I'm $200,000 In Debt And My Parents Need Money!

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[@PeaceDayCortez]

I’m $8000 in debt and paying it down. I watch these videos so I feel inspired to never rack up debt again. 😳 Update 7/15/23 - I only have my mortgage left and I'm paying it down. I've also saved $50k by taking on a minimalist lifestyle & budget. Don't let the word “minimalist lifestyle” scare you, because I budget all year I just got back from a one month vacation in Alaska and went dog sledding. I'm building memories not debt. 🤩🥳

[@azteca6695]

How's your progress now?

[@MartinLabuschin]

Whats your progress?

[@twincherry4958]

8k debt...we should exchange🤪

[@IceColdProfessional]

Keep watching. It works. It's good to track your progress via apps and watch over the months as your debt goes down.

[@crow-vz5lx]

Good job. That struggle is real. And it helps you guide your kids from dept. You got this

[@miriambertram2448]

2900 a month no house payment is good at their age.

[@markg999]

Agree it's better than a majority of 80 year olds I bet.

[@miriambertram2448]

@@markg999 I am 69 I have a mortgage but I take care of that plus all the other expenses and just live a Frugal life. The reason I do not get a reverse mortgage or move out after selling is because I really like where I live and the reverse mortgage just doesn't make sense at this point it may at some point. I think it is irresponsible for any parent to ask her children to pay for them when they have irresponsible Behavior.

[@cliftt]

Yeah, but they live in The Villiages. It's for upper crust seniors. It's expensive there a and if they are keeping up with the Joneses...

[@maelindaseawell5269]

Not when you live at The Villages. It’s pricey and has A LOT of social candy to spend money on. Activities every day ALL day and night. HOA fees are unreasonable.

[@KM-nq7ez]

Miriam Bertram I was thinking the same thing.... and I do believe if Mama is getting a manicure once a month she probably is getting her hair done weekly and spending on clothes makeup etc, because at 80 she’s obviously still very concerned about looking good . And that’s fantastic if they can afford it, but it doesn’t sound like they can.🤷🏻‍♀️

[@AboutAysha]

Wow this is a tough situation. It's like you want to help your parents but you also need to take care of yourself and your own kids.

[@SteelRhinoXpress]

happens all the time. parents don't plan for retirement and when they get to senior age the kids are dealt with the burden of taking care of them.

[@Lion_Rey]

@@SteelRhinoXpress that's so sad and messed up!

[@AboutAysha]

@@SteelRhinoXpress that's crazy.

[@charlalee3859]

I say take care of self and kids because the parents had their chance to build a life for themselves.

[@multistack1502]

See, I’m ruthless, I’m my parents treated me like a burden. Figure it out on your own! Ah guess you should have budgeted better!

[@SoCalFreelance]

He can forget about an inheritance. Multi-generational wealth is a huge advantage for families who have their act together.

[@hannaw193]

Facts

[@mle011]

OMG they're in The Villages. That is a lifestyle community. I know exactly where their $2800/month is going....restaurants and alcohol. The Villages is one huge party -- the largest 65+ community in the USA. Living on a true budget in The Villages is going to be *difficult*, especially when a lot of really well-off retirees live there.

[@markg999]

Keeping up with the Joness is bad enough when younger but in retirement it is even worse. The villages is also number one place for sexually transmitted diseases. Nasty place I'll pass.

[@jaya.0069]

@@markg999 Whuut, you mean old people still do the nasty??

[@dahliaherrod4301]

@@jaya.0069 they are the fastest growing demographic for STDs right now. They are past the point of pregnancy so they think that they don't need to do anything forgetting they can still contract diseases

[@jaya.0069]

@@dahliaherrod4301 Yikes, that's not good, but good to know I'll still be able to bop my bologna at 90!

[@dahliaherrod4301]

@@jaya.0069 Lol hey there's always hope

[@chrishooshmand]

This is why I hounded my mother about letting me see her finances and I wouldn't stop until she did. She was upset once I informed her she was going to have to work 3 years longer because there was no money to retire. Being proactive spared me from being in this guys position. My sisters should thank me for don't this for our mother but of course they won't.

[@bighands69]

+Chris If you can convince you mother to do it right she may thank you when you point it out to her.

[@ceciliapetrowsky2572]

Chris Did you figure in any pension she might get? You didn’t mention whether your Dad has passed. If so, she could get a cut of his pension if he had one. She can also get his Social Security if it’s more than hers. Did you check with SSA to see how much she can get? These things might be enough if she doesn’t have much savings. If she has a house, she can sell it, invest the proceeds and rent a condo. I would hate to be told I need to keep working.

[@VLeaders]

Wow! That was awesome. So wise in taking that approach. One of the smartest movements concerning parents I've heard.

[@VLeaders]

You need to do a video on this subject and how you dealt with your mother. I am so impressed.

[@janetmccoy7945]

@@ceciliapetrowsky2572 You made excellent suggestions.

[@arleneaugustahair8393]

I’m so glad my dad invested in his retirement. I’m investing in mine and I told my kids to invest in theirs.

[@CrackberryMe]

Arlene Augusta 💯

[@lgee9027]

My mom did my dad didnt 😩😩😩😩SMH

[@harrycee656]

"mother not willing to give up her monthly manicure", that mindset is the root of the parent's problem. It is likely that that mindset is being applied elsewhere in the parent's life. Home location, cars, etc...etc. Priorities.

[@MsPants1632]

When he said they weren’t come to live with him ... his choice not theirs ... I just died 🤣. I get it! Old gals gotta get their nails did!! I have an aunt in her 90s on a fixed income and hair and nails are priorities!

[@Elizabeth-yg2mg]

Paying someone to do your nails is like paying someone to floss your teeth; do it yourself.

[@JAMANIJAMANI]

@@Elizabeth-yg2mg LOOOOOOOOOOOOOL! that is too funny.

[@Elizabeth-yg2mg]

@@JAMANIJAMANI Someone picking at your fingers and toes--ew. She probably has those glued on claws....

[@jimroscovius]

Some people have rotten priorities!!

[@Nonameagain80]

@@Elizabeth-yg2mg the dentist floss your teeth 😀, but agreed. Ive never had my nails done, I dont even go beyond cutting them myself

[@eurekahope5310]

$2900 seems like enough for a retired couple without mortgage or rent. Electric bills can be pricey but they may qualify for a low income plan or reductions if they have any medical devices. Some communities also provide meals for elderly people and shut ins.

[@marywebb9127]

They live way above their means to keep up with their friends!

[@AmyBethB]

And sounds like someone could work part time too!

[@idadho]

The Villages cost about $1000 a month for all monthly fees, utilities, and taxes included. They have $1900 for the other stuff. Somebody has leaking pockets.

[@appleiphone69]

There might be car insurance and maintenance expenses along with food prescription drug costs.

[@idadho]

@@appleiphone69 $1900 can easily pay $100 a month for car insurance. $200 for gas and car upkeep. $500 for groceries. The budget does not need to be very tight to live on $1900 after housing is paid for. I've done it on less for a decade.

[@choreomaniac]

They have almost $300 in life insurance and probably the same for the a/c repair.

[@michaelbrown7455]

I've always been frugal. Because I'm a college student, I have to work a low-income job to balance it with school. I make maybe $1800/month, and I profit more than these parents do. It's amazing, when you listen to this show and realize how nutty people are with their finances.....

[@ADailyDoseOfGrace]

“They went to FPU and they flunked” the truth hurts

[@angelramos9259]

The villages?! That is an expensive place. They need to downsize

[@hollyb6885]

I’ve heard horrible stories about living in The Villages. Has anybody else heard anything good or bad about that?

[@zari2662]

@@hollyb6885 there is a whole Netflix documentary about this place. Apparently drugs and swinging is a huge problem in this place 😳

[@hollyb6885]

@@zari2662 Thx. I’ll steer clear of that place

[@richsanossian8675]

@@hollyb6885 I live in the villages. It’s a great place to live with a budget for everyone. Sounds like their trying to keep up with the Jones

[@richsanossian8675]

@@zari2662 that is so not the case. People make stories up about this place because they are jealous. I’ve never met someone who visited and didn’t love the place

[@BagsNBaguettes_327]

The Villages is a party town for the elderly. I know, I live in Florida and hear about the wild parties 🤭🤗

[@katrinaumana2127]

This story is why I'm saving for retirement & kids college fund. His story is awful.

[@clarifyingquestions]

I just can not understand why kids can not pay for their own college - raise them up on beans and rice and if they work one day a week during the school year and full time during summer vacation BEFORE college all the while parents are saving for retirement how is this not feasible. Not too mention they get four months holidays every year they are in college. Oh whatever but it is possible to live at home and save for college during middle and senior years!! Even before work full time after high school and go to college at 21 when you know what you want and have figured out how much you will get paid with that degree. Too many kids are graduating with degrees that cost a fortune or incurred debt and are unable to get a high enough paying job.. All four of my children were informed that they would be paying for their degrees and they all did!! They chose wisely as most people do when debt is NOT an option and you are paying for it.

[@IsaiahGamers]

College isn’t worth the price tag anymore

[@patty109109]

Colleen Jones you’re naive about the cost of college.

[@jaya.0069]

@@miriambertram2448 A degree is no longer a guarantee!!

[@katrinaumana2127]

@@miriambertram2448 Absolutely I'm telling my kids to either get a degree in STEM or the medical field. Otherwise they should get a Trade as plumbers, welders, Carpenters, truck drivers, etc...make good money.

[@BirdogEd]

The Village’s?!? 😂😂😂😂...😖 Living in the Village’s ain’t cheap and promotes a lifestyle these folks can’t afford.

[@marywebb9127]

Yep 👍 living beyond their means!

[@buyerbware25]

Exactly. If they have to ask their SON for money, they probably never should have moved to The Villages. It sounds like the parents want to live large, even if it means beans and rice for their son.

[@DVeck89]

You know they have a bunch of retired neighbors who do it right and can buy whatever they want because they can afford it and these parents want to keep up with them

[@preston7795]

Tell them to get out of the villages!! Place is almost 4 times the cost of the retirement community 1 minute down the road. Guarantee they could sell their house and buy one in the next community and have money left.

[@ecclairmayo4153]

Must be a really nice place. HOA fees probably through the roof though

[@eckankar7756]

I just heard of The Villages. what is the cheaper retirement community? I have family thinking of retiring there. thx

[@Coffee4commonsense]

This sounds exactly like my mom was. She died flat broke.

[@NS-pf2zc]

I foresee having this kind of conversation with my mother. Sigh.

[@insideoutsideupsidedown2218]

Natasha S. My mom would live in a tent, eat government supplied cheese and rough it before she would impose on her kids. She would probably ask someone chop fire wood for her, but thats about it. What a crazy world

[@Peter-uo8zr]

InsideOutside UpsideDown You have a mom with high integrity.

[@NS-pf2zc]

@@insideoutsideupsidedown2218 I think my mom might too, I'm not trying to badmouth her. I just have watched her since my Dad passed, live for the past and for the moment and kind of disregard the fact that she still has a lot of life ahead of her, and is blowing everything he left for her in retail therapy or trusting con artist like people. No good child would allow their parents to suffer as they age, but it's pretty frustrating watching them race to poverty. 😕

[@MC-xv3eu]

Natasha I experienced the same thing with my mom once my dad passed... not easy...

[@khadijanana2226]

Hi

[@SherryEllesson]

The caller mentioned that his parents wanted to do a debt consolidation loan and he said something about credit cards. I didn't see/hear Dave pick up on that. The Villages is NOT an inexpensive place to live, and I'd bet if they look around, they could find a nice little house in the burbs with no homeowners' fees near public transit lines.

[@PassportBrosBusinessClass]

I have a BS, 2 MS and I did a study abroad in China. Cost me LESS than $50,000 Paid off all my loans.

[@daughteroftheking1222]

Dang! You are an inspiration!

[@paperremix]

Nice! Hope I get 2 MS paid or cheap as well. Currently getting my BA for free (scholarships pay me to add). I've gotten to travel the country and will have paid for study abroad this semester. People need to just be smart about where they go and what the benefit is. This school wasn't my first choice but I'm not paying a dime for school if I don't have to.

[@WCGwkf]

In what and what are you making? Did you do this in 1950 when it was cheap or was this recent?

[@xxxBradTxxx]

@@WCGwkf You can get a BS from Western Governor's University for 14,000 or less

[@user-ww1wh3wz5d]

@@xxxBradTxxx Yeah, but then you have a degree from Western Governor's University

[@mattphillips9346]

Living in the villages, fl is problem number 1 . Its a resort type city for old people, golf carts & country clubs. Its like feeling bad for someone who stays in Beverly hill...

[@bighands69]

None of that changes their bad finances.

[@mattphillips9346]

@@bighands69Thank for correction MY opinion sir..

[@PInk77W1]

bighand69 change their address and their leftover pay at the end of the month goes way up.

[@dm7232]

@@PInk77W1 where can they live for less than no house payment?

[@PInk77W1]

@@dm7232 if they have no house payment They should have no problem

[@jarrettpierce5626]

Haha she won’t give up the manicure that says it all

[@khadijanana2226]

Hi

[@miriambertram2448]

If they break their budget from manicure then they need to find a very different place to live

[@thewongmindset451]

The Sandwich generation. lol. Working my way up so my kids won't be sandwiched.

[@pseudorealityisreal]

LOL...don't marry or have kids (definitely not kids!) ;)

[@theshape7214]

RHS having kids is a luxury

[@mammothorbust]

Yeah that scared me. My parents struggle financially and will be 75 by the time our first kid enters college. Luckily we’re saving for college, but I don’t know what the situation with my parents will be.

[@maryfields1382]

Same here. My parents are financially stable, so my siblings and I don't have to worry about that. What a relief that is. I want my kids to never have to worry about supporting me when I'm older.

[@EmmanentDoom]

As a young adult whose parents did that, your kids will be grateful.

[@l.ls.8890]

The Villages. An up scale retirement community in Ocala, FL. Expensive to live there.

[@JustinNgim]

I hope things get better for Scott soon.

[@KC-dr3cg]

They need to downsize to a place with no HOA. Find a cheaper loan to pay off the air conditioner. There are places cheaper than The Villages

[@seventhchild7270]

Im 63 going on 64 in Jan, retired, ....I have good credit(dont use)...car paid in mint condition, no debt!...nice but simple life!....pay cash for everything!.........I FEEL IT IS VERY UNFAIR AND IRRESPONSIBLE TO NOT MANAGE YOUR FINANCES, LIVE WITHIN YOUR MEANS, SAVE MONEY AND REMAIN DEBT FREE!....IN MOST CASES ONCE YOU DIE, CERTAIN EXPENSES WILL BE PLACE ON THE SPOUSE, CHILDREN, OR ESTATE!....IF HIS PARENTS WERE MAINTAINING THEIR FINANCES, LIVING SIMPLE....THEY WOULD HAVE HAD THE EMERGENCY MONEY PUT UP FOR THE AIR CONDITIONING!....THIS IS WHY IT IS IMPORTANT TO SAVE, STAY AWAY FROM LOANS/CREDIT CARDS, LIVE A NICE BUT SIMPLE LIFE!....NOTHING LIKE HAVING PEACE, PREPARENESS, ETC!

[@hs-tq3ti]

"if they don't do what you want... don't give em any money." lol

[@paigeresch9338]

“The villages” is a HUGE retirement community/“village”. With golf courses, pools, and all kinds of nice/expensive spaces, I’ll bet their HOA fees are high. It is not tgg Hf e place to retire if you have a tight budget. It is the place to retire if you have extra income and wanna pay for lots of amenities (either through hoa fees or paying to use their shops/food/entertainment options)

[@Mizmoon2020]

Paige Resch I was coming here to say the same thing. Villages is for like rich people LOL

[@PInk77W1]

$1007. is what I read on their website.

[@eks9225]

I’m glad this guy had all the info at the ready

[@pollodormido2]

If you show up with rules to a person normally they reject them! After you sit down and explain why then they might accept them.

[@ofmiceandmandrakes1005]

Definitely do NOT agree with canceling the life insurance

[@ofmiceandmandrakes1005]

@Anne Day they can use the remaining money from the life insurance to pay off debt.

[@bighands69]

@@ofmiceandmandrakes1005 They have already paid about $18,000 into the policy and the son states it is fixed term so what is the benefit financially. They could live for another 5 years.

[@ecclairmayo4153]

Me neither, because he will end up cancelling baby step 2 again to pay for it

[@ChristoherWGray]

The Villages is high cost of living in Florida

[@thinkmackay8954]

Good parents don't make their children's life harder!

[@AGarnier]

I think Dave forgets that the people he speaks to are not as well off as him. His parents definitely shouldn’t stop life insurance. They should fund their own burial not the son.

[@manarioomanarioo7331]

I would rather my parents he able to live month to month and not have a burial pre-paid than being required to find every little thing that pops up.

[@ittakesavillage5461]

Issue is if they are this tight in their budget and they miss paying on it they will loose it anyways. They could put that money aside in a high yield savings account and pay for their funeral costs.

[@bighands69]

+Adriana Garnier They to date have probably wasted $18,000 on insurance. God knows how many programs they are bought into that waste money. In 5 years time again they will have spent another $18,000. SO that means $36,0000 to date. The average funeral cost in Florida is about $7000. It might be different if their insurance covers end of life medical bills but I doubt that.

[@fer-curium1650]

I need to call Dave Ramsey one of these days!

[@NeoAndersonReloaded]

My mom is the same way.She always needs money but has cable and smokes cig. Drink soda snacks.

[@slimshady6352]

lol

[@dipsomaniac124]

She’s an entitled American

[@cocobutterchin6768]

My Parent in their 70s are the same way. They are still paying mortgage and my father thing he is entitled to our money for him. Every time I am at his house,all he talks about is money and his financial situation. I limit my going there. I have a 14 years old child that I am taking care of and I need to plan for my child's future

[@buyerbware25]

I hear you. I knew an old disabled woman whose live-in boyfriend never left the house without spending money (gasoline, cigarettes, coffee - and that was just at the first stop). It took her a while for her to figure out how he was always broke by the middle of the week.

[@buffymcmuffin5361]

Cigarettes are an expensive money.

[@j316finewoodworking6]

This would be my parents 😥 Never hear from them unless they need something. 🤷‍♂️

[@jamalshanti]

I mean at the end of the day it's a life cycle, when we were kids we talked to them mostly because we need something, now they are turning into kids with adult bodies and doing the same for the most part

[@sherryobar5750]

Ouch!

[@markg999]

The villages are a nice retirement center...likely charge more than most places in Florida. $2900 no mortgage in Florida is pretty decent...they should make it work.

[@mauricegeorge4320]

Anyway suggests asking elders to move out of warm area to a cold place is a bad bad bad idea.

[@windsongshf]

Dave: What's your household income? Caller: 200K Me: Dang! Everybody calling Dave is rich! LOL! . . . Not jealous, just confused!

[@richardleston5237]

Possibly dual income (husband and wife working). Salary can also be inflated higher than average if in a HCOL state.

[@maelindaseawell5269]

They are dual income but also paying off their own big debts and cash flowing 2 kids through college. House, cars, college kids, food, utilities, health, home, car, college kids health insurances. It adds up pretty quick.

[@richardleston5237]

Maelinda Seawell House + Homes + Cars + Car all adds up fast.

[@suttsd]

@@richardleston5237 yea its household income meaning wife nd husband

[@richardleston5237]

suttsd Also any children older than 18 years old legally working, or any minor that has been sold into indentured servitude. But that part of the tax law hasn’t been updated since 1797.

[@LoriFoster]

I like the idea of helping them so they can have dignity!

[@patti9339]

These people are terrible with money. I wouldn’t pay a darn thing for them!

[@khadijanana2226]

Hi

[@Faith-un7ns]

I wouldn’t either. It doesn’t sound like they are going to smarten up.

[@USMCAllTheWay]

Dave always has great advice 👍.

[@eyhill1]

The Villages are kind of upscale/expensive. I've been there many times. His parents cannot afford to live there. Time to find somewhere cheaper, especially if his dad has lots of health issues.

[@gmo5380]

Funerals are a huge expense and most of those costs are due upfront like keeping the bodies on ice until they're prepared. I would not tell them to cancel their life insurance. Mom and dad better just get their ish together.

[@SteelRhinoXpress]

cremation is way cheaper and if you give your whole body up to medical science, then cremation is free. that's what i'm going to do. I don't care about having some funeral, that I'll never see..

[@ChrisMFlorida]

As someone who is in the industry, cremations can be done for about $1500 in Florida. Many funeral directors also help with the life insurance paper work so they can get paid.

[@lovethemflowers]

@ Chris Vandernaald - My mother’s was a little under $1400, including four death certificates. We went very low budget, no frills. Unlike this caller’s parents, though, she didn’t plan for it, so it came out of my emergency fund that I’d started building beyond the $1,000 starter emergency fund. Ouch. Not doing this to my daughter.

[@illegalalien6542]

Same

[@SGast]

But 50000 seems a little excessive. Most people I know have a 5000 life insurance for funeral expenses, which should still be a pretty nice funeral. Also, a lot of the costs associated with funerals are discretionary.

[@PInk77W1]

$2975. A month is not bad. Sounds like a complete lack of plan. Indians lived in Fl forever with no A/C. They should write a book. “The total financial ruin method.”

[@kristen1225]

Story of my life! My parents are absolutely terrible with their money, and they always try to rely on us 4 kids to save them.

[@bighands69]

Maybe you and your siblings need to sit down and plan it out. What age are they?

[@kristen1225]

bighand69 I have tried 🙁 I even offered to pay for FPU, but they don’t care enough. They’ve filed for bankruptcy collectively twice. My sister and I won’t give them money anymore, but my other sister funds their stupid choices like down payments for new 50k vehicles!! She’s also bad with money though, so it’s the blind leading the blind.

[@kristen1225]

And they are 50 and 51

[@mauricegeorge4320]

@@kristen1225 Huh? 50 and 51. They are still very young. They can still have a decent amount of savings when they hit 67.

[@jillstover8782]

Villages is VERY EXPENSIVE move outta there! If its the villages im thinking about

[@morenpark]

I will assume that most if the money is going into maintenance fees while living at the Villages. That's some expensive place

[@alexwyler4570]

just pay your mom's manicure every month and tell her that is her mother's day and Xmas present for the year already! The Dad took the term life insurance not to leave his wife destitute when he passes. I wonder why David Ramsey did not acknowledge that...

[@kv7654]

$2900 Mo is a great income for retirees. They need to sell their home and get rid of those HOA rip-off fees and buy an apartment or small house. They’d spend MUCH less hiring a local person to mow their lawn. HOA fees are killer. Yes get rid of life insurance. At their age that’s a total rip off too.

[@Hcollingwoodfoxy]

They are in the villages!!! That place is so expensive... I would tell them to sell and move to Belleview or Ocala.

[@ChipZilla69]

I like this caller. Generous but not a push over.

[@lovethemflowers]

When the caller said his parents lived at The Villages, it reminded me of the ending to their ad I used to see on tv when I lived in the Tampa area where people are singing: “The Vil-la-gesssss“.

[@christopherlemay785]

Florida's friendliest hometown! They ran what was likely the same commercial where I live in New England

[@ashleyjones5396]

This is definitely giving me the courage to make a budget with my mother in law the next time she ask for money. Idk how my husband would feel though but I hope he would agree. I’m the one who constantly talks about boundaries. I think he is finally getting it though.

[@richiejohnson]

It costs very little to cool my 1600 sq ft house in SW FL, about $2.00 a day for AC

[@coachraylo]

I told my kids I am not paying for their college but I will show them how to do it debt free. It has worked out!

[@Sexy40baby1]

I feel like they have enough coming in

[@MsMaxinejoy]

This is how people stay in Perpetual debt. They keep playing for their parents bad decisions in life. You are under no obligation to pay for your parents bad decisions

[@paulinoaz]

Sell the house and move somewhere cheaper. Why do they stay living where the HOA and electric are killing their budget. $3000/month with no house payment IS enough to live on, more then enough. And if it is not then you need to change where you are living.

[@pennypincher7383]

50k life insurance and over $200/mo. payment?! This is a very cringe worthy episode on money stupid. 🤦‍♀️

[@brandonrides8953]

Tell them to pull themselves up by their bootstraps and to figure it out :)

[@PatriciaCarvalho-vz3zq]

Imagine living 70yrs and being so inept & selfish your child has to take over your budget. Unreal.

[@acceleration1146]

Sandwich generation... love it

[@mlovespring7892]

Son is making great $. Mama and papa feels they are old and they will live like no one else....before they dd!I know where the big money is going. It's never enough when you step foot in that door.

[@marthafazzini9835]

Son number 1 does the responsible thing. Son 2 spends like he’s in Congress. Borrows from Father. Father in trouble Guess who everyone looks to: you Got it! Welcome to my Dysfunctional Life

[@reitzell7]

My dad is 75 and has retired twice and is still working a side job. I couldnt imagine us going over his budget. Hes more likely to go over ours. Lol

[@johnplaid648]

Dave, where can I get your bio to read?

[@marremarre523]

The absolute state of Boomers

[@marywebb9127]

Yep 👏

[@MiniReny]

Cleared my debts

[@winsomewife7112]

College is a gift not a requirement of parenting. Could be an investment in your old age care by your kids. But I would help parents before college kids any day, if they were decent parents and it's only a few thousand like that. Case closed.

[@FunandBudget]

Your 80yo mother gets a $40 manicure a month...sounds to me like a son who makes $220k a year could gift his mother that.

[@ligbzd837]

Why they need to spend $6500 for AC??? You can buy one around $200 at HomeDepot! You don't need central AC; not all rooms need ACs. Just get one for the living room/kitchen and one for the bedroom. That's it! You got to be creative and thrifty! Don't live like a King or Queen when you don't have money. There are many things we "don't" have to spend money on. Only home and food is a must - everything else is optional.

[@JK20239]

200k in student loans? Who's the doctor? 😎

[@yeyamusic]

Josh Who’s* the English teacher?

[@Jasonsmith-sr1ke]

Who’s the barista?

[@tyrese6994]

Who’s the tuba musician?

[@ChrisMFlorida]

Who's the butterfly psychologist?

[@sobc2737]

Who's the historian?

[@princesslamour1985]

The villages in orlando is swankkkyyy$$$$$$$$$$$

[@Qwistie_]

I have 10K in c.c debt which is high interest and 50K in school, these videos help me to not charge my card

[@matthewwilliams9200]

Shoot run up the credit cards at 80 350 + 226 + 56 a month out of 2900 leaves alot left what happened to the rest.

[@Nonameagain80]

That's what I was wondering

[@Theinsomniac826]

My air conditioner died too. I have a home warranty with American Home Shield. They paid for a new one in June.

[@bighands69]

You should have enough saved to cover the cost.

[@Theinsomniac826]

@@bighands69 I used that money to invest. So far I made $18k.

[@markg999]

How much is home warranty? Usually I'm against warranties but if they cover the ac it might not be a bad deal if the price is right.

[@Theinsomniac826]

@@markg999 It's $60 a month. The contract covers a lot: stove, furnace, plumbing, electrical, refrigerator, etc. If they can't fix it then they replace it, which is awesome.

[@cocobutterchin6768]

I am calling them in the morning for my home warranty quotes because I need new air condition for my place.

[@maelindaseawell5269]

Too many people worry about their parents with debt in regards to paying off debts for them. Especially when the children of elderly are in debt themselves. Fix your own debt issues before attempting to pay theirs. In this case there is a side factor. The city they live in called The Villages has A LOT of social candy for elderly. There are social events happening at all times of the day and night as well as clubs and other activities. There are evening events that entertain including live bands playing and dancing with food and drinks. BUT all that costs money. If they are over budget every month by over $600, I’d ask them to keep a journal for two month, check their bank statements for all debit charges and ask them to account for every dollar they spend with receipts of cash withdrawals. It may sound invasive, but if your planning on paying anything off for them it would do no good if they will just be going right back and charging everything up again. The faucet has to be turned off BEFORE you fix the leak. Remember when they pass away buy a stamp that says “Deceased” and send bills back. With that reverse mortgage you’ll have nothing to give to anyone that try’s to collect. And children are not legally bound to pay parents debts. That is a crazy situation to be in, his parents refuse to change spending habits.

[@RexyFan]

I’m 37 and pretty healthy... living in Australia I’ve had life insurance for maybe 10-18 years now. Do I need it ? I’m insured for a million dollars. I don’t think I’m going to die any time soon ... Should I cancel it ??

[@JayDee-ut5yg]

This is the only call I have come across from Dave that I didn't agree with him. When he told him to cancel his elderly father's life insurance I said "What???"!!! Where will Dave be if the father dies and they don't have the money to pick up the pieces??? Bad advice there!! My best friend took out a life insurance policy on her 38 year old husband and it was the best investment ever because he died 3 years later and she received $250,000 and bought a house and car. She took out the policy just incase because they have a son and she would have needed help with expenses.

[@53briley]

Why is a life insurance while life policy a rip off?

[@Mmolesy]

Dont pay them a cent! take care of your own debt.

[@Simon-oy7kf]

He needs the money more than they need it

[@benje4272]

I'm lost on how they dont have money 2900- the AC 350 still have 2550 -300 life insurance still have 2250- the manicure 100 still left with over 2k to pay for food and bills

[@MrDedvalson]

The villages are very expensive.

[@carmen2683]

Should I stop baby step 2 to help my mom with her medical expenses. She has lung cancer

[@arielgarcia5069]

Sounds like all they need is a written budget.

[@truthlove1114]

They can work. At least the mom since the dad has health problems

[@ericoramirez6717]

How much is a financial coach in Miami I need help

[@RachelTomeTampa]

The Villages has high HOA fees, they need to get out of there!

[@jordanschultz5397]

My kids college will never be my problem. I am willing to help but no way am I strapping myself for their education. I paid for mine that can help pay for theirs.

[@paccarcrap]

Go to income based housing for seniors

[@ittakesavillage5461]

The villages is super expensive

[@deathreaper1366]

It’s like 18k per burriel normaly

[@GMNGChristian]

5 years of paying life insurance at $226 a month is $2712/yr., coming to $13,560 over 5 years. Instead of buying life insurance, if that money was deposited monthly in a mutual fund that got 9%, our numbers would come close to $17,691 total (including simple and compound interest). If it was allowed to grow over ten years? $44, 911 (the insurance was only $50k). What about fifteen years? $86,793. This is all assuming ZERO starting principal - just investing $226 a month; it's a total ripoff to buy life insurance if you've still got natural time left (anything can happen, but assuming you live until you're 80, then there's no need for life insurance to cover your burial if you're younger than 70. Just start investing in a fund that at least matches the market, and you'll be covered). Anyone feel free to crunch the numbers and lovingly correct me - lots of math wizards out there, of which I'm not one. :)

[@DonnieDarko1]

2:37

[@InvestingEducation]

Take care of ur own problems first unless ur parents' issue is an wmetencyt

[@GenExDividendInvestor]

Make sure your covered financially first and then help them out if they are willing to work with you on some changes. I’d try to figure out how she can keep her pedi though - it can’t be too much $ and it might be important to her at this stage of the game.