I'm Debt Free But Having Trouble Spending Money!
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- Опубліковано 26 вер 2024
- I'm Debt Free But Having Trouble Spending Money!
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I was struggling last may when I paid my rental off with a final 26k in cash. It was hard letting that money go but the property paid off gave me so much peace of mind.
Worth every penny. That's why you can't put a price tag on intangibles, like good relationships, health and peace of mind.
Proud of you 👏
Rachel, thank you for pointing out that once we’ve amassed wealth, it’s time to enjoy the benefits it affords us.
Amass wealth? He's not Elon Musk. He's got nothing much.
@@miketheyunggod2534 The barn will cost .058% of his wealth. Dave Ramsey teaches us to think in ratios. To use one of Dave’s comparisons, if Matt in Michigan sets $100,000 on fire, it’s not going to change his life.
@@miketheyunggod2534 He has enough that he likely doesn’t have to work, and can afford to do things he wants to do. That’s wealth.
@@miketheyunggod2534 So 1.7M is nothing much? Good to know when the average American cannot come up with 400 bucks in cash.
@@genxx2724 And that is the game plan! Big ships have no problems with storms.
We are like this guy.He’s having trouble spending the money.When you save and cut back on spending its hard to let loooooosssseeee.I’m a carpenter and could build it myself but still
He could convert to Amish, barn problem solved in 7 days. Cool hat and fresh butter as perks.
Maybe prices are only going to go up and that’s the new normal…labor is the bulk of the cost of building, not “lumber” itself.
Labor costs will not likely be coming down. Just like he probably wished he didn’t wait to build the barn a few years ago for $40k, he’s going to wish a few years from now that he built the barn for $100k instead of the (future) cost of $125k.
Thanks Ray Ray ! We like when you are nice and Dave doesnt chew us out like a red headed step child.
I think Dave needs to call Dave 😂
Personally, I don't look at my net worth when making decisions like this. Especially when most of your net worth number is built on 2 things. Your paid for house (illiquid) and your retirement money (illiquid) if you're not at retirement age.
You're correct, what's missing from the context is how much of this net worth is tied up in property value. $40k is likely not a big deal here, but it would be good to know the household income, etc.
You make an excellent point Todd. If 4/5ths if his net worth is tied up in his house and retirement accounts, then he would be drawing downs his non-retirement accounts significantly by building this barn. This could put him in a bad spot if he were to lose his income.
@@desimo147 Agreed.
The difficulty is that they accumulated that money by NOT building the barn when it was overpriced, and being patient & waiting it out until costs went down. It's hard to break out of that tendency after likely spending decades living under it.
That tracksuit.
Dave sporting the Yugoslavian drug boss look LOL !
I’d sell the house and live super comfortable!!
No need at that age to be living in a home that expensive. To each own though
I would wait! Things are stupid expensive right now!!!!!👎
I want to remodel our bathrooms. BUT the cost, I'm treading it.
Worth it
Love how Dave has gotta brag.
And?
100k for a barn?
How big is it?
You can buy a shed at home depot or lowes for like 20k.
I’m going to assume a barn is bigger than a shed.
Still possible to build a simple house with that sum. Maybe he can work how he can earn back the expenditure using the barn.
It will most likely have a nice sized country bedroom, kitchenette, etc...
Saul, two different things. Time to get out of New Jersey and explore the world.
It's not to store his push mower and rakes...😅
Build it now and you can enjoy it now. In 2-3 years you will wish you had built it if you wait. What is 3 years of enjoyment worth. Plus it will increase real estate value. Net worth will be even higher if they build.
Just because you have the money doesn't mean it's a good value. Keep shopping around. DIY as much of it as possible. Get creative and find other ways to cut some of the costs. I'd say wait awhile but it's not going to ever be cheaper.
This guy is going to still over think it and should wait one year.
I wouldn't spend that kind of money for a barn, unless it was say part of a farm and would be a productive asset. A lot of people have an impressive net worth right now because they've been riding one of the greatest (and longest lasting) bull markets (in both stocks and real estate) ever seen. And while markets have a long history of going up over time, they also have a history of precipitous drops that could cut this guy's net worth in half in a period of months. If you can get your net worth cut in half (and the barn is still no big deal) then I'd say go ahead and build it.
Inflation going back to normal levels would mean prices increase slowly. Prices going down would be deflation, which is very different.
80% of ALL the US money supply has been created out of thin air in the last few years. The federal debt just topped 30 trillion. Inflation is NOT going back to 'normal' levels.
@@edsmith4414 fake news. The M1 money supply increased dramatically, but most of that change is that before May 2020 savings accounts were not included and now they are. The money supply did increase, but far less than you cite.
Nothing goes up forever. Their will be a house abs property market crash.
He’s been listening for years and didn’t know the answer because why???
Yeah I never understand that. People say they've been listening for years but then they call and ask a question that Dave has answered countless times.
It's called "Want to talk to Papa Dave"
People need personal assurance sometimes. It’s one of his biggest decisions. We aren’t robots.
@@genxx2724 Looking at this again, I should have been more sensitive as reassurance is exactly what the caller was looking for.
@@hipostang23 You are big person to say this. We can delete hurtful comments we aren’t proud of. Leaving them invites a cascade of toxicity from others chiming in.
Maybe the caller is edging toward stingy, which is loosely hinted at here. Hard to know, without info about his current & future budget. Does he support an adult child with profound disabilities? A grandson on a third round of rehab?
Are both in-laws infirm plus senile - and living in the guest room? With nursing aides coming & going all hours, at $X dollars per month?
Maybe, maybe not. But the wealthy I know often have friends & family with hands out. Just saying.
This dude doesn't want to be suckered. We all feel that way, sometimes. Needling him over this didn't help, IMHO. That $1.7 mil. might be better spent, or saved, in this case.
Inflation literally will never go down. It goes up each year. It's just gonna slow in the future. However, the current prices will be the same in the future. We just skipped 5-10yrs in the future to right now.
Wut ¿
@@user-td7xf3gz4l lol what I'm saying is inflation goes up each year. The past couple years the rate increased more than usual. Normal is 2%, but the past couple years it's been more like triple that. We would be paying these prices in 5-10yrs from normal inflation anyway. They are just here today since current inflation is super high. In the future inflation will drop and prices won't seem as bad but they didn't actually go down we are just use to this new norm.
What are you smoking? Inflation doesn't go up year after year forever.
I hope you didn't vote for Biden. If you did, thanks. 😠
This is crazy that ransey thinks in 36 monthsnits going to be better?! Insane. Folks inflation is gonna get worse...
Allow us to borrow your crystal ball
@@RenzoRosales_FL lol go look at a money supply chart and understand once it goes "hockey stick" the fed must inflate or die...not rocket science....
I'm a Libertarian ftr...but I've noticed throughout my adult life that ANYTIME demonrats have the majority of political power. dollar value tanks...and national debt skyrockets for a short distance....EVERY..single time
barry seotoro aka obama in 2008.....gas hit 4 ish bucks a gallon in mississhity. I remember feeling THAT pain.
*Everything reeks inflation in the economy.... I don't know who, however a person desires to pay attention to this, you have to stop relying on the government and saving all of your money . Venture into making an investment a few in case you actually want monetary freedom**
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or crypto and stocks.
@Giggs murray I had a bad experience investing on my own until I met Mr. Edward Jones, I have made over $200,000 Trading cryptocurrency, I even made a whooping $28000 on my last trade with a capital of $6000. Retiring next year with no fears!!
I have seen a lot of recommendation about Edward Jones, Please how do i get in touch with Mr Jones? I would love to trade $2000 with him💮
@Gerrick säul Thank you for this. Will definitely reach out to him now. Thanks again
Take it from one who has it and buy a house in Missouri and dream Wrangler with forex trade profits. I started with Mr Edward Jones of financial education and he has been my handler and guider for the past years
You can wait to build your outbuilding
Is the caller actually spending wealth? No, he is not! He is merely transferring wealth from cash to a building that is more valuable than the money spent.
Whenever we add a building to our rural estate we project the addition to increase the value of the property. We generally estimate the addition to be worth more than 125% of the project's cost. So, the addition becomes another means of building wealth.
Anyone doubt this? Would you build another garage at your house and think it doesn't increase the value of your house?
That’s an excellent point. Thank you.
Good point except it’s very illiquid. I know people with million dollar properties but would they ever downsize? Maybe. Maybe not. I can afford a new truck but it’s still not a good decision. Can’t eat your house lol
@@curtis3688 Real estate is an asset that can be expected to appreciate. Even if it doesn’t, if he were to sell the property he’d get the value of the barn back. A new truck is a depreciating asset.
Exactly, it's not spending money if you can later on sell that thing for more than what you paid. I have done some house projects that have added roughly $50k to my homes value that I can cash out down the road. Now buying a new truck or car that depreciates 75% is setting money on fire, you will never get that back.
Blow money 20%
I love how Dave’s co-hosting personalities be giving that type of advice like they have spent that kind of money in the past.,
That’s his daughter, she likely has
Co host is Daves daughter who is a millionaire bud