I Borrowed $20,000 On Credit Cards To Invest, Now I'm Broke!

[@ThePatriots010304]

There’s a 100% chance this guy watched a KZbin video before borrowing $20k to invest in ETF’s.

[@sblijheid]

And probably a Tik Tok video that says Dave Ramsey is a fool and doesn't want you to get rich. The issue with borrowing is that when you lose your income, you're in a deep hole.

[@ghostoferlock]

@@sblijheid not necessarily

[@vicsosa5703]

@@erikq9788 I had to stop watching that guy after he became widely known. He became everything he said he hated early on in his KZbin channel.

[@omalleysmith9100]

Yes. A "How to earn a passive income in 2022" video, no doubt. lol

[@mriphone1000]

Nah it was probably one of the youtube grifters, that pump nothing but debt heavy trash.

[@WiseOnion]

"He who hasten to be rich, won't go unpunished." I live by those words.

[@thomashaas5965]

I don't think this person was hastening to be "rich" - I think he was just trying to get to a more comfortable place than where he is now but that's not "rich". That's just "better off".

[@GasGuzzlerz]

@@thomashaas5965 your logic is incorrect lol

[@dantedlane2]

The bibles been teaching for years ppl wanna be wise in their own eyes thou so

[@dantedlane2]

@@thomashaas5965 20k loan is hastening

[@miketheyunggod2534]

Yea, live poor for 40 years.

[@dogegamer3288]

Borrowing to invest is a fool's errand at best. Greed can be an excellent teacher to the right student.

[@muradshawar]

Same borrowing for a home if you lose your job you lose your home eventually only hope is you sell it and its higher then when you bought it but most people lose job during recession and there are lots of new home buyers before recession . Risk is everywhere

[@Murphys_Law9]

Not really, smart money do it all the time.

[@Alive_N_freeridin]

Not if you do it wisely! This person did it the wrong way. Borrowing money and investing the right way can be the best and fastest way to build wealth, especially in real estate. It's called leverage. Saving to pay cash for EVERYTHING will take ages and only limit yourself.

[@Alive_N_freeridin]

@@muradshawar Not if you do it the right way. Dave gave up after his first loss in real estate because he didn't do it the right way. If you buy a home with equity below the median every time, and follow the right strategy it can be an excellent way to build wealth quickly (but not overnight) Leverage is a powerful tool when you use it correctly.

[@muradshawar]

@@Alive_N_freeridin Thats a good point

[@kidneedonor8088]

The best life lessons I have learned from are mistakes that cost me money. These taught me more than any teacher ever did.

[@Imran-Shah]

I am a teacher...in higher ed. I teach financial math. If students would listen to my lecture, they would not be in these kinds of financial drama's. But I am just a faculty. What do I know? Some of my students drive bigger cars than I do. I must have done something wrong

[@kathleencooney1518]

Exactly

[@THEEPLUGTV]

And I don’t remember anything I learned in school accept fractions💀

[@anotherhairlessapewithanop7455]

@@THEEPLUGTVaccept and except are two different words

[@yehudastollak6808]

Honestly when ever I complain about life I always think someone’s situation is way worse. I ain’t no millionaire but I ain’t in any debt either and ain’t planning on being in any debt.

[@Thejasonrogers]

Depends on the type of debt.

[@bigmeany1184]

Totally!

[@andreasmelkersson3592]

@Yehuda Stollak Debt is great for wealth creation.

[@rthelionheart]

Wait until a future-ex-wife shows up!

[@AtoZb137]

Good debt that can be managed is a good thing. Dave needs to do a better job of teaching his listeners that, they are missing out on a lot of opportunities

[@blackknight9773]

Excellent advice. I am living this right now. I am paying it off as soon as I can and you are right. Look at it as paying to learn a lesson on what to never do again.

[@kalan4787]

The problem with the "borrow to invest" mindset is that there is survivorship bias out in the world where a few people who speulated like that actually came out on top. No one ever pays attention to the overwhelming majority of cases where people who go that route end up losing. They don't usually make the effort to shout from the rooftops "Look at me! I'm a cautionary case!!" but those very few people that did succeed this way make sure to put it in your face.

[@ryansath3293]

Don’t gamble what you can’t lose

[@ThreePuttBogeys88]

In this guys case, what you don’t even have!

[@ellisnguyen7714]

High risk! High rewards!

[@alinatamashevich3354]

Don't gamble with scared money

[@Prod1jbtc]

@@alinatamashevich3354 scared money, don’t make money.

[@alinatamashevich3354]

@@Prod1jbtc Way to become a broke joke too.

[@kathleencooney1518]

I bought a house when I was 25 years old ( Calif ) It rapidly increased in value. I bought a 2nd home and rented it to a relative who made more than I did. He flaked on me, addiction got him. I could have paid off the mortgage on my house instead of trying to continue to ride the real estate market. I sold the 2nd house & was only able to cover the existing mortgage. Years went by & I stayed conservative, investing slowly & incurring no more debt. If I hadn’t of gotten burned with that 2nd house ? I may have done something REALLY stupid later. Some of us just have to learn from stupid mistakes.

[@srdjr6760]

That was stupid. He would have done nicely to dollar cost average into an S&P 500 fund. At this point, he should just plan on paying off as much as he can each month and stand pat on the investment if he can pay that 20k off over the next 16 months. His losses right now are just paper losses. Eventually he will make a profit on that stock.

[@ilikeshroomgals]

Yea if he was in spy and voo he should just dca and payoff that debt asap

[@frankm2385]

The best way of gaining wisdom is learning from other people's mistakes. I have a lot of knowledge, thanks to all of these callers, etc.

[@iseepandas1]

The moment of silence said it all..

[@erickware6511]

My favorite Ramsey line of all time is I have PhD in d.u.m.b.!! I think and use this phrase often.

[@ignitionSoldier]

His first mistake was thinking gambling is the same as investing.

[@tdgdbs1]

You said it best.

[@jimmymcgill6778]

It kind of is.

[@I_like_turtles_67]

@@jimmymcgill6778 Explain how long-term. Decades worth of investing. Is the same as gambling. I do both BTW. I love sports betting. But it's for fun. Not a way to make money. Unlike my investment portfolio.

[@TableForOne2025]

Yes, totally agree. His case was more of gambling then investing 🤦🏻‍♀️

[@jimmymcgill6778]

@@I_like_turtles_67 Well you putting money in it hoping it will grow. SO it's kind of the same thing. But it's also not the same.

[@PF_Goat]

Never heard a rich individual say: Take a line of credit to invest in the stock market... 🤨

[@Dizzy2Wizzy]

well all of the richest people operate on debt to avoid taxes but they just are better risk managers and evaluators.

[@DrSchor]

All brokerages allow you a margin account to invest. That is the way to become rich.

[@PF_Goat]

@@DrSchor That is a way to go broke, not "the way" to become rich. As if that is the only way to accumulate wealth 🤦🏻‍♂️

[@DrSchor]

@@PF_Goat Out side of inheriting, it is the only way, as is clearly explained in several of Donald Trumps books and courses. The first "deal" trump teaches you to make is to get your credit card company to increase your credit. Then use the newly created money to your advantage. If you had a brokerage account, then you will know that all brokerage accounts lend you money to invest. To psych you out, the brokerage companies dont call it a loan, or debt. They call it margin. Savvy investors use money they don't have, the "margin" to make money by investing.

[@TheFlyingZulu]

I'd ride it out... Pick up extra jobs right still though but start paying that CC debt down as much as possible.

[@cebollo1709]

Completely agree those ETF will recover and he has the time to over work to pay that off

[@shawnshawn3107]

Agreed Should definitely not cash out today. He needs to work it off and reap the reward at the end.

[@Bmc2021]

Man look at snp now

[@cazpk6840]

Would love to see Sharon on the show someday to share her experiences and insights as well. Perhaps she and Dave can come on Rachel's show soon. Proverbs is filled with so much wisdom and I dont read it enough.

[@Bradimoose]

This guy needs to post on wall street bets. My favorites are the ones that gamble with student loans or helocs.

[@genxx2724]

😳

[@lot2196]

I told a guy I had my house paid off and he asked me why I didn't leverage it and invest the money. I just laughed at him. It's financial "Peace", and peace isn't necessarily rich. Just happy at the place we are in the world.

[@MistaTofMaine]

@@lot2196 tells u that guy probably isn't the smartest 😂

[@I_like_turtles_67]

There's a KZbin channel dedicated to this type of stuff. Benjamin I believe.

[@commonsense-og1gz]

@@lot2196 you may have peace problems when the inflation on everything is 3x in 10 years. having used that to buy rental property, would certainly add more to that peace.

[@comlbbeau]

"There's no shortcut to anyplace that's worth going." I like that.

[@learenng1267]

so true! if it was that easy, everyone would be doing it!

[@mommytradertube]

Lesson here: NEVER borrow money to invest in stocks.

[@soogasooga]

even more generally, never use money that you can't afford to lose value on, to buy stocks. ( e.g. down payments, loans, emergency fund, etc)

[@mommytradertube]

@@soogasooga Yes!! I agree

[@JeanValjean875]

What about real estate?

[@mommytradertube]

@@JeanValjean875 That I will borrow money for but not to buy stocks.

[@fsmoura]

Unless you have a sure thing/hot tip, of course.

[@SgtSnausages]

You borrowed money to *gamble*.

[@mustangschelle68]

For real!!!

[@MrTrevorDidier]

Zero percent interest.. can't say it's a silly move. Him making $35k per year is the silly move; bump up that income. Take zero percent loans all day long use it to your advantage. Reasonably calculated debt is the way to go for most people. At least he didn't blow it on a penny stock that went to zero.

[@AM-dk5ym]

@@MrTrevorDidier ...? It's only zero percent for a certain amount of time unless I'm mistaken

[@MrTrevorDidier]

If the rate blows up at some point, have a way to pay it off in full. This is the mistake in the video's scenario. I would take unlimited 0% loans... even with 6-12 month pay back in full at the end of the term, or rate balloons. Definitely be mindful not to blow it all. ( ^.^ )@@AM-dk5ym

[@grandmasewhappyhomestead187]

Speak Dave Ramsey appreciate all your wisdom. I went through your course 17 years ago with my church. I wish you would have listened to some of that wisdom back then and I'm cleaning up a little bit of a mess but hopefully it won't be long and it will be done

[@Brandon-ol1fv]

Poor guy, market SHOT UP after October 😂😂

[@thrashncrash4046]

PSA: For those who are thinking about or are already delivery drivers. You will need to look into getting commercial or delivery insurance. In most pizza chains, the managers won't tell you to need special insurance. Insurance companies will deny your claim if you get into an auto accident while delivering pizzas. No matter if it was your fault or the other driver's fault.

[@chrishart8548]

The extra insurance and ware and tear on the vehicle probably means you're losing money. Also this renting out your car to people, if that really worked out would people just get 10 cars rent them out and just quit their job.

[@bigmeany1184]

Interesting thanks for the information!

[@cashway0420]

I'm not advocating insurance fraud (even though they like over charging customers) but how would they know your delivering pizza's if you don't tell them? The police aren't going to include that in an accident report. You definitely would increase chances of accidents though driving around all day and would wear out car parts faster so I don't think it's as profitable as Dave thinks.

[@cashway0420]

@@chrishart8548 You would probably be better of renting trailers for moving or something like that, less insurance, less moving parts and less things that can break and cause expensive maintenance. People drive rentals like they're in the dukes of hazard lol

[@thrashncrash4046]

@BillSanders My insurance company State Farm was across the street from where I delivered pizzas. Someone from State Farm called me about getting commercial/business car insurance. That's how they knew I was a delivery driver. If the cop fills out the accident report and includes that the delivery driver was delivering pizzas or sees a car topper. Then, the insurance companies might find out you are a delivery driver from the accident report.

[@umtozzi]

This was a very risky and reckless thing for him to do. But with all that said, if he ended up not listening to Dave's advice and let it ride until the promotional period was over, he would have made all his money back and then some. We have the benefit of hindsight.

[@realdan1]

I fell in the same rabbit hole in 2018. Thankfully, I made 96k/yr; not 35k/yr

[@MrTrevorDidier]

The $35k per year seems like the bigger mistake. Very few people will make progress with $35k per year income.. unless there is focus on other avenues of building wealth.

[@kyungshim6483]

I hope the caller didn't listen to Dave and held his ETFs. He would be ahead now.

[@a88pockets]

6 months from your comment and he'd be double extra ahead

[@reapmansix2145]

I think we all know best until we don’t. I thought I was the new oracle of trading until I took a huge haircut on options. Good news is, lesson was learned. Now I invest in mutual funds and have no debt. You will recover Rick!

[@nic_ccc3366]

Such a risky move. I would never borrow money to invest for only a couple of years. You should be invested for at least 10 years. If I were him I'd hang on but save as much as possible to cover his (potential) losses. This must be so stressful for him.

[@nic_ccc3366]

@@erikq9788 Sorry you took that loss. But I bet no longer having this hanging over your head is priceless!

[@Mi4mi_joe]

I get where he’s coming from. I’m waiting to see if they officially announce a recession from this 2nd quarter, and pick up stocks when they really decline. But I have cash. Would never borrow to invest like that. That’s scarier than investing money you already have.

[@bjkarana]

This is what the result is if your read the garbage that the financial media puts out. Stocks/equity funds didn't _crash;_ they simply went from obscenely overvalued to slightly overvalued.

[@RusskiCommieBot]

The currency is dramatically overvalued. Once you understand that you begin to realise how low stocks will go.

[@barbieblue3336]

Completely

[@Because4545]

Yikes. Remember, you don’t lose money until you sell.

[@jimhandler1129]

I agree. He should start paying off the debt, but not sell his investments, especially not now.

[@Armchair-Investor]

I hope he held. S&P at all time high now.

[@blahbleh5671]

@Armchair-Investor Yeh the market had rebounded a decent amount by October 23 I think

[@SirHargreeves]

The expected value calculation on this trade is horrible. Risking $20,000 to make $5,000?

[@lindsaysimplified]

I was waiting for Dave’s head to explode while George was reading this. 😂

[@thomasmariani8818]

How does someone with 35k/yr qualify to borrow up to 100k?

[@ElBigotedeManeco]

Bank monopoly

[@PInk77W1]

Cra Cra

[@blackworldtraveler3711]

It was happening before the housing crash in 2008. All you had to do was fog a mirror back then to buy a $200k-$300k house on $35k/yr income.

[@l-train7876]

@@blackworldtraveler3711 yeah but not now.

[@l-train7876]

I was wondering the same thing.

[@carieyounginsurance]

I learned in my own life- there is NO shortcut to wealth, happiness or health. It takes extreme effort and hard work.

[@blackworldtraveler3711]

For me it was very little effort and work. Just common sense and time on my side from starting in my teens with habit of always saving and investing a portion of my income.

[@waterheaterservices]

@@blackworldtraveler3711 Every one should do what you did. Job well done. Travel on.

[@AnnMitt]

Slow & steady wins the race. "Slow" as in 40 years of buying a small amount with each paycheck into various funds. Reward comes when you're 60 years old. Start at 20 yrs old.

[@joaquimsabina]

So the s&p can go to zero Dave... but mutual funds make 12% a year🙄 Sell nothing and start paying the loan... you have 15 months to do it

[@andreasmelkersson3592]

@Joaquim Sabina VTSAX though encompasses all chosen stocks by mutual funds. One of the safest investments there is.

[@carlosmuniz4432]

Cause he wants people to buy the mutual funds he selling 🤣.

[@kevdogg545]

I would ride it out until the due date becomes closer. He has until October 2023 before he has to make the decision. A lot can happen in a year

[@ASimoneau]

Correct. For example, he could lose a lot more money.

[@kevdogg545]

@@ASimoneau Correct. He could also make more money or break even as well.

[@shrimuyopa8117]

Yah he could lose even more money by then.

[@kevdogg545]

@@shrimuyopa8117 He can also make more money by then as well.

[@weswest8666]

They might back date the interest.

[@wigwam3270]

“Invest” 😂😂😂

[@-MakeItGood-]

Keep the index funds because they will eventually come back if they are worth anything and get a second job to pay off CC

[@loydstar1]

I had a lender try to coerce me into refinancing and cashing out equity to put into stocks. Couldn’t convince him it isn’t a wise decision.

[@jrwntctv8091]

Why were you trying to convince him? Just say NO.

[@jrwntctv8091]

@Day Sounds like he was wasting his time.

[@zekewatson6489]

“A lot of bad decisions made here.” 😂

[@miketracy9256]

Good advice from Dave is to choose your pain and it takes a big man to admit mistakes.

[@justme87999]

You can't say you mostly follow Dave's advice and have 100k in debt

[@billkindig137]

To be fair, he doesn't have a 100k in debt.

[@DrTroop]

"I follow all it all except the money stuff."

[@xiomaragomez6649]

That's hilarious 😂

[@jimhandler1129]

True. The caller didn't say that.

[@SeattlePioneer]

He said he had $100K credit lines AVAILABLE, not that he'd used all of that. He used just part of that and got himself in trouble.

[@DevinSamarin]

Looking back, it was even lower in October 2022, and only coming up at bit in August.

[@melon9440]

More reason why i dont take all Dave’s advice seriously and start to think on my own. Right now kids money wouldve went up if he held, hope he did. No selling especially u know what ur investing. But then yeah start looking for a 2nd job a part time maybe

[@VeteransWealth]

I’m not a religious person by any means but through Dave I say that proverb with him every time. He’s got it engraved in my head.

[@eeebee6166]

You don’t need to be religious to find wisdom in religious texts.

[@DericAnslum]

...a diamond is a diamond even if it's buried under a dung pile...

[@Armchair-Investor]

I hope this young man held those ETFs. S&P is at all time highs now. March 2024.

[@slabbygabby]

If he brought something like s and p 500 then yeah

[@Armchair-Investor]

@@slabbygabbyyeah, he bought $20k worth of S&P index 0:20

[@wdev9327]

He didn't have any risk management set in place. Building success off this is doable if you have the discipline and patience. Id start small and scale up as I grow more consistent.

[@BeeCheap-uc3tc]

Great video! Even if you get a 9-5, yeah you're going to make more money but eventually thats going to get old, too. If your true passion is being a full time content creator, don't lose focus on that and stick with it. Thanks for sharing your experience.

[@richardcarlisle6692]

Don't even have to watch the video to tell where this one is going.

[@mteevie1609]

Been there, done that. Stocks never go the way you think it would. It is really gambling. My advice is to either cash it out and take the money and pay what is left. Other option would be to transfer to another 0% interest credit card if you have that option. This all depends on how long you want to wait but remember every time you transfer there is 3-5% fees and they will add up.

[@shigggypiggy]

I bet he's up now

[@ghostmane2643]

Only issue with working a delivery gig right now is you're spending $600+ in gas. Get a remote online gig for more money and save that gas money.

[@antieveryone362]

Man here we are now. If he held he’d have a huge gain, the market has been crazy good this last 365

[@fiedler230]

When I get money issues, I just pray and it goes away. Prayer works people! Just pray it away!!!!

[@cutehumor]

It worked with the supreme court. 🤣😁😆😂🤪😅

[@swampcrawlerls1267]

This is a joke right?

[@jimroscovius]

@@cutehumor They just put a woman on SCOTUS that doesn't know what a woman is 🙄

[@Angelo80907]

give to caesar what is caesar's and to god what is god's. Gotta love people that pray to god for money 😂

[@fsmoura]

when the collectors are banging at the door I pray even harder ( o.o)

[@Nickbronline]

$35k/yr as a man in your late 20s is totally unacceptable

[@kimblem.w9952]

Right! Even uber drivers made more back then.

[@JC-sh6im]

I would hold. What was your strategy going to be with respect to downside ? You must've considered the possibility.. If you haven't considered downside, then that was just gambling. Otherwise why should the strategy change just because downside materializes ? I'd cover / move the balance once it's due, and keep managing the position until satisfied.

[@JC-sh6im]

I've done the same and many times and for a long time. Been doing this since 2020, and am fine. Lessons were learned and mistakes were made, but "as soon as you get downside, realize losses and quit" was not one of them, not with respectable securities or broad indexes. Have a realistic plan and reasonable position, and stick with it.

[@wololo4761]

@@JC-sh6im With all due respect, "since 2020" is not "for a long time". Not in investor terms.

[@JC-sh6im]

​@@wololo4761 granted and noted. Yet, that's a lot more than this guy, and I don't just talk the talk, I've experienced it in practical terms. Also, I am specifically not an investor, I do not want that term applied to me ; you could say I'm an anti-investor, a speculator. "Taking a quick 3k profit" is not investing, that's speculation, that goes for this guy too, and there is nothing wrong with that, there might just be somewhat more work and risk to this than he originally anticipated. Furthermore, if you apply longer-term logic to this - then it makes all the more sense - if you "invested" at the height of past pre-crash peaks, you'd still be way in the green, so all the more yay for this guy, including by the "investor" logic.

[@JC-sh6im]

By the way, I would not necessarily recommend it, it's not for everyone. It can be done, but it takes time, work, patience, math, and some kind of consistent longer-term plan, and oh there is risk and a whole variety of outcomes. This guy went into it without much of this, didn't consider "what if this downside happens", and here we are. Dave is right on this point - this guy thought he was signing up for a whole different game - and I'm not convinced he is up for the real one, is willing to, and have what it takes.

[@JC-sh6im]

But his problem is not with debt - it's the rest of it - he had the right idea, he just misjudged the casino. Oh and by the way there are costs and taxes to consider too - if we go by the "3k" figure - a good chunk of whatever comes out, if any, will be gone to costs / taxes.

[@claraclouse9086]

Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.

[@bobbymainz1160]

Unfortunately, most people don't get this, the majority is after chasing tops/bottoms where they fail & get out of the game. Risk management is the key.

[@Mr_Fairdale]

“Never lose money” -Warren Buffet

[@adoe2305]

Deep. I haven't heard it put like that before.

[@GroceryBoy]

If he held it he would have got his money back and then some stocks just hit all time highs again 😮

[@johndone8045]

It WILL go back up next year oct, just chill

[@michaelhutchinson2854]

Never borrow what you can’t afford….

[@franziskani]

2:40 Dave Ramsey did not get out of debt with working minimum wage jobs. He likely had bankrupcy and was forgiven some debt plus he made good money again on radio.

[@funtechu]

These are the kind of genius plans that broken dreams are made of

[@MrZablon]

I've did exactly what this guy did on a smaller scale, used credit to buy product for flip sale but ended up not even going half even. So now I got some debt, but now have a solid full time and part time gig, putting my head down, understanding that you live in learn, should be back out of debt on baby step 2 in 3-4 months 🙏🏿

[@jkbc]

I like the Characterization of this mistake: Tuition for School of Life...sometime we had to learn things the hard way and painful.

[@Chase5678]

Just pay it off by working more. Stock will go back up by time your 30.

[@OTOWN2STOCKTOWN]

Do like El Salvador, stock dips, buy even more!

[@bmoshareholderappleshareho855]

When you borrow to invest, you magnify your gains when your stocks up. But when the stocks fall, you also magnify your losses.

[@SgtSnausages]

Get Rich Quick. Soooo ... "three to five grand" ... is ... "getting rich" these days?

[@lydialukes522]

When you make $35k a year getting $3-5k all at once would be a huge paycheck.

[@fsmoura]

57% of the people don't have $500 in cash in savings, so yeah . . .

[@jimroscovius]

My first thought was, "What an idiot!" Then that ended up being my 2nd, 3rd, and 4th thoughts too.

[@vincentortega4284]

That is gambling; not investing.

[@OTOWN2STOCKTOWN]

Line between always not so clear

[@TheValuablepainter]

Ramsey laugh’s 😂 like Chucky!

[@lightbrightconnect]

😂😂 you see who was skinny dipping when the tide goes in.

[@JakeM218]

My way out of this would probably be: Work out how much I could save from my income before October. If this is say 8k, then I’d immediately cash out 12k of stock and pay it towards the credit card, then use income to clear the remaining credit card debt before the interest kicks in.

[@DiaJasin]

Borrowing with high interest to potentially make low interest???

[@UrbanSurvivor]

Everytime you set your self up to get rich quick you can have your head taken off! 💯

[@RJRussoVids]

That’s called trying to catch a falling knife. 🔪

[@Pro-habits]

It always cuts you 😂

[@stevenporter863]

😅😅😅

[@MichaelJones-rn2pq]

He bought when stocks were on sale. He didn't know that they would go on sale even more. A cautionary tale for those who like to use this strategy.

[@juanmartinez-ts2bg]

Nothing wrong with Buying the dips, just as long as you don’t use borrowed money

[@spankynater4242]

@@juanmartinez-ts2bg exactly

[@Christian_Mechwart]

Advice did not age well. If those were low expense, diversified s&p ETFs, the advice probably should have ended at I don't know considering stocks certainly went up since then.

[@jamesshaw3850]

Today I came here to hear the smashing noise of dave to say what nuckle head. Follow the formula man....

[@G8PInfo]

if that guy held thoses etfs till 2024 he is way in the green

[@Sarkypoo]

Very true. Especially with his 0%. He totally would have made money. This was bad advice. He could have just worked and paid off his 0% for the long term. No reason to rush it like Dave said.

[@Fishhawg]

The problem is he couldn’t afford to wait for the return. IMO that’s the bad decision. He will look back on the etf in the future and say if I held it until now… but that’s the game.

[@AJohnson0325]

Don’t risk what you need and have for what you don’t need and don’t have.

[@uiof1]

Sounds like Rick took advice from a tiktoker

[@xman7688]

1 year later...I hope he road the wave. He would have pocketed a lot more than a few thousand. STILL incredibly dumb move

[@jimmymcgill6778]

Keep it. You don't lose until you sell. Dave is wrong. DO NOT SELL.

[@fsmoura]

Exactly, that's how I avoided any losses on my Enron position.

[@blingman78]

Exactly, I still have my Nortel and Bre-X stocks.

[@eemr8439]

The caller probably listened to one of those Tik Toks financial advices lol 😂😂😂

[@coniccinoc]

I lost nearly everything twice in my life. Sometimes you have to tough a hot stove twice before you learn you shouldn't touch a hot stove.

[@calcommpr]

Should have done put option contracts. But if it was me I never would have used OPM to invest. Use your own money and take some classes and learn how to read technical charts. The SPY is going down not up. If he knew technicals, he would have seen that at the end of 2021. It’s still got room to fall more.

[@LordRawnsley]

the way dave ramsey says “sooo”. 😂

[@toastybaconbus5737]

Genius man, he should open his own hedge fund.

[@fhuber7507]

Good to have a long time to not do the same mistake again. Learn well and that lesson can save you enough to retire on.

[@tonyngo9200]

Investing should be money you have and can afford to lose

[@ChadPavelcpa]

Ouch…if anything borrow with long term financing for a low risk small business or real estate venture. If you KNOW the business well and are reasonably confident you will get that money back before it’s due…not speculative stocks they are not investments!!!

[@redflag4255]

If it's too good to be true it usually is. i learned that the hard way twice.

[@user-hn9qw7ou8d]

I was $100,000 in the red at the time of this video being released on the PLTR stock I purchased as the market plummeted. I had the wisdom to not sell (but, in fact, continued to buy more). As of today, I am $200,000 in the green and have sold enough (ie taken profits) such that I would still be in the green even if the stock went to $0 per share. Moral of the story, ladies and gentlemen, is that the stock market is a wise person’s domain. If you aren’t gifted with exceptional wisdom and intelligence, let those who are manage your money.

[@markroberts6926]

lol...I think the kid who wrote in is a troll.

[@jasonhutchens4420]

S&P drops to 3,000 and I'll be very tempted to buy on margin. Personally if I was him I would hold the ETF and pay off the cc as quick as possible from over time or side jobs.

[@souschef4489]

That’s what I was thinking

[@July.4.1776]

🤞

[@JohnSmith-gy8rc]

Still very risky - some think the S&P is going to 1800.

[@souschef4489]

@@JohnSmith-gy8rc that would be crazy

[@jimhandler1129]

@@JohnSmith-gy8rc It will always come back.

[@PeterJames143]

dave is valuable based on how smart he is. but george is my favorite copilot. like rachel too