I Overdraw My Bank Account Every Month
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- Опубліковано 21 вер 2024
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I'm glad Dave stepped in. It's not solely a budgeting issue... health issues with his wife and triplets would be a struggle for anyone
His wife might be able to get disability payments
Yeah I don't like his cohost she seems incompetent
@@jonathanpalmer228Like you’d do a better job than her
@@jonathanpalmer228it all comes down to budget give the lady a break.
@@jonathanpalmer228I don't think she's incompetent, but she was going on a tangent with the budget speech. He clearly said that he tried but couldn't figure it out. That's not what he needed to hear that day.
Dave’s empathy radar went off…. knew there was more to the story. Glad he dug a bit more.
@JBJB992
0 seconds ago
Generally, I like jade but her response was clinically/scripted. Dave's response/questions were needed here. Heartfelt, personal with the standard ramsey solutions.
The other personalities are still learning. I’m sure they’ll get there.
Prayers for this family - I can’t imagine what this man has been through carrying that heavy load!
Uh...triplets, that's tough. My cousin's friend got triplets. My cousin said, when he found out they're about to have triplets, he lost more than 50 pounds, from the stress alone. He was thinking how he could afford the kids' education costs. 😄 They're OK now. The kids are 9, I think.
Best of luck for this family.
Remember 3 years ago when $3600 a month was a pretty sweet paycheck!?
Not in this millennium it hasn’t been. Survivable, maybe.
Still is in Oklahoma.
It’s a fantastic income if you don’t have 6 dependents
No. It hasn’t been stellar pay any time in the past decade, even in Toledo.
exatly right@@Maddieelovesu
3600 a month is not bad given the low rent of $550. Car loan is a killer. $550 rent is unbeatable. Looks like 1 person carrying all financial burden is taking emotional toll. Just a matter of budgeting and prioritizing
Jade always goes straight into telling people what to do before she asks any questions about the caller.
Yup, it’s why Dave took over lol. She needs to stop trying to be so wildly different. Just ask the same questions Dave always does, and it will be better for everyone, including the listeners of the show.
@@worldnomad2301 she's just trying too hard. She's like that one coworker that goes above and beyond to become manager, but every knows they'll never get the job.
I thought she would be good for the show at first. Anyone listening to Ramsey for a month could replace her. She adds nothing.
@@magnumend88 same. She is great at being new lol. Once she got comfortable her actually self came out.
So irritating. She doesn't understand.
I lived in 1k overdraft every month for decades until I said “ NO MORE😢”. Now that I’m reversed at debt free, EF and investments now for 2 years. The peace joy happiness in my life now is growing exponentially! This channel guided me here ! 🙏🏿 thanks
💪🏼
Jesus, 1k? How the fck
I began 1k overdraft every month since the beginning of 2023. It wasn’t until this past November when the bank decided to end my overdraft access. With only $2.88 in my account, it actually felt good to see my account no longer negative. However, I was forced to formulate a six weeks survival strategy and it has worked out so far.
I have two more weeks to go until my financial goals are met. There will not be a Christmas tree, dinner, nor gifts this Christmas season.
On the flip side, I will be receiving two settlements in the near future. One is in the five digits and the second is in the six digits. Possibly low end seven digits.
Am planning to be debt free and make wise investments.
Watching these videos has helped me a lot.
My coworker is married with 2 kids and receives $730 a month in food stamps. Everyone in the family perfectly healthy. How does this family not get assistance for food and disability?
Because the government system is crap, they give the help to those who don't need it. I know people that get help and they don't need it at all, both working and kids working. They are applying with the same work letter from 23 years ago.
This makes no sense because the original post is someone who literally needs it lmao. Just because some scam the system doesn't mean it applies to everyone@@mariorta5017
Working in community counseling it’s staggering how broken the disability system is.
My mother receives disability for her Alzheimer's disease but doesn't qualify for food stamps because with her disability payments (only disability payments, mind you) she "makes too much money" according to the government
because you have to ask, I was shocked how some brainwashed about the government think it's wrong. This is why it was made, it's not for everyone but people like him definitely.
I ADORE Dave. He is the perfect combination of strict/compassionate. Changing lives!!!
Wow. What a heartreaking call. You don't plan on triplets when you plan on having a child because why would you. They're so rare and you don't plan on catstrophic degenerative disorders when you marry someone. Life has thrown this family some curveballs, but if he can manage to get no car payment, I think he could breathe a little easier, but that still doesn't address losing an income. He should get with a social security disability agent and see what his options are.
I feel a bit for this guy. He is carrying everything, It sounds like his wife needs care and might not be able to do much around the house and at the same time bringing up triplets. i hope he has a support network of some kind who could help them out while he takes on extra work.
Best bet is to ditch the wife.
@@listerinrI can tell life hasn't worked out for you. Hope you find some happiness.
@@Afrinaturality lol Life is great 👍
Right. I agree.
@@listerinrclown
I like how Dave picks things apart and breaks it down to get the full story before offering advice. Sometimes I think Jade jumps the gun a bit before she knows the whole background story.
We are a single income family of 8 (and a husband in congestive heart failure) with a take home pay of exactly $3,000 a month and a mortgage of $1,000 and we do fine, even putting several extra hundred on the house a month. I know groceries are super high right now, but I feel like with discipline this guy will be fine.
Where do you live?
NC. Yes I would consider our taxes and cost of living lower. We work really hard too at being frugal buying most things second hand and cooking mostly from scratch.
@@nicolemyers4584 I would bet that without the mortgage, you have no debt. That's the only way this works.
agreed, family of 6 here, with closer to $2400 take home monthly. We are working on house improvements and saving to buy a new to us car as well. We live very simply but we like it like that and kids aren't wanting for anything.
What about utilities, car payments, or car insurance? Curious because I have a family of 7 and we are struggling, doing some research here to try to find a way out. Would
Love to hear what other large families do to stay debt free.
I agree with Dave here. If you’re in a bad situation…you take care of yourself and your family first. The basics are first.
And where can I get 500 a month rent? Mine is 2,300 😂😂😂
@@zenlife321buy a crappy house and fix it up.
@@heatherhineline9481fixer up requires a lot of money which defeats the purpose of
I agree with everything they talked about, but perhaps the caller needs to visit a local food bank to help supplement the food budget. Local churches may also offer assistance with utilities, help with filing for assistance/disability, etc. Best of luck to them!
That's a good idea 💡
Yes never let misplaced pride hurt your kids. Many fall on hard times, many times not their fault. God wanted us to help each other. I would rather have nutritious food for my children and warm clothes and state insurance although not the best, than keep my kids on innutritious food and lack of health care. Sometimes it's not them but well meaning friends telling them not to do it. So sad.
Not necessarily. Some food pantries don't require proof of low income. Plus he would likely qualify based on his family's situation. $3600 for a family of 5 in his area isn't that much with the cost of living & inflation.
Brilliant call the show with this idea 😮 I’ve never heard talk about this side of churches and how helpful they can be, only biblical biblical scripture.
Well, I can see one big problem. He is paying for the premium budget dollar app. That is $80 a year and he isn't using it. You can do it on pen and paper for free. Then if you don't use it (which he isn't) it does not cost you any money. While I love Dave Ramsey, he certainly isn't going to point that out since he is making money from the every dollar app.
Exactly💯
I thought this as well - google sheets is free, too. I haven't used the premium app, but I don't expect it's doing anything magic that you can't figure out in a spreadsheet in 10 minutes.
He sounds like he's not been brought up learning to budget. He also sounds like maybe he isn't tech savvy. Both of these things are ok, and he's clearly wanting to learn or he wouldn't have paid for the app. He just needs someone to set him up on how to use it. You need to learn to put yourself in someone else's shoes. He has no student debt, which means education probably is out of reach for his family, so he's at trade school at night and apprenticing during the day. Apprentices earn very little for the entire duration of their apprenticeship. Once he qualifies, things will improve dramatically. They will improve even more greatly if he sets up his own business. But even that takes knowledge in how to run a business so you don't end up behind with taxes. Be compassionate, and be helpful.
If he paid for it then connected his stuff, he is getting his bills autopaid so it's not all for nothing there still is an all in one benefit of the app even if ur not making ur budget on it, I can tell you know nothing about the premium version
Have you even used the app? You don’t need to pay for the premium version to utilize the app. The benefit of the premium version is that it links your bank to show all your transactions. It makes it easier to manage your spending because otherwise you would just have to manually input the numbers yourself if you aren’t paying for it which is still better than writing stuff out on a piece of paper
This sounds like my dad when I grew up. 3 kids and a disabled mom who couldn't work with schizophrenia. He had to work part time jobs on the weekends delivering pizza, when I was kid. He died with 100k in medical debt from dialysis treatments. dialysis three times a week to keep you alive is 3k bucks a week. Federal govt health plan paid 2k of it each week. so he had a running tab of 1k per week x 52 weeks a year, 52k a year owed. he was on it for two years before he died. So, folks keep yourself healthy as much as possible. health is wealth. the medical industrial complex will get you when you are old. They ate the debt too, had the nerve to send me his bills.
Good kids respect. Was there no medical help?insurance?
@@lionheart93 The 2K payment from fed health plan was the insurance. Insurance never pays for everything.
When I was in my 20s I took care of my landlord's house for his daughter after he died. Before the ink was dry on the death certificate, the phonecalls started coming in from creditors. She had opened credit accounts in his name and racked up the debt. The calls often started with "The reason I am calling is because we know that your family would want to do the right thing to honor Mr. ------- by taking care of his obligations..." My friend's mom fell for this and paid a "settled amount" of her dad's debt after he died. Mom was on the hook for the entire debt: The creditor sold the remainder/unsettled amount to a new collection agency.
@@jodylarson4697 NEVER is a totality word.
My former employer offers FREE lifetime family healthcare,
and continues if you do 20 years.
We call it "The Golden Hook"
I left a $130K job to do $65K, same job.
Allows you to raise a family in retirement.
Did you have to pay the health bills?
his mortgage is only $560 a month. that's EXTREMELY cheap. his housing plus car payment is only about $1000 a month total.
I don’t even know where you can live for 560 a month I have a shitty little 400 sqft apartment 45 minutes north of Houston and I pay 1100????
@@talorb633 I paid $1100 when I bought a new 2500 sq ft house just in 2015...but I did put 50k+ down though. Rent is crazy expensive now.
@@talorb633 I bought a 1960, 3bd/2bth 1700 sqft, Fannie Mae foreclosure, PHX
during the Great Recession, $50K>> $214/mo.
He probably lives on the boonies where bowling is the most fun thing to do
My housing (rent) and car payment combined is $1050 per month. The owner of the house I rent locked my monthly rent amount for as long as I live at the house.
Knowing my rental rate will never increase is absolute gold for me.
Managing 5 kids and a home with a chronic illness is tough. The wife needs to apply for disability asap. I'd also have suggested Grandma or Auntie move in short term if possible to help care for the kids and house while the dad finds extra work. The husband needs a hand here, he sounds burnt out already.
There should be a go fund me page for callers like this. People who have been given a challenging situation may just need a bit of support to get them thru hard times especially for what this poor guy is handling all by himself. It isn't surprising that he is in the position, we would most likely be right there too. Hearing Dave telle to get his expenses down and income up doesn't move the dial for him and isn't something he wouldn't have thought of himself. Sending positive vibes to this caller 😊
448 month car payment + gas + insurance + maintenance etc = 25%+ of his net income.
My stress level with being over drafted that much would be insane
I work with homeless families who are trying to get housing and get back on track. I advise them to let the credit card payments go for now, but some have such pride they just can't do it.
$3600 for a family of 5? Holy cow. I live alone and can barely get by on $3600. But with a $560 mortgage he should be doing fine. My rent is $1400.
If he has a small house payment thats easy to get buy on peoblem is alot of people have 2000-3000$ payments
Just wait till those triplets become teenagers. That fridge will be empty consistently and the grocery bills gonna be more than the mortgage.
My condo mortgage + HOA fees (water & sewer, trash, landscaping, etc) is ~$800. Working on paying off the mortgage. When you're in your 70s, where are you going to work to pay rant?
We’re a family of two living on $2,400 monthly with no house or car payment but with insurances, utilities, medications, doctors visits, cell phone, cable and groceries it’s hard but we still manage to save when we can
@@jmanrock11 Hopefully he’ll be in a more advanced spot with his job and he can afford that, lol
It sounds like it'll get better. It just takes patience and time.
His wife can't get disability from SS? They with triplets should get food stamps. No shame with triplets and one job.
No going out to eat, no entertainment, no Starbucks. I would be really careful with groceries too. Food is so expensive right now.
Setting the priorities straight there, its like a well needed wake up call. What its actually important, so obvious yet so evasive to stressed minds
Dave's got the Maslow budgeting wisdom for folks that have a low income like this gentleman.
My father in law is a near-total quadriplegic with many resultant health problems and yet he manages to work a good IT career with one hand. Get the hell out of here with your wife who won’t work and you not figuring out a simple app.
It's quite possible if she has a degenerative neurological disease that she cannot even speak or swallow, and/or she may have deteriorating cognitive function.
He should look into local food banks, my community has a half dozen churches and non-profits giving away food every month. If he finds weekly distributions he can visit those before he goes to the market.
It is terrible about his wife. I wonder if she has applied for permanent disability? If so, she may be waiting as it takes two to four years of interviews and paperwork to get an approval.
Dave never mentions that. My neighbor works at a healthy loave and fishes food bank that gives fresh groceries and canned goods on Saturday's. Many people get it weekly, some monthly.
@@deb9806 Yeah it's a shame he doesn't feel that's ok for people to do. There's no shame in getting help.
If you're being stupid and overspending and refusing to budget, why are food banks, churches, and other hand-outs the first thing that comes to mind? Why is Welfare second? Whatever happened to rugged individualism in this country?
@@Sizukun1 Don’t be so cruel, there are a lot of people who do budget right down to the penny and fall short because of insurance and other things. If you make over a certain amount, you can’t go on Medicaid, but affording insurance is still extraordinarily expensive. People deserve healthy things to eat, and not buying dollar amounts at fast food places to try to feed their kids. There is nothing wrong with getting help short term and keeping your family healthy and not feeding him junk
@@deb9806 Yes pride in the wrong place keep some from getting help and they have kids that don't get medical care or eat well. Many who work with the poor daily know the stories, know the percentage of people who really need help for a while, some longer with other issues. God I feel wanted us to help the poor, the needy. No one should be hungry or malnourished.
Wow, overdrawing my account is because of poor budgeting? SO insightful, Jade
I am in this situation myself. Thank you for this advice.
The way the groceries have gone up in price, $ 800 is not enough to feed his whole family. I know there is 3 of us and our ranges 800+. They need to apply for foodstamps and wic for the children. We have had to do one meal a day sometimes. It is a sad situation. I pray they get the help they need.
$3,600 take home monthly means about $51k/yr gross. I don't think they will qualify for assistance. It's a tough financial range with a family...hard to live on, too much for assistance.
they wouldnt qualify for government help im a stay at home mom with 1 kid and another on the way but my husband barely gets 36,000 a year and we wont qualify, If child care wasnt a entire persons paycheck i would prob go back to work but then our bills would go up cause government has to triple dip. maybe once kids r older I can return to work but for now budgeting is key.
About the current bank situation, I'm really concerned. I am worried about a lot more if a bank the size of SVB may fail. I have a friend who manages a fast-growing startup and was severely impacted by the bank run. I have taken more than $840k out of my bank. Since the FDIC only provides coverage up to $250K, an implosion could have negative consequences. presently want to invest in the stock market. Does anyone have any ideas on how I might proceed?
We fail to realize that banks are commercial enterprises that are driven by greed as well. The over-leveraging of assets by banks starting in 2020 was one of the factors that led to SVB's collapse. I've never felt secure keeping a large sum of money in a bank. In other words, I invest through my financial advisor, reap the benefits, and then spend the money.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with an advisor. In a nutshell, i've accrued over $850k with the help of my advisor from an initial $120k investment.
@@hunter-bourke21 Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.
Kudos to *Camille Alicia Garcia* for her significant contribution; she has an online presence, making it easy to find her details through a search. While locating some others might be challenging, Julia has been an excellent guide throughout the year.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
CUT THAT FOOD BILL! NO eating out. Use food pantries every month. If you have family ask them to help out with housework and caring for children and go make some extra money.
I was surprised by Dave's response. This did not start out with "Rice and beans, beans and rice, don't go into a restaurant unless if you work there! This situation is very different from the normal caller and had to be treated differently. "Food, rent, heat, lights." Yea that is the bottom. Car, maybe, if it is necessary for work and as an apprentice, it is probably carrying the tools for the job to the job site. Master Card eats last at the table, if there is enough to go around. But once everyone is dry, fed and warm, the impulses should go down if there are any.
I thought Dave was going to say "it's beans and rice, rice and beans time!" 😂😂😂😂😂
Dave got to the heart of the matter.
food, utilities, and rent. That's what I've done before Dave. That seems so obvious to me. $800 should buy a lot of groceries since the little ones probably don't eat that much.
They could probably cut that grocery bill in half
My kids always ate a lot - even when they were little.
5 kids yikes needs a part time job or better paying job
Could his wife do a online home job
@@davidhale4647 3 kids, not 5
I can see his frustration. He might be overwhelmed and he just need some help.
Right. Full time job, 3 nights a week of school and then come home to do home work, take care of sick wig and triplets
He may need to keep his car with 5 kids and a wife with medical issues. He needs his car for work, drop the kids or wife to daycare, doctor, hospital etc
They could end up living in the car. With a vehicle, you have some sort of shelter.
It was confusing, but he only has 3 kids. He meant 5 people total, it was clarified later in the video.
3 kids, triplets... 5 ppl in the house
I agree he needs a car.
Triplets, disabled wife and him working he definitely needs a car.
This man and his wife should be getting food stamps. They have three children with disabilities that stops his wife from working. He can make a case. The government should be getting food stamps. Five kids they need help.
I think his income is too high.
@@suen5006 it’s not based off his income cuz there married with 3 kids. They should be able to get something
With triplets yes and the other money can go for bills. My friend took care of triplets with a Catholic organization years ago. They helped with babysitting, respite care and other things the babies needed. Reach out, don't like pride misplaced, hurt your family. We are supposed to help each other. Then years later, you can help.
Foodstamps, wic if the children are 5 and under, and possibly medicaid. He needs to reach out to department of social services.
Three kids - they have triplets.
When Dave hits with the “hmmm” or “okay” you know he finna get em good 💯💯💯💯
I have a lot more respect for Dave after this video. Bravo man, way to step up for this guy and his family!
Thank you Mr Ramsey for this lesson of prioritization.
My husband NEVER wants to discuss finances. As soon as I try to ignite the conversation, by sentence two he is checked out. It is beyond frustrating. Everything in our house is falling apart, the cars, the kids, the bills!!!! I am so over this mess!! He won’t listen to me. It’s like he doesn’t speak English. I really want to end this marriage. I don’t want to live like this. Advice???
Get counseling
What do you do for a living? You have to have a way to earn money before you can think of getting out. I agree with the poster who said get counseling. He may balk at that. But while trying to convince him, make sure you have a foundation so that if you two have to divorce, you don't have to live in your mom's basement. It also wouldn't hurt to talk with legal counsel.
Get a divorce pronto!
Definitely seek counseling, not sure how old you guys are but talking about finances is probably one of the most difficult things to talk about especially when things are not going well financially. Sounds like this is not only a financial problem but also an accountability problem as well.
Unfortunately you might have to initiate the planning piece along with everything else that’s going on and maybe put a cap on when you will tap out although I’m pro marriage and don’t encourage a divorce however everyone get to the the point of being so over whatever that might be. If he’s not able to join on this journey to save the family and y’all marriage then being separated and possibly a divorce is only right and healthy for you and the kids bc it will only get worse and the hole will get deeper
My husband and I discuss finances often, something we did before marriage because I was paying off consolidated debt and had a car payment (never again, ha ha!). He manages our money and I am a good steward of what we have because he is the breadwinner.
I suppose discussing finances depends on what you want to know. E.g., if my husband says "Stop spending money," I know there is a car repair or big purchase coming up. When our bathroom curtains get raggedy, I talk to him about getting new ones. I keep the conversation innocuous because men do not really want to talk about the money unless they need/have to. Our money conversations are organic and might start by my commenting about the price of something that has gone up or down.
Maybe start with the least expensive house something that is falling apart. Be encouraging and not confrontational, as these things might highlight a man's discontent with budget or salary. I hope that helps...?
I hope Dave’s team listens to how he deals with each person on the phone. Listen to people. I listen to this program everyday, hundreds of episodes and Dave has a distinct ability to drill down, and be compassionate when needed and tough when needed. That’s lacking in most of the other co-hosts responses. I respect Dave tremendously and this concerns me as he starts to back away from the mic and let others take over.
These are not problems to solve and check off the list, these are peoples lives and families.
The first step to budgeting is listing all the bills and other places the money goes.
Exactly because it seems with the super low mortgage even with $3600 income he should be able to make it.
If she is sick a lot of the money probably goes to insurance and doctors appointments. Triplets and sick wife.
Why isn’t his wife on disability? Apply today!
THANK YOU!!!!
takes 3 years
Don't you need 40 credits to qualify for disability? Not every woman works 10 years.
@@robloxvids2233 You can still get SSI if you didn't work long enough. It's not much. It just takes years to get it.
@@liveinms9949. Not necessarily. It took my brother 6 months.
Groceries these days for a family that size would be 1.500 per month easily.
I’m also in a family of five and we managed to come in at or bellow $600 a month for groceries a month. It can be done.
Family of 7 at $1,400 right now. That's eating healthy and organic for 6 out of 7. Special diet for epilepsy and allergen free for one. Breastfeeding mom food. Etc.
We've managed $250 a week with eating one vegan meal a day.
Ours is $700-$800 a month right now. Family of three, the third is a teenager. Cut back on eating out, and on sodas (only for special occasions and for my husband, he is the breadwinner and takes sodas to work). I price compare between Walmart, Costco, and the local supermarket--we can walk to the supermarket, which saves time and gas. Sometimes bulk is cheaper, sometimes not. Bread is what gets me: If I bake it, they eat it the same day. The teenager is a milk fiend. I always look for sale items and WIC pricing.
@@ashleyyoung5947You are a rock star. 😊
Why can't he go to the food pantry and save money on food? Also, where I live there is no public transportation. You need a car.
My neighbor worked with poor and working poor, mentally ill, so many. A big issue was transportation. They had some volunteers who would drop off bags once a week of vegetables, eggs, canned good and some meat but it was hard. Most think of poor at Thanksgiving and Xmas but they aren't any better off the rest of the year. Some work 2 jobs and take the bus and it's hard. Sure some try to scam, but they are minority from every person I've known working with them over the last 30 years. They shouldn't hurt the ones who need it. Vitamins should be free too from doctors to help round out nutrition.
Typical Jade trying to take over the show with her condescending attitude to people. Poor guy asking for some practical advice.
Groceries 3:04 don’t catch the slack! Love it Dave!
I’d be retiring/working much less in 5 years and curious to know best how people split their pay, how much of it goes into savings, spendings or investments. I earn around $250k per year, but nothing to show for it yet.
it is never too early or late to start retirement planning, there are advisors out there that can help you build a personalized plan
Money advice is subjective, what works for you may not work for me, but it's always better to plan. I'm quite lucky exposed to personal finance at early age, started job 19, bought first home 28, got laid-off work 36 amid covid-outbreak, and at once I consulted an advisor to handle growing my finance. As of today, I'm only 25% short of my $1m goal after 100s of thousands invested subsequently.
bravo! I am 36, inherited money from a childless relative and traveled overseas, got married to a lady almost my age, but the only issue is how to preserve and grow my wealth in this shaky economy, can your advisor please be of help?
Can't share much, I take guidance from 'THERESA LEIGH DETRICK' a renowned figure in her industry with over 16 years of work experience, I'd suggest you research her further on the web.
I feel excited to have come across this, curiously inputted Theresa Leigh Detrick on the internet, spotted her consulting page ranked top and was able to schedule a free session. Ive seen commentaries about advisors but not one looks this phenomenal
3600 is not bad, no one should feel guilty “only” making 3600 bucks a month. It is just his situation with 5 kids and the wife not taking home anything that makes them vulnerable.
3 kids (4 yr old triplets). A total of 5 people in the family.
@@hollyb6885 My bad, you’re correct, five in the house with 3600 to go around.
And that’s $3600 take home
...they should with a wife and 5 kids...
@@DericAnslum It’s actually three kids and triplets at that, which I doubt they were expecting to have to plan for. 3600 is nothing to be guilty about. It’s just a bad situation.
He may can bring home several hundred more per month net income if having taxes withheld. Married with 3 kids with the 45-50k should equate to 0 tax liability on federal
Do you mean he can file exempt?
@@switchdeck9164 Not necessarily fully exempt but each dependent is a deduction, so he shouldn't owe too much in taxes.
@@switchdeck9164 yes exactly. So if he is making 48k gross. He files married jointly and using standard deduction 27,700. So would only have taxable income on 20k of income before any credits for the children. Having 3 kids and only 48k income, they will get the full 2k per child Credit (not deduction) for the Child Tax Credit. Also will be getting what Dave calls welfare on some of his other videos in past years, but the EITC Earned Income Tax Credit. That one is phased out the higher the income gets to the limit of 63k. So ALL federal income tax paid in thru the year is refunded, along with the remaining credit after the credits are applied toward the amount taxed. Just using turbo tax estimator 48k income with married 3 kids and paying in 0 income tax would still net a $7.2k return.
@@suen5006 you can file exempt if you expect to owe less than 1000
It's insane that people can't seem to do 4th grade math
“STOP BEING STOOOOPIDDDD!”
It is not that they can't do the budget. It is that they just don't do a budget. Because of that, they have no clue as to where the money is going. Sure they may not the big things, but not where the pure waste is going.
@@gibblespascack1418 it’s a classic case of who dunnit
My parents told me about that. In the 60's that happened to them, then they decided to get two checking accounts. My wife and I also have two checking accounts as a precaution.@@BlakeWheelersBurnerAccount
My heart aches for this family.
Need to plan better. Should be enough money to cover those expenses. Invest in a slow cooker, get some proteins and produce and get a few days worth of easy easy meals. I do that for my family. Lots of recipes on UA-cam. Wishing him and his family the best.
With that being said, I do not envy his position. Sole Provider, primary care giver to EVERYONE and no one to bail him out. It's exhausting. He's not going on tiktok and seeking validation. He's asking for help. More power to this man.
I don't understand $200/week in groceries, especially with the young age of the kids - they don't eat much. He can probably get that to $100 with careful shopping and cooking from scratch. The kids aren't picky - find four or five budget meals and make them in bulk once a month. Freeze them in portions, and rotate what you eat each night. It'll get boring for mom and dad, but the kids won't care and you'll save a crap ton in groceries. Even with teen boys, I only spent $100-150 per week on groceries. Cooking from scratch and in bulk are the key to saving $ on food.
If that really is his gross income, that family would likely qualify for SNAP benefits. Getting some short-term help with food might get them get to a better place.
That’s his NET income. Dave literally said “what’s your take home pay?” and he responded with “my take home is about $3600”.
Good lord, I’m in a way better place financially but I’d be tempted to trade positions with him for that mortgage payment, that’s like 1/6th the cost of average rent where I’m at, and 1/8th the cost of an average mortgage.
Idk something isn’t right with this story/call I just don’t believe everything is being shared and it’s very unfortunate that his wife has a medical condition that doesn’t allow her to work yet even with that situation she’s still entitled to social service benefits such as a monthly cash stipend and food stamps for her kids with them having 5 people in the household with only one income alone she’s more than qualified I mean who am I but oddly
/selfishly I would’ve like more. Below I did ruff monthly budget based on what he shared.
$3600
-800 Food
-560 Mortgage
-200 Light and Water Bill
-441 CarNote
-175 Car Ins estimated guess
-250 Gas estimated guess
$1174 Remaining total
-500 credit card estimated
He still has $674 for the month remaining for pocket money
Nothing less I truly do hope that things get better for him and his family
You need to include medical bills for him, her, and the triplets. Clothing. TV. Garbage collection. It's never so simple as just those categories.
I'm sure he also has a cellphone bill. And in my state the average electricity bill is more than $200 on its own. Cars also require maintenance. There are household expenses like toilet paper and cleaning supplies. From what I understand, kids grow fast and need clothes and shoes often. There's property taxes as well.
How are you broke in Toledo Ohio. Houses cost like 2 bucks there.
LOL
😂😂
Wife needs to help...if she can't work why no SSI..?
She can work it's a choice. Many people with physical disabilities work. Customer service reps ECT.
Nope she can work. Don’t ask tax payers to foot their bills.
A lot of folks work who are disabled. I'm guessing she would rather just be a stay at home mom.
@@bantizzle79I have known several people who died due to degenerative disease. One died within a year of diagnosis. Our community provided meals, in home care, child care, housework, home repairs, etc., to take care of this family. The children will better appreciate the fleeting time with Mom more than extras. He can pay off debt when wife is gone and kids are in school full time. He will also get SS for the children after his wife's passing. Time with mom ought to be paramount.
@@bantizzle79And eat all the food.
I’m so glad that the “budget” conversation was shut down!
I'm not able to listen to the whole thing but I hope that Dave has mentioned food banks. There are usually several in a large town and a large family can go to several of them... I know it made the difference for me and my family when I couldn't make ends meet. Housings pretty important so I say that's number one and food can do a big part... Easy to get free food. Not easy to get free housing
One income here. $70k. 4 kids. 16, 12. 5 & 3 with another on the way. We also have chickens and 2 cows that we feed. Mortgage payment is $889. No other loans. One credit card we're working on paying off that is $3200 @ $113/ month minimum. We have never overdrawn. 🤞🏼 It takes work but it can be done. Our older 2 kids play sports every day of the year. That's a huge expense. But we make it work. People need to seriously check their spending.
Maybe consider adding a line item in your budget for 'birth control'
Sell the chickens and the cow (no, not your wife).
Man you guys have very cheap mortgages
@@wewhoareabouttodiesaluteyo9303 Not an option. We're doing just fine. I wasn't asking for advice. But thanks.
@@reese85 Our home was $125k. We have 3% interest.
Budget Is Not Enough
A man with his house paid off completely checking in.
Ive mine paid too and car and no debt, but spending too much lol
What was the purpose of mentioning that? To get praise? Get over yourself.
You'll get there, too. Keep grinding!@@LittleMopeHead
Credit goes to Dave not me, without his advice I couldn't have done it.@@knightfox4121
Guess that means you're doing great in life or something?
He have enough money to not be overdrawn. Unless her medical bills are not fully covered by insurance.
He have triplets. He cannot work all the time. We do not know how much the mom can do.
But she should be able to get social security.
I would think medicaid should be within their income for 5 people. I hope the triplets get all the care they need. Sometimes you just don't know what is out there.
“You’re going to trade school 3 nights a week, what are you doing those other nights? Cause you’re about to do some more work dude, your family’s hungry”
I love Dave 😂😂🤣
I disagree about getting rid of car especially with triplets, disabled wife and him working and going to trade school.
Car is a necessity for this family. Based off of low mortgage i assume they live in rural area?
His wife should look into disability payments. I wonder if they qualify for WIC especially with triplets and of the babies were premiers or had any type of medical issues then they qualify for WIC up till there school age. I also wonder if they qualify for food stamps.
Despite their circumstances I see a hard working man who’s committed to providing for his family. ❤
DAVE SAID THIS PERFECTLY
Except about getting rid of car. But he’s spot on about fill your fridge first and Mastercard can wait.
I feel for this guy. I hope he finds stability.
Boy, I remember being in his shoe's. I had to come to Jesus meeting with myself. I doing much better.
Thats good you are doing better, too bad you cannot talk to this guy and help him through it!
Give plasma. Make $130 doing that twice a week, and doing that right now as I’m watching this video
Takes 1.5 to 2 hrs each time
He can reduce his food budget. Shop the sales and NO prepared meals. Cooking from scratch will save money.
Sounds like the poor guy is doing it all. Doesn't make sense. She is probably the boss.
Or maybe a food bank would help too.
Noone is even talkig about medical bills. Dont pay them at the expense of your family. All they can do is ruin your credit which is probably already shot if your bank account is overdrawn every month anyway.
I wonder if his wife can to go a food bank. It's separate from food stamps which no no one who works a job qualifies. In my state, even if you work full-time at Burger King, you make "too much" to qualify for food stamps, but anyone can go to a food bank.
only 15% of his income goes to rent/mortgage! that is freaking amazing! here im doing 48% of my income, im dying here, i got to food bank /salvation army sometime
This guy needs to go with basics budgeting !! Exactly like Dave said $3,500 on top of page minus groceries minus mortgage minus utilities minus car 🚗 payment etc. etc. etc. it’s not that difficult !! One step at a time and one day at a time and keep doing the budget for the rest of your life even when you’re out of debt !! Keep doing this as a habit !!
I agree with Dave Ramsey. The most important things to do are to take care of your basic biological needs for food and shelter.
Next in line is paying the utilities and transportation costs.
The man may have to get a more modest form of transportation soon.
He's already going to school, studying, working full-time, and probably doing the bulk of taking care of the house and kids. Not sure if another job is feasible. Might be better off figuring out how to get expenses down to bare minimum including reducing the amount spent on food and trying to get away from that car payment.
3600 is 43000 a year. Dave is correct. It is an income problem.
You’re pretty hard on him. Damn, he seems to be bettering the situation by going to school
Your wife can work from home. Data entry. Something. Everyone needs to help. It can’t be just one income.
??? If you actually bother to do the math on the expenses he listed, and add $300/month for utilities, that is total expenses of $2,111/month, vs. take home income of $3,600/month leaving $1,489 to pay everything else every month. This appears to be a *BUDGETING* issue.
And he IS working on the improving his income via night school! That kind of income with three young dependents and filing jointly, likely results in a check from the govt at tax time, over and above withholding, further improving the cash flow. Dave sometimes too eagerly pontificates from his millionaire chair. But I guess that’s why we watch him - the drama.
(BTW, Toledo , OH is not a particularly high cost of living city, depending on where you live.)
I'm doing $2,600 a month with a family of five. $600 for food, $700 mortgage, $300 utilities, $200 gas, $200 phone & internet, Credit Card $100. $2,100 total monthly expenses. Yearly and twice yearly expenses are where the pain is.
I’m curious what part of the country you are in. Family of 3 and we spend $1500 per month.
Most people would struggle with $3600 a month for a family of five. No judgment here.
Caller- "I'm overdrawn every month. I don't know how to fix it." Here's your answer- WORK MORE & EARN MORE!!!
loser situation. When in my late teens, I had run up credit cards. Even then I realized that minimum payments were a joke (and this when CCs were capped at 18%). I went poor to pay them down and have never let them get out of control since.
Same here! Got the minimum payment statement and it was 99 years and that was enough of a kick in the butt for me
Not taking CC into it, he has money. 3600/month. 550 rent, 440 car, 750 food, lets say 300 utilities. 2040 a month. lets say 25% for taxes(have to take something, 25% is easy math), that is 900. 2940/month spent, 660 left over. He does not have a money issue, he has a budget issue.
Perhaps a job on the weekends for 6 months to year - if he could bring in $200 from a weekend job that would help. Get bills lower too- cell phone and cable etc.
Sell your car with the loan and buy a cheap car with the leftover extra cash made after the loan was paid . 🤔
I mean, ya you need your 4 walls but why is he hating on the credit cards at the bottom like they are evil? He took out the credit cards, he used them, he hasn't paid them yet.
Where does he live to pay mortgage at that rate? That's wonderful for him and is how it should be for all.
If you watch the bottom left corner it says Toledo Ohio 👍
Many areas of the country like this.
Depends on the area. We have a mortgage of $277 on the first home we purchased
@@momteacherlessons7296 no disrespect but a mortgage that low, can only mean your house was very small
@@reese85 sure was 1,100 sq feet in the hood. 2 bedroom 1.5 bedroom with a bonus room and about 0.4 acres of land. Total was $33,600. First time home. Now mortgage is $1,000 for a 3 bedroom, 2 bathroom in an AMAZING area.
I like Dave, but gee, it’s rough ignoring credit card companies. Consumers have made a choice to borrow money from them, they’ve lent the money to them & Dave tells them to ignore them…they also have staff with families to feed.
There is SOMETHING she can do to bring in income
OnlyFans
He makes plenty for his situation. The problem is someone is not controlling their spending. My bet would be the wife. Also, he's eating out to much. 180 a week for groceries isnt bad at all.