A degree is a advantage, not a garauntee. I know those with degrees and those with diplomas. Neither one is more capable of being wealthy than the other. Its the finacial choices they both make.
You don't need a degree to be a drug dealer. Drop-outs do it all the time. A medical degree just means nobody can prosecute you for it. Save your money and sling those pills on the corner!
Get into trading forex and you'll off your debts in an year. I do it for a living after i decided to drop out of university. Best decision ever. A degree is not the only path to success. I now make $15k per month :)
As a pharmacy student who's been taking out loans since freshman year, this was seriously enlightening. I always thought I would have to just deal with being broke up until I get my PharmD, and then live it up; but Mr. Ramsey makes a good point. I think I'll put up with my broke college student lifestyle until after I pay off my student loans, even after I become a pharmacist. Thanks!
yep, its harder to miss things you've never had. Live exactly the same as you are now for another ~3-4 years after school and you'll set yourself up for life.
Been out of pharmacy school for a year and a half now, and I did the bad thing and went and bought a new car right out of school. A Honda Civic, so maybe spare me a little bit for that? Hahah! The loans are insane though, for sure. I'm tackling those to be done by 2021 though. Absolutely doable! Take as little out in loans as you can! Don't do what I did.
Dentistry is a great profession but it comes with its risks. I made $296k as a general dentist my 3rd year out of school. I bought a Lexus F Sport and a big house along with it. Then I had an unfortunate injury and my income dropped to $189k because I couldn’t work as much. I know that still sounds like a lot but not when your fixed expenses are so high. I got on Dave’s plan and now I’m debt free (except for the mortgage). It can be done but the key is discipline and not caring what your other colleagues think of you. Good luck!
@@pattybaselines Exactly. Most medical students know ziltch about finances. Including taxes (which cuts your income in half between federal, state, and local), fixed living costs (food, shelter, utilities, insurance), and savings. Docs still make a lot, but these things whittle away at your earnings, so it is not as high as most believe. Just live poor until you pay it off. Most expensive purchase should be an apartment near the hospital if you're in a city
Objectively dental school is easier to get into than medical school. Dentists are doctors that go through rigorous training but they are not physicians.
that true I mean a 15k car would be more then good enough. and no house just a apartment, 3 years then he woudl be dept free and could buy a house in 3 years.
you think he would be respected by his staff if he drove around in a broken down corolla? you guys are idiots. he obviously needed something with class in his field, and a Lexus GS isnt a bugatti or pagani. The only thing he could have reconsidered was renting until debt paid off. Edit;manufacturers
I graduated dental school in 1998 with $137k of student loan dept. Fast forward to know the same school costs $420k. There is no way that kids coming out of dental school could ever enter private practice. They end up selling themselves to dental chains seeing 30 patients a day and doing patch up dentistry.
@@Blewbl Proportionately, with insurance paying near a 100% the total bill as invoiced, adding the value of money, compared with relatively low costs; I would say that dentists were MUCH better off, in the 70's & 80's!
Why does that annoy you? Doesn't Dave say that the average car payment is in the 5 hundreds? So $400 would mean that guy is under the average. Either way, he makes a lot of money. So what's the problem?
As a veterinarian, this cracks me up. I graduated with a lot of debt as well (current vet school average is ~200k), but I can't even imagine making that kind off money! They are making a big point about how difficult it is to pay off the debt, but the average starting salary for vets is between $60-80k in the US. I think we were trained in school to expect to be and live as if you are poor.
Really only 80k, I made 62k as a med tech working 9-5, and my student loans were only 11k out of undergrad all paid off btw. That’s pretty predatory of lenders to do that.
Dave is absolutely correct. Medical students don't start making any real money until we are about thirty. Once that money starts coming in you feel like you deserve the finer things. It is hard to continue to delay gratification when now you are capable of buying that nice house or car. I wish I had been more disciplined because these loans have hung around a lot longer than they should have. I just gave advice to some of the residents that I know. I told them to keep living like a resident until that debt is paid off or they are going to regret it. I could tell that my advice went in one ear and out the other. They are already dreaming about the Lexus and fancy house.
Absolutely! This young doctor being respectful tells me that this young guy is always humble. Which shows here taking constructive criticism from Dave, which is wonderful!
ds2k15 yes this comment from the caller was idiotic lol...his current debt was ALREADY at a mortgage level, I don’t understand why he felt the need to double his debt 🙅♀️🤷♀️
Car insurance is a minor expense, a new luxury car can cost $100/month to insure. Doctors pay $500+ per month for disability insurance, and $100+ more for life insurance.
Hmm...It would have been easier for me to tell my 23 year old self to stay in school to pursue an advanced degree for another 5 years. When you're already in school mode, it's far easier to stay in that mode.
I'm learning that money is a muscle and you need to work it out to get financially strong. We know now that lack of money isn't the problem and getting more money isn't the solution. It's getting good financial habits and working at it everyday ..
Interesting I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
Dave didn’t do the math right as usual. He’s got $309k in debt likely paying $3,500+ a month on, plus $25-30k in car loan he’s prob paying $800-$900 on, and $100k in cash. Pay off the car loan (paying off a lease early is dumb). That leaves $70k left, reduce the student loans to $239k, he said he already had $6-7k he could save/ pay off debt with. So add the car payment plus $3,500 (which he said was part of his fix costs plus the $7k a month and he’s paying $11.3k a month towards debt, assuming he doesn’t do a refi and get a lower interest rate he could pay it off in less than 2 years at that rate. As usual Dave’s math is way off
Gabriel Waggoner paying a rental early is not going to change his debt, just payments. And it’s going to increase the amount of time before he can pay off his debt. I get the thought that leasing is dumb but you have to look at the whole picture and figure out the best way to pay off debt and reduce payments.
Thank god my husband has been good with money and is an amazing doctor, an interventional cardiologist nonetheless in south Florida. He has been smart with his money even before we got married and will be retiring in the next few years. I also work in healthcare and we help support each other with our goals. So important to be on the same page and share common goals for the future.
The most toxic social norm in America today is the idea that a vehicle is a status symbol. That it places a tangible value on a human being. We have to scrap that kind of thinking if we are to move forward in any moral capacity.
Well there IS a tangible value in a human being. A humble mechanic is better than a beggar. Doesn't mean measuring people by cars is a good idea. Or an accurate one.
Great advice from Dave. If this guy doesn’t focus on his debt, it’s going to takeover his life. I know a doctor in his 70s, who is going to work til he dies because of the debt he is in from the lavish lifestyle he lived when he was young.
Basically, he worked tremendously hard and he wants to be compensated for that hard work. He now realizes that he needs to dial back and live within his means and tackle the debt head first which he definitely can!
I’m 29 years old. My house mate is 33 years old. I own the house. He is renting from me. I did not go to college. He went to Stanford University. I have $0 debt. He owes $300,000+ in student loans. I make about 120k a year. He makes about 85k as a resident doctor. I’ve been earning that much since I was 20. School is not always worth it.....
It goes back to the saying, "The more you make , the more you spend" .I too fell for this. I make :115K and I'm 35k in debt and its all from junk toys I bought . I'm selling everything, not even traveling this holiday, and I'm on a strict beans and rice diet. It feels good to have a plan . I hope everyone in this world wakes up and see how restricting debt is to your life. God bless.
The inhale, exhale explanation was amazingly accurate for pretty much all those who study hard in school for 3-5 years longer than everybody else. I was almost a victim of that trap to, but i managed to get out. Now i'm keeping that lifestyle and trying to save up a bunch instead aswell.
people quick to rail on this guy for his poor decisions. but, are you making 260k? are you a dentist? he's better off than most you keyboard warriors. learn from his mistakes but fix yourself before you start talkin smack.
Yes I make his money, no I never had a loan, I worked and studied, I drove cheap cars until I could afford better, now I am wealthy like many that do it the right way.
my brother is a plastic surgeon and a very very good one hes completely booked till next year and he makes less than 200k a year and is broke. Medicine is not what it used to be.
That is hard to believe. I make around that as a top software dev, and I work from home too. Work when I want as long as it gets done. Always felt bad for not going to med school for earning potential. I guess insurance and other expenses eat away bigtime at earnings.
He didn't go to med school, he went to dental school--very different, particularly in the fact that he doesn't have 3-7 years of residency now. A great case of stupidity--come our to your first real job, then buy/lease 2 high end cars. I didn't catch what the mortgage was. He made expensive choices while in school as well. Dave nailed it--attack that debt,
I think it’s a shame that our country puts doctors in this much debt. These people are operating on people and saving lives, they don’t need to be stressed with debt.
“I recently graduated from dental school...” Uncle Dave already starts shaking his head before he even hears the number because he knows what’s coming.
I gotta give this young doctor kudos for calling, he obviously wants to be debt free. When my husband was in medical school he did not have a NEW Lexus ES. He drove his Schwin Bicycle 3 miles in the am and 3 miles in the pm. and like a mailman, even in the rain. Presently hubby drives his 21 y o Mitsubishi 3000.
I’m about to start Med school this fall, and this is maybe my worst fear. You have so much debt and you buy a Lexus. Wow, I won’t be doing that and hope I can do it smarter.
My wife is in pediatric dental residency now. I kept telling her classmates do not spend until you actually start earning money and get your debt paid off. Nobody listens. There is this sense of "I have earned this and I will make so much it doesn't matter"....until they realize it does matter. Dental school isn't cheap. We are living way below our means for saving and paying off the debt because once the debt is paid, then we hope to buy in at a practice. There will always be a need for future capital. My goal was was for her to leave dental school below $200k and residency below $150k. We will probably be far ahead of that goal if things go to plan.
My daughter graduated from university of Pitt in 3 years. She is now in a Ivy League medical school and got all her undergrad loans consolidated and is making those payments while enrolled in PennVet future Veterinarian. Her stress was bad but she is doing right to get it knocked out fast and live a great life debt free. She has a cheap car no car payment. And a great future ahead
My way of handling wanting to buy nice things but knowing I didn't have the money was this. Every few months I would go get a cart go through all the motions of shopping. And then, I would put it all back or buy one under $8 item that had real usefulness like socks. It got the want out without losing money that I didn't have to spend.
It doesn't matter how much (or little) someone earns: if they're bad with money, they're bad with money. This man just sounds like someone who is living well beyond their (admittedly high) means and seems to refuse to be financially responsible. Unlike most people in his situation, if he would just leave reasonably for a few years he could actually afford the life style he enjoys now with little to no debt.
My husband is in his 2nd year of residency and I totally understand the “Docitis” comment. It’s sooooo hard to see everyone I have ever known get to start their life...buy houses/new cars/ go on yearly European vacations. Once my husband finishes residency I can totally see us making up for lost time, but I need to remember to pay off debt first (sorry I’m writing this comment...I just feel like writing this down will make me more likely to do the right thing debt wise).
This guy is making over $200 000 and he's having financial troubles. Dude just spend $100 000 each year on the debt and it's paid off in 3 years. If you can't live off of $100 000 you got a problem.
My household income is about the same but my wife drives a 12 year old Saab and I drive a 23 year old Jeep. When people have high income and still are tremendously in debt, it scares me.
Did I miss something, or did Dave never ask how big the mortgage is, or how much the house is worth? That seems a pretty obvious piece of the puzzle in figuring out whether the caller is in financial trouble or not.
A dentist cannot make $260K/year. Typically $150K/year. To make $260K/year, you need to be a specialist MD. There is oversupply of dentists in United States.
I bet he will not cut his lifestyle because he’s been out for 4 years and all he has done is dug a bigger hole when he should have been paying off his Student loans!!!!!!
Ian Mowbray his lifestyle? He can pay off his debt with his current lifestyle and the numbers he gave in under 2 years. What does he need to cut back on?
309k from med school is the same as 309k from dental school. im just not sure why it matters. Out of all the info in the video, you point out the most meaningless part.
Jainil Patel Because dentists are Doctors of Dental Surgery, Dental school is a medical school, as is pharmacy school, and veterinary school. How is that confusing?
Section8 millionaire lol it is a bit different If he had just graduated med school he would would be a dr but cant get licensed to practice until after finishing residency and doing passing board license test(s) After graduating dental school is different So there will be difference in income for dental vs med recent graduate
Great question! Wish everyone would get off his back, he realises he made a few mistakes (not even that bad) and is now looking for advice! People in the comments acting like they never ever made a mistake, especially when we were younger! 🤨
“You needed a car, but you didn’t need that one.” Dave cracks me up sometimes
@John Cover but it was true
I was laughing on it 😂
Fucken FACTSSSSS
lol. I can't stop laughing.
Nick K it’s true tho
I am amazed how people can be making $35k a year or $230k a year, and they basically have the same problems.
MissNessybach yup, it’s called Lifestyle Inflation
More money more problems!
I live in nyc and make 24k and STILL get to save atleast $500 a month. I have no idea how idiots have financial problems making that much.
@@HereIsWisdom1318 warren Buffett disagrees.
It takes no time to get out of med school debt on an MD salary making $250k plus.
“What kinda car you got?” I cringed with fear 😬
LOL! I did too! I was braced for Dave's impact.
I know he wanted to say he had a Kia, but of course he needed a Lexus 😊.
He hesitated to say it
dang you nailed this comment!!!!
I thought he was gonna say a Porsche 911 Turbo.
On a positive note, he has the income to get himself out of this mess relatively quickly if he puts his mind to it.
Exactly my thoughts. He has a big enough shovel. It’s just a matter of being wise at this point.
A degree is a advantage, not a garauntee. I know those with degrees and those with diplomas. Neither one is more capable of being wealthy than the other. Its the finacial choices they both make.
You don't need a degree to be a drug dealer. Drop-outs do it all the time. A medical degree just means nobody can prosecute you for it. Save your money and sling those pills on the corner!
Get into trading forex and you'll off your debts in an year. I do it for a living after i decided to drop out of university. Best decision ever. A degree is not the only path to success. I now make $15k per month :)
David Holcomb The smartest people that change the world forever. Like Apple, Facebook, UA-cam, Twitter. All somewhat high school and college drop out.
“I had to have a car”. Yeah, you didn’t need that much car.
He bought a $55K car brand new when he had $300K in dental school loans.
The dentist I worked for didn't buy a lexus until she paid off her business and student loans. It took a long time.
I could maybe see 'having' to buy a certain car with 4x4 or whatever if you're in a snowy place, but dude just wanted to splurge.
I empathize with all of these situations, but your comment made me laugh too hard 😂
The Shaving Channel He essentially bought a rebadged Toyota
As a pharmacy student who's been taking out loans since freshman year, this was seriously enlightening. I always thought I would have to just deal with being broke up until I get my PharmD, and then live it up; but Mr. Ramsey makes a good point. I think I'll put up with my broke college student lifestyle until after I pay off my student loans, even after I become a pharmacist. Thanks!
yep, its harder to miss things you've never had. Live exactly the same as you are now for another ~3-4 years after school and you'll set yourself up for life.
i have a friend in pharmacy . he gonna be banking if he'd just listen to this advice
You didn't consider working during at all? And it could be light work for little hours too, it'd still make some difference.
@Gerardo Gonzalez False.
Been out of pharmacy school for a year and a half now, and I did the bad thing and went and bought a new car right out of school. A Honda Civic, so maybe spare me a little bit for that? Hahah! The loans are insane though, for sure. I'm tackling those to be done by 2021 though. Absolutely doable! Take as little out in loans as you can! Don't do what I did.
Anyone who starts a sentence with "I drive a..." , you know that the car will be 50k+
accent...lol
😅😅😅
Dentistry is a great profession but it comes with its risks. I made $296k as a general dentist my 3rd year out of school. I bought a Lexus F Sport and a big house along with it. Then I had an unfortunate injury and my income dropped to $189k because I couldn’t work as much. I know that still sounds like a lot but not when your fixed expenses are so high. I got on Dave’s plan and now I’m debt free (except for the mortgage). It can be done but the key is discipline and not caring what your other colleagues think of you. Good luck!
Congrats!
Do you make $296k before tax or after tax?
Fred Rick before tax
That's what i always say, we never know when something can happen to us and enable us to work..
We need to always spend wisely
Did you work in private practice or a corporate clinic?
They should make personal financial management a pre requisite class before going to med school
No because then no one would go lol
@@pattybaselines Exactly. Most medical students know ziltch about finances. Including taxes (which cuts your income in half between federal, state, and local), fixed living costs (food, shelter, utilities, insurance), and savings. Docs still make a lot, but these things whittle away at your earnings, so it is not as high as most believe. Just live poor until you pay it off. Most expensive purchase should be an apartment near the hospital if you're in a city
Okay we ain't all that financially illiterate, it's just the "Chads" I promise ahahaha
It should be required in prep school
clericstorm2009 i think the whole point is to get you in debt to begin with yk
Dental school, not med school.
Willy Ruthless what does that matter? He's pointing out that the title is incorrect.
Ranjeet Singh Dentist and Medical Doctors do not go to the same "med school"
Objectively dental school is easier to get into than medical school. Dentists are doctors that go through rigorous training but they are not physicians.
Artanis it would mean he would make more money
Willy Ruthless no its not
Anyone else rolling their eyes while listening to this caller?
Quit being a hater lol
Talkin bout I disagree🙄
Yes
I definitely was 😂😂
Yes he’s a complete imbecile
100k plus in saving plus 10-12k monthly income. This is a hole you can get yourself out of . Just stop buying stuff you supposably need 🤔
INVESTING HUSTLER - Stocks Money Entertainment crypto, stocks, bonds, real estate, or business????
He NEEDED A LEXUS ?
He NEEDED a HOUSE ?
Too bad they can't teach COMMON SENSE in "college"
Lisa Muryn they graded him on a curve and he still failed
bahahaahha I'm glad I'm not the only one who picked up on this. "NEEDED" a house. lol
that true I mean a 15k car would be more then good enough. and no house just a apartment, 3 years then he woudl be dept free and could buy a house in 3 years.
No Chris, IDIOCY spotted.
you think he would be respected by his staff if he drove around in a broken down corolla? you guys are idiots. he obviously needed something with class in his field, and a Lexus GS isnt a bugatti or pagani. The only thing he could have reconsidered was renting until debt paid off.
Edit;manufacturers
Docitis is so real! The hardest part is your want to finally “breath” bc you and your family have been holding your breath your hold life
This guy will pull through just fine. He sounds like a smart guy that just got excited when he was done with school.
I'd love to know if he made it. That's a huge hole but he was packing a huge shovel.
I graduated dental school in 1998 with $137k of student loan dept. Fast forward to know the same school costs $420k. There is no way that kids coming out of dental school could ever enter private practice. They end up selling themselves to dental chains seeing 30 patients a day and doing patch up dentistry.
Somebody has to pay all these overpriced administrators to keep their overpriced salaries going. Its sad
george varughese lucky you
That happened to my dentist in Miami Beach, (Delta) sad for him & his staff!
But weren't you paid much less back then?
@@Blewbl Proportionately, with insurance paying near a 100% the total bill as invoiced, adding the value of money, compared with relatively low costs; I would say that dentists were MUCH better off, in the 70's & 80's!
260K/year and you’re making 400/month lease payments on a car? That’s so unbelievably annoying.
Why does that annoy you? Doesn't Dave say that the average car payment is in the 5 hundreds? So $400 would mean that guy is under the average. Either way, he makes a lot of money. So what's the problem?
How so 400 a month aint nothing with that kind of income you must be one jealous old man.
It shouldn't annoy you because it's not your problem.
Don’t compare yourself to others man
The annoying part is that he could easily own that car instead of creating debt. But hey, to each their own.
I really hope he makes it. He really seemed to be listening and receiving the guidance
As a veterinarian, this cracks me up. I graduated with a lot of debt as well (current vet school average is ~200k), but I can't even imagine making that kind off money! They are making a big point about how difficult it is to pay off the debt, but the average starting salary for vets is between $60-80k in the US. I think we were trained in school to expect to be and live as if you are poor.
Is that really the average? I am shocked. I am a RN and I made 115K in 2021 (20K was OT. Base is 95K).
Really only 80k, I made 62k as a med tech working 9-5, and my student loans were only 11k out of undergrad all paid off btw.
That’s pretty predatory of lenders to do that.
REally!!!! 60-80 !??!!! I thought vets made like 200
@@jakd2962 62 as a med tech, wow.
@@catalinaabeyta4379 That was the going rate 3 years ago. Salaries have drastically improved since then, starting at $110k-$130k.
Dave is absolutely correct. Medical students don't start making any real money until we are about thirty. Once that money starts coming in you feel like you deserve the finer things. It is hard to continue to delay gratification when now you are capable of buying that nice house or car. I wish I had been more disciplined because these loans have hung around a lot longer than they should have. I just gave advice to some of the residents that I know. I told them to keep living like a resident until that debt is paid off or they are going to regret it. I could tell that my advice went in one ear and out the other. They are already dreaming about the Lexus and fancy house.
I love it when the caller is receptive ❤️ good for him. He’s going to be out of debt before he knows it.
Doubt it
I love how as the guy says "dental school" Dave is already shaking his head before the guy even mentions how much debt he is in.
Dave knows.
I like when he said yes sir. he sounds like he can make it.
Silli Billi I just was reading your comment as he said it and I thought the same thing.
As long as he doesn’t marry a gold digger dream killer American woman.
Absolutely! This young doctor being respectful tells me that this young guy is always humble. Which shows here taking constructive criticism from Dave, which is wonderful!
I feel like this guy just called to brag. With a 260k income he could have that 309k debt knocked out in 3-4 years without even killing himself.
He could’ve lived on 40k a year and paid it off in 2 years
100% . he wants to feel like he has it tough
yeah stop making dumb purchases buy used things
yeah should have bought a 140 - 200k (depending where he lives) house and lived on 3-4k a month. Dude would be out of debt in no time .
I love how he helps wit no judgement, and total patience. I’d love to talk to him as well
Lol I wouldn’t call it no judgement
He "needed" to buy a house. Or what? His head would fall off?
ds2k15 yes this comment from the caller was idiotic lol...his current debt was ALREADY at a mortgage level, I don’t understand why he felt the need to double his debt 🙅♀️🤷♀️
ds2k15 but he “needed” it!
LOL
I don't literally laugh out loud often but man, this was great.
@@stupidsmartperson
On his income he could easily afford a house and the student debt. He just needs to focus.
Disagreeing that you didnt need to buy a Lexus with $300k in debt.
Why. Even. Call. Dave.
Pretty sure he meant "I don't disagree"
@trufiend138 Bruh
@@colei8752Tycho Brahe
Dude said “7,000 K” 🤦🏻♂️😂
R C 😂😂😂
Ik lol that’d be 7,000,000
Rn school is $100,000
I just don’t understand why people call to be defensive. We’ve all heard Dave talking to folks, he’s blunt!
If he rented a place and bought a Honda Civic he would be rolling in the dough. I'd love to see the car insurance.
Car insurance is a minor expense, a new luxury car can cost $100/month to insure. Doctors pay $500+ per month for disability insurance, and $100+ more for life insurance.
@@kingston440 depends of the city and the car. A Honda civic in orlnado is another animal with a brand new dodge charger in miami
Yeah but then the other people on the highway wouldn't know there's a coolguy comin thru B)
If you lease a Civic for $200 a month it's super reasonable
Hmm...It would have been easier for me to tell my 23 year old self to stay in school to pursue an advanced degree for another 5 years. When you're already in school mode, it's far easier to stay in that mode.
First thing I plan on doing after med school is moving back in with my parents and paying that debt off💀💀
@Nicole Murray my parents don't bother me so it's a win win for both. I get cheap living and my parents get extra cash
Shaan Patel was this finna be me when I’m done 😂😂
Not a bad idea. I have no idea where i will be placed when i graduate though.
I moved back in with my parents after med school. Now saving for a house and paying off my debt.
@@w04andia how is internship/residency?
Wow! What Dave explained about him delaying pleasure while studying is so real.
I'm learning that money is a muscle and you need to work it out to get financially strong. We know now that lack of money isn't the problem and getting more money isn't the solution. It's getting good financial habits and working at it everyday ..
Interesting I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
how do I get in touch with the investor...i'm intrested...
Thanks for the info . Found her website and it really impressive
DR just did the math for him. He and his wife can knock that out but they have to truly want it. 3.5 years really isn’t that long.
Mike Nelson Nah they want the stuff.
Dave didn’t do the math right as usual. He’s got $309k in debt likely paying $3,500+ a month on, plus $25-30k in car loan he’s prob paying $800-$900 on, and $100k in cash. Pay off the car loan (paying off a lease early is dumb). That leaves $70k left, reduce the student loans to $239k, he said he already had $6-7k he could save/ pay off debt with. So add the car payment plus $3,500 (which he said was part of his fix costs plus the $7k a month and he’s paying $11.3k a month towards debt, assuming he doesn’t do a refi and get a lower interest rate he could pay it off in less than 2 years at that rate. As usual Dave’s math is way off
RLWSNOOK410 why not pay the lease off soon?
Gabriel Waggoner paying a rental early is not going to change his debt, just payments. And it’s going to increase the amount of time before he can pay off his debt. I get the thought that leasing is dumb but you have to look at the whole picture and figure out the best way to pay off debt and reduce payments.
if i made 260k/year and kept my same budget i could pay this off in 1 1/2 years
I am Human 3 years because taxes and social security and $18,500 in 401k per year in 100% stocks, you can never get those early compounding years back
abhitechie To be fair, Dave Ramsey does the same thing. He forgets about things like taxes in his calculations.
I am Human and the guy who called in could too... Dave just didn’t do the math right.
Wrong.
Youd think that but then taxes come
Thank god my husband has been good with money and is an amazing doctor, an interventional cardiologist nonetheless in south Florida. He has been smart with his money even before we got married and will be retiring in the next few years. I also work in healthcare and we help support each other with our goals. So important to be on the same page and share common goals for the future.
Better than $50K debt with a Sociology degree!
Or $25k with no degree at all (dropout).
@@oldtwinsna8347 u won’t have debt if ur a dropout 🤔
@@alexlostit Not true.. lots of party animals who only made it through one year before flunking out can tell you otherwise.
@@alexlostit lies if you take out loans....you.must pay back if you pass or fail
@@RJWaynerium lol I just said that 😂
His sarcasm is hilarious!!! Watching these videos really motivate me to do better with spending!!
The most toxic social norm in America today is the idea that a vehicle is a status symbol. That it places a tangible value on a human being. We have to scrap that kind of thinking if we are to move forward in any moral capacity.
FortuneSeek3rz Been driving an 02 Civic for 10 years.
Its not anymore since a person making minimum wage can take out a 84-120 month loan and drive luxury cars.
Well there IS a tangible value in a human being. A humble mechanic is better than a beggar. Doesn't mean measuring people by cars is a good idea. Or an accurate one.
Any1 else think to them selfs “Porsche” when Dave ask him what car you drive ?
Yess!! Lol
Yah lol
Guilty
*themselves
Beamer for me
Great advice from Dave. If this guy doesn’t focus on his debt, it’s going to takeover his life. I know a doctor in his 70s, who is going to work til he dies because of the debt he is in from the lavish lifestyle he lived when he was young.
I love these calls, I learn so much about the way other people think about money!
Why anyone has car payments when they have that much money in savings is beyond me.
Because that money is invested and making more than the interest on his car payment.
Basically, he worked tremendously hard and he wants to be compensated for that hard work.
He now realizes that he needs to dial back and live within his means and tackle the debt head first which he definitely can!
I’m 29 years old. My house mate is 33 years old. I own the house. He is renting from me.
I did not go to college. He went to Stanford University.
I have $0 debt. He owes $300,000+ in student loans.
I make about 120k a year. He makes about 85k as a resident doctor. I’ve been earning that much since I was 20.
School is not always worth it.....
After residency depending on his choice in the medical field he could be making 400-700k+
It goes back to the saying, "The more you make , the more you spend" .I too fell for this. I make :115K and I'm 35k in debt and its all from junk toys I bought . I'm selling everything, not even traveling this holiday, and I'm on a strict beans and rice diet. It feels good to have a plan . I hope everyone in this world wakes up and see how restricting debt is to your life. God bless.
I knew a Chinese doctor who lived in the back of his office and drove a corolla, Just to pay off his loans! Dude was smart.
Ramsey it’s straight up forward I enjoy hearing nothing but truth.. Wao very inspirational 😃👍
"Broke dentist" 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂I love you uncle Dave lol
One of those cars are his wives car. She needs to hear this too. She is contributing to the mess
Lexus Stuntin in debt keeping up with the Jones's 😂😂
The inhale, exhale explanation was amazingly accurate for pretty much all those who study hard in school for 3-5 years longer than everybody else. I was almost a victim of that trap to, but i managed to get out. Now i'm keeping that lifestyle and trying to save up a bunch instead aswell.
people quick to rail on this guy for his poor decisions. but, are you making 260k? are you a dentist? he's better off than most you keyboard warriors. learn from his mistakes but fix yourself before you start talkin smack.
Atleast we're not 300k in debt
big ditch with a big shovel. if u had 100k debt and only made 25k a year you're in far bigger trouble. because there's a minimum you need to live.
Yes I make his money, no I never had a loan, I worked and studied, I drove cheap cars until I could afford better, now I am wealthy like many that do it the right way.
congrats? u want a cookie? I make a considerable amount of money and have no loans. same deal as you. but doesn't mean you gotta bash people.
We only bash him because he can't do arithmetic and yet he makes 6-figures.
0:47 I love Dave!!! After he made that comment to this kid I automatically knew this was going to be a good educational lecture from Dave😭😭😭💀!
This guy is in a very good financial position. He can get out of debt in 2 years easy.
He can also sell one of those cars as soon as it’s paid off, and put that money towards the student loans too.
my brother is a plastic surgeon and a very very good one hes completely booked till next year and he makes less than 200k a year and is broke. Medicine is not what it used to be.
That is hard to believe. I make around that as a top software dev, and I work from home too. Work when I want as long as it gets done. Always felt bad for not going to med school for earning potential.
I guess insurance and other expenses eat away bigtime at earnings.
200k is broke. Yikes
It is hard to believe a plastic surgeon making 200k a year unless he wants to. The average should be at least 400k a year
He didn't go to med school, he went to dental school--very different, particularly in the fact that he doesn't have 3-7 years of residency now. A great case of stupidity--come our to your first real job, then buy/lease 2 high end cars. I didn't catch what the mortgage was. He made expensive choices while in school as well. Dave nailed it--attack that debt,
When you borrow money, IT IS NOT YOURS! STOP acting like it is
What is wrong with these people, student debt is out of control in the US
What's wrong with making 260k as a doctor? lol what ?
I think it’s a shame that our country puts doctors in this much debt. These people are operating on people and saving lives, they don’t need to be stressed with debt.
You should see what paramedics get paid
@@jacobschmidt4265 paramedics aren't in school and training for 12 years
Nonsense. They make more money than anybody else.
“I recently graduated from dental school...” Uncle Dave already starts shaking his head before he even hears the number because he knows what’s coming.
Smart guy. I can understand why he did what he did. Going through that much school has to be extremely tedious.
I gotta give this young doctor kudos for calling, he obviously wants to be debt free. When my husband was in medical school he did not have a NEW Lexus ES. He drove his Schwin Bicycle 3 miles in the am and 3 miles in the pm. and like a mailman, even in the rain. Presently hubby drives his 21 y o Mitsubishi 3000.
Smart guy. He'll be rolling in the dough someday
I’m about to start Med school this fall, and this is maybe my worst fear. You have so much debt and you buy a Lexus. Wow, I won’t be doing that and hope I can do it smarter.
My wife is in pediatric dental residency now. I kept telling her classmates do not spend until you actually start earning money and get your debt paid off. Nobody listens. There is this sense of "I have earned this and I will make so much it doesn't matter"....until they realize it does matter.
Dental school isn't cheap. We are living way below our means for saving and paying off the debt because once the debt is paid, then we hope to buy in at a practice. There will always be a need for future capital. My goal was was for her to leave dental school below $200k and residency below $150k. We will probably be far ahead of that goal if things go to plan.
He needs to read The Millionaire Next Door. The comparison of doctors in that book might really help him.
7k expenses is insane. Sounds like he buys all this luxury things to show off to his friends to act like he’s successful
You’re so incredible Dave, thank you for your guidance!
DO NOT and I repeat, DO NOT say dental school is medical school. It is not
It's more expensive than med school
Jaclyn Silverman nope lol
I'm a doctor and a dentist. Dental school was definitely more challenging.
@dsa0224 Agreed.
dsa0224 you reckon? I honestly didn’t know that
"I graduated recently from dental school"
Dave: "shakes head 😞"
Dental school IS NOT medical school
graduated in 1998 from dental school with $140k of debt. seems like a great deal now!
Lol. Nothing but facts. Thanks Dave, for teaching me (as a doctor) to get out of debt early, and not follow all my colleagues.
WRONG TITLE. Should be "Finished DENTAL school 4 years ago with $309,000 in debt"
My daughter graduated from university of Pitt in 3 years. She is now in a Ivy League medical school and got all her undergrad loans consolidated and is making those payments while enrolled in PennVet future Veterinarian. Her stress was bad but she is doing right to get it knocked out fast and live a great life debt free. She has a cheap car no car payment. And a great future ahead
$300,000.00 in student debt they could have atleast taught him some common sense
My way of handling wanting to buy nice things but knowing I didn't have the money was this. Every few months I would go get a cart go through all the motions of shopping. And then, I would put it all back or buy one under $8 item that had real usefulness like socks. It got the want out without losing money that I didn't have to spend.
I have root canals I didn’t need. If you have good insurance, make sure to get a second opinion. It could be tmj ect.
You killed me 😂😂😂😂😂😂😂😂😂😂😂😂😂
😂😂😂 you crack me up.... A few extra root canals are good ya,doc needs to pay off those loans asap,chop chop
Wow first time I hear Dave say its okay to have more than a 1k E FUND. He said he should have a 5k E fund. I love it.
It doesn't matter how much (or little) someone earns: if they're bad with money, they're bad with money. This man just sounds like someone who is living well beyond their (admittedly high) means and seems to refuse to be financially responsible. Unlike most people in his situation, if he would just leave reasonably for a few years he could actually afford the life style he enjoys now with little to no debt.
Lawerence thanks for making me feel better I only got the car lease but will get out of this soon hopefully and focus on the loans..
309k in debt. Buys Lexus vehicle
Caller: WHy aM I in dEbt?
I’m 23, good job, blowing money. Really helpful video my man🙏🏼
Maybe he could sell his vast ego.
My husband is in his 2nd year of residency and I totally understand the “Docitis” comment. It’s sooooo hard to see everyone I have ever known get to start their life...buy houses/new cars/ go on yearly European vacations. Once my husband finishes residency I can totally see us making up for lost time, but I need to remember to pay off debt first (sorry I’m writing this comment...I just feel like writing this down will make me more likely to do the right thing debt wise).
This guy is making over $200 000 and he's having financial troubles. Dude just spend $100 000 each year on the debt and it's paid off in 3 years. If you can't live off of $100 000 you got a problem.
Dang, I just watched his advice it was really similar to mine.
It's pre-tax you idiots.
My household income is about the same but my wife drives a 12 year old Saab and I drive a 23 year old Jeep. When people have high income and still are tremendously in debt, it scares me.
Dang what do you guys do your income is very high good for you
Did I miss something, or did Dave never ask how big the mortgage is, or how much the house is worth? That seems a pretty obvious piece of the puzzle in figuring out whether the caller is in financial trouble or not.
A dentist cannot make $260K/year. Typically $150K/year. To make $260K/year, you need to be a specialist MD. There is oversupply of dentists in United States.
I bet he will not cut his lifestyle because he’s been out for 4 years and all he has done is dug a bigger hole when he should have been paying off his Student loans!!!!!!
Ian Mowbray his lifestyle? He can pay off his debt with his current lifestyle and the numbers he gave in under 2 years. What does he need to cut back on?
I did a temp job in the loan department of a bank - they love love love new doctors !
"Well, I needed a car."
"What kind of car is it?"
Got em'!
Nick Joslin lol
Dave keeps it 100% with his callers!!!
It amazing how people don't know how to deal with their finances... things school doesn't teach!
The young dentist trying to BS Dave on his new car
Why does the title say Med school when he went to dental school
Jainil Patel does it really matter. lol
It matters because it is not the same thing.
309k from med school is the same as 309k from dental school. im just not sure why it matters. Out of all the info in the video, you point out the most meaningless part.
Jainil Patel Because dentists are Doctors of Dental Surgery, Dental school is a medical school, as is pharmacy school, and veterinary school. How is that confusing?
Section8 millionaire lol it is a bit different
If he had just graduated med school he would would be a dr but cant get licensed to practice until after finishing residency and doing passing board license test(s)
After graduating dental school is different
So there will be difference in income for dental vs med recent graduate
Great question! Wish everyone would get off his back, he realises he made a few mistakes (not even that bad) and is now looking for advice! People in the comments acting like they never ever made a mistake, especially when we were younger! 🤨