Am I At A Point Where I Can Buy An Expensive Toy?
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- เผยแพร่เมื่อ 3 ต.ค. 2024
- Am I At A Point Where I Can Buy An Expensive Toy?
Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, Anthony ONeal and John Delony.
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I don't see the relationship between value of a daily driver and a toy. As long as the DD is capable of performing it's duty and all the other financial guidelines (emergency funds, debt free, investment goals) are meet I say go for it.
I got my toy a year ago in a couple days that’s worth about 7500-8 and my truck is worth about 10,000 as is.
I agree 100%.
It’s not about how much money you have it’s about whether you’re willing to trade a certain amount of your labor for a certain toy.
that's how people stay broke.
We feel bad for ourselves and we tend to buy ourselves things.
If we really want to buy something, we are better off buying it when it doesn't set us back financially. Actually a better rule is, if you have to justify the price, you shouldn't be buying it.
Well said
I agree with a lot of Dave's advice. This is actually one that I disagree with. If your car is only worth "x amount of dollars" and your "toy" costs more, but your car is reliable and you are happy with it, I don't see the problem there. Not sure what his issue with it is.
I’m surprised at Dave’s opinion. I’m in the same situation. I just brought a $30k Polaris slingshot cash. I drive a paid for 2012 Chevy Malibu that’s very dependable (the blue book value is under 5k). I don’t see a problem.🤷🏾♂️
The funny things is before I brought the slingshot I asked myself “what would Dave do”😂
I agree. His cars are fine, he’s able to pay cash for the toy. Just because the daily driver isn’t fancy doesn’t mean it’s unreliable. I drive a 2011 Hyundai and it runs great. Probably not worth much more than $4-$5k.
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I have a 2012 Spyder RT Limited. I bought it in 2017 with cash and LOVE it!!
3 years ago, I put about $30k down on a duplex, financed the rest… Then financed a $30k toy. The duplex paid for my toy, my cash flow increased, and my net worth exploded. But… I don’t need “Dave” to tell me how to manage my money.
@@mambofuego5101 So has mine, and I follow Dave's plan. I pay cash for things.
I feel him I want to buy something to but then I hear Dave’s voice and I go back to eating my rice and beans
Loser!
@@miketheyunggod2534 the truck I want is a money pit ain’t worth it
You'll get something when you are out of debt.
@@thetruth5635 Anything you want in life is worth it 👌🏾 If you attain it right and put the necessary work in for it. Enjoy your life while you have a life to enjoy 😉
@@lovyng amen pal.. I agree
As long as it doesn’t put him over half his annual household income when calculating all items with wheels and motors and he pays cash I say go for it.
If a toy gives you more value than your DD I don’t see an issue with a toy being more valuable.
That only applies after we have our ducts in a row. In my opinion that's having baby step 4 a built in habit.
"Your toy shouldn't cost more than your car".
*Buys more expensive car*
Profit!
I think.
@@diegomoe2733 Be gone, bot!
Buy a used 4runner, put little bit of money on getting little bit bigger tires and may be a lift kit.
You now have a fairly capable 4x4 that can haul 5 people with all your guns and hunting equipments, and it can also be your Daily Driver (very reliable one at that)
Buy the toy. It brings you joy. As long as you have reliable daily transportation, who cares what the cars look like.
My can am cost 30k.
My vehicle (2) worth today is 15k being 11 years old. We keep our vehicles xtreme maintain. With today's vehicles costing 70 to 100k, we steer to buying toys. Boats, jet ski, sxs, atv. Just more fun for the whole family
I have a 2003 Prius, value is probably between $2-3k. Of course it is not going to leave me on the side of the road, but a $2k sport bike would probably be pretty suspect. Cheap cars are cheaper than cheap toys.
As long as they both do their job, I don't see how buying a $30k car and a $5k toy is any different than a $30k toy and a $5k car. While definitely keep a very close eye on spending large chunks of one's income on a depreciating asset, I don't agree with Dave on this one. Daily driver does not have to cost more than a toy.
The difference I see is one gets you to work on time, every day. If it's a undetectable POS daily driver that could get you fired, then there is a problem.
@@labornurse As I said, as long as they both do their jobs. Unreliable = not doing their job, but a completely reliable Camry/Corolla/Yaris/Civic/Accord/etc can be found for under $5k.
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Haha watching Ken shake his head while Gustavo isn’t even done asking the question 🤣. He already knew what the answer was going to be.
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Plus a truck and trailer potentially
my co-worker bought last year. end up he paid 20k+ out for door with trailer. he use all ot money for down payment, but earlier he bitching he car fleece is uncomfortable and he got no money do with that.
I love this....I just bought a Rzr...paid cash... Keeps me sane... Love Dave... This man has changed my life for the better..
$15k, and you buy something that can give your family hours and hours of enjoyment. Some people buy a motorcycle and ride every weekend. Others go camping, boating, etc. You don't have to break the bank, but the benefits of having a little fun are immeasurable.
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If he pays cash don't see the issue. It's his prerogative if his cars get him from a to b.
I say hold off for a minute till step 5 then get it with cash but keep in your mind that if anything were to happen instead of dipping into your emergency fund for more then 1k sell the toy instead so that way your not going back in steps because you will still have your full emergency fund, the goal to me is to never go backwards if you can avoid it.
I think it depends...cause some might prefer the nice toy over a car. At the end of day if your debt free and total price of all is less than half your income I say you are ok. But if your doing that definitely get the toy used.
$15k isnt the end consider mods, tuning this can jump to $25-30k quickly.
I kind of want to see the Karmann Ghia he's restoring. Old VW air cooled are the best.
I would recommend doing whatever makes you happy. If you're completing baby step #3 it shows that you can manage taking the steps you need to get out of debt. I would advise buying one used just as these things depreciate like cars and at least you won't lose as much if you decide to get rid of it in a few years
Bad Rule. If I have two cars that have a total value of 14K that run well and I love there's no reason I can't buy a 15K toy I want if it fits into my budget. This is a keeping-up with the Jones' "image" rule so that you don't look like a loser with affordable cars and cool toys. Life's short, spend money on the things you enjoy and don't spend on the things you don't.
Problem is people spend money on things they enjoy. That’s the problem with America. We spend 96 months paying off what we like.
@@slscamg what I'm getting at is you don't decide your ability to buy x, y, or z by calculating the value of your daily driver vehicles. You first confirm they're debt free outside of a mortgage, have a sizable emergency fund, and then you ask their annual income. The value of my vehicles has zero indication of my ability to buy an expensive fun toy with cash.
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Huh? Dont know many millionaires whos yacht's cost less then their cars 🤔
This dude is not a millionaire.
Where in baby step 3 does it say to buy toys?
Where in baby step three does it say to buy anything? Chill out guy.
He said he’s as the very end of baby step 3. BS4 is when you’re supposed to ease up a bit. BS4 is the long slog, and it would be unrealistic to tell people they can never buy anything, or have any fun, like spend on vacations or toys during that whole period. As long as he’s following Dave’s overall rules, especially with the 50% income rule about the value of everything with wheels and motors, then he’s still on track.
If the caller wants to drive a cheaper car so he can have fun with another toy, I don’t think there’s anything fundamentally wrong with that. For me, I would rather drive my cheap Ford Focus so I’m able to afford my dual sport bike, as opposed to buying an expensive truck or SUV and having to get rid of the thing that brings me happiness and gives me something to look forward to.
@@rbellamy804 lol emergency fund takes a back seat in the rzr
@@rw0037 possessions don’t bring you happiness
@@mxerb5912 maybe true if the rest of your life is unfulfilled. A shiny new toy won’t replace everything, but it allows me to disconnect from work and other stresses in my life in a way that my commuter car can’t. My car doesn’t fit down a single track and can’t take me outdoors, camping and exploring, the same way my dual sport can.
Pretending like material possessions can’t enable some people to enjoy life more is just disingenuous. Or maybe you actually think everyone should just sell their houses, cars, furniture and clothes, and just go live a possessionless life in a commune or monastery?
If his cars and toys are less than half of his annual income who cares what the ratio of car to toy is? They all go down in value anyway. Enjoy your life.
Sir, if you're still on baby step #3, why are you thinking about toys? Are you planning to finance this toy, cause then you'll be right back where you started...
We're on baby step #3 as well, almost finished our 6 months. My hubby wants a boat. I told him, you better do some extra jobs and save for that boat, cause we're not going back into debt to get it and it's not an emergency so it's not coming out of our EF.
My daily driver cars are worth very little, but they are well-maintained and very reliable. I purposely drive low-cost vehicles because I would much rather have toys (collector cars) that I will keep and enjoy for many years, versus an expensive daily car that will be burnt up in a relatively short period of time. Just because something is unusual doesn’t make it bad - I think Dave’s advice is bad here……🤔
Usually toys are more expensive
Especially a boat
Polaris razors are expensive. But they're fun
My husband rolled over his Rhino (same type of vehicle, but different brand) and broke his foot and ankle in 10 places and popped it open like a crushed grape. It was so bad and it got horribly infected and a doctor wanted to amputate the foot. He still has the foot, but it is now badly deformed and not fully functional. These vehicles can be very dangerous. Unfortunately, he didn’t learn his lesson and bought another one PLUS a Razor. I would love to pour gasoline on them and burn then to ashes.
"Not there yet" doesn't mean never. It just means not now.
If the cars are dependable and they do what they are suppose to do, why not buy the RZR?
Hmm I don't think it's dumb. If you have a reliable car that only cost $10K paid in cash. And a boat that cost $80K how is that dumb it's not about how much the car is worth it's about being paid off and reliable . Also these things tend to cost more than cars anyway
I agree. I’m in the same situation. I just brought a $30k Polaris slingshot cash. I drive a paid for 2012 Chevy Malibu that’s very dependable (the blue book value is under 5k). I don’t see a problem.🤷🏾♂️
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Why? I don’t understand the logic of your cars needing be worth more than your toys? If you can pay and maintain said toy with cash beyond the main needs why not get it?
We have 1,2M net worth and only a 4k daily driver I think Dave would laugh about that 😀
You gotta live a lil 😂
I'm right there with ya Eden!
I'm shocked that Dave doesn't have at least one.
Idk, I would have a 10k car and a 80k boat. Depends on what you value. Well it probably wouldn't be 10k because I don't think you can by a truck to pull a boat for 10k but you know what I'm saying.
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If you are in baby step 4,5,6 and you saved the cash to buy a toy go ahead and purchase it. We don’t have to listen to Dave on everything people.
You gotta live a lil....
What if I have the money to by the toy I want and another car but I don’t care about cars. How is it dumb?
It's not dumb; Dave's advice was.
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I am kind of in the same shape. I drive a 2007 Nissan Titan that I bought for $6000 five years ago, and I am now looking at a $7000 Indian Scout.
Just do it. Life is short. Be happy
I completely disagree with Dave here. I have a perfectly reliable focus with a tick over 100k miles. a perfectly reliable saturn with a tick over 100k miles. combined worth no more than $8k. We just bought a corvette for $20k. we're on baby step 5. used all cash for the purchase. investing 20% in retirement. emergency fund in place. They didn't dig into his financials at all.
He said he doesn't know that he has a rule but i think he's said for years that the total of everything you own with an engine should be worth any more than 50% of your take home pay.
Of course allow me to also say he’s worth $150M and I’m nowhere near that sooo…
If I want to buy an expensive boat does that mean I need to double that up with an expensive car?
If you buy an expensive boat it means you need an expensive truck to pull it, and you wouldn't want that truck to cost as much as your house so make sure you buy a bigger house too.
Dave said he kind of wants him hims2, yet in a different video, he states that he has one. I'm confused.
If you have to ask Dave, the answer is no. You are unable to manage your own money.
My side by side is worth more than my truck and car combined. Actually, my lawn mower is worth more than my truck and car combined. I do not care what I drive. But my mower and side by side actually make my life easier less time doing yard work.
Almost any newish boat costs more than a car......
Work for Polaris and choose your vehicle
It is unfortunate... but people like their toys. IMHO... unless you are already their... no mortgage, been putting 15% in retirement, money for kids school, etc... I don't see how getting this toy now will help you financially in life. I have waited until I was a multi millionaire before I purchased m first new car for $20k. I can tell you I spend a lot more than $10K or more on my one kid's activities (soccer, lacrosse, piano, hockey, skiing, swim lessons, Russian math and we have a reading tutor once a week) and that does not include camp afternoon and early morning care. My kid will always come first before any toys. And if you are young, you don't realize the power of compound interest... investing in your retirement when you are YOUNG is KEY.
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Well rich people own yachts that are more expensive than their houses not only their cars same with jets
Dave’s logic doesn’t make sense. Is he suggesting the caller first go out and buy an expensive car before he’s allowed to buy a four wheeler??
As long as your vehicle is reliable I don’t see an issue at all. Dave says all the time not to be normal because normal is broke. Then says you want to be weird, then calls this guy is weird? Cars aren’t an investment. They are a degrading asset, just like toys.
You'll only enjoy it for a few minutes...........then it will become just a thing.
I think his problem is that he’s at baby step 3. People need to be at 4 before they understand what they can really afford.
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Your asking that question. You shouldn’t be buying. Only buy what you can afford cash and can afford fixing cash wise
I don’t see the issue, my wife and I have paid for daily’s that are reliable and not worth much. Our toys easily cost more then the daily’s.
Hmmm...... my car was $3000, my truck was $1800 and my quad was $4000 and my tractor was $24,500....... Guess I’m doing things wrong, but I can’t bring myself to buy expensive cars and trucks.
I sold the tractor for $28,000 recently so it’s gone.
tractor is a tool correct - you being a farmer
@@dennispatterson4998 hobby farm, didn’t generate money
Don't see why it matters. I drove a $1000 truck for 12 years that I was perfectly happy with and used it to haul thousands of dollars worth of guns and motorcycles around.
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30 years of Ramsey and I finally found a position of Dave's I cannot make sense of. Does a $5000 car mean you should live in a $20,000 trailer? How about millionaires who own no cars? If you have low debt and emergency funds and you've saved for a toy. Buy it. Quit pretending to be virtuous. Enjoy living. Jesus!
If you want to prolong your time in the workforce, sure!
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I paid off my $15k truck and bought a $22k sxs. Enjoy life a bit.
Sooo he should buy a more expensive DD then the Razor makes sense to buy? I don’t get the advice dave is giving here
My computer is $8000, my car I bought for $3000. It depends on your budget.
Eh, more like your priorities
I'm at baby step #3 and I don't even buy me a stupid 500dls Drone they're cool 😎 but.not now 😌
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Why not? If the cars work.... I don't see a problem with it
dave's friends at the top of an MLM pyramid in Cabo have nice toys, that's awesome!
You want to buy a new car after baby step…. #3?!?! you are not there yet…….
This rule makes zero sense to me…
It does not matter if it's worth more than your car.
What matters is that you can afford it. How much it's worth have nothing to do with anything.
Dave is just so wrong.
becoues they used the car a lot more, it would make sence for it to cost more,
@@az21bob666 It doesn't matter if they use their car more.
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I disagree. As long as your DD is mechanically sound why not spend more on something you enjoy? Starting to sound like Dave likes "status symbols" more than hobbies.
Did Ken say "I found an old guy in the hood" smh?
No way. Dave is wrong. My travel trailer is worth more than all our daily drivers. If you can pay for it who cares...
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Dave clearly stated- that he asked him his opinion and he gave it to him. Dave was not wrong- he never told the caller what to do.
My toy is time thats why I'm doing layaway now it's called my Roth.
Disagree. I know a few wealthy people who have expensive toys and drive beaters. No correlation.
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Get the toy there's nothing wrong with your 🚗🚘 cars opportunity is knocking the window may close soon
I dont think is dumb , rzrs usually go for more and if hes like 5k or less in difference then it wouldnt make a difference, those things are fun and they sell easy , all of this of course i would do it in cash