I’m Worried We’re Going To Run Out Of Money!

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  • เผยแพร่เมื่อ 23 ธ.ค. 2024

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  • @kensmart1976
    @kensmart1976 ปีที่แล้ว +294

    $150K annual household income and $920 house payment. They are in debt because of free will spending.

    • @jamesjazzy8040
      @jamesjazzy8040 ปีที่แล้ว +35

      True...I think they're snorting their income...

    • @Dividendflywheel
      @Dividendflywheel ปีที่แล้ว +9

      @@jamesjazzy8040
      😂 snorting their income.
      Spending without a plan

    • @ericmanso7355
      @ericmanso7355 ปีที่แล้ว +3

      Snorting
      Lol

    • @thecurrentmoment
      @thecurrentmoment ปีที่แล้ว +7

      ​@@jamesjazzy8040I snorted while laughing at this comment

    • @triad6425
      @triad6425 ปีที่แล้ว

      ​@@jamesjazzy8040that would make the most sense, but if you aren't paying attention is easy for money pass through your hands like water

  • @ThePatriots010304
    @ThePatriots010304 ปีที่แล้ว +222

    There's really no reason to be in debt (other than house) with a $150k income with a $920 mortgage payment. This is absurd.

    • @Sakurasan2023
      @Sakurasan2023 ปีที่แล้ว +13

      Agreed 👍

    • @youtubekeepscensoringme3357
      @youtubekeepscensoringme3357 ปีที่แล้ว +10

      They ear out more then she's admitting to

    • @asiasimmons9995
      @asiasimmons9995 ปีที่แล้ว +19

      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.

    • @tatianagoleva4062
      @tatianagoleva4062 ปีที่แล้ว +29

      .... 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

    • @Re3VxRNxCLAN
      @Re3VxRNxCLAN ปีที่แล้ว

      You obviously don’t have 5 kids

  • @Woopigmavs
    @Woopigmavs ปีที่แล้ว +196

    Most millennials I know would do unspeakable things for a $920 mortgage 😂

    • @nsant
      @nsant ปีที่แล้ว +13

      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.

    • @Jane5720
      @Jane5720 ปีที่แล้ว

      It’s ALL speakable

    • @BrianaBudgets
      @BrianaBudgets ปีที่แล้ว +3

      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.🤓

    • @loudandnerdygames5986
      @loudandnerdygames5986 ปีที่แล้ว

      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.

  • @Cloudyconfusion
    @Cloudyconfusion ปีที่แล้ว +32

    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

  • @zybard01
    @zybard01 ปีที่แล้ว +112

    $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

    • @Dan16673
      @Dan16673 ปีที่แล้ว +6

      A attorney told them to xontinue w the attorney

    • @DMS1010
      @DMS1010 ปีที่แล้ว +8

      Yes insanity. Show a bankruptcy attorney a check and they will show you a case

    • @Mr.Boring_Man
      @Mr.Boring_Man ปีที่แล้ว +4

      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.

    • @robertvalinsky9804
      @robertvalinsky9804 ปีที่แล้ว

      @@Mr.Boring_Man holes too

  • @JacobMathewsPanoxol
    @JacobMathewsPanoxol ปีที่แล้ว +69

    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.

    • @britanny5363ify
      @britanny5363ify ปีที่แล้ว +2

      Same!

    • @justinaacorn5721
      @justinaacorn5721 ปีที่แล้ว +5

      Uncle Dave keeps us all in line!😊

    • @riverrat3269
      @riverrat3269 ปีที่แล้ว +2

      Same here. Drifted away and then stated being careless again.

  • @FrenchCruller03
    @FrenchCruller03 ปีที่แล้ว +102

    If you're considering bankruptcy, it's time to cancel the saxophone lessons!!

  • @PInk77W1
    @PInk77W1 ปีที่แล้ว +54

    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

  • @higherliving
    @higherliving ปีที่แล้ว +6

    Great segment! Life sometimes drive us non stop and we just try to keep up. Great advice!!!

  • @YoPhocFays
    @YoPhocFays ปีที่แล้ว +20

    Running out of money. One of my biggest worries when thinking about retiring early

    • @JewelBlueIbanez
      @JewelBlueIbanez ปีที่แล้ว +1

      Find ways to make more money while retired. My dad flips cars.

    • @YoPhocFays
      @YoPhocFays ปีที่แล้ว +3

      @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.

    • @sami-9233
      @sami-9233 ปีที่แล้ว

      Issues retiring? Then go back to work or find additional stream of income there are solutions to everything

    • @YoPhocFays
      @YoPhocFays ปีที่แล้ว

      @@sami-9233 I'm stilling working. I have multiple sources of income. You just don't know what life brings is the point

  • @alinatamashevich3354
    @alinatamashevich3354 ปีที่แล้ว +41

    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.

    • @lexalee5795
      @lexalee5795 ปีที่แล้ว +2

      Absolutely Agree

    • @Kathy-v5g
      @Kathy-v5g ปีที่แล้ว +2

      Sometimes they do. Especially if they have autism or mental health issues. Don't be so quick to make gross generalizations.

    • @lexalee5795
      @lexalee5795 ปีที่แล้ว

      @@Kathy-v5g 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!

    • @alinatamashevich3354
      @alinatamashevich3354 ปีที่แล้ว

      @@Kathy-v5g You are correct! Most of these "children" can be found being babysat as adults in jails and prisons.

  • @SmarterFinance2
    @SmarterFinance2 ปีที่แล้ว +12

    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!

  • @sammyc7565
    @sammyc7565 7 หลายเดือนก่อน +2

    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.

  • @robinkrieger8003
    @robinkrieger8003 ปีที่แล้ว +19

    I am so surprised by this call….glad they reached out to Dave….budgeting will help them immensely

    • @alinatamashevich3354
      @alinatamashevich3354 ปีที่แล้ว +1

      Quit making others rich will help more

    • @Machetemike8343
      @Machetemike8343 ปีที่แล้ว +1

      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.

  • @daveburkitt5287
    @daveburkitt5287 ปีที่แล้ว +4

    Daves a great guy gives desperate people hope

  • @Meinvt
    @Meinvt ปีที่แล้ว +21

    She’s in a mess but not horrible. I can’t believe she was told elsewhere to declare bankruptcy.

    • @masoquistaeo
      @masoquistaeo ปีที่แล้ว +1

      That’s the normal thing to do. They can pay off their debt in a year if they get serious.

    • @ecclairmayo4153
      @ecclairmayo4153 8 หลายเดือนก่อน

      I've enticed some people think bankruptcy is the answer to everything

  • @NipItInTheBud100
    @NipItInTheBud100 6 หลายเดือนก่อน

    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!

  • @jsqared
    @jsqared ปีที่แล้ว +2

    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.

  • @scottdorsey8220
    @scottdorsey8220 ปีที่แล้ว +28

    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.

    • @donaldlyons17
      @donaldlyons17 ปีที่แล้ว

      Maybe or maybe not.... Stuff only works if, as, and when it works.

  • @rlangton76
    @rlangton76 ปีที่แล้ว +27

    $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.

    • @suen5006
      @suen5006 ปีที่แล้ว +1

      She's learning.

    • @nicolemyers4584
      @nicolemyers4584 ปีที่แล้ว +2

      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.

    • @tonyawood2911
      @tonyawood2911 ปีที่แล้ว +2

      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..?

  • @tonebonebgky2
    @tonebonebgky2 ปีที่แล้ว +9

    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.

  • @John-du2mq
    @John-du2mq ปีที่แล้ว +27

    Also, Mr 18 year old needs to be working and contributing if he still lives there.

    • @TheSonyExperience
      @TheSonyExperience ปีที่แล้ว +6

      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

    • @HatedJared
      @HatedJared ปีที่แล้ว +3

      ​@TheSonyExperience you know how you work on a career at 18? You work.

    • @TheSonyExperience
      @TheSonyExperience ปีที่แล้ว +2

      @@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..

    • @SVSky
      @SVSky ปีที่แล้ว +2

      @@TheSonyExperience the 18 year old works to manage THEIR OWN finances. Actually they should have had at least 4 years experience by that point.

  • @nrg1123
    @nrg1123 ปีที่แล้ว +6

    "Saxophone payments aren't a surprise" - Dave Ramsey 2023

  • @gdolly166
    @gdolly166 ปีที่แล้ว +4

    Are you kidding me. 920 mortgage with 150 gross?

  • @davidchester429
    @davidchester429 ปีที่แล้ว +18

    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

    • @alyssabird720
      @alyssabird720 ปีที่แล้ว +13

      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.

    • @davidchester429
      @davidchester429 ปีที่แล้ว +4

      @@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

    • @Okaysnack
      @Okaysnack ปีที่แล้ว

      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.

    • @hayleydavis7562
      @hayleydavis7562 ปีที่แล้ว +4

      @@davidchester429sounds like the 20 year old is heavily disabled. Not sure you listened to much of the conversation, just what you wanted to hear.

    • @davidchester429
      @davidchester429 ปีที่แล้ว

      @@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

  • @hyottey1980
    @hyottey1980 ปีที่แล้ว +5

    I was in so much debt until the kids grew up one by one. Once they left so finally almost finish with debt

    • @ecclairmayo4153
      @ecclairmayo4153 8 หลายเดือนก่อน

      Exactly its just a season of life

  • @verigabs
    @verigabs 14 วันที่ผ่านมา

    Anyone else an arm chair Ramsey advisor up in here? I dug myself out of a huge hole in my late 30’s. It does take a spartan lifestyle and gazelle intensity, but that doesn’t last forever. The cycle of debt, interest charges and shuffling debt has the possibility to last for an entire life and that is more terrifying than the work it takes in the short term.

  • @siegfriedbraun5447
    @siegfriedbraun5447 ปีที่แล้ว +2

    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!!"

  • @kbere4142
    @kbere4142 ปีที่แล้ว +4

    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????

    • @leahwolber7082
      @leahwolber7082 ปีที่แล้ว +3

      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!

    • @kbere4142
      @kbere4142 ปีที่แล้ว +1

      @@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!

  • @frankthetank5013
    @frankthetank5013 ปีที่แล้ว +11

    How in the Sam hell does somebody get $33K in credit card debt?? 🤦🏻‍♂️

    • @boredoreos
      @boredoreos ปีที่แล้ว

      29% APR...

    • @Csencharles
      @Csencharles ปีที่แล้ว

      Using it like a credit card instead of like a debit card

    • @grega2362
      @grega2362 ปีที่แล้ว +2

      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.

    • @---cr8nw
      @---cr8nw ปีที่แล้ว

      @@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.

    • @ecclairmayo4153
      @ecclairmayo4153 8 หลายเดือนก่อน

      Everyday living

  • @jillgott6567
    @jillgott6567 ปีที่แล้ว +9

    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.

    • @JackieOwl94
      @JackieOwl94 ปีที่แล้ว +1

      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.

    • @suen5006
      @suen5006 ปีที่แล้ว

      @@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.

  • @eliza_kai
    @eliza_kai ปีที่แล้ว +1

    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.

  • @theburnetts
    @theburnetts ปีที่แล้ว +10

    “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.

    • @Shortballa11
      @Shortballa11 ปีที่แล้ว +2

      You’d be surprise. 7 irresponsible ppl can rack up that money easy without eating out. They just don’t say no a lot

  • @JasonGroom
    @JasonGroom ปีที่แล้ว +2

    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.

  • @jimroscovius
    @jimroscovius ปีที่แล้ว +1

    Forget the soccer and saxophone until debt is paid off. Cut the cable. Forget streaming services. Cut all unnecessary things. It's only temporary.

  • @jimmymcgill6778
    @jimmymcgill6778 ปีที่แล้ว +12

    $920 in Massachusetts?

    • @megalodon1726
      @megalodon1726 ปีที่แล้ว +8

      Probably bought the house 10+ years ago.

    • @mian3446
      @mian3446 ปีที่แล้ว +3

      Probably next to Rhode Island or way west

    • @Meinvt
      @Meinvt ปีที่แล้ว +2

      It says Worcester. Possible if they’ve had it for awhile

    • @Chicagofire24
      @Chicagofire24 ปีที่แล้ว +1

      10. Must be 30 years ago.

  • @untouchable360x
    @untouchable360x ปีที่แล้ว +41

    $150k/yr and a $900 mortgage? They should be rolling in dough.

    • @djpuplex
      @djpuplex ปีที่แล้ว +2

      Taxes in Massachusetts are nuts.

    • @SRD1281
      @SRD1281 ปีที่แล้ว

      ​@@djpuplexstop.

    • @stevenporter863
      @stevenporter863 ปีที่แล้ว

      😂😂😂

    • @djpuplex
      @djpuplex ปีที่แล้ว

      @@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.

    • @djpuplex
      @djpuplex ปีที่แล้ว

      5% state income tax as well

  • @joelmartinez2278
    @joelmartinez2278 ปีที่แล้ว +2

    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

  • @linhaton4957
    @linhaton4957 ปีที่แล้ว +36

    Kids don’t NEED everything they ask for. Don’t pay for a saxophone if you can’t afford it.

    • @aboutwhat1930
      @aboutwhat1930 ปีที่แล้ว +4

      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).

    • @Shortballa11
      @Shortballa11 ปีที่แล้ว

      What if he is rlly
      Good lol

    • @adamseidel9780
      @adamseidel9780 ปีที่แล้ว +1

      @@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.

    • @aboutwhat1930
      @aboutwhat1930 ปีที่แล้ว

      @@adamseidel9780 100%, it's an education expense at that point.

    • @rlangton76
      @rlangton76 ปีที่แล้ว +4

      The sax payment was required for school. Any parent with a kid in band understands these expenses come up.

  • @HangNguyen-ih8rf
    @HangNguyen-ih8rf ปีที่แล้ว +19

    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😮

  • @bradleymaravalli2851
    @bradleymaravalli2851 ปีที่แล้ว +3

    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?

    • @ecclairmayo4153
      @ecclairmayo4153 8 หลายเดือนก่อน

      Everyday expenses like food, toiletries, fun and utilities

    • @tommyatkinson7312
      @tommyatkinson7312 7 วันที่ผ่านมา

      Probably because after having one kid with expensive, long-term needs, they decided that having 4 more was a great move. It can be done but you need a lot of money to do it.

  • @Theredeemedchild2
    @Theredeemedchild2 ปีที่แล้ว +2

    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???

    • @LiquidRetro
      @LiquidRetro ปีที่แล้ว +2

      Don't forget health insurance, this is the USA.

  • @alexiscook607
    @alexiscook607 ปีที่แล้ว +2

    Jade, your hair looks good😊

  • @Machetemike8343
    @Machetemike8343 ปีที่แล้ว +17

    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.

    • @JackieOwl94
      @JackieOwl94 ปีที่แล้ว +1

      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.

    • @MrJimmy3459
      @MrJimmy3459 ปีที่แล้ว +2

      horrible advice

    • @summerxia6974
      @summerxia6974 ปีที่แล้ว +1

      @@JackieOwl94 plus the transfer fee is always somewhere between 3% to 5%, that's one grand for $30k debt

    • @blackworldtraveler3711
      @blackworldtraveler3711 ปีที่แล้ว

      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.

    • @Vegasbonus702
      @Vegasbonus702 ปีที่แล้ว

      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

  • @Winnie-Kay
    @Winnie-Kay ปีที่แล้ว +11

    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.

  • @Charleston_SC
    @Charleston_SC ปีที่แล้ว +9

    Start explaining to people they need both a monthly budget AND a yearly budget and they need to blend.

    • @suen5006
      @suen5006 ปีที่แล้ว

      Yes, people often forget the annual expenses.

  • @moonmoon8748
    @moonmoon8748 ปีที่แล้ว +6

    Dont worry be happy🌻

  • @jillgott6567
    @jillgott6567 ปีที่แล้ว +2

    These people have a crazy nice income $150k there is not any reason they can not pay their bills.

  • @Intentionaltia
    @Intentionaltia ปีที่แล้ว +1

    The every dollar app is really helpful yall!

  • @aboutwhat1930
    @aboutwhat1930 ปีที่แล้ว +2

    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.

    • @adamseidel9780
      @adamseidel9780 ปีที่แล้ว

      Unfortunately they’re sitting on nearly a grand a month on interest alone

    • @aboutwhat1930
      @aboutwhat1930 ปีที่แล้ว

      ​@@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.

    • @kara2162
      @kara2162 ปีที่แล้ว

      @@adamseidel9780 a grand a month in interest on 9k take home shouldn’t be an issue.

  • @John-du2mq
    @John-du2mq ปีที่แล้ว +11

    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.

  • @christopherpaige406
    @christopherpaige406 ปีที่แล้ว +1

    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.

    • @ecclairmayo4153
      @ecclairmayo4153 8 หลายเดือนก่อน

      Yup 7 mouths to feed will always leave you financially insecure no matter how much you make

  • @jaytea42
    @jaytea42 ปีที่แล้ว +4

    You’re gonna make it !

  • @paulettemart
    @paulettemart ปีที่แล้ว +1

    920 house payment, like how? 😮

  • @c.bonabycpa1613
    @c.bonabycpa1613 ปีที่แล้ว

    This was good advice.

  • @JackieOwl94
    @JackieOwl94 ปีที่แล้ว +7

    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.

    • @blackworldtraveler3711
      @blackworldtraveler3711 ปีที่แล้ว +1

      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.

    • @themusic6808
      @themusic6808 ปีที่แล้ว +1

      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.

    • @josephbanks9897
      @josephbanks9897 ปีที่แล้ว

      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.

    • @ecclairmayo4153
      @ecclairmayo4153 8 หลายเดือนก่อน

      They have 5 kids

  • @WeR1bodyNChrist
    @WeR1bodyNChrist ปีที่แล้ว +18

    The keys are “Budget and Discipline”. Stay within your means.
    ❤Zero debt❤ All Glory to God🙌🏽🙏🏽🙌🏽

  • @nikitakucherov5028
    @nikitakucherov5028 ปีที่แล้ว +1

    This caller is gonna make it

  • @LukeofAllTrades.
    @LukeofAllTrades. ปีที่แล้ว

    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.

  • @kokolovitch56
    @kokolovitch56 ปีที่แล้ว +2

    Too many kids and not enough income will keep you in the poorhouse.

    • @ecclairmayo4153
      @ecclairmayo4153 8 หลายเดือนก่อน

      Exactly. Nobody will ever feel secure at any salary if they have 7 mouths to feed.

  • @lindsaybell1187
    @lindsaybell1187 ปีที่แล้ว

    Where do they live for that house payment?

  • @freebird7284
    @freebird7284 ปีที่แล้ว

    all the kids go to work as soon as they are able, it's one for all and all for one, the family.

  • @goofygirl1311
    @goofygirl1311 ปีที่แล้ว +9

    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.

    • @smokinhalf
      @smokinhalf ปีที่แล้ว +5

      When? the children are in school and they should be learning not working

    • @goofygirl1311
      @goofygirl1311 ปีที่แล้ว +2

      @@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.

    • @sami-9233
      @sami-9233 ปีที่แล้ว +1

      They have all weekends and late afternoon spent outside school
      Teaches you A LOT

    • @Sakurasan2023
      @Sakurasan2023 ปีที่แล้ว

      Anyone under 14 can't work legally

    • @blackworldtraveler3711
      @blackworldtraveler3711 ปีที่แล้ว

      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.

  • @windsongshf
    @windsongshf ปีที่แล้ว +8

    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.

    • @---cr8nw
      @---cr8nw ปีที่แล้ว +1

      Kids are only a curse if you refuse to parent them.

    • @ecclairmayo4153
      @ecclairmayo4153 8 หลายเดือนก่อน

      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.

  • @dominicwilson564
    @dominicwilson564 ปีที่แล้ว

    Love you papa dave

  • @susanthibodeaux5378
    @susanthibodeaux5378 ปีที่แล้ว

    Sometimes you just nail it.

  • @brightmorningstar1
    @brightmorningstar1 ปีที่แล้ว +4

    The kids should get a part time job

  • @thetruth5635
    @thetruth5635 ปีที่แล้ว +1

    She will be good

  • @thatcomicdad1687
    @thatcomicdad1687 ปีที่แล้ว

    Off subject but what is that song at the beginning

  • @jerrylansbury9558
    @jerrylansbury9558 ปีที่แล้ว +10

    So before having kids.........you dont realize they cost money ?

    • @stevenporter863
      @stevenporter863 ปีที่แล้ว +2

      0:43
      There is the problem. Too many kids.

    • @jerrylansbury9558
      @jerrylansbury9558 ปีที่แล้ว

      @@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 !

    • @jameywallace5133
      @jameywallace5133 ปีที่แล้ว +1

      @@stevenporter863too many entitled kids

    • @stevenporter863
      @stevenporter863 ปีที่แล้ว

      @@jameywallace5133 ... Or parents who never leave a want unfulfilled.

    • @ecclairmayo4153
      @ecclairmayo4153 8 หลายเดือนก่อน

      7 people in a house isn't sustainable anymore financially e en at such a high salary and low cost of living ($950 mortgage)

  • @kangkhita
    @kangkhita ปีที่แล้ว +6

    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.

    • @Slim3398
      @Slim3398 ปีที่แล้ว +1

      Amen!

    • @suen5006
      @suen5006 ปีที่แล้ว

      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.

    • @ecclairmayo4153
      @ecclairmayo4153 8 หลายเดือนก่อน

      7 mouths to feed will make you financially insecure no matter how much you make

  • @clarasuarez1454
    @clarasuarez1454 ปีที่แล้ว +1

    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.

  • @howardbloom6974
    @howardbloom6974 ปีที่แล้ว

    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.

  • @patriotdrone9566
    @patriotdrone9566 ปีที่แล้ว

    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!

  • @djpuplex
    @djpuplex ปีที่แล้ว +17

    No budget. No discipline. No shortage of excuses. Second and third jobs for both spouses until they are out of debt. These are the calls why i listen keeps me on the straight and narrow.

    • @drn13355
      @drn13355 ปีที่แล้ว +1

      What excuses? She was explaining their situation. I didn't hear excuses. She said they have 5 teens and it is expensive. Do you want her to call and just sit there and not say anything? You are pretty damn judgmental of someone who is trying to improve her life.

    • @movingforwardeveryday-d3g
      @movingforwardeveryday-d3g ปีที่แล้ว +1

      @@drn13355 In her case, having an autistic adult to care for is a second job, at least.

  • @leechburglights
    @leechburglights ปีที่แล้ว +1

    Yep I made it through but still worried about retirement in 15 years.

  • @thebeautifulmanclub3790
    @thebeautifulmanclub3790 ปีที่แล้ว

    What financial counselor would tell her to declare bankruptcy with $47k in debt and $150k annual income?

  • @bellmattwebb
    @bellmattwebb ปีที่แล้ว +5

    Watching these types of episodes makes me glad that I only have one child. Whew

    • @---cr8nw
      @---cr8nw ปีที่แล้ว +1

      Nah. I know people with more kids than that with much lower income. It's about being the parent and calling the shots. It's okay to tell your kid "no, we can't afford soccer lessons this time. After Timmy finishes swim lessons, we can sign you up for something." Don't let money stop you from being fruitful and multiplying.

    • @bellmattwebb
      @bellmattwebb ปีที่แล้ว +1

      There's enough people. The "mandate " has been fulfilled.

    • @woodside4life
      @woodside4life 9 หลายเดือนก่อน

      ⁠@@---cr8nw If you can’t afford kids, you shouldn’t have them.

    • @---cr8nw
      @---cr8nw 9 หลายเดือนก่อน

      @@woodside4life, if people waited until they could afford to have kids, almost nobody would have kids.

  • @tristanrodenhauser5267
    @tristanrodenhauser5267 ปีที่แล้ว

    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

  • @littlepixel1650
    @littlepixel1650 ปีที่แล้ว

    Living not within your means. That’s what this is called.

  • @PInk77W1
    @PInk77W1 ปีที่แล้ว +11

    Caller
    $10,000. Paycheck
    -$920 mortgage
    -$200 car
    -$850 cc payment
    -$2000. Food
    -$300 insurance
    $4270 bills

    • @anthonybrown06
      @anthonybrown06 ปีที่แล้ว +1

      Bruh this sounds crazy. Speaking from similar income and way higher house payment

    • @anthonybrown06
      @anthonybrown06 ปีที่แล้ว +1

      Also def not 10k take home. Between health insurance and taxes and pausing 401k you are talking $8700-$8900

    • @PInk77W1
      @PInk77W1 ปีที่แล้ว

      @@anthonybrown06 I was guessing
      5 kids makes the check bigger

    • @fhuber7507
      @fhuber7507 ปีที่แล้ว +1

      @@anthonybrown06 Still.. double their fixed expenses in take home. Easily should be able to pay off debt even with going to restaurants.
      Just completely spending more on useless crap that they throw out within a week than what they should.

    • @Shortballa11
      @Shortballa11 ปีที่แล้ว

      I’m what world is insurance $300 total for 7 people?

  • @Tehui1974
    @Tehui1974 6 หลายเดือนก่อน

    Mathematically, she should be able to make the numbers work in her favour.

  • @Buggu3
    @Buggu3 ปีที่แล้ว +2

    I wish I made 150k n my mortgage was $920 … that wud be a dream

  • @v.m.4453
    @v.m.4453 ปีที่แล้ว +7

    Jade is beautiful.
    Just saying...

  • @VividiVavidi_V
    @VividiVavidi_V ปีที่แล้ว +1

    Can someone who is not ridiculous call in?

  • @alyssabird720
    @alyssabird720 ปีที่แล้ว +12

    My hubby and i make $45k a year with no debt and we've saved over $10k in 3 years because we have a strict budget but can still have some fun.
    They are clearly spending too much on fun. They need a serious budget lol

    • @LillyAnnHouston
      @LillyAnnHouston ปีที่แล้ว +2

      Wish you had a channel on your budgeting. Would love to watch. Great job!

    • @misspretty1ification
      @misspretty1ification ปีที่แล้ว +1

      Man we make under $20000 in Arkansas rent $700 2beds1bath from a 3/2 $700..
      I don't get these people making $100,000 and still barely making that's insane to me I see this so often like what are y'all doing I would be so happy to make $100,000

    • @ceciliapetrowsky2572
      @ceciliapetrowsky2572 ปีที่แล้ว

      But do you have five kids?

    • @donaldlyons17
      @donaldlyons17 ปีที่แล้ว

      3.5K is not nothing but it is very much working poor and an amount that can easily be gone!!! 10K does not even cover that many years of living. My current car when paid for cash was $13,500!!!

  • @Uno-5Q
    @Uno-5Q ปีที่แล้ว

    NO ONE SHOULD BE ALLOWED TO FILE BANKRUPTCY, PAY OFF YOUR DEBT!

  • @BigRed2
    @BigRed2 ปีที่แล้ว +3

    Little billy you didn’t tell us about the Birthday party 5 months in advance so you’re not going! I don’t care that you’re 8. 😂😂 Yup $25 not budgeted will collapse everything 😂😂

    • @MoneyTeam507
      @MoneyTeam507 ปีที่แล้ว +1

      For realz 😭😭🤣🤣

  • @clarifyingquestions
    @clarifyingquestions ปีที่แล้ว

    Wow - 5 kids!!!! and only 1500 in the bank and carrying 33k debt. How irresponsible as parents is this!!!!! Tiki tiki time boom. Look after your kids!!!!smh

  • @attentive11
    @attentive11 ปีที่แล้ว +31

    SERIOUSLY!? 150k per year and $900 house payment, should be on easy street. It’s not hard.

    • @Dan16673
      @Dan16673 ปีที่แล้ว +6

      5 kids

    • @Ohiostategenerationx
      @Ohiostategenerationx ปีที่แล้ว +7

      @@Dan16673 it doesn't matter they still should be doing just fine. Shop at Aldi's for most of the food and keep a budget and they should be doing just fine.

    • @Shortballa11
      @Shortballa11 ปีที่แล้ว +5

      5 kids is a lot of insurance payments and food/clothes. 150k split 7 ways is not a lot especially considering most of them are adults

    • @Ohiostategenerationx
      @Ohiostategenerationx ปีที่แล้ว +1

      @@Shortballa11 the point is that at least 2 of them can get a job and work. So they should still be doing just fine.

    • @FTYC2022
      @FTYC2022 ปีที่แล้ว

      You must be childless.

  • @jacobrodriguez7771
    @jacobrodriguez7771 ปีที่แล้ว +6

    Dave “I think you’ve got autism”. 😂

  • @jacobsmithjr
    @jacobsmithjr ปีที่แล้ว

    Is anybody going to give her employer credit for sending her to a mandatory retirement meet? lol

  • @raymondsimmons1617
    @raymondsimmons1617 ปีที่แล้ว

    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.

  • @commonsenseisntcommon1776
    @commonsenseisntcommon1776 ปีที่แล้ว +1

    5 kids??? Nuts

  • @khoimavlogs5161
    @khoimavlogs5161 ปีที่แล้ว

    How can you be in debt if you making 150k. You need basic 101 how to manage your money. This is crazy.

  • @unknown_scythe9148
    @unknown_scythe9148 ปีที่แล้ว +11

    Dave should run for president 😅

    • @jimmymcgill6778
      @jimmymcgill6778 ปีที่แล้ว +2

      NO

    • @stevenporter863
      @stevenporter863 ปีที่แล้ว +3

      No. Dave is very simplistic. Lot more moving parts and others involved as president besides a 'stop restaurant eating and sell the car'.

    • @amireallythatgrumpy6508
      @amireallythatgrumpy6508 ปีที่แล้ว +2

      @@stevenporter863 And no American has the intelligence to handle them.

    • @TonyCox1351
      @TonyCox1351 ปีที่แล้ว +4

      He’s probably turn it into a Christian theocracy but the budget would be balanced lol

    • @stevenporter863
      @stevenporter863 ปีที่แล้ว +1

      @@TonyCox1351 If you know about economies: It is nearly impossible for a country to have an economy if the budget is balanced over the long term. A balanced budget would require steep cuts or elimination of government programs, which may have the exact opposite impact when more social program spending is required for those 'hurt' and lost wealth/forced into destitution during the drastic spending change. Individuals can not control the money available in the economy or their income ( to any great extent ). Governments can by simply expanding the money supply (inflation: weakening your coffee when they 'top it off') and/or increasing taxes. So bottom line: Dave's micro personal finance advice does not translate well to the macro economic or international stage.

  • @Primitive_Code
    @Primitive_Code ปีที่แล้ว +25

    The 21 and 18 y.o don't count as kids. The 16 needs to work part time too. So you really have two kids, make $150k/yr with a $11k/yr house payment. No excuses. Even if taxes are 30% (for me is 20%), you bring home $100k/yr.

    • @megalodon1726
      @megalodon1726 ปีที่แล้ว

      The 21 y.o. is autistic, possibly too autistic to work a job.

    • @robertlee8613
      @robertlee8613 ปีที่แล้ว +4

      People can't stop spending frivolously. That's the only reason. Quit spending so much and boom. Extra money every month. People never want to take responsibility and grow up

    • @Excalibur2
      @Excalibur2 ปีที่แล้ว +7

      a 16 year old being expected to work instead of live life and do well in school is a problem.

    • @martinmi5
      @martinmi5 ปีที่แล้ว +9

      @@Excalibur2 The problem is 16 year olds these days are lazy spoiled brats. They need to learn good work ethic early in life so they can be successful adults.

    • @Shortballa11
      @Shortballa11 ปีที่แล้ว +4

      21 year old is autistic and by the sound of it probably not high functioning. The 18 year old is probably going into their last year of high school and the 16 year can’t even drive cuz they can’t afford a car. This is the parenrs mess and they shouldn’t hold the kids accountable

  • @Mr.Boring_Man
    @Mr.Boring_Man ปีที่แล้ว +2

    This is a sanitized version. The numbers don't add up. This is reactionary spending to anything they didn't plan for. Ramsey is correct. They can't say no to themselves and no to their children. They justify saying 'Yes' with their yearly income. I believe they wrote down a budget. I don't believe they adhere to it on a consistent basis. It makes them FEEL responsible the one or two days a month they adhere to it.

  • @matthewdeemer254
    @matthewdeemer254 10 หลายเดือนก่อน

    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? 😥

  • @toddaustin2198
    @toddaustin2198 ปีที่แล้ว +2

    Sorry, Dave.
    Our 3 kids are 16, 18 and 20 and they've had ZERO visits to the Pediatrician ever!
    All were/are very healthy kids.

    • @toddaustin2198
      @toddaustin2198 ปีที่แล้ว

      A much better concern for us was paying for braces, dental care, getting wisdom teeth pulled, a root canal, etc.
      We've never had Dental insurance. That's all self pay for us.

    • @davidhale4647
      @davidhale4647 ปีที่แล้ว

      what about required shots for school??

    • @toddaustin2198
      @toddaustin2198 ปีที่แล้ว

      A Family G.P. can handle that. No Pediatrician is required. My wife and I were never taken to a Pediatrician either by our parents, but just to our respective family General Practitioner M.D.s.