I'm Afraid to Pay $350,000 CASH for a House!
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- Опубліковано 12 жов 2020
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Making $350,000/year, no debt, ready to buy a house in cash. This dude is doing amazing!
In Texas, in San Antonio. He crushing it
he should have the house financed as a mortgage, since payment is a tax write off and the opportunity cost of losing 350k is huge.
@@youngjedi5599 even the wealthiest county in the US doesnt even come close to making 350k salary
Invest in bit coin, gold, silver, buy stock, forex market, commodities. Just invest and save yourself
@@tdsh1047 Fact 👏
Hey Dave, I make a million a year. I was wondering if it would be okay to buy lunch on taco Tuesdays?
no, only rice and beans, beans and rice
Oodles and noodles only
😂😂
You can eat chicken and rice on fridays to spoil yourself, once a month of course.
Only chicken tacos. Don't splurge on steak
The answer is obvious to all of us who are not parting with $350,000, but this definitely shows the emotional response on parting with cash!
Exactly. It's not easy to let go of 350k. I cry over 10 dollars lol
@Faffy maybe you can go in phases. Pay the lowest loan off first (ie, your car). Then see how that feels, and look next to the student loan. All the while, keep saving and by your description, you should be at the same amount of savings by new years! 👍
I had to ease in to a similar scenario with my wife. Bought a car (used of course), I wanted to pay cash, she did not. We compromised and put half down and financed the other half for 36 months. Each payment we added more to the principle, and paid it off in 7 months. She continued to save, and added more to the monthly amount of savings after the payoff. Loves having a paid off car, and has agreed that we will pay cash for the next one. 😀
@Faffy I'd say put most of that money towards your 6-month emergency fund and put the rest towards the debt(assuming you dont already have an emergency fund). If you dont have a good emergency fund and something comes up, you may end up having to go into more debt to pay for whatever happens
Not sure why a dude who brings home 350k has to ask permission?
@Faffy do it Faffy. Pay it off. Dave would be so proud, and so would I. You can call him and do a debt free scream.
You'll have no debt 6k saved (a good way back to an emergency fund) and you'll be able to save back up to 30k even quicker with no payments. Blast those debts.
Letting go of saved money is very difficult for some of us. I get his fear.
Everyone looks at me nuts as i trim $1-4 dollars from everythig i do lol.
Indeed, I lost large amounts of savings after closing on my home and now trying to get it back strong again🙏🏽
Then what’s the point of saving it lol
@@vintagekileaux4869 They want to die rich.
Think of it as converting the asset from one form to another. The cash will instead be in the form of a house that appreciates in value. If you regret paying cash, you can get a mortgage.
I will do this one day. I'm 26 and only 9 days from being debt free forever!
Yaaaaay! 🎊 Congratulations and Enjoy your freedom 💃
It’s called buyers remorse. You’ll freak out the first six months on your first purchase but then you get over it.
Haha yup pretty much. And amazing enough as Dave says our water heater broke within 5 months of moving in. Thankfully we had the emergency fund to turn it into a “inconvenience” and not an emergency. Be ready for home ownership. Financially and Mentally!
Dude peobably grew up lower middle class and has not fully comprehended that he is now in the elitist class top 5% of of the income scale....I had to have my mom give me a reality check when I went from poverty level to the middle class and was like woah here I can buy cars with cash that’s not normal
Buying everything with cash should be normal!...That,an emergency fund/plan,and goals!
But I grew up as family of 4 on a 15000$ a year income my dad was disabled so for me to realize I’ve made it to the middle class family of 4 100000$ income now with my kids it was like wow I can do stuff now.....that’s what I believe dude here is so hesitant about.....I drove a 1997 Toyota Tercel until 2018 and my mom was like go buy ur truck you want good lord you are rich lol so I went and bought it on credit cause I was scared to part with the cash but fintally just paid it off
Same, I grew up pretty poor with only my dad working and my mom taking care of 4 kids. We always ate cheap food, cars were no newer than 10 years old, they could never afford to fix things when they broke. Now making 150k feels super weird and im super frugal cause i do not want to end up in a situation like my parents. Driving a 2006 toyota matrix, live in a cheap apartment currently to save up for a house and i dont eat out. I dont even pay for cable. Saving 3k every month.
Where I live it is normal, just depends who is around you, good job either way
@@TheMechanicj congrats on getting out of the poverty cycle but don't let other people tell you how to spend your money. We make over twice the amount you mentioned and only buy used, less than $10k cars. Let your money work for you instead of p1ssing it down the drain on things that lose value over time.
Enjoy owning a house that is paid for! It's the best feeling in the world!
i want that feeling and the land its on too.
You have to pay taxed. It will never be paid off.
@Dodd Frank hes not retired
“I make $1.2 million a year and I am looking to buy a used 1996 Toyota Corolla in cash. Dave, can I afford it?” These type of calls.... 🙄
Lol...the answer is “no.”
Jealous? you can flex too if you earn that much.
🤣
🤣🤣🤦🏽♀️
sell the car.
I am scared to waste $8 at McDonald's 😩
Just get something off the dollar menu then.
Why mike ?
You should be.
Facts
😂😂🤣🤣
Pay that sucker in full. I would do exactly the same. I bought my 2nd house in full. I paid $175k and make $80k. Just do it.
CONGRATULATIONS!!!
$175k? Do you live in Georgia?
@@jeanp.5929 Oh I’d love to move back to Georgia, I grew up in Walton county. I’m in Florida now.
Good for you👍🏾
@@korn111685 I live in west palm beach and walton seems so barren and plain. Is there anything up there to do? I would love a 175k price down here but I'd get a 2 1 for that price
I'm proud of this dude and I don't even know him. I'm 33 and 20k in debt. I hope to be where he is in 5 years.
Be proud of him..praise him..and bow down to someone thats greater than you
Don't hope to be like anyone else. Hope to be where you desire to be. The sky is the limit.....don't limit yourself to another person's ceiling.
@@rayjgold I don't understand this comment. You don't think people should get inspirational from other people? Why?
@@KaylaMarie_ Yes, we should be inspired by those who are further along than us......but we should not aspire to have what they have. Be inspired to work as hard or harder than the one you look up to.....but work to have what you want....and not what someone else has.
@@rayjgold those things aren't mutually exclusive imo. But I think I understand what you mean
This is purely about emotions. Everyone hearing this is “buy the house”. But until it is YOU who has to do this, you won’t know the pressure
Love Anthony's reaction when the caller shared how much him and his wife brings in.
First-time buyer syndrome. Scare and attempting to talk themselves out of buying a home.
@@eggyhiccups2673 is it really overvalued if the lack of supply legitimately increases the demand/prices?
Congrats man! You achieved the American dream during the pandemic!
Hope your family will always prosper and enjoy the gift God allowed you enjoy 🙏
I paid 330k cash for my condo 9 years ago. It has since appreciated atleast 200k. That’s more than $20,000 a year I’ve made without lifting a finger. My first full time job didn’t even pay that much.
If you invested that 330k in S&P500 in January 2012 you’d have 950K now so sounds like you lost out on 400k :(
@@uberdoughboy yeah paying cash on a house makes you loose a lot of money, just get a mortgage and have the extra bit invested to make you more money
Not even doubled for 9 years, that a BAD investment
@@uberdoughboy gonna love people showing off their STUPIDITY
^^^ So I’m guessing you haters net worth is above 530k right?
His situation is goals!!!!! I pray I get there and he has a family on top of it!!! ❤️❤️ Great job sir!!!
Thankful to Dave for answering his initial question, I wondered the same.
I get why he's scared. They have worked hard and saved a lot of money and are getting ready to trade liquid equity for a 'thing'. His feeling is very very normal. When you have a bunch of cash it's easy to calculate your net worth and it is a very comforting feeling to have a bunch of cash just sitting there. You have so many options. Spending cash for a house comes with an emotional cost that he will need to deal with. Mentally he may not feel like he has the same net worth after trading $350k for a house that is worth $350k. I have the show paused while I write this, but I would make sure that you aren't overpaying for the house. Dave already has talked about getting inspections, so the only thing the caller needs to make sure of is that he isn't overpaying and the house will be easy to sell down the road.
Smartest comment by far - how liquid is the market he wants to buy into which varies greatly in real estate. Also agree about the valuation - make sure not to overpay which is easily done in a hot market. In his shoes I would probably put $200k down and finance the rest to keep some liquid assets handy for a rainy day. Leverage is OK if sensibly used and interest is tax deductible.
I would have liked to have heard what his net worth was or even what else they have beyond the $350 k
Exactly.. my guess is he doesn't have 2M+ in investable assets.
@@thehomeless_trucker nah I doubt that
@@tishagonzalez725 obviously I could be wrong, but studies show that high income earners typically have a relatively low networth. With the huge mindset of "a house is a great investment" 350k is likely at least 30% of their networth.
Also the fact that he called with this question gives me reason to believe it's a large portion of their networth.
With $350k a year, even if he had to completely gut and re-renovate the house he could do that. Every. Single. Year.
Thank you so much, Dave
I think this is a no brainer. Think of how much money he will save in interest to just buy it outright.
@Bob Barker I think you're on the wrong channel.
@@jaketyler7088 doesn't mean he's wrong, does it?
@Bob Barker Some people sleep better when you don't owe anybody anything.
@@SZ-ZS- now with a paid off home he'll have free money to invest elsewhere instead of a rent/mortgage payment.
@@MrTmenzo you are in an echo chamber. Dave's advice is incredibly powerful, but in this case the smarter choice would probably be 100k down payment and invest 1/4 of a million dollars in a mutual fund, or even dividends... the dividends themselves would more than cover the mortgage. Please try to look outside of your bubble lol
Thanks Dave!
I can just imagine how hard this is! We only paid 10k cash for our mobile home and mann that was hard. I had bad buyers remorse the first few weeks even tho i loved the home. It has definitely been one of the best decisions we've made for our family so far.
When worst case is losing $350k and that's not a huge deal....you have good problems.
Speaking of home inspections: pay someone to run a camera scope down your plumbing system! I wish we'd have done that.
Brendan Fitness and Money yes indeed. Very good idea. We have ours scoped every 6 years. Neighbors had a mess when a tree got into theirs
Our Home inspector included that with his service and I was there when the camera went down the pipe to the street. I also hired a HVAC Co. & a Roofing Co. to inspect. We were able to use the findings to lower the home cost during negations.
@@onenikkione you’re wiser than me! I wish we did all that!
Same here! Ya live and learn I suppose
I want his income by 25
I'm 13 right now
google jobs that pay 300? That was house hold income by the way. So its possible, his wife make makes 150k$, and he makes the same.
@@miltonaldridge4170 ooh I thought that was his income
Being motivated re:finances at 13 will take you a long way. Don’t initiate credit cards. If you have any income eg: a part job allowance sock away 10% and start a nest egg now. You will benefit from it in the long run
I’ve learned that those who believe it and see it as a reality for themselves, are the ones who are able to make it happen.
You can do it! I’m 25, came from a very low income household and got a bit of a late start. Gonna break $100k this year, and when I finish my doctorate in 3 years an income of $300k is possible in the field I’m in. Best of luck to you, and keep dreaming big!
Why don’t they ever mention property taxes, utilities, possible HOA fees. It’s all a wash once you go to sell the house years down the road
This!
No it’s not, you guys must be clinically stupid… the appreciation always out earns those expenses. God damn some people can be so fuckin stupid
I love dave sometimes, his knowledge 😭
Dave’s face when he said he was buying a house cash! And his giddy laugh😂
Congratulations!
This is amazing!!!
Dave: hears "pay cash for a house"*
Also Dave: "How rich is this guy?"
We are like this family, we have lived in our apartment for 8 years. Saved , but feeling like home ownership is over-rated.
It is. You spend all your hard earned money just to spend it on a house that’ll cost you property taxes which is like rent for owning a home, high utility bills if there’s not enough insulation and old windows. Maintenance, etc the list goes on.
People like this really are saying" Hey Dave, I'm pretending to be unknowledgeable and nervous about buying a house I can afford, but really I just want to Flex on everyone and hear your praises!"
THIS COMMENT IS WHAT I THINKSome people call in just to brag!Dave ought to hear my story ....
i love this show man
Paid our house $226,000 in cash 6 month ago. It felt great. It takes a lot of diligence and saving correctly. I can understand the hesitation of shelling out so much cash.
Gosh, I wish my Mom would tell me how proud she is of me like the way Dave is with caller. 😑
I can relate..
He called in just to flex.
You sound a little jealous
@@miguelrobb5719 jealous of what?
Thanks for answering the % of home to net worth Dave, I have always wondered about that.
Thank you for all the information you have provided. I am planning the same thing to buy cash $350k house but I’m scared.
You should be able to negotiate the seller to provide a 1 year warranty on the hardware, or to pay for up-to-date servicing on the HVAC, water heater, water softener, gas line test, irrigation system, etc.
Me waiting for all the generic comments from Financial UA-camrs
Yup
All the experts who are broke will show up explaining how Dave is wrong.
exactly.
Lol
My question is how these people are coming up with $350k like I must be in the wrong line of business and expanding upon that if I had that kind of money at my disposal of course I would buy a house with it!
38 years old
Don’t rely on a “job” as your only source of income.
DINKS
Dual income no kids and they have good income. If they save 25% of their net then four years will be enough
I bought my first house earlier this year at 42 years old...$441k paid in cash. Went to the bank and asked for a cashiers check in the sum of $441k to the title company...it was tough as i stood there at the teller window while the teller went back to retrieve that check. While standing there waiting, I logged onto my bank app and saw my savings of $451k dwindled down to just a little over $8k remaining... that was tough to see. But in the end, I now own this home of mine, debt free. Single guy in a 2,848 sq.ft. single story home built in 2006...feels good 👍 !!!
Agree on no home warranties. Everything is probably excluded, and if your home inspector is decent and you have two brain cells to rub together you can discern what may need fixing in the near future. And most stuff that is wrong is not hard to fix if you are a little handy. If your dishwasher konks out just get a new one.
I saved 250k and paid 183k cash for a brandnew home in Houston
I'd love to know where in Houston I could find a home for 183k.
I found it in 2018 brandnew, in 2020 ouch doubt you'll find anything for 183 brandnew
Buy a property to specifically to rent out, and take the income from the rental to pay for your live in home.
I’m debt free and own my house mortgage free. Planing to buy another in cash when housing go down again. I paid 118,500 back in 2012 now it’s worth 200k or more. My next house gonna be incredible
Wish I had this guys problem!! A lot of people in the comment section here don’t realize this guy is living very well below his means. It’s just as important to make the right financial decision with a large chunk of money most don’t have on a regular basis.
Where can I find me a fine man like Anthony with a head on his shoulder and two houses!! I’m trying to get on his level but I got a long way to go.
This is a “I should call in and frame my question as a legitimate concern disguised as bragging” type of call.
I have a fear of speed bumps.
I'm slowly getting over it. :)
Bars
Buy new or build new. That way your maintenance will be very low for the first 5-10 years of your home ownership. Most of the home will be under a limited warranty for say new appliances, hvac, etc. Buying used will guarantee extra maintenance, repairs and upgrades. Buy a new home or build it new.
Is it just me or is this the kind of call where someone is looking for a "stage" to hear how great they are? How great they have done? Seriously did this guy need to hear such an obvious answer?
If I was in my 30’s and had $350k cash, I would totally diversify my assets. That means don’t put it on a house. Get a 175k mortgage which you can easily carry at such low interest rates, then invest the rest in index funds. That way if your house’s value goes down, maybe your index funds wouldnt have gone down as much and vice versa.
Earning as much as they do, and following Dave’s plan, they almost certainly have retirement and non-retirement investments already. Save the interest and avoid the risk of a mortgage I say.
Caller also make $300k+ a year.
Stop trying to justifying getting a loan because you are scared to part with cash lol
If I was this guy I wouldn’t put all that cash down either. Surprised Dave is telling him to do this.
@@alp.9672 after he puts that cash down the only payments he has to worry about is taxes and home expenses. he has a home for the rest of his life. most of the money he makes can be saved or invested and he probably has a great 401k.
Get TWO home inspections. Good to have a second opinion.
Even better .... a Home Inspector, a HVAC company, a Roofing company, and a Plumber. you will pay a little more but it's worth it in the end.
Money PTSD is very real!
Has anyone seen Dave's 13,000sq ft. Mansion. My Godddd........the man is blessed, such a beautiful home.
My wife would cringe at a house that size and ask, who is going to clean it.
We bought our house in cash, best decision. No mortage, just hoa and annual property tax. Value goes up every year.
What could go wrong?
Mid 2021, you could have bought the house for $150K.
Maybe. Time will tell.
@A Olvaar Not in Texas. I sure wish though, because I want a house.
"I make $350 a week. Can I buy charmin toilet paper or the one ply stuff?"
I live in San Antonio the market is hot right now
Anthony started talking about building a house but stopped. Can we see a video going through steps for building new construction while staying on budget. I’ve always wanted to build my home. I’m in college and would like to build in the next ten years. I just want to have a good plan
Knowing someone that built a house, my first piece of advice would be to get a good lawyer to look over the contracts. Some terms can be a humdinger. One person couldn't change any configuration in the house, or the fixed price contract would reset and they'd get gouged. Also, if you use siding, insist on fiber cement. I know someone whose house burned down because their chimney flue got so hot from a normal use of the fireplace, it set the cheap siding they used on fire. The house was a custom build to code.
Can't even take that fear. I've lived my whole life with far less and I am provided for and own a sweet townhouse in the suburbs that is perfect for me. I'm 72.
In Texas it is normal and expected for the SELLER to pay for a home warranty for one year. It should have been written in the contract.
Home warranties are a sham.
Wow, for $350 k there is no shoe box condo to buy in Toronto. Texas is so cheap
Paying $350k in cash is foolishness...30 year mortgage is at 2.75%.
If one even throws that money in a S&P 500 fund over 30 years it will give a 8 to 10% return.
One should make use of cheap money if its available.
I agree, but Dave will have both our heads for this.
@@marionel7591 🤣🤣
I think this is a smart move. Throw the money in a money market account and save the 350k. Buy some nice furniture for the house and pay the house off in four years with his income and then be sitting pretty.
@@legendaryc4 The Dems get in and start a negative interest rate.
Pay "Tax" on saved money
Not taking into account RISK. Your simple math equation is flawed.
Wow 🤩
Why not put 20% down with a 30 year mortgage and invest the rest? He’d have 2.24M in 30 years if he averaged a 7% return, and the house would be paid off. If he’s in his 30s right now, he would be set pretty much set for retirement by just doing that.
I do understand the caller. It takes a certain mindset to make the money, and a completely different mindset to spend it. I struggle to pay £20 or £30 on clothes or luxuries (or anything I don't need), as it takes away from money I could be investing or saving. I think the best advice would be to do the math. Get the spreadsheets out and calculate where he would be best and worst case scenarios if he bought the house, and if he didn't buy the house. Then make a decision.
That’s a lot of cash 💰
Considering moving from near London to a cheap area in north of U.K. to buy somewhere for under £80K. Would Dave advise this? The property is unlikely to rise in value but at least there will be no rent.
Way the go stud 😂
Good problem to have
We are process of getting a new house built. The amount the bank will lend us is insane. We are already going on the higher side of what we would like to spend but it’s still just over 1/3 of what the bank will lend us
Smart man. When the commercial mortgage market resets, I doubt the banks will be so aggressive with lending on any real estate.
Also, if you won't get any major reset in pricing for the rest of your materials (something someone I know of had to deal with), insist on fiber cement for any siding, because of its fire resistance. I know of someone whose custom house burned down because the cheap siding caught on fire from normal use of the fireplace. It had been built to code.
Does he know how many people don’t even have 350k in cash to pay for what they want? How many people don’t even have a 6 fig income? His only apprehension should be if the house has some unknown damage.
After saving money, it mentally hurts to part with it.
Saving $1400 a month but omitting the upcoming taxes and insurance of owning 🤦♂️
Question, would it be a bad idea to instead finance the house after a nice down, low interest n payments and invest those 350k savings, w 7% gains on avg a year in stock market/other investments
Dave trying to play down his own house at the end, lol Google Dave Ramsey's personal house and that certainly is a statement house!
Why do these people even call in? 🤦♂️
Hi Dave. My names Christian and I’m wondering your advice on dating and finances. I have two issues I don’t like women knowing when I first meet them, first that I make 250k/year and second that I live at home. I’ve recently just started telling women that my Mom lives with ME and I let her have the big room, but what do I do to avoid the financial questions
He called to flex.
I SAW THE TITLE AND THOUGHT OH NO IT’S CYCLECRUZA!!!
Honestly the worse case scenario is spending 350k to buy a house outright when rates are at like 2.8%. About 30 seconds with a compound interest calculator will tell you that. We aren't allowed to be that honest though.
I’m curious about your response.... what would you do?
@@lmlmlmlm7627 put about 20% down and the rest a mixture of stocks and mutual funds, maybe a second investment property. Tying up over a quarter million to save 2.8% interest payment is a horrible financial decision. It'll cost this guy a million dollars easy over the next 30 years (if he's bad at investing). I know that kinda money doesn't mean anything to Dave but for most folks it's a big deal.
@@rightsaidmatt2632 thanks for your response:)
@@rightsaidmatt2632 ding ding. That's the right answer. I would prob put 50% down to hedge my risk.
Missing question: what do you do for a living? So we can follow your steps 🤣
@Martin Sanchez 🤣🤣🤣exactly
Put down 1/2. See how it goes. Pay it off in a couple of years. That keeps some powder dry if something goes horribly wrong.
Seriously the stupidest call
If he truly doesn't want to do it, heck rent! Not that he should not, he just doesn't sound excited about it. He doesn't want to pay the maintenance fees lol
Keep the $Cash increase your networth use the leverage. Win Win Win!
San Antonio area, a big Real Estate bubble.
What could go wrong? The bubble could pop along with housing values.
True, just don’t sell.
Some people don't care about that.
I never did.
. Our home is worth three times what we paid for it 15 years ago. Its been paid off for 5 years. We will move to a cheaper state in a small town where homes run 150 to 225 and bank the excess with our savings we have now and can retire early. Husband has pension and we will both get social security.. can retire in 5 years.
You're not sitting 6 feet apart and no plexiglass! Lol
I think its kind of obvious, if your are worried about maintance buy a good home owners insurance. Go from that you should be fine yes a good home inspection and if things break the home owners insurance will fix it and you will be fine in the long run.
Is an IRRL a good decision?
Worst case scenario The Market Tanks your house is worth 100k less and you lose your job..... Take advantage of the rate 2.5% keep the cash. Cash is king.
Some people just call to show off sometimes. 🙄
i dont understand people with these calls, i own a house, and have no dept, i make 60k a year and the wife makes 30k a year, i dont have a car payment either, all i got is utility bills, gas,food, i have 2 kids and 1 on the way, i still find im living paycheck to paycheck, i dont buy anything for myself, neither dose my wife, i feel like i should be saving more but its just not seeming to be that way. im gonna need to sit down with someone and go over my bank statements or something and see where im going wrong
One of the things that PEOPLE DONT REALIZE IS since they cant do major repairs themselves that they are spending money by letting people talk them into stupid things never mentioned by dave..For instance getting a $1000 central air unit when a repair would do!1000 is the contractors cost....3 hours later they collect 3599...or new siding for 30k! all of it SEEMS neccassry!High end windows and a patio door for 32000! granite countertops for 8000!This is where alot of money goes
@@leewatkins1610 I do all my own renovations and repairs, I can guarantee there's no 8k granit counter tops and decks and 30k siding on the house , no contractors have been in here, only me my father and father in law and the place looks great
Normally the seller of used home will pay for a years home warranty as part of the sell . Cost $5-600
This doesn’t help much... Seller provided home warranty as part of home sale (to us) and there was absolutely nothing we could call the warranty firm to come and fix that they indicated was already an existing problem... And they never even bothered to send anyone to make an assessment. Luckily I did not pay for this warranty because I would have been livid. Can’t believe these companies can get away with these scams.