Sell My House To Make Ends Meet?
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- Опубліковано 27 вер 2024
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Sorry, I’m getting married this year and planning to be a SAHM when we have kids. I already told myself I have no business asking to stay home when I have loans. So, I busted my ass to pay them off before the wedding. Completely Debt free now. Don’t quit your job when you have a mountain of debt.
We always planned for me to be at home when we had kids. So before the kids we worked “more than we had to” so we would be financially ahead so that me no longer working was planned for. We have also only ever had one vehicle
Congrats and excellent points!
2400 mortgage 80000 helico, 50,000 in student loans, 30000 car loan, husband making 100grand..now is a great time to quit my job and stay home with the kids..seriously!!! The decisions people make amazes me!!
Now that I am able to work from home, I want to sell my house and move somewhere cheaper. I am waiting for the kids to graduate from college first. I have about 1.4 million in home equity. I would like to move somewhere and pay cash for the new house and keep $500,000 in cash. I have seven figures in stocks holding for retirement. I can still bring in $200-300k per year and put a majority towards retirement. Paying the house off in full would make me debt free and put me in a good position financially.
They look to Dave to affirm their craziness
Thats embarrassing for her that she thinks she can drive an expensive car as a stay at home mom with no money
"$20k drop in income"
"No, 20%"
"Ma'am 20% of $100k is $20k"
"Right"
Lmfaooooooooo
God help the kids being home schooled. Of course you can't count on "teachers" anymore either.
Well she said 100k take home so based off taxes the drop in income would be more than 20k
She’s probably a math teacher
Why does the stay at home mom and homeschooler need a 31,000 car? And thats whats left on it! which means it was probably 40-50k, sorry stay at home mom's dont get Beamer's lol
As a stay at home mom, I agree! Before I quit my job to stay at home again, we sold my new car (had it for 6 months) back to the dealership and went out and bought a 2012 minivan for $2,000 cash. One of the best financial decisions I ever made.
Something in safe operating condition that fits the size of the family. Doesn't have to be fancy. No need to show off for her teacher friends and the other moms in "car line" anymore.
It's depressing to hear people nowadays say $2400 house payment is a good deal.
It’s a great deal. Lucky to have it that low.
Right my parents I’d 800
And in Texas that’s not a great deal.
"i quit my job now i have less money someone help me"
And with 50k students loans
Lol
😂 lmao! Makes me think of that song “Help, I need somebody, Help. Not just anybody.”
Pay student loan first before quitting
That’s true, but it’s also crazy that Dave is pretending like the economy is still good right now. The MSM is trying soooo hard to cover for Biden lol
I had a 25% pay cut up in Minnesota. We moved to Iowa and I made more.
A house is just a collection of wall studs, OSB, insulation, copper piping and some wiring and appliances. Don't let a home ruin your future. Downsize
but what about the Jonses
@@johnmitchell2741 lol let them go thru bankruptcy
Being a stay at home mom shouldn't be an option for a person with student loan debt.
why not? Why should people be enslaved to bankers?
The other option waa to leave their kids in a failing school
@@gladatusbob4497 cause she chose to be so?
I've never heard anyone make this statement, but it makes sense. Especially if the debts were made before marriage. Children baggage is enough, but debt is extremely important
This is a silly comment. The health and development of your child are far more important than paying off debt faster. Building family is more important than material affluence.
I sold a couple of homes in the Tampa area for pretty good cash and I'm thinking to just leave it in stocks while waiting for a house crash to happen and as well avoid inflation, but is this really a good time to buy stocks? I hear it's a madhouse right now and I still hear folks are raking in huge 6figure profits by the weeks and I'd love to know how.
look at it this way, while some folks are waiting to make minimal profits when stocks recover, some others folks already know where to look and what to do to make hefty gains in these times, so yea, it all boils down to knowledge to risk mltigation.
True, I was in dilemma myself due to this chaotic market, wasn't sure if to sell or just wait a little longer, 75% of my portfolio was tanking and in the red and the economy isn’t looking promising, but I began gaining clarity and have more confidence in my investment through an adviser, I know most DlY-lnvestor like me would say advisers aren't essential, but come to think of it, they're better trained and equipped at this and if I have to give just a little amt in fees for me to be able to net $650K in less than 8months like I did this year, I truly don't mind.
@@lowcostfresh2266 I know Some still make enormous returns from this seemingly unknown market. I’m looking forward to boost my ratio in the stock market. I have not invested anything yet and i want to get started Asap. Can you recommend this coach for me please?
@@TomD226 Laurel Dell Sroufe is the coach that guides me. She’s a verified coach and she helped me see that returns can be made in both bull and bear markets. She covers things like investing, insurance, making sure retirement is well funded and looking at ways to have a volatility buffer for investment risk, lots of things like that.
@@lowcostfresh2266 I just looked up this person out of curiosity, and surprisingly she seems really proficient. I thought this was just some overrated BS, I appreciate this.
I was really hopeful of my investments this year, but all my plans have been disoriented, I've been studying the market crashes and I realized some investors made millions from the recent 2008 recession and I was wondering if such success rate could be achieved in this present market. I'm open to ideas about investing for retirement.
Cryptocurrency crashed the last couple years, so it should be starting a new run to a new high.
Throw it into medium term fund / Hold some in gold and some AI stocks. This summer will be very bad for food & housing. I grew to a 7 figure well-diversified portfolio having exposure to different prolific investments mainly stocks, real estate, metals, and high yield dividend funds. ever grateful to Trisha Jean Webb my F.A... she is super helpful to a lot of beginners out there.
@@RandyPelletier Did a quick web search, she has a pretty decent bio, I wrote her and I'm waiting on her reply.
Just the simple fact that shes willing to sell her house instead of the 31k car sums it up on why there in this mess
I hate it when people say yeah yeah like they're not listening to what hes saying
It's a way of communicating similar to "Yes, that's true, agreed, etc.."
She was listening to everything.
@@jire9831 Agree that people do that but she wasn't.
It takes a long while for a newly sahm/homeschooler to adjust to the one income lifestyle. This caller would do well to binge watch Rachel's budgeting videos and get serious ASAP. Also brush up on 3rd/4th grade math because that is what budgeting is. I respect her choice to h.s. just is going to take major sacrifice.
THIS!!!
I’m a Homeschooling mom. I think she could do portfolio reviews for extra cash and babysitting. I did some part time online work and PRN work while we paid off debt. I even sold antiques and clothes on Etsy for extra cash. I don’t blame her wanting to continue homeschooling, but extra jobs can be worked around their schedules.
Also babysitting is a huge market
Exactly! Also, as a former teacher she can tutor kids. She shouldn’t use being a SAHM as an excuse not to have income especially when her kids are school aged kids. Now if they were babies, I could understand bc they have different needs. She needs to get creative. The more income she can contribute to the household, the sooner they can get out of debt.
What’s with the homeschooling thing when there are professional schools, private and public? How can you teach all the subjects on your own? That’s why there are English teaches, Science teachers, Chemistry teachers, History teachers, etc., etc.
@@carlosmiro4932 you don’t need to teach all subjects especially young ages. You can just focus on building up a very good and solid reading and math foundation. When they get older, they would be able to read those science and history books.
❤ yes I was I was home schooled and I actually tested in the top 10% in the country on the SAT back when I took it
This is why we base all long-term financial decisions (house is the big one) on MY income. I will always have a job and if something happens or if I lose a job I will be getting another job or working every job I can find. However, before that house is paid for my wife may no longer have a job and may not want one. Basing those decisions on my income alone and not our combined total will allow her the freedom to stop work. Besides if she does have a job that’s just more money to save for cars, vacation, or simply having more in the budget.
It sounds like she just quit her job and they didn’t discuss any sort of plan of what debt and their financial future would look like.
That's what we did. Our family budget has always been based on my income alone. When my wife decided to stay home with the kids it just meant we couldn't buy brand new cars or take vacations that require airline tickets. We drive to our vacations in the same cars we bought before we got married. When they need to be replaced we'll pay cash for used cars.
Truthfully Dallas' economy is NOT booming. I've been looking for work for months and they do not want to pay anything out here and the rental market is high. I'm ready to move.
Non sense dallas has been insanely hot for 10 years
what sort of work? i know nothing about dallas but curious....
You're right! I live in Mckinney and if you're not making 80k+ as a single income you don't have any business living out here.. really it needs to be about 100k+. Dallas used to pay really well for the cost of living but not anymore
@@Dan16673 Right but the issue is a lot of people are moving here so the housing and renting markets have went up crazy high but the pay has not increased. Remote work has allowed for people with California and Colorado pay to move here.
@@jayman3575 I'm in the financial industry but I've looked into Executive Assistant and Business Management.
Doing great, making great progress on the debt, working hard! Hey, let me quit my job and lose a good portion of our income and then be surprised when things aren't going as well.
Exactly. Quitting a job bc you dislike the curriculum that’s being taught in your kid’s school and then signing up to be a home schooler is just plain irresponsible. Especially, when you have this type of debt. She prob took the kid out of the school for some dumb religious reason….religion ain’t gonna pay your bills, honey.
Maybe she didn’t want to be a sheep and take an experimental injection
@@Times397 Exactly! The school was likely teaching evolution or something else that Esther finds objectionable. So to prove her point, she quits her job, starts homeschooling, and thinks student loans, car payments, and a HELOC are going to pay themselves. Her solution: become homeless. Why does she need a car if she doesn't work and stays home all day?
@@Times397 I bet if the school taught religion you’d want to pull your kids.
My husband owns an engineer firm and he has a great team. When times were tough everyone took a pay cut so nobody would have to leave. Even my husband and his partner took a cut more than anyone there. This was in 2010. But when they got back to to normal they went back up and they always gets awesome bonuses a couple times a year depending on much money they made the company. 5-50k bonuses.
Sounds awesome and as long as everyone knows the reason, that it's temporary, and patience will be rewarded, then I'd be happy to stay through the lean times.
Must be a Civil Engineer, if he has a firm. Civils 🙄. Lol.
The difference is that they all knew, her husband don’t.
@@chaselesser3191 Is that a good engineering trade that will last under a recession? My son is going into his third year at NC State for civil engineering, so I was wondering?
@@ToOpen6seven I’m a mechanical working in aerospace. Government and defense is more volatile, luckily I’m not in that. Civil engineering isn’t to bad, I have buddies in that. They usually push to get their PE license and that’s usually what’s helps them get more recession proof.
Omg!! Fuchsia is Rachel’s color! Definitely wear that color more often ❤
Yess! Looks amazing.
She sounds like she dosent want to work. She also sounds like she dosent want to let go of all the luxury items.
I was waiting for Dave to say "You need to get a J-O-B".
Goes against the Ramsey model it's always, the man fault, problem and he should be happy about it.
He probably secretly would love to say "Lady, stop home schooling your kids and get out and get your job back. That will actually help greatly with your problem." However since it is a woman with kids, he won't.
No, he understands that children are the most important thing in life. Why should she leave them in a school that's teaching them nonsense? And not teaching them reading and writing?
@@georgewagner7787 Yea, it is important those kids have a stable financial situation.
@@georgewagner7787
Schools were teaching nonsense since the 90s and before this woman decided to have all of that debt.
Architecture is one of the worst professions to be in. It is the first profession to be hit in any form of recession. Between 2008-2011 45% percent of a Architects lost their jobs. Dave has no idea what he’s talking about when it comes to employment at a architectural firm.
You are so right. The husband likely works for a firm that does commercial projects. Office and R&D construction is way down, and existing buildings all over the country have big vacancy rates.
@@matthewgardner2144 my husband is a licensed Architect. In the last 40+ years he has lost his job 4 times because of economic downturns. Not just him, but most of office. The Principals/ owners would be the only ones left in the office.
Architecture is also one of the lowest professional salaries too.
Her husband's company was probably trying to prevent layoffs by cutting pay across the board
@Donovan Lewis agreed. I have one of the biggest blue-collar companies in a major metro suburb, and the economy is terrriiibleeee right now
Many companies do this to prevent laying off and the former employees drawing unemployment.
or just forcing you out the door...by quitting ..."" so that way the company doesn't have to pay
unemployment benefits"" a person is not going to be motivations to work hard for a employer
with a 20 percent pay cut.."" "" Honey I'm home with less money in my pocket to pay the household bills"""!!!
Booming economy??
In Dallas only? Ramsey Show is a bit behind current state of affairs ✨
They are with the times. You, however, are not. Dallas is a top five growing economy in the United States. I would say being top five in the growing category counts as booming.
@Donovan Lewis According to University of North Carolina’s Kenan Institute of Private Enterprise it is a Top 5. At least I have sources. What is your source that is saying something different?
@@DrDrewRulez it was certainly booming in 2021 and 2022 like most places, but there has been in steep pull back in 2023… generally speaking…at least certainly in the tech space and construction. GDP as a whole is in the negative as of now; is Dallas different? 🤷🏻♀️ I don’t know.
She doesn’t wanna work anymore lol that’s what I got
LOL Quit your job after a pay cut. Magically find another in the same industry in the same area.
Was laid off last year. New job in new area pays 50% less. It's not booming in my industry. Ex team members calling looking for work. But they can't move because they are locked in due to housing.
It's not booming.
Dave goes straight for the cars
They still need a roof over their heads! Only thing worse about being in debt is being in debt without a roof over your head. Stay in your house and get a job.
They decided on a more expensive roof they could not truly afford laced with added debt.
I’m rooting for this family. At the beginning of the baby steps and have that pay cut happen must have felt like a set back. But I’m glad she called - when you’re in the thick of it, it can hard to see all the options. They’ve hit a bump, but I think they will definitely keep on the financial freedom path. I love that she choose her children. I love that she choose the wellbeing of her children.
.
Keep going, family. you've got this and God's got you. Praying for you!!!!
The biggest mistake was caller quitting her job. It likely provided healthcare and built toward retirement savings. They are deeply in debt even beyond the house. She's so ill-informed and looking for easy answers while holding on to her ridiculous fantasy of homeschooling.
My house payment is 50% of my take home pay, but I save 20% of my monthly salary towards retirement and have no other debt. No kids, no other commitments... yet people keep telling me the house payment is too high. Why? What else would I spend the money on? Give up a house I like just so I can save more cash?
But you have no debt and no kids, you are an exception
Plus, you're helping out your lender with interest by having a better home! Everyone but the jealous friends are happier! 😎👍
good for you
My wife is homeschooling next year. Homeschool offers a ton of flexibility where you can still work part time. My wife will be doing that. Should be debt free a few months before it
Agreed. I homeschool and in my community we have part time nurses, hygienists, estheticians, caterers, and, of course, teachers. It is hard, but it can be done.
Essentially got debt that they can't afford, got house that they can't afford, then on top of that got kids they can't afford. not hard to see where the problem is, too bad, can't just return the kids for like 5 years until everything else is paid off. Frankly speaking, people shouldn't have kids until their financial debt are all paid off with exception of their home. mortgage is either paying for your own or paying rent for someone else, that's just general expense in life, other debts are real debt. having kids with a lot of debt outside of their house could be a disaster, because you can't be a loving parent when you're financially struggling. it takes a lot of time, effort, and money to raise a happy child.
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THANK YOU!! AND ALOHA FROM HAWAI’I SIR.
"I'm going to home school you", Kids "Uh, what? Do we get a vote?"
I work for a big LTL carrier. Dallas TX is not booming anymore. Freight volume dropped 50% since last year.
You're not looking at the whole picture. Dallas is a top five growing economy inside the United States. They are definitely super booming.
He suggested the husband look for another job; her response “that’s what we’re looking at!” He is not currently looking for a job, you could tell that is not what she wanted to hear.
Where is this “booming economy” I keep hearing about? The only thing booming are cost increases for groceries, clothing and utilities.
😂. So true the cost of everything has gone way up
Yes Dave it’s still booming. 😂
Tutors can make $30-$80 per hour. Subs where I live make about $15 per hour. I'd get out there and be tutoring now. Other thoughts, depending on what you taught....teachers will pay for lesson plans and handouts. If you have these from when you worked, you can sell them on line. But reality, instead of starting that as a business, I'd get a couple tutoring clients right away.
She didn’t know 20% of 100,000 was 20,000 who is she gonna tutor??😂😂😂
Inflation is high, interest rates are high, multiple corporations announcing mass layoffs, banks are failing, and the US is headed towards default… but the economy is booming.
Then, get a job? Who would quit their job to homeschool? The burden on the husband, I feel for this man. To translate the callers, "I quit my job and now we don't have two incomes for the family, please help me solve this problem." Yes, teachers are the least respected profession in the United States, but she needs to get a job. Use that teaching degree, make a tutoring business, do something.
Economy isn't booming like it was 18 months ago, theres plenty of low wage job openings but it's not booming.
People should have been saving,investing,avoiding debt,and living within mean when things were booming.
You had 15 years to prepare.
"I really don't want to work. My husband can die at work for all I care. I'll start putting his applications in now."
Downsize homes, sell one of the cars and work after your husband is home or on weekends.
If you buying things you don’t need , one days you sell things you really need
This happened to me when i returned to work after maternity leave. They had no reason to fire me, so they just cut my pay.
Dave cuts right to the point.
Good grief. I pray I never get that irresponsible with my money 🤦♂️
She doesn't want to work. Then not give no explanation on why the company cut pay by 20%. Husband can push and push all he wants but with their debt she needs income. Simply ridiculous how lazy people can be. Stress like this kill people.
Obviously the company is struggling financially if they did a 20% pay cut for everybody.
@Megalo Don we don't know...Dave asked and she was clueless on why.
How much does a CAD Drafter make in Texas? The average CAD Drafter salary in Texas is $58,919 as of May 01, 2023, but the range typically falls between $51,942 and $67,200. Dallas (and Texas) are mismanaged and not booming as Dave says. Home sales have plummeted and Dallas’s unemployment rate is rising and is higher than the national average.
They are in super debt. 100K is not going to cover their bills. She didn't even mention utilities in Dallas in SUMMER!
What would utilities during the summer in Dalas cost out of curiousity ? Where i live the winter is the expensive season due to gas for heating.
@@Bertuzz84
Where do you live? Out of curiosity? 🤔
@@JakeStewart1343 Netherlands
Of course there's a reason for the wife to not work. At all like no tutoring nothing on the weekends. Nothing. Pitch in. Why is it always on the husband? Wife needs to pitch in
And evenings. Mom was a nurse and before we were in school she worked nights. During she worked weekends.
1st sell the house ( and add the heloc balance the realtor fees and other misc fees so everything can get paid. Price it right the first time in case you need to negotiate. 2nd sell the high price car. 3rd get a cheaper place if that is possible. And pay off student loans quick as possible and personal loan you mention. Then start Dave R baby step if you want to
Americans love their cars so much they will sell their home before giving up their suburbi-tank
Looks like she doesn't want to go back to work and her husband is too comfortable at his job he doesn't want to leave but they want to make excuses.
I recently used my life savings to start an online dating service for chicken…..
It failed…..now I’m struggling to make hens meet. 🐓
I don’t why she quit her job because of “school district” find another job in another district put your child in SCHOOL I don’t believe in home schooling children need socialization and a house respite
The economy is booming. I don't think so sir!
What part of it takes time to get a job, does Dave not understand?
Which means the caller should have started a year ago...
If he tells her the truth they aren't going to want to make the change 🤷♂️
@@amireallythatgrumpy6508 We do not know when his pay decreased.
It could have happened last month, or last week.
@@JakeStewart1343 What truth is that?
@@jimmymcgill6778 Still should have started a year ago.
Couldn't even finish the video she was interrupting so much...
How does home schooling work? Do you get a tax rebate or payment from the municipality in exchange for reducing costs to the school system?
Summer is coming, so she could also get a summer job while the school year is in recess. Why not get a summer job for her to help out?
Quits her job, still has a $40,000 car… zero chance the HELOC was his idea… this woman has made a long series of expensive decisions. She could have made one or two of them, but not all of them, and keep her house.
Why is she a stay at home mom again? Home schooling your kids is not the best thing for them all the time. Send them back to school and this lady should get a job
how old is the HELOC? if it's less than 10 years old that's only interest. that $400 will turn into $800 soon.
It doesn't sound like this lady wants to do anything. Get to work and he can work a side gig. Stop being lazy!!
Her voice sounds like there were definitely things left out of this conversation. Could be anything and it could be a few things. As a teacher, I feel for her.
Yeah because it's not like raising your children is a difficult or valuable job or anything...
I don’t think she’s lazy, but she is recalcitrant. You can’t have it all.
@Joseph Duncan We did it, and both of us worked. It can be done. She wants it all with no sacrifice.
@@jimroscovius I guarantee that if you both worked you either paid somebody or had a government employee help raise your kids.
That’s so much debt. Doesn’t sound like she wants to work. She’s not too smart leaving a job with that kind of debt.
it's an interesting phenomenon how people blame the individual, not the system.
Always coming with some blame and pointing out what the person did wrong. It's the just world fallacy, that the poor are poor because they are evil the rich are rich, be they are good.
While the system is definitely flawed, people are blaming the individual when they willfully do something plain dumb.
They are 250k in debt, and she decides to quit her job for homeschool.
GUESS WHAT, SHE PAYS FOR PUBLIC SCHOOL WITH HER TAXES. Not everyone is able to pay for public schooling AND NOT HAVE A JOB at the same time in our, again, flawed system.
She screwed herself.
Some are poor bc of the system. Most because of bad financial decisions.
I am 5th generation american. My parents were the first generation that could get to college. They started with nothing but bought an old house and fix it up and both worked full time many years. I have had health issues so I Am Lower middle class. But my sister and brother are wealthy. This is still the land of opportunity. No, the immigrants won't make it in the first generation but neither did my ancestors. It took us years and years. In this generation the second generation that learns English in school and goes to college or gets a trade can become well off. There's no excuse for being poor unless you get too many credit cards
WOW, as a mom who recently quit to stay home with the kids, we budgeted and planned for this. Finding Ramsey helped us create a plan to knock out our debt(including the student loans) and make smart money choices so we could do this. I wouldn't even dream of quitting with the amount of debt they have, and living in Dallas. They made a reactionary decision that they couldn't afford and she needs to find a different job or schools for her kids if it's really "that bad"
I hardly work where is my money?? Please help.
Dallas was booming before Biden but is it really still booming? The company can see the writing on the wall with the collapsing worth of real estate plus the losses they've already taken.
absolutely scary how many people are dependent on such high incomes.
She was not listening.
Sounds illegal to me, shady shady
She quit her job got student loans got 2 car payments a big house payment credit cards loans her husband's just had his pay cut one problem and the house of cards fall i was in there shoes i learned my lesson never count on everything be ok all the time
In this time period both parents should probably be working unless the one parent is just absolutely killing it or they are debt free. To each their own though.
Stop taking out HELOC's people!
When will people learn not to use their house as a bank!?
How do you get 250,000 in debt. ? I truly mean no disrespect. How do these people sleep at night. They have no breathing room in case one of the gets sick or in a car accident and off for six months to recover. Holy moly.
She is insane for thinking she should be a "Stay at home Mom" with $200k in debt. 👉Go and get 3 jobs woman! Not to mention, she's not home-schooling all day.🙃
I hate that Dave puts these stupid repetitive questions on his UA-cam channel. There are so many better callers on the show that he could have put on the highlights. They obviously didn’t learn a thing from financial peace university if they have $200K in debt and the person that isn’t working drives a $30k+ car with student loans to pay for.
She could get her loans forgiven for being a teacher. She has to work in order to get it. Ridiculous
This woman sounds dodgy. She knew the math isn't working out and they have a house they can't afford but she probably wants any excuse to keep it even if it means she can't afford it.
This lady got lazy and decided to blame the school district. Even at 100,000 a year they are in a house way to much for them. Made mistakes and now will lose everything
His rule is a fourth of their take home...the house is not the issue. The cars are and that heloc!
@@cassietheboss9211 Dave says 25% based on a 15 year note. The house is the issue. They live outside their means.
She doesn’t want him to find another job 😕 and she needs to go back to work or sell the house and move somewhere cheaper.
It's simple math. You need to work.
You can always live in a car but you can't drive a house
I can understand taking your kids out of school 🏫 but you should definitely find work at home 🏡 also yeah sell your car 🚗
37k yearly hose payments not that bad, why they need to sell any cars.
They have a HELOC and car loans. Heloc interest rates are up to 9 percent. I get offers in the mail
@@georgewagner7787 She said altogether she's paying 2.8k a month.
She doesn’t want to work
She needs to go back to work.
2400 is very good? I thought $450 a month was good and $960 a month was scary. Oof
She can tutor or do day care to supplant the income she use to have
maybe work for another year? or side hustle?
I don't see any booming economy
She wasn't listening. Both need to work.
She needs to go back to her full time teaching job. Dave won’t tell her to go back to work.