Teacher has $1,000,000 in Debt BUT wants a Car | Financial Breakdown

[@DemetressFairman]

Remember to fill out the financial audit form by clicking this link: bit.ly/4hh1Oj4

[@ibrookajamupalmer]

I love this, this will change Jamaica.

[@lawrence-juniornalty]

A little editing required for some areas. The rental income doesn't allow for one to enter the value. Also, for couples should we use household income?

[@DemetressFairman]

Yes thank you for this. I corrected the rental income area, as for couples living together I’ll have to introduce that the more I do this because that another dynamic but yes you can just combine them and speak on it in additional info

[@DemetressFairman]

Let’s see 👍🏾

[@damoniewatt4086]

I like this series.

[@DemetressFairman]

Great 👍🏾

[@garfieldgray]

Simone, if you're reading this, buying a car is the last thing you want to do. You'll face costs like road licenses, insurance, fitness, and at least 5k a week on petrol (20k a month). Plus, unexpected repairs and mechanic fees can add up quickly.

[@DemetressFairman]

Preach 😆

[@Alicia.1010-x7v]

I am loving this series.. keep it coming 😊

[@DemetressFairman]

Definitely

[@JLuxz]

Great content. Simone is a teacher she can also keep extra lessons to earn extra. I would also focus on getting a degree to increase earning potential.

[@DemetressFairman]

This is gold👊🏾👊🏾👊🏾this can help even more with clearing the debt faster

[@josephgooden7253]

The additional degree will put her further in debt. She needs a side job or needs to be thought how to reach financial goal

[@renstephenh]

Golden advice!! Thank you! I submitted one as well so hopefully you can give me tailored advice, appreciate you man! 🙏🙏🙏

[@DemetressFairman]

No problem, just be sure to tune in so that you can see your video

[@rushanesomers6729]

Keep this up Demetress. Love this format

[@DemetressFairman]

I definitely will thank you

[@Trinajamaica]

My only debt is 3 mortgages...3 bedroom apt in stony hill where i live. 4 bedroom townhouse which is my rental income property in Graham Heights and 2 bedroom house in St Ann rental income....bought all of these before the pandemic...did 25%deposit on all

[@DemetressFairman]

Nice 👍🏾, I hope they all cash flow to cover the mortgage and give you some extra cash

[@Trinajamaica]

@DemetressFairman they all do

[@876seafarer]

This series gonna take off

[@Adjowha]

Really like this it’s something similar to Caleb Hammer channel but I’m happy there’s a Jamaican version. You’ve got a New Subscriber

[@DemetressFairman]

Seems I’ll have to accept the Caleb Hammer reference 😅

[@kaylasmith4464]

It's giving Jamaican Graham Stephen vibes. I love it! ❤

[@DemetressFairman]

This is a compliment 😀 respect

[@ibrookajamupalmer]

@@DemetressFairman Caleb Hammer

[@DemetressFairman]

@ lol not dissing anybody yet

[@si_nutz_deh]

Well he's like our Jamaican Caleb Hammer actually, Graham Stephen is more surface level

[@halomortise9188]

Love the video, cant wait for the next

[@DemetressFairman]

Ok love to to hear that

[@cheezygullyside9164]

Jamaican Caleb Hammer big up u self bro G love it

[@DemetressFairman]

I guess the name stick now lol

[@cheezygullyside9164]

@DemetressFairman bwoy it look so fada 😂

[@DJWizmuzk]

She just need to make more money and when she start making more money try to keep her expenses at the same level don't increase cost of living, and try to dump some lump sums on the high interest and compounding loans. 100000 is very hard to live on so increase in income find more ways to make money🤔

[@DemetressFairman]

Depends on what she teaches and how good she is then she could do homework assistance and tutoring to boost income

[@DJWizmuzk]

@@DemetressFairman that is true but there's a million and one ways she can increase her income, teachers do not work 16 hr shifts am sure she can fit a few more hours of work in her life, try a side hustle, start a low investment business on the side, I would even sell to the kids or other teachers at the school. Throw away pride, if you want that shiny new CRV, wuk fe it 🤔

[@allybless_5493]

Love this

[@DemetressFairman]

Thank you

[@Adaire8672]

18:53 fact 💯

[@DemetressFairman]

🙌🏾

[@lukiekeyz]

Bro keep these coming. Maybe one day we will see your personal audit. Maybe at 50K subs?? 😃😃😃

[@DemetressFairman]

lol man a ruin the surprise, in due time

[@lukiekeyz]

@@DemetressFairman 🤣🤣🤣 sorry bro!

[@okelliersterling2212]

Demetrius, any newsletter for the Jamaican economy coming?

[@DemetressFairman]

Currently thinking about it, just need the proper tools

[@humbleboss311]

It rough with 140k to cut back trust me especially if your not single and paying rent great series bro more you talk about handling money more ppl take the lesson trust me ppl in some bad situations and they can’t find a way out

[@DemetressFairman]

Yes it’s hard and while some people while disagree that’s why I try to make the platform nonjudgmental and educational.

[@humbleboss311]

@ true true but I’ve been cutting back on my expense and my cash is like right there so I can relate but I’m doing great in terms of investments still don’t reach a million dollar portfolio yet but sometime this year 🙏🏽

[@alciabarnettcipc5021]

The avalanche method is great., but the debt snowball method would add tiny rewards as she pays off the smaller debts first. These tiny wins, could act as motivations as she continues on the larger debts. Ms. Simone, do extra lessons/ tutoring and charge students $500-1000 weekly, as a second stream of income. Best of wishes on your millionaire journey. !!!! You got thisss!!!!!

[@DemetressFairman]

This is a very good tip, I like the insight 👍🏾

[@gstar876]

I'm liking the series.....but I disagree with some of the advice. I'd say.... Step 1 - Save $100k as a starter emergency fund (to take from Dave Ramsey) as quickly as possible. This is to prevent the further use of debt during the long repayment period in case something happens. Step 2 - Aggressively pay off the debt........ but still contribute a small amount towards savings (maybe $5k) in order to keep working that savings muscle. I agree that in Jamaica with how our interest rates are high for loans, the avalanche method is way more effective than the snowball. Step 3 - Finish building the emergency fund and then start investing. I agree that no car purchase seems to in her immediate future but I would implore her not to take out a loan to purchase the car when she is ready. Pay cash! Will the car look fancy, no but it will keep her from over spending on a depreciating asset given her income level.

[@DemetressFairman]

This is also a viable option 👍🏾

[@Mr_Brown876]

like dem video ya bro

[@DemetressFairman]

Respect 🫡

[@okjr]

I wish u could do this over without the debt to see if she could achieve her goals

[@DemetressFairman]

Similar salaries were submitted so comparison can be drawn when those videos are made

[@Sparkesworld]

❤❤❤

[@PresidentLin1]

She would need additional income. With God all things are possible. God so wild she could probably do it within a month or less

[@DemetressFairman]

Exactly 👍🏾, life has a way of just turning around once we have a plan

[@realizmstudios]

you can convince people to come on the platform in person and discuss the finances , you don't have all the info so this isn't helping anyone significantly

[@DemetressFairman]

That’s the aim

[@allybless_5493]

Can you do mine ?

[@DemetressFairman]

The link for the audit is in the description and also the pinned comment

[@chrissi563]

I need you to look at my finances too😅

[@DemetressFairman]

No problem, fill out the audit form in the description

[@garnettsmith5576]

Anywhere you live $100,000 just not enough lol

[@DemetressFairman]

Trust me it’s a very deep topic because I see people do miracles with 100k

[@lukiekeyz]

@@DemetressFairmanbro miracle doesn’t even begin to define some stuff I’ve seen and heard people do with LESS than $100,000. Further proving that it’s more about what you save/invest/keep than abt what you earn!

[@DemetressFairman]

@ true bro

[@josephgooden7253]

​@@DemetressFairmanExplain more. Give me some examples

[@josephgooden7253]

​@@lukiekeyzGive me some examples