I'm 20 and About To Pay CASH For A House (Dave's Response May Surprise You)
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Passed 40K net worth today! 100K in no time
Ayyy let’s goooo! God bless you!
Way to go !
Nice!
23 years old, just three thousand away from 40K !
god bless
Hi I'm 15 and have 629 million in the bank from cutting grass and washing cars. Should I spend 50cents on a cookie?
Sell the car
😩😩
Rice and beans, beans and rice
😂😂
No, you should finance the cookie.
Kid: I’m 20 and I’m going to buy a house with cash
Ramsey: sell the cash
🤣🤣🤣
🤣🤣🤣🤣🤣🤣🤣
🤣 THIS JOKE IS PERFECT 🤣
🤣🤣🤣🤣🤣🤣
Looooool Dave Ramsey will surely Suprise you, at time he makes you think that there is only one formular that it. But at times he changes. It great advice but he could have gave him option two there is no one answer in the world. As for me buying that house and renting it in meantime before moving in makes more sense. This Guy is not like the person Dave pursue him as otherwise if he is that person he could have already learned how to not loose money in real estate and boom done it because it not that hard if we real think about it. I just wish if this guy said 250K and hear what Dave had to Say. What is frastrating me is that he think as parent mostly at times. Think of Tim Sykes Parents they risked 12k5 yet because the risk he took was calculated first of all it is real money not debt like most of us. As children we must admit we don't grow under same conditions and that means not one philosophy is suitable for all of us.
Caller: I’m 20 and have 100k
Dave: how’d you save 100k
Caller; I’m blessed
Dave.: so how’d you save 100k
Save money
Sounds like he got some help.
Sounds like he got some help and luck and most importantly he SAVED!
Caller says he works at his dad's business, that's your answer, dad's money.
I'm thinking besides "blessed" his dad contributed at least 60% of that $100k. Come on. 20 yrs old with $100k talking about "I saved and mowed lawns"?
why is he so embarrassed to admit tht his parents gave him the money u not foolin noone
But then again, I would not be surprised if his parents gave him 100k
shhh the irs is listening
I was wondering the same thing.
Many people are jealous and criticize others.
Say you're bragging,flexing,trust fund baby and whatnot when it's just the truth.
Some get very upset.
Exactly. Shameful how he’s trying to claim
that mowing lawns is how he got this money.
His income doesn’t add up to saving that much. His parents definitely gave him the money. Why can’t he just say that?
Honesty issue.
Why doesn't it add up? He made $40K this year. That leaves about $7-8K/year from when he was 14 until now. his side jobs earn him $10K now, so I can see him earning 8-10 in the past 2-3 and less so when he was younger. Not to mention periodic gifts and whatnot.
He says he has been blessed which is what I thought he meant.
@@ModoNayr good parents. Many kids aren’t in a situation where they can work young. Many kids don’t want to.
@@dodgeplow No you're wrong, because the legal working age in the US is 16. Then add the costs of lawn mowers, maintenance, labor costs, fuel, replacement pairs, money for the prom. And I'm sure he didn't ride the bus to high school with a 100K saved in the bank, even if he bought a 5K vehicle the math just isn't adding up 🤔
Dad rewarded his son with 100k for showing him that he can work and staying out of trouble. The kid is very fortunate to have rich parents
Yeah... it’s almost impossible to save 100k making 30k and going “part time to school “
Right
Faaaaaacts 💯
Y’all don’t realize how much one can make doing lawns. He’s been working since 13, so yeah he could have 100k saved. Trust me, I’ve seen a close friend’s son make thousands cutting grass after school and during summers during high school. When I was young I knew a family that made over 50k per summer growing okra and selling it. 50k profit per summer!!
Y’all sound very envious.. And probably broke
The best statement I have ever heard war: If you are 21, everybody expect you to be broke. So live like you are broke and build your wealth like you have been. So in your 30's you can live off your wealth. If you do it the other way around it's going to be harder and find your self broke in your 30's while everyone expect you to have build your wealth in your 30's
Great point 👌
If you live like you're broke, you don't attract the wrong kind of friends also.
@@B4DWrath doesn’t mean u change the way u act just the way u spend
True. Your 20s in the grinding and hard working time, so 30s will show it!!! Also, walk in silence, don't announce your move
21 here 60k net worth, no debt 💪 wish I could keep this up forever but eventually I’ll have a family and a home so I definitely believe your early 20s builds you a stable foundation for the future 📈📈📈
Dave’s face trying to get to the bottom of the young man’s money : 😣
I looked at that right as he was making that exact face 😂😂
Drugs
Me too hahahaha @@DanielGonzalez-br9tk
Is holy water drugs? 😆
“Being very blessed” in other words gifted most of that 100k lol
Yeah,he's lucky,some people are,some aren't
@@Ibrahim-vx5kq of course! I’m not hating but I dislike when people are not transparent and honest 👎
You obviously didnt watch this whole thing. He said he owns businesses.
@@bigreddaman5988 yea but he never specifies so probably shady or gray area...or given the cash😂
@@bigreddaman5988 yes that roughly made about 10k annually for all his businesses! And only recently started working with his dad and gets around 30k per annum deduct expenses etc so where’s the rest from?
Even if his parents gave him the money, it's still amazing that he's got a good head on his shoulder that he called dave ramsey to ask for advice. *The kid is only 20 years old*
No it's not 🚫 he had a leg up, he's void of having to learn anything about failing, or making it on his own 👌
Dude is only 20 and has all that money stashed up? He must not be wining and dining many girls or have very little social life.
@@Essays4College You think wining and dining girls is urgent?
@@jeep19 that's not the point. The point is, he came into money and has the foresight to ask for advice on what to do with it. Because most people at that age coming into $100K would go spend it on cars or other frivolous things.
@@jeezyj6697 I didn't say that but it's obvious that the young guy isn't doing much of that.
At age 20, I started my under grad with fulltime job n11k in bank, staying in apartment with a paid off used car.... this kid is doing great at his age , good luck ..
That’s really good! What subject was your degree? I’m in a very similar situation right now
@@seenitalready Radiation Therapy, thank you
Whether or not you've finished studying, I wish you the best of luck!
@@bigman-em7cc yes I have finished n in the career for 14yrs ... thank you
i’m almost in the exact same place as you right now. Age 19, finishing my finance degree in a year, similar savings. paid off car. living at home
Dave: So how did you make $100k at 20 years old?
Miles: I’m just blessed.
Dave: …..✍️potentially✍️sells✍️drugs….
Hahahaha a little Jesse!
Lol
😂the emojis
Hahaha 😆
Literally rich parents is the reason.
The sad part is that for every one of this kid, there are about a few million out there with their parents who are buried in debt and will never get out of debt in their lifetime.
Dave criticizes those people but he praises this kid.
That’s their own fault tho..
Because those people are financial morons. Nothing anyone did to them.
@@Bodmanting1321 how is u being a child of a parent that’s in debt ur fault ?? 😭😭
@@Bodmanting1321 It's not the kids fault and that's his point. He praises the kid who got a job from daddy and money but not the kid who had to find his own way living paycheck to paycheck at 20.
The goal is to become parents like this guy’s parents
On my way. My kids will be 3rd generation rich/wealthy.
Exactly, people act like that's a bad thing
So giving your kid money?
@@ricko2301nobody acts like it is a bad thing to be the parent. It is a bad thing to be the kid and pretend you are selfmade when someone else (your mom and dad) made you who you are financially.
At age 20 the kid can't know that he's even going to live in the same city for the next ten years, and until you know that, you shouldn't be buying property.
He got the money from his parents. That's fine, but why not admit it? We gave a lot of money to our kids, through paying for most of their college. Nothing wrong with that - just admit it.
Exactly. Actually pretty shameful that he couldn’t bring himself to admit that his parents have given him some money.
100% true
Exactly. Not admitting where the money came from just makes him sound like at 20 year old into illegal activities.
Look at all the broke adults jealous of this young guy’s success. 😂
@@natef1504 You think he saved >70K from cutting lawns as a teen 😂
You could kind of tell Dave was kind of suspect where he got this money ... 🤣
Suspicious
Slangin dope.
Dave: How'd you get 100k?
Caller:.....blessed
Miles needs to understand that buying a house is one thing; maintaining it, fixing it, paying taxes on it, and paying for the unexpected all adds up.
Yep,people say there is no point paying 1200 rent for a house when you could just buy it and pay 1200 mortgage a month,but fail to think of all the repair,insurance utilities etc
@@Ibrahim-vx5kq My parents didn't maintain their house for 20 years. When we inherited we spent 50k in basic repairs from flooring, new counter tops, mirrors, paint, everything!
What does Miles being a Christian have to do with it? At 0:36
yes it adds up !! big time !! :(
@@stevenporter863 it's his way of living of Christian. Religion/non-religious people have different way of outlook of the world and their life.
Working hard By itself don't make anyone wealthy being smart with money is more important.
Exactly. Lots of people "work hard" and never have anything to show for it.
Working hard is being smart with money in a sense
@@EmpressMermaid You just told the truth.
And time*. We all have 24hours. Use them wisely.
Being financially literate it the way to go. I have friends who make 50-70k/yr and still live pay check to pay check. It’s all about being educated on what to do with what one has
I'm mind blown. If he's not wealthy, how in the world does a 20 year old who hasn't graduated college yet, meaning no college degree yet, work hard enough to save 100k?! work hard in what job?!
Yeah that’s what I want to know.
His parents probably gave him that money. His dad has a business.
Exactly gotta be in the Midwest to see those lower prices.
Hes full of it and lying.Most of that was given to him!
same, if you just earnerd a 100k total by 20 while being in college that would be extremely impressive. Let alone actually saving/investing the whole 100k. taxes suck car gas, i find it hard to believe. I'm 23 almost 24 and have 93k still living with my mom
"Just bc you have the money now, doesn't mean you have to spend it right away" 100% agree, patience and discipline is what got him to 100k, the rental income will be there when he finishes school
No it wont. Housing market keeps going up and will continue to go up. If he doesnt buy now he could miss out.
@@erwina4738this was my thought, housing market keeps going up could buy now and have that rent money coming in every month, if something breaks you have to fix it sure but that’s passive income coming in every month. Do see Dave’s point about waiting to finish school and being more secure but especially in this economy is anyone really secure anymore?
@@erwina4738or it could completely crash
He left out the part where he inherited a portion or was handed a portion.
LOL
I sure hope this is sarcasm. It’s not hard to save that when you don’t spend, live at home for a bit with a full time job and side business.
@@kevinworley7096 Yea by mowing lawns? Give me a break.
Absolutely he never mentioned it like he was hiding it.
and that's the point people who are angry that we are pointing this out are missing....if he is willing to lie about something this simple (ostensibly to be praised), it's a huge red flag
I paid cash for my house and got a bargain because of it. Best decision I ever made.
Dang that’s pretty cool
Ima do that too. How much of your wealth did you use up for the house? Like did you dump 95% into the purchase?
Yeah if you can afford to pay cash for anything your gonna get a good deal. But the problem is even if you had $100k in your pocket, that doesn’t buy a very nice house in many areas anymore. And that is also pretty rare. Good for you though.
@@fieryjalapenos4442 100k were i live buys about 200 square feet, maybe lol
@@nealbaron3384 yeah in canada houses cost almost a mil in some places and in others a trailer goes for about 200k lol
20 years old, working, and going through school.
Dave messed up by not telling him to invest in a Roth IRA and brokerage account.
Every dollar at his age can grow exponentially due to the 8th wonder if the world: Compound Interest.
When he graduates from college, the money that grows in the brokerage account will purchase a house and be growing to purchase a rental in the future.
The problem this kid Doesn't fit his criteria, so he just doesn't know what advice to give him. Moving out and renting while you have 100k I don't see it making sense so is letting 100k idle till you finish school doesn't makes sense at all.
i thinnk dave sensed what most of the comments sensed.... when he kept saying "blessed" im sure dave took that as either overpayed or gifted money by parents. which isn't necessarily stable long term... or realistic
yup. max it out and then leave the rest in high yield savings until he plans to use it
My motto is "If you can't pay for it in full, you can't afford it!" including a house. However, at his young age and minimal savings, I would not recommend buying a house just yet. At least wait until after college and you have more savings and income. A house can turn into a money pit at any time real quick!
Man I'm a big fan of your channel. It's so funny seeing you comment on dave's video 😂😂
Can doesn't mean should.
@@daytonwintle6051 it’s funny cause I’m a big fan of cyclecruza’s channel too! And he’s always preached buying bikes with cash so you own the bike and not the bank! Love me some @cyclecruza!
here's my favorite motto: if you gotta ask how much, you can't afford it
@@evangonzalez1565 not true. People with money know exactly how much they're spending on everything and they stick to a budget
"I was blessed" in other words daddy gave him a hand out hahaha. The Kid could be a thrifty genius, but when Ramsey says "that math doesn't get you to 100" we all know where the rest came from 😂
I’d say keep on saving and investing. I’m sure he could make it up to 200k-250k saved up before he gets to 25 pretty easily considering his situation and that’d put him in a much safer position.
The math doesn't quite add up. In order for this kid to save 100k since he was 13, he would have needed to save 297 dollars a week. I don't think so.
Totally possible
@@RBTMOTORSPORTSLLC Possible? Yes. Plausible? No.
Why no?
Lived with his parents so saved all 40k the last year or two. From 13-18 you can easily make $10k a summer.
Trust fund baby or his parents gave him the money. His response to Dave's question on how he got the money was telling.
either that or those "other businesses" are shady AF
Exactly
I know, that kids wasn’t very specific. Anyone who makes that kind of money at that age would be eager to tell you how they did it.
You guys should have worked when you were in high school. Cutting grass is actually pretty profitable too, especially when living expenses are paid for.
Especially since he wants to blow it all on a house he's not even going to live in. It's not his, or he would feel the weight of that purchase waaay more.
Not saying he doesn’t make good choices or work hard, but this kid gotta realize that people work hard for nothing all the time. Working hard ≠ wealth, wealth ≠ hard work.
Workin smart on the other hand..
It’s not really his job to feel sorry for people who don’t make good choices
Dude is trying so hard to appease Dave and it’s hilarious
He didn’t wanna get cut off lol
@@KristinaKage 😂
Yeh right!!! Cringe
makes ya sick
The kid was so upset that dave told him not to buy the house
So in other words - his parents gave him a bunch of money. Nothing wrong with that, just don’t pretend like you were able to save up 100k by the age of 20.
If you work some evenings, weekends, & summers from the age of 12 to 19 you could come up with 70k.
@@LUCNUKEM doing what?
@@_Nathan- some of it could be jobs around the neighborhood, landscaping, cutting lawns, spring cleaning, dog walking, etc. He could have also worked at a family or friends business, etc.
I started working summers at a friends business when I was 13, then later also worked weekends there. I would have also worked evenings if it had been closer to my home. Sometimes I had a different job I went to for a few hours after school.
@@LUCNUKEM I also worked starting at 13 so I understand that part of it. Were you able to save 100k by 20 though? That part doesn’t make sense.
@@_Nathan- I mowed lawns for neighbors only in summer from age 13 and I saved a million dollars by the time I was 19. I also sell timeshares in Florida if you're interested
Kudos from a fellow Wichitan following Dave Ramsey steps! 👏🏻
Very true. I have always been told that I'm wasting money by renting, but I do see some benefits to doing so. I'm mid twenties.
Dude is straight cappin. Trust Fund Baby
100% true....Trust fund delusion is a real thing. They never want to just admit they didn’t do much(if anything at all) to get where they are 🤦♂️
100k isn’t astronomical you guys just don’t want to get your hands dirty. He probably has financially smart parents that taught him to work.
@@austinluepkes5484 did u watch the video bruh. He said it’s his first year working for his dad and made 30k. Math doesn’t add up
@@austinluepkes5484 The "working with my parents stuff" is very different then working a minimum wage job
@@nczioox1116 Absolutely. For better or worse. They aren’t afraid to pay you below minimum and work you as late as they want but at least job security isn’t an issue.
Glad Dave finally said that there is a time not to buy real estate. Wrong time can be a huge step backward - sometimes permanently.
I bought three rentals when I was a junior in college. I still own two of them, along with my primary house, a 4plex, and two apartment buildings.
@Faith Jones ✨probably✨ Not✨
Put all that money in a S&P 500 index, less college expenses and an emergency fund.
Not the right time to bet on the sp500. Wait a bit...
@@danielebasile3957you were wrong, it was an excellent time to put money in the s&p500
That kid definitely got that 100k from daddy. He couldn't explain exactly how he saved it, just "mowing lawns" lol
Ha ha yeh dude kids a giant poser
You can work a part time job in high school and save it.
I disagree with Dave. I was 19 when i bought my first home with 20k down while going to school full time. 10 years later its payed off. He has the cash to buy it out right.
10 years ago was after a housing crash, currently homes are an average of 100% more
He was taking about a home for real estate
Great advice from Dave, I hope the caller listens.
I'm 51 years old and I pray everyday to get my bills paid 🙏🏻..that's great when you have help...I have worked all my life and still can't get a handle on things..
He needs to just keep going on like Dave said..
He lives debt free at his parents! I would have cash too 💯
Not 100k 😂 at 20 no way
That’s what everyone says. Yet very few do it
He’s 20 year old you crabapple.
Very blessed… thanks mom and dad.
£100k is losing 2.5% a year at least.
£100k property is making £600 a month. He is living with his parents so it’s perfectly safe.
Not to mention the appreciation of the property. I bought my first house at 18 and now have many and it helped me grow up way faster.
I DO NOT AGREE WITH THIS ADVICE
AS SOMEONE WHO PURCHASED MY 1st PROPERTY AT 23. HAVING THAT PROPERTY OPENED ALOT OF DOORS TO BIGGER INVESTMENTS
Theres more to the story if hes making 30k and has 100k in the bank at 20
Patents money. He just won’t admit it.
Maybe his parents pay for everything and he doesn’t have any bills so it’s easy to save
He took home 30k in his best year, yet has 100k...?? Parents definitely gave him money or inherited it lol
Say he's been working since 14 totally possible if his parents paid for all or most of his expenses and told him to save his money. I had a similar situation but parents never taught me to save or invest when I was young and I blew all mine like a dumb kid usually does.
@@user-jy7yw5kw3w 😂 noo
@@user-jy7yw5kw3w no way man. Assuming his parents did pay for all of or most of his bills, How on earth do you save up 100k from ages 14-20 when your best financial year only gave you 30k? From 14-18 he was in high school so there is no way he was even making half of that much money while going to school full time. The amount of money he has just doesn’t add up with his story. You don’t just save up 100k from mowing lawns and casually working with your dad.
@@RTS_2008, he said he’s been working since 12 and has businesses on the side.🤷🏻♂️
@@RTS_2008 when I was 14 I worked with my dad at the cemetery after school about 4-5 hours a day, cleaning the buildings, waxing stones, trimming hedges and grass, transporting coffins ect, got paid 16 an hour and in the summer I worked full time. I made around 20-25k a year, then when I turned 18 I worked full time plus over time sometimes that was near 30-35k. So yes by 20 I would have had 100k+ if I saved and invested.
2:23 - he saved 100k at 20 years old mowing lawns, and his highest annual income was 30k? Something doesn’t add up here
Remember he didn't pay for anything though
@@drh1043 yah it still doesn’t add up 😂
@@drh1043 he’s earning 30k/yr and gonna buy a rental at 20, have no liquid assets and a 600$ a week income - what’s he gonna do when the AC unit goes out or his renters bail?
Yep
I have a feeling his family contributed to his wealth. Good for him though, he seems intentional with his financial decisions. I know 30-40 yr olds that would blow through that in a year.
I'm 20 yrs old, and I have saved 100K babysitting and mowing lawns.
I'm a landlord, and I think he should buy a house, but I don't think he should be a landlord at this point in life. It can be stressful if things go wrong. Especially if you're 20 and you've never done it.
I agree. I would say go for it if he was buying it to live in it and then eventually turn it into a rental in the future. When that happens, he can take out a mortgage and take that cash to put into the next piece of RE. I don't always agree with Dave. People have taken different paths and have been successful. I get it, some people lose but real estate is a great way to build wealth without the need to go to college or get a degree.
Cappin...got the money from his parents
on god lol
facts
Lol
@@zayadk5194 You can see the confusion of the host's face when he said he makes 30 grand..but he didn't want to offend the young Christian brother
@9INE PLANETS
All about what you do with money after earning or receiving it.
So many failed this part.
This episode humbled me even at 39 yrs old, thanks kid.
At 20 I had nothing 😭 He’s doing great.
Where are you buying a house cash for 100k!?!?
Having the money to do this is wonderful. But there's no rush to settle down.
Other then the rising price of real estate
Better early i suppose.
@@victoriousvladameir2300 right. Can always resell.
Depends on the situation and location where to buy a home. In my case and scenario I was going to school and at 27 bought my first home by myself still single, this happen in 2011 and I was lucky because the home was built in the 90s and needed to work at all.
Ty for knowledge miles 🙏🏽
If you’re a young person, you are not throwing away money by renting, you are purchasing flexibility. In your early career years, flexibility is key.
Paying cash is the worst thing to do, especially when a crash is about to happen. Instantly, he will lose half his investment. It happened to me in 2008 and will never make that mistake again.
You don’t lose unless you sell.
I agree with dave. And im glad they mentioned all the other costs. Because owning a home is expensive. My first home. My payment was around $700. But when i looked at all the things i did Because of the house. The reality was i was spending $1300 every month on the house on average while living there. Then there's all the time. Your mowing lawns. Your fixing sprinklers. And all sorts of stuff. Renting gives you a lot of free time.
I mean every market is different. And its hard to predict the future. And it really depends on how your paying for the home. But in my area. Based on pricing trends. And average mortgages i was likely to tolerate. Home ownership doesn't make sense unless you stay in that home for a minimum of 10-15 years. If my intention was to relocate anytime before then. Renting put me in a vastly superior position. 10ish years was the break-even point. 15 means i benefited from staying. There were scenarios i calculated with a high enough loan where it would be completely impossible to "catch up" from owning a home. Meaning that living in appartment put me in such a superior position there was no reasonable way i could financially catch up by owning a home. Rent could go up by dozens and dozens. I could win a small lottery owning the home. Short of me being the next bill gates. It didn't matter.
Home ownership is not the end, all be all. If you're going to move soon. It makes no sense to own.
This is such good advice!!
He called in to flex but his story is not adding up. The “I’m blessed with wise parents” has my baby detector going off.
*BS detector. Haha
Yeah...you caught him. He sold his baby for the savings he has now. Pretty easy to read right?
This guy is awesome! Definitely not a great idea to “blow” his money on a rental at this point but he can definitely grow this in the future. I’m also shocked that houses where he is only go for $100k cause the cheapest around me is around $250k!
That's what I thought. 300 is rock bottom starter home with lots of work needed where I am.
I suspect in the midwest. You can find houses for under $100k near where I live
Awesome Dave!
Very good advice! Thanks😊
HGTV: "Miles mows lawns, Karen delivers newspaper. They're budget is 6.5 Billion."
I got married at age 35 and I bought my 1st home with my wife at age 38. Waiting allowed me to get financially stable and allowed my wife and I to make sure we were debt free with a bit of savings (emergency Fund) before taking that step. Such a great decision I think. I am 100% bought in to the path Dave suggests and I feel being a good Stewart of Gods blessings should be our mindset rather then what we can build for ourselves. Thanks to Dave for helping so many of us achieve financial peace. God Bless!
How are you doing so far? I'm just about in the position you were in last year.
It's crazy how people say," paying rent for 30 years is crazy" but it's the same ones that say I have tenants for over 15, 20, 30 years and I love them!! Because they paid most of my mortgage or paid it off completely!! Not sure how to feel about those type of people 🤷🏾♂️
I knew someone who grew up fixing farm equipment and cars. He would buy non running cars, replace the motors and sell them for a fair price. He told me when he was 18 or 19 that he had over 100k saved up. It's not impossible.
He sounds believable.This kid doesn't .He was EVASIVE for a reason!!!
Even if his parents helped him with saving most of that money, he still works hard (going to school and working isn’t easy) and he was able to save all that money instead of spending it like some people would. He wasn’t ashamed to say his parents helped him but it was still up to him whether he would spend all that money partying and stuff or save up as much as he could and he did just that so congratulations to him.
Literally millions of students work and go to school full time and end up in debt because they don't have wealthy parents
He definitely did not “work hard” and save 100k by 20. Not with these income statements he’s provided. Mom and dad definitely contributed to this, which is no problem, but why say you saved that.
Certainly, sounds like he got a full ride from his parents because how in the world are you still going to have 100k saved up as a 2nd year COLLEGE STUDENT 🤔
Kid didn't want to say Daddy gave him his blessing.
And 100k ain't gonna be there after school tuition RAMSEY!
This kid is crushing it. Can’t be penny wise and pound foolish though by not investing in yourself when you’re young and have a low income potential though.
casey , you know it was an INHERITANCE
@@ajones8008 or game stop lol
All expenses on a rental are tax deductible! And he will continue to have money because “Daddy pays him a good salary” and probably supports him as well. He didn’t say what his job is working for Daddy that pays him so well while he goes to school...and does Daddy also pay for school? He was hesitant to answer where the money came from!...lawn mowing in most homes is an expected chore not a money paying job
My former husband got a very Hefty salary from from his wealthy Mommy for a a few hours of weekly work..$60K and he had his college degree ....
Mr. Dave is lowkey hilarious this man said “Real Estate - Brokers”
He got some money from parents but he's trying accelerate his life by a decade. Learn how to stand on your own first, without support from parents, before making huge purchases like this.
Good for him!
Goals!
Dave trynna figure out if this is a troll call or not lol
Solid advice
I bet his parents gave him a good portion of that 100K.
Either that or he is lying.
@@djpuplex He is lying , no one saves 100k helping dad o cutting the neighbor's lawn
Mow lawns for his parents 😆
100%
Absolutely, even not paying rent it's not enough full time work years to save that. Mowing lawns didn't add up to much so his parents or grandparents gave him money.
Time is definitely on his side. It may make sense to invest that $100K, then start the baby steps like we all do. Let the compounding interest attack that $100K now.
i'd buy the house but instead of buying it out right i would put close to 50% down so 50k down and then have 50k in capital. If you can do school and property manage why not.
If he wants to rent out, he needs to rent first for the sake of experience. Plus renting means you can move around which you want to do in your 20's.
I'm planning on buying a house around the time I turn 21. My net worth should be around 70k at that point in time. I actually plan on living in it and doing some improvements to it as well, mostly myself on weekends.
I see you did a clickbait title :D .
Please don’t do that.
His parents gave him the money and he still lives at home. If a lot of us had that, we'd all have 100k sitting somewhere. Those of us who actually appreciate it, anyways and wouldn't blow it.
How to get 100k by 20 yo: 15 - 6k, 16 - 8k, 17 -12k, 18 - 20k, 19 - 30k, 20 -30k+
Summer = 40 day / 150-250/day + interest and then more time after
Kudos to this young guy. I think I only had 25k saved when I was 20.
This is why I’m waiting until I graduate with a BS in CS and get a steady income rolling in before attempting something that requires me to divert my focus from getting a degree. I’m thankful to have a grandfather that just recently passed, from whom I learned about real estate. He acquired 13 rentals by using your Godly money principles. Monthly income is key before you can make big decisions. After I have a career in Computer Science, I plan to do the same thing my grandfather did. Appreciate you Dave
Thank you Dave. I’m 24 and I needed to hear this. I’ve been feeling the heat to purchase a home to churn money and I make about the same. I will slow down now
curious as to how much money you have if your looking to buy a home
See if your father is interested in going half and half with you, that’s what I did through out college and it was one of the best decisions I made
Blooming heck - this guy -
The caller is like a unicorn
earning a minimum wage job from 13-20 doesn't give you 100k. If i saved every dime i got from 13-20 it wouldn't be 100k . He definitely got help
( daves response will surprise you ) ... wht is this channel comin to
Clickbaits=$, UA-cam 101
First they got rid of the theme music, now this?!
I know. No theme music, changed the name of the show because of all the unneeded "yes man" hosts, and now clickbait. Sad.
Dave will pull a gun out on you if you dont watch his channel
Maybe... and here's a crazy thought but stay with me.... They are trying to attract a new audience because they are a business and so they try new things that may work on a different platform 🤯🤯
Is renting for a short period of time a poor decision when rent costs are $1000-$1500 per month for a one bedroom? I have a solid job in the trades but Toronto is crazy expensive
Depends on your goals
Are you trying to settle down or do you see yourself moving around?
If it’s the first a home might be better if you can afford it and if it’s the latter go with renting
Is keeping the cash set aside in a savings account until you finish college then using it to buy your first house the absolute most optimal way to use it? In theory no, but this kid is working full time and going to school, so he's already pretty close to perfectly optimal. I'd say don't add your first time rental property out headaches to your plate so you focus on excelling at work/school which will return immense dividends in the long run and treat the missed opportunity cost like insurance cost.