Don’t Be So Desperate That You Make a Stupid Decision | May 9, 2024

The Ramsey Show (May 9, 2024)
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Dave Ramsey & Ken Coleman answer your questions and discuss:
Why desperation can lead to stupid decisions if you're not careful,
"What's the best place to invest for retirement?"
How Dave recommends someone invest in real estate,
Repairing a car vs. replacing it,
Why you should drive like no one else now so you can drive like no one else later,
"We found asbestos while renovating our home..."
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[@dawnmorandin541]

I raised two kids without a car...we walked or took the bus/train. We always lived in town so we could get to all the essential store, Doctors, school, grocery store. In a emergency we called a cab ( much cheaper than paying for a car, insurance, winter tires, maintenance and gas ) so we are now debt free and paid off the mortgage on our house and the rental house we own. With home deliveries nowadays I can get everything at my door in one day or less.

[@BeeDee-qs9so]

This. You’re fantastic.👍👌

[@PorkyPigsfedup]

Good thing you didn't live in Michigan cuz it's illegal. You can't even borrow a car.

[@brandigabriella-vs3ez]

Not all towns have public transit. Thats great it worked for you but doesn’t mean it works for everyone.

[@EthanE3]

​@@brandigabriella-vs3ezshe never said it worked for everyone she was just telling her story. Such a Negative Nancy

[@jamielee4984]

“The math is not working. Math does not give you a pass, math does not believe in grace, math does not believe in mercy. It’s going to come for you!” This is important and I needed to hear it!

[@Nigriff]

Lauren has allowed "victim" to become her identity

[@bonniehalf-elven]

@@Nigriff unfortunately, that happens when you're in an abusive relationship. Dave called it.

[@teresahunt5521]

I have one credit card with a $2500 balance. Minimum payment is $100. I paid 1k last month and plan to pay $1250 for the next 2 months. The charges on the card were made out of true necessity after my husband died. It is my only debt. Moving forward, I will be able to save/invest half of my monthly income.

[@jeremy_logan]

I'm a simple man. I see Dave in the thumbnail, I click

[@juz87]

Exactly!!!

[@hillcountry_homemaker]

Same!

[@Nigriff]

I'm a simple man. I see John Delony in the thumbnail and go to the next episode. 😮

[@jeremy_logan]

@@Nigriff I like John 😔

[@letiziamarchetti888]

😂😂😂😂 same here 🙌

[@AlexandraTheeGreat]

33:57 I’m definitely falling asleep and waking listening to Dave, so….yeah. 😅😅😅

[@scrubs4everr]

Dave's advice to Lauren was spot on. 🎉 It's so easy when we go through stress and trauma to feel trapped and devoid of options, and the best way to get out of there is to decide and move forward through the pain.

[@Nigriff]

Lauren has allowed victimhood to be her identity.

[@dreams2383]

​@@NigriffI agree and now she can work to get past it and move forward

[@amy2284]

Definitly - easy for us to have limiting beliefs

[@rebeccafunk6101]

I was a single mother twice over. Lived with family and went back to school in 2002. I went to a tech school debt was 10,000 after a credit for being a single parent. Fast forward, I have been at the same company for almost 19 yrs. Paid off my student loan and am still raising a 16yr old. I made the decision when I was pregnant with my youngest was to move away from the city. I bought a mobile home in a nice park. Paid off the mobile home so my lot rent is 350 a month that is it. I have no debt at this point and the reason why is I live cheap. I tell my son, futher education is important but not a 4 yr degree that is going to be at least 80,000. Go to a tech school. my 401k is at 20 percent, I also have a pension. My son started working at 14 . That is his money now because I am trying to teach him, you have to work hard to get anywhere in life.

[@lindatobar1773]

So true, hard to give advice how bad credit cards are for you. When they’re so hook on getting points. I paid off 5 credit cards , close accounts and cut them up. I will be out of debt by August 8, 2024 Debt free Yay 🎉 👏🏻🥳

[@Trustbutverify2651]

They are "bad" only for the undisciplined. They have many advantages for those of us who are disciplined. I check my accounts every morning and pay off charges as soon as they post (usually two days later.) My airline cards have paid for themselves many times over as I travel a lot to see my grandkids and do not have to pay bag fees and I get priority check-in and boarding, I get food for the church pantry with no cost to me from my Sam's card that I use for gas (which is cheaper at Sam's and which I would have to buy anyway), and I use points from my other major card to get gift cards and gifts for special occasions for family and friends (which I don't have to figure into my budget.)

[@anndeecosita3586]

The cards are not bad. Some people who have them are bad are managing finances. I have a store card that gives me added 30 percent off. Then I pull out my debit card to pay off the bill before I leave the register. I have cards with Fire Stone and Best Buy that are six to 18 months same as cash. I pay it off within the time period and pay no interest rather than have to pay a large sum immediately for car repairs or a new laptop or whatever I need.

[@bluebelle9572]

@@Trustbutverify2651well if everyone was ‘disciplined’ how would the CC company make money and pay customers’ points? It’s not a good business to be a part of as Ramsey has explained a few times on his show.

[@bonniehalf-elven]

@@Trustbutverify2651 congratulations. You've made her point!

[@RodneyDempsey-o8w]

There is nothing wrong with credit cards if used responsible. It is almost impossible to do anything without one. Most hotels require one to check in, if you fly, rent a car.

[@aslansown]

Thanks!

[@MsLally5]

Guys, Michigan residence get a discount going to a Michigan College. If we go to an out of state college, we pay a premium.

[@dustydonna]

Love Ken on the program. Always gives good career advice. And he's funny!

[@AndreaPerres]

I swear this is liquid gold video !!! Thank you Dave Ramsey

[@AlbaPlaysPool]

Great episode! Can't wait to do a debt free scream!

[@Arnold001-1]

It’s crazy how much Ken’s personality changes when he co hosts with Dave. He goes from very outspoken with every other personality to basically forgetting how to talk when he’s with Dave.

[@faltio69]

He’s with boss…hellllo

[@Plateaupastures]

Thank you for helping make money make sense!

[@bruhman1706]

I completely agree with Ken about the air conditioner not working in the vehicle. This family will be okay not having air in their car and it will make them appreciate it more, when they do finally get a car with air.

[@staceymeldrum4476]

Your patient might not care where you went to med school but your employer will. It matters when it comes to vying for positions, networking, making connections etc.

[@Trustbutverify2651]

Yes, and another case of where the RS personalities know little about higher ed credentials and preparation, especially for any careers that are medical-related such as physician, dentist, vet, pharmacist, etc.

[@Km321-v7d]

Another case is where there's a high demand for healthcare professionals, HR only cares that you meet the minimum entry requirements to practice. And that you can maintain your patient caseload by building "professional relationships ". Healthcare is really just a business. People on the outside don't realize this but it's the one of most profitable business.

[@dreams2383]

​@@Km321-v7dthe call had nothing to do with minimum credit entry at all. He never said not to do the minimum. Not sure how you heard that.

[@WendyW7508]

We have such a crisis in lack of HPs that I am waiting to see if hospital groups will begin sponsoring g students, sending them to school and footing the bill. Or a good part of it. In trade for promises to stay with them for so many years. And I agree a body with a pulse and the license to practice is gonna get hired. I've only seen on TV shows where school locales matter.

[@jtc.outlet]

Okay enjoy your debt then😂

[@andrewstout777]

Ken Colman is my dude

[@luismunoz7587]

“Right after I get desperate I get stupid” 😂😂😂

[@calewis25]

This was an amazing video. I love these two so much and am looking forward to the day to see you actually ride them.

[@LordBass]

How does one "listen to Dave for a long time" and also react "wow" to the suggestion of cut up the cards and have a zero credit score.

[@pb-fw7hn]

MD here. I don't think you get through med school in the US for less than that. actually, I think that is a bargain. scary but true.

[@kratostomatoes8587]

The idea is to not take on debt to do it. Do you want to go see a doctor who NEEDS to push certain pharmaceuticals in order to make his debt payment?

[@Trustbutverify2651]

@@kratostomatoes8587 What kind of crazy logic are you using? Do you really think doctors NEED to push pharmaceuticals to pay their med school student loans? Is that why you think doctors give prescriptions? 🤣🤣🤣

[@vickiecoles8214]

Except for one (very wealthy family) I have never met a surgeon without 250,000.00 debt. I’ve been in the OR for 22 years, it has just gotten worse over the years.

[@kratostomatoes8587]

@@Trustbutverify2651 Showing your ignorance. Doctors get kickbacks from the pharma companies for writing certain prescriptions as well as vaccinating a certain portion of their clientele.

[@SwimSweetie100]

This was my thought. She is going to a state school, not an Ivy League or private school

[@Fishouta]

Isn't it difficult to get into into med school?

[@isaiahhough]

Please Emily, from one medical student to another, ignore their “advice”. Unless you go into pediatrics, you will make at minimum 250k a year once training is over. Even if your debt skyrockets to 300k with interest, you’ll easily pay that off after a few years. And then when you’re done…. You’ll be making 250-450k (at least). Seriously, the DR team refuses to learn about medical school, the impact (or lack there of, as it’s more of a bar to hop over than the LSAT) of the MCAT, and how in-state public schooling is as cheap as it gets. You know this as well as I do, if you refuse MSU’s acceptance and reapply in hopes of getting in somewhere else for cheaper (lol), your application will be seen as a giant red flag. Congrats on your acceptance future MD. Stay the course, do well, and after training be zealous about paying off the debt.

[@faltio69]

Listen to her Emily! This is true!

[@scottsquatch89]

They're not wrong. Her question was "How do I minimize the debt?" The only answer to that is go somewhere cheaper. Which is what they said. That's obviously not what anyone wants to hear when you've been accepted to a prestigious program, but math is math.

[@Malko_pile]

What if she doesn’t finish? What should she do then? there already was a call with a former med student that was 0,5 mil in debt.

[@faltio69]

@@scottsquatch89 it’s not easy to get into med school many have no choice where they get in and the school she got in is a state school already it’s not Harvard. But the DR personalities nor dave don’t know that so it’s not a good advice it’s an ignorant advise. Emily called the wrong place for their opinion. I’ve heard the same advise from another DR personality Jade, but for Veterinary school and it’s even harder to get into Vet school! It may be a sound financial advise to go a cheaper school, but Not a Realistic informed advise. Furthermore, what med school you get in could be a big factor when you apply to residency, your patients may not care but your employers may!

[@Trustbutverify2651]

@@scottsquatch89 Sorry - you are WRONG and obviously have never applied to medical school. The likelihood of her getting accepted at another medical school after turning down MSU is virtually zero. Don't spout off on what you don't know, whether or not "math is math." She should have investigated the less expensive schools BEFORE applying and getting accepted to MSU. All prestigious universities and all med schools (prestigious or not), have access to what schools a person has applied to, been accepted at, and turned down. To apply, gain acceptance, and turn down an offer will almost certainly mean another med school will not accept you.

[@dianem4188]

I love Ken trying to get the kids to SCREAM the debt free scream. It didn't quite work but they are a beautiful family anyway. Much love from KY.

[@arch417powersports]

Wow theres a shit ton of ads in these. KZbin ads and then Ramsey's ads.

[@Trustbutverify2651]

Watch the KZbin version and fast forward through the ads and calls that don't interest you. It's a three-hour radio show, two-hour KZbin podcast, and I never spend more than 20-30 minutes a day listening to it (while I'm doing other record keeping on the computer.)

[@arch417powersports]

@@Trustbutverify2651 I do only watch the KZbin version. When I play this on my phone while doing dishes, I have to skip through so much BS.

[@wbexteriors9808]

@arch417powersports It’s how they make money. If they dont make money, there’s no show. KZbin doesnt make money, no KZbin.

[@angooredcow157]

I just Googled. It is: As part of the HPSP, the Military will pay your tuition, provide a living stipend and reimburse you for required books, equipment and supplies. Once you are accepted for the HPSP, your Service branch will contact your medical school and start paying your tuition.

[@nikkibadzik3948]

This is what my hubs and I did. We have never regretted it.

[@robyngothelflmswmed3274]

BE KIND TO HER, DAVE!! SHE IS GOING THROUGH A LOT.

[@sseraj2898]

About the Michigan state it’s one of the most recognized and good school and honestly though tution seems bad but others are way worst and way more it’s not a name brand school it’s a state university

[@naadalen7875]

I worked at a hospital that gave loan forgiveness and it helped so much

[@Nigriff]

You mean, someone else paid your way

[@naadalen7875]

@@Nigriff I worked at an underserved area for 5 years. And that was an incentive for working there. Many doctors will not work in those areas ok

[@WendyW7508]

​@Nigriff u bet! After the fact and in exchange for time agreement to remain with the company. As any smart person would

[@MrAllie-bf6zt]

​​@@NigriffStop Hating. Don't hate the player. Hate the game...lol

[@Trustbutverify2651]

The RS folks are almost all very weak on any kind of post-college educational advice, PARTICULARLY about any kind of medical, pharma, dentist, vet, etc. school. Because of their philosophy of no debt ever, it's impossible for them to stray from their party line which is unfortunate because they cannot offer really good solutions to minimize the debt which students in these fields will almost certainly have to take on due to the nature of this kind of preparation - the cohort system, clinicals, practicals, irregular schedules for all kinds of reasons, and an ungodly amount of study required. The trick is to PAY OFF THE DEBT while keeping living expenses at a minimum when med school is over, rather than treating yourself to lifestyle creep with an expensive car, large home, country club, etc. When your debt is paid, then you can up your lifestyle.

[@kratostomatoes8587]

Push any covid vaccines lately? How bout them kickbacks?

[@he7281]

Uk 🇬🇧 person here- What is “RS”?

[@Trustbutverify2651]

@@he7281 Ramsey Solutions - it's Dave Ramsey's company.

[@angeleyes4561]

I'm guessing Ramsey Show?

[@WendyW7508]

I wholeheartedly agree. I love them. But yah, they don't understand this particular thing is not optional to keep those careers with people doing it. Another angle needs to be looked at . I not sure what, but something. I like the work for a medical or hospital group for a time agreement in exchange for paying off good portions of the tuition. It's a fair trade as long as it's enough to help move the needle significantly on the amt of debt.

[@ann5028]

A medic I used to work with on the ambulance went to medical school in Italy and paid a mere fraction of what she would’ve in US.

[@DarthFurie]

I'm not trying to be funny, do EMS paramedics go to a medical school of some sort? In the US that's a really low paying job in most places, so is their schooling for that typically expensive?

[@Trustbutverify2651]

That's true, but they still have to pass medical boards to practice in the US and most of those who train overseas become DOs, not MDs. Both pass the boards and both are doctors, but it's easier to become a DO than an MD and most DOs do not have a specialty, but are either general practitioners, family doctors, or hospitalists (all of which are needed!)

[@Trustbutverify2651]

@@DarthFurie You misread his statement. The guy WAS a medic, but then went to medical school in Italy to become a full-fledged doctor.

[@pamsmith1665]

Family practice IS a specialty ​@@Trustbutverify2651

[@ann5028]

@@DarthFurieshe was a paramedic. Left the US to go to Italy for med school. I wasn’t calling paramedic schooling med school haha but I see the confusion!

[@CrystalCordell-r9k]

Hey! Dave is right about medical school not mattering as much as residency or fellowship, though certain residencies won’t accept you based on where you went. Going into an out-of-state medical school, even if they interview you and accept you (majority of public will not since there is preference to those state residents and the school are supported in part by taxpayers of that state), the cost is triple for non-residents. Whatever you do, DO NOT go to one of the Caribbean schools.

[@mrsjam1252]

I have CC and paid the whole amount of bill all the time. I thinks it’s up to you how you use it BTW im debt free, its groceries i only use CC for. Everything else cash.

[@CoffeeNo0b0514]

Does the monthly contribution to the pension not count toward the 15% for retirement?

[@bettedavis9261]

Dave says because you don't have control over where/how it's invested, along with the potential of the pension not being there when you retire, you should only count it at 50%. For example, if 10% of your income goes to the pension, only count 5% of it towards the 15% he recommends.

[@kimpaugh4495]

I was thinking the same thing, because I have a pension plan, too.

[@kimpaugh4495]

​@@bettedavis9261Oh, ok; thank you for the explanation.

[@Trustbutverify2651]

Check the rating of the state where you have the pension. My state's rating is very high and investments are very conservative. Other states - disaster. Look at how many BILLIONS of dollars Chicago's public service pensions are in arrears...

[@WendyW7508]

At 1hr 12 mins, the statement about the credit score. It has taken me a while to swallow this. I have no credit card debt, and after tomorrow, I'll have my student loan paid off. It's my oldest line of credit. When it reflects on credit karma I will see how many points it drops. I've worked my whole life to get 807. But, I logically get it. And I logically agree. I'm going after my car next, and should be done by June or July of 25. And by October is of 2025, I'll be attacking my mortgage. I am still pausing on actually closing the paid off cards, tho. I keep thinking,' What if'?' Like something goes sideways, and I need this or that? I spent all but a 1000 of my savings paying off debt. So... I know it'll happen. And I won't touch em. But.. until I have the fully funded emergency account, I'm nervous closing them. I have froze them. So, Sept of 25, when I am ready to close em, I'll comment when I do it. Saying this for self accountability, folks. 😊

[@MarkBray-g6h]

30 plus years ago my financial bible was a book called the wealthy barber! They never talked about debt. I think Dave’s 7 baby steps are more up to date and relevant. I have always hated debt. I was given a credit card for sears in high school and learned my lesson early on in life. All these years later our house is paid, our 2 vehicles are paid and we have a full funded emergency fund of a years salary and saving for retirement. The key truly is just living on less than you make!!! I am just a simple truck driver , my wife stayed home with our daughter for the first 5 years because daycare was so expensive she would have been working just to pay for the daycare

[@OutwithDaysi]

Couldn’t find the one w the guy who was named beneficiary and his nieces and nephews wanting the money. Can someone point out where in the video it is. Came from a short😅

[@faltio69]

I love dave but Med school acceptance is not his expertise. For the most part you don’t have a choice of which Med school you get accepted; cheap or expensive. It is very difficult to get accepted to Med school period! There are other options to get help in paying off your Med school loans that they show you in Med school by their financial advisors.

[@Trustbutverify2651]

Don't pay any attention to the advice the RS people give about any kind of medical degree - they don't know anything about it and should stay in their lane of general financial advice (and real estate for Dave.)

[@ps9287]

I was amused. They think medical school expenses go down with their ranking. They are even more clueless about how little scholarship is available at the grad school level, it is mostly loan.

[@dreams2383]

Dave litterally said it's extremely hard to get excepted. He has been working with doctors for 40 years so he sure knows a lot more about doctors and how they can get out of crippling student loan debt then you do. Don't forget you don't know her scores but she did say she did well. Also she may be able to go to a lower cost med school even if it shaves off 50k that's still a win.

[@dreams2383]

​@@ps9287that's not what he said at all. I think you need to re-listen

[@ev25zv]

@@dreams2383 Well, he didn't sound too informed here. My roommate in undergrad applied to 18 med schools and got accepted to 1. No one is "drastically cutting" these numbers by attending another med school. She's not going to Harvard or another private school nor does she have the scores to go there. $260K is average for public med school program.

[@eduardoramirez8375]

I think recently they let you do extra payments to 401k, I took a loan out and I was looking though it and said "make extra payment"

[@bettedavis9261]

1:13:45 so "they" get pi**ed off when Dave challenges their falsehoods, exactly how Dave gets pi**ed off when "they" challenge him.😂😂

[@chaywinston8115]

Going close to 10 years and 3 different vehicles without ac(paid cash). I agree 100% you will appreciate it more. On the flip side ill now never have a vehicle without ac or heated seats again😂

[@deelyn6267]

She’s in Michigan so answer her with that in mind instead of expecting her to relocate and be by herself. Do you know how much it cost to relocate?

[@MrKewlplayer]

Hey Dave let the co- host talk. I've been noticing they have hardly say anything on the calls.

[@loucaribou7765]

I would imagine that the depreciation on Hondas and Toyotas are not nearly as bad as Fords and Volkswagens

[@loribrooks7964]

I hope she didn’t lose that loan forgiveness opportunity. That’s huge! I had $52k forgiven. I’m a public school teacher.

[@cindyannefontenot]

EMILY, CONGRATS ON GETTING IN TO MEDICAL SCHOOL!! Since you’d have to wait another year to apply and find out where else you could get in, maybe consider starting where you were accepted and still apply to other programs, if that’s something that’s allowed…Good luck!! 😊

[@bernadettem7308]

Med school, person commented. Not much cheaper med school available IMHO and getting in. Also what type of residencies available to student after Med school like Michigan State. During residencies, can make $$ outside of residency work as a MD. Some students now are racking up debt with becoming a PA or NP (Physician Assistant or Nurse Practitioner). Also some getting through law school with a lot of debt -- and Dave Ramsey talked about a night school law program. Many more lawyers graduating w/o being able to find a job to pay off their huge debt burdens! I know some years ago on DR show talking about these new law school grads having to take employment with work conditions they didn't like but had to do it to pay off the debt.

[@lormac2769]

I would love to see the debt free scream f or the dentist that had a million in debt.

[@Trustbutverify2651]

I'm willing to bet the RS team paid him good money to be one of the stars in that video so they could make their point about student loan debt.

[@sallyhoughton2022]

Nothing wrong with that!

[@Trustbutverify2651]

@@sallyhoughton2022 And I didn't say there was anything wrong with that.

[@TheSmith1245]

The dentist tells his story in the Ramsey Documentary. I think it's free on Roku or KZbin.

[@edwardanthony-dk6cd]

What's wrong with going into the military

[@mathildaclerpha9675]

That wasn’t a good advice at all. I believe med school is way cheaper when you’re in- state.

[@RosaEricksonCatsAreCool]

I googled "least expensive medical schools" and Michigan State was actually one of them. I hope Emily doesn't let them crush her dream.

[@Trustbutverify2651]

There is no "in state" that is cheaper for medical school.

[@countrysister700]

Yes and no. According Shemmassian Consulting's website list of US med school tuition, there are several that have lower out of state tuitions - quality ones included (ex. Baylor College of Medicine and Texas A&M). And lower cost to live than Michigan. In med school, your location is psychological. No time to see Mom and Dad til graduation lol

[@faltio69]

@@countrysister700 it’s hard to get in to any med school you don’t have a lot of choice for the most part. Last time I check only 2-5% of applicants get accepted to med school. You don’t pick they pick you!

[@Chicabitty1]

Yes you’re correct. They don’t know shit about this

[@joehess9209]

Work for the Indian Health Service after you are done with your education and you will have your school paid off in a few years.

[@WendyW7508]

Perkins repayment right? I think that's it. Unless there's another program I don't know. Yes and yes. Only thing is gotta move to those areas to serve. And I beleive they tend to be on and near reservations. And we know why the reservation locations were chosen. But.. still worth it all thee way to be able to have debt get.paid, and get good experience, and serve ur community where it's really needed. Love all that.

[@MN-ns1lo]

“The path of least resistance.”😹🤣⚰️

[@Trustbutverify2651]

"Rich people are afraid of leaves." Yes, Dave, there's a lot of money in yardwork. However, some of us have our lawns taken care of and leaves bagged not because we are afraid of leaves, but because we are unable to do yardwork anymore (even if we're not "rich", just comfortable.)

[@bettedavis9261]

I agree! I just called an arborist company yesterday to remove an old, unsightly tree from our yard, and to have stump ground. We could have done it ourselves, minus the stump removal/grinding, but my husband is on call 24/7, as well as not having the energy or desire to deal with it. He was happy I made the call. We have a sinking fund for lawn care, so that will cover the cost. I'm also paying a lawn service to plant 4 trees I bought for our backyard landscaping. I don't know that I could have planted them 20 years ago, let alone today. Those funds are also in our lawn care fund.

[@ThePolypam]

He's probably not done it in decades himself.

[@Trustbutverify2651]

🤣🤣🤣@@ThePolypam

[@pamsmith1665]

Like Rachel has to worry about life insurance..

[@davewhite756]

It's Michigan state, not U of Michigan.

[@greggs2240]

I find myself leaving the same comments after every time they discuss med school. The whole Ramsay team needs to get educated on this subject before they continue to give advice. Almost everything they say about the process is wrong. Yes, the debt sucks. My son went to med school for free (including a stipend for living expenses) by agreeing to serve in the Navy for 4 years. That's not for everybody, I know, but it's a great option for those interested.

[@Trustbutverify2651]

I also find myself leaving the same comments every time they wade into paying for any kind of medical school. I don't think it would help them to get "educated," because this team is unwilling to offer ANY alternative that involves debt first and payment later (such as going into the military). They need to STOP giving advice about most of post-college graduate, medical, law, etc. preparation and limit themselves to saying "talk to those in the field for suggestions about how to pay for it," or "there is a lot of information on-line about options for paying for medical careers." Then MOVE ON to other callers whom they have the expertise to help. Giving incorrect or incomplete advice weakens their brand and their credibility as commenters. There are just some situations in life when you cannot avoid debt - not everyone can think up a system and sell millions of books to start a business. The key is to use the best options in advance and pay off as quickly as possible while avoiding lifestyle creep including an expensive car and a larger house!

[@greggs2240]

@@Trustbutverify2651 I agree 100%. They should really just talk about the several options to go debt free and then move on. I've heard them tell people in their 2nd year of medical school to take a few years off in order to cash flow the rest of it. That just flat-out doesn't work. I think Deloney is the only one that understands the cohort system. It's almost impossible to get a med school acceptance to even one school. Anyone who gets in should take advantage of the opportunity. Look for ways to get it paid for, or at the very least, minimize debt while in school. When they get out (and after residency), it just takes discipline to live below your means for a few years to get it paid off.

[@faltio69]

I love dave and he has helped a lot of people in general with their finances, but you are correct I feel the same way they have no business giving advise to med school, Vet school, etc students. They have no knowledge on this matter. I wish they would learn that it’s not easy to get in and most do not have a choice of which school to get in to cheap or expensive period! They make it sound like it’s some vocational school these poor students are applying to. When it comes to med school pls leave to the experts Sir Dave! 😬

[@ThePolypam]

I don't think they want to at this point. It's really annoying. Particularly when they all have degrees and paid student debt. They try to discourage people from getting an advanced degree. It's inexplicable. We need doctors!

[@Trustbutverify2651]

@@ThePolypam Something I say all the time - they all (except Rachel) incurred debt for their own degrees, but insist that everyone else do their education by working and stacking up cash first. It's "do as I say," not "do as I did." I appreciate the warning, but some kinds of preparation involve such intense study that there is literally no time for working - AND not everyone starts with parents who have put up enough money with a 529 plan!

[@DrF354]

Oh Lordy. Sometimes the ignorance of the hosts about the medical community is frustrating. And here we are to start off the call. “Go somewhere cheaper. Get a scholarship”. That’s NOT how it works guys! Also you can’t just “choose where to go to medical school”. I applied to 50, got interviews at 5 and accepted into 2, with a 4.0 gpa and 98th percentile mcat score. That’s how competitive it is Also she’s probably getting in state tuition in Michigan: so what they’re suggesting is private, DO, or out of state, ALL of which are going to be waaaaay more expensive

[@ps9287]

They are so clueless about med schools, but that doesn't stop them from running their mouth.

[@travelinglunatic8828]

Absolutely. Their advice and lecture is terrible!

[@MN-ns1lo]

They don’t want to admit the system is fucked up bc that would mean they don’t have the answers.

[@SwimSweetie100]

Med school is expensive, there is no real cheaper way to do it for the most part

[@chrisg4118]

The lady that has been accepted at MSU needs to apply to Western Michigan University’s med school. When they opened it they were giving people medical school completely for free. She would still be in the state of Michigan.

[@kevsermantas1024]

What is his answer?

[@theclothingcottage]

Why aren't they suing for attorney's fees?

[@dougdesimone7225]

You only have the choice of where you apply not who accepts you. Medical school is expensive and the dream is deferred for 8 years no matter what. Our daughter is paying 65k per year for tuition and then there are living expenses so it comes close to 90k per year. Ramsey is giving advice that you would and should give to a high school senior

[@Trustbutverify2651]

I just wonder why they DON'T LISTEN with so many comments about how bad their advice is for anyone considering a medical field (physician, dentist, vet, pharmacist, etc.) When they show themselves to be tone deaf to people who know more than they do, they weaken their credibility.

[@faltio69]

@@Trustbutverify2651 they are Hillbillies 😬

[@kratostomatoes8587]

Imagine sending your daughter off to take on $350,000 in debt that she will then be enslaved by big pharma to pay back. Disgusting.

[@Mithaisweet21]

First caller these two were harsh on her. Emily please ignore their advice. You do you. Talk to your school financial advisor. There must be more grants or scholarships. All the best. Limit your expenses and try to see how can you make more money while in school. It could be working from home on weekends.

[@ps9287]

They were not harsh; they are completely clueless about professional schools. They think medical school cost goes down with ranking, and one can go around and shop and bargain with med schools.

[@ev25zv]

@@ps9287 It was so hilariously uninformed I half expected them to start telling her to negotiate the tuition with the school or threaten to walk, lol. Her numbers are average for public med schools.

[@mdfenn]

It is no coincidence that the largest adversaries of the Ramsey program seem to be very discontent with their lives.

[@worldnomad2301]

Can’t Emily go to med school in the military? Wouldn’t that be the best solution?

[@galengray3900]

Hey I went to that law school, took 4 years. I paid as I went.

[@Trustbutverify2651]

It's much easier to get scholarships for a high LSAT score than it is to get scholarships for a high MCAT score.

[@galengray3900]

@@Trustbutverify2651 I didn't get any scholarships to start law school. I worked a government job full time and paid my way through.

[@gourabsarker9552]

Mam how much do you earn as a lawyer now? Plz reply. Thanks a lot.

[@countrysister700]

When Emily gets Michigan med school classes and clinicals scheduled, she'll figure out there's no time to see family til at least 2034 😂 Come to Texas where we're teeming with excellent med schools

[@Dave872010]

That dude in the home equity deal really railroaded himself. Can he devalue the house somehow? Do you wait and hope the housing market comes down?

[@papahandsoap2259]

The first call is a little off - the school you attend can definitely affect your career if you're looking to specialize or get recognized in fellowships

[@natefrom828]

Why will she probably not get the loan forgiveness? I got it last year.

[@scottmuir6127]

Doctors make a lot of money so it’s worth $230k to get a degree in 4 years. You can make $100k or more after getting your degree. If I was that good on tests I would have gotten a masters. Statistically the more education the more income as long as there are jobs in the field.

[@DarthFurie]

Some of the dumbest people I know have Master's degrees, and some of the smartest people I know have high school education or less. I'm sure you're smart, after all you're watching this show while a lot of other people are living on debt

[@barbaragrace3027]

Nobio​@@DarthFurie

[@ItsmeCR-g8j]

Residency does always pays as well as people think. I’m from Michigan. Depending on her chosen path (general medicine, or a specialty,) she will be able to pay off her loans post residency.

[@jennymeyer982]

Omg the pen set! That took me back

[@robertlanham7830]

Child custody battles, the lawyers, GALs, co-parenting counselors, etc., are nothing but a money-draining racket that never puts the child first, just seeks to drain the most responsible parent (because the non-responsible parent will never pay a cent).

[@mandypdx]

I paid off my house. And, then bought a new house 😅

[@gourabsarker9552]

Mam how much do you earn a year? Plz reply. Thanks a lot.

[@mandypdx]

@@gourabsarker9552 $160k. I worked from the dining room for a couple of years… i needed an office (quality of life)

[@pamsmith1665]

​@@gourabsarker9552ma'am

[@seanjean9677]

The first caller…why are you wasting your time on the show. Med school loans are what they are and you will pay them off because, the state will take your license if you don’t. Oh and you’ll be fine

[@seanjean9677]

If you get federal loans, yes. You have to stat current on them. I’m working to pay mine off now.

[@katherinealba6768]

Re home equity sharing agreement caller. I would be hiring a lawyer to examine that Contract as to the legality of the Conditions. It must be illegal for loan sharks to charge astronomical 'interest' rate.

[@gailburns6024]

I always look to see where my doctors go to school. USA citizen going out of the country to get their MD, is a red flag to me.

[@NaturalWifeyandMamaBear]

Most cars prob do lose 60% of their value in 5 years, except Tundras/Tacomas etc (Toyota/Lexus is top dog) see for yourself. 👍 but otherwise agree.

[@jjdub35]

I understand NY is expensive, but is 90k "nothing" or a "crap salary?" Is this what you make part-time at McDs?

[@striperkid]

$90k a year in NY is good if you're a kid living in moms basement.

[@BT-mc2yd]

90k in NY is about 40k in normal states. It is crap & they are low class there with that

[@ps9287]

This duo is soooo clueless about medical school. $250k is a bargain for med school; most private med schools cost around $100k/year, and there is very little scholarship available at the grad school level. With about 30k medical school graduating each year, do they think some charity is paying off their tuition

[@jsteel_]

I'm waiting for a coherent argument regarding a credit score from Dave. 25 cards is too many, but there's nothing with keeping the oldes card and maybe one more large line open and using them once a year. How many millionaires in his study had no credit? I haven't heard a caller call in yet that made average income and said they bought a house with no credit score (yes I've heard of the allusive manual underwriting). 90% of rentals require a credit score. Most jobs and some insurance looks at it. Being a multimillionaire making tens if millions a year, dave may not need it, but it doesn't translate to us. The straw man argument if giving 100k for 1k is ridiculous.

[@miku1408]

I always check which school my doctor went to.. and I am sure lot of other people do

[@aishatidwell3389]

So do i

[@ghostriley1855]

Trolls 😂

[@DarthFurie]

I don't unless I get a weird feeling from them or something happens that makes me question their competence. For the record, my gut on that has never failed and I've discovered odd information before after looking a few of them up

[@pamsmith1665]

CHM is a joke. I would like to know exactly what eligible medical events are and what % actually get paid.

[@myoldvhstapes]

On a more recent episode, a caller told Dave that the Christian health plan he and his wife have (he didn't name it, maybe the phone screener told him not to) would not cover her pregnancy.

[@Mega3142]

Ken Coleman has no idea on the medical school question.

[@ttm8634]

@12:20 his house appreciated $250k in 8mo? Wtf

[@byzebee123]

Lauren is not tied to her non profit for plsf. Flexibility I can understand but she's not stuck to that job as a PSLF can be through gov. Employees..state and local employees.

[@marybowers6090]

There are some very cheap medical and law schools, kids just want to go to schools they can’t afford as a status badge. University of New Mexico 18k a year. Could pay off tuition every year and graduate with no debt .

[@ev25zv]

Lol. That's the price for in state tuition. It's nearly 3x more for out-of-state and the acceptance rate is more narrow and that doesn't include housing. My undergrad roommate applied to 18 schools and got accepted to 1 and his MCATs were better than hers. You belong on the panel with the other clueless ones.

[@sylvia4881]

I don’t agree with this. I work for a hospital. Going to a well known school is important and you should most definitely be near family. Medicine is not for the weak

[@BeeDee-qs9so]

Absolutely agree.👍

[@gourabsarker9552]

Sir how much do you earn a year as a doctor? Plz reply. Thanks a lot.

[@faltio69]

@@gourabsarker9552 it’s top dog!

[@Trustbutverify2651]

Medical school debate about cost: It's easy to check online for the "least expensive medical schools in the U.S." In-state or out-of-state does not apply to medical school. There are private medical schools and state-supported medical schools - but in all but a very few cases the cost is the same for all students, no matter their state of origin. However, there may be certain scholarships reserved to in-state students. Most of the least expensive medical schools are in Texas, some in Oklahoma and Florida. HOWEVER, one element that they did not discuss is if the person raising the question could go to medical school while living at home. Another medical school elsewhere might be less expensive, but then paying for an apartment and living expenses could add quite a bit because it is virtually impossible to work while attending medical school. Ken is not correct about the impact of MCAT scores on getting scholarships for medical school. While LSAT scores have a huge impact on getting scholarships (or even a full ride) to law school, that is not the case for medical school. The financial challenge for those going into medical school is that they MUST finish and pass the boards - otherwise they will have a huge debt and likely a much lower income to try and pay back the debt. I wish the RS people would mention that serving in the military is a great way to get medical school debt paid for.

[@bettedavis9261]

They used to recommend the military for medical and dental schooling. For some reason, they've stopped. Dave also used to mention the MD/PhD programs some universities offer. Are those still available?

[@Trustbutverify2651]

@@bettedavis9261 Yes, they are still available. However, they are generally used by people who want a degree in psychiatry or want to go into public health (including administrative government positions) or to do clinical research. In a lot of those cases, individuals who want the double MD/PhD degree do not take the med boards as they do not intend to practice medicine (just like a person is a "lawyer" if he or she has passed law school, but an "attorney" if he or she has passed the board examinations and wants to practice law.) Some people in medical or law school want the information for careers in business or research, but do not intend to practice. There are lots of other combo degrees as well such as JD/MBA (law and business), MD/MBA (physician and business), etc. If a person has a very clear career goal, this can be a time-saver over getting two separate degrees.

[@bettedavis9261]

@@Trustbutverify2651 thanks for the in-depth info!

[@ev25zv]

"In-state or out-of-state does not apply to medical school." That is false. Most public med schools are significantly higher for out-of-state and have a lower acceptance rate for out-of-state applicants. My undergrad roommate applied to 18 schools and got accepted into 1 and his MCATs were higher than hers. She will be getting a job as doctor with a specialty, not getting an English degree and hoping to land a Starbucks barista job (unless she gets kicked out of residency program).

[@thekmtcpro]

I am a doctor at the veteran affairs medical center with $230k in debt. I am in the education debt reduction program which pays up to $50k for 4 years of my debt. That plus student loan forgiveness and I'm debt free in 2 more years.

[@SauceDon32]

Honestly i don't care if he told u directly that he was leaving it for u give those kids thier money

[@KimFullerKarkovice]

@ 26:00 the lady and her cop husband do not know if his department has a 403b or any other plan??? WHAT? This dude is able to destroy lives on charging affidavits, but doesn’t know what’s available for retirement? That’s crazy and stupid. Their reputation is indeed earned.

[@ELevenhagen]

7k max on Roth in 2024 not 6k.

[@anndeecosita3586]

You can go work a few years in a low income area and have a lot of student loan debt wiped out. She could have joined the military.

[@Nigriff]

Dave is wrong. Houses do NOT always go up in value. Not only are there housing busts where home prices can drop drastically, but even over the long-term, houses are basically boxes that constantly depreciate. They require constant upkeep, repairs, and insurance... and then there are taxes to be paid constantly. A more accurate statement is that land appreciates... not every year, but over time because it is a finite thing that is not being ctreated or built. People who benefit from home sales and stock sales will always tell you that it's always a good time to buy. Beware.

[@bettedavis9261]

1:01:40 we were in BS 7, and I drove a car without AC for over five years in a part of tge country where it's consistently in the 90s and above during the summer. Nobody died. We could afford to get it fixed...I was just too frugal (cheap😉).

[@angooredcow157]

The military will give you a free scholarship in medicine. It is called the Uniformed Services…. Sorry, I don’t have the full and correct name for this. Essentially, the military trains you in medicine. When you complete the training, you work for the military for a set period of time.

[@PaintingAndPolitics]

This was ab 70 % ads

[@motoryzen]

If I can't skip the damn ads by going back and forth canceling the add trying to reload the video 20 damn times then the video is not worth watching Ramsey Solutions get away from Google ads or I'm done watching your content I'm on mobile and no I'm not installing any extra BS

[@quest9328]

Working 9-5🎤