Just started step one today at 32. $250 of the $1000 officially saved all bills paid, food bought, and money left over for stuff for kids and gas etc. First time in my life ive ever save money.
Sounds like the husband is "retired" as a handyman, wanted a new truck because he's working in retirement as a toy and justified it to his wife as a tax writeoff and she thinks "writeoff" means free truck.
Right now I have no debt (except my 3 cash flow-producing rental homes) and all my cars, etc paid in cash. And I have like 120k in savings. We’re gonna need every penny of it
My family came to America and was able to get a house so all of us living in the same house until everyone got their degrees and got their careers and we moved out to buy our own houses. So we used to have 9 people in a five bedrooms house. Now I'm living in my new built home by myself with three bedrooms to spare. Thank you God for your mercy
@@lot5953 I see it all the time. People coming here and doing exactly what you describe. Then I hear Americans talk about how they just can't make their bills.
As a “family compound” daughter I can tell you it’s a TERRIBLE idea. My husband went nuts after 25 years of marriage and there was no choice other than divorce. My parents wanted me and my three kids to live with the abuse to save “their land and house”. I couldn’t do it. My parents hardly spoke to me for years. I moved out of state for some distance and healing. We finally mended our relationship, but I wouldn’t wish what I (and my children) went through on anyone. Don’t live next door to family! You never know how life can change… until it does.
Had a client that built a family compound and started a farm and i told them no and it was stupid every step of the way. They spent a million bucks and are broke and two years away from selling it all and never turned a profit. The patriarch is a preacher. Said it was up to god. Nothing i could do
Did you really divorce your husband after 25 years because he had a mental illness? Because that's how it sounds and if that's the case, you are a terrible person!
Did I hear correctly that they had their house paid off, but they then used a HELOC against it to borrow $250k to buy $200k worth of land for their kids, who cannot afford to build on the land? Ouch.
She tried to talk over Dave. She thought she would call in an he would agree with her. An idiot. Your house paid off and now you have a mortgage. I live in Charlotte and the cost of a house here is off the chain. It's going to be hard to sell that land.
I'm trying to get my head around this. So if I have $357 if fuel I am going to write off.... That doesn't mean I will subtract $357 off my taxable income?
I love how people can justify anything, even as there is fire burning around them just because they feel they should have things. Stop propping up your adult children ! Let them fly on their own.
Seeing Dave speak about this makes me feel very proud. My family came to this country with nothing and we’ve all been able to afford houses in the same community (4 homes ) that are within 15 min walking distance
HELOCs are a way of stealing back your house. I love the facial expression of the co-host. This call smacked her speechless. Raw land is a VERY shaky investment.
Building on land is the most expensive way to get a house (I’ve done it). I have two siblings, both of whom have relied on my parents for money throughout their adulthood Hood. I don’t. They never were kicked from the nest and it has permanently impacted their trajectory-negatively.
When you sign for your house mortgage, NEVER let the loan officer talk you into an open line of credit on it. My soft-hearted friend drew out a total of $100,000 out of the credit line over approx. 20 years (without telling her husband) thinking she could fix the problems of her adult son. He always said he was going to pay it back, never did, and continued to manipulate people and mess up his life. It was an awful day when her husband found out.
I have built multiple houses. It would be far more cost effective for the kids to buy an already built house. Building a custom house is far more expensive.
I’m 21 and I wanted to say how I appreciative I am towards your videos, I don’t have much yet and I know that, I’ve made money mistakes and it scared me and drove me towards wanting to be better and finding y’all. I want more for myself and you guys gave me the blueprint to do that so Thankyou so much.
Be grateful that you found Dave's videos when you were young. Don't worry about the money mistakes you've made. You're young enough to start over and build a good future. Best of luck to you, Josh!
My guess is that they bought the truck personally, and then turned around and lease it back to their business. That should allow them to write off the full amount of the monthly payment as an expense from the business side. That would require them to treat that lease amount as personal income…but then they should also be able to write off any expenses (maintenance, repairs, insurance, possibly interest etc..) as well. In the end, it may very well be a net gain, or at the very least, a break even proposition, regardless of how convoluted it seems.
She just plain and simple doesn't understand how write-offs work. She is not alone with this. Many people think write-off's are money you get from the government. They miss the point that you only get a portion back. You could achieve the same much simpler with reimbursing mileage. We have a cheap car which we use for business purposes and drive 16,000 miles per year. That's $10k per year tax free reimbursement. We have maybe $4,000 cost per year (gas, tires, repairs, insurance, depreciation) so we pocket $6k tax free income from the business.
Not to mention if the kids *do* build houses on the family compound, the first time one of them gets married, the new spouse isn't going to want to live elbow-to-elbow with the in-laws. I know I wouldn't. People need a little space from their in-laws.
Don't do that for your kids... my parents did that for me and it was the most stressful time in my life. They bought a home on my behalf and made me take over the payments, except I wasn't making an income yet.
I've met so many people who believe they need to keep a debt payment to "have a tax writeoff", and when I explain how it doesn't make sense, they look at me like I'm nuts...
She has no intention to do any of that, she was looking for validation for what she's done. I liked how she kept acting like her choices were obvious tax benefits and it was clear she didn't think this all the way through. I'm sure the kids feel grateful but they also feel trapped by her doing that. I doubt much good is going to come from this.
What tax benefit? She's a loser with no money. Trying to avoid $100 in sales tax? What benefit? She's in debt pretending she's a millionaire. She will lose everything
Say what you will about how strict Dave's plan may be sometimes, but he's got something. To quote Bob Wiley, "It's not just the plan. It's this man. It's the compassion. It's the dignity. It's the wisdom. It's the horse sense!"
Dreams at their age should not be based on debt. You've managed to pay off you home, leave it at that. Now it's up to your kids to make the sacrifices and hard work it takes to make it in life a- without the financial help.
Bahahaha this is a funny one. “We bought some land we can’t afford to make payments on so our kids could build houses on them even though they are completely financially incapable of doing so for the foreseeable future… oh and also we YOLO’d a $50,000 truck into the deal in the least sensible financing method possible.” Genius!
This channel is not about knocking people down, it’s about helping people. Just because people make mistakes doesn’t mean they’re stupid. Knocking someone when they’re down is stupid. She called in because she needed help. That what Dave does. He HELPS people!!!
The sad part is that is only $100,000 per child. Your working children cannot afford a $100,000 plot of land each is a bad sign. They are not financially ready to own property yet.
@@lisafanucchi5939 Meh, people can be very stupid, and they deserve to be mocked. They know what they're doing, they're just childish and want what they want right now.
This call was amazing, the caller borrowed $50k extra because of "taxes" LOL. Add in that sound she makes every time she is about to make a rebuttal haha. Pure gold.
The part she left out is that she talked to someone who told her to borrow $50k. Probably a local agent who told her this was a great idea because they kept saying "don't worry tax deduction" over and over again. They took advantage of her sentiment towards her kids.
@Laura Lyon Follow closely: She said her house was paid off, and they took out a HELOC to purchase land. So yes, she added debt/liability to a paid off home/asset. Make sense?
Love how he makes people feel dumb af!!!! Lol 😂. Jesus I'm so glad my farmer grandmother told me at a young age " don't buy anything u cannot pay cash with " that has stuck with me my whole life. Always kept me outta debt and trouble. Words to live by.
@@TimeisUp22 It means they don't put aside some of what they make. Otherwise they be smart and buy thr truck cash not taking out loans. Gotta live below your means to get ahead.
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. my monthly living expense is up $37500 from $16000 and I'm left wondering what retirement have in store for me 5years down the line, I'm ill-prepared tbh, my 401k worth about $620k and gains are zero-nothing and my stock portfolio?...OH WELL!
@fredydez634 I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
@@carter3294 Her name is "NICOLE DESIREE SIMON". I got to know her through my wife. She was handling hers effectively, and she's been doing same for me. It's my wife that has her number, but you could look her up and contact her yourself.
“My children can’t financially afford borrowing money for a property with current rates and prices so I did it for them only to find out that I actually can’t afford it either”
Im curious how she got to the point of paying off her home with her bad decisions. Why the hell would you take out a heloc to buy a truck when you have the money for it?
She followed Dave's plan wonderfully, paid off the house, and decided since she finished the baby steps it was time she made her own plan... Undo all the baby steps with helocs and unreasonable tax justification. Nice
That call was nuts! This lady lives in some weird alternate universe. I wonder if her husband is the same way. I wonder what those kids think? They probably learned this magical thinking from their parents.
I personally imagine her husband being whipped, roped and gelded -- SHE wants this to keep the kids close and, by golly, that's how it's going to be. She won't listen to Dave's advice.
@@agnieszkabalchan8467 yes, but their NC salaried are not comparable to NY salaries. Plus if they are fairly young , depending on their occupations it will take time for them to get approved for a home loan. The banks are getting stricter, plus the interest rates are near 7% regardless of which part of the country you live in. 🙄
@@kagnewcobra5228 Refer to IRS publication 936 : Interest on home equity loans and lines of credit are deductible only if the borrowed funds are used to buy, build, or substantially improve the taxpayer's home that secures the loan. The loan must be secured by the taxpayer's main home or second home (qualified residence), and meet other requirements.
Dude, these people walking around thinking they know how taxes work and not taking into account the interest they're paying on borrowed money...holy hell. Our school system is miserable. Nobody knows how basic finances work.
Kids should work and buy their own shit until then, they should wait until you are dead to inherit what’s left. What kind of parents do we have these days.
This lady should have locked in her HELOC rate when rates were sub 3%. Most banks will allow you to do this for a small fee of like $100 and not keep it a variable rate.
Just started step one today at 32. $250 of the $1000 officially saved all bills paid, food bought, and money left over for stuff for kids and gas etc. First time in my life ive ever save money.
Good job. Keep it up, mate.
Congrats, keep going !
Keep it up!
Heck yeah Brian!
Bryan, Governnent I bonds are a great investment for you. Drive a honda civic like me also. My tips for you to become a millionaire
How much you wanna bet. She’s not gonna listen
They never do
Sounds like the husband is "retired" as a handyman, wanted a new truck because he's working in retirement as a toy and justified it to his wife as a tax writeoff and she thinks "writeoff" means free truck.
You are spot on, she is not hearing it.
@@Sizukun1freaking bingo lololol
She ain’t gonna hear NONE of this 😅😅
They are going to lose their home if they keep making decisions like this.
Heavens forbid
I would love to see that haha
I work in remodeling. The economy is very bad now, due to the housing market crash. They picked the wronggg time to go into stupid debt lol
Right now I have no debt (except my 3 cash flow-producing rental homes) and all my cars, etc paid in cash. And I have like 120k in savings. We’re gonna need every penny of it
Probably not
"My house is paid for but i have a $250k HELOC."
I've got bad news for you, lady. Your house ain't paid off!
People think HELOCs are free money! They don't realize that a HELOC is just selling your house to the bank with an agreement that you'll but it back
@@the1anonymouse
The fine print of a HELOC is pretty scary to me.
@@the1anonymouse That is a very good way of putting it.
☝️ Uhh, this right here
Exactly! LMAO
Whenever I watch this show I feel so much better about my situation. Sometimes it makes the pain less painful
Me too. Until they get the call from a 26yo with a paid for $400k house wondering what they should do with their extra $150k/yr
My family came to America and was able to get a house so all of us living in the same house until everyone got their degrees and got their careers and we moved out to buy our own houses. So we used to have 9 people in a five bedrooms house. Now I'm living in my new built home by myself with three bedrooms to spare. Thank you God for your mercy
@@lot5953 I see it all the time. People coming here and doing exactly what you describe. Then I hear Americans talk about how they just can't make their bills.
@@lot5953, I love how you were all motivated and sacrificed for a time to get to where you are now. Many people could learn from your family!
Right
Love how blunt and direct Dave is. Our society is addicted to living off borrowed funds . Same as our federal government
The ship will right itself.
As a “family compound” daughter I can tell you it’s a TERRIBLE idea. My husband went nuts after 25 years of marriage and there was no choice other than divorce. My parents wanted me and my three kids to live with the abuse to save “their land and house”. I couldn’t do it. My parents hardly spoke to me for years. I moved out of state for some distance and healing. We finally mended our relationship, but I wouldn’t wish what I (and my children) went through on anyone. Don’t live next door to family! You never know how life can change… until it does.
HOW DID HE GO NUTS?
Had a client that built a family compound and started a farm and i told them no and it was stupid every step of the way. They spent a million bucks and are broke and two years away from selling it all and never turned a profit. The patriarch is a preacher. Said it was up to god. Nothing i could do
Did you really divorce your husband after 25 years because he had a mental illness? Because that's how it sounds and if that's the case, you are a terrible person!
I'm sure that's _exactly_ how it happened...
Okay well maybe your situation doesnt apply to everyone
This is a cautionary tale of self-deception. Excellent job of weeding out the truth.
Did I hear correctly that they had their house paid off, but they then used a HELOC against it to borrow $250k to buy $200k worth of land for their kids, who cannot afford to build on the land? Ouch.
Yes, you heard correctly; there is ZERO chance she is selling that land as she has a weird fantasy of the entire family living elbow to elbow.
Wait until the kids get married. Doubt the spouses will want live that close to their mother in law.
@@linhaton4957 She could watch any episode of Everybody Loves Raymond and realize that
Exactly. You could have written the description for this video.
@@David-wo9un Yeah, she's making economic decisions based on emotion. It's bad.
I have learnt so much from Dave , I love his bluntness… Dave is brilliant ✌️
So her kids can't afford to buy a house, and her solution is to buy an empty lot and build 3 houses? 🤦
logic of an American
Very common thing in the 3rd World. Seems it's going to be american reality too.
Boomer American…
@@rsonic510 America IS a third world country...
And also wrap a truck into the deal because WHY NOT 😂😂😂
This woman's evasiveness borders on deception.
the reality fairy hasn't visited her teepee yet...
Plenty of people are this ignorant
Or mental illness
"modernnnnnnnnnnnnn womannnnn" - Kevin Samuels
She tried to talk over Dave. She thought she would call in an he would agree with her. An idiot. Your house paid off and now you have a mortgage. I live in Charlotte and the cost of a house here is off the chain. It's going to be hard to sell that land.
I'm baffled that people think a tax deduction is dollar for dollar.
I'm trying to get my head around this.
So if I have $357 if fuel I am going to write off.... That doesn't mean I will subtract $357 off my taxable income?
@@xfhnhhgjbvcfg yes. But if your tax rate is 20% then you saved $357x.20=$71. So by spending $357 you’ve reduced your tax liability by $71.
@@tommaj5657 ah I see now. Thanks for the information.
My god people
..really?
A credit is dollar for dollar, but a tax deduction is about a 1/3 of a benefit.
It's astounding how many people dont understand how tax write offs work
I love how people can justify anything, even as there is fire burning around them just because they feel they should have things. Stop propping up your adult children ! Let them fly on their own.
Exactly, let them buy their own home when they are ready and can afford too.
Propping up her adult children.....she sounds like an adult child herself lol
Facts 💯
She’s a dreamer.
I feel that way about college funds. Student loans get a bad rap. If done right, the ROI is possibly the best money most people will ever spend.
"How could we not afford it if our house was paid for?" This lady will never be debt free.
Just because your house is paid for doesn't mean you have to go back to debt again.
And neither will the US Government.
Yep that lady will never be debt free.
Her house wasn’t even paid for though because she said they had an old HELOC on it!
That logic is like saying my credit card is payed off, lets max it out
After she hung up she 100% went to the bank and borrowed another $500k to build a house on that land for the kids.
lmao, her voice stayed defensive, she wasn't trying to get advice from him so you're probably right :p
She did not like his advice.
Is it that easy to get a loan over there?
@@TykoBrian7 if you have collateral of equal value
She wants the dream of I was able to purchase land for my kids, look at me. But it’s not real. 😕
This was painful 😣
Seeing Dave speak about this makes me feel very proud. My family came to this country with nothing and we’ve all been able to afford houses in the same community (4 homes ) that are within 15 min walking distance
L😊😊😊😢$ty
HELOCs are a way of stealing back your house. I love the facial expression of the co-host. This call smacked her speechless. Raw land is a VERY shaky investment.
Building on land is the most expensive way to get a house (I’ve done it).
I have two siblings, both of whom have relied on my parents for money throughout their adulthood Hood. I don’t. They never were kicked from the nest and it has permanently impacted their trajectory-negatively.
She states the thing she knows is wrong and then try’s to ramble past it… like so many of us do. We all know better.
When you sign for your house mortgage, NEVER let the loan officer talk you into an open line of credit on it. My soft-hearted friend drew out a total of $100,000 out of the credit line over approx. 20 years (without telling her husband) thinking she could fix the problems of her adult son. He always said he was going to pay it back, never did, and continued to manipulate people and mess up his life. It was an awful day when her husband found out.
The reason why women should never be leaders. The act with emotions, not logic.
Wow. I bet.
Way too many moms are enablers.
The fact that they want allllll the kids living that close screeches "red flag" all by itself
Speak the truth, be the truth because the truth will set you free ❤
I come back to this show often to stay on the ball!!
Bandaid Dave is much calmer than usual Dave.
😂😂
I’ve been listening to so much Ramsey I can tell by the callers tone if they will actually follow his advice… this lady won’t follow his advice
I have built multiple houses. It would be far more cost effective for the kids to buy an already built house. Building a custom house is far more expensive.
I’m 21 and I wanted to say how I appreciative I am towards your videos, I don’t have much yet and I know that, I’ve made money mistakes and it scared me and drove me towards wanting to be better and finding y’all. I want more for myself and you guys gave me the blueprint to do that so Thankyou so much.
good stuff bro.
Be grateful that you found Dave's videos when you were young. Don't worry about the money mistakes you've made. You're young enough to start over and build a good future. Best of luck to you, Josh!
I think she's trying to find a way to hang onto her kids and keep them around her forever.
Dave Ramsey is soo entertaining! She was trying just talk right past the business expense. Dave wasn’t havnt it 🤓
Dave Ramsey is terrific, always emphasizing the devastation caused by debt.
I'm still not following her logic about why she borrowed money to buy a truck instead of using cash because of "taxes".
I would have used an auto loan.
I think she means the tax deductions from the interest paid on the HELOC
My guess is that they bought the truck personally, and then turned around and lease it back to their business. That should allow them to write off the full amount of the monthly payment as an expense from the business side. That would require them to treat that lease amount as personal income…but then they should also be able to write off any expenses (maintenance, repairs, insurance, possibly interest etc..) as well. In the end, it may very well be a net gain, or at the very least, a break even proposition, regardless of how convoluted it seems.
She just plain and simple doesn't understand how write-offs work. She is not alone with this. Many people think write-off's are money you get from the government. They miss the point that you only get a portion back. You could achieve the same much simpler with reimbursing mileage. We have a cheap car which we use for business purposes and drive 16,000 miles per year. That's $10k per year tax free reimbursement. We have maybe $4,000 cost per year (gas, tires, repairs, insurance, depreciation) so we pocket $6k tax free income from the business.
She’s clearly not the brains of the operation. Her husband may be the brains, or there may be no brains at all.
We call this "robbing Peter to pay Paul"....smh
I am stunned by this level of financial illiteracy.
Welcome to America Phil
@@jamiecrawford8133 As if financial illiteracy is exclusively American
Well that’s why Dave Ramsey is here to help and not be cynical and arrogant like you.
Get her Dave!!!
Not to mention if the kids *do* build houses on the family compound, the first time one of them gets married, the new spouse isn't going to want to live elbow-to-elbow with the in-laws. I know I wouldn't. People need a little space from their in-laws.
Sounds like the kids are also broke. It runs in the family.
Don't do that for your kids... my parents did that for me and it was the most stressful time in my life. They bought a home on my behalf and made me take over the payments, except I wasn't making an income yet.
I've met so many people who believe they need to keep a debt payment to "have a tax writeoff", and when I explain how it doesn't make sense, they look at me like I'm nuts...
I have been trying to understand tax writeoff for ages as I watch a lot of American budget/debt/finance channels (not living in US).
She has no intention to do any of that, she was looking for validation for what she's done. I liked how she kept acting like her choices were obvious tax benefits and it was clear she didn't think this all the way through. I'm sure the kids feel grateful but they also feel trapped by her doing that. I doubt much good is going to come from this.
What tax benefit? She's a loser with no money. Trying to avoid $100 in sales tax? What benefit? She's in debt pretending she's a millionaire. She will lose everything
Living in France, I started watching you guys and i have never saved this much since 😊
She had a paid off home, she was so, so close. So close.
The bandaid on the head is hilarious.
Lol.
I think this call nearly gave him a headache to warrant two of them lol
🤣
I didn't even notice 😅
I thought about this idea having my parents live on same piece of land as me but now I need to rethink this idea.
Idk what she was thinking, buying land for her kids to build homes on, when they can't afford the home in the first place. what?
If your kids can't buy homes, they can't afford to build new homes.
Say what you will about how strict Dave's plan may be sometimes, but he's got something. To quote Bob Wiley, "It's not just the plan. It's this man. It's the compassion. It's the dignity. It's the wisdom. It's the horse sense!"
I had to laugh reading a quote from the movie, "What About Bob?"
Dreams at their age should not be based on debt.
You've managed to pay off you home, leave it at that. Now it's up to your kids to make the sacrifices and hard work it takes to make it in life a- without the financial help.
This is the reason why HELOC is a bad idea when it's not properly utilized
Bad idea pretty much all the time
Bandaid Dave is way more calmer than usual 😂
He's morphing into a unicorn. Stay tuned!
@@jasonrodgers9063 hahahahahaha
when you know idiots will exist no matter how loud you yell, you will just get used to it and take it easy
Probably showing some restraint because she's an older lady.
I think he was really, really exercising restraint. I think he wanted to lay in to her 😂
She said they owned their home, but the Heloc means the bank owns their home.
Exactly! Don’t understand why she thought that she could afford it.
Most don’t want to live anywhere close to their parents when they are independent and have their own lives. You have to let the birds leave your nest
“You don’t know how tax works.” 📚📚
Bahahaha this is a funny one. “We bought some land we can’t afford to make payments on so our kids could build houses on them even though they are completely financially incapable of doing so for the foreseeable future… oh and also we YOLO’d a $50,000 truck into the deal in the least sensible financing method possible.” Genius!
Why? Taxes. Brilliant stuff here.
This channel is not about knocking people down, it’s about helping people. Just because people make mistakes doesn’t mean they’re stupid. Knocking someone when they’re down is stupid. She called in because she needed help. That what Dave does. He HELPS people!!!
The sad part is that is only $100,000 per child. Your working children cannot afford a $100,000 plot of land each is a bad sign. They are not financially ready to own property yet.
@@lisafanucchi5939 Meh, people can be very stupid, and they deserve to be mocked. They know what they're doing, they're just childish and want what they want right now.
@@mplslawnguy3389 no one deserves to be mocked.
Enablers have a hero complex or something
“A strange stranger”? Why do I find this so hilarious?
Oh my goodness. If I were one of those kids, I would get a job far away.
This call was amazing, the caller borrowed $50k extra because of "taxes" LOL. Add in that sound she makes every time she is about to make a rebuttal haha. Pure gold.
She said it in a way implying that Dave was foolish to not know why. Like, come on Dave obviously taxes, duuhhhh. 😅
@@andidede3653 Taxes! *mic drop*
The part she left out is that she talked to someone who told her to borrow $50k. Probably a local agent who told her this was a great idea because they kept saying "don't worry tax deduction" over and over again. They took advantage of her sentiment towards her kids.
Let the kids go! Cut the damn cord.
So you added debt to a paid off asset? Yikes.
Exactly bro.
Liability…?
@Laura Lyon Follow closely: She said her house was paid off, and they took out a HELOC to purchase land. So yes, she added debt/liability to a paid off home/asset. Make sense?
@@jloop_2008 what’s a house?
@@DontAssume123 it's a TV show. Are you okay? Lol
A strange stranger 😂😂😂
Love how he makes people feel dumb af!!!! Lol 😂. Jesus I'm so glad my farmer grandmother told me at a young age " don't buy anything u cannot pay cash with " that has stuck with me my whole life. Always kept me outta debt and trouble. Words to live by.
Grandma was right. My parents raised me the same way.
That includes houses.
Yup. That's why I'm single and unable to mingle.
@@shawnmichaels4805🤣🤣🤣🤣
@@philmarsh7723 how would the average person save up hundreds of thousands to buy a house in cash?
When she said “just their personal finances” I knew it was gonna be bad
I don’t understand how people who make six figures don’t know how to pay for things. You literally have the cash right in your hand.
No they don't...cause most spend all they make and have no cash. That's the American way.
@@markg999 Thats an oxymoron. “Most SPEND all they make and have no cash.” What exactly was they spending and making? Was it not cash?
@@TimeisUp22 It means they don't put aside some of what they make. Otherwise they be smart and buy thr truck cash not taking out loans. Gotta live below your means to get ahead.
@@TimeisUp22 no it’s not
With this crazy inflation, 6 figures is the new 5 figures 😬😃
By the time the kids are financially ready, they will not want to live with their parents.
Some of these callers are just unbelievable. My goodness
That mother is going to drive those kid’s gf’s, fiancé’s, or maybe wives insane.
Investing in Roth IRA can be a good choice since they are funded with after tax dollars, your contributions can grow tax-free over time. When you withdraw money from your Roth IRA in retirement, you won’t have to pay tax on it, which will help you keep more of your hard-earned money. my monthly living expense is up $37500 from $16000 and I'm left wondering what retirement have in store for me 5years down the line, I'm ill-prepared tbh, my 401k worth about $620k and gains are zero-nothing and my stock portfolio?...OH WELL!
@fredydez634 I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
@@Aziz__0 This is exactly how i wish to get my finances coordinated ahead or retirement. Can I get access to your coach?
@@carter3294 Her name is "NICOLE DESIREE SIMON". I got to know her through my wife. She was handling hers effectively, and she's been doing same for me. It's my wife that has her number, but you could look her up and contact her yourself.
@@Aziz__0 Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
“My children can’t financially afford borrowing money for a property with current rates and prices so I did it for them only to find out that I actually can’t afford it either”
Im curious how she got to the point of paying off her home with her bad decisions. Why the hell would you take out a heloc to buy a truck when you have the money for it?
She followed Dave's plan wonderfully, paid off the house, and decided since she finished the baby steps it was time she made her own plan... Undo all the baby steps with helocs and unreasonable tax justification. Nice
She's trying to scam more money for herself somehow. Not rowing with both oars in the water.
Deb's an information trickler and not terribly financially astute. All in her quest to have her adult offspring nearby so she can control them.
And provide financial advice
@@jamiecrawford8133 😂
That call was nuts! This lady lives in some weird alternate universe. I wonder if her husband is the same way. I wonder what those kids think? They probably learned this magical thinking from their parents.
I personally imagine her husband being whipped, roped and gelded -- SHE wants this to keep the kids close and, by golly, that's how it's going to be. She won't listen to Dave's advice.
It's just mama getting what she wants while dad sits silent and defeated.
the land is paid for but we have a mortgage on it.................I don't thing she knows what "paid for" means
the land is paid for. her house not so much.
Glad to hear Dave asking questions before rendering advice.
She doesn’t understand the definition of being able to afford something. Also, if you have “an old HELOC” then you’re not debt free on the house…
Unless they sell the house … & they all pay for their own tiny houses on the land.
The kids must not earn much if they can't afford a home in NC.
Charlotte is pretty expensive if that’s where their kids live
NC is getting pretty expensive. Homes in Raleigh go for 500k
@@Ruffles2012 that’s still pretty cheap comparing to here( New York City)
@@agnieszkabalchan8467 yes, but their NC salaried are not comparable to NY salaries. Plus if they are fairly young , depending on their occupations it will take time for them to get approved for a home loan. The banks are getting stricter, plus the interest rates are near 7% regardless of which part of the country you live in. 🙄
@@vetgirl71 unfortunately not/everyone in NYC has a New York income and still needs to pay triple for everything
No way I would want to live next door to my parents.
For tax purposes, a vehicle purchase using a HELOC is not tax deductible. Improvements to the home are.
I think you are mistaken, Ellen. Int. paid on a HELOC is tax deductable, if, of course, you itemize. What you do with your HELOC money doesn't matter.
@@kagnewcobra5228 Refer to IRS publication 936 : Interest on home equity loans and lines of credit are deductible only if the borrowed funds are used to buy, build, or substantially improve the taxpayer's home that secures the loan. The loan must be secured by the taxpayer's main home or second home (qualified residence), and meet other requirements.
She is quick to try to paint this picture that her kids are independent, when that is not so.
HELOC's are basically sub prime if the rates change, ouch, didn't know that but glad I do know. Learn from others mistakes.
People want what they want when they want it. Affordability doesn’t come into play.
Not for everyone. 😁
Another good ribbing by Dave my Tues is complete 😂😊
Going into debt is like jumping into a wasp nest. I'm allergic to both.
If your kids can't afford to buy a house trust me they don't have the money to build one. (Source I built my own house)
Don’t call here if your not looking for the truth!!!! That should be on a t-shirt guys
WHAT IS SHE IS TALKING ABOUT?????? 😂
Intertwining business and personal reminds me of the credit schemes of the 90s. If one side crashes, everything crashes.
Man!I love his honesty.
Good thing that lady called first before it gets worse
Dude, these people walking around thinking they know how taxes work and not taking into account the interest they're paying on borrowed money...holy hell. Our school system is miserable. Nobody knows how basic finances work.
You Are 100% right! Compare interest to taxes! She is trying to "fix" their future!! I loved your comment!
People doing weird things to avoid paying taxes are dishonest,very dishonest..!
She's looking for any possible way to get Dave to validate her decisions...
I like how Dave doesn't let the women talk over him. Every time they attempt to interrupt, he just keeps right on saying what he's saying!
And pressing the 'mute' button.
Kids should work and buy their own shit until then, they should wait until you are dead to inherit what’s left.
What kind of parents do we have these days.
No variable rate loans ever!
Imagine what it would cost to build a new house anywhere even if you were given land for free.
The way she started out, I thought they were millionaires, and she was buying land cash for her two children as a start. It sure went south real fast.
This lady should have locked in her HELOC rate when rates were sub 3%. Most banks will allow you to do this for a small fee of like $100 and not keep it a variable rate.