How to Retire in 10 Years (Even if You Have Debt!)

[@JosiahK555]

You don't need a travel fund, take it and pay off a debt. Your travel can be a reward for paying off all debt but the houses

[@vickiewilkins1579]

Yes you do need a travel fund. I had a travel fund while working when I retired it gave me the chance to reconnect with family and friends. It doesn’t have to be big one, a small one to start good.

[@JosiahK555]

@@vickiewilkins1579 filling the gas tank a couple times to visit family is different from taking a multi-thousand dollar vacation

[@msjaejontelle]

No one else can determine their needs from a you tube video. Travel fund could be if they want to see family for the holidays or have to make an emergency flight to visit parents. Having a fund already sets aside will prevent them from any financial setbacks with their primary budget

[@vickiewilkins1579]

@MsJae Jontelle I recently created a death fund for out town funerals for family and friends. Vacation funds help in case of a travel emergency if you happen to get stranded due to bad weather or plane cancelations.

[@alycemaloney2982]

Dude should be paying off people he owes. People like this want their cake & eat it too. When you are in debt, none of the money you make belongs to you. It belongs to people you have borrowed it from. Dude already knows what to do, but wants a lazy & easy solution. He got himself into the debt & now he needs to be held responsible for it. No travel or entertainment until the debts he owes to other people are paid. He and other people try to twist things around to make it sound like this is a normal healthy lifestyle, but when you want your money to do with what you want and want other people's money to do with what you want but don't want to pay it back, why even come on a show like this? You already know what to do. Pay your bills aholes.

[@KBCrochets]

I like that this episode is more relatable for the average folks. Gives us hope! 😊❤

[@JosiahK555]

Always pick ONE debt, usually the smallest, and attack it with every extra dollar. After that focuse on the next. Look up the debt snow ball.

[@jtowensbyiii6018]

Always pay off the highest interest first, expessially if you make extremely high income like the callers

[@oneandonly3139]

@@jtowensbyiii6018this method is called the avalanche method. Personally I prefer the debt snowball because after I pay off 1 debt I get a high and feel motivated to keep going.

[@ryanbruh752]

​@oneandonly3139 yeah people who need highs are dumb dumbs.

[@LashusJourney]

@@oneandonly3139I like the debt snowball too

[@natalierenee8311]

Use the travel budget and booze budget and pay down the credit card!

[@kaushikvsmaniyan]

We humans need some rewards to stay on course in a tough jojrney

[@kylelester2200]

Great episode - this guy needs Dave Ramsey more than tips on credit card rewards. He can’t manage his current credit card use….he’s going to end up with 60K in credit card debt trying to get some “free” flights. Biggest problem is he’s in a weak position, and has poor fundamentals. Disclaimer: I travel hack through credit cards, but carry no debt, and as Mindy suggest, only open and pursue one bonus at a time.

[@jtowensbyiii6018]

You need help man, go earn more money

[@vascularlab]

Can you believe this guy is a professor! He needs a side hustle, cut those credit cards up and pay off the debt.

[@jjkatz]

Dave Ramsey would throw a fit if he spoke to the professor.

[@rosettejones5050]

They can retire in 10yrs not just based on debt levels but their post tax income is 8k a month!

[@talenasuggski2341]

Being a professor I would tutor people online for extra cash.

[@staceyramirez6821]

I have 4 children & online & in person Geometry tutors are ALWAYS in high demand in my area they are paid $20.-$50. per hour for one on one or $100. per 60 minute session for small group tutoring. (3-5 students)

[@carieyounginsurance]

He should do Dave Ramseys plan and kill that debt immediately- he’d be better off in one year…stop all unnecessary spending and just go without - you’ll thank yourselves when you can CHOOSE to work at 60! Booze budget 200 Pet plan - 78 Eating out 300 a month Travel fund Pay this down on her car! Stop doing traveling for a year or two until everything paid. Sacrifice now so you don’t have to when you are older

[@davisholman8149]

BINGO - he has to realize the SACRIFICING ISN’T FOREVER.🤷🏽‍♂🤑

[@princessblackie8350]

This guy is DROWNING in debt, and still continues to use debt (car, multiple mortgages, credit cards, student loans....wow)! This is how not to do it, in my opinion. Best of luck to the guy but I just don't see this happening for him in 10 years.

[@jjkatz]

Dave Ramsey would flip out.

[@livelaughlove4635]

Yeah. I agree. The vacation fund and booze fund are totally unnecessary. I’m no financial expert but I know enough to see this guy isn’t very good with his money. I don’t think he’s doing great with money at all.

[@JFK-2939]

Agreed...and the feedback provided to this guy is a joke, you need to smack him silly to wake him the hell up. "Open another rewards card," are you kidding me! "I like the travel account," what?!? You are $150,000-200,000+ in non real estate debt. Stop using debt to make money, you are only burrying yourself deeper and are no closer to a secure retirement.

[@johnl9135]

I agreed, I've noticed I almost completely stop order from Amazon without Prime. But will most likely will be order from Amazon if really need the items and free shipping over certain amount.

[@julielu6097]

Thank you for sharing your experience Rik. It helps many people to hear the discussion. Many of us are in similar situations and I needed these suggestions. Best wishes to all of us in reaching our goals!

[@MissaLifeStyle]

I’m glad we gave up drinking alcohol around 4 years ago. Now if we could just stop eating out and making coffee at home!

[@Mysticaltyger]

No kidding. $200 a month on booze? Shit! Glad I only have a glass of wine now and then.

[@nohandlerequired3607]

Honestly, if there are no bad habits, such as smoking, drinking and so on it's easy to save and pay off debt. When we're younger at least people around me when younger had various bad habits, once dropping those older in age they were able to save and pay off debts. Yes, and hobbies are next. Stop investing in useless hobbies or treat yourself to them once in awhile and no bad habits or bad addicitons (even a food addictions) and it gets easier.

[@AngelaMachelle]

Love this case study. Where can I find the "Mindy's worksheets" that he refers to the 12:44 mark?

[@pyroneus9941]

I would also like to know this

[@taylor-sanchez]

The entire segment about credit card points was really bad advice for this particular individual, in my opinion. I don’t think they were seeing where he was coming from and tailoring their advice to him, I think they were just going off of what’s worked for them. Great episode besides that.

[@onlinestorytime6875]

I love these case studies! This one is similar to what we want to achieve!

[@TheRetirementality]

That was a great tip about the people who just want to break even on their vacation properties. As the STR market gets more saturated AND more people are buying this type of property people may need to lower their expectations.

[@HappyPenguin75034]

$6k a month expenses with a $1100 a month home is not acceptable. What the heck.

[@Mysticaltyger]

They just spend too darn much!

[@Beautifullymade13]

Yessss I love Mint mobile I tell everyone about it

[@mirkosprangers5879]

The advice you gave was pretty decent. His basis is pretty decent as well, but like many other comments mentioned, the debt he uses is excessive. Sell the place and get rid of the creditcard debt at least. Set aside 10-12k for an emergency fund and use the remainder to cover costs related to the next flip. He's behind because he started RE without a decent emergency fund and then life happened...

[@holdencawffle626]

This guy is never gonna reach his retirement and financial goals. If he was 30 then no biggie. But hes pushing 50. Here are a few reasons - phone bill is absurd, playing with credit cards thinking hes killing it, he hates ads so he has premium KZbin, too many pets, he chose a horrible profession that's way too easy (which is why its saturated with candidates, which is why the pay is crap - supply/demand, duh), his wife doesnt work enough when she easily could, the list goes on and on. His rentals....actually suck. money pits Hed be better off getting a part time job at a restaurant 3 nights a week. His easy college teaching profession allows him the time to do this. Trust me

[@shawngantnier4588]

In may of 2020 I got my home at 2.375 I feel very lucky, if only I made more money😅. You guys are great

[@acajudi100]

I am 80 and I had to leave the USA at 79 to Queretaro for a safer and less expensive city. I live on SS and a small pension, and a small savings. It was $1870 per month to live in the dangerous USA, and it is $725 per month to live in Queretaro. I do speak Spanish as a second language and have been visiting and living in Acapulco for over 60 years. Everything kept going up in the USA and I was not safe, but trust me, I can defend myself, We reap what we sow, and Karma never loses an address . Send all criminals to horrible prisons around the world with shave heads Stop stealing our money, and put Americans first. Seniors are helping the young people. Move to a safe inexpensive country of your choice, if you can work online, or on a pension.

[@MaiyaBG]

I kept my primary and moved into a house hack. The cash flow from that primary property is really good as a rental, low rate on the mortgage, plenty of equity. I’m actually about to use some of the equity in the form of HELOC to complete the reno on my current project and to use as a dp for the next one. My situation is similar. I’m not sure he has to sell. It depends.

[@smile4me844]

So many scammers In the comment section.

[@Annie-zs2bt]

Love this subject ! Thank you !

[@andreawisner7358]

This guy spends ridiculous amounts of money. He could easily cut his budget in half.

[@andreawisner7358]

I can't believe that they didn't talk about the $200/month alcohol budget but talked about nickle-and-dime little charges. Between that and reducing the gourmet food budget, they could have an extra $500/month.

[@baba-sm1fm]

@@andreawisner7358 I was totally was thinking the same. Maybe they were afraid it would be a touchy subject, 200 dollars sounds a lot on alcohol ...

[@HappyPenguin75034]

Only $1100 a month home all - in. Wow. How big and where.

[@happylife7542]

Err feels like they are promoting way too much of credit card. Don’t get me wrong, I love credit card hack, but just one for us… and I think there may be a slight correlation of us reached our 1mill investment 3 years ago when I was 38. Not counting home equities. Also not a good idea to rely on credit card as your emergency fund. That makes me cringe , also too much excuses of why they can’t make extra money or cut down expenses…. I do wish them luck

[@woolengrappler]

We’re a family of 4 and have about $8k in expenses per month and I’m in a larger metro area.

[@ripvanwinkle3432]

That seems very expensive.

[@woolengrappler]

@@ripvanwinkle3432 mortgage, utilities, car payment, day care, groceries, gas.

[@ripvanwinkle3432]

​@@woolengrappler Still seems high unless you're making 15k+ a month.

[@woolengrappler]

@@ripvanwinkle3432 we make around 22k per month

[@ripvanwinkle3432]

@@woolengrappler makes sense now!

[@Savannah-ed4rv]

Don't totally give up your pet plan!!!. I decided not to insure my two cats and one had a urinary blockage that cost me over $2500, and the other one had two abscesses and other problems that cost around $1000, and I'm on disability! Try Bivvy insurance that costs about $14 a month for 50% coverage- the one I passed by, but intend to sign up for now!!

[@freckles2773]

A new cat would be $50. Why would I pay $75 per month? 😂

[@jjkatz]

@@freckles2773cats are priceless! Can’t replace with another one!

[@jjkatz]

I will look into Bivvy!

[@Savannah-ed4rv]

​@@jjkatzunfortunately bivy is no longer going to be offering plans and they are canceling all the policies! So when my policy date and I either have to go without or find another company. They had it in their documents that they were able to do that but I still find it reprehensible because one of my cats was just diagnosed with lymphoma and she can't be insured by anyone else now so I'm not too happy! They are referring people to Spot insurance and the rates didn't seem too bad for my cats but I would say look into them pretty carefully. Bivvy was good for a while.

[@Mysticaltyger]

This guy has worked too hard with nothing to show for it. Then he rewards himself with spending and/or takes on a new project like real estate, keeping himself in a vicious cycle.

[@faze_fresh1236]

This was one of my favorite BP podcasts! Thank you ❤

[@angaudlinn]

Late to the (wedding) party: Finland was the eastern part of Sweden for hundreds of years. That's part of the meatball answer. :)

[@vascularlab]

His eating out fund and Amazon prime should be cancelled. Cars depreciate, they are not an asset!

[@PunkRockGardener]

They’re not making enough money for both having masters degrees.

[@christinab9133]

Great discussion! Love these!

[@anesthesia101online]

Oh man same here. The doctorate 👨‍🎓 put me in the hole too 😞

[@Savannah-ed4rv]

Velocity banking would solve all of your problems quickly! There's several really good people here on KZbin to walk you through that and you don't need to pay them figure it out.

[@Santa-cq4xd]

pet insurance is worth it. i make just 1k a month, sick cat costed me 2k a month on meds, visits etc. getting new insurance to already old pet is gonna be way more costly. the moment you get pet, u get insurance and its gonna be cheapest when pet is young

[@aprilvancleve9463]

What food worksheets is he referring to?

[@awilliams2516]

How can I apply to do a show? I pretty great with money and still stuck. I live in Baltimore city with low income. I could work more but with 2 littles not in school yet I’d pay more for childcare. I feel like maybe I just need a new brain to look over my budget.

[@sagelady2015]

You don’t have to pay taxes on federal loan forgiveness.

[@em55527]

How did you get low interest rates fir rentals?

[@jtowensbyiii6018]

Have lots of money, high credit score, luckiest time in all of history to buy, do those 3 things

[@dominickgalinis3210]

Love these!!

[@vascularlab]

Why have the £200 a month “don’t ask fund”. This guy is spending outside his means. Watch KZbin ads like the rest of us!

[@gazmeas007]

I would like to know more about that worksheets he used to save on food

[@Love_Mika]

I hope he listened to the sell advice

[@Niafunn]

Why’d he pay off the car if he’s carrying all that credit card debt. Those intro periods will come and go. The money he spends on rehab for properties does not directly correlate to equity. Should not be counted as any wealth or savings especially if he’s running up debt to pay for it. Needs more cash, way too leveraged.

[@rosettejones5050]

18:22 ha ha...tell me about it but you have to buy a ticket to win

[@TarynBell]

Never tell someone to get rid of KZbin premium lol

[@theropesofrenovation]

I have a feeling he won't make many changes.

[@jasonhorrocks1336]

Jess. This guy is trying to spend his way to retirement. Make some sacrifices.

[@stanleykania7184]

No school loan forgiveness

[@Mysticaltyger]

I think they are too scattered and unfocused.

[@ginnyrust6874]

How many debts does this guy have?

[@alycemaloney2982]

Dude needs to live in reality instead of fantasy land.

[@freedomworks3976]

$162,000 for a home !!!! Chattanooga Tennessee ❤

[@jeffnightengale554]

The only way he should be using a credit card is if he pays it off every month.

[@rickyc6463]

I hate debt… this guy is absolutely in debt up to his eyeballs….I don’t advise to ever live paycheck to paycheck…. He needs a reality check from Dave Ramsey😂

[@vascularlab]

I agree. He is arrogant, thinking he is so smart switching credit cards and waiting for his student loans to be written off. His budgeting skills are terrible

[@jjkatz]

Dave would set him straight fast.

[@misspimake]

You guys are giving him such bad advice. He needs to be on rice and beans. No eating out (cook at home), no vacations. Sell the rentals and sell at least one of the cars to pay off debts. Stop investing. Once you all have all this under your belt, then you can start investing again and start paying down your mortgage..

[@belledelice9151]

This guy don’t need to wait for student loan forgiveness cause I heard it’s not happening. Stop taking loans n lines of credit! Cut down the budget on food n pets n no travel till all bills paid off! He need to take financial peace university from Dave Ramsey! Go on every budget cause his budgeting sucks like 200$ on alcohol n 500$ in a travel fund but u gonna take more loans to try keeping up! Bad decision! Do debt snowball n get rid of all these credit cards! Host tried but heloc is a bad decision cause interest rates vary! Bad idea to take a heloc!

[@opsecclassified6469]

HELOCs.....bad advice in my opinion. How about you cut up your cards and not use them if you need a HELOC to pay off credit cards...

[@qjc2300]

This guy is in debt😮

[@soundsnags2001]

Keeps getting seduced by chasing paper credentials, never stopping to realize it's all fake

[@Garrrrrishere]

15 minutes in …. My head is spinning

[@JakeRichardsong]

Walking dogs for dollars lol!

[@ripvanwinkle3432]

I love the cope. We have good jobs but dont make a ton of money in those jobs.

[@ryanbaileyboxing]

My favorite finance channels: Mondays: Earn your leisure market Mondays Tuesdays: Wallstreet looks like us now network, Reppond Investments Wednesday: Reppond investments Also, melanin money podcast, bigger pockets money and peter Schiff show, wealthion, Joseph Carlson For crypto: Ivan on tech, crypto banter, cryptosrus Make my week complete!😮

[@jasonmcdonald1241]

The amount of money people spend on their pets blows my mind. Unpopular opinion: pets are a waste of money. Just don't do it.

[@Andrewjenkins-ox3lk]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@alycemaloney2982]

Will a bank even give him a HELOC with all his revolving debts & other debts? I don't know too many banks that will do it. Not to mention, he could be wrecking his credit already with his stupidity.

[@MissaLifeStyle]

Petsmart/Petco monthly vet/grooming/nutrition plans are not worth it.

[@ken-8486]

Does Biden pay me back 😂😂😂😂😂😂😂😂😂😂

[@dvjjh]

This is not good advice at all….

[@71757097]

Snore Please edit your videos so I can stay interested

[@HappyPenguin75034]

Always.

[@MsJacquese99]

AdBlocker on Chrome works well for no ads on KZbin.