Should A 23 Year Old Buy A $55,000 Car?
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Dave didn’t answer “Better than I deserve”. Things have really gotten out of hand.
😳
Heonly answers that way when he's on his own
@@alexc5369 Which I wish he would switch back to quickly. The shows not the same and the connection with the callers isn't the same.
🤣🤣😂😂😂
Nick Stoeberl I noticed that too
Hi Dave I just graduated 3rd grade and I make 600k a year. Can I afford a $300 gokart? Btw I plan on financing it.
Lol
Haha
That’s a more realistic scenario than this guy.
😂🤣😂I'm weak
This kid bullshitting or why would he need Dave for any advice with that revenue within business at his age ...
DAVE said it Best, it is not about your age, but about your income what matters when buying a car
A lot of broke doctors drive pretty fancy cars
Income changes all the time, just ask broke former athletes. It’s about your savings, net worth, and cash on hand.
اللوب الصهيوني الأمريكي الجبان سوف يقضى عليه SS ☠️💕
It's about being responsible. Are a lot of 23 years old responsible enough to handle a 55k sports car? No.
@@SteelRhinoXpress VERY True.
Būt this one seems to be.
Also, i think that 23 yo looks bettwrin sports car than 40 yo :)
Sounds like a humble brag call to me.
It's good to hear that there are such young people that make it in life, this show shouldn't be just about people with student loans for left handed puppetry and leased cars.
LoL 🏎️
Where's the humility?😒😒😒
A thief was jealous here
Brag on salary less so on car. It’s used. For me red flags got raised on his attitude towards real estate. Seen it plenty of times people are overly confident on future deals they don’t factor in the downside risk.
This guy just wanted to floss on people while he asked a question.
Morty if I were him, I would floss too haha
queenjazz1 he flossing on people that don’t got much money. If he were to floss in his circle they probably wouldn’t care cause they prolly got more than him or money is money to them. Nothing wrong with floss but this question hinges the line of ignorant.
Its a bit concerning that a 23 year old who owns 2 business, manages 50 million in commercial real estate and has 250k in cash doesn't know if he can buy a car or which way to buy one...
Good point. Either dat or he just called to relate to Dave or to flex
@@onyeilonyeil9468I assumed he wanted assurance of his purchase because "what 23yo needs a 55k vehicle"
He’s probably lying
I find it amusing that when broke people who are saddled down with debt call into the show people comment that it makes them "feel better about their lives", but when young and successful people call in they whine and complain. Here's an idea, stop comparing yourself to others, maximize your own potential and live your own life.
Tom Smith I agree! Lots of salty people here!
I don't see many of these "feel better about my life" comments that you're referring to. Most people are empathetic and supportive unless the person calling in has done something blatantly stupid. People have every right to be suspect of the caller's intent. If you have all this money, why are you calling into a talk show to ask this relatively simple question? Why not contact your financial advisor? If you can manage $50MM in commercial real estate, then you're surely shrewd enough to make the correct decision on how/where to spend your $50k. I'm not hating on the guy; I'm glad to hear that people are doing well. It's likely that much of this has been inherited or he's in partnership with a family member.
@@erimei8478 Agreed. You typically don't just manifest 250k thousand a year at age 23 without some serious help either through financing, connections and/or advisors (i.e., people that basically did everything or told you ever step of the way what to do). I'm not knocking the guy either, good for him for having that opportunity, but let's not pretend that it's an impressive accomplishment. What will start to be impressive is if he maintains that or grows it significantly over a period of time.
Tom Smith yes I agree!
Hahahaha so true!! This young man deserves to feel good about his accomplishments at such a young age.
Dave’s co host is like either give me a raise Dave or I’m going into sales 😂
Dave humbly “humbled” the 23 yr old “been there done that” 🤣🤣.
Millennial Wealth Building
Dave been there done that in the worse way.
The 23 year old is much younger,starting earlier, probably no kids, not married, and not bankrupted or upset over American Express for over 20 years like Dave.
Guy's smarter than Dave.
"I made 200k in 1983 dollars which is more like 500k"😂
That was great! I'm happy he did that.
Dave got him back. Lol “been there done that” this guy called to brag and Dave read him his RESUME...lol. I’m like Dave “ why finance a 50k car?!?”
TunYotaSport
Not really.
He’s a lot younger even starting out,multilingual,traveled,better health,etc..
Dave resume include bankruptcy at older age, starting over,and holding a grudge against American Express fir 30 years past 60 years old and not taking care of himself health wise by appearance.
@@blackworldtraveler3711 Not taking care of himself health wise? What makes you say that?
BlackWorldTraveler nothing says the caller doesn’t have bad health. And in 2 yrs, anything can happen. Dave was a millionaire and the bank he owed decided to do something different. Same can happen the to caller in 2yrs. The caller can buy the car, sell it and buy another vs being in debt to the dealer or the bank.
Dave is wrong. If the guy says he can get more returns on the 55k then he probably can. Dave said "nah" like it's impossible.
I invest in cheap rentals and I average 25% returns on my investments. This is how I would do it. Read and learn!
I'd put 5k down on the car. I d buy 2 duplexes cash at 25k each.. Each unit rents at 600. total gross is 2400.. 2k left after expenses like taxes, vacancies, insurance etc..
Let's just assume that my monthly corvette monthly payment is 1k and 300 for insurance. Booomm.. I now get paid to drive my 55k car.
At the end of my payments, I could sell my 2 duplexes and get my 50k back. Id still own my corvette.
STUPID PEOPLE SAY "IT'S IMPOSSIBLE". SMART PEOPLE ASK "HOW CAN I DO IT?"
jean lenor I agree with what you said entirely because I follow the same practices, however Dave’s point for example is that you might not have renters for a couple months in both duplexes because of the crashing market, or the covid-19, etc. Now you have two mortgage payments, plus utilities, insurance, plus your car payment... if it was cash purchased no one can take your car away when you can’t make the payment cause you’re cash poor with all these payments...
If he would deliver pizzas on the side with the car I’d say yes
Haha, brilliant comment!
@@narab-n219 The hit he'd take on the depreciation, fuel and maintenance on what is effectively a first-gen mid-engine 8cyl supercar almost certainly means using it to deliver pizzas would be more than the expected hourly rate he'd receive for doing that job.
Since he's 23 and has the ability to pay in cash with a very good income and about a quarter million in savings and 0 debt (unless he's not telling the truth) there is not nothing wrong with him buying a nice car.
The issue is he just has to be able to accept and be able to live with the opportunity cost of the purchase as it might otherwise ruin most of the novelty for him due to resentment.
F. Zero I'll believe that.
For me the act of working on heavily depreciated cars has always been sort of a subsidized hobby.
On paper the math says it's more productive for my to allocate that time towards finding an extra IT contract and billing 10 more hours per week (taxable mind you) than just barely break even on spending my Saturday fixing Boxters and Cayennes...The hidden value is in getting to drive or tinker with some of my favorite cars (986/996 headlights in all) without having to let it tie me down by taking out loans to do it.
As long as I always pay what I have in a cash account and always have a forsale sign in the window it will always feel like getting paid a nickel to eat a birthday cake.
Just as long as folks aren't telling eachother to do something like that as a primary source of income...that's stupid
When I was young I overspent on a car . I'm glad I did because later in life i care little for anything material.
BuddyGLee same 👍🏻
I bought a new car straight out of college and regretted it for the years that I had to make those payments. It taught me so much about what I do not want to be doing with my money...it taught me so much. I just wish I had someone who taught me about money before I made those bad decisions
@@naril2566
You can't go back in time but make sure your decisions going forward are the right ones
Especially now with the pandemic. Nice cars but nowhere to go
Same bought a brand new WRX. Wrecked it now I drive a mazda. Its humbled me that it's just a stupid car and I don't need it, but it was fun
Caller: (breathes)
Dave: *Sell your car.*
Why is this guy calling Dave Ramsey? 😐
I never call Dave before I buy a car.
He called to brag. He does't have $250k in the bank. If I did, I would pay cash for the car. There will always be real estate to invest.
@@kellyy9349 Paying cash for new car is dumb. Thats why you don't have $250k in the bank.
Zhemin Lin would it be better to finance?
@@aniyahbrown3454 NO
I'm guessing his family members just gave him the contracts for the houses, apartments. So he just manages what his family already managed. Easy money.
Jealous?
@@omaxman1 I know plenty of people that have family that work in real estate. They basically hook them up with investments and their set. They work for their families. I know this girl that got a house for a very low sum due to the fact that her mother is a real estate agent. She basically lives for free and rents the other rooms and lives off the cash flow of the smaller properties her mother let's her "manage".
@@omaxman1 People like him just call to flex what was given to him lol.
Or, he built his business lol
Hugh Jass that’s what I was thinking
Dave calls him out "fifty thousand dollars? Naw you're kidding yourself". Guy "in real estate" calling to brag to Dave and knows he's a fake.
You can put 3% down and buy a $500,000 quad with that amount of money...
Yep, fake call.
Dave flexing with facts 💪
One of fave clips to date! Seeing more of Dave here. Loved how he gave the young man his vote to buy a that car.
Sometimes I think people call in just to brag about their success 😆
Dave is right. Leverage is great on the way up but devastating on the way down... good lesson on risk management
I like what this new guy contributes to the conversation.
“Big car guys” means everything has to be big. Lifestyle will always be updated.
You would have to ask this caller what he means by that statement, but to many people, it means that they like automotive design, engineering, performance, etc. Check out Scotty Kilmer's TH-cam channel, and tell me that "big car guy" means that everything has to be big with an updated lifestyle. There are many humble people who just like cars.
@@DriverDude100 well said. Some people just like to prioritize money spent on vehicles rather than other aspects in life.
When you say "I'm a big car guy" it just means he's really into cars, loves cars, could tell you what kind of headlight is on a 67 nova. Not literally likes "big" cars.
wut, no, it means they like really cars, like you probably like other things in life
You have so much money in the bank caller , buy the car enjoy your life you're only going to be young once. Enjoy it with a debt free vehicle and just make sure to stay on top of your game.
Would be a mistake if he can get more on his money financing it.
@@jeanlenor1858 it all depends, like what if he finance it and something happens to his business? He'll be in debt and out of a car. I rather buy unless I know i got fast money coming by investing
@@RogueHero Dave is wrong. If the guy says he can get more returns on the 55k then he probably can. Dave said "nah" like it's impossible.
I invest in cheap rentals and I average 25% returns on my investments. This is how I would do it. Read and learn!
I'd put 5k down on the car. I d buy 2 duplexes cash at 25k each.. Each unit rents at 600. total gross is 2400.. 2k left after expenses like taxes, vacancies, insurance etc..
Let's just assume that my monthly corvette monthly payment is 1k and 300 for insurance. Booomm.. I now get paid to drive my 55k car.
At the end of my payments, I could sell my 2 duplexes and get my 50k back. Id still own my corvette.
STUPID PEOPLE SAY "IT'S IMPOSSIBLE". SMART PEOPLE ASK "HOW CAN I DO IT?"
@@jeanlenor1858 Now that's smart and I 100% agree with you. But with times the way they are unless we all get that 2nd round of stimulus checks it might be hard for the caller to rent but under normal circumstances I totally agree with you.
That is the dumbest shit I have read all day. Generational debt.
Has a ton of money. Buys a used and abused Z06. Makes sense!
I really like how he didn't say be wasn't doing something wrong, just that it was different approach and values and still being successful
Wow this guy is awesome. He's killing it
Love you guys!
Excellent video!
This call was like a volleyball spike to the face for the caller. 😂
I really agree with Dave about who “needs” something. Age and needs don’t matter, ratios do.
Love Dave's response, "Yes, you have a car fleece."
Being a car guy, I understand this question 100%.
Being a bmw owner i hate this question
Kunal Sab Ahhh yes the maintenance. I would love to purchase an E36 M3 in the near future before prices rise.
@@rrennnerr not really maintaining bro...i got cash....not bragging....point is always got some problems and i bought 5 series new 5 years ago....going for lexus next time....avoid bmw my man...just being honest
Kunal Sab BMWs can be a maintenance nightmare. I would definitely like to purchase a car from the 80’s or 90’s to keep for a long time as a fun second car. With everything moving to hybrid or EV, having an E36, Mk4 Supra, RX-7, R32 GTr, etc would be priceless kn the future!
Kunal, go with the Lexus. I love the two I have.
Best Dave Ramsey sermon that I've heard in a while! Love the analysis of the nature and purpose of wealth
I love Dave Ramsey and listen to him almost everyday this episode was spot on props to you Mr Ramsay
This caller needs no advice🚶🏽♀️
Toks I mean clearly he does. He’s talking about financing a vehicle and using his cash reserves to buy more properties when the global economy is on the brink of a serious meltdown......
Ryan
Yep!
He definitely does. He’s trying to finance a depreciating asset...So he’s effectively KILLING himself in interest and depreciation, and it’s unnecessary because he has cash. Not only that but he has the cash to buy rental properties outright, and he’s on track to sink himself when the economy collapses because he thinks he’s doing great by buying more real estate with other peoples money...That’s what they all say. But really you’re just buying investments you can’t afford, and someday you’ll pay for them.
If he is truly Dave's fan, he definitely knows what he would say🤷
It’s a wonderful thing to have a rich life and I’m glad for him. One of my goals one day to be in that position. I especially admire those who’ve achieved success at a early age. I will say, I hope he can find people in his life to help humble him. It really wasn’t necessary to phone in and ask a question the caller already knew the answer to. Just enjoy the blessings life has to offer you, no need to talk or brag about it.
I love watching these get rich quick ads before and after Dave Ramsey’s videos 🤣🤣.. makes total sense 😀
Should be BSN, RN.
Used car is a smart purchase. He sounds like he is pretty good with money, so go for it brotha!
Dont fool yourself.
Respect.
Call in just to flex 💪🏼
Let’s gooooo
That caller is doing real well. Only a matter of time before I see it for myself! Shoutouts to that kid!
What’s up on that update
I would love to see Dave's car collection!
Hey...God bless that young man..
Respect. 💯👍
How many people clicked on this just to find out what car he was considering buying? We all knew what Daves's financial advice would be.
When you don’t get the “Better than I deserve” from Dave. 😂😂😂 0:09
Gone head and flex on'em real quick Uncle Dave.
Damm I am still scrolling down for the comment section 😆
OMG! The insurance!
He can afford it
It’s not that much.
This guy just came on here to flex real quick 💪
Me at 23 years old watching cow and chicken, your Awesome !!!
Humble brag
joseph windsor
Better than humble broke.
I was starting my post college life living in a trailer park at that age.
What’s ironic is the ad at the start of this video was for a brand new $55,000 car 😂😂😂
The caller is the rent collector for his parents' property company. In no way will a 23 year old guy can be in that kind of business.
To this young man, if you're not trolling, keep up the good work. But don't fly too close to the sun
For someone that is so successful they seem kind of unaware of what’s happening in the global financial world right now.
Honestly if you're lucky to still be working and have savings/cash, you aren't worried and you're buying up stocks and investments as fast as you can while the getting is good. Things will recover and go back up and those in a position to be able to take advantage of it now will be in great shape in a few years, just like after the crash in 2008.
TeKnoVKNG23 things don’t just infinitely go up forever..... it’s okay to buy up investments but why would you take on more leverage at this point, the storm is just starting.
@@TeKnoVKNG23
There's plenty of falls to come atm but if you're in it for the long haul then go for it
As usual a lot of salty comments accusing the kid of "calling in to brag". Newsflash it's not just broke people who want advice or who want to bounce ideas off others. Good work kid, keep striving for greatness.
The doctor didn’t agree with Dave on this one, you can tell.
he was hating
Love hearing these humble brags. Great to hear successful people stories
06kiely
Few people learn from them and get jealous or angry, wishing that you fail,etc. becoming stagnant.
I’m happy for them,ask questions,take notes,learn, and become motivated.
From the title I was saying yeah no chance, then a minute in I’m like huh yeah corvette corvette.
I took the car plunge this year. I added a $800 1995 Pathfinder to my $800 1990 F-250 in the driveway! Both, thus far, are able to get me to work and back too.
If that's all you need to do sell those and get an '05 Civic or something. The amount of gas you'd save would be hundreds a year.
@@cm01 - I prefer Toyota over Honda, maybe next year. But in my state, vehicles over 29 years old do not have to have the yearly inspection, so on a 1990 camry or accord, the check engine soon light could burn bright forever !
I was hoping for his best line, "well, that was stupid."
Just about all “car guys” I know can’t even change their own oil.
Being a "car guy" doesn't have to mean you are knowledgable on cars. It can just mean you enjoy them.
I can change my own oil but it's not worth my time so I pay someone else to. You don't have to be a gear head to like cars. Pretty much all pilots I know don't do anything mechanical related on planes yet still love to fly.
"I'm a car guy" doesn't sounds quite as shallow as "I try to impress others with what I drive"
@@trollsymctroll5361 most people don't know what a Z06 is. I doubt he's buying it to impress other people.
@@trollsymctroll5361
Everyone buys nice stuff to look good and impress...so do I.
Clothes, watches, cars, jewelry
I haven’t even watched this yet. I paused it at 0:06 lol. The answer is “if they can afford it, go for it.”
I said once and I’ll say it again. That’s that Florida lifestyle right there.
Thank you for the video Dave. If you can afford it, then I don't see a problem with it. We all know Dave is into no debt. However, if you are financially literate, financing can sometimes make sense. We could have paid cash, but we financed our old 2013 Toyota Highlander, because Toyota had that huge recall for window fires (shortly after unintended acceleration issues) and were offering 0% APR across the board to get business. That is financing, but at 0% we definitely made better use of the $30K over the 5 year financing.
When we traded that car in for a newer car, we put as much of the sale price onto our credit card that the dealer would let us ($5K) and paid cash for the rest. We then paid it off our entire credit card bill when it was due. That was a 1 month financing, but we got 10,000 points for it and paid 0% and $0 in fees. No, we didn't make our money from credit cards, but like most people who succeed... we have been able to use credit cards responsibly (go ahead, ask a wealthy person if they have a credit card). We all know many people cannot handle financing, but to say it is always bad for everyone doesn't make sense mathematically or logically. You just have to be part of the 20% who can handle it, reaping the benefits that the 80% pay for... the 80/20 rule.
You are 23 once in your life , sure you can pay cash for that car later on if you play your cards right but It just Won't Be the same. Buy the car ,enjoy every minute live your youth to the fullest you have the rest of your life to play Mr Ramsey
Leverage... The best example of companies running on debt are the airlines. They borrow money on something much bigger than a car and can fly but still goes down in value by $millions.
Wow much wisdom just dropped...”look in the mirror when you start saying who needs...” “you can be just as proud of what you don’t have as of what you do”
Nothing worst than fake. Guess he needed attention.
Everyone has something fake about them, whether they wear makeup, dye their hair, the car they drive etc If people weren't looking for attention they wouldn't have mirrors
Don’t be jealous, invest your time wisely and it will pay off
Um Worst is a valid word my dear. Thanks though
S A M you got me 😀
I'm so sick of rich people calling this show
Define "rich". Everything is relative. Someone who has less and makes less than you may consider you rich.
I like the real rich people calling in. This guy isn’t it.
Accurate username
@@ReddingRed stop
@@colmanburks5583 effof
Pissing match 🤣
"You got different friends than me" 💀
risk factor also needs to be accounted for. Risk of an accident in a high performance car driven by a 23 year old has an inherently higher fifure. So there's that variable.
No it doesn't
Don’t do it, things can always go sideways. Especially if your leveraged and you suddenly get Low tenancy your house will go back to the bank. Wait there’s gonna be Carmageddon coming soon you could probably get the 2019 model for like 35K.
The standard for most people of what is "excessive" is what they cannot afford to get.
It always bothers me when people list irrelevent things. The title is saying: "can I buy x at y" when it should be saying "can i buy x at z" (z being a financial postion independent of age).
23-year-old driving a Z06. Wonder what the insurance is going to be like. 😲
Doesn’t matter, he can afford it
It’s actually not bad. Once you have a commercial policy they see you have assets to cover any major expenses and experience. Similar to how Dave talks about ratios. When you can pay cash for it the insurance is a drop in the bucket
Have a Z06. It’s less than my 2004 Ford Explorer and Acura TL. All full coverage.
jvolstad about the same as his speeding tickets.
I don't think he will have any problems in the dating world
I did, V8 commodore MY2016. $46,000 AUD Purchased outright. Never get a car loan!
Holdens are nice. Proud owner of a 2006 GTO/Holden Monaro. Thank you Australia! (From Texas)
Most of Florida's real estate market's about to tank in the next year or two, especially commercial real estate. I wouldn't be buying RE at all; if anything, I'd be selling.
And on the car front, the ~65k Model 3 Performance with the Full Self Driving option package is way more practical than a Corvette, just as fast (maybe a touch faster) and will depreciate less over time.
23 years old making 250k, his family must be loaded.
Good for him, right? ;)
@@imcoolchristian
Yeah why not
not really if you put your mind a soul you can make that much money I'm making 100k a year and i don't have a college degree
Yea remember he said his uncle and/or father was doing the same thing for years. Not too hard when your family mentors you and has connections.
@@riftwalk2546 what do you do?
I did that at 21 lol 24 now and no regrets baby
This guy is a STUD HELL YEAH
I like the new guy! Smart like Dave.
He is wrong about it being envy. I am perfectly content with my 2006 SUV and I have a fantastic life. There is no way I would buy a $400k car regardless of how much money I had. There are too many other places I would rather see it go. That is not to say I don't think anyone else should buy one if they can; but I most assuredly am not envious.
I like this guys way of thinking, that's why I would finance a car and keep the cash for an investment oppourtunity
I wish I could spend 50k on a rig, my wife and I make 280k a year take home and I cringed when I paid 20k for a truck 10 years ago
Dave Ramsey broke me I’m addictive to saving money and highly allergic to spending after following his steps
Zach
On your incomes you can splash a little
Damm Dave's got the new 2020 Corvette.
Daddy's money.
Literally almost every "car guy" I know had their family buy their car for them.
G Nope, I have. Guys around my age, early twenties with $30,000 cars?? And I know these people personally, yeah no, daddy’s money.
@@jonm.678 you just sound jealous 😂
I'll mention this...he should look into the cost to own/insurance/resale value and even practical use to the car. He says he lives in Florida, the weathers nice sure...but should also look into possibly having another car so hes not throwing tons of miles and ware on the vet.
Hes young-dumb, and is low key flexing on everyone, he knows the answer. Plus hes gonna buy the car anywayz.
6:00 Tall-poppy syndrome is so embedded in Australian culture, hence why we always cheer on the underdog.
Leverage is fine so long as you understand the terms of that leverage. Treating all debt as bad debt is an archaic way of thinking.
*I just think about what one could do with that compounded over several decades* 📈
Make more money? To what end?
Well at a certain point you should also enjoy the fruits of your labor. To some extent.
All the replies seem to think people only want money for themselves. That only reflects on your own selfishness!! What is the best part of step 7? GIVE and leave a legacy for your bloodline. The higher the number you can have, the better for everybody!
Like dave said in this very video, tall poppy syndrome. If anyone gets ahead, everyone else wants to cut them back down.
@@s.flanders so when hes 90 and he wonders where his money went, adrian at 23 was the reason? Pissing your money away at 23 will make the 50 year old wonder when he will call it quits?
@@JK20239 There can be balance between pissing your money away at 23 and saving until you're 90. There is nothing wrong with affording yourself pleasures that cost money while you're young, as long as you make enough money to be financially secure long term, i.e. for the rest of your life.
If a certain car can make you happier (and that can indeed be the case for people who like cars) and you can easily buy it (debt-free) at 23, why wait until you're 30 or 40 or later? Just to compound that money for some years? Again, to what end?
No!!!
This reminds me of that joke about the mouse and the donkey and the Corvette. Anybody heard it?
For me is not about how much money you have. If I have 250k cash and want a 55k car I will finance it. The reason is simple. My money is better invested than buying cash for a depreciating asset. To each their own
im 24 and just financed a 39k Kia Stinger gt2. I have 30k in stocks and work a full-time job. I make 60k annually and I am happy going and coming from work. LIVE YOUR LIFE RESPONSIBLY PEOPLE
7:42 A Raptor is an essential vehicle
Dave hangs his metal balls under Raptor’s rear bumper
I think the minute the purchase is about showing off your wealth to impress your neighbor then it is based on pride and not utility or practicality and that makes it sinful. I think Ramsey does a lot of pride based showing off his wealth and is now showing his defensiveness to his prideful buying. Really it is better to give if you have so much excess that you feel the need to buy extravagant stuff to show off.