We Got Out Of Debt Then Took Out Another Loan
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- เผยแพร่เมื่อ 12 ก.ย. 2024
- We Got Out Of Debt Then Took Out Another Loan
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Whoever helped with the first debt is mad.
It takes years to get out of debt but, only minutes to go back into it.
That's a lesson that took me first hand experience to learn but glad I made it out free and clear and on the right path.
Casey Burns Investing so true! It takes no time to fall back into bad habits
100% right, Casey!
You can wander in, but you can’t wander out
And it's easy to gain weight, but hard to lose:(
This is the video that makes 99% of viewers feel better on how they manage their money
I'm happy this evening !
Big facts
jr smith $1325 rent for the entire house? I'd kill for rent like that. They obviously don't I've here in California.
For real...
it’s because they didn’t have to earn their way out of debt it was given to them
They completely spat in the face of whoever gave them that money by going into debt again so easily and without even thinking
Alexander Chavez true. This is why you must make sure people have the right behavior with money before just gifting them with large sums of it. What a waste.
By giving it away to crooked dealers.
jean lenor it’s not the dealers’ fault. The dealer was doing their job: sell a car and not lose money. It’s the customers’. No one is under any obligation to buy anything.
FACTS. If I were that stupid I wouldn’t be calling in sounding all chirpy...a base lack of respect. Period.
I think there's a bigger lesson here about giving money to irresponsible people...
He’s genuinely mad at her ignorance
As he should be. This is just a bizarre story. Are people really this bad at math? The story makes no sense.
That car dealership made a killing. 24K car for 7K. Bet they didn't haggle at all for the truck costs.
they owed $24.000 because they were upside down. the car was not worth $24.000
This isnt ignorance....this is well known stupid.
@@tylerbruce9498 it's not ignorance. It's just plain stupidity. Stupid people. Thank God that's not me lol
The problem is that they never did the hard work of getting out of debt. So, they never really learned any lessons about debt. The only person in this story who learned anything is the person who gave them the money.
Taah Daah AGREED, nobody who works hard to get out of that large a sum of debt goes right back into it like these idiots. You learn the value of money when you have to work for it second by second and day by day. Stupid is an understatement for these people.
Yes, exactly. The $30k went down the money hole of all their bad decisions.
@@mycupoverflows7811 and these are the same people that hate and blame billionaires for being billionaires
The car value was not 24k the loan was 24k the car was probably actually closer to 15k and then the dealership gave a trade in value of 7k
Marcelo Simon you nailed it
Yes exactly that’s what I thought certainly wasn’t 24K but definitely more than 7K
Marcelo Simon. What a scam at the dealership?
BINGO. Not sure why Dave didn't put that together. Just because they paid off the 24K loan doesn't mean it was worth 24K.
I dont think Dave believe their old car is worth $24K. I think he is mad because they should've gotten a lot more for it. They got ripped off.
What probably happened is this: they bought a $30K car years ago. They still owed $24K when they paid it off, at which point it was only worth $10-11K, so the dealer "let" them trade it in for only $7K. And they took the deal.
Yes--she said they were upside down on the car.
Definitely not great handling money. If they got 30k and paid off 24k, still leaves them with 6k. Which they probably spent because she said they kept it. I think there's something to be said about working to get out of debt as opposed to being bailed out. I know if I had been given the same opportunity, before I learned, I undoubtedly would have made the same mistake.
Jorge Ramirez yep, now that 30k help would go in the bank
That actually makes more sense.
So they could go even MORE upside down into another new vehicle! I have a family member that does this and increases payments everytime and somehow thinks they're getting a deal. It's frustrating.
The party who gifted them the $30k ought to be furious.
Yup, never expect people to make smart decisions after you gift them thousands of dollars. They will learn nothing.
@@shutupandeatasmr4498 Gift them Dave's book before giving them money. 'No need to be nasty with somebody because they're ignorant.
Imagine if they saw this video!
You can't Solve someone's money problems with MONEY!! It's a Hard Lesson for some people to learn. Best luck to them!!!!;)
*They paid 24k for a car then sold it for 7k*
*Thats stupid*
HITESH ADHIKARI How do you figure?
@@mauricemaurice123 she said it herself
I dont understand how she only got $7k from the car. A car value's depreciation isn't THAT dramamtic. Sheesh
Car dealers don't care about you.
Exactly, dealers don't care about you so that's why you have to do your homework
Dont get it .. why not just keep the paid off car and drive it? Thats golden
Paid off cars are the best. I only ever financed 1 car when I was 18 by the time I paid it off I learned my lesson. 20ish years later that is still the newest and most expensive car I ever had.
They said it wasn't the car they wanted anymore. It turned into "we have an older car and not a new one, lets go into debt"
Sizukun 😳🙄
Of course the car started not operating properly once it was paid off....
Because that would make too much sense.
I’m Telling ya’ll.... its something about when Dave wears that Royal Blue Shirt..... that Says he ain’t with The SH!Ts today!! 😂😂
not taaday!!!!!! omg i can't listen to this one
Facts!!!
EXPECT THABEST what’s your IG?
"Its impossible, no one would do what you've done..." Dave had me laughing at that point.
Never underestimate human stupidity? 😉
I love this guy, I like his aggression towards stupidity
"We paid off the car but it wasn't what we wanted anymore and so we took a loan out for a truck..."
Translation: It wasn't nice enough anymore and we wanted something newer. We wanted a newer car so bad that we didn't even negotiate the trade-in value of our paid off vehicle.
More like “Our neighbors (The Joneses) just rolled up in a new, pimped out, F-150. We were falling behind in our street cred!”
They could have sold the car to someone and get more than 7k. That’s sad
Stay off the car lot, you're obviously a target there- Hahah! What a line
It seems like most people who just get money handed to them lose it/waste it.. Happens to lottery winners all the time. The people who are really grinding at life and learn about money are the ones that won't lose it...
Read the richest man in Babylon, the book kind of explains why this happens
Was going to post something similar. Also Millionaire Next Door hits on this also.
Dave himself said money is just and amplifier of you. More you have the worse debt you have
Hand them Dave's book a week or so before handing them money. Quiz them.
Every time I feel bad about myself, these people make me realize that I could be so much worse.
Everytime i listed to Dave Ramsey callers it just shows me what not to do with my 💰
Patrick Boyd There are some people who can be an inspiration to others. A vast majority of them are not though.
I’ve been watching this show for a few decades now.
“SELL THE TRUCK!” was my first reaction.
😂👍
Love ya Dave and crew.
A few decades? TH-cam itself has only been around since 2005.
@@Stormy_Dawn Who cares....
David, I just wanted to say I really love your Avatar!
@@gekkegerrit5245 apparently you are cool with liars. Carry on.
Christina Neily he used to be on fox - live television, every day - before TH-cam....IJS
Dealer threw a party after this fool left.
We all make stupid mistakes but these folks took it next level with this car situation.
She wants to buy a house...isn't that cute.
b atman They could have used that gift as a down payments for a house.
The down payment on a house is actually the lowest cost on it. All the cost for closing and then MAINTAINING the thing, is NOT a gift. Houses to debtors are like drugs to addicts, they are not gifts.
@@fleurelise997 True, this will only work for smart and financially aware individuals.
@@MP-nj1qy especially financially savvy individuals who are not deeply indebted. The caller definitely was not one of these people.
@@fleurelise997 not really, both houses I've bought and sold so far the down payment was the only large, really any, expense, then include closing costs in the offer, it's pretty easy to make sure the mechanicals and roof are in good condition before you buy too
Omg, get your math right and know your financial details if you’re going to call Dave Ramsey for advice 🙄don’t call if you’re still clueless about your situation or he can’t help
jmm_2104 thank you!
Agreed! I also believe she wasn’t being completely honest. She kept saying the car was $24k and paid off, but clearly they were EXTREMELY upside down on the car loan so it seems like they owed $24k on a car worth way less. I just think she was scared to say that. No way she “didn’t know”
These people are a car salesman wet dream!
Car dealers make a very small premium per customer for 99% for their customers. This lady is the 1% that makes the dealer rich.
@@helshabini you know very little about stealerships. Drive by any stealership owners house, then report back. They live like Kings
Well this is a level of stoopid I haven't heard before on this show: trade in a $24k value car for only $7k, to go into debt to finance $21k more.
Susan Sauls I love that you spelled it stoopid because I always do that when referring to people like this haha
Well I'm sure the car wasn't valued at 24K is the problem. That's probably why someone gifted them money to pay it off. When you get a bad deal and high interest rate on the loan in no time at all you're severely upside down.
Car was worth maybe 10-12k and owed 24k and trade in was 7k. Yeah should have just kept the car and drive for 10 years.
I suspect they were WAY upside down on their car loan.....vehicle worth 13K (or something) but numerous missed payments and a high interest rate landed them 20K in car loan debt.
My lifelong rule has been to seek the lowest cost "out the door" and never trade in another vehicle.
They rolled negative equity into the car loan. It wouldn't have been a 24k car. It would have been like a 12k car and the dealership gave them 7k as a trade-in.
I think you're right but I also think that these people are just plain stupid to get completely out of debt and then turn around and get into almost the same amount of debt they just got out of!! you can't fix stupid.
Kelsey Warthen trade in are bad because you lose 2-4K less than private. I don’t. Know how she got 7k??? Anyways dealers take advantage then refinance everything again
Caller: Hi Dave! We paid off all our debt...
Dave: good, what seems to be the problem?
Caller: So we took out another loan and now we’re in debt again.
Dave: Y tho?
SlovesL so your in debt
Caller: well we needed an oil change and tires so we just traded it instead of sinking money into an old car.
@@y2ksierra
Dave: ok so how much do you owe on your new car
Caller: 21k
Dave: and how much is it a worth?
Caller 21k....
Let's work very hard to get out of this hole we fell into, so we can check out that other hole down the road!
Except that they didn't work very hard to get out, they were handed the money. People who work hard don't often make these kinds of dumb mistakes, but people who receive handouts do.
SmoothJK Well said.
This gives me anxiety. She doesn't know where the money went from the trade-in after the car was paid off?! 😬😬
She said that they were upside down but Dave didn't pay attention. She OWED $24k on the car. Doesn't mean the car was worth $24k. Car was probably worth $12-$15k. They didn't negotiate it with the dealer and received $7k trade in. Also if they scraped/dented the car while parking, that could have brought the trade in value way down. Owing $24k on the loan doesn't tell much here.
Just when I thought I was out, they pull me back in! LOL
Yes, Rachel, you're right. That was pretty stupid. That gift was squandered.
Should donate brain to science to see if anything exists in there.
guesswhotoo6 DOUBT THEY WOULD FIND ANYTHING!
Which brain? 🔬
Dave called her stupid and stealthily hung up the line. Savage! 😂
Right? 😂
🤣😂💀
This is my friends. They trade in cars every 2 years, because they are financial infants. They never keep a car long enough to have actual equity in them. Then they trade in these cars (with massive negative equity in them) for something new. I’ll pretty much assure you that they roll off the dealership lot at least 15K under water everything they do this because they only ask “how much a month?” They make good money and are constantly broke and in deep debt because they live for the moment.
America, what a great country!! Steal money from the stupid and live like a king!
@liveyourbestlife - sure you do. If you own a car outright and that car is worth, say $10K, you have equity in it. It’s an asset (be it depreciating), but nonetheless still an asset. It can be sold for the cash value, or used as cash value for trade in purposes. Equity = it’s worth more than you owe on it.
aeromedical67 thats not equity, equity is something that gains value while you still owe on it, such as a home or real estate with a mortgage. If you purchase a car outright, its worth a certain amount of money, and you will be paying more than its actually worth on the retail side of things. You would only be "dealing" with equity in a car if your are a car dealer and paid wholesale for the car
@InsideOutside UpsideDown - you need to look up the definition of equity genius. Equity (for accounting purposes) is measured by subtracting liabilities from the value of an asset. Therefore if you owe $2000 on a car that has a value of $9000, you have $7000 equity in that car. You’re stung out on the fact that a car is a depreciating asset. That doesn’t matter. As long as that asset has a value that exceeds what you owe on it, you have positive equity in it. The reverse is true if you owe more than the assessed value, hence negative equity.
If you purchase a car, you will never have vale in the car more than it is worth, unless you are in the car business. The whole fact is cars are depreciating the moment you drive one from a lot, new or used. Your argument is void, there is no such thing as negative equity; you sound like a car salesman. please stop bringing down the IQ's of Dave listeners, all will benefit.
1:23 "we are ready to start the snowball of debts". Very well said
That 24k car depreciated rather quickly to $7000... That's why I don't buy cars from dealerships especially going in clueless.
"we are looking to buy a house again to get another loan" sounds about right
I was flipping though my LTD Commodities magazine and then Dave yelled "this impulsive way of spending is killing you". I closed the magazine back up. lol.
To some people, having car payments is way of life. And when it is paid off, they realize they can easily go buy a brand new car that they wanted for just 300-400 bucks a month as they can afford the payments. And dealer says, hey I can offer you a trade-in and your monthly payment will be lower. What a great deal!
We didn’t know about Dave Ramsey, I’m in Ireland and know about Ramsey for gods sake
Ramsey is tearing her story apart
I did something similar. My wife and I were completely debt free, house included, and I traded a paid for truck for a payment. Itll be paid off this year, God willing, 3 years early, but I will NEVER have another payment again. Every time I drive it, I think about how stupid I was to buy it, especially since I drive it about 4 miles per day, max. I used to drive 35 miles one way to work. Now I drive 1.9 miles, one way, to work.
This is why I always try to tell people that just having more income doesn't solve your debt problem. If you are a spender you are a spender and you have to learn how to deal with that.
Darin Pirkey that’s so true Darin! If money is someone’s problem, then it cannot be the solution at the same time! It’s the mindset and spending habits that determine the financial future
I'll never understand why people feel entitled to expensive stuff. Your pointA-to-pointB-mobile should not be crippling your life! I'm in a million times better financial shape than these people and I'll be lucky to get $500 from the scrapyard when I "trade in" for my next car.
Preach 👌
I've got a 2005 Honda I bought used from a car rental company with 195k on the odometer. Everyone thinks I'm crazy.
Hey, you can get a pretty good bike for $500...
“Nobody could do what you’ve done”
What kind of math are they teaching in school? 🙄
Common core math.
I think the participation trophy is the problem here. Dumb kids need to know they’re dumb so they can graduate less dumb.
This isn't a school problem. This has got to be a human problem. No school teaches you to make the illogical decisions she has taken.
She was under the bleachers getting pregnant the day they taught math in her hick high school.
Dave Ramseys methods changed our lives. $1000 by First of March and 4 loans of off since January 10th 2020. I know we were suppose to save $1000 first but we couldnt wait to start paying off debt. We did all of this side by side. I can not thank you enough for showing us the way!!
I like watching Dave Ramsey, I mean even if he wasn't a financial celebrity. I'd still watch him he just has good solid advice. Uses his wisdom and doesn't want other people to fail. Great stuff.
Becoming debt free made me realize that F*ck you money isn't the money you have, but the money you owe other people. thanks Dave for helping me realize that.
They owed more than the value of the car. Paid it off and the car was only valued at 7k. There u go Dave. Why is that so hard to believe.
Yep
Amy Nash they were probably upside down on a trade in for that car which is why the loan was way more than the car was worth
Dave asked her, "you paid off a $24k car, is that correct?" She said, "yes". That implied that the car was worth near $24k. She did not say the loan was $24k and the car was worth less, even after Dave asked for clarification. How is it Dave who is not understanding then? He's just going with what the caller is stating.
No way the loan was 3.5 times the value of the car. Banks not going to do that. Something doesn't add up here.
Well this girl has no idea what was going on so I'm not surprised he couldn't follow what was going on.
I remember this call a couple weeks ago. She is so clueless and makes me want to become a car salesman.
I love to watch this particular video because it’s a reminder that I’m not this stupid. It’s a great pick me up when I’m feeling down.
Dave Ramsey is about to punch that lady!
No longer stressed about my situation. Thanks for this video😆
Crazy to me that people take trade ins like that. When I bought my car a few years ago the dealership offered me a trade in for my old car and I said no and sold it on Craigslist for twice as muchb
I’m thinking there was a lot of negative equity from rolling previous vehicles over and over.
“The vehicle started not being what we wanted anymore...” The vehicle did nothing - that type of language shows that maybe they were not ready to have their debt paid off for them.
Why would anyone call dave without knowing the exact amount of debt they have? I would definitely have all my numbers written down before calling.
"I feel...that's a question my husband can answer".
That's why they are where they are.
3:30 Never trade a car if your broke. ALWAYS private sale unless you have the money to spare and don't want to take time to sell it yourself.
This lady makes me angry not gonna lie 😂🤦
The point is to sacrifise so much that it hurts and you learn your lesson. If no struggle you don't learn the lesson it seems.
It really takes a lot of maturity and self-inspection to truly live within your means and not get in debt ever!
Something is not adding up, literally and figuratively
It’s always the people that have no business buying a house, wanting to buy a house. They don’t even see the issue with it. It’s nuts.
"The vehicle started not being what we wanted anymore"
I don't even know what to say about that haha
Wait is she earning 81K now or bringing the total up to 81K? Because that makes a big difference
She doesn't know. Her math is screwy.
Exactly! Im like she makes 4k a year? Did she get a job licking envelopes? 🤦🏾♂️
@@ryan3716 hahaha
Her husband earns 77k and their combined household income is 81k. 81k-77k= 4k. She makes 4k, and probably only works 8 hours a week.
It kills me how you never hear the husband call. It's always some wife who either doesn't know what she's talking about or
who has to lead because her husband is too weak sauce to do it.
He's probably the one who just haaaaaad to have that badass new truck lol. Idiots.
They obviously wanted a newer car more than an house. If buying a house was a priority, they would have use the gift money as a down payment for a house.
Of course the car dealer wasn’t going to give 24K for the car but the most dumb thing is getting the money to pay the car off in full and not keeping it !
Here's what I think happened. They OWED 24k on the first vehicle but were crazy upside down on it, and it was probably only WORTH $7k.
this is why i listen to this show, so people like this can make me feel like albert einstein
I feel much better about my situation after hearing this. Thanks Dave!
When ever the conversation comes up about finances with friends, I bring up Dave Ramsey and always say that I wish I had met him much earlier in life. But my kids have been taught right, glad I met Dave before they got in trouble with debt. My husband and I and our kids are are all following his plan. Thank you Dave!
I feel brilliant after watching some of this
Caller: *I took out another loan*
Nate Diaz as a Dave Ramsey personality: *I'm not surprised m*****f******
Stockton slap! 😂
@@webfreakz 😅
In Nelson from the Simpsons:
HA! HA!
"You're in debt ....you don't need to buy a house when you're in debt"... quote of the year... that quote would save millions of people millions of dollars this year if only they will listen.
As soon as I heard she got only 7,000 credit for a 20,000 car... I felt that in my gut... ouch...
This is why Dave says giving people money does not help... and why getting a consolation loan doesn't work. You have to change your relationship with money!!!! That is the only way to change your life!
She hit the nail on the head.
"We are stupid". How the f do you trade in a vehicle for 7k if it's worth tripple????
Dear Dave,
You have the patience of a saint! I could never do what you do. While I like to teach people about money, I don't have the temperament to deal with people like her. Keep up the good work.
Dealer was laughing all the way to the bank. Sad really.
Were they under water with the car?? Doesnt make any sense!!!
Should have paid it off and kept it!
But it "wasn't what they wanted anymore" lol
@@KParks IKR........😜
If people like this exist I need to get into car sales
Dave's getting mad lol, he called her a target 🎯
Every time I hit the hornets nest, I get stung. What am I doing wrong??
Hit it slowly and wait 😂
Nobody could have done what you just done it's just impossible....... pure classic love it!
She owed 24k on the car but it was worth 7k. Sadly dealers squeeze you into taking bad deals. Stay away from the dealers if you dont have cash to buy outright.
i don't know if Dave is too rich to feel any stress, but I don't know how he could talk to people like this day in an day out and not carry some stress from not being able to slap some people!!!
Trying to keep up with the jones .. we got bored of the car so be traded in our pay off car for a shiny $50, 000.. new truck 👀
I never comment on videos..but this call..I’m absolutely puzzled..
The thumbnail looks like ,” didn’t I tell you , didn’t I tell you “ 👋🏽.
This lady is so confused she couldn't find her way out of a paper bag
i don't know how this household has talents enough to earn 80k. if i were her boss and recognized her voice, i would immediately ask HR to pull her records and see if we'd made some sort of mistake in hiring her.
OMG this couple has issues impulsively buying expensive vehicles. I have little hope for them. They seem fine with there stupidity.
I live in Texas an just bought a nice brick house cheaper than their vehicle with cash. I am renting it for $800 starting March 1 and I am still driving my Chevy Pickup with 435,000 miles and just paid cash $350 for a new fuel pump. Let it sink in.
That is the difference of thinking like a millionaire and being broke. I am not trying to impress anyone with a new truck. I am just focused on adding to the empire.
I'm glad I don't live in Texas. There'd be way too many stupud people leasing trucks and acting like they live in Congress
Another example of why giving people money they did not earn is a terrible idea and it does absolutely nothing to actually help them.
This is not isolated to this specific case.
They got $30k and blew it in a week, if it had been $300k it would be gone in a month, and if it had been $3M it would be gone in a year.
The one potential bright point out of this is she has recognized there is a problem and this event might be her wake up moment.
It has been a year since this was put on TH-cam, I would really like to know what her status is now.
I believe they had a 24k loan, and the vehicle was worth 10k, the dealer gave 7k, so they bought a 28k truck. That's why they have 21k in consumer debt. But who knows where the 6k debt came from where the 6k of 30k cash went!
What just happened! This is the first Dave Ramsey call that I’ve found myself dumbfounded and confused at the same time.
My wife and I paid our consumer debs and two cars in two years while getting married all we have left is the house and solar panels. Should I consider the solar panels a consumer debt or a utility expense ?since the payment for the solar panels is cheaper than my electric bill was.