I Have $112,000 in Student Loans and Want to Buy A House
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- Опубліковано 29 вер 2024
- I Have $112,000 in Student Loans and Want to Buy A House
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Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@caseycantrell-gh6fg However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@Lourd-Bab Oh please I’d love that. Thanks!
@@caseycantrell-gh6fg Clementina Abate Russo is her name
Lookup with her name on the webpage.
Chris is my personal favorite Ramsey personality. These 2 guys make such a great show.
Dave is my favorite.
I enjoy listening to Chris too. I could see him taking over for Dave, once he retires.
Andrew Deutsch You better like calling smart-vestors pro.
Its the voice🤭🤭🤭
Agreed they play off each other very well
Dave and Hogan are the most effective combo for resolving these callers issues and making entertaining radio. They both are concise and ask the important questions we want to know about!
I’m a government social worker in ca and I think she failed to mention that her income will be going up each year and the overtime that is available should make a difference. In addition, the public service loan forgiveness program is what she should be enrolled in but ....that program seems like a scam...eh do what you want !
Why do we limit ourselves with age... By 30 I want to ABCD. Better to do things right. By the time you are 60, it will not matter :)
Palm beach hi neighbor
I think $40,000 is the amount of debt that when exceeded, people say “meh” and proceed to blow up their financial situation
Dude yes!
I would disagree. When I graduated I was $160k in debt for student loans, and never took that stance. I am down to $100k at this point
weeksauce23 good luck man! Keep trucking through it!
@@weeksauce23 good for you man, i trying to get through my debt as well
😂😂👏
So a huge amount of student debt and hoping it's possible to buy a home. So basically 98% of America
This kinda explains why 92% of Americans aren’t millionaires especially now, because they are not patient
Sucks being normal.
@@ShaunbirKlair24 So many could retire rich and well off if they didn't mortgage their future (no pun intended) with monthly payments
And Dave thinks she'll buy the house by age 32! He's crazy.
@@jason_v12345 nah...she can definitely make it.
Forget the wedding and honeymoon. Go down to the courthouse, sign the paperwork, and have your immediate family meet down at Lubys for dinner on the weekend.
Paid my friends mom $50 to marry us and we went to a local cabin for the weekend for a few hundred bucks. Been together over 12 years and everybody still calls her my wife and me her husband.
😆😆😆😆😆 is lubys still open?
Yep!!!
Lubby’s? Lol 😂
Several Lucy's in San Antonio up for sale. They better hurry up with the marriage.
Dave: Are you wearing shoes right now?
Caller: Yes
Dave: Sell em you're broke
That was the old Ramsey
@@sami-9233 Very true. I'm actually glad to see how his perspective has changed while still up keeping his values.
HAHAHAHA
😂😂😂
Short answer: No. Long answer: Nooooooo
Nice 1
They got more debt than income. Having a wedding shouldn’t be in their plan. America priorities messed up.
I didn't hear her mention anything about a wedding
illuzeweb 1:56
The 120k household income is great to pay off the student debt, but I wouldn't say it's good enough to buy a home just yet. Maybe a few years of frugal living will do it.
I “wanted” a BMW. I had 30k in student loans. My “BMW” is my degree sitting on my bookshelf, and I’ll be debt free next month 😂😊
CONGRATS! 👏🏿👏🏿👏🏿
Do you mind me asking how long it took to get to this point? I graduated in December, asking for inspiration lol.
The Little Blerdmaid thank you! 26 months. My total debt was close to $40k with credit cards and stuff included. I struggled my first two years out of college and deferred for a year and a half and made minimum payments for awhile getting now where because it was all interest. Good luck!
College is the best scam there is.
The 30 year mortgage is the best scam there is
@@vicepresidentmikepence889 why? The joneses want that 500k home. 30 year mortgages make it possible LOL. Let the suckers go into debt.
Yeah it is, when you go to a private school or get a degree that isn't employable. Don't think a degree in engineering is a scam.
All wrong marriage is the best scam there is.
The government artificially drove up the price of college..Thank them.
America's obsession with buying a home, when you clearly can't afford one, has got to end...Today
Well my brothers 400sq ft studio is 400 dollars a month more expensive than my moms 3 room house in the same area. So.......
Deven Murray yeah not including maintenance fees and property taxes for the house
Deven Murray when did she buy the home ? That’s not really a fair comparison
Deven Murray There’s more to owning an house then just the mortgage payment
Buying a home is generally a part of the America dream. I completely understand the appeal but it’s a major commitment and purchasing it should be done smartly just like all major purchases. Unfortunately all young people are becoming home owners at a later age these days.
Want to buy a house? Looks like you bought one for 112k plus interest.
lol
Can't afford a tent
Our 1st house was 122k rofl
Lol Social workers... Taking out 100k in debt to make 60k. Makes total sense
Not that bad.
Thats not that bad at all. Doing what you want to do for your whole life is worth a lot too.
@@devenmurray3580 I'm all for doing what you want to do. But you can become a social worker for less than 100k.
I can’t fathom seeing that balance on a bill. Both my undergrad and graduate degrees were obtained debt free.
Okay, so I'm not the only one thinking it...
The real problem is she is focusing on the wrong numbers. She's so fixated on home ownership before 30, she is willing to jeopardize financial freedom to do it. She needs to live frugally on about 20k/yr and throw all her income at that debt. Marriage shouldn't even be discussed until they are out of debt, especially since she doesn't seem to have a clear idea about what hos financial situation is.
Stop counting her boyfriends money 😂. He needs to use whatever money he has to put himself in the right position instead of throwing money towards her stuff
that's not how Dave sees marriage though.
Devin Kipp they aren’t married so she doesn’t need to start spending his money in her head until then. Who knows what’ll happen or what his priorities are
Devin Kipp no that’s not how the LAW sees marriage...
You ain't lying, I'll tell you that much...
@@aileencrane7700 I didn't say it did.
$112k in debt and wanting to buy a house? That's like playing football with a broken leg
I want to buy a house too..
except I want to have $112K in my bank account instead of owing $112K.
Ironically enough i actually have 120k in the bank, 90k is in investments. However I prefer to increase my wealth than get a house right now.
May I ask what you do for a living?
@@MrNGTfan123 Headerman, basically I work on machines and make screws. Not as good as a college degree job but way better than a retail job.
@@reaperzone85 as in 2010, when the house next door goes for sale at $40K, BUY IT!
Was $200K in 2008
I wouldn’t get married till she clean up at least half that debt
Even IF I had a prospect to marry I wouldn’t get married if I had any debt.
This woman shouldn’t even be thinking about buying a home for at least another 5 years.
Why so long
Fernando Mancilla 3 years to get out of debt and 2 years to save 20% down for a house to avoid PMI.
It will be the husband's debt. There is a 40-50% chance she will leave, bump that chances up to 70% since he makes less than her. Point is, bigger scam is marriage.
Especially since the housing bubble will probably burst in the next 24 months 🤷
Because paying rent and throwing your money away is a better option? I'd rather pay a mortgage payment and get money going towards principal than just throwing it away.
She's trying to hit two buzzer beaters. Good luck with that.
And i thought $31,000 left on my 🏠 was a lot of money till i herd this woman talking
You forgot her vibrator batteries are dieing!!!! Panic mode!!
$110,00 for a degree in social work.... YIKES!!!
With the exception of starting a family, I never understand why people feel the NEED to buy a home, new car, etc by a certain AGE rather than just being at the right stage financially.
I love Dave and Chris together.
Stay disciplined. “Discipline equals freedom.” - Jocko Willink
the passionate physical trainer or is it the passionate part timer 🤔
No Pain ,Just Gains haha, PT = physical therapist. Although I’m sure there are some great names one could come up with if wanting to get creative, haha.
The Passionate PT 😂😂
I would not even buy a house unless I’m debt free and have 200k fluid cash sitting around.
I have 10k student loan left and my mom offer to gift me 50k down payment on a house ...thank you but NO thank you. Meanwhile...I like to sleep well at night ... in my parents basement 😂
No I’m not a bum I contribute at least 1k per month to help them with expenses.
I wonder if your mom just wants you out of her basement
You don’t need 200K cash or even 20% down to buy a home. PMI is annoying but it’s not the end of the world. Keep your mortgage payment no more 30% of your monthly income and you’ll be fine
All these people six figures in debt make me so glad i never wasted money on college
Makes me glad the military paid.
I cringe myself when i hear those numbers. Finished with a masters degree with only 20k in loan dept as of a result of one careless mistake. I could have walked away wtih only 5k in loans. 20k stressed me out already.
So because some people decided to go to an unnecessarily expensive school, that validates your decision to not become educated? “Look at the person who took the worst decision in the best route, that makes me who did nothing with their life so much smarter!” You don’t have to go to college to make a living, but don’t pretend that having an average living makes your smarter or better than people who are actually educated.
You can go to university if you are smart about it. I didn't have the grades so I went to community College and transferred out. Ended up with $20,000 in student loan debt. I paid it off within the year of of my graduation.
I went to university, the highest median starting salary from a public institution in the USA.
$100K/yr in 2019 dollars, first job ever out of college.
I'm on the bottom of the curve, my roommate $200K.
Dave only tell couples to "combine" finances when women have higher debts than the husbands!
I noticed that too
I have heard him say combine after you are married and don’t pay off each other’s stuff until you are married.
@@koreanplayboy yes, and another funny thing is that when a female calls and asks if she should get a prenup is answer is always "yes" and if the caller is male the answer is "how dare you?" Maybe Dave thinks that men are supposed to be a cash cow to their wives or something:)
@@juniorgod321 Dave = Ultimate White Knight
Exactly
Might want to get a hold of old debt before taking on new debt. That's 2 much debt!
$112k of college debt? This caller can’t even afford a doghouse.
Nice Bob 😂😂
lol
I get that people want to get married and buy a home and all that good stuff, but wouldn't you rather be in a better financial position before you do all of that? Just seems more worth it in the long run to spend a few years getting your affairs in order to save a lifetime of stress and worry, because you think you need a home by 30.
I've seen this same thing before
In real life. Man blows his savings to pay off the woman's debt
Even though they're married
Meanwhile the man still wearing the same t-shirts he had while he was in high school. Because he's spending all the money for stuff that she wants house, her old bills paid, and a kid that they can't afford.
After 7 years of marriage they split up she keeps the house with the pay down mortgage and he get hit with child support payments. While he's stuck with living in a small apartment🙄
What's this world coming to
Can you a buy a house? Sure! But I would recommend you pay off your consumer debt first in order to avoid any "surprises" in the future... How many Americans who lost their jobs recently knew this was going to happen 6 months ago? Life simply happens!
I think my favorite moments on this show are when people call in and say that they are in baby step 2 and then proceeded to lay out their plan which looks absolutely nothing like baby step 2 😂
“We are on the baby step 2, can we take the expensive vacation we already pre-paid for to go to Europe for two weeks.”
It’s like they have no idea what baby step 3 is because they know they’ll never actually be done with baby step since they’re not really serious.
Aaron Queen I have no idea what baby step 3 is neither. I haven’t hear any call on that step.
She will buy the house by 30 and still have debt
90K in student loans left to go! I’m at the burnout phase of my debt free journey. I’m still gonna hang in there!
Remember houses are liabilities and not assists until you pay the bank in full . 💰
Even with full ownership you'll be paying tax, maintenance, insurance... Still a liability.
@@peter1062 you have discovered assets will still have expenses attached to them, by your logic literally nothing can be an asset as even a passive index share portfolio has expenses.
@@alexc5369 A house is an asset when it puts money in your pockets, i.e. when you rent it out.
It might save you money, but that's no certainty. The calculations are complex on that.
@@alexc5369 the dividends/distributions of the index will always exceed the fees which are so low anyway.
A house you buy to live in is a guaranteed negative cash flow. A house to live in is a lifestyle decision, not an investment
@@peter1062 a paid for house saving you $1500 per month on mortgage payments or rent is more certain than a tenant paying you $1500
Not worth buying a home when you're sitting on that much student debt. I'm all for home ownership and real estate investing, but not at the expense not taking care of other high interest debts first.
In 2010 houses on my street sold for ~$40K, ~$10K down and $150/mo.
Now $200K and renting for $1500.
No matter how much debt, $150 is better than $1500.
If you bought the house, you would have $1350/mo to throw at the Debt.
@@aolvaar8792 where in the US is that where properties go from $40K to $200K in 10 years?? Apart from that, there are two issues: 1) You can't assume that your property is going to quadruple in value in 10 years (nor can you assume that rent will be 10x). 2) Sounds like the caller is wanting to buy the house to live in; not with the intention to sell or rent, so you can't throw rent money at the debt. 3) You'd be paying 18% interest on a credit card for years - that makes absolutely 0 sense when you could just pay it off. On average, no investment would ever consistently outperform 18% over the long term.
@@RichardWalls
Phoenix AZ, on my street six below $50K and four below $100K (predatory lending).
My house, former owner paid $220K did $24K fixups, Bank sold to Fannie Mae for $185K, I bought for $120K.
My neighbor put $40K down on a $220K, she walked away (said her boyfriend could buy for $80K) sold on the courthouse steps
for $36K.
In 2021, during the Avalanche of foreclosures, I will stand on the courthouse steps with $100K, and buy a ~$300K home.
Your comment was about student loan debt (6-7%)
@@RichardWalls
1) The price of housing is a mathematical track tied to population growth, People need to live somewhere, (I live in a landlocked city, no new houses),
2) Live in a house with a $150/mo mortgage instead of $1500/mo rent
and put the difference, $1350/mo to debt.
3) You were talking about student debt (6-7%),
$500/mo at 18% for 20 years = $1.15MM
$3000/ month pension= a 32 year break even, Every year I live past 90,
I think you can do it, if you want it bad enough, and he's on the same page. Both of you get a second job or start a practice together to increase your income. And learn to love rice!
We put these goals on ourselves and we give ourselves undo hardships to attain them. Just because you can, does not mean you should. Good advice
How soon after the age of 30 will she want to be a mom , and when she is a mom will she want to go back to work ?
The dude is going to be landed in a world of hurt, and he needs to bail out now
Caller , Dave I have $1.00 in debt I don't know what to do. Dave, it's Rice and beans. Delivering pizza 7 days a week 12 hours a day.
Sell the wife and kids.
This is too funny
$1.00 good Lord, whose the doctor or lawyer ?
It's going to be rice and beans for a while kiddo, you should get out of this debt and don't rely on the government loan forgiveness program
Yep, that part time pizza job is going to bring in and easy $4000/month extra!!!! Say Dave the bullshiter
I just bought me a 3 bedroom 2 bath co-op. Why? Because that was all I could afford. Everybody said no by a house. I will by a house one day when Im financially ready but right now I dont have $350,000 - $500,000. Thats insane. Im just happy im not paying NYC rent anymore $1600 for 1 bedroom.
You did good
You ever feel like going to grad school to become a social worker making 60 a year, what a waste of money,
Phones make people sound much older than they say they are.
Once she marries him he better hide his settlement from her or else it becomes an asset of the marriage... better yet don’t get married
Shouldn't have even mentioned the settlement in the first place. Let them know after you get married
She already got plans for that money
What are you talking about. She “loves” him more than she loves herself, if she is willing to marry a guy with a debt and a lower income than her and your advice is for him to hide the very nothing he has?
You do realize she makes more money than him and Dave was the one who told her to use that money together....
For real she’s already his counting his money
Little girls with there dresses and houses and boys with there toys. She's about to fleece a simp what's she buggin for.
I was at $75k debt early last year after some bad decisions and financial ignorance. I'm entering 2024 at $37k right now.
Debt free by 2025. :(
How can ppl feel comfortable getting high student loans I’m scared to even borrow 5k so like I go shower but no debt
72k a year working as a social worker? for government? What kind of social work is she doing?
The man needs to be single. I love Dave, but the dude here needs some red pills.
I don't know what the property market will do tomorrow but I do know that no-one else knows either.
Buying a house in this crazy economy? No way Jose.
2 reason swhy you touch 401k money.
you or a close family is sick
foreclosure.
not bankruptcy. and maybe not even foreclosure.
HOUSE FEVER!
They shouldn't be able to purchase no house till they pay all debt, should be a law, i want to buy a home before 30, stupid entitled mentality.
They will never buy a house by 30, they will buy a mortgage.
That would completely ruin the market, not bad for people like us BUT it would take forever to get back to “normal”
Its amazing Uncle Sam is still pumping out student loans despite knowing full well people can't pay it off
All markets are so unpredictable right now. Play it safe! Wait to see what happens with the real estate market! You might be able to get a great deal in the coming months/year.
She sure knows what her boyfriend finances are 🤔. Of course she will marry him. If I was that guy I would run🤷♂️😂😂😂
Are you that dense? You ever heard of someone gold digging someone who earns less than them? Oy vey.
I agree
@@Happypappytappy She's probably like a 5 or so. If she was a 7+, she would go after the guy who makes over 6 figures.
The Man With The Dash Cam...
Her six-figure debt puts her at a negative net worth, rendering her high salary moot until these loans are paid
@@untouchable360x she's a 4 at best pal and the debt makes her a 2.
You want to know your future spouse's financial condition because it will be your financial condition.
She will buy a house nonetheless
Dave wow so we combing boyfriends and girlfriends money now .
Well she said they’ll be married by the end of this year so he’s just planning a little ahead no big deal imo 🤷🏽♂️
Peter Psihoulas nope 👎🏾
After we die, what happens to us?
Your spirit goes back to God... Ancient egyptian religion upon death... Spirit to heaven.... Body to Earth
Wouldn’t buy a home unless you can see that it’s an incredible deal that doesn’t come around often.
Real estate market could drop in the near future. Deals will appear and that will be the time to buy. Totally agree, look for incredible deals only.
You can make any purchase an incredible deal just by buying down the interest lol most ppl don’t realize that
Ppl need a primary residence
Samin Alam exaclty only reason prices are so high is because everybodys out bidding eachother
clembark you thinking mabye in the next 6 months, mabye by march 2021 they will drop?
No Pain ,Just Gains well that and the low rates and the lack of inventory in many markets . More demand than supply = multiple bids
In SE florida more cost effective to rent than to buy. And why not wait to see what the pandemic brings, the country is falling apart politically and economically. Get your bug out bags ready!!!!
How long has she had the student why hasn’t she been paying it?
She definitely didn't tell the whole story. She said she's 28. So she has been out of college 4 or 5 years. With her salary she is paying the principal and not the interest. She has a long way to go!
She went to grad school to accumulate that much.
Don't care about C.A.R.E.S act love it.
I came here for the legendary Who's the doctor or lawyer comment!
I live in palm beach and 130k household income with all that debt doesn’t work. Your take home pay will be 90k. That’s not a lot of money when you have 142k in debt plus a wedding
$100k for social studies degree!?
I already knew what Dave was going to say about 15 seconds in 😂
I have a question about the 4%rule. If you make roughly 6%a year in the stock market why can you not live off 4%for more then 30 years. I am confused. Will 4%Carry me through the rest of my life if I retire at 55years old ?
Borrowing your way into prosperity America
I’m going into my freshman year of college this fall 2020 on in state tuition. My parents are super generous and are paying the 18k a year and letting me use their old car to commute. A few weeks ago I was about to get a 15,000 dollar loan for a car I didn’t need and 100% cannot afford until I found this UA-cam channel. Dave saved me from ruining this amazing position I’m in and I’m so glad
110k to be a social worker? I only paid 38k for my graduate degree and make 2x that as a social worker. It must be undergrad and graduate combined
THUMBS UP if you watch videos like this to feel better your problems in life!!! 🥳🥳🥳
Imagine living in an apartment this year
Sorry bia, but you can't always get what you want. Want a house? Get out of debt first. It would have been better to not get into debt in the first place, but realistically you shouldn't be looking at getting a house in your 30s if you have that level of debt.
I get injured and have some money. Not going to happen to pay off her debt.
Advice for broke employees. I'm going back to Rich Dad Poor Dad's site.
And older gens keep asking why millennials won’t buy a house, get married or have kids. Gee I wonder.
Not time to buy a house yet. Clear the debt first.
The same questions never get old. Lol
i hope that she listens. both incomes combine, their debt is about 127% of their income, add a house, children, cars is just a recipe for disaster down the road.
That's not "owning" a home by 30, thats renting from the bank whilst being responsible for all maintenance and repairs.
$72k a year! Beans and rice for 3 years stoopid. Then get a crib.
This is funny stuff
Looking for a second opinion for my situation. Where do I begin?
The ending was gold 😂😂😂😂
So she took out student loans for $110 to make approx $60k?
Funny.... $112k is my number too. OK, maybe not so funny...
Anytime I feel bad about my $8000 student loan debt I’m gonna graduate with next year watch a Dave Ramsey video and think to myself “hey at least I’m not in $130,000 debt making $60,000 a year as a social worker or have a partner in the same situation or is a stay at home parent at least I can buy a home in future when I want too 💀
yo these social workers are actual making a pretty good amount. Government perks too.
With cops going away they should get a bump in salary 👍😏
She has no clue how much her fiancee makes, how much he owes, and how much he owes on the house.
So is he buying the house or...?
It seems getting married and owning a home before turning 30 is the main goal of this caller regardless of how unwise it may be.