Congrats on Reaching a New Level Of STUPID!
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Well, this didn't age well...
I was looking for this comment
Lol
Not aging well at all.
If you see that 1/5 students are doing a thing, maybe you should pay attention 🤣😭
I mean in fairness, something can work out but still be incredibly stupid. It's easy to be a genius in hindsight.
@@kamil4218 yep, hindsight is 20/20. Just because they got lucky, doesn't mean it wasn't a stupid decision, it was still a gamble.
This aged horribly
Like fine milk 🥛
Man as soon as I saw the title and the age of the video I KNEW it would have aged terrible 😂
😂
Definitely. Eating his words now lol
boomers, when will they learn
If they HODLed they are doing pretty good right now.
If they held they now have enough money to pay off those student loans.
@@giorgiobordoli6881 I feel like everyone is seeing this right now
Dave doesn’t know what he’s talking about!
@@zacharyd.1266 What part ? The part where is illegal or the part where it's not a great move ?
💎✊🏿🚀🚀🚀
Those “idiots” are now more wealthy than any of their peers
*Peers*
maybe not for long
@@MM-nc1go huh ? 😂
@@MM-nc1go are you high? XD
@@MM-nc1go I want whatever he is on fo sho.
“You’re probably going to lose your money.”
No, sir. They’re probably going to lose YOUR money.
Haha nice one
Too funny hahah old people don’t like tech
I think a lot of people commenting in support of bitcoin are missing the point of Dave's rant. He is talking about going into debt by taking out a loan, and then gambling with the loaned money. I think anybody, whether in favor of bitcoin or not, can agree that that is a stupid idea.
B-rad - I don’t agree. I’ve taken out loans and put it in crypto and it’s made me thousands! Even after taxes. Sooo... I don’t get it.
but with that said I'm sure you will be the first to admit that you are in the 0 percentile of bitcoin investors, yeah?
julian bradford it worked out for you. But just like stock markets and casino blackjack tables, it is a gamble. First rule of gambling is to never gamble with money you dont have.
Victor Funk thats right. I would be lying if i said i didnt wish i had bought into bitcoin when it was first started. But that ship has sailed. And if i did buy bitcoin today, it wouldnt be with borrowed money.
I bought into Bitcoin with borrowed money made a little bit of money and sold most of it, and reinvested those profits into something more stable. I will continue to do this as long as the volatility will allow, but I know I got lucky with the right timing, and I wouldn't quit my day job and hope to keep getting lucky, or recommend this method to the average person.
21% of college parking lots are filled with Lambo’s.
Recently a lot of young people do have lambo and started TH-cam channels after the money
*Congrats to all the student who HODL.* they are on the green
Well no, they have to sell.
Why do student loans in the US get given to the student in cash? The lender should be giving the funds directly to the school.
Sean French agreed. I never understood that. They probably know students are stupid and don't mind if they spend it elsewhere. Just means those students are now their slaves for decades too come. It's brilliant if you think about it. It's almost like a drug dealer giving away free first time baggies. They know the majority of the people that get that taste will come back until they eventually die
This is actually the way it works at my, and I assume most schools. It ends up as cash if the student overpays the balance and gets a refund. It should probably be set to pay off any loans before a refund though.
However, I will say the fact that it doesn't helps my specific situation. I only needed loans to get through my first two years because living at home was not an option with my schedule. Now that I commute, I still take out loans and end up with cash. But the key is that I don't spend it. Why do I take it then? Because there's no interest and I know I'll need to pay for one semester of grad school to finish my master's (I start while I'm still an undergrad). I'm effectively taking out a loan I won't need for 2 more years so I don't have to take one at a higher rate. And if I end up with the money for grad school, I plan to use towards the debt I actually incurred my first two years. Alternatively if costs go up or I need a medical emergency, student loans are allowed to be used for that.
Jacob Greenstone You are an example of how the system can work well, but you are a responsible young man whereas a lot of people are not, and the temptation to spend tons of money frivolously is too great.
@@Sean-me4fv I wish that wasn't the truth. My generation is just so spoiled. I can only control my costs because I grew up without a smartphone, netflix, tv, etc. I end up saving a lot more just on the little things.
Jacob Greenstone Just the fact you choose to watch these videos shows you are an intelligent young man
I spent 100,000.00 dollars to get a PHD in philosophy. I don t have a job but at least I understand why?
🤣
should of bought a cowbell
you would be happier
Philip Nguyen 🤣🤣🤣
Hilarious, at least a Philosophy student knows WHY you need fries with that.
😂🤣
"Old Man Confused and Angry About Computers"
@@hadleycontractor496 But it did work..... End of argument. Move along.
They're IN the computer!?? 🐒
@ Morgan Macdonald "Arrogant gullible kid thinks that clueless fools finding even more clueless fools means that any of them had a clue what they were doing." June 19, 2022
700% increase since this video was released lol
And that's exactly his point. If you made 700%, dont be greedy and cash out. Those who get caught will cry big time.
@@bmw803 exactly, the IRS will be the only ones profiting from that investment lolll
People always assume that student loans only went toward tuitions. Little do people know many spend it on shopping, vacations and eating out.
Then ask for loan forgiveness. 🤔
JellyBean Mochi that's what happens when loan money given isn't monitored.
>Little do people know many spend it on shopping, vacations and eating out.
you forgot marijuana, alcohol and black market adderall
This comment killed me! 😂😂
I didnt know that.
Federal loans absolutely go to tuition. When you fill out the FAFSA the money is sent directly to the school. You never get to touch the stuff.
Private loans, on the other hand....
This did not age well
A stupid is a stupid does. Perhaps when Dave stops talking about stuff he is STUPID about, he should just shut his mouth
@@coldflu ah yes Dave is stupid because people who made this one investment happened to shoot to the moon by sheer luck. I bet you would have posted the same about your Enron stock when that was all the rage.
@@vampiresRsolame I don't post about my investments. I also don' talk/sound foolish about what I don't know.
They're stupidly rich Dave....
😂
i can't breathe dave! lol.
So that means borrowing money to invest in weird Internet coins is a good idea just because this time it worked out? It sure worked out for the students who put it in Bitconnect too.
@@vampiresRsolame "wierd internet money" do your research idiot...
Those students must be swimming in money about now
46k
Only if they sold it. But more than likely they didn’t due to greed and they will let it ride until it crashes.
@@eliot5220 prolly not crashing since big corps are all starting to buy it. Theres gonna be a supply crisis and its only gonna go up
@@RJ-md1yp what is a prolly?
Dave, why are you so upset; that 20% will be future financial peace university customers.
You either think you're being funny or you didn't listen.
MtlCstr being funny; debt is a huge problem and most people cannot get through life without it. The issue with btc is that last yr the price pumped and many people invested not knowing what they where investing in, they knew nothing about finance or markets and now they are getting burned.
Bitcoin isn't an investment, it's a currency. You are hedging that fiat currencies will fail in the near future if you are seeing it as investment.
SmashBrosBrawl its a little bit of both, i can treat it as an investment now, until major adoption then use it as a currency when the world is ready
Brent Thompson yeah i know it was a joke
If adding stupid to stupid, it's stupid with compounded interest.
and i looove compound interest
They have all tripled their money by now if they held!
If they held until today they won that bet.
Just don't buy now. If you bought at 3k then that would have been worth jt
@@josh_final even at $6k or $10k it has risen well.
boomers really just dont get it. mutual funds are NOT the answer Dave.
I have friends who used student loans to live on and go on vacations and spring breaks!!! 🙈
The reasons why so many college kids find themselves in mortgage level student loan debt is because:
1) They abuse student loans by using it for things other than school related expenses. Like you said. They use student loans for frivolous purchases like cars, vacations, trips to Cancun, and every day living expenses.
2) Instead of going to a publicly funded in-state college where the tuition will be cheaper and they can live with mom and dad while in school, they go to private universities or out of state colleges where tuition will run at least 4 times what their local state university will cost.
3) They major in worthless liberal arts, fine arts, or other non-STEM that have no value in the real world outside of academia that will command good salaries and wages that will enable them to repay those student loans.
When you abuse student loans, that abuse will come right back at you with compounding interest.
David Reynolds this is all so true! I went to a local in state school and my father paid cash for it the entire way through. Cannot imagine having $90,000 of debt for a bachelor’s degree that’s just crazy!
I hope those fools don’t see their tax refunds for ten years if they think it was ok to spend student loan money like they were given a blank check. They deserve the many ways it will affect their finances in the future.
Holly S - I graduated college in the early 1990's. I went to my local state university. My entire 4 year education only cost me slightly less than $7,500. Granted college didn't cost nearly as much then as it does today. It is still possible for one to graduate college debt free or very little debt if it is done right.
1) Take your first 2 years of college at your local JUCO. As long as that JUCO is accredited and the credits will transfer, use that JUCO to knock out your Gen Ed classes.
2) Work while you are going to college. Earn the money to pay for tuition as well as every day expenses.
3) If need to be, think about attending college part time. Sure it will mean you will graduate later than planned. Attending part time is cheaper than attending full time.
4) Live at home! Living at home means free rent and food.
David Reynolds You are writing English because a liberal arts major taught you.
You take alot for granted.
Ph.D. in "underwater basket weaving" *started crying*
potatochip77 German polka history, lol
As he said it I now reached this part of the comments 😄😆😆😆
potatochip77 lol
Underwater basket weaving = Gender studies
Morty Snerd Just yesterday I needed someone with a degree in gender studies.
TH-cam trying to be funny with this recommendation?
So far its been recommended to me twice.
He wouldn’t be such an embarrassment if he would just come out and say he was wrong.
You can’t trust people who can’t admit they are wrong. Dave knows if you knew his way of making money, he would have less. We need to cancel people like him out of our lives
@@bri4real for one bad take? I think his philosophy on debt is tremendous
@@ccrossproductions8084 sorry if you think giving extra money to your bank is good debt advice then you probably have no clue about life. Keep worrying about increasing your banks wealth and not your own
@@ccrossproductions8084 I see your young. It’s my duty to train the youth of society my mistakes I made by listening to the oligarchs. Please understand I’m on our side not the big banker side. Dave clearly fights for the banks
@@bri4real Wait so I shouldn't pay off my student loans aggressively? I just keep incurring more debt that way. Thats the philosophy Im referring to. What are you trying to say
21% of people with student loans are doing well today.
I don’t ever use this term but, this is some real “boomer rage” right here
HAHAHA
Boomer rage hahahahaha
Nailed it
Term is a crush. Good job david
Its still incredibly stupid, dont care if they made money or not.
If this was released two years ago and they HODLED they’re not so stupid anymore!
Its a gamble for sure.
It is still very stupid. Just because it worked out well for them in this case does not make it not stupid. Also, I work for a financial aid office. What they did is illegal.
That's very sound advice though. The miserable part is all on YOU as a human being . See YOUR purpose here on this floating earth is to love others and serve others. If you are truly intertwine and align with why God have YOU here on earth then you won't feel miserable. People still go to school and find a job and some are miserable , others follow the same advice and are very happy ( it's all about the life choices they made in their personal lives) that will either make them miserable or not. C'mon now... do some soul searching whoever you are. God bless you, I luv you.
well 21% of students who did this have paid off their student loans
Fax lol it’s at 30 grand
Hahaha they all did too 😂😂
So that means 79% didn't payed it off. lol
Investing on margin is always a bad idea because the debt is guaranteed while the return isn't.
Wonderfully stated.
Excellent synopsis!
PERFECT RESPONSE.....
chris not pratt I knew someone would defend trading on margin. There’s always one!
A men
I’ve loved Dave forever, but he’s not immune to the boomer state of thinking
Dave IS the boomer state of thinking.
Lol he's a boomer for saying breaking the law is stupid?
So, how's that non-boomer thing working out?
Looks like that would have been the smartest move! This didn't age well!
Everyone's a genius in hindsight. What he said still stands, you don't borrow money to gamble.
Alternate Title: Old man yells at technology
He's not talking about technology, he's talking about human stupidity. He understands that well enough, just as you demonstrate it.
As of today it is almost 50k, I'll pay my student loans and go to Las Vegas to burn the rest.
Under water basket weaving 😂😂
Left-handed puppetry
Louis Tineo 🤣🤣🤣🤣🤣
I make 200k+ a year with my underwater basket weaving doctorate degree!
Louis Tineo love the phrase
Underwater fire prevention
Bitcoin’s up 18,000 dollars since this video was posted.
Where are the millionaires? Oh wait they are too busy on TH-cam selling thousand dollar courses.
21% of students borrowing money are smart squared now a days
21% of students took over the financial industry.
Dave's a dumb boomer
Sounded stupid back then. Sounds even more stupid today. 😂😂🍻
Man, I felt like I was in trouble with this rant, and I dont even have any loans! Lol
I love seeing Dave Ramsey getting Alex Jones mad
True. But Dave usually has legitimate reasons for it.
Ensign MJS so does Alex Jones!!
Infowars.com✌️😎
If you want to hear some great Rants check out Tony Rizzo in Cleveland WKNR. He goes on some beautiful 10 minute rants wanting to fight fans in his home town in Cleveland... when the fans want to have a parade for losing every game during the season. Tony wanted to go to the parade and fight every fan. It was wonderful!!!😂😂😂😂🤣🤣🤣🤣🤣
Both are actually right though
That’s why Alex Jones’s lawyers had to admit it’s all an act. His show is just filler for those stupid dietary supplement commercials where he shills toxic mixture of junk.😂 “Ultra Megaman HeMaxx with Guarana for Maximum Male Enhancement!!!” If you’re lucky, it’ll be sawdust and limestone powder. Why are so many Americans as gullible as four year olds?
21% of student loans paid off.
You’re wrong Dave. Sorry. Millennials win this one.
He isn’t wrong, it is illegal. And dumb to use debt to invest when you’re that young. Doesn’t matter if two years later it went up lol
@@deiterprussing Yep. Most people are really stupid and don't understand the concept that something can be a bad idea in principle, even if it happens to pay off. It's like investing in scratch tickets. Yeah, some people actually "win" with that "investment". That doesn't make it a good idea.
@krispy kreme If it's smart to leverage debt, then it's MOST smart to use the legally available avenue of a margin account with a regulated brokerage. Using a student loan as leverage for financial trades is illegal. It's fraud. So even if we agreed that the concept was sound, there's still a smart way of doing it and a stupid way.
2years later who is stupid now with 400% of interest 🤣 thank you dad 🤣
At this point, these so called "financial advisors" are dangerous to your financial future.
This guy is the ultimate : go to school, get a STABLE job son, so you can live a miserable life:)
When your so stupid you don’t know your stupid 😂
Yep, a stable job, so you can then invest and make smart business decisions, and retire a multimillionaire.
@@josh_final fun fact: most people with a degree are unemployed, + having debt. What you said is usually the best case scenario
He's more like "get a job to save up for school so you graduate in your 60s"
This did not age well. Dave doesn’t understand technology at all.
One of Dave's biggest financial advice is find a good church. Thats enough said.
Hey, my degree in under water basket weaving got me a job as an astronaut. Turns out it translates space basket weaving very well
These kids have paid off their loans and bought Lambos.
Teslas.
Buying a Lambo would be stupid squared for sure!
@@nowisthetime6093 teslas are so 2017
This aged like fine wine.
Lol
He admits cryptocurrency will eventually be successful. Umm that’s why people bet on it.
😂😂😂😂
He's not saying cryptocurrencies shouldn't be invested in. He's saying you shouldn't take debt out to invest in them. That is freaking stupid. Only risk money that you're willing to lose. The bank will ruin your life if you can't pay back debt.
Their betting with tax payer money. Don’t get me wrong I want more people to invest in it but not with my money
I returned my student loans and got a darn job.
Smart guy^^^ Not making a pact with the devil (Sallie Mae)
Sallie Mae definitely is the devil
You are really bright. You should be teaching at college, you don't need a degree!
What job did you get? Finding a decent paying job that's enough to live on without a degree in something is no easy task.
red blaze Where do you live where that's the case?
Welp, Ramsey putting his foot into his mouth again.
just wait a few months
@@josh_final What will be waiting for within these weeks?
@@wmurray003 Its a surprise
Old Geezer doesn’t know what he’s talking about
In a previous life, Dave was the blacksmith bashing on those stoopid people who bought into the new fangled Automobile.
It's a Shitmobile
Loved the ending :" It's illegal, it's immoral and it's stupid squared. This is the Dave Ramsey Show. " :))
Suddenly I feel much better about my choice for how to use my money. Lol
Yeah! Me too. Did you buy Ethereum instead too?
Yeah.. lol you lost about 10.000x of return..
Antonia you assume that its price won't rise again. You need to look at bitcoin's price history to understand why it will. Bitcoin should have died off atleast 6 times in the last 8 years, But it didn't.
Cassidey Ousley what you talking about? Im not saying that.
PD : I own 20 BTC
Your original comment could be taken as both for or against Crypto. I didn't know.
Who’s laughing now Dave hahahahodlhaha
Dave Ramsey is, lol.
but this is still one of the most dumbest thing ever created though lol
Not the people still in debt apparently
Well he is still laughing.
79% of college students are jobless and broke, the rest own lambos
While I think Bitcoin has real practical used and could make a good "small" speculative investment using your own cash. Using student loans to buy Bitcoin is absolutely absurd and it looks like many desperate college students don't like the fact that they missed the train, they should of bought Bitcoin when it was only $1.
“Underwater Basket Weaving” is when I lost it. I couldn’t handle my laughter after that
I never liked Ramsey for one reason, he never says the answer is creating more income. He thinks people can save their way to wealth. Create, dont wait.
lol that is not true at all he 100% says get more income, spend less and sell what you dont need.
He’s always saying to start a small business. He WANTS you to have a huge income but know how to manage and keep it. If you start managing before you have the money then it will be easy once you actually get it. Meanwhile, yes...you do save..AND invest.
Some boomers just can’t get with technology
Regardless of your feelings on bitcoin, asset allocation still applies. Never put more than 10% in any one investment. The people who really got burned on bitconnect made the mistake of going all in.
too risk averse... u need some balls to make good money
@@cybersasho No you don't. You're no genius investor. Just follow the rules and let compound interest do its thing.
Think of it this way. They borrowed the money for school and doing this is going to teach them a valuable lesson.
The school of hard knox.
A lesson in getting rich.
If you spent your life savings on lottery tickets, but won. Even though it worked out, it was still stupid to do that.
This guy has no idea what he’s talking about.
Whoever takes his advice financially has to be doing really bad right now!!
His advice is really only for people with very fixed incomes and terrible impulse control.
Most people who follow the baby steps do rather well. Occasionally, a group of people get lucky by not following sound advice. This in no way makes those who follow his financial advice do badly.
Dave is mad that they won😂
Guess I'll remain stupid Dave and retire before hitting 40.
It did age well. His philosophy on investing is just that, HIS philosophy. Gambling with OUR tax money, is illegal. It doesn't matter "what if" - or but they made money, it's illegal.
Earl Nightingale - The opposite of courage in our society is not cowardice, it is conformity
This aged so well
I hope TH-cam recommends this to Dave Ramsey now too
This is why you don’t listen to old men who are out of touch in terms of technology
Dave Ramsey kinda sounds like markiplier when he gets excited haha
haha dave ramsey is a boss at finances, plus it's entertaining and quite horrifying listening to all people who call in.
thats awesome man, really glad to hear! debt is slavery
TDubsKid no he’s not a boss at finances. He went bankrupt for his investing and the only reason why he’s rich now is because of his show.
I cant unhear it now. But yeah its the disingenuous exasperation. But Mark at least is supposed to be acting, this dude is just a little weird
He sounds exactly like Good Ol’ JR Jim Ross.
Bitcoin is not stupid. However using borrowed money, especially student loan money to invest in anything is.
Bitcoin is extremely unpredictable and student loans are bad enough as is
Bitcoin is an illusion of money. It’s a rich quick scheme!!
"investing" in bitcoin is very much stupid. Borrowing money to "invest" in it is beyond stupid.
Bitcoin is extremely stupid what on earth of a reality are you living in?
you people can't provide any explanation as to why it's stupid lol... you know nothing about blockchain
Dave “ I think it’s dumb bc I don’t understand it “ Ramsey
lol they would have paid their debt in under a year and made more than in any job post-college
I’m 21 and invested into bitcoin and lost most of my money. Not sure how much but I still have stock in there. Either I go all the way down or I hold on share. But I will not sell. Also using student loans for bitcoin is idiotic.
I am in my 20s, I invested in 2012, and am now a millionaire..
You just need patience, saving and investing and HODLing..
Lolz my dad actually did invest in the Iraqi Dinar, how much? I don't want to know, but guess who's financial advice I ignore?
In the currency field Dinars have not moved ever Your dad is taking a risk in more ways than one
😁😆
my mom did too... but she still wont listen to exchange it.
This just in...21% of student parking now occupied by Lambos :]
Congrats to all those winners who thought outside the box
Congrats to all those losers LOL
Lol, yeah, congrats
I love how he calls them out
He cracks me up.
Please keep it up lol
Y’all, I think Dave’s upset 😬😬😬
But I’m totally with him on this.
R Lee one could say the same of YOUR 2 CENTS, dear
R Lee what do you think the point of comments are? To give our 2 cents.
lol pretty sure ive seen you comment on another dave ramsey video. im also hooked!!!
I'm willing to bet with your grammar and being triggered, you're one of the students that invested in bitcoin, zcash, eth, etc. There's my 2 (CENTS) Cents, with a C!
Stephanie Bogart ..... don’t worry about these people, I think you’re cute 😉
I agree with Dave. It is immoral since you are lying about your usage of the money. People doing this should get their loans cancelled, jail time, and hefty fines. I'll never respect a liar.
This isn’t aging well 🤷🏻♂️
All my money is in Tulips.
Edible Arrangments
Real tulips? Sounds as risky as bitcoin
Dora: They're referring to Tulip Mania back in the Netherlands in the 1600s. People really did invest in tulips. It was the first economic bubble.
Bitcoin does remind me of tulip mania
The mania is similar but underlying concept is worlds apart.
Don't hold back, Dave, tell us how you really feel.
They are rich now, but doesn’t mean it wasn’t stupid.
Ok Boomer, their investment probably ended up paying for their entire education.
If you somehow managed to actually do this with your student loan money, and you invested $5,000
around the time frame that this video was released (and you had strong hands)
you would now have $30,000
and most likely be graduating debt-free (or close to it) depending on your degree & choice of university.
Not saying it was a smart decision on your part, since it was essentially a high risk-gamble, but your risk paid off..
This didn't age well. If they bought two years ago at 3k a coin... Look at the price now.
ok boomer
This didn't age well. I do agree with Dave though that it's really stupid to invest with money that's not yours. And to invest when you have debt.
By that logic, it is even more stupid to use a loan to pay for anything that is not an investment. You can view all loans as bad, but, if you view any loans as good, then loans for investments are superior to loans for non-investments.
@@culpd I take back what I said. You're right. Not all loans are bad.
not much different than paying for spring break trips.
Well, at least they got something in return for they money. Crypto won't return anything.
its a gamble
This aged REALLLLLL well Dave. Who's the fool now
Gotta love coming back to this comment section over and over again 😂😂
21% Winning. Roulette and Black Jack Sucks.
Doesn't get it!
Well.... if they invested in bitcoing and still have them as of today they made 3x times what they invested.... so yeah.... this didn't age well
Old man Dave at it again
its refreshing to see even Dave turned out to be wrong!!!! 😂 😂 😂
how was he wrong