I’ve Put Myself Into a Terrible Situation

[@lisahinkofer2085]

Paid off twenty thousand dollars in credit cards. And now only have a year left on my car payment. It’s been a rough ride but I have learned my lesson. No more debt. Taking back my power and life

[@teriliebmann3491]

Congratulations 😊

[@thatbemefool]

OMG Congrats. I can sense the exhaustion because I’ve been there. I too learned my lesson twice. Never again!

[@MrMustangrick]

Awesome!

[@Angel-xb1bp]

How old are you ??

[@Opinions-galore24]

Congratulations!!!! What a way to change your life, right?!!?!!? Many blessings to you!!

[@iforgotmyscreenname1]

15 years ago, I learn that it's best to be rich but live like a poor person, instead of being poor living like the rich.

[@obi-wantpastrami8745]

I work with people that are always broke because they try to live the same lifestyle as the owner of the company. They even pull all the money out of their ira every 2-3 years to buy stupid shit. Meanwhile, they laugh at my wife and I because we have money instead of material possessions.

[@TheLawIX]

You can have both if you're not stupid. It's not one or the other.

[@mommaoinnh2674]

Why do we teach geometry & chemistry & & &, when we still don’t teach kids how to manage money or debt?

[@randymillhouse791]

Our former bank manager in Ft. Lauderdale: "You two are the only customers at my branch that have direct deposit to savings which gives an annual award of $250.00." My wife said "But that's free money, I would think everyone would take advantage of it." Bank manager: "Oh no, all of my customers live paycheck to paycheck and live WAY BEYOND their means." That was the moment I knew we were doing things right even though we only had saved our first 100K. That was in July 2020, several hundred thousands of dollars ago.

[@MrBacon-ou1kw]

@@mommaoinnh2674 Most Americans can't do geometry and chemistry either lmao

[@3ddiEdotcom]

She needs a REAL full-time job, preferably a better career path. This family business of hers isn't going to cut it.

[@barnabusdoyle4930]

Depends on the situation. A lot of times a set up like this comes with free housing and daycare.

[@TonyCox1351]

@@barnabusdoyle4930the housing may be rent free but it comes with a bunch of moral obligations. Frankly at 29 she needs to strike out on her own no matter how cheap it is to live with her parents

[@barnabusdoyle4930]

@@TonyCox1351 I don’t think she lives with her parents. I think she may be in a situation where the venue has a living quarters on it and is likely attached to a church with a preschool class and daycare. I live in Oklahoma City and know of quite a few of these types of situations where the person who runs the venues have all of that available to them too. She didn’t say this was her situation exactly, but she also didn’t mention a mortgage or rent payment either. It’s also possible she lives with her parents in exchange for running the venue, so it’s definitely situational on if running that venue is her best option.

[@keithbellair9508]

$50k to sale appointments is a prettt nice cushy deal.. she needs a 2nd job if anything..

[@katie8325]

@@keithbellair9508you’re barely literate. But by all means come online to criticise people you don’t know. Running a wedding venue is hard work Keith. Your ignorance is showing.

[@stevegolacks8731]

I love my parents, but they are the LAST people I would go to for financial advice. Dont just blindly follow someone because you are realted to them or they are your bestie. Bad move!

[@catherinewilke5583]

Learned the hard way I’ll never take financial advice from a relative again.

[@therocinante3443]

SAME! At 21 my dad had me lease a brand new car when I didn't have a job because "the payments were cheap and I wouldn't have to make that much"

[@Rohoactr]

On the bright side this lady is still young. She can get out of this situation in 2 or 3 years. But she’s gotta work hard ! Grind

[@FP65]

I sympathize with people who find themselves in big debt. It’s a horrible trap. We learned our lesson decades ago. We finally paid off and got rid of our credit cards and never took out another one again. We sold off our nice cars and bought old used cars. It is a glorious life when you don’t have any debt. I can’t think of any product out there that could entice us into going back in debt. We feel free now.

[@MrsWheezer]

We currently have some debt that should be paid off by the end of the year. I am looking forward to it. We have 2 kids in college with a third coming right behind them. A little debt is pretty inevitable. However, we have planned it so we can 100% cash flow during the years we only have 1 kid in college. Should be debt free when youngest graduates. Of course, this assumes we don’t have a huge financial emergency.

[@IndigoStarrAz]

She's not selling that car.

[@marknewton6984]

She won't sell.😮

[@Lis422]

Guess

[@garyclark6427]

If her parents want her to have a better car, they can buy one for the business, write it off according to generally accepted accounting principles and then let her drive it. Agreed, she needs to be on the payroll so she has social security, work comp, etc.

[@anndeecosita3586]

If she uses her vehicle for work then she should at the very least have her mileage and insurance paid by the company.

[@dlyras]

@@anndeecosita3586 You and the OP are missing an important point I think. The company probably can't afford to put her on payroll, pay for social security, work comp, vehicle insurance, etc. All this would be an additional expense to the company. The company is broke. For her to come out of this with 50k net, her cost to the company would be a lot more. Thats why she is getting paid off the books and behind on her taxes.

[@kendrapratt2098]

Sounds like she’s been trying to maintain a certain appearance and lifestyle without the necessary income. She’s finally heard from people with sound financial advice. Rooting for Megan. I hope she can get serious about living like no else for the present

[@MooMoo69556]

She won’t

[@nibekus]

​@@MooMoo69556 What makes you say she won't?

[@random-nz7dy]

Awkward moment between Dave and George there 5 min in lol. Georges math was good, Dave corrected, realized he was wrong and then stopped George. As great as George is as a co-host, I would certainly hope things stay good between them. George is rock solid.

[@sebbysends1052]

yes but wasn't George wrong because he quoted $14K when he should have quoted $6K. $14K is what she owed on the car.

[@paulhathaway5907]

I totally agree with Dave's advice However I do understand why some people why some women are petrified of having car problems

[@mdaje]

Ive been there, i side hustled, worked at mcdonalds in my off time from my other job. Then paid the lowest loan and snowballed the money from that payment into my next payment. Took the bus. She needs to hustle. Debt free, ill never forget that day. takes hard work and discipline. Just like weight loss, takes hard work and not snaking 7:59 at night. Hang in there megan!

[@gayleedwards318]

Same here. I worked at UPS from 11pm to 7am rushed home slept went to my day job at 9:30am worked until 6pm. Slept until 10pm went back to work at UPS. Roughest year ever but it was worth it to get out of debt. My day job I worked from home slept on lunch breaks too.

[@CarlaQuattlebaum]

@@gayleedwards318 Wow! Glad you're not having to do that anymore!

[@danielroper18]

Facts well done

[@mdaje]

Yea it's about facing it. Facing debt. Facing overweight, you have to face it and not run away. She owes $77,000, but really that's not bad. Even a few dollars more against the debt will start to decrease it. DAve's right, work alot more, find a strong paying side hustle. Yea, startbucks and mcdonalds always need people to serve burgers and coffee. No credit cards, just use cash. I know it can be done, because i've done it. And I was making alot less than she was. @@danielroper18

[@mdaje]

super awesome. I hope Megan reads some of these posts. If you read this megan, I know all about I don't want to do it, but you have to. Your friends don't pay your bills, you do. I've been there, takes hard work, but it can be done. Takes discipline. Come here for encouragement. Praying for you sister, hang in there@@gayleedwards318

[@D9Beats]

First time I’ve ever been in debt. I hate it. I’m fighting my way out of it! Edit: Thanks everyone for all the supportive words!

[@curiouscat3384]

Smart - stay strong! You can do it if you stay focused. Watch Ramsey every day :)

[@imveryhungry112]

Me too

[@christinal3041]

Me too

[@teriliebmann3491]

Keep up the fight, you will be glad you have.

[@minervagalvez4748]

YOU CAN DO IT D9BEATS 👍👍👍😊

[@frogturtle]

say whatever you will about her financial choices, but she made the right decision by calling and seeking help. the fear of keeping herself in debt finally became larger than the fear of changing her financial situation. that is a powerful moment!

[@heatherwanamaker7904]

Good point

[@littleripper312]

It shows she's being proactive and wants to change. You can tell she does by the way she's talking about it too she just feels overwhelmed and stuck. She'll get out and I bet she won't go in debt like this again.

[@MeM.Card.Collect313]

She said I’ve been trying really hard not to use credit cards…. No accountability, not committed. She will get the results equal to the effort she puts in. She is doomed.

[@joyceboisvert9167]

She finally learn this was a wake up call time to get another job on top of the business you have become a certified nursing assistance (cna) guarantee there work in tha😢

[@raiden031]

I disagree with Dave's logic about the car. There is a HUGE difference between a $6k car you already own and know it's condition vs. buying another $6k car that you are only going by a someones cursory assessment of it. I would consider a $6k purchase in today's car market to be very risky unless I know the previous owner personally.

[@randallnguyen7405]

Not necessarily. If you're tech savvy like myself, I would purchase a cheap bluetooth OBD2 scanner and then plug it into the obd port to scan the car for any defects. In addition, if you know a good reliable mechanic, just pay him to look at the car before purchasing.

[@bertvanderkooij2886]

True…and l was also confused by the advice to sell the new car. This car depreciated by thousands the moment she left the car dealership. She would practically have no money to get another car.

[@raiden031]

@@randallnguyen7405 I have my own ODB scanner and do some of my own repairs, and still don't consider myself savvy enough to find a good car for $6k. Maybe if I knew a mechanic, but unfortunately I dont

[@chadanderson2551]

I agree

[@lkj0822g]

Yep. Buying a new car when you are in this much debt may have been a bad decision, but selling it at a loss and then having to borrow more money to buy a used car with questionable history simply makes matters worse. She would be lucky to sell at a price to payoff her loan, thereby losing her down payment. I'd rather owe $14k on a new car than $7k on a used one.

[@lindawilson4625]

The caller also needs to rethink the wedding venue job salary. I understand what the CPA was thinking, but waiting to pay her taxes when she files her return doesn't work for this person. I also suspect she is underpaid and maybe not getting reimbursed for business mileage or even have the venue own the vehicle. I suspect her parents are taking the lion's share of the tax & expense write offs on the business. I'm not so sure this caller is getting her fair share. Or she works very little and needs to get a strong second job.

[@anndeecosita3586]

Might be a little of both. She even said they have a slow season over several months which means she isn’t doing as much work but is still being paid. The fact that she has a lot of cc debt makes me think her issue is about more than her parents. Did she really need to take on a student loan just to go work for her parents? Obviously she’s not their accountant.

[@napoleon1992]

As an LLC owner, she cannot be on payroll. However, she can take draws. Now if it is a S-corp she can make herself an employee of the company and take a salary.

[@JonathanRandles]

Correct!

[@lc6636]

She doesn't know what they are. She is just spending.

[@roadrunner9622]

This is why it's annoying when Dave blusters in with absolute answers when he doesn't have all the information.

[@panama2468]

Huh, an owner can be on payroll as an LLC or sole prop. It doesn't necessarily make sense unless you're wanting to qualify for certain loans or mortgages, but it's not illegal to do.

[@patc7055]

First thing get a new financial person. Then put yourself on payroll. Then increase your pay. Now deal with the car and the things.

[@Invertmini1212]

Debt is crippling... It consumes your thinking. Thats some serious debt for her age.. Honestly im 29 also and almost all my friends have maxed out CC's and have personal loans.

[@IgoOutlateAtnight]

At 4:55 Dave says "Nah that's not true" to George's math....then Dave has the AHA moment and realizes he jumped the gun! Dave you're learning buddy!

[@n.w.414]

Then he interrupts George. What was that about?

[@JohnMWeaver]

LOL

[@kingdjoser]

He doesn't like George at all.... It's very obvious. The only reason he keeps him on the show is because his KZbin numbers are great with the younger generations

[@xAmaya13x]

He better keep George. His videos grab this generation and feel more relatable.

[@RhinoXpress]

​​​@@kingdjoser yeah I've noticed that to I don't know why he doesn't care for George, maybe because he's threatened by his popularity amongst younger viewers. I mean, Dave made himself look ignorant when George was right about the math. Dave was the one to tell George that's not true when it was true what George was saying. Then you see Dave didn't say anything after he got corrected. like he was too proud to admit that he was wrong or something.

[@heatherwanamaker7904]

Love the way that Ramsey handles this.. God Bless him and his staff

[@skateata1]

There arent many $6k cars out there anymore. Unless they are falling apart.

[@p3wp3wp3w6]

So bump it up to 9k and get a 10 year old civic with 75k miles. You're only taking out 3k versus 14k. There are thousands of options out there

[@penguin12902]

I just popped open Fbook marketplace for Subaru Outbacks and there's 5 right near me between $5-7k, mostly 2007-2008 with around 120-130k miles (my friend has one with 288k miles on it). And that's a pretty nice SUV with all wheel drive...I bet you can get a Toyota Corolla or Honda Civic way cheaper than that with even less miles.

[@smithwrx5910]

whats worst is the 8 to 20k car that falls apart so badly your mechanics says its not worth it to fix it. stick with 6k or less or a near new one.... the 8k-20k are very dangrous

[@Jimthechevywheelman]

In the Atlanta area we were trying to buy a basic honda crv . Or Toyota … Found out about how good the recent Subarus are … watched a lot of KZbin videos with good mechanics, found out Subaru, got their head gaskets fixed, and the transmissions are made more reliable.. heard that Toyota owns 20% of Subaru,… and that Subaru, is known to be number three now !and ended up getting a new 2024 cross trek sport .. with the 2.5 engine. I think in this case it was a good decision . Usually we buy new and keep a vehicle ten to14 years.. my daughters the same. But all we were finding was junk down here. If it hadn’t been through five owners, in five years, it was a lease vehicle or it was from the north. … have to be careful where you buy vehicles from… even though they might be on the southern car lot, they could’ve spent most of their life up north.. … Not a good deal buying one rusted , if you’re living in the south. Was hoping one of the girls to pick one out and I didn’t want her to buy new…. Past couple years the car market sure has changed a lot…. And the risk of having a used car that needs work in garages that don’t have competent mechanics and their parking lots are full of cars waiting to be worked on …and the wait time is incredible . So if you really have to depend on the car, that’s best just to cancel your Netflix and tighten your belt and just buy new in my humble opinion…. Just buy as basic as you can and keep it long time..

[@BusArch42]

@@Jimthechevywheelmansame as my assessment. We needed to replace a car and looked at two year old rav4 and Subarus. They were almost as much as a new one and they had tons of miles. The ones I looked at had 50k miles on them at two years old. No way am I buying a used car that isn’t under warranty anymore for that much

[@jcmphreek]

Tough situation and while she absolutely no way in hell should have gone out and bought a new car, she has a point. My wife’s car value is probably only 2 or 3k at the very high end but we take care of what we need to take care of and feel good about this thing for the next several years (knock on wood) and no way in hell if the car were to be totaled would I trust the reliability of a 3k car we could go out and find, and just finding something that cheap is almost impossible

[@Eric_Bassett]

You guys really don’t understand the car market right now. A working class person living paycheck to paycheck can’t afford to have some pos junker leaving them stranded when they have to get to and from work. A car note is predictable, you know when it’s coming and what it will cost. 6-7 random break downs in a 6 month period.. is a BAD thing for someone like her. That’s why people go into debt to buy cars they know will start each day and not break down. ALSO. Her car she totaled was valued at 6k by insurance meaning it would’ve sold for double on a lot. When I totaled my 2014 civic years back they gave me 9k for it… if bought the car for 20k just a year prior to that. Remember.. the consumer always gets the short end of the stick when buying a car. Her car she had to replace was likely wayyy better than a 6k beater sitting on a used lot. That 6k beater would probably only be valued at 2-3k by insurance btw.

[@stitcher4729]

Well said, especially about the needing to get to work.

[@ashleymorgan5261]

If the business is set up as an partnership (LLC taxed as a partnership), legally you can't be on payroll. You can convert your LLC to be taxed as an S-Corp and then be on payroll.

[@jessicamendezsiqueiros6232]

And get tax benefits on your dividends after your reasonable salary! Changing to an scorp helped my business so much.

[@Triquetra15]

That’s kind of what I was thinking but I wasn’t sure if I was right. My parents had an llc, but changed it to an s corp so they could be on the payroll. I thought you had to do that with partnerships and llcs.

[@JonathanRandles]

Exactly correct!

[@panama2468]

Where do you people get this info from? You can definitely be on payroll as the owner of a sole prop or LLC or partnership. You may still have to take distributions or draws, but it's not illegal to be on payroll

[@styleszachary6196]

first time I've heard Dave answer "Great" to the "how are you?" question

[@analyticalchick3064]

I noticed. I guess he deserves to be great now?

[@LaineGaming]

"Better than I deserve!"

[@m.carroll]

As someone who enjoys saving on a car let’s be honest. ​​⁠those 6k cars on Facebook marketplace and other online listings are from curb stoners selling flooded and/or previously totaled, salvaged titled vehicles; that have been poorly repaired just enough to convince someone to buy them.

[@Benzbuild]

Not all salvaged cars are bad, owned 5 salvaged to rebuilt cars for the past 7 years. It's important to get them inspected prior to buying them and knowing their past history(stay away from flooded cars thats a nightmare).

[@m.carroll]

@@Benzbuild you’re probably more mechanically inclined then most and no one should pay 6k for salvage titled vehicle, they have no resale value.

[@littleripper312]

Okay well she definitely could have gotten one in the $8k range then and owed like $2k on it as opposed to what she did. Anyone claiming you can't get a car for $8k is extremely entitled and out of touch. I'm personally looking for cars in that price range and there are tons and I live in one of the most expensive cities in the world.

[@m.carroll]

@@littleripper312 Im in the same price range as you and i refuse to pay any higher but its been a difficult search. Im Louisiana so maybe your market is a little better but around here most of the 8k cars are junkers and previously flooded. It was pretty much this way even before covid but now there are even fewer picks.

[@RPisa2416]

I love stern and patient papa Dave

[@joeriveracomedy]

Time to promote some concerts & reunions. Venue owners take the wrong approach when waiting for clients.

[@littleripper312]

Most business owners don't work hard enough and claim its other reasons like bad luck their business doesn't blow up or even fails. You have to be scrappy as a business owner. You can't be above door knocking and handing out flyer. You also take all and any business. People are too comfortable and lazy. The real business owners get out there and hustle.

[@enigmathegrayman2953]

4:58 C’mon Dave Ramsey stop creating tension! George is a good dude he’s got to get out from under Dave!

[@Undefined14]

Owning a car for years and having its blue book be $6,000 and buying a $6,000 car from a stranger are two VASTLY different things. Incomparably different things.

[@nightfangs2910]

Maybe you guys down south have it cheaper because 6k dollar cars here in Massachusetts don't exist, junk cars with 150k miles on them here sell at 10k+

[@donnafontaine2799]

Hi I live in MA here in Weymouth and agree with you! Prices are ridiculous 😮

[@BusArch42]

It’s bad in Arizona too. I looked at cash for a two year old Toyota with 50k miles on it and it was 28k vs. brand new one under full warranty for 35k. Not a good deal. We gave our 13 year old Mazda to a family who needed it. The resale on that thing from dealer was 10k and it had 95k miles on it. They offered us 6500 at car max! We are paying cash though so that is a big difference. And we could afford the gift to our friends. They are good Godly people. They adopted two foster kids and are definitely doing the Lords work.

[@Miggy2222]

Ah yes. Listening to her parents and getting another monthly payment when she’s already up to her eyeballs in debt. At 29, you have to start making your own decisions.

[@catherinep2034]

Maybe she was hoping they'd help pay for it?

[@littleripper312]

In some ways they are. I bet she's not even working as hard as someone else would have to at a $50k job. Mommy and daddy already gave her a job. She needs to grow up and go on her own. She'll be stuck as a half child being dependent on them like this.

[@barnabusdoyle4930]

Move the wedding venue to an S-Corp and put yourself in as President or some other title and set yourself a salary with taxes taken out

[@Ketchup584]

My thoughts exactly

[@valeria-militiamessalina5672]

George is so likable ❤

[@willharriman1881]

I'm amazed that people actually put themselves in the hole financially and then have the GALL to COMPLAIN about it!

[@LearnAsYouGo.]

Getting rid of the 14K car will clear 20% of the 77K Dave, George is right!

[@armchaireconomist8648]

Keep the car. You need reliable transportation. Owning a car that has depreciated and is now worth $ 6000.00 is very diffrent than going out and buying a $6000.00 piece of junk car. Dave Ramsey is not coming to help you when your broken down on the side of the road.

[@phaldaz]

Had a friend like this, spend evenings and multiple phone calls juuuuuuuuust for them to finance a brand new vehicle and go into further debt Learnt an important lesson in minding my own business and don't help ANYONE who isn't ready, I don't offer (I never initiate at all) these kinda help and life had been much more fun

[@sopapilla9512]

You don't run payroll on owners if it's a partnership. You still make tax distributions

[@TravellingNomad81]

The young people of today do not know the concept of "living below your means", it's all about instant gratification and then figure out the consequences later.

[@stewbugz5213]

I agree but, I know 60, 70 and 80 year olds who live way above their means!

[@TheyCallMeRoam]

I'd like to know where he's seeing these $6,000 cars

[@Kyle-Pressley]

Facebook marketplace, plenty of vehicles within $6k that have less than $125k miles

[@Primitive_Code]

Definitely not on Tik Tok and Instagram.

[@AmericanWears]

Car gurus shows over 3,300 results of cars 6k and under within a 100 mile radius of me 🤷‍♂️ people love to act like cheap cars don’t exist lol

[@littleripper312]

As someone trying to buy a $6-$8k used car right now in a very expensive city with over priced uses cars I'm finding cars in this range. They suck and don't look pretty but there are lots of them.

[@janicewright4007]

We never pay more than $6k for family vans that seat 7. My mom drives a Lexus she got for $6k. Texas

[@Dad-in-WA]

She's still young, hope she takes the advice and runs with it. rice and beans phase for a little bit.

[@djpuplex]

She's 29 she ain't that young. A few decades ago she'd be married with a couple kids.

[@tammypritts8102]

I feel her pain. Let's get in harder and harder to live with the prices of everything being up.

[@mariad4183]

Glad she called in

[@kevgret]

This girl living in fantasy land

[@dustygearhead]

Most women do. Then they get old and finally realize, oh shit, i fucked up.

[@6feet6figures]

@@dustygearheadthat’s why I tell people women are oversized children and shouldn’t be left alone with no supervision

[@SweetThing]

Dave needs to get real. This woman might have beeen only been given $6,000 as pay-out for her totalled car, but she knew the history of ithe car she had. I'm not saying she should go out and buy a brand new car, but purchasing another $6,000 junker car of which she doesn't know the history of is not going to help her situation; chances are, the repairs will plunge her into more debt. An older used car that she knows the history would have been a good move, but you can't get much for $6,000 nowadays. It's been a long time since you bought a junker car, Dave!

[@jeremiahsmith450]

Goodness Dave, the way you said Megan was way too aggressive

[@marysullivan3326]

The wedding venue business should be the side hustle since it doesn't pay consistently all year, then she gets a full-time, steady paycheck job to use for living expenses. Yes, it may pay less than the venue business, but she needs a steady, reliable income for essentials.

[@califdad4]

About 2014 I had inherited some money but didn't want to blow it and I needed a newer car, I found a 2009 Chevy Impala with 100k miles for the memorial day special of $7995. Bought it and had pretty much trouble free driving for about 4 years, it bought me some time

[@jamoeclopton1939]

Dave if i had your gift i still wouldn't deal with these people her voice plus the inconsistencies with her finances i would flip out 100%

[@silverbanky9596]

If the entity she is an owner in is an LLC taxed as a partnership she cannot be on payroll. As a partner she would receive a guaranteed payment. She is correct that she is considered self employed. If her investment is in a C corporation or an S corporation she would be on payroll. The rules are different for different entity types.

[@larose6551]

A case of keeping up with the Joneses gone wild. She’s young enough to turn it around.

[@lindap.p.1337]

But is she disciplined enough?

[@6feet6figures]

Typical American

[@ruthirwin8222]

Why is she only earning 50k if shes part owner of a wedding venue

[@1981lashlarue]

Minority owner maybe? With less people getting married now, wedding venues may not be making as much money as they used to either.

[@juliapush8296]

Curious why you think she ought to earn more in the wedding industry? Venues have huge expenses: maintenence, construction, landscaping, weekend staffing + weekday administrative and sales staff, property taxes, cleaning services, utilities, mortgage, marketing, professional memberships, etc etc etc etc. My guess is that her parents own majority of the biz and she is paid a salary for learning the biz to take over someday. As little as people want to believe, the wedding industry doesn't have as high of margins as is purported out there. We all start on starting teacher's salaries or BELOW. (Wedding Planner here)

[@abark]

$50k a year with no dependents, no spouse, living in Indianapolis. She could pay $10k a year toward the debt to start and be done in a reasonable amount of time.

[@qendresaful]

Wow 😭😭😭😭I wouldn’t be able to sleep at night

[@lot2196]

First. Almost always self-inflicted.

[@randomrendered1856]

Here is your award 🏆

[@DudeMuscle]

@@randomrendered1856 here’s your second place trophy 🏆

[@HOLDXSTEEL]

@@DudeMusclehere’s me saying screw you guys for considering awards lol

[@josiahfour25]

George is by far the best Ramsey personality other than Dave himself, sad that he seems to be the most scrutinized in his responses.

[@screwdriver_bandit]

Working for your parents is doing you so well with a non living wage and advice to get deeper in the hole.

[@debbie7771]

I always wonder what these callers are hoping to hear other than make more money and spend less. They are hoping for some secret and EASY advice.

[@jstyleent]

The wedding business is usually on the weekends. I wonder how often she's working through the week? She can get another part time job. But I get it, living off your parents can make you very comfortable

[@juliapush8296]

😂 Wedding business is 24-7. There are clients to serve, sales to close, and marketing to get out there. Plus all the other bits that come with owning a biz. (Wedding/ Event Planner here, 10 years in the industry.) Not saying she can't bring in extra income through a second gig on weekday nights, but to think that Wedding pros only work on the weekends is silly.

[@starbird14]

Minimum after minimum and interest equals no drop in whats owed

[@mookieamoose66]

Got no car payments. This year started working on credit card which was 16k. Full time in college and 2 part time jobs. This year already paid off 6k. Living on chicken and beans but wohoo!!

[@marknewton6984]

Way to go! Me too.

[@Ja50nkAt]

If she works for her parents she could and probably should live at home to get this mess cleaned up.

[@Maybehomebody]

Ramsey is right. The only way to get out of debt is to stop spending the money you don't have and earn whole lot more money to pay off debts. It is hard to stop spending even if you know you should not, as credit cards are right there and there are always more offers of credit cards. What worked for me to break the patterns was working 2 full time job. When you work 2 full time job, you just don't have leftover energy to shop. You just want to sleep when you are not working. Live like that for a few years, and you develop new patterns/habits of living. So, urge to spend is a whole lot less, and it is easy for you to NOT pursue instant gratification.. You learn the valuable lesson on money. The weight of the money you waste = times/years you throw away into the trash.

[@falllen1]

Im in 8k debt due to a job loss and a string of bad decisions because of it. Being unemployed and having 8k debt even i feel crappie, however listening to some peoples who come on this show has definitely made me stop n think and instead of taking out another loan for car and just stuff think i need a Jay oh Bee again and apply discipline and free myself from feelings of hopelessness and misery.

[@adamseidel9780]

If you run it full time, you’re not self employed. And she only gets paid when they feel like it. If she wasn’t family, they’d be breaking a bunch of employee laws.

[@jimmymcgill6778]

A 6k car in Indiana, is a 6k rust bucket.

[@iamkesha.]

This is what I don’t get about this channel. My first car was around $8,000, over 30 years ago. Where can you find a $6,000 car in a good condition?

[@jimmymcgill6778]

@@iamkesha. You can, but it won't be in top condition.

[@mustangkurt]

@@iamkesha. They are out there but its not gonna look like much. So much of the car buying mentality now is about looking cool at the stoplight. Not buying something that fits within a budget and gets you from Point A to Point B safely. Ego and pride.

[@susanvaughan4692]

I couldn't care less what a car looks like, don't care about impressing anyone with what I'm driving, but I care very much about reliability and I sure don't see how you're going to get a reliable car for $6,000. 8 or 9 years ago I bought my current vehicle secondhand for about $15,000, I think, a 2014 used Toyota Corolla. I don't see how she's going to get a vehicle that isn't a money pit for much cheaper than that. She probably isn't capable of fixing it herself unless she's an unusual woman, so the odds are very high that she will end up spending a lot more money very soon in fixing the problems of such a cheap vehicle.

[@mustangkurt]

@@susanvaughan4692 100% there are 6k cars out there that are reliable.

[@danellclark5470]

32k in student loans yet works at a wedding venue she kinda owns lol let's start there !

[@commonsenseisntcommon1776]

Brilliant

[@ebransc09]

That degree in something like art

[@jamesdixon2338]

It's not a long term solution, but you can get a CDL, drive a truck and make 75K+ first year. Drive a truck for 3-5 years and you'll pay off those loans and save 25-50K. I know because I did it.

[@MrMustangrick]

Yea she is not cutting the cards and not selling her car.

[@elcheekoful]

God. I feel better about my financial situation

[@valeria-militiamessalina5672]

It's a fake sense of comfort. It does not make your situation better, it may seem better by comparison but it doesn't change your actual circumstances, and only small minded people feel better seeing others having it worse.

[@TheRetarp]

The car advice was awful. Any $6k car in 2024's market will be a junk POS that will need thousands of dollars of work just to bring up to snuff. Then she has to find it quickly - she's a wedding venue expert, not a car expert! Should she have bought a used $10-$15k car instead? Certainly, but the deed is done. The best way forward is to pay it off. Realistic advice would have been to tell her to sit down and have a conversation with her parents. The wedding venue goes to part time for the same pay. She picks up a full time job with benefits (including 401k) and while the wedding venue is slow drive for uber/lyft/doordash/etc. Or she should ask her parents to buy her out of her share of the business and use that money to pay off the debts. An increase of $30k/yr income and this problem is solved in 3 years. I bet her parents are to blame for a lot of this. "Hire" your kid as a contractor and "part owner" then screw them on taxes and medical/retirement benefits? Awful. I have a hunch she doesn't own a damn thing and it's all promises.

[@stitcher4729]

I agree. He always tells people to get junk cars never considering the issues that may come up. It is especially dangerous for women to be driving crap cars, especially at night, which the wedding business probably requires.

[@MisterNightfish]

It's always weird to see people that are already in debt and then something they own breaks and instead of replacing it with the money from the insurance they buy something that is 3x as much as what they had and now they're in even more debt.

[@CanChikMay]

And get freelancing or ubering!

[@JasonBlaha66]

Time to deliver pizzas on the weekend for $1500 bucks a month

[@kbanghart]

$375 delivering pizzas in one weekend? Umm......

[@JasonBlaha66]

@@kbanghart you must be new here kid

[@xsgtxbigboy1655]

@@JasonBlaha66no you must be dumb if you think delivering some pizzas on a weekend is gonna be 1500 a month after tax be lucky to make 100$ w weekend

[@kbanghart]

@@JasonBlaha66 lol nah

[@JasonBlaha66]

@@kbanghart Then you know I am joking about the $1500 a month delivering pizza on weekends. Dave is always saying that and I find it unrealistic ;)

[@PS-bs8oe]

Some real low / no income family with 3 kids, living in a popular holidayarea, often receiving state benefits went on a faraway holiday and got back with gifts for friends and family and proudly boasting : " we just didn't think about money anymore and used our creditcard to have a real good time and splurge." Of course they couldn't pay their next rent and went to a supermarket that granted a one month delay to check your expenses in . So they were running from home to get a vacation that litterally left them almost roofless if it wasn't for social services emergency fund gifts. And almost starving if it wasn't for a creditfund of a rich supermarketchain. They depended on state ( other taxpayers) and capitalists, both things they openly despized. They were clever educated skilled healthy people, parents selfemployed. Please give kids tough financial education and learn people to have as many kids as their empty purse or mind allows. Blessings to all.

[@pawwalton2157]

The truth is that she doesn't really make $50k a year if she's considered self employed. She has to pay both parts of social security and taxes from that and all health insurance. The family is NOT paying her well!

[@eggsinsideme]

Ditch the family biz. Your parents are using you.

[@toddk7197]

You got all that from a phone call? There's 2 sides to every story

[@zmanphotos1578]

Hahahhahaha her “it’s girl math”

[@yankeefan2119]

If she bought the car for $20K and sells it she is not getting $20K back. She is lucky if she gets $18k which means after she pays off the $14K and has 4K left. Good luck buying a used car these days for $4K. Surprised this show did not pick up on that.

[@AT-kt4wy]

Why are people so dumb? I’ll never understand it. It literally hurts my brain

[@meaganpearson2120]

I feel like there is something underlying, there is a lot of impulsivity and these implications lead to decision she hasn’t even thought through.

[@RLC2020]

She'd be lucky to clear $14k for it. If she paid $20k for it that means it's only worth $17k or so and the rest was dealer fees, tax, registration, etc. Trade in it's only worth maybe $13-14k. She'd be lucky to break even.

[@analyticalchick3064]

Yeah, his advice is off sometimes especially with cars.

[@anndeecosita3586]

And probably extended warranty.

[@anthonylamura8600]

The only debt I have is $1,400 on a Capital one card And it keeps me up at night !

[@wintercame]

And get yourself on payroll for the family business. With tax withholding.

[@catherinewilke5583]

How many hours do you work? Well now it’s a slow season. Translation, she basically isn’t working currently. Can’t be out of debt if you don’t work

[@juliapush8296]

Slow season in the wedding industry is where a lot of the work gets done: open houses, showcases, updating all the things from client documents to website to marketing tools to repairs on the venue. Just bc there aren't 5 weddings a week like in busy season doesn't mean they're isn't a ton of work being done behind the scenes. She still needs to take on some additional income. Drive Instacart when you have the weekends off, on weeknights, etc.

[@catherinewilke5583]

@@juliapush8296 that makes sense. If she isn’t earning money right now though, she needs to, unless she makes so much in season that it covers the whole year, which I doubt

[@Rolando91flores]

Not sure how compensation for a totaled car works. I take very good care of my care yet I’d probably get $5k for it. I highly doubt I’d find another 5k car in as good as shape as mine

[@lkj0822g]

Most insurance companies fall into one of two camps. 1. They pay based on the book value of the vehicle. 2. They try to find anything possible to devalue your vehicle. Usually happens with a lot of these "internet" insurance carriers to hire outside adjusters to value your vehicle. I suspect the adjusted gets bonus money based on the amount they saved the insurance company from the book value. Speaking from experience, if you are involved in a wreck, as soon as possible, you should research the value of your vehicle through published indexes such as Edmunds, NADA, etc. Print and save these estimates in case the insurance company is one of those that try to play games.

[@BrianW211]

You're in a slow season with your current self-employed job. That's kind of a no-brainer to at least go get another part-time job.

[@JustinCase780]

4% on the left and 8% on the right.

[@1tommyday]

She needs more income. Get a second job. Shes really clueless. Even a 10K car is better than what she is doing now. Just FYI..I dumped an entire condo,the bank foreclosed ( even though I sold it for them long story), I owed 2 mortgage companies over 85K. Nothing happened to me other than a credit hit which I built back up in three years. My credit score is 805 now. Bankruptcy isnt always the worst thing you can do.

[@vangtk10]

Oof. Best of luck lady. If a single mom of 4 kids can do it, you can too.

[@SaltyRice808]

I bought a new truck for $44k and paid it off after weeks because didnt wanna pay $6k of interest. I still have $100k savings and makes about $60k a year but somehow i dont feel good about buying that new truck 😔

[@Bob10178]

My advice would to buy the $6,000 which leaves change leftover a warranty and breakdown service. Buying a new car to minimise risk is an odd strategy

[@motoryzen]

Warranty is already ripped off The only possible exception that I would make against that fact is possible. Shield, but even then you really better off. Just pumping your savings like a boss following the baby steps

[@yvonnegibson5445]

My car was titled in December and chose to get a new car for the same reason. I do not know how to do repairs on my own and don’t have a reputable mechanic. The costs of standard maintenance and repairs at the dealership are so inflated. I believe that given current interest rates and high car payments most people will hold on to their old car if it runs well. The cars that are sold are the ones with problems.

[@motoryzen]

@@yvonnegibson5445 Every car is gone to have problems in evidently. It doesn't matter what make model or generation It doesn't make you crap if a person changes the damn old on time every single time since day. One brain new or also ensures that he or she replaces the coolant hoses if they're not one hundred percent silicon as the box or straight from the factory, which nineteen point 99 percent of vehicles or not hundred percent silicon hoses. The need for replacing a serpentine belt or a water pump or a thermostat or other mid. Range or medium worst case difficulty items will always be there because you have moving parts in an internal combustion engine.

[@drewo6388]

If the business entity is structured as a partnership, then she cannot be on formal payroll as an owner. Her compensation would be treated as "Guaranteed Payments." If the business is doing well and profitable, the move would be to Elect S Corp status and treat the business as an S Corp and then the owners would take a salary. She didn't give us all the facts and therefore Dave should not have jumped to his assumption.

[@miketheyunggod2534]

How dumb is Dave. Her $6K car she knows the history. She took care of it. Some random $6K car gonna need tires, all fluids replaced, new brakes, etc.

[@motoryzen]

I agree that dave should have told her to get that car repaired that she claims was totaled.... But that's about it

[@DeathSpellXVI]

I have like $6,000 left off my debts from braces and some laser treatment, like $1000 credit card and I think it's still a lot, now this girl...I would've gone nuts.

[@bcusaaus4749]

Nothing to do with this video but, I have to ask George, I love your jacket!! Where did you get it? Btw, I’m debt free and got nice EF and investment. Want to treat myself with a new jacket.

[@beaniemac]

Looks like she will need to deliver pizzas

[@mattdillon6899]

Not with a 6000 dollar car