“Pay Off Your Stupid Debt!”
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I graduated PA school in 2020 and saved while the freeze was going on. Since September i have paid 120k and only have 70k left. Thank you Dave!
If you are no longer a student, start paying off your student loan.
Should be paying on it the month they take the loan
It got no interest I wouldn't pay extra on it it's free money
People should be studying and working oart tome or weekends and start piling up money to pay off debt before they graduate and the loans start rolling in and growing
Better yet, tough it out, don't get student loans. Personally, I know many people who graduated from college with no student loan debt,
I think part of the reason Dave's plan works so well for so many is because you don't have to think about it. You don't get trapped in analysis paralysis. You can just execute and focus on other things, which is probably what you need if you're going to follow a plan for years and years.
His way is still not the only way.
@jimmymcgill6778 who said it was hes had several people on that dont do it his way.
Definitely. He helps people make a plan. There are other plans but a plan is better than paralysis
@@jimmymcgill6778if you want to do the dumb way then yes
@@jimmymcgill6778 Dave's way tackles, first and foremost, behavior. Even the smartest bankers have gone broke because of analysis paralysis and behavior.
Dave no longer let’s anyone talk except Jade and Rachel lol
I knew a lot of Docs 30 years out of med school and still has their student loans.
I bet they only made minimum payments. You have to work to get out of big debt. It's not a walk in the park.
Yeah… while their children’s colleges are paid in full, their 401k and other investments have multimillion in assets… dumb people listen to Ramsey, smart people don’t
and did they enjoy having them? i don't think anyone years out of school enjoy looking at and having student debt sitting on their balance sheet.
@@gtileo honestly, I think it came down to social expectations. You sacrificed for years, now you the big doc. People expect you to have the car etc. they all were married.
The wife/husband wanted the big house to impress friends at the social club.
Before you know it, kids are in private school, that really advanced daycare and then college. As a doc, you pay retail because of your “high income”, so no relief.
Next think you know, a vacatuiom house or two later you are 60 making 250k a year, but can’t seem to payoff that last 300k loans.
Apparently doctors are notorious for this. They get hungry eyes with all the income they make and then they rationalize the debt so they can buy even more crap
It's sad how many people are financially illiterate.
Ken is staring someone down in the Lobby..
Trying to figure out if that door dash is for him or not.
@@mustangthings hahahahahahahah just lost my coffee…ROFL 😂😂😂😂
@@mustangthingsBig time! His face lights up with glee when he finally sees the Wendy's bag poppin' out with his chili with cheese and that new Crispy onion he's been craving.
@@JustinCase780 Hahahahahahahaha omg this is the comment of the year 😂😂😂😂
Carrying the reality of $115,000 in actual debt with the hopes of potential high income to pay it off “later” only works is nothing goes wrong. Also, no debt gives them career options instead of worrying about taking a first job they have to just to service their debt.
Anyone that is carrying debt of any sort and is kicking the debt down the road for any reason at all has had a charmed life. Circumstances change, and not always for the better.
It's easy to lose a job and end up in a lower paying one. Marriage break downs happen, and typically, that's an expensive proposition. Then there is health and accidents to consider.
Thanks for this comment. I’ve been really in my own head lately about my decision to take a lower ranked law school (median salary 120,000) at zero debt versus an Ivy League (median salary 225,000) at 130,000. Ivy League sounds good on paper, but my life is MY OWN going to the lower ranked school instead of being a slave to the government
I feel like 90% of ppl who call the show know the answer already why do they even bother to ask? The 7 baby steps are very objective
I think they just need calls.
@@drn13355 they get plenty of calls. They need to remind listeners that even people with means are stupid.
It's mostly what they see around them, and social media, that tells them the opposite. So they have doubts, and call in.
One of my friends called and they gave him terrible advice lol
@@double_joseph327tell me more !
Why in the hell does everyone save up? Mass amounts of money when they have masses amounts of debt.
it's either dam if you do dam if you don't
Because it’s low interest debt and you’re better off investing the money
@@rpg-oy3qwno that’s dumb. Get rid off all debt first before investing a dime!
@@itypethetruthnobshere8975 your math does not work , this is dumb
Paying off low interest debt instead of investing is like having an emergency fund the size of a canyon. You are insanely underleveraged
This is just a stupid non well thought answer. NEVER pay off a 0% interest rate debt. You are beating inflation just for keeping your savings and investing them in any long term savings account or the SP500. This stupid financial advice is what make American poorer. Just pay the debts with an interest rate that is higher than the inflation or the return you can make in any other long term investment.
I haven’t paid off my student loans. But what I have done is purchase 10 rental properties over 8 years and they have amassed a value of 2 million in equity and cash flow 5k a month. I think that’ll cover my 500 dollar payment a month and it’s set me way further ahead in life than paying off that student loan debt immediately. Investing was a better choice.
Yes. But property values are mostly going sideways now, and interest rates are higher. So the equation has changed.
Put 5k away into savings for a rainy day fund, 70k to the debt right this second, and then everything that isn't rent, food, gas or utilities will go to the rest of the debt until it's gone.
Dummy Dave wants that 5k to be 1k. That doesn't even cover budget fluctuations, let alone emergencies. Can someone tell him it's not the 90s anymore?
Calculus is great but it doesn't replace simple algebra.
edit: but also 18% of $8k is a heck of a lot more than a big mac, its about 20 big macs a month.
How much funnier would this be if Dave was saying actual curse words 😂😂😂
Some of the savings should go towards an emergency fund. The rest should take a big chunk out of the student loan debt. I used to have a large student loan debt. When you pay it off, it's such a liberating feeling.
Mathematically it makes sense to invest the money that you would otherwise pay the debt off with, but you are only one bad decision away from telling yourself you have savings and spending it away. On this one I’m with Dave. Put the 70k towards the debt rather than earn a safe 4k-5k interest. Compared to your wage, and future wages, it’s peanuts and you will thank yourself later
Or just be disciplined and take the extra free money
@@benmyers9030 which is what I would do, but like you I’m not the sort of person who would need to ring Dave for advice.
there is no such thing as a "safe" 7% interest rate. You're also forgetting that would be 4-5k interest for the entire year. Not monthly. The payment on those loans require $1500-3k a month depending on terms rate etc. Dave is right. Putting off paying the loan for another 10 years would cost them an extra $40-50,000 in interest.
Also, I’m not convinced it’s really a “zero percent loan”. That’s not a thing. If it’s the SAVE plan he’s talking about “zero percent” is not an accurate description.
I agree I waited and I hate it that I’m still paying them off 14 years later
Videos like these, where Dave kicks the guy’s butt make this channel entertaining!
I dunno... if I got a 2.9% mortgage 20 years ago and just kept making minimum payments on it, I might be feeling pretty good about it, considering home appreciation outruns that big time and I could now put the money in a CD and get 5.15%. And if my student loan was going to sit there interest-free, well gee, I'm going to put that money into a CD.
That’s how I am treating my 2.3% mortgage. Saving, too.
Paying off a debt that has 0% interest is much easier than paying off 18% debt. I don’t know why it’s so triggering for Dave.
Debt is debt.
@@BlueDauntless 👍
@@BlueDauntlessnot in a money printing currency
Because it's debt at the expense of the tax payer.
If it's easier to pay off, it should be paid off. 🤷♂️
I paid student loan off in year 1 of employment, parents allowed me to stay rent free until that was done.
His loan isn’t at 0% interest because of his income. That’s not how it works at any point in history. He’s saying that if they sign up for the SAVE plan and only pay the minimum. That just keeps you indebted to the government forever. You only pay 0 interest if you never even touch the principal. Get it together guy!
I feel dirty if I use my credit card now 😂
😂❤
Couldn’t agree with you more!!
Pay it off…Dave is right on this one. There is a freedom in it. They are young and have plenty of time to build back and invest. Better to start with a cleaner slate.
I'm favoured, $22K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
Same, I met Mrs Anna Davis last
year for the first time at a conference in
Manchester, after then my family
changed for good. God bless Mrs Anna
Yeah get connected to Miss Anna , here's her line👎🏻
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Tell her I referred you🙏🙏
How is there student loans with 0% interest?
i think the federal government halted the loan payments and interest rates during the pandemic
"that special sauce, lettuce, cheese" 😂
I realize this goes against Dave's single-minded approach, but I don't think it makes any sense to put all your savings into paying down half of a 0% loan. You'd end up with no safety net for absolutely no benefit. Once the interest kicks in, or if they could pay the whole thing off with the savings, it would be a different story. But this is nowhere near the same as refinancing credit card debt, and in this case, yes it is a math problem.
You need a safety net in residency? And as a young couple? That's not when it's needed. They should have never been saving that kind of money running up that debt to begin with. Just stupid. THAT, is no safety net
Then run your own plan and let us know how it works out.
He doesn't recognize the word arbitrage. He's worth like 600 million. Imagine if someone offered him a 600m 0% interest loan. He could become a billionaire much quicker. At the opportunity cost of the idiot who gave him literal free money.
@@robloxvids2233 Ummm... No. That's not how this works at all. He would still only be 600mil net worth on paper because he would still owe 600mil loan.
How much are they saving in interest paying half the debt now and then the rest before interest kicks in?
Why not just pay it off?
This why I cant follow Dave all the way man. WHY WOULD YOU TAKE 70K TO PAY OFF A zer0 percent student loan. while that same money could be invested and then use the dividends to pay off the student debt. Am I missing something? Or Is Dave just that bad at math?
One thing to consider is risk. You lose that money through investing, and you’d feel mighty silly. Another factor is the psychological effect is has on you to carry that debt.
Are you worth millions of dollars today? Let’s see who giving advice has come out further…
@@2004_ES2 ok That being said, I think in most cases the 0% interest rate is only temporary? If that's the case, I'd understand where Dave is coming from. But If the 0% is for the life of the loan then I don't get it at all.
Poor people always think borrowing money at low interest is wise. That's why they are poor.
@@2004_ES2Bull crud. He prioritizes having a 3-6 month emergency fund, saving for retirement, AND saving for your freaking kid's college ALL before making extra mortgage payments.
Totally inspired and in love with your mind Dave. I wish we could clone your style and ethic. Pls keep healthy and never change.
I get Dave's point in not wanting to look at debt but zero interest that 115,000 in debt will be worth much less in 20 years.
In the last 4 years it has already lost 20% of the debt value due to inflation!
Bingo. Dave no math hillbilly Ramsey
@@thedopplereffect00 it's actually deflation but you are correct.
Prices don't inflate. Fiat currency valuation deflates
this is wht happens when drs think they know everything esp with investments, u can tell by his long pauses tht they dont want to pay it off but instead go out and show tht she's a dr trying to keep up with the joneses. why do ppl who make or will make a lot od money call this show as if they are stuck
I think we could all use Blunt Dave in our lives
Let's do the actual math. 18% of $8,000 is $1,440. Is Dave eating gold-leaf Big Macs or what's the deal? Ken demonstrates why he is so often annoying in this show with how he chimes in.
Rich people who call in frustrate me.
Same.
It’s because they are somehow dumber then poor people because they don’t fear making mistakes that could set them back years.
You really think a couple that makes $120k a year are rich? And when they say they make that much it's probably before taxes.
Wait a minute. If it’s zero percent interest it ages very well. With zero percent the balance of the loan shrinks over time due to inflation. Let the 75K grow in an investment account , or even park it in a high yield savings account or Tbills, and then put it toward the student loan when the zero percent interest expires. What am I missing? Is it really zero percent or is the caller confused about something?
Ok, I may answered my have answered my own question. Another commenter mentioned the SAVE plan. If that is what this caller is referring to then it’s not a “zero percent interest loan”. You pay a reduced minimum monthly payment , and if that amount is less than the monthly accrued interest , thd government makes up the difference. Your principle balance doesn’t go up or down each month. So making monthly payments when the balance stays the same each month is NOT a “zero percent loan”. Bottom line Dave’s right.
It costs a lot of money, time and talent to be a doctor. The government forgives student loans for basket weaving so how about forgiving doctor debt?????
@Ramsey. Killing debt is an excellent idea however how to kill that debt is the issue. I would rather put the money in the stock market symbol SPY and let it grow for two years. Then pay off that debt. Residency should be over by then.
Risk-adjusted return... This strategy fails hard if it happens to be 2008 when you do it.
@@gustustyson Yes. Risk is a constant. 2008. My view is knowing how to profit in a terrible market is easier than a bullish market. Playing an up market only is like only driving on dry pavement when living in Canada.
So he doesn’t consider maxing out Roths while they still income qualify? These are contribution years you can’t get back.
Not until they’re out of debt. Which, if you follow FPU, is like 24 months. So for a short time.
Of course not. Dave Ramsey hates math
@@benmyers9030 most people's money problems are not math problems. They are people problems. Besides most of you people yammering on about "math" prob aren't as well of as you say you are.
Just pay off the debt.
They need to pay off those loans. ASAP. Because if something happens...like she gets hurt or sick and can't work then they are done for. Pay these things off quick.
If they pay the minimums while the money accrues in a high yield saving or money market… there is no additional risk. In fact, they’d be able to pay off MORE of the debt if they had to.
@@alexm260 yes that way they could pay it faster, but who needs math when you can run your mouth louder than anyone else because everyone around works for you
Why would you pay off a 0% interest loan before you have to? Put your $70K savings in a money market account making 5% and make an extra $3,500 per year toward paying it off before the 0% interest expires. Dave just assumes everyone is undisciplined, but a couple in their 20's with $70K in the bank probably isn't. It would be a better service to help people create a plan to optimize their money instead of just assuming everyone treats debt like giving a drink to an alcoholic.
Because Dave hitched his wagon to this philosophy years ago and will never change
I think Dave assumes most people who watch this show, have not got that level of discipline and would likely squander it.
That’s a lot of words and justifications.
PAY YOUR DAMN DEBT
See how simple and grown up that is?
But he is not wrong though. His entire point is to be debt free so nothing is hanging on your neck for the next 20 years. Yes, it can nerve wrecking to use 90% of the 75K saved to basically half this debt in half but imagine how liberating that would be to see that balance just go down like that. His advice is good for the average day to day American who will lead a normal life with normal wages. Also, it's good to take advantage of that 0% now to really get that balance down. How many student loan borrowers have we seen that have higher balances than they started off with because of the interest after paying on it for years.
Student loans are about the worst type of loans there is, you cannot bankrupt it. Yes, they could probably do it and get a little ahead in 99,9% of cases, but in the case when one too many things go wrong - wife gets pregnant and stops working, w/e accident/health problem comes up and you need 10k/100k, and suddenly you are that 0,1% that does NOT have the money and then the bank sends you a letter: Hey, your 0% just finished!
Hence the lesson: Eliminate all of the risk in your life that you can.
My parents are over 50 now and my brother got 2 little kids - i started investing a few thousand to make everything in our family countryside getaway safer to use. And the last thing was to replace a really unsafe basement cellar doors. And then my mom has fallen in and broke some bones. She's mostly fine now, but with this one time this lesson didn't manage to help, i'm really thankful for all the times that it did, even if i will never know about it.
Also, as Dave always repeats - you will breathe different and make different decisions when you don't have any debt. It may not hold to the same extend for everybody, but it doesn't mean it's not worth trying. Again, those small % you can gain by not paying off your debt are NOT worth it in the long run.
Dave .. get rid of the car 😂
People are delaying paying off their loans because they expect the government to pay them off. The problem is the government is illegally paying off loans but I don’t think it is on the up and up.
When the mayor of St. Paul, a man who is paid over $130k or $170k (people posted different amounts) bragged about his loans being paid off, it looks like this is a very partisan thing to benefit certain people.
During the last months of my Ph.D., we lived comfortably on around 58k per year and I had over 120k student loan debt. Post graduation I more than doubled our household income with a new job. Immediately, friends and relatives started asking when I would be buying a new car and new house. I said don’t hold your breath. I immediately and continuously dumped 60% of our income into student loans over payments during the pandemic interest freeze. Over two years, I dumped most of every paycheck into loan interest until it was all gone, then attacked the principal. What surprised me was how critical my relatives were. In laws said I was stupid because Biden would just forgive it all anyway (Ha!). My parents said I should stop “depriving us” and just take a mortgage on a house and get a new car loan. It’s scary how financially illiterate middle class people are. They act like addicts trying to make sure everyone else is as debt leveraged as they are. They can’t comprehend now that I have thousands of dollars per month now to invest and I am slowly eeking my way into early retirement while they are indentured servants to banks.
18% of $8k is $1,400. Hardly chump change. And if they put that $75k into a high yield savings account they would be making nearly $4k a year.
Dave I know you’re a man of faith. How do you justify calling people stupid? The Bible says call no man fool. Not being a rude, just truly would like to know❤
Come down off your holy horse and be human
He calls the actions stupid
When you run a Show for as long as Dave has and seen as many cases. You just don't have the patience for anything and say it as it is lol. I think Dave is just getting old and Grumpy. I like the entertainment though.
@@foodmens haha too true (although I think I’m about his age…😂)
Mario Ibarra I made a point of being respectful. Dave ~does~ profess to be a Christian. The Bible ~does~ tell us to call no man fool. Amazing how you felt the need to attack me for asking about it. Tell me how I was rude and I will apologize. Btw you assume things about me by one question I asked. Does that seem fair to you?
18% of $8000 is $1440
I’m assuming he’s on the SAVE plan and he’s not actually at 0% interest, his balance just isn’t growing or it’s in forbearance based on previous years earnings. The right thing to do for himself is to do the math and see if making the minimum payment over 25 years before the remainder is forgiven would save them or cost them money
If they’ve managed to save $70K already , his wife is a recently qualified Dr, her future earning potential is huge. Continue to save to add to that $70K and pay off the interest free loan before they start to pay interest.
I don't think it's all in on one action or the other. He can save and invest half of the money he makes and use the other half to pay the loans.
He's making us hungry LOL
If it's really 0% dont pay that off yet lol
THANK YOU!!!
Pay your damn debts
A third of the dividends from my investments are paying my electric bill. In the meantime, my low-interest debt (mortgage) is being outpaced by inflation. Yeah... I'm not in a hurry to pay it down, not even if Dave yells at me
I wasn’t aware Big Macs cost $120 a month. I agree that you should pay debt off ASAP but 18% to 0% equals a Big Mac??? It’s really hard to take Dave seriously sometimes.
if it's 0% interest pay it off now for god sake. Then you are only paying Principle.
18% of 8000 is 1440 USD.
I have never aggressively paid down any low interest debt. Look at the SP500 for the last 15 years and you'll see I made the right choice
the last 15 years was a bull market. You rode a wave.
Huh..18% loan is 14500 a year in interest. Bigmac?
What am I missing here?
You're missing the fact that these folks are a cult. Math & sense go out the window when you're in a cult.
@jasonrodgers9063 bingo. Lets not bother about math when we can just use emotion
The point. You missed the point.
The point isn't to move to a lower interest bracket. The point is to pay off the loan. Too many people make a "money move" and think, "whew, I solved that problem" and then do nothing. You see this most often with debt consolidation. People consolidate all their debt, free up their cards and push repayment out many years, then go rack up debt again.
@@rhaythe math. You can't do math
@@benmyers9030 If the problem was math, no one would be in debt. The problem is behavior.
Rice and beans
Schmoke and a pancake!
Don’t worry Joes got your back on behalf of the taxpayers.
I respectfully disagree. If its intrest free I would put 70k in a CD and pay it off in 15 years. And still had the cash in case of emergency. That's just me
Think which is better having 115k in debt, even at 0 percent or no debt. N debris so much more freeing and you can build back wealth so much quicker.
Or have 115k in 0% debt, and 115k in savings earning 5.25% That's over $5k in savings the first year. You'd throw $5k in the garbage for feelings?
@@thedopplereffect00 You can but the feeling and safety that being debt free brings is worth the interest and in the long term you make the money back.
A Physician Assistant is not a Resident Physician all of a sudden: a Resident Physician is after 4 years of undergrad, then 4 years of medical school and is already an MD not a PA....nice try though! Residency training is another 3 to 5 years minimum.... just saying....
the reason I know this so well is I went through it, and paid of my loans too....
Dave’s math must be really bad. 18% of $8k is nearly $2k. 18% a year is 1.5% a month, on $8k is $120 a month. Moving the credit card debt over to a 0% card saves $120 a month of your payment in interest thus allowing you to pay it down faster and for less money. And those numbers are for an 18% credit card. Show me an 18% credit card these days. It’s more like 24% (2% a month) or 32% (2.5% a month) these days.
Using a 0% card to help pay down credit card debt is completely fine as long as you are actually working to pay that debt down. Dave’s no consolidation rule not only is dumb but also counter productive
Love Ramsey but the guy who preaches an emergency fund just said to spend all the 70k saved up on the 200k student loans? maybe only use 60k-63k no?
kinda contradicting
Or 0
they make 120k a year. that's 8k a month AFTER taxes. They can easily build that back up. they're on a program that is based on their income. they should knock out that loan fast.
Getting out of debt "that you can afford" is about behavior, not math.
get a job that pays for the loans, or go into the military, explore your options. this getting loans out is dumb.... pay as you go.... it's NOT hard. if you can't afford it, don't buy it...
there are many options out there to aquire your skills/education.... use it
These comments are funny!
Hear to get shadow banned.
I heard, am I shadow banned now?
18% of $8,000 is a mac
8,000 times 0.18 is nearly $1,600 idk what mcdonalds restaurant Dave goes to but its ripping him off 😂
Very similar situation to my wife and I except we accrue interest. Dave is 100% right. Pay the stupid debt off. The only people arguing for the spread are always broke people with no money who think rich people do that. It's more than a math problem. If you get rid of your liabilities you will 100% excel in all areas of your life and you will do better than keeping pet loans around.
Rich people do that all the time, it's not a myth broke people made up. It makes sense mathematically and if you want to pay off 0% loans quick, do it, if not, don't and make more money off of your savings by either putting that money on a high yield savings account or investing it
I got a bunch of broke people telling me credit and debt are different. 😂.
@@cecilia2001Rich people do it all the time…but rich people have the mindset to be able to do it successfully.
There not broke people. People do this all the time and generally they are more financially literate, such as this couple.
@@nerdobject5351 Earning the spread doesn't make you rich. All it does is make you pay more money for something. Rich people who argue for that didn't get rich by making a spread.
As long as the loan is at 0%, target your income cannons at it and drill it down. Don’t tap into your savings to pay down 0% debt. Depending on what other debt they have, with so much in savings it’s probably nearly nothing except mortgage, you should be able to make good progress on the debt long before interest kicks in.
Ramsey does not give good advice here.
Always pay off as soon as you can.
What a whiny immature and emotional rant from Dave. Stupid advice for intelligent people who have a good income and have been able to save despite going to school. He treats everyone like they're an idiot. Lots of name calling too, time to get back on his meds.
Except they haven't been able to save because they owe 45k more than they own. And being mature is paying off your debt that you took out. And btw an overwhelming number of physicians live paycheck to paycheck, and they start out just like these callers.
People need more of this because debt is dumb and they need to get their ass in gear or they’ll be even more in debt. When you pay off your debts you don’t want anymore. As long as you have it hanging around you’re ok with more. PAY IT OFF.
What is stupid is believing that they shouldn't have actively been paying on the loans while they were going to school. This charge now & pay later mindset is part of why so many lendees are woefully behind on their repayment plans.
Also, this clip doesn't even touch on whether or not the caller has other debts, like a mortgage or credit cards, to also pay off.
In America, everyone IS an idiot.
Does that include the defense program that Dave doesn't like?
Oh FFS
Interesting, but this video forgot to mention the most powerful project - UNIMANTIC PROTOCOL
This is kinda terrible advice. You can take that 70k invest it and use the profits of your investments to pay off your debts. His way of thinking isn't really correct all the time
Wrong, Dave is correct
What if your investments aren't profitable? What if your source or amount of income changes? What if you get sick? What if you get divorced? What if you have a child? What if...
As someone in their "middle age" and an investor myself, I've watched a number of people invest against what is effectively borrowed money. It's a big roll of the dice. Yes, you can certainly come out on top. People do. You can also lose the farm. Along with the guarantee of death and taxes comes the guarantee of change. Changes aren't always favorable nor is their timing predictable. The absolute best possible thing that you can have going in your favor when change happens is low or no debt.
@@davidbrayshaw3529 savings accounts earning 5.25% are zero risk
@@davidbrayshaw3529 this still applies if you waste your money paying student loans lol imagine spending 75k then getting sick and can't work or get a divorce 🤣🤣 you dave Ramsey air heads are sheep
Like if you're still confused whether Dave likes any caller having any quantity of debt at all.
He likes mortgage debt.
@@robloxvids2233No, he really doesn't. If you can afford to pay cash for property, then he will tell you to pay cash. The only reason he isn't 100% against mortgages is because, unlike automobiles, properties have the potential to appreciate in value.
Stupid debt? Wonderful, money-making debt actually . . . .
What is Des Moines ?
place in iowa
City in Iowa State.
@@sherriemyles2776 Thank You for your reply…it was just a Joke I am from Des Moines IA 😊
@DudeDude491 😁😁You're Welcome. I thought you maybe from another country and want to know where it was. ❤️
@@DudeDude491I grew up visiting Des Moines with Aunts-Uncles-Cousins living there. That modest Iowa joke was a classic of local talk!!!
As to the math, $70,000 earning 5% is $3500 a year. In my town, Big Macs don't cost quite that much.
So how long will it take you to pay 115k of the loan if you made 3500 a year in interest.
@@Neddie2k I didn't say they shouldn't pay on the loan, just that Dave's math is a bit off. Dave loses credibility when he says these absurd things.
@@Fred2-123 but $3500 is pocket change which is the point he is making. Broke people think $3500 is a lot that's why they want the spread.
not yet...
These are intelligent people, not Dave’s usual goobers. $115,000 in low or zero interest student loan yet AFTER medical school is an incredibly strong position. Dave is so ridiculous.
It's a mediocre position.
What does this guy not understand?? Stop asking stupid questions and pay off the debt.
Why tho, the math makes no sense
Mehhhh, just invest that 60k, keep 10k and pay the student loan regularly, once interest kicks in then cash out some investment and pay a big chunk, only 115k loan being a md they are wayyyyyyy ahead of. 99% of mds
yeah
@johndone8045, I went to your youtube page, but (at least so far) I didn't see any videos telling people what to do financially to better their lives. Maybe we should just stick with Dave's ideas instead.
@@Sheryl777 when dave is trying to fix their problem which they dont have a problem as of now, dont fix something thats not broken
@@johndone8045 I think rather than trying to fix a non existent problem, it's possible that he was trying to help them not to have a problem in the future. But that's just my idea about it though.
Bad advice from dave. Not this one..
1st. Love this channel!
I usually agree with Dave, but I definitely disagree here. As long as it's a 0% loan, just keep making the minimum payments until that loan is no longer 0% or you have enough saved (plus enough left over for a emergency fund) to pay 100% off. If they are investing their $70k wisely, they will be able to pay off the loan faster than if they use most of that money right now to pay off not even half the loan.
The problem is it's not a math game. And on this show I believe they have given physicians as a prime example of a group that makes a lot yet still lives statistically lives paycheck to paycheck at crazy rates. Reason being is it starts or just like these two. They have a false sense of security that will very likely push them to purchase more than they will make in interest saving 70k. For example, even buying a house that is 15-20k more (or 150-200k more), or a new BMW instead of a nice used car.
Dave Scamsey.
Truly horrible advice
Clowns
Focus on building money now. Start paying it when interest kicks back in.
Dave loves to use strawman argument. He did not say he will have it in 20 years.
Focus on not owing anyone anything.
Then use more of your money to invest.
But please, why do you come to this channel to go against FPU and its principles? Go make your own program and help people who seek you out.
@@BlueDauntless Typical cult follower answer.
People don't have to always agree with others.
I would divide the principal of the debt by the number of month that are interest free and that would be my monthly payment; then I would invest my savings in a index/mutual fund.
No you wouldn’t. You’d start off doing that and then the first shiny thing you want to buy you’ll spend your money on that or go into more debt. PAY IT OFF.
@@bigguyinalittleboat7927speak for yourself and not other people you don’t know.
@@bigguyinalittleboat7927speak for yourself and not other people you don’t know.
Dave up and got angry about everything. Typical boomer.
I'm no boomer, but I'm similar.
It's okay to be angry. Some things are just stupid.
*typical AMERICAN
Sounded mean
so what? people need a stern talking to. everyone is so soft and fake nice giving people bad advice. I have family members paying on loans from the 90s. No one talked stern to them and told them to pay their debts!
Thank you Dave! I now have zero debt, zero car, zero house and zero savings! 😂
Gotta love people who blame everyone else for their bad decisions. It isn't your fault you are broke..it is "Daves". Pure American statement.