I'm 25 with $80,000 Saved. Should I Rent Or Buy A House?
ฝัง
- เผยแพร่เมื่อ 5 ก.พ. 2025
- 💵 Start eliminating debt for free with EveryDollar - ter.li/3w6nto
📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or send us a message - www.ramseysolu...
Next Steps:
📈 Are you on track with the Baby Steps? Get a Free Personalized Plan - ter.li/5h1r0i
📱Download your free Ramsey Network app today! - ter.li/cvqzyb
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ ter.li/rqwdws
🍸 Smart Money Happy Hour ⮕ ter.li/tmj3vq
🧠 The Dr. John Delony Show ⮕ ter.li/s5yazz
💰 George Kamel ⮕ ter.li/dc2gee
💡 The Rachel Cruze Show ⮕ ter.li/a6emrr
🪑 Front Row Seat with Ken Coleman ⮕ ter.li/iwafu6
📈EntrLeadership ⮕ ter.li/g7s9g0
Ramsey Solutions Privacy Policy
www.ramseysolu...
Product Links:
Total Money Makeover: store.ramseyso...
Questions for Humans: Couples store.ramseyso...
New! 2025 Ramsey Goal Planner: store.ramseyso...
EveryDollar Premium Version Physical Gift Card: store.ramseyso...
Baby Steps Millionaires: store.ramseyso...
Building a Non-Anxious Life store.ramseyso...
New! Breaking Free From Broke store.ramseyso...
New! Get Clear Career Assessment: Find the Work You’re Wired to Do store.ramseyso...
Know Yourself, Know Your Money store.ramseyso...
Work with a trusted real estate agent when you are ready to buy: bit.ly/3sZJYtb
I’m 25 years old and have about $85,000 dollars in debt... Should I rent or buy a cardboard box?
85k saved up.
Bri Bri HAHAHA
Rent for life
You can get cardboard boxes free.
You can take the street corner on 26th street and I'll take the one on 27th
Of course he single how else would he have saved 85k by 25 😂👌
By getting a good paying job at a young age. No need to come up with excuses 😏
Andres Jimenez whose coming up with excuses ? More like a joke
I bought my first house by 21 and have a 6 figure portfolio before turning 30 and I had many girlfriends in between. But I know I would have a lot more money if I didn’t 😅
Andres Jimenez it was a joke 🤨
@@kingX777 I realize that now 😂 Although many people will see OPs comment and conclude that's the reason for their shortcomings.
My thoughts exactly 🤣🤣🤣🤣
I’m on the same boat. 25, live with my parents and make 55k a year and have no more student loans, car payments or any stupid, expensive hobbies. I love adding 90% of my paycheck to my savings every other Friday. 60k saved and hope to have 100k by next Spring when I move out.
How are you doing bro I hope everything worked out for you
He is now the CFO at crocs
update
what’d you end up doing ?
Excellent work. Living at home with parents in you early 20s, if possible, is a great way to set yourself up financially.
anastasiabeaverhaus9 yup and they actually like you too
Never understood why people clown folks for living with their parents.
@@reeldeal2149 women are the ones that really put a stigma on men living with tgeir parents at any point past their teens.
Just here to comment, ok, don't want any trouble that's what I'm saying bro out here in South Florida houses are overpriced. Might as well save up as much as I can and move further up north when I'm ready🤷🏾♂️
Thats what im doing. Im 21 and driving CDL trucks local while saving before I move out
I once had 90k in the bank. No joke. Then I bought a house and now I'm broke. True story bro.
Lol same here
Tyclone buying a house is a lost either way, if u plan to it off u will always end up losing more money than the house is worth. This is just how it works. Maybe u can try to flip the home and get your money back
@@Sequel7 - If I sold it now I would gain about 65k profit. Home values in my area have gone way up in the 3 or so years after I bought it so I kind of got lucky I guess. But I'm hanging on to my house for awhile. (Should continue to increase in value) but until its paid off I pretty much have no money outside of it.
Bruh tell me about it .. bought a house now I'm 20k in debt after fixing and paying stuff to put in it
Sell it
Disregard women, acquire currency.
Cyphlix I need to apply these words in my life 😭
And chase the bag
Cyphlix Cryptocurrency more specifically
Unless that woman of yours has a well-paying job of her own
Not if you acquire a sugar momma.
I love how he said that's he not interested in dating right now. Smart young man.
I agree! I’m 40 y/o and still not interested in looking for anyone. Have about $600k saved and just now looking to buy a house. Woo-whoooo !!!
@@anthonyn.3575 congratulations! That's so amazing.
@@anthonyn.3575 sad
@@ladhkay not to him lol
I’m happy as heck! Go where I want, buy what I want ... no ‘ball n chain” attached !!!
“I don’t want you renting for 6 years...”
Here’s me. Renting for 8 😂
Is it 11 now?
@@wagashi9440is it 11 years and 8 months now??
This is just a flex. He knew the answer
Modern Plays Games that Dave Ramsey flex 💪
He deserves the flex!
Zap Brannigan especially when when mommy and daddy house already paid for and they make a crazy income as well 🤣🤷🏽♂️
Loso Way 450 how's that a problem
another rich kid handed a 90k salary and living with mommy and daddy.
nothing to see here.
Me: How did he do that well for himself?
Dave: Are you seeing a young lady at this time?
Jason: No, I'm single.
Me: A-HA!
😂😂😂😂 true!
He was also living at home
I'm a 25 y/o single female with 100k non property/car net worth (between retirement accounts, emergency fund, and cash/investments) and own a condo (:( 15 year fixed mortgage, working on paying it off early) so no, that has nothing to do with it.
2 incomes help fyi. I have a friend - lives at home with parents, has 250k cash (3 income home) they rent, and his savings build.
Another friend (couple) one works with me and his wife works as a nanny - they have ~$300k+ in assets. 25 and 26 y/o) What matters is WHO you surround yourself with and what their priorities are.
Edit: I'm not doing FIRE - the couple with 300k+ are ... My financially stable friends who are $$$ in mid 20s are usually doing FIRE or living at home to build assets. Couples are also the ones with the most $ because they save together and are in a dual income household..
Stop acting like yall spoil every woman you're with
tldr: triggered.
Nobody:
Dave Ramsey: Better then I deserve
*Caller: hi Dave how are ya?
Its literally a direct answer to a very specific question. It’s not like he goes around screaming it. Sorry I’m just really tired of this over done meme. Especially when they’re like
Literally no one:
Literally not a soul on earth:
Not a single organism in the multiverse:
Not even god:
Like btich we get it🙄
And Yes I am this fun at parties.
@@leilanidru7506 Agree with you 100%
That should be his slogan.. Dave Ramsey shirts... Better than I deserve....
Leilani Dru you must be fun at parties 🎉
Than*
This is impressive for this young man! Wow! I’m impressed. Living at home 🏡 is a good thing. In America, I’m surprised that so many young people are quick to run away from home, and go rent. It doesn’t make sense. This man is doing well. Kudos to him!
@shakhir r True. Some have at least one emotionally/verbally abusive parent who always yells and screams....not a good situation.
shakhir r
Exactly. Some of us aren’t blessed with amazing family situations. We would not be able to prosper at home even if our parents did let us live with them, whatever the reason may be
at 18 i was out of my house lol i went back home a couple times for weeks here and there but my family did not want me at home AT ALL. Amazingly I was able to start my own business and become successful by 35 but I could have saved so much more money and been in a way better financial situation in my 20s. I struggled for years to make ends meet and my family is not poor lol. I had girlfriends that were college graduates 28-30 living at home and had over 100k saved up and perfect credit just by staying home lol.
It's a cultural thing. You're looked down upon as dependent and "failure to launch" if you live with your parents. Besides, nobody wants to take their girlfriend back to their parents' house
@@pozloadescobar But who cares what anyone thinks lol? Dude is 25 with 85 grand in the bank, he’s balling. Half my friends who thought they were “independent” by renting an apartment were just wasting money and jacking off half the time. There are bigger things then just your image IMO.
I’m 23 and just graduated college with zero debt and great job prospects. I felt I was doing good, but this guys is killing it!
You are killing it as well! Keep being responsible. It. It PAYS
Weird flex but ok
U ARE Killing it as well! Perhaps you lived on your own, not with ur parents.
You are too, you'll be where he is ... Probably by now haha
Dude most people will do anything just to get out of debt, some choose the easy way out and take their own life. Debt-free is a life most of us just dream of.
I’m 21 with around 10k savings. I’m planning to hit the 70-80k mark by the time I’m 25 too. I’m glad I made certain poor financial choices in the past and not later on in life.
Hey man. I had $0 until i turned 23. Now i just recently turned 26 and my net worth is over 70K. Keep grinding and never do what the masses do.
Zaid Rudy in the past lol. You are only 21 not 40
Short Tesla
how close are u now bro?
I'm 25 with $80k in debt
Name sounds about right
Stupid
@@dommy114 Idiot its prob school.. education
@@j.l3206 shouldn't go $80k in debt for school. That's stupid.
@@dommy114 No but thats for some people that needs the education for the work they wanna do etc. Stop being so stupid and use the brain you have.
Dave Ramsey's insights have been a game-changer for me! His practical approach to financial management has empowered me to take control of my money and work towards a debt-free life. The Total Money Makeover is my go-to guide, and I appreciate how he breaks down complex concepts into easy-to-follow steps.
And old people say “millineals are lazy” 😂😂😂
It will never end. Every generation thinks the next generation is lazy. Socrates thought the youth of today were lazy
Also this guy is what you would definitely classify as an HUGE outlier. Most people in America regardless of generation don’t even have a sufficient savings account. Or a retirement fund. Much less having 80 grand in the bank by 25. So whether millennials are lazy or not, he’s definitely not the average American and most definitely not the average millennial
a lot of them are... but they shouldn't all fit under that stereotype!
@@1123-e6n My friends and I are all millenials ages 28-33 and absolutely none of us are lazy. If a lot of millennials are lazy, I would know at least one that doesn't work hard.. It's a lie. On the other hand, I can think of at least two 40 something year olds who live at home with momma and don't want to work.
Anthony Smith old people had it easy compared to us
Just completed baby step 1 today. Crazy how having just $1k in savings could bring a sense of security in your finances. Good on that guy for establishing himself at only 25 yrs old, I am 28 and have a long way to go :(
Jae H keep your head up and keep going
You'll get there :)
Everybody moves at a different pace! At least you’re getting started.
half the country can't cover a $500 emergency. You're doing better than you think Jae!
Good job, continue
My dad bought a house. Got married, had a kid, and got divorced. Still lived in that house when he met my mom. They got married, had me and my siblings, and lived in that house together for 20+ years. My mom changed it a lot. Built additions and what not. It's a totally different house, without being a different house
elaborate on "my mom changed it alot" and "built additions"
Lol dave tryna shoot his shot at 1:10
Listen here, my fellow men.
You will lose money chasing women.
You will gain women chasing money.
Words to live by.
Wow. Great point 👍
Lampshade nobody wants gold diggers though
@@oswaldofigueroa529 Then don't let them dig.
Wreckanize you’re smart, need a mentor like you
yessir
Dave: “I don’t want you to rent for 6 years.”
Me: *renting for the past 6 years* 😅
I feel like Dave thinks that “white hot” markets are rare. I think they are a large piece of the real estate market and that emerging neighborhoods have a lot of compromises.
TritoneTrickster yup. getting a 15 year mortgage down to 25% of take home is hard : (
Most of the houses in my area are in terrible condition or very expensive. Found a few that were both. Not sure how much house is worth buying when the foundation is crumbling apart.
i've been renting for 15 years lol
I know some folks who keep renting and have spent half million on rent. Now they are saying I’m thinking about saving up for a house.
Stay home. Save more. Buy, rent out and profit. Move out when married. Why give your money to landlords.
@Josh S he'll find someone whether living at home or not. Sounds like a smart dude with lots of cash money.
Josh S if I met a man who had a great job and also being smart by earning extra money with rental properties I wouldn’t care if he lived with his parents. It’s not like he lives there cause he is lazy/unmotivated or can’t afford it. He seems to have a good head on his shoulders and if he has all the virtuous traits as well, living with parents shouldn’t be such a huge issue IMO.
problem is living at home and dating is feasible..... if your a woman. For men, living at home is a big turn-off for a potential marriage partner. It's indeed one of the great lies about how "men and women are equal"
Why are you suggesting marriage? There is no benefit in it.
@@digbyjones4203 then those aint "potential" partners. Unless she is willing to go dutch on everything in the name of equality.
I’m still living with my parents at 25, not being able to have the privacy I want, but definitely nice to save up a greater chunk of my salary to invest and grow wealth. A bittersweet blessing indeed
Wow. This kid is KILLING IT, I didn’t have $80K saved until I was 34-35.
Guillermo Alto that will be me.. probably until I’m 30-35 I won’t have 20k :/
I'm 20 with $25k
Im 22, 20k currently, just saving, rice and beans literally, i earn around 30k per year, i save almost all of it, i hope to get financially free by age 45,quit my job.
31 with 665K checking in. Get good
Were you living at home though ? I knew of someone who had $100k by the time they finished college. Working internships Freshman - Senior year, winter and summer.
Move 30-45 minutes north and get yourself a very nice townhome/home for the same price as an old tiny apartment in Miami. Keep up the hard work my friend!
Raiyan Raja I think he is set on the location.
Townhomes are terrible investments they go down in price unlike homes unless there’s a crash
Caleb Owens not too sure which town homes or area you’re looking at but that’s simply not true. I own 2 personally and they have both gone up in value tremendously
Just being in Lauderdale will help him get used to living away from home. It's a good idea.
True. If he does online business, there is no need for him to live in the city. He can buy a nice house in the middle of nowhere for a fraction of what it would've cost in the city.
Living at home and saving is such a smart move, as long as your parents like having you around. I look at it like I do carpooling. Collectively everyone contributes, and everyone benefits. Smart, smart smart!
I think it can be hugely beneficial, but also a double edged sword sometimes. Getting out on my own at 22 after college helped me demand more promotions earlier on in life, since I needed more money to pay my bills. That has made my current income a lot higher than most of my peers, which has in turn made saving a lot easier. I also still live within my means, since I had to fight for every penny early on. In short, living at home can be good for your initial savings, but can hurt your career progression because there may not be as much urgency. Obviously, all of this is case by case, but as much as I love my parents, I think living with them longer would have been detrimental in the long run.
Makes 90k a year and is questioning if he can afford a home. My god big cities are not worth the prices
Funny though bc you leave the city and your salary tanks
@@stevebean1234 also keep in mind that cost of living is less else where.
Honestly if I was him I'd continue to live with his parents. 😂😂😂
Lol. Im 30 still living at home. Racking up money & no girl problems. Will be moving out next year though since I'm finally ready to do so.
He should definitely consider staying at home for at least 2 more years since he's clearly not ready to buy a house if he's having doubts about it & is still too young imo. The market is expensive right now too
ROFLgator lol no girl problems, more like scared of uncharted territories
@@immaletyoufinish I've been in toxic relationships in my early 20s, I guess that's what I mean by "no girl problems". I don't plan to ever have kids or marry either. Just living the most free life that I can. 👍👍
No kids, no wife, no debt = liberty
Lol
Honestly and by a condo cash. Then be making $90k with no mortgage.
@@ROFLgator1 just make sure you don't have any "failed plan" kids out there in the world lol. Their mamas will claim child support on you if they find out you're buying houses
rent isnt throwing money away. its paying money for a place to live, you get something out of it. dont forget that mortgages are double the price of the house... a 500,000 house actually costs you 1 million dollars after paying the bank for 30 years. and thats not including 2 percent property tax every year, upkeep, broken appliances, tornadoes, etc. rent is not throwing money away, it's peace of mind and freedom.
It can very well be the good decision indeed. You pay for the place AND its environment, when plan moves, you pack up and leave. I think it's all about having goals in life and be lucid about it.
Once that checked we make the moves in accordance with our expectations and means.
Or you can just built your own eco friendly home in the woods
If he keeps this up, he'll be able to live and give like no one else! I want to teach more people to be like him 😀👍
Silver spoon is nice.
@C B stop bragging about it and showboating if you really didnt do it on your own. Its like, i won the lottery and therefore I have bragging rights I'm successful?
Lance kaminsky thank you Lance! My goal is to help people like you 😀
Chris Invests - Personal Finance Videos live at home with parents
I salute all of you who were able to become financially stabled. Especially by your early 20s and by 30. You already own 1-2 houses and stacked Portfolio🙌🏿💪🏿.
Im 27, $0 saved, live in car, no kids, no wife, full time job.
Not trying to make excuses... but it's harder when you don't have that support. I saw my cousin same age as me, just bought a house, $ stacked up and we made similar amount of $ a year.
What's the difference? His rent was $150 month, and he had the whole back-end of the house to himself. 🤣
Hopefully, I have it figured out soon.
Pray for me.
Tommy Rose don’t compare yourself to your cousin. focus on you and your time will come. cheers !
You’re right it’s not as easy but what you need to do is get a good paying career somehow. I was a broke bum not too long ago but taught myself web development. You need to,find something similar. A high paying career you can get into without a degree. Good luck bro.
I learned from udemy and freecodecamp
BunchoStuff I work for the post office now. Started in August. They pay good, and it's a career. Just takes awhile to get things running in the right direction.
ThNkfully im not drowning in debt, just car payments. I had $0 debt, but I needed something bigger/more reliable.
Tommy Rose sorry, by good I meant 80k or more. I don’t know how much post office pays or how long that will tale to make annually. Then you can be like your friend and this guy...maybe..sort of
BunchoStuff Take 12 years to hit the max of 63k annually (not including the pension/benefits). Is that bad?
People say the post office is a great career to have.
I’m 22 and I have $60,000 cash not including my car that I paid off for $20,000. It really is thru hardwork and living humbly and keep things simple.
I don’t spend money on clothes. I buy clothes once in a while and I always buy the high-quality one. They lasts a long time. Mall shopping is expensive. A shirt might cost only $25 but a couple of them can run to the hundreds very quickly, and when you pay for them using credit card you just kinda forget about them until the monthly statement hit home.
I don’t use credit. My credit card is STRICTLY for Gas and Bill Pay. If I had to pay those anyway why not get the 3% cash back. Anything else is cash or debit card. And ofc I pay off the whole balance every 2 week.
I don’t hit the bar every night. They are expensive. I can enjoy these places later when I am successful. Not now.
I don’t buy new. Cars, electronics, furniture,... slightly used is the way to go. You could get 90% the stuff for 50% the price. Let the stupid one take the depreciation hit first. And pay cash for them. I own 100% everything I have.
dude you can buy a NEW phone.... a decent smartphone from Xiaomi will only set you back $200 (Redmi Note 7 is the bomb)
Digby Jones true, even then, I wouldn’t buy a new Xiaomi, just because I can buy a used one for much much less. Xiaomi doesn’t hold value so a slightly used one could be very well under $100. As a matter of fact my business phone is a used OnePlus I bought for $50. My main phone is a opened box XS Max I bought for $700 cash, which I can resell for roughly the same amount anytime I want til the next year. I always have the newest phones and techs but I make sure I minimize the depreciation by buying them slightly used by someone who bought them at retail then couldn’t afford it. By my calculation I spend less than $500/year for all the newest electronics.
@@doducduy96 ummmm dude. No phones "hold value". Every single one of them is outclassed by something else every 6 months and accordingly drops in value.
@@digbyjones4203 yes but theres a poor people used phone market
How you feel now ?
Key Point. He does have Passive income averaging around +1k a month.
I'm so proud of this young man and I don't even know him. He's definitely on the right financial track. Good for him🙌🏽
Beauty For Ashes he lived with his parents ... no rent no bills
Hes very smart for what he has done by the age of 25. I know some 25 year olds who still live at home but all they do is work for 10-12 bucks an hour and play video games all night.
Good for this kid. I thought I was doing good at 24 this guy blows me out of the water.
Look at it as motivation that why i watch this show , and get some great perspective
How much do you have in the bank, poor guy?
Marc Archibald Meanwhile other 28 year olds have $80k in debt with a criminal history.
Don’t listen to what anyone says. Stay with your parents and save even more
@J Wil It's called being smart. If you can live with your parents so you can build your own financial wealth, then why not? You're not gonna nearly do that as well while you're paying rent.
@J Wil Whatever man. At the end of the day, you're choosing not to take advantage of your resources and not building your wealth while others will. You're a "real" man.
@@staz1366 That's becoming the new normal now. Still living at home with your parents. That's assuming you have a great relationship with your parents. More than likely this other dude has a problem with them. So because he doesn't have them as a resource, everyone else who does live with their parents is wrong.
You know he probably has a good head on his shoulders bc he immediately introduces himself and gives Dave a great one liner as to why he's calling!
I hate it when people ramble on for five minutes and not say why they're calling! If you can't clearly state your problem you probably can't clearly find your way out of it by yourself....
man im 22 and going back to uni this aug..feel like im left behind 😂 but knowing Dave ramsey at young age and starting to be financially literate makes me way more ahead than my peers working.&.travelling just to look good in social media...
i want to be like this guy...single in 20's and saving a lot
Uni is a waste of time
Your journey is made special for you don't worry about where others are.
@@watermelonhead6525 not when you're going to become a doctor,lawyer,engineer,accountant..etc. and im a pre-med.
@@jellybeans9283 thank youu
@@ej_l2525 yeah for sure. Anything other tha science, math, technology, law is useless and a waste of time
This is literally going to be by the end of year I also run online e commerce and drop ship business along a few online hustles. Staying single is key.
Staying single might be key or you can just find yourself a grown woman who has her own and not a little girl who needs yours. 👍
I had 85k at 24 then it grew to 160k by 25 because of marijuana stocks lololol worked and paid rent to my parents. Bought a cheap car 12000. Some things ive done cheap: buy your own gym equipment, your own clippers, cut cable and get iptv ($10/month), amazon and online shopping saves a ton too
kingofgames93 New Warren Buffet ladies and gentlemen
@@severus8443 that's trading son not investing
kingofgames93 prices online up and with taxes. Not as cheap anymore
12000 is not a cheap car LOL
Would this advice apply today’s economic? Because we live in Destin Florida to safe income tax however, hurricane insurance, property tax, flood insurance, HOA, and most importantly mortgage interest is equals about what we are paying in rent or more. I think right now the best is to rent, at least until we can soon get an interest mortgage of 3% or better just keep saving until we can pay the house off no need of mortgage if that is possible
Completely disagree. Renting gives you freedom to move. With Owning, you’re stuck there and it’s an illiquid asset. Also with renting, all repairs are paid by the landlord, you don’t have an hoa or property taxes.
Brian Lobman they’re not listening to you. The brainwash is so deep, common sense is depleted completely smh!
Brian Lobman hOA?
Well he’s not going to be moving around I assume
I agree with you I see it as an illusion because once the house is paid off everyone thinks it's finally theirs but in reality it's still owned by the bank lol
Dont listen to the blank account Russian bots!
Everyone knows what to do, but not everyone does what they know.. Remember long lasting results come from steady and consistently applied effort.
And sacrifice
Even after paying off a house, property taxes can make it feel like you're still paying rent, especially if you get an expensive house. The only good thing is if you make enough profit selling the house you may be able to get some or all of it back. Depends on the profit and how long you've lived there.
Staying single is the best way to get rich.
Learning that the hard way
No
I wouldn't say that me my wife and a couple of the guys she met at bars are doing great
Why? My boyfriend and I split bills so we are both saving half of the rent each month we’d have to pay if we were single lol
@@Cha4k 85k is rich?
1. are you willing to deal with the problems that come with houses, upkeep, taxes, etc
2. What house are you looking for?
3. If it big enough for a family of three if you plan to stay a while.
I personally don't like owning a house. Maybe way down the line but being mobile is way better for me then owning a piece of property.
Your 25 keep saving and investing until 30 then buy a home. Make your future wife get a prenuptial agreement.
That is already one of Ramsey's videos! He told the woman he would punch the husband for bringing that up!
Prenups aren’t holding up these days. Best to get a prenup and periodic postnups
Marry a woman with a similar income.
Why just not get married??? Prenups can be thrown out.
Either dont get married, marry on your financial level or marry up... and then don't cheat on or abuse your freaking wife lol. All these dudes act like divorces just come out of nowhere. Those kinds of divorces are the exception.
I’ll have 5k saved by December this year, and moving back in with my dad. I’m 26 and am finally starting to take my finances more seriously; if I stay home until 30 I predict I can save 50k
I'm 27 and starting to take it seriously too. With about 40 years to retirement we have enough time to get ourselves in order boys.
How's it going so far CJ?
@J Wil you sound jealous he has parents he can “sponge “ off of
19 years old. I turn 20 in 3 months and I will have at least 10k. I wanted to start off my 20’s with 10k. It’s not allot but it’s a start
This guy sounds like the type of dude who will own a city one day.
Nothin wrong with that if he wants to own a city he better gets the city🔥
@DW DW He said it was photography business
Good for him! I'd saved $40k when I was 23. Sure was memorable financial days! However, mindset never became fixed. Always was a growth mindset! Much success to you brother. God bless!
When people ask me that question the first thing I ask is this. Do you have handyman skills and lawn maintenance skills? If yes then buying a home is best for you. If the answer is no then it's best to rent, so that if anything goes wrong just get the landlord to fix it and the landlord can maintain the lawn. The cost to owning a home goes way up if you have to pay for house maintenance and lawn maintenance regularly (and trust me the average home is always needing something to be fixed as well as the lawn). So if you answer yes to that question look at a 15 year mortgage instead of 30 year and pay additional on principal every chance you get, with the goal of paying off in 10 years at 35 years of age or even sooner. That way it's your house free and clear and your home equity goes through the roof. Good luck!
Waiting until a correction happens! 20% means 100k savings here in So cal.
Hopefully it happens soon.
This comment didn't age well. Should've bought, property values will have gone up by 20% in CA pretty soon at this point compared with 2019/2020 haha.
lol this guy has rental properties and is asking if he should rent or buy.... come on
Mark Balliana show off I guess
Exactly, lol.
I was thinking the same thing LOL
Because HE DIDNT BUY THE OTHER PROPERTIES 😂😂 and he’s in the comments talking about how he wants to clarify he bought the two rental income properties if that’s the case.... why dafuq would you need advice weather you should buy or rent 😂😂😂
my in laws rent a mansion for themselves but own several properties that they generate rental income from.
Living with parents is the best thing. I'm living with my parents for as long as possible. I'm currently 20 years old and I make £28k p/y and have £8k in savings. My parents don't ask for rent or anything, so my only expenses is self maintenance, travel, phone bill and that's about it. I plan to move out at 26 and get a mortgage. Until then I'm living under my parents roof for free
As soon as I saw I’m 25 with $80,000 saved, I automatically thought buy. Buy buy buy. Build your assets.
“No, I’m single”,
This is a wise young man. He’ll go far!
At 25 I had 9trucks ,10 full-time employees, 3 kids under 3,
Left school at 16 worked till I was 21 wasn’t allowed to spend a cent from my pay for 5years... so really I was forced to be a sensible
My 21st my dad took me house shopping paid outright - no 300pc bank loans needed
Thanks Dad
This boy can rent forever, as long as he keeps buying rental properties that are paid off he will do very well!!!
As long as he has good renters. One bad deal can bankrupt a savvy landlord.
Heide Knight Indeed. Destroy your property while refusing to leave.
I would rent and invest. You can take risk at that age in the market
I’m about to do this. Me and my gf need to just have our own place away from mom and dad. They let us live there so we could both save money and I’m 22 now. But the housing market is kinda a mess where I live rn. Not expensive wise but nobody is selling their home. But rent is cheap in my city it’s easy to find 1 beds here for under 800. So that’s about 400 I’m spending to live there...not bad honestly. And I can still save a couple hundred or more a month to get my first 2 family. I think it’s all a matter of opinion and the location you live in.
I lived at my parents home in my 20's - paying room and board. I was able to save a substantial down payment on my own home, paying it off in 11 years.
bob marker that’s boss
Hey dave I bought a $150,000 dollar car, it costs $150 a week in gas, $650 a month for insurance, the car note is $1800 a month at %6.5 with $40k down. Plus at least $600 a month in speeding tickets. Do you think I made a smart choice?
Another interesting fact.. i used to board operate your show at the WWL entercome studios in New Orleans. And I always fell asleep and got in trouble 😂
Nah. If you had put that into crypto, you'll be getting 10% roi daily. That's $15k.
I lived home in my 20's and beyond .. had a low to middle class job (delivery truck driver worked 50 hr per week) .. bought 4 new cars in my 20's with cash $$ .. no debts ... bought stocks .. and watched my money grow. I bought a nice 2 bed, 2 bath condo in my early 30's and had enough $$ to put 50 % down. Today I paid off my condo (now worth $400,000 plus) and bought a new townhome 7 years ago, paid off now - $350 k worth... and still have a very nice stock portfolio...My advice if you are 25 .. live at home, work FT , save money- invest .. then buy a property- entry level in a good neighborhood.
I would say live at home until you're financially ready to rent/buy a house or apartment. I'm paying my parents only like $500 rent a month and rather having that money go to them than some random landlord :)
I’m 25 with 11,000 in the bank. Wondering if I should go to college or become an entrepreneur? The cost of college makes me extremely nervous to pursue it
Best investment is in yourself
Why is he asking this question? He’s already investing and has 2 streams on income. Extra humbleness here.
It's a bit of a humblebrag. His mind was made up on buying before he called
Renting is good in your mid 20s to figure out what you want and where you wanna live and what you need versus want. I rented for 5 years. Perfect timing for me to buy a small home after
I wouldn't say renting is throwing away money. I used to think that as well, but think about the return you could make from 50k(maybe 10k a year in real estate?) instead of dumping it into downpayment and closing costs. You also avoid taxes and insurance by renting which could be around 5k a year. Dave is right, you have to analyze the options individually and be patient.
ANYONE CAN DO THAT...when you’ve never paid ANY bills and live at home
That's me XD
I am 21 and still live with my parents. Graduating next year with my bachelor
@@DailyThingsInLife Big deal. Education doesn't *ALWAYS* net you a great paying job, it's just a piece of paper that you completed courses 90% of which were pointless and have no value on anything you'll ever do in your life lol.
@@suffer8318 Everyone knows is useless. But yet, companies require you to have it. So, I don't mind. I got the degree for free, I had scholarships and financial aids
E X what about me
Callers calling in to flex and have their ego stroked causes an eye roll. The kid has obviously been making good moves and money, and he calls Dave for this? He knows exactly what to do.
Yea the humble bragging is starting to get old on here....
This guy is just showing off... 😂
U don't need to ask 💩, u doin pretty well my friend.
I'm 25 and I have 70K in savings. The problem is that I don't what to do... my rent is $1600 on Seattle nothing special. Any advice?
I'm 19 with 65k saved up
David: better than what I deserved
Jason : awesome
😂
When I was 21 and single I had 20k saved up. Now im almost 23 and after being together with my gf for almost 2 years im at negative 6k (credit card). :( I miss being single.
What happened?
Caden got a gold digger 😂
Ps : just joking
She’s not your girlfriend, she’s your enemy.
Liar
That's insanely bad. Don't blame your girlfriend
Oh my goodness! I wouldve loved to be in his financial shoes at 25. Oh the things I would tell my 20 yrs old self.... thing #1: don't let mom leach off of you and keep you broke. But, live and learn - the life I live now is great and hubby and I are working together to get to where we want to go in life financially and otherwise.
How do people pay for rental properties in cash? Here in the UK, buying a rental property would cost you at least 70-100k. Is the caller referring to a mortgage or has he purchased the 2 properties in cash?
I don't know why I love when Dave decides it's time to hang up on the caller but continue talking like they're on the line.
he just mutes them, i think the caller can still hear him
since i can't find a girlfriend. i'll just focus on getting rich.
ayee might as well do that too
Getting rich will help you find a girlfriend.
Jay Strickland fax but theyll milk u out most of them😫
The one advise I would give this young man who seems to have a good thing going on for himself is to not get Married.
Is it because of the horrible divorce laws?
Alex yes bro. A man has everything to lose and nothing to gain getting married to these women especially in the United States where the laws leave a man with nothing when things go south.
Zeekwayne Yeah the laws are quite bad. Especially these spousal support laws where you end up paying her monthly after divorce
Me: What if i want to stay singl-
Dave: SHES GOING TO MAKE YOU SELL YOUR HOUSE
Progressives Thriving You can’t stay single. Unless you like depression.
I am 59. I never owned a house. I have $ for down payment from 401K . Is it best to buy a home or keep that FB and Google stock?
Nice episode. I also rented for 2.5 years and I don't regret the money. The freedom, the experience of being on my own, this doesn't come free. Later I moved with my soon to be wife, and as Dave said, her place is nice, and I like it, but this is not OUR place (for one thing it's too small). So my advice is don't buy home for life at your 25, or 30 if you are single.
Just stay with your parents and save 20k - 60k more, buy a 200k house with a 50% down payment on a 15yr, or just buy a cheap house in cash. Don't waste money on a condo with ridiculous HOA fees. That's crazy. A quick property search in the Miami area shows there are lots of cute little houses available for less than $180k. A single guy generally doesn't need a lot of house.
Or a house at all.
Before I watch the video... "Buy".
Hahah exactly!
80k saved? jesus christ i dont even have 80 cents saved
100 Million Loans miss payment like in 2 mo this year
Plus owning two rental properties
I want to buy a duplex to live in and rent out the other rooms. Houses are soo expensive now in Tennessee.
At 22/23 I had $89k saved I had a doorman job in manhattan and was still living with my parents but paying my shared part of rent. I would’ve more but I did mess around with a bunch of girls and always used to go out… now that I’m in my 40s married and I got a house and lots of more saved! At the end of the day it depends on you and your availability to stay disciplined and not live beyond your means
this dude is killing it
Rent where you live and buy what you can rent out. Cash Flow baby.
I really cant stand how Dave Ramsey interrupts the callers every single time they try to talk.
Alexa Wermuth Well it’s a radio show not a conversation with your friend in your living room. He can’t just let people ramble and waste time.
Jasen--you are inspiring! I wish more young men were like you. Best to you always!
I am also 25, and putting an offer on a home worth 400k. Thank you for your advice Ramsey! I can always sell later once I find the right woman, and pay off the loan. Cheers 🙂
Literally just got divorced 2 weeks ago, have more money than I ever had being married true story. No allomony, no child support and my bank account has over 1000 dollars for the first time since we shared accounts. Forget love go for financial security.
Who need love whem you have money anyway !
30 years old. 5000$ liquid net worth. Living from paycheck to paycheck recently.
Once you have enough saved for 6 mos of no income, along with “freedom accounts” full up (for example-one account for car repair, maintenance, and the payt you make yourself each month towards your next CASH vehicle purchase), and all debt paid off, then buy the house. Then you will have taxes, fire ins, repair and maintenance of THAT to account for (putting in monthly “freedom accounts”) also.
BUY THE HOUSE.
If you ever have to move or sell, it’s yours to do with what you want.
No one can force you out.
Every dime you spend on the mortgage is your equity (besides the interest payments).
I OWN one house and JUST BOUGHT A SECOND.
You building a real estate portfolio?
It’s interesting that all responsible, financially stable, ambitious young people like myself are single.
You can be all of those things and be in a healthy committed relationship