This makes me feel rich. I wasn't going to finish my debt snowball because of the economy but after hearing this, I am determined to do it. I was making up all kinds of hairbrained reasons not to.
Even in Rochester Hills there are 4Bed houses for $300k and it's one of the wealthiest communities in Michigan. Anyways if I was anywhere in Michigan I wouldn't want to invest too much in a house since it's not going up. I'd get just enough house to live until I need to move.
@@Dwaynea Gross Pointe is a weird area to me being a Texan. I looked up the demographics on Wikipedia. The population has decreased significantly, since the 1970s. And at the same time the percent of population that is African American has decreased from 3% to 1%. Gross Pointe must be doing something to get rid of people especially black people. I'd be scared to live there.
This clip really highlights the fact that money doesn't solve money problems 🤔. It takes a behavioral and ideological shift. Simply giving people money or erasing debts will only reinforce bad behavior and compound problems down the road. Dave was tough on her but that's what the caller needed to hear! 🤬
Exactly what I was thinking. Making more money doesn't make one "rich," contrary to what the masses believe. I have always said that anything that can be defined in a number, no matter how great that number can be, is still FINITE.
Probably alot of consultatory spending. I mean my mom has rheumatoid arthritis and if I made $300k I could get her a place to live and a full-time caretaker. Especially in Michigan. The problem is this girl needs luxury to feel okay.
Wow, that calmness Dave had.. I felt his soul leave his body when she said 800k house... He stayed calm and rationalized in terms that made sense to her. Bravo 👏 👏 👏 This is why I love Dave!
I agree. You can always hear it in their voices and how they respond. You can tell with some people that his advice is going in one ear and out the other when they continuously reply, "Uh huh", "Yeah". She sounds like one of them.
@@garyodriscoll7988 she's also dug the hole with that $300k/year shovel. Its pretty obvious she does not have it. She's emotionally weak and makes emotional financial decisions.
Can we take a minute here... they make $350k and have a $1000 emergency fund saved? I’m in Ohio cost of living isn’t that much different than Michigan. You can build a beautiful home with a spare bedroom on the first floor with full bath for $400-$500k. They did not need to build an $800k home.
Yes, she did. She simply used them as an excuse to do that. And I wonder about the husband as well. It wouldn't surprise me one bit if he thought it was a great idea as well.
She could've done that for less than half of that. It wouldn't have been elaborate but that doesn't mean it isn't possible. Furthermore, you have no business building an elaborate home if you're $500k in debt with your house and student loans.
The dad passing away, coupled with taking care of her mom gave her an emotional pads to build a overpriced house. She needs to cancel the house. Or sell it.
I wonder how influential this mother figure is. I know someone who pushed her daughter into med school and says that her daughter’s future doctor’s income is her retirement plan.
This reminds me of the call where the mom needed to buy the Suburban Land Boat for $64k. Stay in your house and let mom live upstairs. Mom does NOT need an $800k suite.
As a physician myself, I can attest that this is a very common situation among most physicians. And now with the government's promises of student loans forgiveness, the borrowing as gotten even worse. Most of my colleagues who average 300k and up still refuse to pay off student loans, thinking why pay off when it will be forgiven. I am very pleased to have paid off my student loans and I can see how much ahead that put me from my colleagues who chose to defer their payments.
So you can see the mentality here: no sense of gratitude to the taxpayer who funded these loans. I mean, our situation in the UK is far from great, but it sounds like the student loan system in the US is an absolute racket!
I know doctors and they are almost universally horrible with money and don't have the net worths they should have. Not just the late start and massive loans, but living high off the hog on a salary that will still only go so far.
She explicitly said she paid her way through school and took out the loans to live...then says she owes $297K in student loans...then she builds a super house. Lady...you have a spending problem.
Keep in mind she said she paid her way through college but that doesn’t mean that she herself actually paid and it doesn’t factor that she may have had very strong scholarships that covered a lot of it. She didn’t borrow $297K that’s what the balance is as of now because of the interest and fees that accumulate onto the balance. She borrowed $200K but with graduate school loans interest begins adding on from day 1 so outside of Covid interest years there was interest compounding on the balance for probably 5 or so years which can add up super quick when it’s calculating off such a high dollar amount. She lived off of it during medical school and residency. I think one thing being missed is that she says she’s been out of school for five years but residency is at least three years and they don’t make a lot of money during residency. I think part of why this seems so insane is that people are thinking she’s made $300K for five years but actually she would’ve made more around $50-60K for the first three at least and then started making the big money. And that doesn’t absolve her because clearly she doesn’t grasp it but it’s also not like she spent 5 years banking a fortune and never doing anything at all. Lucky for her she makes so much that this should be easy
"I'm not blaming anyone" - the person to blame is YOURSELF! Mom's retirement is over as of TODAY. She can work a sit-down job. If Dad died young, Mom is young too.
She started crying when Dave started to hold her accountable....Typical victim mentality. An 800K house now over a million in debt? Save the crocodile tears lady and get a grip.
We're All Thieves hopefully With all the uncertainty out there, this is the wrong time to be responsible for a house you 200k on and be building an 800k house. She may not even be able to sale her current house for a while. You never know. Good luck to her.
I agree 100%. Or she could sell it and buy another 300K house that has more land to extend the mother suite project. She’s going to hate her mom, except that it was her decision.
Change doesn't happen overnight. Sometimes it takes lots of interactions like this for someone to start to make the changes. In other words, either way, this was helpful for her.
Lilli D as an MD it’s easy to fall into that hole when your receiving 26 checks a year and every check you look at is $12,000-$15,000 check. Your mind is irrational
@@chrisjaxon7052 wow with 300k income after tax here in Canada, the bi weekly pay is around 6k only. If I get what you are saying is that in the US it would be around 12k bi weekly? We are so over taxed here in Canada
I wish this woman is never my doctor. Her husband probably felt lucky being married to a MD, instead he got 300k debt and a mother in law living with them for long term lol.
Her "umm" response every time Dave asks a straightforward money question is telling. Sounds like she's been working hard at not putting two and two together.
I think Dave is really nice to ask why she was in debt rather than just assume she is a bad spender. regardless of what the reason is, he is much nicer than some of the other people who answer calls on here and he always asks the right questions- he might give tough love, but he isnt quick to judge. I really feel for this girl who has clearly has a big heart caring for her mom, caring for people daily at work, and doing her best to support her family. It's clear that she was never taught how to save and spend before now and is panicking. Good for her for getting the hard part out of the way and being honest with whats going on, there are so many people in her shoes that are too afraid to speak up and get help. I wish her the best!
It's easy to borrow money - it's hard to pay it back because she feels like she earned those money and don't wanna give it away to pay off the money she borrowed. With her income, couple years of sacrifice will get her out of this mess and in much better situation
I make 25/40K a year. But I have always been debt free. Also got 2 other adults out of debt. I’m 30 years old and never made more than 55K a year. Making 300K plus and having ANY type of debt to me is wild. Like how!
It doesn't help that society tells us that when we have an income, we can borrow our way to luxury now instead of saving our way to get there later... It's about wants vs needs too, and the sentiment that just because you can do something, doesn't mean you should. Good luck Doc!
So they had $1.25 million or so pass through their hands in five years and only managed to build $150K equity in a house? Weird budget meetings when the money keeps piling up relentlessly and they''re saying "well, let's think. What else can we buy?"
In this pass year Ive learned so much abt myself and the true meaning of happiness. Dave isnt just a financial advisor, he's a motivator...i thank God I came to learn of him a year ago. Not only was i going thru a bad depression after my divorce, i was in a financial mess. Not even a year later...im debt free and at peace. Some people come into your life even if thru social media...and change perspective. God bless you Dave!! You truly change lives with your knowledge and your inspiring words.❤
Wow. Events like divorce and mental illnesses like depression really show why being debt-free is important. I bet getting out of debt helped with the depression.
What’s actually most telling is when she said they just completed BBS #1. She’s a doc making 300k/yr and this sounded like it was her first experience saving money.
Their take home pay is only around $240k total or $20k/month but $4k for the home loan and another $3.5k for student loans, $4k for insurance (health and malpractice). Then they most certainly have car debt, then there's home upkeep and living expenses for a neighborhood with $800k houses. And who knows how much in special needs mom requires... They're basically living hand to mouth with an illusion of being wealthy and no true idea of how poor they are. They also will have paid nearly $1 million in interest before all is clear.
@@mabelw7 no, you have to pay a lot in taxes when you make that much plus doctors to have to pay for malpractice insurance so 240 is probably correct. It actually could be Ben be a little bit less
Well you don’t get to keep 350k. They probably bring home around 200k after taxes. Take off of this probably very inflated expenses. It’s not as much as it seems if you don’t watch how you’re spending it.
While I agree she is making bad decisions, I also know that doctors are educated in science, not finance. Young doctors are easy targets for predatory lenders who fall over themselves to loan money. Hopefully she will quickly catch on that having a high income requires great responsibility. She should have hammered her student loans down before building a castle. Now she is committed to this crazy plan.
OzoneEditions So you need a 4 year degree in finance to know not to spend exuberant amounts of money when your in debt? Handling your finances for the most part is just common sense. Your painting this woman as a victim when she makes 300k a year...
Eliza Gold, she spent money like she was rich while in med school. Then she graduated and decided she didn’t want to spend her money paying off her debt.
I think the reason is a lil more nuanced. Being an MD elevates your status / class in this society. Her facade has to project her status and class. she will spend the money for the material representations of status whether she has the money now or will get it later.
I absolutely love it when people with high education spew their opinions on life and living and just because they are educated most people think their words are the gospel. I’m just a dumb ol truck driver and I don’t need a single piece of literature to tell me building a 800k house while 300k in debt is dumb. Be careful who you choose to consider a successful person, you just might be idolizing a over educated idiot. Just listen to Uncle Dave lol
Well said! There was nothing educated about what she did ! Definitely not a success story once you scratch the surface! I think we are raised to believe certain things about whats considered success like someone saying they are a doctor but financially she is in a mess and might as well be living paycheck to paycheck like someone she is looking down on.
It depends on the subject. I don’t trust you to give me medical advice because you can’t learn that from TH-cam, whereas you obviously can learn personal finance (which is a skill set that must be taught, per Dave’s own books). “If you judge a fish by its ability to climb a tree, it’ll live its whole life believing that it’s stupid.”
I feel bad that I dont feel bad when rich people have problems? If the guy making 20k a year is in debt I think ok makes sense and I feel bad, but when the guy who makes 500k a year has debt it makes me angry for some reason lol...Its like the standard is WAY higher for people who make great money and they seem even dumber for misusing it...Even though both guys in this hypothetical are the same the rich one seems like the idiot...
@Santiago picco you forgot the higher taxes/prices in richer countries as opposed to the poor countries. Although 30k is very high in some countries, but their cost of living is way too low. A better way to judge your income would be to compare yourself to the people of your own country. Even 20k in my country puts you in the top 1% and you could easily afford all the luxuries. But in the US 20k would be like the poverty line. Even though you are earning more money, but your standard of living will be worse than those earning the same in poorer countries.
EXACTLY. If you're making six figures and you have these kind of money problems, you have a VERY serious spending problem that is completely out of control.
I thought I was doing bad but after listening to a few of these I don’t think I’m doing bad at all. I have no debt, no payments or loans. I have about $12,000 saved, my only problem is that I have no idea what I’m doing in life 😂 all I know is to never go into debt. Been knowing this since I was an orphan in Russia
So she’s telling me the mom couldn’t live in the spare room of the 350k house? She’s not gonna get out of debt because she’s already attached to the idea of living in luxury. I bet that 800k house is way larger than she’ll ever need; excluding the MIL suite.
that look on his face when he asked her how much the house build cost , he knew what was coming. she is blessed with such a good income she takes a tough situation with her mother and student loans and amplifies the pain with that house sad.
These are the same types of people who wants the government to forgive their school loans and have us tax payers foot the bills. She makes enough money to pay off her student loans yet CHOOSES not to pay. It's a choice.
Being an MD elevates your status / class in this society. Her facade has to project her status and class. she will spend the money for the material representations of status whether she has the money now or will get it later. Compulsions (pressure) to be a part of the societal roundtable trumps sound reasoning.
That titles just shouts, “PEOPLE CAN BE REAL IDIOTS!” Props to her to wanting the situation to change, but this should have been paid or almost paid off by now.
Sorry to say it that raw but this is chosen mess. I’m glad however that she calls for help and I pray she listens. If they tight their belt for 4 years they will get out of it and breathe properly !!!
I'm in med school and I hear from my attendings "Live like a resident for 2-5 years AFTER residency". No matter what your attending income is, act as if you're making 70k a year and throw the rest on your student loans. That means regardless if you're a pediatrician (one of the lowest paid) or plastic surgeon ($$$) you'll be able to pay off your debt and likely be financially secure for life. Unfortunately, after 4 years undergrad 4 years med school and 3-7 years residency/fellowship, doctors are just tired of feeling broke. I feel for this lady and really hope she can sort this mess out, but this is also a failure of her residency leaders for not giving her a basic financial understanding.
Joshua McGough Residency leaders😂😂😂😂 No excuse. This is her own personal failure. She supposed to already know basic math and how to read from grade school. And some common sense. Could have included any type of personal finance courses on her own with that student loan money. Broke Mega debt Brand new house Mother-in-law suite $1k in savings And now a virus. She hasn’t seen stress yet.
Living on 140,000K isn't broke (assuming she and her husband live off a 3rd of her income and his). Especially in Michigan. That leaves plenty of room for travel and fancy things (and puts 140k after tax on the debt per year). Most doctors aren't 'tired of living like they're broke', they just feel like they should be recognized as having all the money a doctor should have.
Joshua McGough You are correct that her leaders could have helped with scholarships and work at the university to assist her prior to residency. My wife is a physician and we cleaned up her debt together within her residency. That was a number of years ago, and I would assume there are more programs available today to assist those in their selected field
Research Dr. Cory Fawcett, he has a program specifically for doctors to pay off student debt and build a financial future. If you want to hear it from another doctor.
This case proves a number of things: a) Doctors know some things but not everything. b) Just because you make $300k/yr doesn't mean that you can't accumulate over $1 million in debt. c) Having a doctorate doesn't mean that you can't make stupid mistakes. And most importantly, it's not how much money you make that matters, but how you manage that money.
Once the house is built, sell it and try to recoup at least a portion of what was spent to build it to go towards debt. Or rent it out and do the same. Then get a low priced house that you can expand. Adding a room is entirely way cheaper than building a whole house. This is my unsolicited non-expert advice 👍
Cozy, quaint 2 bdrm apartment, pay off loans then buy an established house. They're trying to keep up with the Jones's. That mother in law suite sounds ridiculous.
Whoa! It doesn't take an expert to figure out the problem. It's about keeping up with the Joneses. I have a friend who's a physician and the moment she completed residency she purchased a huge beautiful, home. That's cool and all but she's constantly complaining about her 6 figure student debt, and she's trying to purchase a new suburban next year. Some people love debt.
It took guts to call in the first place. She asked for advice and may or may not use it, we don’t know, that’s for her to decide. She’s a person that has made financial mistakes like we all have, and that doesn’t qualify her as “stupid”. She’s also not “stupid” for caring for her mother after her fathers Death, though building the house is not the proper method as Dave said. Caring shows compassion. She may have also been influenced by her husband, we don’t know the whole story. I hope she finds peace with her fathers death and I hope she goes on to do wonderful things with her medical career. Best of Luck!
These are the same people wanting a student loan forgiveness meanwhile making 300k a year. She should be debt free at a minimum 5 years but people like and choose to buy benzes and 800k houses SMH.
I think people would be surprised to learn how much leverage some of these doctors have with their personal finances. They live a lifestyle that exceeds them for whatever reason when in reality they could do it without much strain if they settled down for 5 years.
My heart goes out to this woman and I'm happy she got advice from Dave. It goes to show though.. just because you're a doctor it doesn't mean you're smart with money.
She is overwhelmed. She got lured into "build a dream house for mom bc dad passed young". She will be OK. I have to question her husband's role in this though.
Anytime i start making excuses for myself regarding anything, i listen to this call. "I listened to bad advice", we need an inlaw suite so i need to build an 800,000 home, etc. She hasn't paid on her loans for YEARS, but tries to make her dads unexpected death just 1.5 years ago as the reason she hasnt paid. Really hoping the best for her.
The father was real young but the mom is retired and semi-disabled? This woman is all over the place. I notice people have 50 excuses left of Sunday to be in the circumstances they are and are poor because of the many excuses. Mom can take care of herself maybe in a small apartment with a part time care giver. This lady just wants an $800,000 house and when it all goes South, she'll blame and divorce the husband.
When I feel broke, I watch Dave.
Lol! I be saying the same thing
Absolute facts😭
🤣
👍👍👍👍
When I want to be entertained and need a good laugh i watch Dave.
I learned today that I'm wealthier than a woman who makes 300k a year! Go me!
This makes me feel rich. I wasn't going to finish my debt snowball because of the economy but after hearing this, I am determined to do it. I was making up all kinds of hairbrained reasons not to.
My mortgage balance is less than our household income, it's like I'm a financial genius!
Woohoo!
Facts
@Wendy Darling Stop, you're not "only" a nurse!
This goes to show that it doesn’t matter how much money you make you can still be broke.
Exactly! It's not how much money you have, it's how you handle what you have that makes the difference.
Adnan Kashoggi - a billionaire, went broke
Ed McMahon
Thats applicable if one doesnt bother managing their income properly.
D. Davis 😂
"Why haven't you paid your loans off?"
"I don't know........ We're also building a house"
Wanna bet they both drive Cadillac’s or Lexus’s or something too?
bruhmoment
That might be a clue, you think! Unbelievable!
Not just any house.....an $800k house with an in-law apartment!!!!!!!! 😒
I’m praying that Bribin can’t get these idiots relieved of their debt!
$800k in Michigan! That's one heck of a house!
I agree having been raised there that sucker must be 10000 square feet or something !
Even in Rochester Hills there are 4Bed houses for $300k and it's one of the wealthiest communities in Michigan.
Anyways if I was anywhere in Michigan I wouldn't want to invest too much in a house since it's not going up.
I'd get just enough house to live until I need to move.
She wants to keep up with the Joneses and she is using the mother-in-law as an excuse.
@@Dwaynea Gross Pointe is a weird area to me being a Texan. I looked up the demographics on Wikipedia. The population has decreased significantly, since the 1970s. And at the same time the percent of population that is African American has decreased from 3% to 1%.
Gross Pointe must be doing something to get rid of people especially black people. I'd be scared to live there.
That's like a whole city block in Detroit.
This clip really highlights the fact that money doesn't solve money problems 🤔. It takes a behavioral and ideological shift. Simply giving people money or erasing debts will only reinforce bad behavior and compound problems down the road. Dave was tough on her but that's what the caller needed to hear! 🤬
Applico
Money is a tool for me and has eliminated my money problems.
You can take people out of the slums but cannot take the slum out of the people
Exactly what I was thinking. Making more money doesn't make one "rich," contrary to what the masses believe. I have always said that anything that can be defined in a number, no matter how great that number can be, is still FINITE.
Applico no I agree with you!
Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime.
After she hung up with Dave she called her travel agent to plan their next vacation.
🤣🤣🤣🤣
3/23/20....NO SHE DIDN'T!
SHE called the MERCEDES dealer & ordered MATCHING HIS + HERS PAIR OF MB that will be delivered by the weekend!
😂😂😂😂😂
I would love to be that Travel Agent 😂
Vacay to mars probably
She seems disorganized. She needs to get on a budget & stick to it.
Probably alot of consultatory spending.
I mean my mom has rheumatoid arthritis and if I made $300k I could get her a place to live and a full-time caretaker. Especially in Michigan.
The problem is this girl needs luxury to feel okay.
This has to be one of the most stupidest callers I’ve ever heard
For $600,000 I’LL take care of her mother!!
@@chrisreynolds6391 she's fallen into the trap that because she's an MD that she has to live a first-class lifestyle and have it all financed.
Wow, that calmness Dave had.. I felt his soul leave his body when she said 800k house... He stayed calm and rationalized in terms that made sense to her. Bravo 👏 👏 👏 This is why I love Dave!
She’s making excuses on top of excuses. I can’t see her changing behavior.
I agree. You can always hear it in their voices and how they respond. You can tell with some people that his advice is going in one ear and out the other when they continuously reply, "Uh huh", "Yeah". She sounds like one of them.
Watch them go buy a couple of new cars to add to it
Played the female emotional card immediately. Pathetic.
Big Meech weak? She’s making 300k a year. She got this
@@garyodriscoll7988 she's also dug the hole with that $300k/year shovel. Its pretty obvious she does not have it. She's emotionally weak and makes emotional financial decisions.
Another broke doctor.... 🤦♀️
Poor financial decisions
Emotional Damage
Can we take a minute here... they make $350k and have a $1000 emergency fund saved?
I’m in Ohio cost of living isn’t that much different than Michigan. You can build a beautiful home with a spare bedroom on the first floor with full bath for $400-$500k. They did not need to build an $800k home.
You're thinking logically, they aren't, probably due to their greed and narcissism
she just used her dad death and her mom disability to build a 800k house for herself, good job
Edge HODL yeah pretty much.
Ha, I’m wondering how much hubby had to do with it. Blowing school loans and “Wanting” this insane house!! Wow.
Yes, she did. She simply used them as an excuse to do that. And I wonder about the husband as well. It wouldn't surprise me one bit if he thought it was a great idea as well.
She could've done that for less than half of that. It wouldn't have been elaborate but that doesn't mean it isn't possible. Furthermore, you have no business building an elaborate home if you're $500k in debt with your house and student loans.
The dad passing away, coupled with taking care of her mom gave her an emotional pads to build a overpriced house. She needs to cancel the house. Or sell it.
“For a mother in law suite” 😭😂😂
Priceless
He said that multiple times !
It’s hard to sympathize with someone who has a fabulous income, yet has squandered it away on an ill-advised $800K house.
Greg Smith Lol !!! Right
They should have waited 8 years to tackle debt and save some money to make a big initial payment on the house. Their income is great
I wonder how influential this mother figure is. I know someone who pushed her daughter into med school and says that her daughter’s future doctor’s income is her retirement plan.
This reminds me of the call where the mom needed to buy the Suburban Land Boat for $64k. Stay in your house and let mom live upstairs. Mom does NOT need an $800k suite.
Her hubby is the winner making 50k!
She didn’t need an 800K house to help take care of her mom. Crazy
She didn't need, she wanted 🤣🤣
Especially with $300,000 in debts! She's talking about building a$800,000 house using her mother as an excuse for such irresponsible behavior.
As a physician myself, I can attest that this is a very common situation among most physicians. And now with the government's promises of student loans forgiveness, the borrowing as gotten even worse. Most of my colleagues who average 300k and up still refuse to pay off student loans, thinking why pay off when it will be forgiven. I am very pleased to have paid off my student loans and I can see how much ahead that put me from my colleagues who chose to defer their payments.
So you can see the mentality here: no sense of gratitude to the taxpayer who funded these loans. I mean, our situation in the UK is far from great, but it sounds like the student loan system in the US is an absolute racket!
Your colleagues are Dicks.
Aswell as thieves
Congratulations!
I know doctors and they are almost universally horrible with money and don't have the net worths they should have. Not just the late start and massive loans, but living high off the hog on a salary that will still only go so far.
She explicitly said she paid her way through school and took out the loans to live...then says she owes $297K in student loans...then she builds a super house. Lady...you have a spending problem.
She just wants daddy to tell her it will be ok
she lived off a total of 300k for 4-8 years but can't pay that back when she makes that every year??? wtf
Keep in mind she said she paid her way through college but that doesn’t mean that she herself actually paid and it doesn’t factor that she may have had very strong scholarships that covered a lot of it. She didn’t borrow $297K that’s what the balance is as of now because of the interest and fees that accumulate onto the balance. She borrowed $200K but with graduate school loans interest begins adding on from day 1 so outside of Covid interest years there was interest compounding on the balance for probably 5 or so years which can add up super quick when it’s calculating off such a high dollar amount. She lived off of it during medical school and residency. I think one thing being missed is that she says she’s been out of school for five years but residency is at least three years and they don’t make a lot of money during residency. I think part of why this seems so insane is that people are thinking she’s made $300K for five years but actually she would’ve made more around $50-60K for the first three at least and then started making the big money. And that doesn’t absolve her because clearly she doesn’t grasp it but it’s also not like she spent 5 years banking a fortune and never doing anything at all. Lucky for her she makes so much that this should be easy
@@Matt-cr4vv I will give her credit where credit is due, shes w a man making far less than her
I give credit to the man...way to go dude. 😂
Dave sounded so defeated when he said "of course not"
"I'm not blaming anyone" - the person to blame is YOURSELF! Mom's retirement is over as of TODAY. She can work a sit-down job. If Dad died young, Mom is young too.
Good point. More and more jobs are accommodating people with various issues.
She started crying when Dave started to hold her accountable....Typical victim mentality. An 800K house now over a million in debt? Save the crocodile tears lady and get a grip.
C W
Yup.
So true!
This is very unkind and untrue. Listen more carefully-she was crying because her father just pasted away.
that's feminazi 101! when things don't go your way cry & play the victim
Listen to the call again dipshit. She started crying when she was talking about her dead father.
It’s not about HOW MUCH you make.....it’s how you MANAGE what you make!!
There aren't any rice and beans at my grocery store. Only pop tarts and milk
@David Watson Coronavirus madness I think hes refering to. I work at Walmart... no cereal, canned goods, pasta, pasta sauce, etc etc to speak of
😂😂😂😂
I wish there were pop tarts without frosting
Lol funny
@@burntblonde2925 they make those
She should sell the house once it's built and then just build an extension onto their existing home for her mother.
We're All Thieves hopefully With all the uncertainty out there, this is the wrong time to be responsible for a house you 200k on and be building an 800k house. She may not even be able to sale her current house for a while. You never know. Good luck to her.
A $300k house in Michigan probably has plenty of room for 3 adults.
I agree 100%. Or she could sell it and buy another 300K house that has more land to extend the mother suite project. She’s going to hate her mom, except that it was her decision.
Oh my. Sell the old house, sell the new house, put mom in an apartment, get the apartment next to mom and go to work! Sheesh! 😬
Nothing will change with her. You can hear in her voice.
Change doesn't happen overnight. Sometimes it takes lots of interactions like this for someone to start to make the changes. In other words, either way, this was helpful for her.
@intimacy
Exactly, can’t expect a person fix a lifetime of bad habits overnight.
She doesn’t seem motivated
@@charleneWL she’s gonna buy a car cause she earned it
Why get another house when you already have a mortgage you’re not done with and student loans???
Lilli D it’s called “Doctoritis”
Lilli D as an MD it’s easy to fall into that hole when your receiving 26 checks a year and every check you look at is $12,000-$15,000 check. Your mind is irrational
Keeping Up With The Joneses.
@@justinwilliamson6355 That is all it is.
@@chrisjaxon7052 wow with 300k income after tax here in Canada, the bi weekly pay is around 6k only. If I get what you are saying is that in the US it would be around 12k bi weekly? We are so over taxed here in Canada
I wish this woman is never my doctor. Her husband probably felt lucky being married to a MD, instead he got 300k debt and a mother in law living with them for long term lol.
Abuda J. Now, now.. She may be a great doctor. But a horrible accountant!
Abuda J. Her husband needs to explain himself.
An not a. Please proofread 🤦🏼♂️
Just wait till she wants to stay home with the kids.
From dream to nightmare just like that! Long term nightmare, too.
Her "umm" response every time Dave asks a straightforward money question is telling. Sounds like she's been working hard at not putting two and two together.
Very irritating to listen to her.
I think Dave is really nice to ask why she was in debt rather than just assume she is a bad spender. regardless of what the reason is, he is much nicer than some of the other people who answer calls on here and he always asks the right questions- he might give tough love, but he isnt quick to judge. I really feel for this girl who has clearly has a big heart caring for her mom, caring for people daily at work, and doing her best to support her family. It's clear that she was never taught how to save and spend before now and is panicking. Good for her for getting the hard part out of the way and being honest with whats going on, there are so many people in her shoes that are too afraid to speak up and get help. I wish her the best!
800k in Michigan is an estate, not a house
You don’t know why you haven’t paid your loans off? You just don’t want to...
Exacta
It's easy to borrow money - it's hard to pay it back because she feels like she earned those money and don't wanna give it away to pay off the money she borrowed. With her income, couple years of sacrifice will get her out of this mess and in much better situation
She's a flashy spender
einstein110 I agree
I find this is so many that take out debt, they don't feel they need to pay it back
People are debt free earning 30k/yr. You earn 300k and cant pay your loans!! Something isn't right.
Yeah, no sympathy for people like this. 350k income lol. The absolute most our household has ever made is 80k and our net worth is higher. Craziness
@@stephensantiago603 Well done. Frugality matters, not how much you appear to make. Wish I had followed this advice earlier.
I make 25/40K a year. But I have always been debt free. Also got 2 other adults out of debt.
I’m 30 years old and never made more than 55K a year.
Making 300K plus and having ANY type of debt to me is wild. Like how!
How is this person a doctor? I wouldn't trust her to make my appointment, never mind giving me the exam
😂😂😂😂😂😂
Trust me. You can get through med school with memorization and little thinking. Doctor does not always mean smart.
Exactly she’s not very smart !
Years of med school zapped out her common sense brain cells, lol.
Dave says it all the time, many doctors are some of the least responsible people with their money.
They should sell the house under construction, once it's completed. It sounds like Mom is doing okay, all things considered.
Same idea I had.
It doesn't help that society tells us that when we have an income, we can borrow our way to luxury now instead of saving our way to get there later... It's about wants vs needs too, and the sentiment that just because you can do something, doesn't mean you should. Good luck Doc!
Poor woman. Just goes to show that book smarts does not equal common sense. Seems like she got excited with that 300k income and drowned herself.
I was dozing off to sleep when she said the house was $800,000 and i opened my eyes so fast! This is one bad decision after another.
So they had $1.25 million or so pass through their hands in five years and only managed to build $150K equity in a house? Weird budget meetings when the money keeps piling up relentlessly and they''re saying "well, let's think. What else can we buy?"
If I was spending that kind of money my house would be full of gold or diamonds. What else did they all purchase for a good 700k net income?? Wth.
No, she would have been a resident for 3-5 years prior to making this salary, making about $50k a year
@@saraho3606she said she was an MD for 5. Idk if that's considered a full doctor
*This doesn't make financial sense at all. Stay in the current home or find one that costs less.* 😉
Yes and get a home that does not have a mother in law. What's wrong with just giving her a room and calling it a day lol.
TampaTony86 what is a mother in law suite? I never heard it before did she buy two houses?
@@wowso4 Basically a mini studio apartment on the property that's not connected to the home.
TampaTony86 wow that’s nice I hope I can afford one day I always wanted my mother to live with me one day when I get married.
Yeah, but then she can’t be on “MTV Cribs”.
In this pass year Ive learned so much abt myself and the true meaning of happiness. Dave isnt just a financial advisor, he's a motivator...i thank God I came to learn of him a year ago. Not only was i going thru a bad depression after my divorce, i was in a financial mess. Not even a year later...im debt free and at peace. Some people come into your life even if thru social media...and change perspective. God bless you Dave!! You truly change lives with your knowledge and your inspiring words.❤
Wow. Events like divorce and mental illnesses like depression really show why being debt-free is important. I bet getting out of debt helped with the depression.
Definitely wouldn’t want her as my treating doctor. Some of that stupidity has to spill over into her professional life.
Lol right 😂
Facts an especially u can see its affecting her
@@nchinth I asked my doctor if he was financially stable and he said yes, and then wanted to know why I asked.
Not a fair assessment. She can be an amazing doctor but horrible with money. Maybe she’s okay for you doctor but definitely not your financial advisor
What’s actually most telling is when she said they just completed BBS #1. She’s a doc making 300k/yr and this sounded like it was her first experience saving money.
You know the winner in this situation is the husband making 40k 😂
It’s usually not good for a man psychologically to earn that much less than his wife. He no longer wears the pants in the family.
@MrBean For real. I'd have the house spotless and dinner on the table every night.
😂
Lol😂
I thought so too. But she is the bread winner, he can’t disagree with her or so no. Hence why she’s in the mess she’s in lol
Eat rice and beans while making $300000 , now I’ve heard it all ...
lol I'm sure she'll get right on that.
He doesn't literally mean for someone to eat rice and beans every day but rather live a frugal lifestyle that frees up some capital to pay down debt.
Their take home pay is only around $240k total or $20k/month but $4k for the home loan and another $3.5k for student loans, $4k for insurance (health and malpractice).
Then they most certainly have car debt, then there's home upkeep and living expenses for a neighborhood with $800k houses. And who knows how much in special needs mom requires...
They're basically living hand to mouth with an illusion of being wealthy and no true idea of how poor they are. They also will have paid nearly $1 million in interest before all is clear.
This not true? Take home pay very low
@@mabelw7 no, you have to pay a lot in taxes when you make that much plus doctors to have to pay for malpractice insurance so 240 is probably correct. It actually could be Ben be a little bit less
Basically she's over 1 million in debt.... good lord hope they don't plan to have kids anytime soon
leadnsteel If they have kids, I’ll bet that she wants to be a stay at home mom. Yes, these people are THAT stupid!!!
Jeremy Brown These folks could easily have a stressless life. They want to keep saying, “Oh poor us. How can we get out of this mess!?”
Holly B, maybe but she can’t. She makes like 6 to 8 times more than her husband.
Well you don’t get to keep 350k. They probably bring home around 200k after taxes. Take off of this probably very inflated expenses. It’s not as much as it seems if you don’t watch how you’re spending it.
She’s probably pregnant now ! 😅
Dave, this was a great share. Thank you. We have doctor friends in a similar scenario minus the in-law suite.
Amazing that she is a doctor. She has the intellect of a Barbie doll.
While I agree she is making bad decisions, I also know that doctors are educated in science, not finance. Young doctors are easy targets for predatory lenders who fall over themselves to loan money. Hopefully she will quickly catch on that having a high income requires great responsibility. She should have hammered her student loans down before building a castle. Now she is committed to this crazy plan.
@@DriverDude100 👏👏👏
There are different kinds of intelligence.
She sounds like a young airhead. How did she ever get into med school?
OzoneEditions So you need a 4 year degree in finance to know not to spend exuberant amounts of money when your in debt? Handling your finances for the most part is just common sense. Your painting this woman as a victim when she makes 300k a year...
the fact that i make $35K and am somehow better off than a doctor really changes my perspective on life
Right???
She's spending money to show off! Admit it! Question where is the 300k going?
3/23/20. PROB owes the IRS as well!
definetly drives a range rover and wears a canada goose jacket so everyone can see how successful she is
Eliza Gold, she spent money like she was rich while in med school. Then she graduated and decided she didn’t want to spend her money paying off her debt.
I think the reason is a lil more nuanced. Being an MD elevates your status / class in this society. Her facade has to project her status and class. she will spend the money for the material representations of status whether she has the money now or will get it later.
Extraction Attraction , so to impress people at stop lights that you’ll never see again? Isn’t there someone here that talks about that... I wonder?
I absolutely love it when people with high education spew their opinions on life and living and just because they are educated most people think their words are the gospel. I’m just a dumb ol truck driver and I don’t need a single piece of literature to tell me building a 800k house while 300k in debt is dumb. Be careful who you choose to consider a successful person, you just might be idolizing a over educated idiot. Just listen to Uncle Dave lol
Well said! There was nothing educated about what she did ! Definitely not a success story once you scratch the surface! I think we are raised to believe certain things about whats considered success like someone saying they are a doctor but financially she is in a mess and might as well be living paycheck to paycheck like someone she is looking down on.
Turns out Wisdom and experience is much more valuable than intelligence.
Who knew? 😉
Shots 🔥🔥🔥🔥 very well put
It depends on the subject. I don’t trust you to give me medical advice because you can’t learn that from TH-cam, whereas you obviously can learn personal finance (which is a skill set that must be taught, per Dave’s own books).
“If you judge a fish by its ability to climb a tree, it’ll live its whole life believing that it’s stupid.”
hey man, i think you sound pretty smart.
This lady has serious issues. You make 300k and find it impossible to pay off debt? Insane😂
Anyone whos experienced debt is Overwhelmed just listening to this.
I watch these videos just to make myself feel better about being $50,000 in debt
LOL!!!!!!!!!....same here Amy !!!!
I'll bet they have BMW and Audi in driveway.
.......and a cottage and a boat ect.
And a dually to tow the boat and make the low earning husband feel like a man.
@@matthewgardner2144 plus a lift kit because of his height.
No she drives a mercedes suv, and he drives a 100k pickup... i can tell by her voice
@@ruthlessreid9172 😂
I feel bad that I dont feel bad when rich people have problems? If the guy making 20k a year is in debt I think ok makes sense and I feel bad, but when the guy who makes 500k a year has debt it makes me angry for some reason lol...Its like the standard is WAY higher for people who make great money and they seem even dumber for misusing it...Even though both guys in this hypothetical are the same the rich one seems like the idiot...
20k a year is a lot of money in other countries. There will always be someone with a lower standard.
@@santiagopicco1397 yes very true in act I think if you make over $30k a year you are in the top 1% of the richest people on the planet...
@Santiago picco
you forgot the higher taxes/prices in richer countries as opposed to the poor countries. Although 30k is very high in some countries, but their cost of living is way too low. A better way to judge your income would be to compare yourself to the people of your own country.
Even 20k in my country puts you in the top 1% and you could easily afford all the luxuries. But in the US 20k would be like the poverty line.
Even though you are earning more money, but your standard of living will be worse than those earning the same in poorer countries.
EXACTLY. If you're making six figures and you have these kind of money problems, you have a VERY serious spending problem that is completely out of control.
And suddenly I feel smart about my finances.
3:03 sums up this call. Happy Monday, y’all. Wash your hands and don’t eat everything in your pantry.
Not so smart for somebody who’s a doctor.
Ryan Breedlove she might be smart, but has zero common sense when it comes to money
She sounded quite slow during the conversation..
Her " intelligence" is limited clearly to the medical field, letters behind your name doesn't automatically mean your intelligent on many subjects
@@nightfangs2910 do you mean the intelligence to understand "spend less than you earn"? A doctor can't grasp that...wow.
@@webfreakz sad but clearly true in her case, the proof is in the pudding
Earns 300k a year and doesn't know why she hasn't paid off her loans. Just when you think you've heard everything. Utter madness.
You'd think a doctor would be smarter, so strange
I thought I was doing bad but after listening to a few of these I don’t think I’m doing bad at all. I have no debt, no payments or loans. I have about $12,000 saved, my only problem is that I have no idea what I’m doing in life 😂 all I know is to never go into debt. Been knowing this since I was an orphan in Russia
Ps I’m 25
Dave great way in setting her straight and speaking to her in a language she understands.
So she’s telling me the mom couldn’t live in the spare room of the 350k house? She’s not gonna get out of debt because she’s already attached to the idea of living in luxury. I bet that 800k house is way larger than she’ll ever need; excluding the MIL suite.
I'd love to know how much in car and personal loans owed also. You dropped the ball Dave.
I don't think he had the mental energy for that, LOL!
Wow, listening to this just blows my mind. An $800k house?!! And while in debt? Craziness.
that look on his face when he asked her how much the house build cost , he knew what was coming. she is blessed with such a good income she takes a tough situation with her mother and student loans and amplifies the pain with that house sad.
I love how most of these callers say "I'm doing well" and then explain their financial mess to Dave.
I like it when they say enthusiastically they're doing great and literally a minute later they're crying on national radio
These are the same types of people who wants the government to forgive their school loans and have us tax payers foot the bills.
She makes enough money to pay off her student loans yet CHOOSES not to pay. It's a choice.
Agreed. This is probably one of the reasons why America has so much debt.
@@Musicienne-DAB1995 well giving to the able bodied poor and trillions to other countries I say is a bigger issue then helping our own
You can tell Dave’s head is beginning to pound around the 3:00 mark 🤣
Being an MD elevates your status / class in this society. Her facade has to project her status and class. she will spend the money for the material representations of status whether she has the money now or will get it later.
Compulsions (pressure) to be a part of the societal roundtable trumps sound reasoning.
That titles just shouts, “PEOPLE CAN BE REAL IDIOTS!” Props to her to wanting the situation to change, but this should have been paid or almost paid off by now.
Sorry to say it that raw but this is chosen mess. I’m glad however that she calls for help and I pray she listens. If they tight their belt for 4 years they will get out of it and breathe properly !!!
I wonder what cars and other expensives she has.
Maryline Happy
All about choices.
I'm in med school and I hear from my attendings "Live like a resident for 2-5 years AFTER residency". No matter what your attending income is, act as if you're making 70k a year and throw the rest on your student loans. That means regardless if you're a pediatrician (one of the lowest paid) or plastic surgeon ($$$) you'll be able to pay off your debt and likely be financially secure for life.
Unfortunately, after 4 years undergrad 4 years med school and 3-7 years residency/fellowship, doctors are just tired of feeling broke. I feel for this lady and really hope she can sort this mess out, but this is also a failure of her residency leaders for not giving her a basic financial understanding.
Joshua McGough
Residency leaders😂😂😂😂
No excuse.
This is her own personal failure.
She supposed to already know basic math and how to read from grade school.
And some common sense.
Could have included any type of personal finance courses on her own with that student loan money.
Broke
Mega debt
Brand new house
Mother-in-law suite
$1k in savings
And now a virus.
She hasn’t seen stress yet.
Living on 140,000K isn't broke (assuming she and her husband live off a 3rd of her income and his). Especially in Michigan. That leaves plenty of room for travel and fancy things (and puts 140k after tax on the debt per year).
Most doctors aren't 'tired of living like they're broke', they just feel like they should be recognized as having all the money a doctor should have.
Joshua McGough You are correct that her leaders could have helped with scholarships and work at the university to assist her prior to residency. My wife is a physician and we cleaned up her debt together within her residency. That was a number of years ago, and I would assume there are more programs available today to assist those in their selected field
Research Dr. Cory Fawcett, he has a program specifically for doctors to pay off student debt and build a financial future. If you want to hear it from another doctor.
@@Ranger15893bn I'll definitely check that out - I've mostly looked via the Whitecoat Investor (also a Doc). Thanks!
This case proves a number of things: a) Doctors know some things but not everything. b) Just because you make $300k/yr doesn't mean that you can't accumulate over $1 million in debt. c) Having a doctorate doesn't mean that you can't make stupid mistakes. And most importantly, it's not how much money you make that matters, but how you manage that money.
Once the house is built, sell it and try to recoup at least a portion of what was spent to build it to go towards debt. Or rent it out and do the same. Then get a low priced house that you can expand. Adding a room is entirely way cheaper than building a whole house. This is my unsolicited non-expert advice 👍
Who's going to rent a $800k house in Michigan? Kid Rock?!
Dave's channel is for me to be motivated to choose wisely in life. Safe and risky way.
Dave: is it paid for?
Her: no
Dave: of course not
Cozy, quaint 2 bdrm apartment, pay off loans then buy an established house. They're trying to keep up with the Jones's. That mother in law suite sounds ridiculous.
Whoa! It doesn't take an expert to figure out the problem. It's about keeping up with the Joneses. I have a friend who's a physician and the moment she completed residency she purchased a huge beautiful, home. That's cool and all but she's constantly complaining about her 6 figure student debt, and she's trying to purchase a new suburban next year. Some people love debt.
Gurl lol, bless your heart.
"Why haven't you paid your loans off?"
1:44 😆
It took guts to call in the first place. She asked for advice and may or may not use it, we don’t know, that’s for her to decide. She’s a person that has made financial mistakes like we all have, and that doesn’t qualify her as “stupid”. She’s also not “stupid” for caring for her mother after her fathers Death, though building the house is not the proper method as Dave said. Caring shows compassion. She may have also been influenced by her husband, we don’t know the whole story. I hope she finds peace with her fathers death and I hope she goes on to do wonderful things with her medical career. Best of Luck!
Hey at least she’s in a job that won’t be lost due to the inevitable recession. Plenty of overtime too.
That husband making only 40-50k hit the jackpot being with her.
Maybe. If they ever get the debt under control.
and now they want to build a $800K to add his mother.
maybe but long term the guy is miserable being the b*tch in the house.
He thought he did
@@ipromisethatserendipityisa9656 I put on 2 bedrooms, a kitchen and a living room for less this (and paid it off.)
I thank God that my head is in the right place when it comes to finance.
The pay gap between her and her husband is ridiculous and is going to lead to issues down the line....
The more I listen to these , the more I feel like a genius with my Associates degree, 🤔😉😂
Haaa! Me too! We make over 150k with AA degrees and no debt.
I feel guilty that it makes me happy to know people making 6 figures are more broke than me
She and her husband feel entitled and that is a fact. Common sense will not occur to either one of them any time soon.
These are the same people wanting a student loan forgiveness meanwhile making 300k a year. She should be debt free at a minimum 5 years but people like and choose to buy benzes and 800k houses SMH.
I think people would be surprised to learn how much leverage some of these doctors have with their personal finances. They live a lifestyle that exceeds them for whatever reason when in reality they could do it without much strain if they settled down for 5 years.
Eeeekkkkk! Sounds stressful! Good job on the big income though! Big shovel.
My heart goes out to this woman and I'm happy she got advice from Dave. It goes to show though.. just because you're a doctor it doesn't mean you're smart with money.
$1,000,000 debt......beyond frightening!
800k in 🏗️
200k on a🏡
297k on student loan
She is a bank
3:10....Dave puts his head in his hands! I died😂😂😂😂😂😂
She is overwhelmed. She got lured into "build a dream house for mom bc dad passed young". She will be OK. I have to question her husband's role in this though.
One of Dave's best calls ever.
Agree
Anytime i start making excuses for myself regarding anything, i listen to this call. "I listened to bad advice", we need an inlaw suite so i need to build an 800,000 home, etc. She hasn't paid on her loans for YEARS, but tries to make her dads unexpected death just 1.5 years ago as the reason she hasnt paid. Really hoping the best for her.
The father was real young but the mom is retired and semi-disabled? This woman is all over the place. I notice people have 50 excuses left of Sunday to be in the circumstances they are and are poor because of the many excuses. Mom can take care of herself maybe in a small apartment with a part time care giver. This lady just wants an $800,000 house and when it all goes South, she'll blame and divorce the husband.