Are You Going to Do Our Plan or Yours?
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- เผยแพร่เมื่อ 2 ก.พ. 2021
- Are You Going to Do Our Plan or Yours?
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This past year has scared a ton of ppl. $1k as an emergency fund doesn't seem enough 😕. But he is right it does push u to get ur debt payed off in a hurry so u can boost ur ER fund
I think he only recommends the $1k because he knows that if these people have more then that in the bank they will end up blowing it on something stupid.
@@raleigh2747 spoken like a true champ 🥂
Dave: "So you're working YOUR plan."
Caller: "Yeah, well....... yeeeeeaaaahhhh." 😂😂
😂 hilarious
“So you’re working your plan”
This is not what you want to hear when calling Dave.
🤣 also, "i don't think your going to do it. youre going to do what your going to do. "
😂😂😂 yes
I'm starting my journey. I'm excited. Starting a second job tomorrow 🙌
Wooooo! Go for it!!!
Good luck!! I’m at the other end, just paid everything off ... great feeling!
@@mikezerker6925 congrats 👏🏾
Go go go you can do it!!! 💪🏽
Calls Dave Ramsey and doesn't know his income
Hahaha
He goes, “hang on a second let me pull it up”
Really?
He is probably going to end up just doing his own plan
My thoughts exactly.
Yeah I’ve talked to enough people to understand the “I’m going to do something else” vibe
Let's hopes so his sounds more secure than Dave's
He should. His plan is a better idea. Having some cash at your disposal is always better, even if you have to pay a little more interest in the long run.
I follow Dave’s plan about 80%
And it’s a miracle to me.
But if I had $22k debt and $12k
In the bank, I would absolutely pay off
$11k in debt.
There's nothing wrong with tweaking the plan for you! If I only had 1000 emergency I would be too stressed. When I was paying off my loans I had about 4k in savings. I also still contributed to my 401k up to my employer match because I was not about to miss out on that money! Still paid off my 24k loan in around 10 months and I still love the baby steps!
Rachel you are doing it PERFECT never stop your 401k contributions especially if you get a match and have enough money for rent and food for a couples months if you lose your job or major emergency.
Agree. I have a v similar story to yours. I kept 3-5k while I was paying off 23 in 11mos. Congrats!
I’m in the 15%. I have no debt but I am now in the process of buying my first property. 20% down in cash.
Congratulations! I think Dave and Chris would recommend when you have your deposit saved also have your 3-6 months emergency fund. Dont treat the emergency fund as part of the deposit or fixing up the new house fund.
That's great, but personally I would rent until I can down pay the whole thing all at once.
@@unlimitedpower4101 depending on where you live you'd be renting your whole life. My friend wanted to rent and buy a house outright. After calculating he realized renting was holding him up from getting a home by years
I'm not gonna lie me and this guy are on the same plan. Everything is unstable I was furloughed in 2020 then went on unemployment. I'm back to work but our hours have not gone back to normal. Sorry I'm keeping my savings.
Nice comment 👍🏼........Where are you from ?
I would never call just because I'm concerned the TH-cam comments would be so harsh
Hahaha!
Lol
Na, some of us might be a bit harsh but most of us feel your pain.
well, just don''t call in and be a clown.
Just ignore the comments if you call in.
Life is too short to worry what others think
That why I’ll always love and listen to Dave. He’s basically like your finance father. Tells you what you don’t want to hear, but you need to hear.
This call is hilarious dude you make 120k a year pay off the student loans. Student loan forgiveness? Just pay it off and get out of your life.
He is probably living large! Nice house, nice cars.... maybe he’s not doing so hot!
I think a lot of people just down wanna feel like they just missed out
It's so frustrating to ask for help and not follow it
He’s smart to doubt what he’s being told. Dave’s advice here is wrong.
I have a feeling he's going to continue on his own plan lol.
As long as it's paid off by March then that's fine imo. The problem is most people aren't disciplined to put more money in to pay off their debt faster.
Let's hope so and doesn't leave his new family hanging on by a thread
He should. They said it should take you no more than 18-24 months.
The caller sounded like a movie I like. "So yeahhhhh, I'm going to need you to go ahead and pack up your desk and move it into the basement." :D
Dave always giving it to you straight
In this case, his advice is irresponsible. That guy should not deplete his savings to pay off a student loan.
@@factsoverfeelings421 his advice is his advice. Caller should know that this is what he was gonna hear if he’s ever listened to Dave. Pay off debt before having any large scale amount of savings in your life.
When you have a little nest egg (emergency fund)... it is SCARY to throw it all but a measly little $1000 onto a debt. I understand that is supposed to ignite a fire in you, a sense of urgency to scrap and save and rebuild that backup... just terrifying for most normal people
something could be said that when I had that 4k emergency I could of asked people for help etc.. but idk I feel like if you are grown you should deal with your own mistakes and prepare accordingly
Unless you have a 110k plus income.
@@justinacase2623 but if he loses his job tomorrow his wife and kid is taken care of for a few months until he can get another job...very responsible young man
@@justinacase2623 BINGO! Completely different place spiritually.
It’s just not smart what have you have to emergencies happen at the same time, like if your car had two big problems at happen at the same time, I’ve heard that happen to people before and bc they only had 1k, they ended up going more in debt, or say you water heater goes out and you have to get a new tire on the same day, 1k is not enough. I’m not in debt, 21, but I’ll pretty much always have more than 1k
I don't listen to any one financial education source in absolutes. It's about combining information and making your own decisions that works best for you. Same for my career as a software engineer, I have to study from multiple sources and gain different perspectives to succeed.
I like this philosophy.
I know, one source taught me that the shortest distance between two points was a straight line, but I'm going to get more opinions and blend them. Wait what
Graham Stephen would be so disappointed and have a lot to comment on this video. He MUST make a Millionaire Reacts!
Nah. Don’t want to hear him telling us to “SMASH THE LIKE BUTTON!!!1” about 357292082627463729100283636383 times.
That guy is seriously obnoxious. I've tried to watch his videos a couple times, and I had to tap out quickly.
I really like Graham Stephen and Dave and Chris. Both educational. Graham's already done a complementary video on Dave Ramsey which is helping convince me to believe Dave's plan is right for me and the majority of people. I've got Dave's book on hold at the library.
no one cares about him here.. he's a clown.
I think Graham Stephan is great but oh when it comes to actually paying your debts, Dave Ramsey's strategies are significantly better. Graham Stephan usually gives the best guidance on how you can save and invest that money after your debt, but on handling debt he's completely wrong.
Don't take financial advice from broke people. That has helped me be humble to people who are ACTUALLY wealthy.
@@saulgoodman2018 not really .... billionaires possibly ... but you need to read 'Every Day Millionaires' - a lot of them around; it seems impossible when you're broke but if you work DR plan it will happen faster than you know :-)
@@justinacase2623 just another person with victim mentality probably. People like that are probably broke and stay broke because they never see how they can become a millionaire
Dave is out of touch with reality if he thinks this guy should deplete his entire savings to pay on a student loan. What if he loses his job tomorrow? He needs a safety net.
I'm debt free except for my house and I save around $1300 per month. I have approximately 58% of my gross annual income in cash.
Love your Show, it's helped me a lot
$5700 in household income a month? That's a lot in my opinion?
That’s not their income that’s their monthly expenses
@@hugogonzalez2561 that's what I meant to say. I think it's high.. they might be paying a lot in rwnt
I know this makes you nervous, but trust Dave. He helped us be debt free & then wealthy.
All these bums waiting on that student loan forgiveness that will never happen.
And it better not
@@wa2k99 Please don't let it. They are going to tell people it's okay to go into debt because they will take care of them.
and meanwhile the interest stacks.
What bum make 120k?
I would save $1000 per person in the family if you're worried about emergencies. Then pay the rest of your savings towards the debt. This is a pandemic and anything can happen. $1000 imo isn't enough. Makes sense for a single person but not a family.
Right
You must be working your own plan too 😂😂
@@vegasxventures It honestly doesn't matter which plan you do. It's just that one plan is going to be slower than the other. But it's better to be safe than sorry. The only time I would recommend something like this is if the guy has money saved already.
@@vegasxventures Plus this guy makes 120k if it was less than that it would be another story.
Youre making Ryan js plan not Dave's. 1000 is not enough no.. But even if you have 25000 saved and 40000 in debt you really don't have 1000 saved dude you don't get it
I love these people that want to do "Dave Ramsey Light".
Its worked out better in some cases depending on the scenario
Either follow the plan, or don't follow the plan. If you're not going to follow it, then why call??
@@jimroscovius because its good to ask questions and not kiss someone's feet. Dave sells books on his brand and attitude over the years which can be entertaining but you also have to take advice from lots of people throughout life. Do you religiously trust the first person just because they are rich? Don't get me wrong I still love Dave but question him when the time comes.
@@abrahamflores2566 What's there to question on this? Dave's totally right on this.
@@jimroscovius nope I agree with his advice on this particular video. Everyone is just acting like we should kiss Daves feet and do whatever he says. His plan is not his plan and just basic life advice so let not pretend Dave discovered paying debt off is good. That's just common sense and all financial advisors recommend it.
“It is during our darkest moments that we must focus to see the light.” focus focus focus!
I’m gonna call in and disagree with Dave on everything😂😂😂
LOL hes gonna call you stupid alot hahaha
Or ‘you’re dumber than a rock’ Dave loves that one. 😄
Wow, this video made me feel better. All the hard work has shifted me situation. Sometimes it is hard to see from the inside.
As it's our life, we get to choose.
:) God bless
I love the run like your hair is on fire and “Gazelle Intensity” approach!! True game-changer!
The best duo!!!
One like for every "yeah."
100000000 likes incoming
One thousand dollars emergency plan is irresponsible.
I mostly did your plan getting out of debt. Now I'm doing my own investing strategy.
Chris have the best radio voice lol
4:00 Gazelle intensity!!
Sometimes I think Dave forgets that people give their gross income and not their net income. That and benefits like health, retirement, HSA etc takes another big chunk out. Plus you have your mortgage/rent and bills. Making a gross of 120k after all the deductions and bills, it would be reeeeally stretching to pay 11k in two months.
Well, he does state to stop contributing to a 401k when in the initial steps. Health definitely would have to be included.
Besides the $1k savings this is one of my pet peeves...and he supposed to be a financial expert they probably don't see $85k take home
Bottom line.....................ALOT of peeps would rather just save the money and make payments than write a lump sum check to pay off a debt. LOTS of peeps just want to see how much money they have in their bank. SMH
I love Chris Hogan's advice!
The guy calls in seeking Dave’s advice and then wants to do it his own way.
Really?
Nice work 🎆🎇✨
After the baby is born, there really isn't a ton of additional costs that would make you want to just save up cash UNLESS there's a medical condition you know you're going to have to pay. So, don't make up reasons to save extra cash.
Except formula diapers era medical bills
@@Aces135 I mentioned medical condition. But, if he's saving extra, then he's already handling the diapers and formula. No need to save extra if they have a steady job.
@@Takar100 Losing a job isn't an excuse. If you lose your job there's no income. Having $5-6k saved isn't such a bad idea. You don't wait for the storm to happen. You plan for it.
@@ryanj357 getting rid of your debt while you have a steady job is planning for it.
@@Takar100 But what's to say he won't suddenly lose his job? You can't plan for that.
Ben has savings a big shovel of steady income. Just gotta push through!
Take a shot evertime caller says "yeah"
Imagine throwing away 10k bc someone on the internet told you to.
Its not throwing away if your paying debt you racked up stupidly. Pay stuff off man
6:22
imagine getting a student loan you couldn't afford.
He threw away a lot more than that when he signed up for school on loans.
He knew he was setting up a loan, so he should pay it, otherwise it is just fraudulent. Do you get a house loan or buy a meal, then just decide not to pay it?
@@JiisTube maybe he is helping to pay off his wife's student loans?
All he needs is a Dave woopin to put em back in line 🤣
Dave, let your cohosts talk man. It’s uncomfortable to watch when you keep cutting them off. You do it to all of them and it’s stressful. Don’t care if your name is on the building. Let them talk too or don’t bother having them on the show.
THIS.
4:25 only about 10%? I had no idea. I'm there and the weird thing that happens is you want to throw money at the mortgage..... Before I was looking for reasons to get a new car now I'm trying to think how long I can run this one
Dude has a deep as voice
If you succeed on your own terms, you don't owe anybody any explanations.
But, If you fail own their terms... You've got a lot of explaining to do!!!!!!
chris has such a calming voice
Third Pig 🐖 Goals ! TPG, ❤ TPG
Dave's plan may be the slow lane but it works every time.
He picks lower risk..
How do you know?
Spammer
This guy sounded like he was only partially invested in the conversation right out the gate
Lol you're the third pig! I like that metaphor.
Hi! I’m new! How can get one of these calls?
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Good thing he’s working his plan instead of Dave’s plan, because most of us disagree with 1,000 and someone needs to tell Dave to get with the current times.
Yeah at least for most people $3-5k especially if you have a family
It's Dave's way or get out.. lol
Well, they ARE calling his show and asking for his advice. If they have a different plan they'd rather follow, then perhaps they should call the designer of that plan. It really is that simple.
@@jmr9735 Hahah. Yeah. I think it's just funny when people can and they're surprised he gets a little fiery if they don't follow his Baby Steps
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@@cryptobusy1558 Bots.
The problem with Dave’s plan is it’s a 1 size fits all. Also, 1k is not enough for an emergency fund and has not changed ever. 3-5k is better.
I think the point of $1k is in the mind not the amount. You hold the $1k for only real emergencies as you pay down debt except the mortgage debt minimum payment. Then you build 3-6months of emergency savings. $1k isn't enough for most emergencies but it will probably be the hardest step to maintain which is why it's first. Help keep you focused from the start of Dave's plan.
If the caller isn't comfortable with $1000, then he could keep $2000, pay off $10k in student loan and probably still be done with all his debt at about the same time.
@@ambissing Dave doesn't want people to be comfortable with the $1000. It just a beginning. He wants them to still feel agitated enough to keep plowing through the debt
@@beckygeer6480 that's a good point
Hilarious how the people who haven't hardly learned anything about the plan have the loudest opinions as to why it's wrong 🤣🤣
I don't think this caller was really wanting to pay off his student loan. It sounds like what he really called about was whether he could stop paying that and move on in the steps hoping that the loan will be forgiven. I think that's what he really wanted to hear but Dave wants him to e accountable for his debt and I agree.
I think you nailed it.
He was looking for a bail out on his student loan
What's wrong waiting a year and hope the gov forgives $10k? What do you have to lose other than the few hundred dollars you spend on interest making payments? I would risk paying a little in interest if I knew $10k would be wiped. Yeah, there's going to be a 1099MISC for the forgiven amount but $10k is $10k.... Imagine paying it off and they forgive $10k the month after..
His plan appears to be working. Don't stop, Benjamin.
Gods plans
I’m getting ready to want to do Dave’s plan 100%... I always tell people don’t take my advice, but go listen to Dave Ramsey talk. No question millionaires think different than we do... He thinks different (better) than I do...
Plot twist: Benjamin was paid to call in and be against Dave's plan.
Ridiculous advice here. 1000 emergency fund isn't enough. Most medical insurance have high deductible like 3000. Emergency visit would rip you off. Plus the guy has a baby.
Even car insurance has 500 or 1000 deductible for generous rates. So even a simple car accident will wipe your emergency fund.
Add all the uncertainties of pandemic. Dave's textbook suggestions don't work in all situations.
What’s your household income
It won't hurt to wait a few months to see if student loan forgiveness occurs.
Bahahahahaha!
i don't get people who call to argue 🤦♂️
Yay!
Spit it out Benjamin
... but I have heard multiple times, "its not the dave ramsey plan" ... so who's plan is it if its "our plan" but not dave's plan?
In Dave’s eyes, “it’s the wrong plan”
I do Ramsey light and it works great! I like having an emergency fund while paying off some debt.
Nice comment 👍🏼........Where are you from ?
@@lexithompson7426 why? you trying to rob me?
Hi there,
How 25 cents on the dollars work? If I have principal of 140k then the collection agency said 400k, what will be the amount you will negotiate? Thank you..
uhh.. it would be 1/4th of the outstanding balance... if the outstanding balance is 400k you offer 100k.
Thank you for the reply. I understand now.
I honestly think that it might be time to have a change to an initial 2k emergency fund with inflation being what it is.
That is 100% correct but it will never happen because Dave think that's admitting he is wrong...it not wrong it just keeping up with inflation when he wrote the book 20vyears ago it's probably $2500 in today's dollars
An earlier commenter suggested a 1 month BS1 emergency fund. I like that idea a lot! Simple and it Grows with inflation.
@@TheDjcarter1966 I hope that he will go through and have someone update. His workbook suggests to possibly cut costs by dropping your cellular phone bill 🤣. Maybe a few touch ups for the next generation.
Keep more cash now, keep 5k
His plan sucks to have 1k emergency
1k doesnt cover any emergency
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@@justinacase2623 i understand and its BAD
@@johndone8045 and your broke 🤷♂️
@@justinacase2623 too bad u have to listen to him to be a millionaire
@@xandertherrien4387 like u know?
Is $1k enough for an emergency fund these days?
Do exactly what Dave says, and you will come out fine. Most people can't do it because of the "pain" they might feel in the beginning. That's why they are called BABY steps, because most adults still act like babies when it comes to money.
Guy calls in asking for advice, then spends the entire call talking over the advice.
Come on VXRT... Stop acting like a crazy ex 🙄🙄🙄
Everyone's job is unstable in this uncertain period. $1k is not enough security.
That’s why it’s only a baby step 😉
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Not really, there are plenty of jobs that are still just as stable - or unstable - as they were before the pandemic started.
Dave hates it when u don't work his plan
When he told Dave his income, smdh. He is panicking for nothing.
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Personally, I would wait. You make $120k, what's $10k.. Wait a few months about loan forgiveness, no interest is being charged...
Loan forgiveness 🤣
Inbox James Maxwell for special assistance
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You said it well what's 10k right pay off what you OWE and stop relying on the gov.
I knew the answer immediately when the caller started speaking.
There’s no way he wrote the check
The callers plan is better.
"Dave doesn't understand that-"
Then call him and ask about it, scaredy cats.
"I'm scared of only having $1000 for a little while." Me: Right now you have $0 because you have debt. Just get on it and in no time you will be in the top 10% of American families in regards to finances.
Exactly. Have 1k sitting aside is a good booster
Dave’s plan is a good baseline. But I think he needs to learn to adapt just a little. His business needs to evolve Bc it hasn’t very much. He says it all the time, he’s been saying the same thing for 30 years. While that is something to be proud of, businesses that don’t respond to change get snuffed out. At some point before 2030, Dave Ramsey will either accept that they need to evolve, or there will be another financial success big name with new ideas that also work and appeal to today’s culture in some ways. And Dave will be history
Nope it's the principle behind it that makes it timeless, this isn't some high tech industry or ev, energy ect man. Btw dave is worth 100s of millions by now, he won't be "history" in 10 years, lol.
If he has been suggesting $1000 for 30 years, he needs to up it to $2000 just to keep up with inflation.
Yeah if anyone contested I would have brought up inflation. But I also believe that smallest to largest isn’t the way to go. Largest interest rate to smallest interest rate gets you out quicker and pay less to get out. I understand the emotional progress of seeing less debts. But he also doesn’t recommend starting to pay of debt until you know you’re determined to get out of debt and stay out. So if that’s true then you should begin the journey with the end as close to you as possible.
The only way to
Greetings from poor drone operator in snowy and frozen Chicago
Once again Dave forgets to adjust for inflation. $1000 isn't what it used to be.
Then we will have to find out when he first started this financial peace and do an inflation calculation to what it is now.
@@wewhoareabouttodiesaluteyo9303 good luck, they used to teach having a higher starting emergency fund
@@JiisTube I pull up "in the 1990s" a lot. So it would seem that the starter EF should actually be $2k by now.
@@wewhoareabouttodiesaluteyo9303 they used to teach higher than 2k
Household income 2x the national average and nearly 4x median personal income. Gonna be fine big guy. Takes a special kind of slow to mess that up.
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😁✌👍🖖👌 😎
This guy doesn't listen well, for starters.
1000 IS enough to solve an emergency period prove me wrong
1000 isn't enough dude. Most medical insurance have high deductible like 3000. Emergency visit would rip you off. Plus the guy has a baby.
Even car insurance has 500 or 1000 deductible for generous rates. So even a simple car accident will wipe your emergency fund.
Add all the uncertainties of pandemic. Dave's textbook suggestions don't work in all situations
Reverse Mortgages Are SCAMS!!! - Dave Ramsey Rant
However, what is your alternative choice? Seller your home and move out? Take out a NEW mortgage? Just eat half as much? Really what is a safe alternative to get cash in your old age?