I'm Debt Free... Now What?
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- เผยแพร่เมื่อ 21 ก.ย. 2024
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I saw 5000 left on my car principal today and just decided to pay it all off today. No debt anymore I’m very happy.
Congrats 🎉🎈🎊
5300 left on my car,
Making double payments at the moment, can’t wait 🤞
Something you gotta let the little fish go, to catch the big fish later
That's awesome! Listening to Dave can help you do that, that's why I try to listen every day. Gets you fired up to punch your Debt in the face!!! Cheers!
48K left on my mortgage! Can't wait to be totally debt free!
Good work! How old are you?
@@Sunflwrbtch 56. Retired from the Navy and working towards my second pension.
Almost there brother ! I wana be like you :) I'm 27 and just started the baby steps
@@ivanmolina5778 Outstanding! I wish I started the baby steps at your age. Stay on the path!
@Wade A Thank you. I should be done in 2 and a half years.
I felt just as rich as them listening to this. I have $5100 left until I’m debt free. I am so excited to experience life on the other debt free side. I love how biblical Dave is. I am “managing” my wealth so that it can be passed down to my children’s children. Boy does that make me feel good.
Started with nothing as a single parent with three kids 23 years ago. Today, debt free, own a nice townhome, have a retirement. Slow and steady wins the race. Found the right recipe.
Education/employ?
What’s the recipe???? I would to know more
What’s the recipe???? I would to know more
@@petertoilolo5253 He will never tell you his secret!
60k left on my mortgage at 30 years old. I'll have it paid off at 35.
W
Good for you brother
Dexter Morgan that’s wonderful congratulations 🎉🍾
I'm right there with you 71k left and I'm 29 should be done by 35 if I don't pay it off early.
Congrats and sounds great. You are in a good position. 👍
I'm from South Africa, and while I don't understand a lot of the financial jargon, as it relates to the US- I do love listening to this show. My husband and I are close to paying off our house, and been wondering the same thing: "what next?". So glad I listened to this message 'stay debt-free', because we were just discussing taking out a mortgage to buy our 'holiday home'.
Debt-free at 32!
It's simple. Debt free is the way to go. When you have income you can build wealth.
Dave must be happy when he gets a caller that's not in the excessive amounts of debt 😃🤷♂️
Sounds like they are multi millionaires
I'm 39, currently have $117K left on our house with zero other debt. No car payments, no CC's with an $80K/year income. I refinanced our house a year and a half ago and my payment is $582 per month. It's absolutely amazing how much extra money you have every month when it's not all going right back out for loan payments.
How much is the house worth?
@@waatao9856 houses in the neighborhood are selling for $250-300k. Mine would probably be 250k or so because of the smaller floor plan.
What's your career in getting all this off the ground? And did you get a college degree to make that money?
@@Ryan-ds2wx awesome!!!
@@kevindao1103 you gota figure that out for yourself mate. Everyone's situation is different
Selling my house this year. Debt free and will be 90k wealthy ! And I will be 25 this year. Save, work hard, write expenses down, save, and keep working hard. I worked 55 plus per week since the age of 18. Hard work pays off.
Marco Tristan nice!!!
@@VolleyballAddict521 Thank you, just sold my house and thinking about grabbing a condo.
Marco Tristan awesome. I have a condo now I’m thinking about selling next year. I’m 25 as well. Keep being great!
@@VolleyballAddict521 we need fo connect our ideas together! And learn from each other critical principles
Marco Tristan ok! That would be nice.
Enjoy it, give it, save it, and invest it.
Yes yes
Loved his response and how he said her goal should be to do all 3
investments are savings
Yes, what should it be invested in?
Just so very risky investing...afraid it may loose value and lost the money.
When you're about to pay-off that stupid debt completely gives a tremendous amount of hope and peace of mind! Thank you Dave for helping people how to manage personal finances properly. FREEDOM is the sweetest gift this year
Kids age 1 don't go to preschool.
They go to daycare....
SunshineLaw Fan basically the same thing though
it will be called pre-school if you have to pay 20k. per year !
: )
Many “preschools” are starting them as young as about 2 so it could be a daycare the are calling preschool where they are intentionally trying to teach the kid rather than allowing him to learn through self lead play. Idk just a thought
Well its California, there people go to daycare up to 25 years old
I seriously love that mute button. Some people just won't shut up
You still have to live on a written budget regardless if your debt free or not. A written budget is the key to long term success with money.
I stand by this. Very true.
60 k left on the house and we are completely debt free following the baby steps. I love calls like this it keeps me inspired for the next step.
"We will still have the baby" Oh... I hope so. It's not like a car where you can just sell it.
I was thinking that too; I would have been like, "Oh so you're keeping the baby???"
LOOOL!!!
I thought the same! 😂
😂
She lives in San Diego. I assure you she wouldn't have to go very far to find a market for it.
"You always pay cash for toys"
"You always pay cash!"*
There I fixed it..... you're welcome!
Money is not the The root of all evil. The "Love" of money is the root of all evil. 1 Tim 6:10
Silas Styles wise words
Govt/politicians == the root of all evil
Ur wrong kid
This is great advice I love that there are some calls about life after debt.
“An extra car is a toy. Always pay cash for toys” I’m going to keep that in mind for any big ticket items in the future.
The world is a better place because of you, teaching, and helping all sorts of people with this Dave. And every single day you reach out and touch new people, their lives, freinds family. Every day! World is literally a better place because of the work you do. Thank you so much
$20k Preschool?!!
Yup.
@@someonebetter5673 She can afford it.
Seems to make sense for Cali.
20 k a year ! She can afford it and its California everything is expensive here including pre school
Yeah I'm sure it's a little different than our small town where we paid $60/wk at the local church for preschool.
Build an emergency fund, retire early, then enjoy life. Lol
Maybe one of the parents but they still need a steady stream of income
They should buy REI and paying dividend stocks.
No, they need a non retirement investment account. Otherwise like the other comment said they won’t have a steady stream of income. It would be very hard to retire early unless you’re making a lot of money
Grow spiritually
Evolve as a Human
Enjoy life.
This is real af
Stop with the spiritually BS
@@RealHealthyGuidance why
We are debt free!!!!!!!! No car notes and mortgage is paid off! We are taking a break this year and traveling! Then what? Glad I found this video!
Nice!
Paying down $70k in less than one year, my guess is these people are already rich.
My husband and I paid off that much in less than a year.. and I took 3 months off work during that, he also took 3 months off work. Neither of us make much money. Just went without lots of "wants" 🤷
Shy Janz how much do you guys make?
Make good money and live like a minimalist you know how much money you can pay stuff off with.
Enjoy it, give it or save it. Nice! It's important to think about what to do with your money once the debt is gone. I paid off my student loan debt a few years ago and I too wondered the same thing. Great Video!
I noticed I never said it but thank you mr Ramsey. Been following you for a few years and it’s been paying off.
Unless you have $10 million networth or more pauing $20,000 for a preschool is ridiculous.
Man.. the feeling of being debt free must be wonderful with assets. I’m currently debt free with money in the bank but actually having property much be awesome.
Ever notice when Dave has something to say he never lets anyone talk over him.
Kinda like Gary Vee
First time I’ve ever heard Dave say, “s&p 500 index fund”. Usually he’ll say save in a savings acct or do the mix of Growth, income, aggressive growth, international mutual funds . Good vid with really good advice👍🏽
Dan The Mentor same!!!
Im new to all this and starting my Roth IRA. Within the Roth ira I learned I can invest into index funds like the s&p 500. Is that what Dave meant when he was talking about investing into s&p 500 index fund? He also said he takes it out to invest into real estate. Isnt there a huge penalty fee when you take money out of the roth ira early or is it worth it in the case he’s talking about (to invest into real estate)?
RAF Yes, you can invest in the S&P 500 index fund within your IRA. However, Dave was referring to opening a taxable brokerage account that you can invest in the s&p and just pull the money out when you are ready to use it. The taxable brokerage account only has long term capital gains tax if you hold the position more than a year.
Your Roth on the other hand does charge a penalty, but only if you withdraw the gains. You can always withdraw principal, but that is not recommended.
Hope this helps!
Wow, I wish everyone was as good with their finances as these folks 👍😃
Agreed!!
Amen to that..me and my wife are on our way to that goal within these 5years, mortgage free😉
HuntaKiller that's fantastic! Then you can start investing heavily 💵👍
@@ChrisInvests thanks May God bless your life man
Yes this was a great video shows the power of starting early and being dedicated + disciplined
My hubby and I are 27 and just bought our $250k house dec 2022. We have two car loans 20k and 38k. Plus student loans about 16k and $12k credit card debt. We have a good combined income. I have made a 5/6 year plan to pay off all this debt. At first it seemed impossible to pay off and easier to pay minumum and have a lot left over to splurge. But listening to many podcasts later we now believe it is possible if we focus and are diligent with our very hard earned money (he works 70+ hours a week) and I’m a teacher. We don’t know much about investing (Yet) but we do know interest can really keep us in debt forever if we don’t focus. Thank you again for all your help and advice!
Hopefully in 7 years we will be able to say we paid off $336k of debt!
Learning a lot on Dave's channel. Teaching my kids common sense and the fundamentals of finances. Thank you sir!
I will be debt free in 30 days. Im going to put all my extra money in an index fund that follows the s&p 500, let it build up and when I have enough I will buy real estate. Dave is the man.
$20k per year for PRESCHOOL?!?! Are you shitting me? That is an awful investment no two ways about it.
So, before, I only had some debt to build credit in pursuit of a first home. I had a credit card and small personal loan. I am now getting that home and am temporarily debt free again.
I intend to pay off my home as soon as possible. In the meantime, I live on a fairly tight budget, give to my church, and invest into my work's retirement plan.
Thank you, Dave Ramsey, for giving me good financial guidance. I've always been more of a saver, but Dave solidified many good principles that I only really had an idea of before.
I'm not sure what baby step I'm on, but I have a rainy day fund of $1k, emergency fund of about 4-5 month's expenses, and no other debt than a mortgage coming up.
As soon as I pay off the home, I plan to continue to live frugally and simply divide my income into regular expenses, giving generously, and investing.
By the way, I'm 23.
My dad paid his debt today.He is over the 🌕.
24k left on our mortgage. We’ll be totally debt free after I pay my house this year! Can’t wait to scream “We’re debt freeeeeeee!”
congrats, that is fabulous. Really well done
24k a year to spare...you're good
That’s when I reduce my hrs at work
4 years later how does it feel to have no debt? Has your quality of life improved?
20k for pre-school? Don’t have kids in Cali
20k for any school is a ridiculous price.
Don't have kids and you'll have money no matter where you live.
@@definitelynotobama6851 yup
@@y2ksierra The blessings with children are, however, that they will take care of you when you are old (hopefully of course).
Don't live in cali is the other solution
Just $3500 left in debt! Next to work on my income problem!
Thats some pretty school. At one year old? 20k? That's idiotic actually.
just under $23k left on the house and just under $8k on the car. car should be paid off this summer then hopefully I can get the house done by end of next year.
You're Debt free,. Focus on health, wealth, love and praise Jesus daily.
I am not a Christian but I agree!
Pretty Boy Pete. GOALS! ❤️
Dave, you're great. Why don't callers ever say goodbye?
He often seems to hit the button to cut them off as he's saying his final remarks, so as to bring the call to a neat close.
Because he mutes them when they start talking too much! Lol
THEY say goodbye to kelly.. lol
He cuts them off so he can rant and finish his point
Because they are waiting on the line and are probably instructed about these things while they are on hold. For example, i would not be surprised if callers are asked not to say on air how much the like and appreciate Dave not because Dave is mean, but because it gets repetitive and wastes time, too.
Loved the ending of this! 🙏 thank you
20,000 a year for pre school!?!?! Are you f'ing kidding? You pay that much just for him to learn how to use scizzors and crayons?
😂😂😂😂
Your parents obviously didn’t spend a dime on your education. “scizzors”
Yesterday I paid off my mortgage in total. I need to now continue to invest more with a purpose to be save for retirement and to be generous with my family and myself. Being of Scottish descent, I am not a spender!
I will be taking a course @ a nearby community college to be off public assistance.
Just paid off 10k on my car. Debt free besides my mortgage.
How refreshing. 37 years old, debt free, and wanting advice-- not a chance to brag. She sounds successful to me already.
Great piece! The second half is pure gold!
Is her son an elephant!? 20K a year?!!? Wowza, that's just nuts.
Yup
Hmm...sounds about right in CA.
Lol
First thing I'ma do, aside from lots more investing for myself, is start setting aside a hundred or two hundred a month (until I can afford more) for nephew's college fund. He's a little 4 y/o goblin, but at the end of the day he's pretty cool so.
9:25 so soothing, so relaxing.
Mikheil Ghvinianidze that on a loop with a lo-if beat.
They pay 20k a year for schooling for their 1 year old? You have got to be kidding me.
Debt free !!! In California???? ....u go girl.
I live in California, I’m debt free also! It’s possible
@@garrett2230 I'm a truck driver.....I been to California. It's not trucker friendly but I could never live there ...my $$$$ would go so much farther somewhere else but good luck on your journey
@@percyastronautstatus.8780 absolutely agree with you there, have a couple truck drivers in the family. Yeah California definitely isn’t my first choice, just saying it’s possible.
She called in just to flex, she knows the answer. Her next step is to invest and max out their retirement. lol
My wife and I are debt-free, excluding our 250k mortgage. I'm a huge Dave fan, but we are struggling with the idea of throwing extra savings at the house when we can put a substantial amount away in an index fund over the coming years. I understand his reasoning for paying off the home first, but at such a low fixed interest rate it is hard for me to wrap my head around that idea. Anybody in the same position care to shed some light?
One of the advantages of being totally debt free is that it gives you a safety net if life takes a turn for the worse. Fewer expenses, fewer worries. I don't know what an index fund is, but I'm assuming that since it has a good return, there may be restrictions and/or penalties for early withdrawal. No, I am certainly not in the same position, nor am I a financial expert. Just try to exercise a little common sense.
Instead of thinking it's one or the other, think it's both and. Pay extra towards principal AND invest.
No debt, no problem...........LIVE.......we where put here on this earth to simply.......LIVE.... regardless of net worth.
This is amazing for them to be debt free. I hope to one day save money to buy a home myself, I am currently debt free right now and all I am missing is having a home and hope to get it one day soon.
I'm debt free, but I'm also asset and savings free. haha Everything I own fits into a couple suitcases.
*I like and understand Dave's basic advice, which is: if you can't afford it, don't buy it. But in communities in which property values (and prices) are skyrocketing. another alternative would be for her to buy the place she has her eye on now.... get a 15 year (not 30 year) mortgage... then pay it off in five or six years of huge prepayments, turning it into a five or six year mortgage. That is, if she can afford to make huge prepayments. If she can't, as he says -- wait and buy later.*
That couple is rockin’!!! Their household income has to be well over 150k. Nice..!!!
Its San Diego tho Tony
JJ :::: WOW..!! That’s even more impressive! The cost-of-living in San Diego is through-the-ceiling!
@@tonysteel1377 It's much cheaper than San Jose or San Francisco though. Homes in San Jose are all over $1million and higher. Parts of San Diego are around $500k for a home. Almost half the price.
Garrett Stevensen ::: Heck those prices would put me in the Poor House; I’m only at 90k annually. I would struggle to no end.
Tony Steel THEY ARE LIERS TOO
20k a year for pre school? Cut that out. Use that money on the mortgage. Spend more time with your kid.
Thanks Dave. Finally debt free.
Dave, you didn't tell her to SAVE FOR COLLEGE 😱🤔 for the child!
Why is that their responsibility? My parents never did that for me, and as a result, I had to take out loans which I paid off many years later.
Dave is preaching that word today 🙏🏽🙏🏽🙏🏽
So true about Wealth!!! Thanks Dave for breaking it down🙏🏼🙏🏼🙏🏼
I really wish more younger callers would call in (highschool, college age 16-25). I feel like not just families need guidance when it comes to debt, and us college students are in the perfect proposotion to get out of debt and build wealth FAST if we get on the plan. Im in college, debt free, and literally live and breathe all tge Ramsey personalities methodologies. Anthony ONeal has great videos, but i really wish we had an actual highschooler or college student personality....like you figure, if we go to school debt free, work, and save, we can well over have 20-50k + in savings by the time we graduate college! Us young kids don't always have parents giving the greatest advice, generation Z is more money savvy and than millennials, but some of us need help! I can't go any longer with my college friends who work, but spend until there is a dollar in their accounts!
I’m very surprised to here him recommend investing in an S&P 500 / index fund. Never heard him say this before. Dave has always promoted mutual funds by going through one of his ELP’s (endorsed local providers)
Great advice
Have 40k left on our mortgage!! Can't wait to have it paid off!!😀
Christina Marin awesome 👏
Me too!
Come to think about it. I need a video about being a 18 year old and having NO debt
Just follow the baby steps.
Get either a degree or certification that makes reliable money
Matt how do you find certifications
@@brittanyd872 Maybe he means stuff like learning to weld, become an electrician and such
@@brittanyd872 There's lots of certifications you can find online to study for that can land you a job or give you a help accelerate your career. Some of these include information technology, supply chain management, digital marketing and project management.
Don't know what to do with her excess money? Give it to me! I will take that problem out of your hands...
25 and the same "problem" but ust keep pushing money on index funds and gold/silver
How to become financially independent should be baby step 7+ or 8. To not need be slave to the employer (like slave to the lender).
Glad this is my first video watched by this guy. I am trying to get debt free.
That preschool cost more than college!
Having tenants can be a headache
Great advice thank you. God is so awesome his way is always the best way
I'll be debt debt free at the end of 2022 throwing everything at this car loan
20k for preschool...
My husband and I*
Thought the SAME thing!
Not that I disagree with Dave, but there are multiple interpretations of the Bible. If the Bible says to give an inheritance to your kids, this may not mean tangible goods (such as money or property), but could more likely mean spiritual goods, such as teaching kids to be good people.
Agreed. But, it's also not unreasonable to believe that both interpretations are correct.
@@jasonhowell8 I agree.
Read the second half of Proverbs 13:22. You must read scripture in its context to properly interpret it. It is undoubtedly speaking about material possessions and money due to the second half: “but the sinner’s wealth is laid up for the righteous’.
An inheritance could be just loving your kids and teaching them strong work ethic and how to treat people right. It’s an underestimated form of inheritance as I have seen many people as adults who didn’t have that. Things are so much tougher on them.
I feel sorry for her husband when she pulls the divorce grenade...
I owe $3,500 on the mortgage and $4,000 on a 0% credit card. Will be debt free very soon. The property surrounding mine is for sale but overpriced. In 08, I bought my home for $69,000. I put $40,000 into it. Its a cape cod style home and around 2700 square feet. It's worth about $214,000. The joining property is a moble home in the woods on 1 acre behind my house for $135,000 and .64 acre road front lot for $7500. Should i buy it to control the land around me?
Never FOMO a purchase. Maybe buy it once you've paid everything off and saved up the cash. Additionally, you say it's overpriced, so who says someone will buy it? Additionally, in the next recession, prices in your will come down, so perhaps you can convince the owner (whoever it is) to take it off their hands for less than the current value, in an all-cash deal.
At 7:12 I gotta say that’s not just a Christian perspective, that’s a very spiritual perspective. I haven’t identified as Christian for many years but I’ve studied a lot of eastern philosophies and they something very similar. Makes perfect sense when you think about it.
I'm only 26 and only have $42,500 to pay off to be completely debt free and I don't know where to go from here... Ideas for some one young to learn to better prepare for being debt free and how to advance with it.
Great Content Dave! Bless you!
I'd like an advice, but I'm Brazilian and can't reach the show by phone.
Ive bought a piece of land and want to but my house. If I take a loan, I'll built it in a matter of months, but I'll take 93 and pay 156k in 15 years.
If I wait, I can build a smaller house in 3 years, but then I'll have the throw all my money on it.
I don't know what to do. 😐
Definitely not a christian here but Dave is making some excellent points. Just add another 'o' whenever he mentions God. A Christian family manages money for God but a secular family should manage money for the good. Whenever you hear Dave say, "God", just substitute for "good" or "the good".
...CHOOSEFI
scsu300 🙋🏻♂️
25k left on my mortgage (condo) which we plan on renting out...question is- do we save up cash for the next place or just rent out the paid off condo and move into our new place?
He is so right. I bought a beach place on credit and lost a ton of money on it.
Dave Ramsey without people full in debts, he wouldn't be Dave Ramsey
Enjoy life, save money for retirement, plan and save money for vacations, invest and grow your money, reward yourself something for your hardwork, stay healthy, give, stay debt free...
Its hard to save up for realestate.
Wow they are crushing it.
$20,000 a year for a preschool is ridiculous. Put him in a public school and invest that money.