He made MISTAKES and got into DEBT | What is he SPENDING now on and what should he do?
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- เผยแพร่เมื่อ 15 มิ.ย. 2024
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Today's sharing is on a story of Mr ZTD who has gotten himself into debt. The amounts while not excessively big will take a few years to clear. He wrote in to my for feedback on what to do and here are my thoughts on how I'd do it.
0:00 Introduction
0:48 Combined income
2:45 His mortgage
5:43 His total debt
6:30 Drive grab
10:38 How to breakthrough
12:47 Solutions to consider
#debt #property #financialfreedom #savingmoney
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I'm extremely befuddled by ZTD's financial literacy. I hope he rethinks his life choices, especially the conti car part.
It's great that you do such videos. I believe more people will have financial issues and can learn from each other.
Yes that’s a key driver for the channel we have here too :)
In my personal journey, i come to realize much strength is needed to say “I cannot afford it”. And there’s much freedom that comes after this.
Can’t imagine Mr ZTD is considering buying a car to do side hustle as a car involved spending more money that Mr ZTD does not have. Mr ZTD better listen to Josh’s advice n turf that bad idea. Get a side hustle without incurring any cost, like a helper in a hawker stall or sales in departmental stores or any other part time job, even as a dish washer , your main goal is to get the extra income to pay of the debt working Saturday n Sunday. Good point, Josh. Hope Mr ZTD will get out of this debt.
Yes indeed side hustle without a cost is the safer option esp for now.
Many people deserve that scream from Suze Orman, “deny deny you are deny!”
Exactly...he is already in a debt and still can think of buying a Conti car. He seems to be the type of person who wants face and show off for things he cant afford. If he dont even have $35000 savings to pay off for his debt and can still think of splurging on a conti car, he seriously have to slap himself to wake up. For a mid 30s couple who dont even have $35k of savings...its just really really poor financial management. i am now in mid 30s, me and wife already have savings of about $650k cash and all are in high yield accounts, tbills, ssb and endowments. He dont even have 35k?? really bad la...
Clear your debts first before you think of charity or investments. 35k in 1 -2 years plus dun fall in to further pitfalls by getting a car to drive as a phv. Also u r likely in the category cMio
Scary… he has more than just financial issues to deal with. Maybe pride is preventing him from making sound decisions.
Nice work on the prudent financial advice. I hope ZTD will consider to do what you have mentioned. And many others who are facing the same problems.
Thank you. Hopefully it inspires him and others
ZTD, you can do it. It’s all in the mind 😊set achievable goals and mingle with peers/friends that has the same mentality. That will greatly help your journey through this tough time.
i am shock ZTD is thinking of car. This should never touch. I agreed with josh, renting 2 rooms would be what i would do to speed up clearing the debts. Once debts are cleared i would buy hopsitalisation insurance for wealth protection.
I was working 2 jobs 7 days a week when I was in debt. Now I am debt free. Housing fully paid too. You can do it. Don't take on more finance burden.
Congrats! That urgency is exactly what I am hoping to suggest!
Maybe Josh can interview you! You can share your journey, the values and motivations that you needed to work on the debt clearance…
Kudos to you for being willing to tell him the hard truth. Liked the video!
Thank you for the high praise
From his language, can tell that he is not really trying to seek your help.. rather, he is hoping that you will agree with his justification to satisfy his own desire of buying the conti car so that he can hao lian to his friends... Unfortunately, what's likely going to happen is that he will go on to seek advice from 10 other people, until 1 of them says "yes you should do it", and he will take that despite the other 9 saying no.
I get what you mean. Hopefully he takes the critique and reconsider 🙏
Continue to be stupid and deluded and he will be on his own very soon. By right, having kids and added commitments should have brought him back to earth from lala land. Car still ok, but conti car given the current situation? Good luck!
Sound advice.
Change is tough, mr ztd need an accountability buddy or mentor. Good luck.
Mr ZTD, you got to act fast, clear your debts and starts saving
Mr. ZTD should OT or get higher pay or just do grab food using bicycle during free time to get himself out of the debt first. He should not think about getting Conti car coz he cannot afford it at all. He is already in debt but still wants to be further in depth. Totally don’t get it as he already has 3 young kids.
Priorities in the near term, mid term and longer term and the obvious cuts
Try be a food delivery rider on weekend n wkday nite..
Startup cost only about $100. If u have a bicycle..
Agree. I do think its safer than renting a car for grab driving coz of the car committment
Opportunities is everywhere, go and look for it. People here are very nice and share their view.
Definitely have to be prudent in expenditure.
Once upon a time, I was selling air purifer....door to door just to ensure there is money for monthly expenses.
Good video. Sounds like to me Mr ZTD wants the nice stuff but is not too keen to get down and dirty. His mind is already made up, regarding the car it all sounded like excuses to buy it. I'm not sure if he's genuinely looking for information, or rather just affirmation.
Thank you. I hope its not just affirmation too.
I agree that the family of 5 should use their CPF to pay for their housing loan based on their presented case.
Hi Josh, how may I reach out to you for advised (like those who wrote in) with regard to our next plan. Buy 2 private properties in the long run or 1 private and the rest into dividends yield & ETF for capital appreciation.
Hi Angela, you may reach me at joshtantap@gmail.com
I will be probing deeper for suitability 👌🏻
There is no easy way out. The 1st thing should be done - CHANGE YOUR MINDSET.
A good book i recommend "Millionaire next door" ... sorry Josh, I have not read your book yet🤭. This book and listening to Dave Ramsey has helped me to get out of debt and be financially free.
Never too many good books and financial wisdom =)
Quickest way i feel is to down size his home to clear his loan if possible, as well as to lessen the commitment to the home loan. Have a fresh start to build up weakth again.... and importantly not overspend or commit the same dire mistakes that brought him to the present state. Life doesnt give many 2nd chances
Valid point.
Sometimes home has other factors such as distance to school, space needed and stuff
Most sales jobs that pays well need license. Property, insurance, car
Hi Josh - Good Karma to you for helping people out. I believe Mr ZTD is perceived to want to resolve his problems on a longer term and still want to live a certain standard of life, whilst prioritizing his wants over some of the critical NEEDs area in his current predicament.
Just curious, how do you get case studies and how do you verify the authenticity of your cases? While I reserve my judgements for extreme cases like this, I do feel for people who get into sticky situations like these and are willing to share...
Thank you 🙏
Can’t verify. I hear the questions from the person writing in, probe further and give my feedback from as a friend
Other automobiles activity? Like racing? $500 -2000 win pot on Yishun?
Simple plan. No more vacations. No more eating out. No more kids tuition. Yah, lose that donation.
and that side line Private Car Hire
Good and interesting video.. My personal Loan that l took from Maybank Malaysia, is more that amount by the way. 😊
Thanks. Hope it has some useful points
Bro, I invested cpf in hsbc before the Ukraine war,i am 51 years old now, should I surrender now or when I am 54?
Dont be so short sighted ZTD... I love cars as well and when you get them you have tons of things you eould wanna mod... When you're out of this hell hole, you have a clearer mind and a clearer mind lets you make better decisions... When youre free and wiser, car, planes, yatch... No problem... 👍
Spend more time with your kids.
They grow up very fast!
I am in a similar situation myself however I will be out of it in less than a year. Forced myself to audit my spending and income to the cents as there are many budget apps available. I hustled 7 days a week and treat myself to a "good" meal every end of the week. Whenever I feel shag or demotivated I focused on my goals, I have both short term and long term goals and reaffirm myself why am I doing this. In a situation like this, got to set your right priorities and be dead firm at it. I even wrote a 3 step program for myself, Income then Manage then Savings. All in all just bite thru and imagine your sergeant fucking you and asking you to climb the mountain... By hook or by crook just get it over! Peace ✌️
good sharing 👍
The reason not strong enough.. just tighten up. Cut off unnecessary spending,
Do food delivery ,
Weekend aim $150 a day ($300)
$200 in the 5 days force your butt on the road for 3hrs after dinner.
That $500 a week, 2k a mth (not mentioning some 5 weekends a mth)
Josh mention points are valid need to put in heart and effort… into them.
ZTD is more of a direct person.
need quick fix … food delivery for the bill
Nothing can solve overnight.. give a decent timeline 2yrs?
2k x 24mth can crawl out of the hole already.. 35k ya? Not 350k or I missed out something
Yes.. The amt ment.. is achievable.. even manual bicycle.. as long ZTD have real intention to pull his sock, n work hard..
ZTD should just pay off debt first. Don't know why still think of getting a car and going deeper lol
No mental capacity to take a course, but got capacity to buy a CONTINENTAL car and "network".
I think it's more pertinent to get to the root of his problem - lack of impulse control. Bad debt, abundance of kids, desire for luxury in spite of his circumstance.
Dude has a lot of growing up to do man. Unfortunately, while there is always a chance for change, people who exhibit this kind of behaviour tend to carry on the same way until something major jolts them to change.
If a bankrupcy management doesnt do it, as clearly displayed by his response, then he clearly hasnt learnt anything.
I feel sorry for his kids, but hey, all the best man.
Lets hold back abit on the criticism. Hopefully he can take positive steps get back on track soon
Bo Bian one🤭
A second hand conti car? Hell no, bad idea!! I drive a conti car and am the first owner. Car is coming 6 years old. I like the car, but let's just say that money spent on keeping the car running can be better spent on other things.
Sharing noted 👌🏻👍
What was he thinking? I think he really needs help.
*_Money, like emotions, is something you must control to keep your life on the right track.”_*
*-**_Natasha Munson_*
Good luck to ZTD and thanks for sharing Josh.
Thank you and nice quote =)
I was amused when that Adik suggest to buy Conti car . He should get a part time job during weekend in F&B , security guard,etc that gteed some income. Hope he can ponder wisely on his financial expense . If not ,it will create stress to his kids n wife . Maybe, he can engage Encik Tan as his adviser for his long term financial plan ahead. 😅
First :)
Big thank you Ethan :)
easiest way out is actually looking for high paying job, both of them.
That needs years to develop and may not be available for their situation
N u think high paying job just land on their laps! If they can get those high paying jobs,we wouldn’t b hving this discussion. I can also say: easiest way out is not getting into debt in the first place but Mr ZTD is already in quicksand,so,it’s a moot point.
Ztd wun make it out of his hole. I know these kind of people are dime a dozen. They only want the easy way out in life.
Good idea on room rental, but most probably once he gets the passive income he is going to convince himself to buy the conti car.
I understand what you mean, hopefully he is inspired to take the right steps for the better
earn so little, want to have 3 kids. really shake my head
Let's be nice and respectful
Let's encourage him to do tweaks to improve and enhance his financial position to better his lives and allocation for earnings, deductibles and expenses
3 children and no education cost ?
Maybe budgeting was loose and didnt factor in. Or its only school fees which is negligible
his kids are doomed
we be constructive, never too late to make positive steps
@allisonbrady1364
Yes his kids are “doomed” with people like you around…
Wake up your idea. Mr ZTD
Let's be constructive, never too late to make positive steps
Mr ztd is delusional.
Let's be nice and respectful
wanna buy a COE car when COE is so high now. probably hes thinking of taking a full loan with ridiculous interest rates. imagine when COE starts going down, his car is gonna lose value big time, and probably have to top up money to sell! financial suicide for a combined income of 7k+ with 3 kids!
and also COE conti car, maintenance is definitely gonna be more than $200 a month. and imagine the down time for repairs! car gonna be sitting in workshop and how is he gonna drive PHV? double whammy
maintenance is definitely gonna be more than $200 a month - youve a valid point.