I’m Worried We’re Going To Run Out Of Money!
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- เผยแพร่เมื่อ 11 ส.ค. 2023
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$150K annual household income and $920 house payment. They are in debt because of free will spending.
True...I think they're snorting their income...
@@jamesjazzy8040
😂 snorting their income.
Spending without a plan
Snorting
Lol
@@jamesjazzy8040I snorted while laughing at this comment
@@jamesjazzy8040that would make the most sense, but if you aren't paying attention is easy for money pass through your hands like water
Most millennials I know would do unspeakable things for a $920 mortgage 😂
I'm a millennial, and I have a 2000 sq ft house 3 bed 2 bath 2 car garage on half an acre fenced in. My mortgage, including insurance and taxes, is 1350. I feel lucky and blessed to have that.
It’s ALL speakable
Yeah I’m 30 and pay $1,070 for a 1 bed 1 bath apartment with an upstairs neighbor that stomps around at all hours of the day and night.🤓
Mid 30s with a 2 bed 2 bath apartment cost 1362.49 with weed smokers and homeless people around and my apartment is considered cheap. I wish I had that lady problem. She spending too much and had too many kids. Just cause your married don't mean birth control is no longer a thing. Most people out their lucky if their family half that income but really struggling on a quarter of that.
There's really no reason to be in debt (other than house) with a $150k income with a $920 mortgage payment. This is absurd.
Agreed 👍
They ear out more then she's admitting to
Not so sure. I see pay statements at work. $150k even with dependents after taxes and insurance costs is not so much with 5 kids. A mortgage is only the beginning. We had thousands of dollars a year in maintenance costs on our house not including one off repairs. A patch on the roof was nearly $1k six years ago. Old cars need more frequent repairs. My husband has 2005 Sequoia. It’s paid off but any repairs are now min $700 and that happens at least once a year. And he is religious about maintenance and doesn’t ride her hard.
.... mom of 4 here - totally true caller. Her grocery bill might be around $2500, plus all adult size clothing/shoes/teens needs. $4 school lunches cost me $400 a month, etc
You obviously don’t have 5 kids
Watched Dave everyday for 6 months while I was saving up to buy my first house. Got the house, stopped watching and my finances got out of line. Needless to say I am back watching Dave again.
Same!
Uncle Dave keeps us all in line!😊
Same here. Drifted away and then stated being careless again.
$150k income with 5 kids and they were told to go bankrupt on only $47k debt, with $10k from a car???
fire the finance advisor. They should have little Fed taxes and can easily eat large, cheap costco bulk meals
A attorney told them to xontinue w the attorney
Yes insanity. Show a bankruptcy attorney a check and they will show you a case
The financial advisor saw raw data. Not this sanitized and rehearsed version of the story. The numbers don't make sense because her story has a million wholes in it.
@@Mr.Boring_Man holes too
Dave’s plan works
6yrs ago I had
$3100 take home income
$11,000 credit cards
$0 savings
$400 rent
Then I found Dave and did a 180.
Now
$4100 income
$0 credit cards ( cut up )
$0 rent paid cash for home
$40k savings.
I feel like I won the lotto
Thx Dave
dave plan sucks
If you're considering bankruptcy, it's time to cancel the saxophone lessons!!
Bingo, and full blown cell phone plans as well as ALL subscriptions.
Lol
Agreed
Disagree
@@13ikeaI agree with your disagreement.
I admire this woman. I wish my mom and dad would have been her, would have changed their behaviors and called and asked for support. We lost our home and it broke our entire family apart. 10 years later and our family is still broken from the emotional toll it took on my parents. They’re unhappy every day because they sold their house thinking it would solve their poor money handling when it just prolonged it. Now they still have money arguments and mishandling, they just have those arguments in a smaller home. I hope the best to this mom, she’s saving her kids from trauma by doing this. I’m sad her husband isn’t on the phone with her but she is saving her kids a lot of heart break
These are the type of people who think the children call the shots. Hint...they don't. Seen this way too much, can't say no to little Johnny.
Absolutely Agree
Sometimes they do. Especially if they have autism or mental health issues. Don't be so quick to make gross generalizations.
@@user-id7ut8uc2j be quiet! If they got autism they don’t call the shots either! Autism kids can be tamed, they’ll get the belt just like any other kid!
@@user-id7ut8uc2j You are correct! Most of these "children" can be found being babysat as adults in jails and prisons.
It's not how much you make, it's how much you spend. You can make $1 million dollars a year but if you can't control your spending you will be in trouble!
Running out of money. One of my biggest worries when thinking about retiring early
Find ways to make more money while retired. My dad flips cars.
@JewelBlueIbanez Oh, that's not the problem. I do have steady income even in early retirement. But you never know what life throws at you.
Issues retiring? Then go back to work or find additional stream of income there are solutions to everything
@@sami-9233 I'm stilling working. I have multiple sources of income. You just don't know what life brings is the point
She’s in a mess but not horrible. I can’t believe she was told elsewhere to declare bankruptcy.
That’s the normal thing to do. They can pay off their debt in a year if they get serious.
I've enticed some people think bankruptcy is the answer to everything
Great segment! Life sometimes drive us non stop and we just try to keep up. Great advice!!!
Daves advice about those expenses not being a surprise and how to plan for such expenses was genius! This has been the best episode I have seen so far!
"calm down,line up and behave".....Love it!
Parents should engage their children in the budgeting process, as early as possible so the entire house is on the same page working together to meet budgeting objectives. This action can have positive downstream effects for everyone involved.
Maybe or maybe not.... Stuff only works if, as, and when it works.
Are you kidding me. 920 mortgage with 150 gross?
"Saxophone payments aren't a surprise" - Dave Ramsey 2023
Also, Mr 18 year old needs to be working and contributing if he still lives there.
At 150K they don’t need their 18 year old working to contribute to their home. Sure they can work, but $12 bucks an hour is a drop in the bucket. I would want my daughter focused on starting her career or school. Not cleaning my mess
@TheSonyExperience you know how you work on a career at 18? You work.
@@HatedJared Most 18 year olds work on their career by going to college. So the work would just be to subsidize their increased expenses. But I would never expect my child to pay bills in my house because I cant manage my money..
@@TheSonyExperience the 18 year old works to manage THEIR OWN finances. Actually they should have had at least 4 years experience by that point.
Daves a great guy gives desperate people hope
We make about $80k w/ 3 kids and a baby on the way. We’re putting myself and my husband through school SELF PAY… and we have $2k in debt… wth do these people do with their money????
I understand how it happens, we make $170,000 a year and stopped saying “no” to things we thought we needed. We’ve learned we have to save up for the things we need to have done instead of reacting immediately. For example, our basement flooded last winter and we still haven’t remodeled it. We’re saving for it instead of just throwing it on credit cards. Now we really think before making a big purchase.
By the way, well done to cash flowing his school! You should be proud!
@@leahwolber7082 thank you! It’s really hard saying no to things when they seem very important at that time. We certainly deal with that too. I wish y’all the best!
I’ve got a little over 100k in CC availability and keep my utilization between 0-1%, and I only have a 55k annual income. It’s really easy to use CC’s wisely.
I constantly worry about running out of money, it's just the way it is if you're low income, have money coming up and it's going towards my debts but in the meantime it's just hard to say the least, these what I would consider "rich people" just don't know how to deal with money and yes I have a nearly grown kid with autism.
Please, please, please do not EVER stop your 401k fully. Reduce it to your match. It might take a little longer to pay the debt down, but a 401k match is a 100% return on investment. No interest rate you are paying is higher than that unless you have some payday loans and such, that are charging 10% a month.
My parents was making $50k combined income raising 5 kids. Bought 10 used cars in cash and their mortgage was paid off in 2 years. This was during the years 1990-2010 just for inflation info.
And they have never used a credit or debit card😮
Credit/ debit card is just a tool to spend cash.
Nothing complicated.
50k was good money in 1994! That sure helped
How in the Sam hell does somebody get $33K in credit card debt?? 🤦🏻♂️
29% APR...
Using it like a credit card instead of like a debit card
Expect to spend 300 on groceries, get the surprise birthday party, pick up a gift and a card, dont put anything that isnt necessary back, spend 350, ignore the bill, go grocery shopping, have an emergency bake sale , but 20 cupcakes, spend 340, ignore the bill, buy junk food and shop 2x a week.
@@grega2362, the last time I had some credit card debt, I used regular grocery shopping to help get out of debt. I had about $900 on the credit card from a car repair. My usual grocery bill (at the time) was about $200 per week and I usually paid for it with the debit card. But after that car repair, I would put the groceries on the credit card and immediately transfer a little bit more from my checking account over to the credit card. If the groceries were $208.57, I'd transfer $215 over. At the end of the month, I had put about $800 on the credit card and paid about $830 towards it. But the magic of this trick is that the payments apply to the existing balance first. So by paying $830 during the month, I paid down the existing $900 down to $70 and put $800 more on the credit card. So the bank charged me interest on $70. The interest was only $1.17 instead of the $15 it would have been if I had just paid for groceries with the debit card. Then I made a payment of $200 which applied to the new charges. After just a few months I had it paid off. And I saved myself most of the interest that I would have paid over those few months. It's not that big of a deal on $900 at 19.99% APR, but it could be if the balance and interest rate were higher.
Everyday living
“We lived simply and only ate out once a month”. Oh…also we have $33,000 in credit card debt. Something doesn’t add up.
You’d be surprise. 7 irresponsible ppl can rack up that money easy without eating out. They just don’t say no a lot
I’m starting to like Dave a lot more because of the simple fact that he cares. And says it like it is. And is fun with how he says things.
This was good advice.
Forget the soccer and saxophone until debt is paid off. Cut the cable. Forget streaming services. Cut all unnecessary things. It's only temporary.
$920/mo house payment is insanely low. I pay $2350 to barely have enough space for 3 kids. My monthly income is the same as hers and I'm paying $900 alimony/child support. She'll be fine. How she's unable to budget is beyond me.
She's learning.
The probably bought their house when they first started having kids. We bought a house 8 years ago for 160,000, four bedrooms and 1.5 acres. Our payment with taxes and insurance is $960. We could never afford our house if we bought it for what it’s now worth though.
My actual mortgage payment is $700 but after you add the homeowners and flood insurance, it’s $1300 a month.
I don’t know if she was saying that’s her total cost or before insurance cost..?
Jade, your hair looks good😊
I barfed a bit in my mouth when she kept using all of these platitudes.until I realized she was quoting Dave Ramsey to Dave Ramsey. I just let it flow then. This woman is soooooooooooooooo tightly strung! I pity her husband and kids. Husband is gonna say "See? I told you we are okay!!"
The every dollar app is really helpful yall!
One of my friends passed away 3 years ago. At the time she was contemplating her THIRD BANKRUPTCY ! It made me sick she had not learned anything and here she was dying. It was an awful experience. Because I was the only one to stick around she wanted to leave the property to me. However, there were so many debts, liens, I said no.
Your next of kin can’t be held responsible for your debt after you die. That’s a myth. Unless that debt was partly in your name when it was borrowed, you can the held responsible for someone else’s debt.
@@JackieOwl94 But debtors can come after the estate, and they will. That will force the sale of the property to pay the liens and other debt.
I'm so confused. They live minimally yet they cannot save. Where is everything going? Is it all going towards the kids and their clothes, fees, sports, activities, braces, dental bills, medical bills, etc?
Everyday expenses like food, toiletries, fun and utilities
If I was in financial difficulties every one of those kids over 16 would be having a job. I'd even be encouraging the younger ones to be looking at what they can do to make money. A family is there to pitch in during times of hardship
Umm.. no, it's not on the kids to help out their parents who made bad decisions. If they want to spend their parents money for fun and are over 16, they should. But if they're just trying to survive in their parents home, and not demanding money, it's not up to them to make money to help out their parents.
@@alyssabird720 I'm hardly suggesting that they are sent up chimneys or to the work house. I certainly wouldn't be having anything in my budget for them beyond food and basic clothes though. I think she also said that one was in his 20s. If I have a 20+ fully grown person living in my house they are contributing to the upkeep of the house on principle
Ew I bet you’re one of those parents that charge rent. It’s not your kids fault you’re crap with money. But making at 16 year old to get a job to help with you failure is disgusting. Get a second third job. But you cannot hold a child accountable for your crappy financial situation. Fair enough if your child is finished with education and they have their proper’adult job’ and living with you. Yes charge them rent but it’s not the child duty. You shouldn’t have had 2+ kids if you’re going to use them to help with you finances. It’s your failure not theirs.
@@davidchester429sounds like the 20 year old is heavily disabled. Not sure you listened to much of the conversation, just what you wanted to hear.
@@hayleydavis7562 depends on the disability. My mum has next to no use of one of her arms and works harder than any 10 people I know combined. Working from a young age is such a good thing to get children doing. The financial aspect of it is probably the least important. I had a job from 14. The biggest thing it teaches you is the value of money and how hard you have to work to get it. The idea that parents funding adolescent activities and college education is helping their children is far removed from the reality in my experience
Same income except our living expenses are insane in SoCal while raising six children. Even when our income was twice that, the chaos overruled. Really wish I had followed these principles and moved out of here years ago. The cost of living here is unlivable. Our apartment complex is full of lawyers, doctors, financial gurus lol, all paying $4000 + for a 2 bedroom. Sad state of affairs. Stupid. It’s just plain stupidity. Wish someone would’ve just said that to me and I’d listened.
I wish I made 150k n my mortgage was $920 … that wud be a dream
Sometimes you just nail it.
Kids don’t NEED everything they ask for. Don’t pay for a saxophone if you can’t afford it.
Probably a requirement for a class in high school. Only question is if it's a debt to the school (the kid gets the sax, they'll get a bill) or a charge at the store (a rental or for purchase).
What if he is rlly
Good lol
@@aboutwhat1930only reason it would be required is if he chooses to take band. That said… $50 to help your child be educated in music isn’t an expense to fight over.
@@adamseidel9780 100%, it's an education expense at that point.
The sax payment was required for school. Any parent with a kid in band understands these expenses come up.
This caller is gonna make it
I am so surprised by this call….glad they reached out to Dave….budgeting will help them immensely
Quit making others rich will help more
It sounds like their problem isn’t budgeting, their problem is a cash flow shortage to their emergency fund. In addition most of their debt comes from credit cards, if they weren’t making those payments towards those debts in the first place then they would’ve had a robust emergency fund more suited to their needs.
I was in so much debt until the kids grew up one by one. Once they left so finally almost finish with debt
Exactly its just a season of life
She will be good
Dont worry be happy🌻
So before having kids.........you dont realize they cost money ?
0:43
There is the problem. Too many kids.
@@stevenporter863 Yes.........but the bible bangers dont see it that way..... Kids are a gift from god ! At the same time.....no one set of parents can care for that many kids !!!! They are dished around like cookies....and others are expect to help care for them ! No parents can give that many kids attention as needed. The kids are neglected !
@@stevenporter863too many entitled kids
@@jameywallace5133 ... Or parents who never leave a want unfulfilled.
7 people in a house isn't sustainable anymore financially e en at such a high salary and low cost of living ($950 mortgage)
150K??.....900 mortgage?....yup...no issues. I have 5 kids as well and don't make that much nor is mortgage anywhere near that low
Where do they live for that house payment?
The keys are “Budget and Discipline”. Stay within your means.
❤Zero debt❤ All Glory to God🙌🏽🙏🏽🙌🏽
Having a box of cards, birthday, anniversary, thank you, condolences, and what have you, plus 20 or 30 dollars in the box for gifts, will help eliminate any surprises.
These people have a crazy nice income $150k there is not any reason they can not pay their bills.
$920 in Massachusetts?
Probably bought the house 10+ years ago.
Probably next to Rhode Island or way west
It says Worcester. Possible if they’ve had it for awhile
10. Must be 30 years ago.
Off subject but what is that song at the beginning
12k a month income and a house payment of 900 I don't see how they can't pay off all their debt in a year. 2k groceries (very generous amount) 400 phone, 300 insurance, 300 electric, 100 water sewer etc, 600 gas, whatever I'm missing this adds up to almost 5k leaving 7k left. Why do they feel they need to go bankrupt???
Don't forget health insurance, this is the USA.
920 house payment, like how? 😮
You only pay for saxophone lessons if your child is gifted at playing saxophone and wants to do it and there is a chance that music will be his professional career.
Start explaining to people they need both a monthly budget AND a yearly budget and they need to blend.
Yes, people often forget the annual expenses.
The kids should get a part time job
Love you papa dave
Where is the money going? Private school and activities for the kids? Just can't figure out where $10k/month is going. Something doesn't add up.
Popping out more kids while having less than ideal financial circumstances to support those kids well isn’t fair to the them. Please take family planning classes and financially plan for children.
Amen!
It's a little late they're already here. But they should have been able to handle it without going in to all this debt.
7 mouths to feed will make you financially insecure no matter how much you make
all the kids go to work as soon as they are able, it's one for all and all for one, the family.
Why is it always the people who make a ton of money who end up in these situations? My husband makes about $38k per year on a single income, and we save a ton of money and have almost zero debt. The one car debt we have is almost paid off years ahead of time.
Just depends on the individual.
I made over $160k/yr. in my career. My only debt was a nine year mortgage and retired 15 years early.
Lifestyle inflation, not budgeting. People who make a high income tend to use it as a means to simply just spend more money, and their higher income subsequently allows them to borrow more money than a lower income person could normally qualify for. Believe me it’s entirely possible for people making over 6,000 a month to find ways to end up in their overdraft by months end and put the rest on a credit card until they get paid again, then when their credit card bill comes around they’ve spent their income and make the minimum monthly payment. So on and so forth.
I agree with u 100% about these high income earners. They have no common or financial sense. They have the income, but is clueless about running a house hold. And probably life too.
They have 5 kids
Why don't I hear no alcohol, no beer, no recreational drugs, no snack foods. Maybe carpooling. Implications to buy their products. You do good work. Could be better.
Mathematically, she should be able to make the numbers work in her favour.
A 150K household income with a 900 bucks a month mortgage, are you kidding me? That's frikkin' amazing! However, the more I hear about kids, I'm thinking they're more of a curse than a blessing in this financial reality. No wonder young people aren't having them.
Kids are only a curse if you refuse to parent them.
Yup, especially if you have too many kids. These folks have 7 people in a household. It didn't matter the salary, it will never be enough money to make anyone feel secure.
You’re gonna make it !
Jade is beautiful.
Just saying...
Calm down, calm down
People need to know about 0% APR credit cards that offer balance transfers for up to 24 months I’ve seen. It could help delay a debt snowball and promote future stability by lowering monthly interest obligations and allowing you to put that excess towards the principal, or in your family’s mouth if need be.
You don’t think these people didn’t try already? And a lot of those debt transfer services just make it easier to not make payments and not take responsibility for their debt. It’s just a quick and easy way to put the problem under the rug.
horrible advice
@@JackieOwl94 plus the transfer fee is always somewhere between 3% to 5%, that's one grand for $30k debt
This has been a popular thing since the 90s and it works well for credit card companies.
Things like this is why Visa and Mastercard are having jumps in quarterly profits and a 10-20% dividend increase last year.
Most people that get these offers aren’t in debt . They have great credit but you can always call your credit card company and ask for a lower apr for a year which could be a few percentage points which is better then nothing. Give it a try
34k CC debts, 10k car, 3k braces, & a $1k/mo mortgage. Income of $150k pre-tax. They got this, easy, as long as they keep the credit cards in pieces. They're making about $100k after-tax, only spending maybe $2k/mo on the home, and thus have $6500/mo to cover their actual needs and all the payments. They can wipe out these debts in the next year, certainly.
Unfortunately they’re sitting on nearly a grand a month on interest alone
@@adamseidel9780 Possibly up to about $1200 in interest if they have ~30% APR's on the credit cards. They can knock that down pretty quick though on their income, thanks to the low mortgage (probably helped by timing and the below-average home prices in Worcester).
Regardless that's a lot of interest to pay each month before making an impact on the principle. But with an income like that, they've surely been overspending and need to get the credit card debt gone before interest rates go any higher.
@@adamseidel9780 a grand a month in interest on 9k take home shouldn’t be an issue.
Yep I made it through but still worried about retirement in 15 years.
Living not within your means. That’s what this is called.
What financial counselor would tell her to declare bankruptcy with $47k in debt and $150k annual income?
Quick question: why 5 kids???
Agree -- if you can't feed 'em, don't breed 'em!
Children are only a blessing if you planned and can afford them. You're looking at close to $1M/child up to the age of 18. Dave laid it all out to prove my point but he will never cut it off at the pass.
Yup 7 mouths to feed will always leave you financially insecure no matter how much you make
Can someone who is not ridiculous call in?
Too many kids and not enough income will keep you in the poorhouse.
Exactly. Nobody will ever feel secure at any salary if they have 7 mouths to feed.
5 kids??? Nuts
I called kid stuff "Yeti" scarry stuff that shows up radomly..and i had an envelope for that .. scout camp, church camp, youth trip,
You will have to learn how to tell your kids no sometimes. It stinks but it's also a wise lesson for you. You put yourselves in this situation and it's your fault you have to say no. As soon as you take that accountability you'll never go back to it.
How can you be in debt if you making 150k. You need basic 101 how to manage your money. This is crazy.
Budget and Invest for a few years - possibly downgrade car
5 kids. Good luck.
The kids should all be working. Even the 11 year old can make money mowing lawns, pulling weeds, shoveling snow, etc. They can use their own money to buy little extras for themselves.
When? the children are in school and they should be learning not working
@@smokinhalf They are on summer break now, they are not in school. And kids have been working PT jobs on weekdays after school and on weekends for a long, long time. They can also make money babysitting, mowing lawns, shoveling snow, dog sitting, etc. I know I sure did when I was a kid and my own kids have as well.
They have all weekends and late afternoon spent outside school
Teaches you A LOT
Anyone under 14 can't work legally
That was normal chores and making money when I was growing up before middle school.
Parents never forced us to make money to pay them unless we were over 18 living at home.
Is it ok for these people to go to food banks?
I am concerned for this caller. Dave and Jade think they will be okay. They make $150,000, but they haven't been largely wasteful with their money. No big house or car payment. Not much eating out or vacations. And they've run up the credit cards.
$33,000 in credit card debt is $500 to $700 a month in interest depending on her rate. I can only imagine what it costs to feed 7 people.
This one is simple. She can't budget, period. Fix the glitch on you'll be fine. 150K income with a tiny mortgage. Even with 5 kids this should easy mode!
i currently have about 13k total in my bank account. currently married and a mobile home owner with 600 rent and 536 mortgage. we both work and dont plan on ever having children. we live on a very cheap lifestyle..
...so why am i still stressed and worried about my money suddenly disappearing? 😥
Ppl really be "drowning" in an empty pool. 150k and struggling?
You will be downing no matter how much you make when you have 7 mouths to feed
NO ONE SHOULD BE ALLOWED TO FILE BANKRUPTCY, PAY OFF YOUR DEBT!
I have 4 kids and make way less and am in baby steps 4 & 6.
Im sure itll get easier from here as her kids ages out of the house starting from her oldest child
The eldest has autism, so that could mean being able to care for themselves, or lifelong care by the parents depending
No, because some of them will go to college probably. The oldest may never be able to leave the home. That's a difficult future to plan for if you are a special needs parent.
Time to cut vacations and restaurants.
😂 @ considering bankruptcy with a $150k annual income, and manageable debt
This woman's middle name is chaos.
The 18, and 16 yr old need jobs, the 13/14 yr old can be doing small jobs like lawns or babysitting they can cover their car insurance, gas, cellphone, other wants
Is anybody going to give her employer credit for sending her to a mandatory retirement meet? lol
$150k/yr and a $900 mortgage? They should be rolling in dough.
Taxes in Massachusetts are nuts.
@@djpuplexstop.
😂😂😂
@@SRD1281 $15 per $1000 of assessed real estate value. Let's say $300k modest home I doubt it $4500/yr but with 5 kids they probably aren't in a 2 bedroom.
5% state income tax as well
Worried about $50? What? Probably spend more eating out a week.