How Do I Get Out Of Debt Only Making $80,000?
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- Опубліковано 24 вер 2024
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He's telling the truth... I stopped spending, made a budget and I did feel like I got a raise.
Same here when I started. I’m on steps 4,5,6 now but after I did my first couple written budgets I had no idea how easy it was to spend all the money you have a little bit to a time. Felt like I got a 50% raise.
Same here, I stopped spending, made a budget, and I cover any available extra shifts at work and oh boy, it has made a vast difference. It feels so good!!
Hopefully you’ll be rich by the time you’re his age and get ready to enjoy life?
Powerful
@@ME-kb8qg why would they be rich just because they make more that they spend? I used to make more than I spent and have been broke for years! No extra currently being made.
The same way I’m making $30,000 and paying off debt. By not making excuses.
Keep going Brianna. You got this, your mindset is great!
500 month rental payment 🤣🤣
@@Jmack1lla does it matter? Do what you have to do to get where you want to be long term. Find it funny how in America people shame persons for living with their parents in their 20s.
@@retrojay86 The point is that nowadays it's pretty much impossible to live off 30k let alone have enough left over to pay off debt unless you were getting free rent.
@@luminous6969 so? It's about getting results however you have to. Good for Briana!
As a truck driver I am certain he spends at least 100.00 a week on lunch/pit stops.
Probably way more
If he’s a local truck driver then no, he can pack his lunch everyday and save
I was betting closer to 400 a week lol
Easily double that. Maybe triple that.
@@janae09 100 a week it's already 5200, double be 10.4k triple 15.6k:😵
I've been living this "zero based budget" for 3 years. I cleaned up approximately $30k in various debts (car, credit cards, etc) and have paid $78k off my mortgage. I will have my mortgage completely paid in the next 3 years. This system works.
The caller should talk to you instead of calling Dave Ramsey.
It depends on your income and what state you live in. Here in the northeast, rent and food prices eat up more than half of a decent income. I wish my rent was 500😅. Some people just can’t get ahead making 50-70k
Excellent!!
@@ashleygabriellapladsen keep voting democrat 👍
@@ashleygabriellapladsenI live in GR, and $80k is not a crazy high salary but if you’re not a complete idiot, you could live VERY comfortably. Especially for a single person with no kids. He doesn’t have an income problem, he has a spending problem.
My brother and his wife are the same way. They are always broke and somehow even with both of them working, they are always behind the 8ball. Constantly robbing Peter to pay Paul but they both have nice vehicles and a 5 bedroom house. It’s honestly why people with nice cars and houses don’t impress me because many are secretly broke and 1 bad day away from losing it all.
I make $60,000 a year and have paid off $37,000 in the 9 months since I started. Started with $112,000 so I'm about a third of the way there. And to be honest I still could tighten my budget even more. This guy can knock his debt out in less than two years if he's willing to take it seriously.
EDIT: Because everyone has been attacking me claiming I'm full of crap. I should have mentioned, I was very fortunate to get a job that provided me with a vehicle so I was able to sell my Jeep that I owed $16,000 on for nearly $20,000. So that was a HUGE chunk of my debt. I also no longer have to pay for car insurance or gas. So yes, I forgot to mention that part, but no, I'm not full of crap. I also receive a 15% annual bonus so that's an additional $6000+ after taxes. And honestly, I don't really care if people still don't believe what I have to say. I'll continue to knock my debt out and make sacrifices. Forgive me for not mentioning every single little detail. I am now at $41,000 in 12 months. Ignoring the Jeep sale that eliminated a quick $16,000, that means I've paid off $25,000 in 12 months or a little over $2,000/month. My take home pay is ~$3500 so no, it's really not absurd.
Dude, we’re in the same boat! Same salary. Got about 30 thousand down in 7 months! Got to sell stuff and work more. The budget is hard to get used to, but man it’s awesome not having that debt! Hopefully in 1 year and a half we’ll be moving to step 3.
How do you pay your utilities, insurance, and food on top of any house or car you may own? You are paying off $4000 a month on a salary that only yields a little less than that after taxes per month. Sounds like miracle math.
@@GuruChaz I moved to a better cost of living area. I don’t have to pay city tax. Tennessee has some of the best tax friendly laws in the country. No state tax. I also swallowed my pride and bought a mobile home at 150k plus the land, I budget with my wife and we’ve stuck to the tightest budget. No eating out, no vacation and work side gigs and odd jobs and sell crap you don’t need around the house. It’s possible, but don’t think I’m not sacrificing what feels good. I wish I could go out to eat. But this is for long term satisfaction in the end.
Okay what help did you get? Because your math doesn't add up at all if that 60k is before taxes, and if you get 60k after taxes, there's no way you'd be able to afford rent and other living expenses.
@@musicman1eanda read the previous comment. I sold stuff I didn’t need, I’ve done side gigs, I work overtime when it’s available and I budget well below my means with my wife. I don’t go out to eat, I don’t go on vacation. That’s how. All the extra money from that is used from selling and working and what’s left over from the budget is used to pay off debt. It’s that simple.
Perfect example of, you can wander your way into debt but you can not wander your way out
Perfectly said
It's scary how people can make this much money and still have no idea how to budget or pay off debt
Making money is not the same as managing money. There is a reason why 70% of pro athletes end up bankrupt by 40.
Especially with only 500 rent.
What’s wrong with America
I cleaned out $75k in debt with a salary much less than $80k during that time. Took over 4 years but it was done.
No just because you can do it does not mean others can also do it.
Our family of 6 has been making 80k for awhile. We paid off $70k in 5 years following Daves plan.
Terrible
@@1timothydillon what's terrible
@@Lady.Luck. don't listen to him. That's amazing. Congrats!
@@Lady.Luck. 80k a year, and you're only putting 14k a year towards debt. That is weak! As Dave would say, it's wimpy, it's a wussification of your commitment. People pay hundreds of thousands of dollars off in few years, and you're keeping your debt around like a pet, then patting yourself on the back about it.
You can find a reason to do something, or you can make an excuse not to.
Amazing job!! ❤
Rent is only $500 a month?! Where does this guy live, in Burkina Faso?
He stated that he is paying a portion of his girlfriend's mortgage for her allowing him to live there. AKA rent. It isn't the full cost.
@@anthonysigman6138 That makes sense
@@anthonysigman6138 some people don't listen
Dave speaks the truth. As soon as I nailed down a zero based budget I found money I never knew I had!!
I love the zero-based budgeting method. I've been doing it for the last 2 years and I'm totally debt free as of last month
I earn 35K a year. I have my student loans paid off, I pay my credit cards off every month in full. Our cars are paid off (imine is 25 years old, Hubbys car is 20 years old) but runs/works great. Have 7K in my emergency fund (2.5 months living expenses) with a goal of having a years worth of living expenses in emergency savings. Our Roth IRA is sitting on $6200 that we add a little to each month, my 401K is sitting at 11K.
Able to take 2 vacations every year (one in the winter, one in the summer) that is planned for and saved for-thats a line in the budget plus a few 3 day weekends spread out here and there. It's about *being* smart with your money. If we can do this with 2 kids a dog and 35K a year, WTF can't someone do it with 80K+ a year??
Where do you live? Does your hubby also work or is it $35k for your entire family? But yes, people don't look to try to save money, most people overspend. We brought a roth IRA from $5.5k to $120k over time. Just make sure your money that you have is invested wisely.
I met a family from Colorado who made $12K last year go on a three month vacation on Utila... it was their second year doing this. They find cheap rent ($400 per month) and they purchased a scooter second hand ($450.00).
Stop at 6 months and put the the rest into a low risk bond fund from Fidelity, Trowe, or Vanguard. You can get that money within a few days, but you will earn better interest than the 6 months in a bank. This is if you really are committed to keeping a year’s worth of cash. 6 month emergency in bank and 6 month emergency in bond fund.
Sounds like you're on the right path! May I ask your ages for clarity?
35k wtf you live in? Trailer?
I was on your budget for a lot of years before my career kicked in and I found my income exploded… in fact I remember when a friend of mine got a new job that paid 52k a year I was thinking about all the extra things I could do with a thousand dollars a week the same way people dream about winning the lottery.
I went almost overnight into a six figure income and while fortunately I never got myself into serious debt, it was incredible just how fast money could leak back out after the paycheck deposits, and I wasn’t really showing off that much. It’s not always Rolex’s and Boats that break the budget, more like a thousand small holes. My tight $200 grocery budget went to $4-500 because I stopped bargain shopping and just got whatever I wanted. Going to the expensive Friday night movie and buying all the snacks instead of the dollar show on Tuesday sneaking in some candy. None of the things individually seem like a big deal. I could afford them, I deserve to do them. It doesn’t take very long where you realize you are living paycheck to paycheck at quadruple your income.
What’s worse is everyone is trying to loan you money…. Everybody. I don’t sit in the dealership hoping some strangers are able to make the numbers work, I just sign my name and drive away. Credit card companies would just automatically raise my limits and send me vacation deals along with the notice. So when you suddenly find your cash flow is a bit tight, it’s much easier to borrow your way around it, and into much bigger holes. The trap is just so easy to fall into.
I do even better now, and that opens up a whole other level of pitfalls, namely taxes. You go from planning what to do with your refund to just hoping you only owe them a little bit extra, to my god did I really pay six figures in taxes last year.
Anyways point of all that is never take for granted your future income increases that will come eventually. The world comes at your money like a pack of hungry wolves, protect it at 350k just like you do at 35k.
The guy makes $60,000 after tax. There’s no way in hell he’s paying off $55K in a year. Be real, Dave. 2 years would be incredible. 3 years is more realistic. 4 years would be too slow.
Easy to achieve in two years based on what he described. The kid’s just useless with money
It’s so crazy to me that people like this exist. They make a nice income (not great, but definitely better than decent), they have a bit of debt that is easily manageable, and they just simply panic about it. This is where the power of budgeting and tracking where ever penny goes comes into play.
80k is great imo
Well he seems to be having a hard time so not so sure budgeting and tracking expense can really solve that....
He’s having a hard time because he doesn’t track where every penny goes to. When he starts to do that, he will manage his money and his debt so much better.
Cost of living differences exist man… my 96k in Florida doesn’t go as far as you’d think.
@@williamedward3198 I'm also in Florida, make less than half than you, and I'm still doing very well. Once you hit a certain dollar amount (of income), it's no longer about how much you make; it's about how much you save or spend.
"I pay 6k in rent a year and I only make 80k... I can't get out of debt!!!!"
Seriously… $500 rental? That’s college prices
This is absolute insanity. I paid off $105k in 34 months on less than $80k/year. He's completely disorganized and needs a budget. $6k in housing expenses ... he can be debt free in less than a year.
It's more like they can't budget and don't want to admit it.
@@FootballExpert3451Yep. I'm in college and my rent is like $650/mo.
I like how Dave did not touch on the guy's living situation after he heard the rent is only $500.
yes he usually says get married. BUT this situation is saving him money. (rent wise espcially)
Dave didn't skip it because it's saving money. He skipped it because it wasn't related to the question and because he made the relationship point by reframing the situation.
Yep. A 1 bed apartment in the area I live is 2400.
@@therichbuddha3277 california, mass,
You could tell he was holding back on the living situation but he made his point by saying “roommate”. Then moved on the point of the call. This kid makes a great income for his age and just needs to serious with his budget.
I paid off my debt ($24,000) making $38,000. Unfortunately I lost my insurance during a job change and was injured and needed surgery (I have insurance now, but it won’t cover this injury). I’ll be back to work soon but I’ll be lucky to make $24,000 this year. It’s going to be a tough year, but I’m still going to pay it back off. Debt free is the way to go. I got a taste of financial freedom, and I’m coming back. Don’t make excuses. Own your choices/mistakes, and move forward. 🤘🏼💕
Gl man you got this 🙏🏾
The lesson is not to have gaps in insurance coverage. Congress passed the Affordable Care Act so you could get insurance. You also need a supplemental disability policy like Aflac.
I bet most of his money is going towards gifts, dinner, going out with the girlfriend and keeping her happy. His rent might only be $500/month but he is paying a lot more for living there.
If he has 3K left over every month after expenses and he still does not have anything left, then she is sucking him dry then he needs to wake up.
Or he's spending it all going with his buddies or gambling. We don't know what he does in his free time, but she's the one with the house. She's giving him a deal on rent too, so she can probably afford to take care of herself. Either way, not fair of you to assume she's the ONLY reason he's broke.
@@melissakrauska7075 All we can do is to assume because he did not provide any answers. If you want to assume he is going out with his buddies or gambling then those would also be fair assumptions and very well could be the issue. Nothing in what he said would lead me to think that way but again we are all just assuming.
I'm sure he's fixing just about everything that breaks--the live-in handy man.
Ha! That's good observation!
I like how Dave re-frames some people's reality! Very good job disceting the situation
Its simple. Its not how much income you make. Its what you do with the income you make. Every dollar has to have an assignment. Great video Dave
Take advantage of this low rent payment and attack that debt!
I wonder if he could use the extra money to increase his income so he can do all the same stuff and still pay the debt at the same time?
Been listening to dave for years and it never ceases to amaze me how the majority of people no matter how much they make cannot fathom how to stay out of debt. 😮
How you have 40k in student loans when truck driving only requires an Class A license ??
It could be way worse! Single, I don't even come close $80,000. kids, mortgage, gas and electric bills, car payment, car insurance, food. ECT...
We could trade lives...
I haven't been away since 2007 on a vacation. My days off is staying home, yard, my way of relaxing. Don't get me wrong it is sad sometimes. I pay most important bills and not other. Things arise all the time. I don't have $5 left over, truth not a dollar.
My debt is 81 thousand, but that's mainly what I owe on my mortgage.
There are downfalls because as I'm a single mother for over 20 years you have that guilty mother syndrome thing going on that you want to do with your 2 kids and you can't.. you make the best of what you have
Guilty mum syndrome, I relate to that ❤
You’re doing a fantastic job mom! I have full faith your situation will only continue to improve
You are doing a great job mom!! Keep the faith. Most importantly concentrate on what a great example you are giving your kids ❤
You’re setting an amazing example for your children. Even though it can be tough, your discipline and consistency is the best example they could ever have. Keep up the great work mom! ❤
It is hard now….but at some point those kids will appreciate what you’re doing and be pretty impressed with what you’ve accomplished. ❤
Cant believe dave is a millionaire by telling adult children basic math
Right?
99% of Americans fear all math
Multi millionaire!
Watching Dave's reactions to some of the crazier scenarios people call in with is my favorite part about these videos
Dave gives people the confidence to change there poor money habits.
I live in England and have two jobs. I increased my mortgage payment with the view to pay this off early. I have worked really hard and have estimated I can save £1000 per month after tax. It’s really tough but I WILL do it. The systems are so different here but thank you so much Mr Ramsay and everyone listening for your inspiration.
If only Martin Lewis talked like Dave Ramsey the finances of the U.K. population would be much better
@@swanseawales1979I do like Martin Lewis he has a big heart and is so knowledgeable but you’re right we need our own Mr Ramsay.
UK listener here too, it is so different, student loans aren't a debt here. But you can do the £1000 in starter fund, then the 3-6 months after getting out of all other consumer debt. And investing we have the tax free ISA and bonuses like the Lifetime ISA offers. I do wish we had an equivalent here of Dave Ramsey, especially as we have free healthcare etc, you can invest quite easily in the UK. Even those on lower incomes outside of London.
Dave Ramsay puts Martin Lewis to shame
@@Albert12893I do think Martin Lewis did a brilliant video on student loans. He just doesn’t produce the daily content that helps keep people going.
$67K? Those are rookie numbers, you gotta pump those numbers up. Shouldn't even be an issue to clean that up.
If he is worried about it might be big league for him. Everyone is different so can't assume much.
My brother and his wife earns 160k/yr.
Now, they are in more debt than when they were making half that.
You should just help them gentling off of a cliff.
Lifestyle creep 😮
@@firefly9838 I've tried. Numerous times. He and his wife are addicted to spending
One of the more fun things about the debt free journey is seeing myself pay 750 dollars in interest every month go down to 350. Thats nearly 5k a year I'm saving at this point. I can't wait to get to zero.
I can't wait until this happens for me. The interest is crushing and soul sucking. I just want to give up sometimes.
It’s a great feeling! I started 5-6 years ago with a 90k income. The house had a 189k loan with a 4.5 interest rate….. If we stuck to the payment schedule it would have been 360k when it was all said and done. The vehicle price tags totaled 70k together. I can’t recall the interest rates on those. We’re talking over 400k in debt with a 90k salary! When I realized the house payment was 1,300 a month and the principle/principal payment was ONLY $290 a month while $630 was going to the banker…. I felt the burn. I could use that type of money on my children.
Every last hot cent was paid off this year!
This episode of Dave Ramsey is speaking 🔊 to me. I'm going through the same exact thing right now!..
Wife and I make 88k per year (53/50). We paid off our house last year, have no auto loans and pay off the credit card each month ie no credit card debt. The key to this new economy is to be debt free. And you can do this. Pay off the lowest bill first and then keep moving on. And be sure you are saving at least 10% in your Roth or company sponsored 401k.
This guy should be able to live like a king for $1,500 per month. $500 for rent and another $1,000 for food and even going out and doing things with his girlfriend. That leaves $3,300 to throw at these debts. This debt can be gone in two years.
That’s not true, I don5 know anyone that can live on that.
@@eddyeroyal6024right here buddy. i could live like that
As long as he gets rid of the phone that he called Dave from. Also, has to illegally drive because he won't be paying for Michigan's outrageous auto insurance rates. No more health insurance. No more life insurance. No more electricity. No more water. Medical issues comes up? Better to die than go thousands into debt for it. In Michigan WITH insurance I still had $10k in medical bills just this year so far. You get the idea. There is no way anyone in Michigan can live off $1,500 per month, much less live like a king. My average month in Michigan costs me about $4k, granted that's providing for a family of 5. And that's with no extras at all. No eating out. No vacations. No allowing kids to take part in sports or other activities because it's simply not affordable.
So you basically have no life and your kids don’t either
Write up a real budget so you know where your money is going. Follow the baby steps in order; no deviations. And when you get out of debt, stay out of debt. Don't worry about what everyone else does with their money. Don't listen to them.
It's amazing he has to explain what a budget is
I've heard Ramsey talk about this before, but this is the first time it actually hit me. I should be doing this.
Not that I am in a tight spot, I'd just like to have a plan and know at the end of the month what I spent my money on.
It’s crazy how people just don’t budget
Exactly
The solution is to make more money tbh.. budget is nice but with more money you can spend more freely
@@YANKEESROX100 How much money would you say you need to make a year in order to not need to budget. For example do you think Dave budgets and tracks every single transaction?
@@sadfasde3108 for a family of 4 $350k house hold is plenty to max out 401k, have a large investment portfolio, drive a nice car, have a nice house, and travel the world.. if you and your partner can hit this minimum by 40 years old you should have 25 years of this income or more…
@@sadfasde3108 to more directly answer your question I think if you have 65% or more of your salary after all expenses you don’t need to budget but should also have spending displine
The math works out so nicely when you don’t consider things like taxes, car loan, gas, phone bill, insurance, utilities. He can probably pay down closer to 30k a year. So debt free in 2 years which is still good but not so easy like they always make it seem.
Then by that logic.. He could have a 300K investment portfolio 10 years after he has paid off his debt... 30K X 10 yrs.. And that portfolio could pay him as much as 15K annually (300K X 5%).. The tough part is staying committed
@@kevinrehberg8758 even better you would get to 300k in like 7 years if it was being invested the whole time.
Most people pay 30-40% of take home pay on housing. And this guy spends about 7% and cant make ends meet. Its your spending bro
Dave has this guys budget listed accurately in 2seconds!!! You gotta love Dave 😂
He has loans right? He seems to have already spent plenty for his income.
Proof it's not how much you make its your mindset.
Without his income nothing will be paid so it is about how much one makes. Now if he does/ does not pay stuff off is different be he is only in a position to win due to his income!!!!
It's not what you make, it's how you manage.
Agree the caller is just wasteful he should be able to save up 20k per year sure that would take 4 years to clear this mess
Edit 4 year while living well
$80,000 is rich! What does his gf make? I raised three kids on a lot less and my rent was $750 and I was a divorced mom! I didn't have a credit card and I paid off my car. I worked one full time job at night and two jobs cleaning house on the weekends! You can do whatever you make your mind up to do!! I never even heard of Dave Ramsey back then! I still make less than that I now I pay $1100 a month house payment and still no credit cards and now the kids are grown!
The budget is a crazy powerful tool IF you have the discipline to follow it. Easy for 1 person, harder for 2 but not impossible.
Dave, what's missing in most of your discussion regarding expenses are payments for gas and electric, telephone, insurance, etc., which could add up to a lot of money.
I was thinking the same thing. This guy has no clue where his money is going. When he does up his budget Dave’s plan will be stretched out but hopefully Dave got him motivated enough to start the process.
80k a year and only 500 a month on rent? Get it together, dude.
It will be easier for him to see the planned/written budget. Glad they offered the Every Dollar App so all he needs to do is commit to be determined and focused.
I make $35,000 and can barely afford to breathe If I earned that much, I could pay off my debt in a very short period. It sucks being poor and indebted.
Well it might depend on your expenses though. I was able to live on less but that was because my expense were only $14K.
We paid off 40k of debt on 2 years making 60-80k
That's a walk in the park
@@OTOWN2STOCKTOWN ok…
Only making $80,000?! If you can't get out of debt with making that kind of money you deserve to be in the position you're in.
Here is how I budget: Every paycheck that I get x percent goes into savings, x percent goes to my Roth IRA, $x goes toward my car payment, and the rest stays in my checking for living expenses and splurges. I change the percentages if necessary, but that is extremely rare. I have an emergency fund for myself, my pets, my car, and I have my health insurance deductible saved up. I have been using this method since I was a teenager and it has always worked extremely well for me.
He’s a trucker living on the road. Probably spends $2500/mo eating on the road.
He is a local driver he said so does not live on the road.
We need to stop talking in pre-tax language. He actually makes about $60K..
The average American looking at this in 2023 JEALOUS AF at this guy’s situation.
I’m glad he called in for help! That’s the first step. Knowing you need help. I always hate the comments with all the arrogant “why doesn’t he know this” comments. The question is WHY are you listening to this call? Oh so you can arrogantly judge him. Grow up.
I found it so crazy how my father was making under 25k a year and had been able to help put me through college, pay off the house within 15 ish years (250k ) and when it because time to buy me a car he was able to get me a pretty new car that was only 3 years old and did all of that without accumulating no debt other than the mortgage. Yet people in this country make double or triple and even speak English and are rotting in debt.
Budget and living with in your means is the key to success.
Your dad sounds like a great man we're a dying breed
His take home pay is $57,600 per year. Lets say his expenses could be $1,000 or $1500 per month including his $500 rent. that leaves $45,600 or $39,600 to pay off debt. I think Dave should have given him real numbers. Sometimes he just rambles.
How do you trust his info? I don't know if all his expenses are talked about and what is his real income?
@@donaldlyons17 that’s the thing he didn’t give all the info. Obviously there are more expenses than $500 rent. There is car insurance, food, cell phone etc. Dave didn’t get all the info before he said what he needs to live on, unrealistically
@@valkelly3054 I agree but he might have gotten it at an earlier point in time. But for real even when all my stuff was cheap my expenses were 75% of all the after tax money made. I don't think people in Dave's position realize they can do what others can't because basic expenses are similar to what the other make....
Student loan debt for a truck driver?? WTF? Did he study "sign language"? 🤣🤣
Also some trucking companies do chard you to take truck driving classes.
Lots of people don't have a career to which they got they degree in.
Exactly.i spent a total of 325$ to get my cdl A.
@@angeluceta5688 When?
Have to go to a certified school now days. 4 to 10k to get a cdl.
@@jordyjustine 2016
I've been saving 3-4k a mouth for a house, on top of the 15% to the IRA. Should be able to buy a forever house in 2 years
Budget, budget, budget! Just make a budget and stick to it. Then you can buy whatever you want within that budget, and feel no guilt, and you won't go into debt, and you'll have money for all the important things.
I started the DR plan making less than he does, having about the same debt, and paying more for my mortgage than he does for rent. Paid it all off in a year and a half. It can absolutely be done.
I did it, too. I made $22,,000 a handful of years ago and paid off $10,000 in student loans and $12,000 on my car, in 4 years. I did not have a trust fund to draw on, either. 😂 Like you, I did not earn what this guy did!
For sure he hasn’t done a budget because he hasn’t looked at his past month’s expenses. He doesn’t know what normal expenses look like. He doesn’t know how much food he should be spending on… he just wants someone to do it for him.
When I got outta school I had 22K student loan with 12% interest rate.. I paid em all in 2.5 months ... Lived with 600 / month till I cut it out
I make $68000 in San Francisco and still am able to pay off over 10k in debt this year, I pay almost 3x what this caller spends on rent and still can do it.
I make the exact same amount as him, also living in the Midwest. I pay twice as much as him on rent. Single. If he can't figure out how to get out of debt, he's not trying very hard. I spend my money on luxury watches and designer shoes, while still managing to save a substantial amount.
like almost everyone that has called in and 'trying' to get debt free, they have not made a budget. I know because I did the same thing. Once I analyzed my spending and did a real budget BEFORE the month started, I was able to pay off all my debt. ALL of it, in less than two years. And I only made about 80k a year at that time. House, car, credit cards, all the bills... It is all about a budget. Oh and selling everything that is not tied down... LOL.
Making a budget and tracking all the expenses is not an easy task, however, as soon you get used to it you cannot live without it
Only??
When someone making more than double your salary has his weight of debt in student loans and other expenses and wonders how he will get out of debt do we truly see the dystopian present we live in. Fortunately I have no loan debt. Glad I did not go to Graduate School.
Dystopian has nothing to do with it. He spends way too much money, that’s it
So dramatic
Can we stop throwing 'dystopian' around? My goodness, this is crazy!
I make over 240 big ones a year and didn’t go to college. I’m just a regular small business owner. The 240+ is my personal net income after deducting all expenses, aka I keep that
Anyways… I feel like the biggest problem is a lot of people are brainwashed into believing that blue collar or business ownership in general, is bad/dumb. Obviously, that’s a false belief
This world is full of excuses and ignorant decision makers.
i love how Ramsey always just blows right past taxes and other ancillary things like insurance, utilities lol. Like he probably makes 80K pretax and post tax thats probably like 60K. then rent is like 6K and your already not on pace to pay off 67K in a year.. like you should absolutely budget and pay off your debt and be dilligent about it and not spend more than you make but you can't just skip over the largest expense we all have everytime you do a budget. He always asks pretax numbers and then blows right past taxes smh lol
Skipped straight to the comments section so forgive me if I missed what I'm about to say, which is: "Making ONLY 80k" - do you have any idea how many people would LOVE to make 80k/year?
When you waste it all you think you are poor. Actually you’re just broke.😂
Well he is broke so 80K is not enough.
If you can not pay college as you go through it, you can't afford it. Get a skill and a career, then later in life, go to school for the field you work in. This would save so many people from getting worthless degrees.
If he’s bringing in 4,800 a month, paying 500 in rent and let’s just say groceries, utilities and some leisure is another 500 so his living expenses are 1000 a month he’s still netting 3,800 a month. That’s 45,000 a year….he could pay off all that debt in a year and a half if he just strictly budgeted for less than 2 years. Sounds like this guy just hasn’t budgeted and has no motivation but clearly hasn’t run the numbers.
The way he said "roomate" hurt me a bit....but its definetely a reality kick in the pants 😂
What really amazes me is people seeing the CC bills rising every month and simply igore it.
I really do wonder where all their money goes sometimes.
I am guessing $700 a month eating out, $400 other groceries, $300-400 on clothes, $200 phone/internet/tv, $200 insurance, $100 gas, $200 gas/electric, etc. The rest is just going towards crap that he wants like video games, a car payment that he didn't mention, vacations, etc.
Bingo.
@@flutgosHe's living in Congress.
I too make a little over 80K a year and got out of debt. Started making 35k a year in my journey and now in BS 3B- saving up for a home. No excuses!
This is not a one-year plan. This is definitely taking 2 years
You forgot to factor in the cost of dating a woman. It can be a huge financial burden. Personally the ROI in dating a woman just isn't worth it.
$80k is a good amount of money. I only made about 600/week over the road and I survived.
Stop buying bottled drinks and snacks at truck stops. Pack a lunch. Don’t buy anything that’s not absolutely necessary
GR is not an expensive place to live. This guy should have plenty to pay on debt with 500 rent
Only $80k??? Bro that’s more than enough.
Only 500 for rent. Man must be nice. My rent went up 300 a month on this latest renewal alone.
You get out of debt one chop of the tree at a time. Never stop, never quit, never give up.... keep chopping and the tree WILL fall.
I understand that there's inflation, etc but we do not understand the difference between needs and wants.
How are people so clueless? Our education has failed us.
The math here ain’t mathing - either for this guy or for Dave. If you make $5000 a month and your rent is only $500, you should be able to make progress every month on your debt. But it certainly isn’t $3000 a month. There are other expenses besides food and shelter, Dave…
You can’t pay off $67k in debt on 62k net pay (1200 a week x52 weeks) in a single calendar year.
It's not about how much you have, it's about how much you owe. Debt is a self inflicted wound.
This a sad to hear. It only 15 percent of population in the US make that much.
You don't get 80 k working at Starbucks or Walmart service people.
My advice remove the girlfriend until you pay off the student loan or credit card debt.
80k a year and can't budget. How do these people even get their jobs. wtf
We live in a time where people thinking 50-80k income isn’t enough. Anything above 50k you’re doing better than the average income of 45k in the USA. Budget man
It would be enough if you didn't have debt..but when debt eats up all your payments yeah it does feel that way
Depends on where you live. 50-80k in West Virginia and you are well into the middle class.
50-80k in most of Cali and your shacking up with 3 other random people in a house and 1 paycheck away from being homeless.
50-80k ain’t enough tho
It might depend on what place within what city too. I say this because one town has housing that is more expense per square foot than another because the incomes at the location are much higher than the other town.
When people say they make 80k and don’t say it’s gross or net, his monthly income suggests it’s gross so that changes how fast he can get out of debt.
Salary is always meant to be gross
Yeah but no one should base that off what they ca bb afford since tax will take 20-30% for middle class earners
@@ykook7000 I don't like thinking in terms of gross numbers because I can't spend anything but net or take home cash. I have no problem with gross numbers but I don't think it ever makes senses to use gross numbers to pay after tax expenses.
Stop spending money on things you don't need, stop spending on credit cards (cut that up, live in a debit card & cash lifestyle) , start investing and pay off that student loan debt.
He can pay that debt off in 2 years 33,500 a year. I believe in you, and know you can do It!
The flat out stupidity of people is disgusting. I bought my first house at 18 making $9.00/hr at my part time job and $7.50/hr at my full time job. The house we 65k in 2006. It was in a bad neighborhood. This was right before the mortgage crash. I sold it a year and half ago after gutting it and redoing it, after renting out it for 10 years. I sold it for 145k 17 years later. I've worked 50 and 60 hours a week for years. Be smart. Wait to have kids (I didn't). And save like crazy. I did all of this as a single mom of 1 for 8 years and then I had another child and adopted one, too. Obviously, I increased my wages, but I don't think i ever made even 50k a year.
All he has to do is watch these videos on youtube, realize there are people out there who are working even harder to get out of an even worse debt situation. and then bite the bullet. thats what started it 5 years ago for me and I have been pile driving money into getting rid of debt.
I haven't yet to make $80K but I promised God any money I get w2, stimulus check, inheritance, etc. was going 100% to my debts and now I been debt free for almost 2 years.