch your loan out to make the pmt. more attractive. A home equity loan rate is usually at a lower interest rate, if you have enough equity.
He said his car is twelve percent. He said the dc would be twelve percent. But that include all the loans, not just the cars. He would save on all the interests of the other one. Because he would be paying one, not three.
It's crazy that people still call Dave asking if the baby steps apply to them
There is a lot of joy in paying off each bill. Putting them together is like trying to climb Mt Everest and takes forever for one success
Joy? Are you THREE YEARS OLD???
‘Rich people don’t even walk their own dog’. Now that made me laugh Dave. Lol. It’s kind of true too
I'm not quite convinced these are "rich" people paying for dog walking services. They are probably broke people looking rich. Everyday millionaire people probably would walk their own dogs.
I'll bet Dave wouldn't.
With all the working he wants you to do. How do you have time to walk them?
...and they're afraid of leaves.....hahahahaha..... pathetic but true
@@waynehoffman1791 oh yeah I forgot about their leaf fear, good call! Lol
@@jimmymcgill6778 You are ignorant. Are you scared of hard work? Or just LAZY?
Idk I got a much lower interest rate from a bank to consolidate my debt and it saved me a lot of money. I was able to pay it off aggressively. The key is to not just pay the minimum payments. Go at it aggressively
Yea but most people don’t go aggressively so they end up with more debt because they think they did something with debt consolidation
Never and never consolidate your debt with an agency. They all are crook.
Debt consolidation is mostly about not having to keep track of multiple payments and potentially missing one. Not about kicking the can if continue to pay it off or saving on interest.
Exactly
Right.. it's psychological in many ways. It helps you not forget, as well as being one pile instead of 7. For me personally if I'm paying 1 thing off it's psychologically easier than thinking : oh I still have x to pay for on this and when I'm done with that I get to pay off 7 more things.
Acting like the psychological aspect is irrelevant is dumb. Financial issues are often founded on psychological bases (immaturity, impulsivity, irresponsibility, etc)
Right.. it's psychological in many ways. It helps you not forget, as well as being one pile instead of 7. For me personally if I'm paying 1 thing off it's psychologically easier than thinking : oh I still have x to pay for on this and when I'm done with that I get to pay off 7 more things.
Acting like the psychological aspect is irrelevant is dumb. Financial issues are often founded on psychological bases (immaturity, impulsivity, irresponsibility, etc)
a 12% car loan is still awful🤮
💯 I hate it
I have a 12%, I also make somewhat decent money
Don't consolidate but I'd take out a personal loan for the value of the family loan, pay family off immediately and then wail on the debt
It does change something...
It makes you feel like you did something to reduce your debt and then you give yourself permission to rack up more debt.
Nobody does a debt consolidation loan without taking some cash out too...
Stop with that strawman argument.
It’s true though..
It makes you "feel" like you're reducing your debt but you're not. Math doesn't care about your feelings.
I totally agree
it can reduce monthly payments but self control is crucial to not rack up any more debt whatsoever
The thing about Uber eats is that you work when you want. You work nights, or during the early morning. Whenever you want.
But nobody talks about factoring in that you are driving your car into the ground If you're making significant Uber money. Which is some offsetting
It does help reduce interest rate & allow you to focus on one bill instead of five or six different ones.
Plus it does get all of the bill collectors off of your back.
$60 an hour for walking dogs? I might have to switch careers lol
It's more like 20 and only for an hour. Like nobody is gonna hire you to walk their dog for 8;hrs in one day lol
$1600 dollar car payment is crazy
Caller said 16 thousand. Assume that means the balance. We don't know the monthly payment.
@@DoctorSmartyPants u gotta point it threw me off when he said “I have a truck payment and it’s 16000” was assuming he meant 1600
@@d_smoove1204 he was a pretty poor speaker. It threw me off too!
@@DoctorSmartyPantsEnglish matters
Ridiculous
Refinancing can help things. Depends on the intrest rates. Wont solve the problem but it can shorten the time to pay it off. That is just math.
Yes it will solve it.
4:30 onwards was what I needed to hear to stack up more money
If you get a significantly lower interest rate AND correct the underlying problem, yes it does at least put you on the right path to solving it.
If you're getting a lower interest rate, it's likely because they're extending the term of repayment. So they're counting on getting all the money you would've paid to the initial lender, and them some.
@@ASimoneauthat’s why you only accept a loan with no pre-payment penalties and pay it down more aggressively
Dave was so cranky on this one lol
he understands consolidation make the debt problem worse for many people, especially if they don’t fully understand what can happen
Simple math skill. Discipline. Common sense. Three primary necessities to be debt-free, and subsequently, to start building wealth.
My wife and I almost did this and thankfully it didn’t go through. I didn’t really consider the long term aspect of it.
Consolidating debt is like putting a band aid on something that requires surgery.
Robbing Peter to pay Paul...
@@Ldj8000 If Paul is charging a lower interest rate than Peter, and he pays off Paul asap, he should consolidate. Interest is a killer.
True.
Exactly right. And often before getting surgery after an injury, a bandage is used. Get that lower rate with a better structure then go pay it down aggressively.
I would consolidate to pay my family and owe the bank though.
It saves you money and easy to keep up with
Walmart Spark, amazon flex and shipt definitely get me atleast $25/hr in michigan
The other problem with things like Uber is that If you driven enough to make significant money you've driven significant miles on your car and tanked its value.
Let's say you had just driven to a place where you work 5 min away for 2-3 years, It could be the difference between having a car with say 100,000 mi in one with 50 at the end of that period of time.
Which changes the retail value significantly meaning you get a lot more money when you go to sell it.
But for some reason nobody has this talk when it comes to Uber. Some of what you earn is offset by the car value loss.
Could the stay at home Mom also babysit for a while to help out?
One thing I’ve learned from people in Oklahoma buying property with a well or digging for one is to always budget much more than needed.
Not being used to his accent at first, I thought he said "whale".
Well keep digging and you'll end up in China.
I doordash part time and AFTER expenses make about 18$ an hour.
This guy's a walking country song😅
Tear in MY beer, he is.
Wow, so it turns out not using cards is not the end-all-be-all of saving money? Wow! Who would have knew!?
Lol, as soon as Dave said Uber eats is not profitable Ken pivoted
Dave is wrong AGAIN. I had four credit cards with a total of $49K balances with 25% interest. I consolidated those balances to one payment at 8.9%. It allowed me to pay it off faster with less interest.
Care to share more particulars? I am thinking this would help my household, but need a solid and trustworthy lender.
Wife is stay at home mum, maybe she should do part time job and he can look after the kids doing that time?
The family members might need the money back sooner, that they've been dropping hints, without coming out & saying so.
You guys forget, he needs the truck to employ himself.
Currently already maxed on ROTH. Should I max my work simple IRA for tax benefits even if i don’t like the company NWM ? Or take the extra after company match and invest my own?
IMHO, You would have to really not like NWM, to make it worth giving up tax-deferal compounding with timed-taxation.
But more importantly, if/when your SIMPLE has been open for two years, you can have your cake and eat it, too: Just roll your the maxed out SIMPLE money over to an IRA at your brokerage of preference, and invest how you see fit! You can do this multiple times (say, 1x/yr) and still contribute to your SIMPLE at work.
@@indianatime thank you , sure I’m being paranoid and should just max it . Speaking with NWM advisor tomorrow . The funds they put money in, i can’t track a history on or it’s overly complicated
My loans are consolidated.
Run numbers in a spreadsheet to find the most effective payment strategy, it's generally bringing down your largest debt, especially anything over 30k.
💯💯💯
Basically this is how a lot of governments operate
You can earn well beyond the hourly wages doing DoorDash, Instacart, Uber Eats, etc. than the hourly rates Ken discussed for those jobs. (In most places).
After car expenses you’re probably under minimum wage doing that kind of work.
@@InternetUser._ pretty much. I had an offer for $2.50 which included the tip and it would have taken nearly an hour to deliver. No thanks
I average between $20-35/hr per week doing uber eats and i only do it about 15-25 hrs a week on top of my day job
You can tell this call irritated Dave 😂
His math just is not mathing here.
For example....
I have around 30k in credit card debt between three cards. I currently pay about 1k each month, just in interest at around 25%.
By using a simple loan calculator, if I get a loan of 30k for a term of four years at an identical rate of 25%, my payments would be just under 1k a month. That is principal and interest.
How is that not better?
I get that Dave or his co-hosts may not answer this, but I would truly like to understand their opinion on this.
No no no it’s just like moving the deck chairs on the Titanic
True... it's worse. It's like drilling holes in the hull to let the water out.
An 8% loan is better than 28% loan for credit cards.
Debt consolidation only lengthens your debt?? That’s very informational !!! So consolidating date kind of stupid?🤨
Yeah it does change something. You owe a lender instead of a family member. Family member is paid right away.
Otherwise that's it
Live on less and you can have extra for unexpected expenses.
Stay at home mom can find a way to work too.
I’d love to have a cup of coffee with Ken and Dave just one time.
What's in it for them
Why? So they could yell at you and look down on you the whole time?
I babysat in the 70s for one dollar an hour
16-18 an hour lol yea in a big city maybe but in reality more like 10-12.
I babysit and make $30 a hour. Best side hustle and i love it
And if you sell one of the kids, you can get even more money!
@@woodside4life I don't have any kids
I am a tax accountant at a law firm. My side hustle is a tax preparer. The extra money is going to pay down my debt.
✝️🙏
Oof, 12% on a car loan...
Duh!
Uber eats pays about 20 an hour tho 🤣.
That's nothing to be proud of
@@Dahmer_Jeff If one is broke and in debt, it means a lot!
Dave talks to females differently then he talks to males. Just something I’ve noticed.
Just cease paying any/all unsecured debt. JUST STOP, not a penny more.
$30/hr for a babysitter??? We pay our babysitter $10/hr. Hire someone else of you're paying that!!!
My brother makes $40+ an hour for doordash. He stack orders and strategically picked the area he can quick grab orders without worrying about parking
After saving for taxes, car maintenance and car depreciation that's only 20/hr. Might as well get a pt job at a big box store, it's less hustle for same pay
@@Dahmer_Jeff how much y'all be spending on maintenance 😂 if you drive correctly and a keep good car of the car the most you got is regular oil change and brakes/tires every 2-3 years
Car depreciation don't matter when the car you got is older/excellent condition and not financed. With no intention of selling.
I can understand dropping profit to $30/hr but $20/hr is exaggerated.
In the is area the most packing jobs pay $15/hr with poor working conditions
It does change. It changes interest rates and your budget
Yikes, Daves' tone was off on this one.
Debt consolidation only makes sense if you continue to send the same amount of money at the debt. (Please read using tone of sarcasm.)
Don't sell the truck.
Mr CEO telling people to work 3 jobs when he never did that himself to get rich.
He worked one job 3 times as hard as everyone else instead...
Jeez. Dave is grouchy
When isn't he?
Guy didn't do the math
He's only been over the debt consolidation scammery at least a thousand times.
Three decades of the same thing will do that.
Also could be part of the reason people watch. Plays well with the younger people sitting next to him.
He is just being realistic....guy needs to go after this hard-core and go bare bones no eating out and living cheap to get this debt gone.
Fix the problem in your mirror ha
At one point, I just want Dave Ramsey to do a joke video titled: "Millienial being not financially Optimal" and the joke is pitched straightforward with us.
This guy is Gen X.
@@TimeisUp22 yea, just find it funny how most of the financial advise influencers look at people who just snort up debt like its oxygen. Want one silly episode where its just someone being not debt ridden, but just putting their money in the most suboptimal place as a joke. And its just giving simple advise of what not to do like, putting all your money into a no interest checkings account and such.
Not all of them are as bad as Dave is saying.
Most times they can save you money.
But Dave does not want to hear it.
A debt consolodation loan does not save you money. Interest rates are usually higher and they stretch your loan out to make the pmt. more attractive. A home equity loan rate is usually at a lower interest rate, if you have enough equity.
you sound like this caller.........
@@MrJimmy3459 How so?
@@jire9831 He have debt already. So saying he should not get into it, does not help him.
@@jire9831 He is not in that much debt. He have reasonable priced cars.
With these two people, it's always working. No work life balance with them.
They think you can get a job as soon as you fill out an application.
If you have no job then you have plenty of time to search for a jon 12 hrs a day
@@Dahmer_Jeff That's not what I said. These people think you can start working that same day.
@@jimmymcgill6778 If one has skills, they can. Why can't you? Are you unemployable? Or just LAZY
Sell the car
A debt consolidation loan is a great thing.
Said no one ....ever
Car payments like crazy.... this guy how's know clue about wealth. He needs fpu.
12% on a car loan is really bad, unless things have changed that much
Dave is wrong as usual
He said his car is twelve percent.
He said the dc would be twelve percent. But that include all the loans, not just the cars.
He would save on all the interests of the other one. Because he would be paying one, not three.
that's not how interest works.
This guy is so clueless.
Sell sell sell for what, so you can get a p.o.s. truck and get stranded and dump money into it 🙄🙄🙄
Dave's muting skills have declined since the 2015-2016 glory days.
Guys talk about working but theyre really just talking into a microphone. These schmucks 😂
Dave uses AI already, it's "awful intelligence".