Based on the Ramsey rules to buy the average home in America would require an income of $190k. Average home is $420k. With 20% down and a 15 year fixed at 6.8% the mortgage will be $2,961 a month, meaning you’ll need to earn $12,000 a month after taxes. Does that seem like a totally reasonable thing considering the average household income is around $70k? For my grandparents the average home was 2x the average income. For my parents it’s was 3x. Today it’s 7x. Yes it’s possible but to say it’s the same today as it was for previous generations is so economically illiterate it’s astounding. Does that mean you give up? Of course not. But this constant refusal to acknowledge reality doesn’t help anyone.
@danaconda12Ай бұрын
Thank you for this^. I'm sure Dave has heard and knows all of this, but he just continues to beat the same drum, with no willingness to accept that things are very different now compared to just a few years ago. If you owned a home before the pandemic, you are pretty much in a different economic class because of it
@timfoote2874Ай бұрын
It's the inflation of all products that is the problem. We paid $89,900 for, our house, but right now we are told that our house is worth $156,000. We couldn't afford to finance our house, at today's rates. Thank God, we were able to pay off, our house, a couple of years ago.
@miketheyunggod2534Ай бұрын
Plenty of homes in the $200K range. $50K a year is enough. Mortgage rates are still at historic lows. Got it buddy.
@nailatiyllufАй бұрын
@miketheyunggod2534 it sounds like you don’t understand what averages are
@justwait9822Ай бұрын
Real estate is very much influenced by location. Taking an overall average isnt really a great way to look at it. I took a job in philly vs boston when I graduated specifically because cost of living is much lower. Current median home price here is around 260k.
@lukewilliams9772Ай бұрын
You can achieve the American dream. You cannot ignore that it's getting harder and harder.
@jer1776Ай бұрын
Unfortunately, theres lots of people in the comments here denying that.
@JudeDude409Ай бұрын
@@jer1776can care less about who disagrees with it. Inflation is up, groceries are up, housing is up. It is objectively getting harder to achieve.
@nandoman4769Ай бұрын
Harder for lazy people😂
@somelolplayer6199Ай бұрын
At what point is it considered dead though? If 1 single person in the country can afford a home, the American Dream is technically not dead. Right now at this moment something like 5% of prospective buyers can comfortably afford a home. Is that still practical?
@blackworldtraveler3711Ай бұрын
@@JudeDude409 Just harder for you to achieve.
@joefunk76Ай бұрын
Dave failed to mention that despite those high interest rates, house prices were less than half what they are today as a multiple of median salary at each respective time.
@amireallythatgrumpy6508Ай бұрын
Even more reason to be grateful that those high interest rates don't exist today!
@nicholasselke5214Ай бұрын
And houses themselves were less than half the size they are today, speaking of medians. Smaller houses in one area are much cheaper than larger houses in the same area. If people would quit buying so much crap they don’t need, then there wouldn’t be a reason to buy a much bigger house in order to store more crap they don’t need In short, if you really want to get ahead, quit buying crap you don’t need. Do I have to say it a fourth time?
@kylewinters384Ай бұрын
Half??? Try like 20% the price. My house right now would sell for about $250K. In 1980 it would have sold for 50k
@jaesall3519Ай бұрын
that's why i say even if you grow up on the street, work and become rich, as you became rich you loose a lil sense of reality on how hard life can be for poor people. but dave still GOAT
@hockysaАй бұрын
That might be so that house prices were much lower but he’s right in reframing the problem. Somethings were easier back then somethings were also much harder back then too. Anecdotal but My cousin 9 years younger than me bought a house before I and most of my cousins at 25 From similar homes, we grew up together what did he do different? He even bought property before his older brothers.
@MaryLawson874Ай бұрын
Rising prices have affected my intention of retiring at 62, working part-time, and building my savings. I'm worried about whether individuals who weathered the 2008 financial crisis found it less challenging than my current situation. The stock market's volatility, coupled with a reduced income, is making me anxious about having enough for retirement
@EdmundEthan093Ай бұрын
Consider investing in stocks especially during a recession . While recessions can be tough, they can also offer good chances to buy low and sell high in the markets if you're cautious. Just remember, this is not financial advice, but it's a good time to think about buying stocks since having cash on hand isn't always the best option.
@roxdietrenАй бұрын
@@EdmundEthan093 This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800,000.
@EdmundEthan093Ай бұрын
@@roxdietren I'm actually considering it. It might be time to reassess my investment strategy. much more info needed please, what did you invest in?
@roxdietrenАй бұрын
@@EdmundEthan093 My CFA “ claire robert's durand “, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..!
@EdmundEthan093Ай бұрын
@@roxdietren I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
@vwbseanАй бұрын
Inflating the money supply by a trillion dollars every 100 days leaves us all poor
@sarikagoode1505Ай бұрын
This will not end well.
@leborhal7450Ай бұрын
That's exactly what it is. Massive government spending, debt, and inflation. Add in that a side of greedy boomers and housing speculation you get a recipe for borderline turkey shacks being sold as half million dollar luxury homes.
@raymond_sycamoreАй бұрын
uh, they did that for the last year every year since 2020...
@percivalgooglyeyes6178Ай бұрын
Thanks Biden.
@AnOriginalYouTuberАй бұрын
Inflation is a hidden tax on the poor, AKA, anyone who does not leverage assets. That's why Mr. Dave's plan is ideal for most people. Buying a house with a 15 year mortgage and investing in broad market funds. It's a balance between financial abilities and max value.
@DWEthiopiaАй бұрын
If this call came from a 30 year old instead of an 18 year old, they would not have focused so much on his age. The fact is Americans quality of life is deteriorating and many Millennials and Gen Z are facing major challenges in the housing market, starting a family, and just trying to survive and keep up with inflation.
@jolenekaske5884Ай бұрын
@@DWEthiopia yep mid 30s n still same
@JGSH13Ай бұрын
Millennials shouldn’t have waited until the last 4 years to start their lives. Prices were great up until Covid.
@miqueiaspaulo1Ай бұрын
American just discovered inflation and now its the culprit to all the problems. You had ONE year of high inflation in this country (~8%), because of those fat COVID checks the government sent to people, but that inflation is no more. Current inflation rates are declining in getting very close to the pre-pandemic ones.
@jolenekaske5884Ай бұрын
@miqueiaspaulo1 🤣😂 sure they are 😆 compare now to the great depression the actual numbers and conversation to today's money . . . Actuality look then say what u just said 🤭🤯🤦♀️
@LoreleiBeatrixАй бұрын
@@miqueiaspaulo1 That is a misnomer. Their were plenty of businesses that also profiteered from the pandemic, but no one is blaming them for the even bigger checks via "loans" they received during the pandemic and didn't pay back, despite not fulfilling the guidelines to receiving the "loans." Part of the inflation was due to supply chain and logistical failures during the pandemic and while we were making war with countries who supplied some of these products (ie, neon needed to make semiconductor chips is supplied by Ukraine as a byproduct of Russian steel which is used in 90% of all semiconductor chips). Due to all the shutdowns, companies could not receive certain products or they came at a slower pace, which played a part on the supply side of production, and causing a rise in prices. But this is not it! Also, our proxy wars with other countries, and provoking certain OPEC countries, who have decided to "regulate" how much oil and gas is produced and sold to us at a greater cost, helped to increase oil and gas prices which increases the costs logistically to move and exports goods at a greater cost. And of course, energy is needed to make the products, and you can say also this has also contributed to inflation. The Great Resignation also contributed to the rise in prices when workers decided they had enough and they could walk away and get a job elsewhere paying more affordable wages elsewhere, and leaving behind jobs that paid very little and could not sustain them--or grew tired of the mental and physical trauma of the workplace and leaving a big hole in the low-wage job market. [Some people blamed "the checks" in this area, but those couple of thousand dollar checks would not have sustained them very long--maybe a month and a half (tops, if living extremely frugally), but not long enough.] And finally, the elephant in the room that very few have addressed--corporate greed. These larger corporations have been exuding with pride in the stockholder meetings how profits have never been so high, and their plans to make as much profit as they can during this crisis. Of course, there have been several recordings of multiple meeting from different companies made and shared of these stockholder meetings. And do these profits "trickle down"? No. Not to the employees and not to improve the product or it's standards. The profits are used instead to line the pockets of shareholders and corporate leaders and to artificially inflate their own stock prices--it's how they avoid any tax burden and it makes it look like their company is doing better than it's actually worth. It also gives the perception that the economy looks better than it is--as a lot of people look to the stock market rather than how well average families are holding it down during this crisis.
@StringerBell200228 күн бұрын
Basically this kid has to move out of town away from his family until he can afford to move back in 20 years. Got it!
@DrMuffins354Ай бұрын
Ramsey’s refusal to acknowledge that housing prices have doubled in the last 5 years and left a lot of young Americans hurting feels like gaslighting at this point. “No it’s always been that way” okay Dave.
@EJleon96Ай бұрын
My aunt and uncle bought a home back in 2001 in Orange County for a bit over $240k. Today it is worth $1.2 million. That’s an increase of about 5X. Their salaries? They’ve only increased by about 2x. Had they tried to purchase the same home today, they’ve would’ve gotten laughed at
@mustangthingsАй бұрын
10x 240k is not 1.2 million.
@EJleon96Ай бұрын
@@mustangthings I got trigger happy🤣 but still 5X the home price vs 2X salary increase is still a significant difference
@alexpatrick2522Ай бұрын
When no one ever talks about, is that there are a whole areas, neighborhoods, suburbs, that are developed now that we’re not available before. So yes, it would be difficult to buy the exact same house in the exact same location, but there are other places to live that she didn’t have the opportunity to live in, which she was your age
@rd24lifeАй бұрын
Exactly but Bald Ramsey doesn’t like facts
@rd24lifeАй бұрын
@@user-qp2qe5gf9boh the coffee and avocado toast propaganda. Housing is still way way way more expensive relative to wages now. Seriously, how damn difficult is that to understand?
@InverselyComplicated-ve3lsАй бұрын
By the time that 18 year old is 30 years old, that same $600,000 house could very easily be $1.2 million dollars, that's the problem, and Dave isn't addressing that issue.
@pootsplasencia4846Ай бұрын
I got a cousin that is exactly what happened to him he was going to buy a house for 240 that was the price during 2019 he got the money now but that same house is worth 450
@kbanghartАй бұрын
But that's no problem for the owner of the house, in fact it's great for them. So who is right?
@drewand1515Ай бұрын
@@kbanghartcontrary to what social media may promote, single family housing should not be an investment venture. It should be affordable for everyone (scaled to different income levels). You shouldn’t be buying a house with the expectation that you will make a fortune on said house in the short term….
@earthringАй бұрын
First, easily? Second, what exactly do you want him to say?
@InverselyComplicated-ve3lsАй бұрын
@kbanghart The problem is that when people can't procure housing, they delay or even forgo having a family, and then you have declining birth rates, and when you have declining birth rates, there's not enough young people to continue society into the future.
@prannakumifyАй бұрын
In 1980, interest rates were high and home prices were very low In 2020, interest rates were very low and home prices were high From 2022, interest rates are high and home prices are very high Now it doesn't look like either is coming down soon enough. All of this has made people who bought houses before 2022 extremely smug and arrogant. And it has made people who haven't bought a home yet, go into despair. I still don't think that the American dream is dead but it takes much much longer for a person today to own a home than those who bought in 1980. Some compassion and understanding and dropping the arrogance will go a long way!
@amireallythatgrumpy6508Ай бұрын
Interest rates are not high. They are medium.
@BerserkEscaflowneАй бұрын
@@amireallythatgrumpy6508 your skipping the actual math and only gawking at the numbers and going "goly g this here number is bigger than that one"
@amireallythatgrumpy6508Ай бұрын
@@BerserkEscaflowne In other words doing the only thing that is relevant.
@BerserkEscaflowneАй бұрын
@@amireallythatgrumpy6508 you have to complete the math formula also
@BerserkEscaflowneАй бұрын
@@amireallythatgrumpy6508 you have to complete the formula all the way out the term of the loan then you can see the only thing that is relevant
@smcg1938Ай бұрын
We are in America. We are spoiled even when things are tough
@tristan2332Ай бұрын
Been to the Philippines...it's ridiculous how easy we have it here.
@georgewagner7787Ай бұрын
People I know there live in a Hut and still feed orphans
@blackworldtraveler3711Ай бұрын
@@tristan2332 Been to Philippines and 64 other countries including Peace Corps in Haiti. First world issues in the U.S..
@lethaldorito3426Ай бұрын
This is objectively true.
@kyleinpa5285Ай бұрын
But this is literally what the title to the video is about. The “American Dream” isn’t to live in a hut or a small apartment your whole life.
@michaelcatalanottohandymanАй бұрын
He’s only 18? Man just live. Don’t injure your body. Stay healthy. Have a good spiritual routine. Get out of debt. Stay out of trouble. Be kind. Blessings will pursue you but don’t let opportunities pass you by without thinking hard about it.
@blackspiderman1887Ай бұрын
No he's doing alright thinking about his financial future. If you live without a plan and then 10 years down the road you'll find yourself nowhere in life
@vorltexАй бұрын
@@blackspiderman1887this has been the sad fact for my childhood friends. I have a house, on track to get married and have a dual income house with fairly decent careers. All with no debt besides the house which is 18% of our income and we are on track to pay it off early. My friends I’ve known since childhood have zero plans for the future and make more money in their household than ours and they have 2 new cars, cheap 1 bedroom apartment and less than 1,000 in savings but they take vacations every 2-4 months. It’s sad that they could be much better off but are paycheck to paycheck and have firmly refused help with doing a budget or having me teach them finances. At the end of the day people with the want will prepare and people without will have to hit rock bottom to want the drive to succeed.
@eos_2366Ай бұрын
@@blackspiderman1887kind of is ,kind of it’s not, but no doubt we have a mental health crisis going on right now and thinking that at 18 with anxiety is the result of too much social media and “HEADLINES”.
@michaelcatalanottohandymanАй бұрын
@@blackspiderman1887 nobody said don’t have a plan. But even Dave mentions the Bible regularly. Jesus said it, Paul said it, and others too, read phillipians chapter 4 starting at verse 6. Don’t be anxious over money,wealth, or material possessions. That’s the point that I was making is that he shouldn’t be anxious about his livelihood unless there’s a major problem that needs to be addressed. Seems like he was just anxious when he didn’t need to be.
@blackspiderman1887Ай бұрын
@@michaelcatalanottohandyman your advice isnt practical though. You said "have a good spiritual routine, get out of debt, be kind, and stay out of trouble and blessing will come your way. Well I got news for you. The world don't work like that. I have a friend who does all that and he's broke and lives with his mother over 40 years old. So if you're gonna tell someone 'dont worry" you need to follow up with more practical ways to take care of themselves other than "be kind and the Lord will bless you". The Lord bless those who get up and make things happen. He don't just let things fall in your lap because you're a kind person
@aaronproctor1736Ай бұрын
Stop watching the news people, it's not there to make you happy.
@StephenICАй бұрын
It's not the news that's scary to me, it's property buying websites.
@jolenekaske5884Ай бұрын
@UltimateIrishRebel or even the store, car, house, kids . . . it's everywhere, not just the news
@awill3454Ай бұрын
He’s not wrong. Housing is more unaffordable than any time in US history. Homes appreciated +50% since 2020 and now you have to finance it with a 7% mortgage. You need a family income of over $100k to buy the median home price in the US. I bought a $410k house last year and I spend almost 40% of my take home pay on a $165k salary to afford the mortgage, taxes and insurance. Ramsey is so out of touch. Every thing was on easy mode for Boomers.
@costco_pizzaАй бұрын
The truth is a lot of people are struggling out there. We are suffering and don’t know where our next meal is coming from. Student loan relief and a proper UBI would go a long way in helping us out. We could pay our bills and put food on the table. Why don’t George and Dave want that for us?
@amireallythatgrumpy6508Ай бұрын
@@costco_pizza Reality precludes a proper UBI.
@SwimSweetie100Ай бұрын
It’s not dead, but it’s only getting harder. This kid has the benefit of being smart at 18 and not piling on the debt. He should do well
@vickieclark5931Ай бұрын
It's actually easier because nowadays there are jobs everywhere and the convenience of everything is amazing. Back in the day, our ancestors had limited choices.
@bonusmemes462Ай бұрын
@@vickieclark5931 true that. if you cant walk for example. the american dream would be dead for you back then. now you can do soo much while being paralyzed.
@somelolplayer6199Ай бұрын
What are these responses, I feel like they’re boomers trying to gaslight younger generations.
@repboy1Ай бұрын
Social media as well with young people pretending to be so rich is really messing up with people’s expectations.
@cwheeler42Ай бұрын
To say normal people were never able to buy a house on Long Island is just plain wrong. I grew up there. My parents were "normal" and bought their first house in Levittown in the late 70s on a single income (pretty median level job--nothing fancy or high salary). They fixed it up a lot, sold it, and moved out and up to the next house further out on the island, but still affordable and in a nice town. Things have rapidly declined due to a lot of factors, but nowadays, a single income family of 4 could never do that without being completely underwater with debt. So, it HAS changed quite a bit in the last 30-40 years.
@steveguillory7568Ай бұрын
Were your parents 18 when they bought this home? I’m guessing not. And again, you’re looking at one point in time and extrapolating it was always that way.
@starventureАй бұрын
What went wrong on LI is foreign investment, and illegal flooding/blockbusting. Not to mention out of control taxation and overpaid public employees.
@nailatiyllufАй бұрын
@steveguillory7568 mine were 25 in 1990 when they paid $200k for their home while making $75k. Inflation adjusted their income was worth about $150k today. That $200k home is now worth $1MM. No one making $150k has any business buying a $1MM home. You need to earn twice as much to buy the same home as your parents.
@t.k.3895Ай бұрын
Did you even listen to what they said? Apples and oranges is what you’re comparing. You’re trying to make a point out of nothing that Boy is 18. They’re talking about him as an 18-year-old. Being able to afford a home and no 18-year-old being able to afford a home at $600,000 unless they won the lottery.
@steveguillory7568Ай бұрын
@@nailatiylluf ok let me try this a different way. How much was that home in ‘05 before the gfc? How much did it fall by 2012? How much more affordable was the home in 2019 vs today? Yes, things are hard right now. Doesn’t mean they’ll never improve.
@MarioGuillermo817Ай бұрын
Fantastic video! I have incurred so much losses trading on my own.... I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??
@madisonaaricАй бұрын
Same here, my portfolio has been going down the drain while I try trading,I just don't know what I do wrong..
@kaelielexleyАй бұрын
Investing with an expert is the best strategy for beginners and busy investors, as most failures and losses in investment usually happen when you invest without proper guidance. I'm speaking from experience.
@ridolfoeduardoАй бұрын
I think l'm blessed if not I wouldn't have met someone who is as spectacular as expert mrs Ella.. Highly recommended
@RicoWiltonАй бұрын
Wow, I'm surprised to see Ella mentioned here as well. I didn't know she had been kind to so many people
@HaroldCarl893Ай бұрын
I'm also a huge beneficiary of her.. I thought myself and my family were the only ones enjoying Ella trade benefits
@NaNslxАй бұрын
Japan has 100 year mortgages to make the dreams possible 😂
@IrishMexicanАй бұрын
Those were more common there in the 80’s and 90’s
@navigator72Ай бұрын
Who he hell wants a 100 year mortgage?
@blackworldtraveler3711Ай бұрын
@@navigator72 Hawaii has 99 year lease last I checked.
@priestesslucy3299Ай бұрын
@@navigator72 someone who wants to qualify for a house. Don't be stupid and make minimum payments, pay that bish off in 10-30 years.
@hhjhj393Ай бұрын
@@navigator72 It's funny because I think "mortgage" literally is latin for "dead pledge".
@acrane1100Ай бұрын
The average Income needed to buy a house from 2019 to 2024 has risen by almost 50% to $114K. Average home price in 2019 was $261K. Now it’s over $435K.
@hgonz14Ай бұрын
Dave is out of touch. I make over $100k a year and I can't even buy a house. The prices and rates are out of control.
@jer1776Ай бұрын
"I bought a house with my wife in 1980 when I was 25, you can do it too!"
@commonenglishmistakes4360Ай бұрын
Stop looking at global averages. They distort the picture. Look at average starter home prices, average salaries of 20 to 30 year olds and average spending of those same people for standard spending - transport, eating out, technology, food to cook at home, clothing, holidays, etc
@somelolplayer6199Ай бұрын
Adjust comparisons for inflation, they’re still bad but a bit more tenable. Comparing in absolute terms is pointless with inflation changes, same reason I get worked up about people directly comparing 1960 home prices to 2024 home prices… yeah it might be 10x higher but you also earn 5x as much so calling it a 10x increase is a bit dishonest. Don’t get me wrong though, even on an inflation adjusted basis home prices are extremely unaffordable for the vast majority right now.
@acrane1100Ай бұрын
@@somelolplayer6199 true but when you factor in the increase in wages being eaten up by inflation it really doesn’t matter. The housing issues began over two decades ago with the lack of supply and everything else just got baked in. Most people I know under 40 are renting and some are even living at home with parents. It’s sad.
@lorieweyrick281Ай бұрын
My son is 30, single, elevator mechanic and just bought his first home in Austin, Texas. He waited until it was the right time for him.
@nadyadobreva9904Ай бұрын
With a mortgage or paid it fully?
@GigaChad_169Ай бұрын
@@nadyadobreva9904 I would guess a mortgage. Also he probably has a spouse helping him (I did too at that age 10 years ago). Some people house hack and rent out rooms or buy a duplex and rent out the other half of the building. Home ownership isn't like what you see on TV. People sometimes have to make it work.
@GigaChad_169Ай бұрын
My ex and I bought around age 30 also. The right time to buy a house is when you can afford it. That situation varies by individual.
@jmanrock11Ай бұрын
@@GigaChad_169 its says single
@GigaChad_169Ай бұрын
@@jmanrock11 Good point. Even better for him!
@JoenzinatorАй бұрын
I just responded to a comment where the person was 23 and wished he had been born in 1950. I reminded him that he would currently be in Vietnam. Every generation has challenges, and this one is dealing with inflation.
@TheAcopp707Ай бұрын
He’d have roughly a 1 in 18 chance to go to war in Vietnam. If he was college educated he’d be even less likely
@buklaoАй бұрын
Lmao, he's basically saying i wish i got everything dirt cheap like the boomers but unfortunately was born in 2000s.
@somelolplayer6199Ай бұрын
I can sympathize with the sentiment, Vietnam was miserable but at least there was a clear start/end and most people did not need to go. The current situation would be a lot more tenable if everyone knew prices would definitely become widely affordable in 3-5yrs.
@JoenzinatorАй бұрын
@@somelolplayer6199 probably more like 10-15 years, but prices will ease as the boomers start leaving this earth.
@somelolplayer6199Ай бұрын
@@Joenzinator I’m optimistic there’s some downturns in the near(er) future. My best guess right now is interest rates drop and housing prices go down with it. Right now there are no sellers and even fewer buyers, the market is extremely illiquid at the moment. Once interest rates drop to 4%-5% it should spark a bunch of selling from people who have wanted to move within the past 2 yrs but held off to avoid trading a 3% interest rate for a 7% interest rate. The difference from now and 2.5yrs ago when we had 3% interest rates is that now we’ve had 2.5yrs to accumulate prospective sellers so there’s a backlog. It is true that the lower interest rates will draw in backlogged buyers from the past 2.5yrs as well who have held off because of the high interest rates and that will have the opposite effect (holding prices higher). Despite the added buyers, my assumption is a big part of why this market is so expensive is due to the lack of inventory and liquidity in the market. Even if buyers and sellers did re-enter in equal proportions, I think the higher volume of home sales would drive down prices.
@JamesKing2understandinglifeАй бұрын
The inflation of housing to so high that working for an hourly wage of 20 to 35 dollars an hour is not enough to puchase a house and live the American dream.
@paulstandaert5709Ай бұрын
I already paid off my first house, and I am kicking around buying my 2nd. And do I make $35/hr or above? Hell, NO! I don't know where you're getting this idea that it can't be done.
@Mo-wq1oqАй бұрын
I think where you live plays a huge role in achieving that. Props to you, though. @paulstandaert5709
@constantinethesecond949Ай бұрын
@@paulstandaert5709any average person knows he is correct. Funny how wealthy and boomers just cant get that through their thick skulls.
@HOLDXSTEELАй бұрын
“Work 5 extra jobs !” Is what the Ramsey show would say
@HOLDXSTEELАй бұрын
@@Mo-wq1oq yeah man gotta move somewhere that you can afford that has no jobs and is run down
@jimmymcgill6778Ай бұрын
Dave is still living in the past. Wages have not kept un with inflation. In the 80's, you can get a house in NYC for for 50k. Now it's like 20x more. Pay did not increase that much.
@steveguillory7568Ай бұрын
C’mon. The median price of a home nationwide in the 80s was $75k so I find it highly unlikely that you could get one in NYC for $50! Enough with the hyperbole.
@jimmymcgill6778Ай бұрын
@@steveguillory7568 I said NYC. Even 75k is still cheap.
@amireallythatgrumpy6508Ай бұрын
You could only get a house in NYC for 50K in the 1880s.
@jimmymcgill6778Ай бұрын
@@amireallythatgrumpy6508 Go and look it up.
@jer1776Ай бұрын
Ill happily take 17% interest rates if I can buy a home for $50k or $100k again
@TRC19999Ай бұрын
“It’s called the American dream because you have to be asleep to believe it”
@kleindropperАй бұрын
Weird how so many immigrants come here with nothing but the shirt on their back and are able to succeed easily while native born Americans think the dream is "dead". SMH.
@leborhal7450Ай бұрын
@@kleindropper Those migrants have the luxury of having their food, housing, childcare, medical expenses, travel all subsidized by huge amounts of tax money that is simply stolen from you and me. Give me back the 30% of my income that gets stolen from me and I'll change my opinion on the American Dream. so your take is not only wrong, its ignorant of the facts at hand.
@HOLDXSTEELАй бұрын
@@kleindropperbecause our government gives them everything for free
@firefly9838Ай бұрын
@@kleindropper because the quality of life compared to a dirt hut is still better... it's just not as good as it used to be for the Americans here...
@michaelhutchings6602Ай бұрын
Reminder a super rich phony hippie said that. Carlin literally bought a private jet to shelter taxes.
@greensarah2059Ай бұрын
The American Dream is very hard to achieve. I no longer have the "old American Dream." Instead of a house, I now dream of always having a roof over my head, food in my belly, and access to healthcare.
@brandhark7935Ай бұрын
I make $81k, wife makes $30k, we have a $370k house and have a great American dream household. We didn't go to college, we just got technical certifications and worked hard and pinched pennies.
@JeffTheTraderАй бұрын
When did you purchase the house?
@annaelisavettavonnedozza9607Ай бұрын
I love hearing this 💗
@nadyadobreva9904Ай бұрын
Do you already own the house, or you still are paying a mortgage for it.
@JeffTheTraderАй бұрын
@@nadyadobreva9904 they likely bought it in 2020 with record low interest rates before the market blew up. Like most others probably couldn’t afford it today
@isiah675Ай бұрын
@@JeffTheTrader Do you own a home?
@ZeikCallawayАй бұрын
I think Dave's mostly right but the part he's missing is even when interest rates were 17%. The overall cost of the home was still lower relative to the average income. He's a math guy so he should know better. But 17% on a $30,000 home is wildly different than 17% on a $400,000 home.
@xsgtxbigboy1655Ай бұрын
Right around that time ppl said they paid 15-25k for tthere homes ? Comparing that to this economy is just crazy talk Dave has the worse advice I’ve ever heard his advice is for rich ppl no one is making a 15 year loan quarter take home pay mortgage lol ppl can’t even afford a 30 year mortgage anymore let alone double that lol
@kb1236Ай бұрын
@@xsgtxbigboy1655 Very small 1000sqft plain jane homes were 40,000 in 1980, Atlanta surburbs. They went up from there but then again in 2011 when the market was flooded I was finding Medium size HUD homes for 40k in the suburbs of Atlanta. I bought my rental home that year for 25k cash! It is a 973sqft 3b/1b with carport in the City of Hampton. Things change and SEARCH for bargans.
@napoleon1992Ай бұрын
@@xsgtxbigboy1655 However they also only made like 5k a year.
@blackworldtraveler3711Ай бұрын
Don’t buy a $400k home. Buy cheaper,rent ,or live with parents. Simple and up to you. In the 90s I got pre approved for a 150k mortgage and pushed hard for me to buy a $150k home. I bought a $70k condo.
@miqueiaspaulo1Ай бұрын
17%? that is not the interest rate right now. It's more like 7 or 8% for house loans.
@glennz6686Ай бұрын
At 18 the last thing on my mind was buying a house.
@commonenglishmistakes4360Ай бұрын
That's when I starting saving for my deposit
@anthonywilliams9415Ай бұрын
📠
@knottheory79220Ай бұрын
The problem Dave is missing is a lot of cities that were very affordable 30 years ago (Austin TX) are now so far outside of affordability for most people, and it's getting worse and never reversing. I suppose if you're like Dave and already own real estate you're enjoying the risk free 10-15 percent annual gains and don't see anything wrong.
@paulstandaert5709Ай бұрын
Okay, there's a place at 13013 Buenos Aires Pkwy, Del Valle, TX for $315,000. 3 bedroom, 2.5 bath. 2 car garage. I dunno. I paid $150,000 for my much smaller home in 2003 and it is now upgraded to similar specifications and is probably worth about $300,000 now. House price doubled, but so did wages from back then. Mathematically, it doesn't seem too far out of range then vs now.
@paulstandaert5709Ай бұрын
Another one at 15218 Parrish Ln, Austin, TX 78725 $260,000. It looks nice by my standards. It doesn't look hella out of affordability to me.
@IrishMexicanАй бұрын
Yup, San Francisco Bay Area
@blackworldtraveler3711Ай бұрын
That’s how it works. Everyone will not be able to afford a home especially if you don’t like living in affordable states,cities,and towns thinking thinking it’s the middle of nowhere.
@reneet5858Ай бұрын
Try living on $1400.00 a month, being Widowed, and totally disabled. Im 62.5 yrs old. He's scared of HIS future!? I can only eat one small meal a day, and when things get tough...I dont eat. I know Im not alone in this.
@buklaoАй бұрын
Basically if you didnt buy a house in 2020 or before, you're screwed.
@begoodtoothers3233Ай бұрын
Yep!😔
@taylorbarnard4880Ай бұрын
No..
@sarahshanahan2222Ай бұрын
@@buklao I'm so lucky I closed on my house in Feb of 2020... I didn't think the covid thing would be a big deal
@garyzimmerman6316Ай бұрын
It's coming back. RELAX! History matters.
@kbanghartАй бұрын
@@garyzimmerman6316people refuse to see past their nose
@nicholasbaker2904Ай бұрын
That's it Dave. Blame smartphones. Yell at the kids on their skateboards while you're at it. Shake that fist at the sky. 1980 14% interest rates were high... but avg home cost wasn't 4x the average income. I'm 42 yrs old and this isn't a snapshot. It's a downward spiral.
@krobdawgАй бұрын
Dave will make sure you hear the "h" in "whining" 😂
@kennedyjeffersonАй бұрын
🤣🤣🤣
@jimmymcgill6778Ай бұрын
He just love to put everyone down.
@brianthomas3451Ай бұрын
That and his tried and true “veehickle”
@fredfinger7092Ай бұрын
Hwining I think is how he spells it... ?
@IHateNicolasCageАй бұрын
Cool Hwip
@eyehatemyjob2314Ай бұрын
"Whether you think you can or can't, you're right."- Stewie Griffin.
@jdprentice720Ай бұрын
“I am unwilling to wait for anything.” Even for his cohost to finish his sentence.
@CommeradeZhukovАй бұрын
When my grandpa grew up he was able to save the money he made from a few years in the military and bought a 40 acre lot of land with a farmhouse with no mortgage or loan at all, in 2024 not only are you not able to save due to rent and living expenses eating nearly all expendable income of an average wage, you need to go into 30 years of debt where you end up paying twice as much on a house that you will never really own anyway because lets face the fact that even when its paid off you get the privilege of continuing to pay ever rising rent to the government in the form of property taxes. Not only is the dream dead but the nation itself will go the way of the Soviet Union. There's a reason that the vast majority of American financial and economic experts have second passports.
@aadilenenene97Ай бұрын
Yeah 17% interest rate on homes that cost 60k and now it’s 7% on homes that are over 400k
@jer1776Ай бұрын
Yep, and if you dont currently have $80k saved for a down payment next year youll need $100k.
@amireallythatgrumpy6508Ай бұрын
All the more reason to be grateful interest rates are 17% today.
@leeyah3696Ай бұрын
Exactly, the barrier to entry was much lower
@jordy_beats2980Ай бұрын
“Hold my beer” 😂 17% interest rates
@brandonwoodard1515Ай бұрын
Average house price was 69k in 1982.
@GigaChad_169Ай бұрын
@@brandonwoodard1515 Right but minimum wage was also $2.75 in 1982 also...so...
@tkordikАй бұрын
It's still possible. The new question is "What are you willing to sacrifice to get it?" - Your health? Your family? Your children?
@GigaChad_169Ай бұрын
There has always been an element of sacrifice when buying homes or obtaining some sort of life goal. My ex and I sacrificed "having fun" in our 20's to afford to buy a house in our 30's. Right now I'm sacrificing travel, brunch with friends, and other stuff regular people do (who are up tot their eyeballs in credit card debt) to ensure I'm saving enough for retirement. You can't have your cake and eat it too unless you're already independently wealthy. People who have to work for a living can extend or pretend on credit until they go bust, or they can sacrifice and prioritize financial goals.
@johnc2438Ай бұрын
No! That's an old, traditional -- yes, Boomer! -- question. Asked that question myself after coming home from Vietnam. But if you plan and manage your life, you can avoid "sacrifices." Where's my tiny violin, so that I can play a woeful tune for you?
@joycewright5386Ай бұрын
Sacrifice going out to eat, expensive vacations, new cell phones, streaming services, Starbucks. No need to sacrifice your health and your children.
@manoftomorrow5987Ай бұрын
Everything in life is a sacrifice. You got to figure out what you’re willing to sacrifice. Most things in life are achievable…you got to know if it’s worth the stress of getting it. People acting like they can’t buy a house or sacrifice 18 months to save up and live below their means is the hardest thing to do in life apparently.
@africanqueen1655Ай бұрын
🤣🤣🤣
@Yogastrong908Ай бұрын
Let’s be real. A dollar today is not nearly what it was 20 years ago or even 5 years ago. When I was his age I rented an apartment for 750 per month in 2003. That same apartment is going for 2800 as of last month and that is an hour and a half outside of Manhattan. This kid is going to learn quickly that Long Island isn’t a long term answer for someone in finance at his age plus jobs in finance are turning to automation (I work in finance and alot of people are either being laid off or leaving the field due to low pay). At some point it’s not about living below your means but having a means to live below.
@aadilenenene97Ай бұрын
The problem is people in their 30s now can’t afford a home when people in their 30s back then already had a home and children
@taylorbarnard4880Ай бұрын
I make 52k, my wife makes 40k; we were able to purchase a duplex that needed some work for 155k. Living and loving the American dream!
@jeraldbottcher1588Ай бұрын
I remember buying my 1st home in '91 2300 sq ft for $39,900 @ 8% and thinking I was overpaying. Bought my 2nd house 1300sq ft in a higher cost area in '99 for $89,900. @6.5% Still in that house. it is now worth $300,000. all paid off and not going anywhere.
@jordanspringer8Ай бұрын
I also don’t like how Dave is telling people to be patient. I’ve saved up $110,000 over the last 29 years of my life to be able to buy a house down payment, and it’s a killer to afford anything in Canada. How much longer should we rent? I’ve been actively trying to find something to buy and Dave is just being ignorant at this point.
@iii9266Ай бұрын
NO 18 year old is going to buy a home in ANY market. No financial institution will write the paper without a co-signer.
@beckypetersen2680Ай бұрын
And that's nothing new.
@bagofsteel9152Ай бұрын
That's not true, I know multiple people who have bought homes at 18 and 19 years old, they're still in their early 20s.
@iii9266Ай бұрын
@@bagofsteel9152 absolutely no way have they bought a home on. their. own. at 18 or 19 without an inheritance to buy it outright or a co-signer or, possibly, mommy & daddys help. They have zero credit history. Even FHA, HUD, VA will not do it.
@iii9266Ай бұрын
@@bagofsteel9152 Absolutely no way an 18, 19 or even a20yo is going to get financed. Not without an inheritance or loan from a relative that they could pay cash outright or a cosigner. They have ZERO credit history. HUD, FHA, VA will not even touch them, let alone a conventional loan. If your friends have told you different they're lying or you heard wrong.
@anywaystohighwayАй бұрын
@@bagofsteel9152 with a CO SIGNER, gosh learn to read
@BigJohnM20 күн бұрын
Dave is spot on. I waited over 10 years to get my house when my savings and income level was right. I don't think i could do it now a days because of my need of instant gratification. Smartphones have ruined us all. I didn't have a cell phone and only ate out one time a month while saving for a home. I don't think i would give up my cell phone now even if i was saving for a house now. Which is a shame statement.... We would rather have an expensive phone then a house.
@gtamantubeАй бұрын
The psychology of money is a REALLY good book to read in this area
@stewarthoiАй бұрын
The "hard work" part of the American dream formula often gets ignored. I came to this country (legally) as a teenager with just a suitcase of old clothes, 6 months of living expenses and a "you go figure it out yourself" from my parents. I studied like hell in college, taking on average 21 credits per semester to lower my tuition while working almost full time, and my English was so poor I could barely understand what the professors said, but I endured through all that and graduated with a near 4.0 GPA. It was HARD; I often could only get 3-4 hours of sleep. Now I work as a principal scientist at a global pharmaceutical company while owning my own side business. Yes, the American dream is be harder to attain than before because of domestic and global competitions, but that just means you need to work harder and be willing to sacrifice more.
@AstaKristjanАй бұрын
It's sad how difficult things have become in this recessive economy. I was wondering how to utilise some money I had. I used some of it for e-commerce business, but that sank. I'm thinking of how to protect my $450K-worth stock portfolio from decline, but haven't figured which way to go.
@LarsBergstrom-uh2euАй бұрын
Very difficult indeed, but when the going gets tough, the tough gets going. You have to learn and handle finances properly. you should hire a CFP to help you diversify your assets to include ETFs/index funds/mutual funds and stocks of companies with consistent cash flows. Don't go for penny stocks.
@LivaHolstАй бұрын
Opting for a brokerage Adviser is currently the optimal approach for navigating the market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 300% since 2022
@user-sb6po3yj7dАй бұрын
I could really use the expertise of this advsors.
@LivaHolstАй бұрын
KATHLEEN CHERYL CONSTANTZ is a hot topic even among the finance elite in California. She's just a search away(on the net)
@djsererАй бұрын
My wife and I are 45. Our combined household income is 180k. A 600k house which in south Florida is on the lower end of the price ranges with today’s interest rate on a 15year fixed would give us a 6k mortgage payment which is over 50% of our take home. Even a 30year puts us at 40% Thats what this kid is talking about. Until prices or interest rates drop I don’t have much hope for owning a home.
@phillipsouthard8285Ай бұрын
We make 140k a year combined, both in our late 20s with no kids. Will be out of debt in October. Houses in our area are 350-450k on average. At 400k, with 20% down, a 7% interest rate, and a 1.87% property tax rate, our payment would be right a $3,000 a month. That's already 37% of our take home pay before any other expenses are added. I understand where this kid is coming from cause 140k feels like it took a lot of hard work to get to, and it still doesn't seem to be enough to buy.
@BoldFollowerАй бұрын
I think the American Dream is absolutely possible, but it will take longer, Unless you have a BIG push from your parents, expect it to be baby steps over a decade or two post high school graduation.
@neverneeded.2697Ай бұрын
The American dream includes having near adult children two decades post high school, not buying your first home.
@Blittsplitt5Ай бұрын
@@neverneeded.2697what? No
@Kreations4KidsbyKАй бұрын
Exactly. So long as it’s your goal, god willing, eventually you’ll have it.
@BoldFollowerАй бұрын
@@neverneeded.2697 not what I said. If you’re taking baby steps you don’t stay under your parents roof. You start with small apartments, then townhomes, then at some point a house etc. (for example). You’re still making advancements forward, it’s just not all at once
@GC-ou5vkАй бұрын
It’s still possible, but it’s so hard. Debt free. Working on my mortgage.
@GigaChad_169Ай бұрын
I agree. A lot of people don't want to crimp the lifestyle they feel they deserve in order to sacrifice to get ahead. Its possible, but it requires a re-imagining of what your typical lifestyle will be. You may not be able to buy new cars going forward. You may not get a master degree and the associated student loan debt...hell you may not even get a college degree and just pick up a trade instead. The old ways were unsustainable to begin with, now people are going to have to find a new more sustainable way forward in life or do without.
@timgibney5590Ай бұрын
How? I make 100k a year! I can't afford a house and will rent and never retire now. It just is not possible unless I do an APR or do 2% down with 60% of my income going towards the shack in the hood for $2600 a month not including insurance, utilities, or anything else. The 15 year mortgage is not possible for me
@napoleon1992Ай бұрын
Life has always been hard. What is new. Work hard and try to achieve more or dont. This is America. You have a choice.
@deborahjackson6108Ай бұрын
Age?
@commonenglishmistakes4360Ай бұрын
@@timgibney5590 the fact that there are people who earn a lot less and have their own home shows that it's possible. If you really want to crunch figures, cut spending and save up for the future it's definitely possible but it takes effort.
@WendyW75087 күн бұрын
I'm gonna send this to my 16 year old. He has been quite affected by watching all these ' it's hopeless, may well not try" videos that are on recently. That's a self-fulfilling prophecy if it's not countered by some true wisdom. Thanks for the wisdom.
@rightsaidmatt2632Ай бұрын
Under Dave's plan a 600k house requires $120000 and around $275000 gross annual income. Seems super doable for the average dude right? It'll be way worse in 12 years, Dave just can't admit it because he won't have a show anymore
@commonenglishmistakes4360Ай бұрын
Ok, so if Dave's wrong, what advise would you give to someone now who wants to face the challenges of life and plan a good future?
@frankt5833Ай бұрын
the "american dream" is now on a foreign land, working remote making american money, paying 200K for a mini mansion 😂 Equador, albania, Mexico, Colombia, phillipines, thailand etc. its a shame but the reality is thats whats its become if you make 100K or less(67k is avg us salary) you are priced out of anything in the US unless you go to the boonies whith no people/entertainment and at that point why do that to yourself when you can go to mexico or colombia and live like a king with all the standards & perks of city life
@frankt5833Ай бұрын
@@commonenglishmistakes4360 ^
@somelolplayer6199Ай бұрын
The macro trend is things getting worse, but short-med term prices are likely to go down as the market becomes more liquid (right now it is very frozen / low volume). It’s def possible things are better in 12 yrs vs now, but in half a century things will prob be worse (prob sooner).
@somelolplayer6199Ай бұрын
@@commonenglishmistakes4360 Probably that unless you are a top 1% individual earner or a top 10% household then housing is probably unaffordable to you right now but there are things you can do now to prepare for a future where the market is more affordable. At the moment rents near me are around half the cost of a comparable mortgage, so rent and budget to the best of your ability and the more you can save the better your position will be when the market is in a state where home buying becomes practically possible again. It’s true that renting is like throwing your money into the void, but right now it sure is a whole lot cheaper to rent vs a mortgage. There’s also the benefit of landlord appt upkeep, if an appliance breaks that’s a landlord responsibility, if a pipe breaks and you get a water leak that’s a landlord responsibility, etc…. with home ownership there will be repair costs on top of the mortgage that would be paid by an landlord for an appt.
@sowek4576Ай бұрын
15% in 1982 when the average house cost 69k, median household income was 24.5k = 2.8 years of income to buy a house. 7.8% in 2024 average house is 421k, median household income is 64k = 6.5 years of income to buy a house. I dont know why older generation is so upset at the younger people complaining about this.
@daveavemian5940Ай бұрын
Dave is wildly unrealistic and disconnected from reality. It's never been harder to have a good life and Retire comfortably. The average mortgage now is 3k a month. Everything costs a million dollars. The only way to live a good life and retire comfortably is to make at least 200k+. What percentage of people under 40 make 200k? 1 2%? It was not like this before. I bought my first house in 2014 and it was a 2000 square foot townhouse. I had a 1400 payment. Growing up, you could have a nice house and Retire comfortably making 80 90k a year. Now a comfortable existence is only for the super elite. We can tell people to improve themselves and get a better job but it's not realistic to expect everyone to make 200k. Incomes haven't grown nearly at pace of inflation. Not even close
@MikeWalksWithJesusАй бұрын
100s of millions will do that to anyone
@DDDD-of3hvАй бұрын
its called living within your means....... earn it.... you can do it, you can get it.... you think Yatch owners on Long Island just used college loans and then demanded getting things without putting effort in...... Don't answer that i will..... EFFORT
@MikeWalksWithJesusАй бұрын
33 trillion of debt. The American dream was sold
@firefly9838Ай бұрын
Not to mention that not everyone can "just improve themselves" to the point of getting a 200k a year job... those jobs are relatively scarce and extremely competitive... for every person that gets that job 7 others didn't and will continue to not get it... that's something Americans rarely reflect on from what I have seen.
@unfairsanic5089Ай бұрын
The reality is that people are living beyond thier means and thats what keeps them broke
@jamesgordon22136 күн бұрын
Excellent advice. I wish I'd had this when I was 18. My parents set a good example by telling me to only go in debt for a mortgage and (a big maybe) for your first car, stay away from credit cards, and pay cash! But Dave just expounds this advice! You'd do well to listen and do as he says. Smart young man for calling.
@SignorNessuno65Ай бұрын
I appealed my property taxes twice and got two reductions. My new insurance premium wasn't as bad as I expected. That's this year, I suspect next year will be a disaster!
@jimroscoviusАй бұрын
Don't live in New York or California. We live in the Plains and are doing great!!
@fredfinger7092Ай бұрын
Agreed. Median price is not $400k in the Midwest. Maybe in Chicago it is but not most of the middle of the country.
@jimroscoviusАй бұрын
@@fredfinger7092 Where I live, you can buy nice homes for $200k or less. Really nice ones for $250k-300k.
@jayman3575Ай бұрын
I live in a HCOL area. 15 yrs later out of school I still don't own but my net worth is over 650k. You can still generate wealth while still renting...
@pamelastoesz7334 күн бұрын
You're generating wealth...for the landlord using you to buy his property, which is an asset that has doubled in value in the past 5 years.
@andyvu8513Ай бұрын
Dave is right- today’s society does not have patience and wants instant gratification and not willing to sacrifice and live below their means .
@danieldolan6146Ай бұрын
The average person making the median income can’t afford a median priced home. Prices for goods and services have multiplied. This is the problem.
@Gman2002Ай бұрын
The dream is there like others said you have to work really hard to get the higher pay (seek ways to constantly increase your value either as an employee or employer). The bar has been raised like The Hunger Games. In today’s time it’s chess not checkers. You have to be smarter with your money and finance planning. For me i stopped buying new cars 11yrs ago. I still have my 10yr old car that many folks still say it looks brand new. I use that money and have been throwing it in index funds and invested consistently through out the years without car payments and that paid off. Was able to increase my net worth substantially and purchase my first property a few years ago. The knowledge to get there is now in the palms of your hands (aka smart phone). You just have to live below your means and roll your sleeves and get to work. Not going to be easy, but you will get there if you keep your eyes on the finish line.
@betitos11Ай бұрын
Oh Dave, all you had to say was this, "Of course you can live the American Dream kid, All you need is this, live on rice and beans until you make about $200k a year, have $95k for down payment and closing cost, $25k in an emergency fund and zero debt. Of course the American Dream is still alive. 🤣🤣💀
@georgewagner7787Ай бұрын
Its possible but not in metro areas
@kirapoodleАй бұрын
So it's still possible
@awill3454Ай бұрын
Lmao so true. This real estate situation will not work itself out for decades, if ever. Since the Great Recession, new home builds have not kept up with population growth. We have a huge deficit of homes for the population and we can only build our way out. It will vary by each locality, but rich people and NIMBYs tend to be on local government boards so it will be a huge hurdle to get more housing built in most cities. Nobody wants the price of their home to go down when supply increases. Ramsey just thinks his past experiences can just be extrapolated into the future. This is a very different America, one that is in decline
@josephscimeca7433Ай бұрын
im 37 years old. i dont make 200k a year, i inherited nothing, i worked two jobs (80+ hours a week when i needed to, not anymore), i stopped spending and borrowing like an idiot like society tells me to do to be "happy" and i rooted myself in my faith in how i make decisions. im 6 months away from paying off my house and being completely debt free. stop listening to people that tell you it isn't possible, because it is. you have to do the work. pain is important to becoming a better person. these lessons ill teach to my kids so they aren't set up in the same trap. get honest, get real, and pull back the curtains. excuses won't get us anywherre.
@SpecialK711Ай бұрын
@@josephscimeca7433 Facts 💯
@michaelwaters221Ай бұрын
As someone who made terrible financial decisions from age 18-28 and who course corrected and is now living the American dream with over a million dollars household net worth I can say that it is actually very possible to live the American dream today.
@jordanspringer8Ай бұрын
It’s in the numbers. Here in Canada (at least where I live in Ontario), the average home price is over $900,000. I just bought a starter townhouse for $475k but could only put down 15% and the amortization is 25 years. The whole “15 year fixed mortgage where the cost isn’t more than a quarter of your monthly take-home” Dave talks about isn’t mathematically possible. It just isn’t. Not unless you put down 60% or are in the top 0.5% of income earners.
@fredfinger7092Ай бұрын
1960 is NOT the "last of the baby boomers". That is generally considered to be 1964. Although a lot of people say 1954 to 1965 should be called "Generation Jones" or "The Lost Generation". But that still doesn't make 1960 the end of the Baby Boom. Where does he get these things that he says?
@veronicas8315Ай бұрын
Yeah, I caught that too. My parents are baby boomers- it’s till 1964. I liked that he said it is harder than ever but possible.
@FTG2EliАй бұрын
Oh, oh. Remember when Dave said he would leave when he started to not make sense? My neighbor is the baby of Baby Boomers and he just turned 60 this year. That’s right 1946 to 1964 is the Baby Boomer generation. Myself, I’m a 1958 model and, hopefully, retire in 2 years. I know Dave is 3 years younger than me, which would make him born in 1961…..maybe 1960???? 🤔
@JosiahK555Ай бұрын
culturally people born before the 70s basically act like boomers, i know people born 65 to 69, and they are basically boomers in their culture and disposition.
@americaneconomist86Ай бұрын
Probably off tic “tac”
@fredfinger7092Ай бұрын
@@americaneconomist86 🤣
@hollisconant2566Ай бұрын
i do not mind standing in line to get what i want i do not order anything on line ever
@imveryhungry112Ай бұрын
If your young and cant afford a home: first pay off all your debt. RENT CHEAP and keep buying stocks consistently each and every month. Stop thinking about anything except creating new friendships, work, and consistently buying stocks (S&P MUTUAL FUND). One day in a few years youll look at that account and be like uhhhhh i can buy a house now. The secret is is to consistently buy assets you can afford. If you cant buy a home, buy equities.
@jasonbennett499Ай бұрын
The youth is impatient, they want what they see without realizing what it takes to get there.
@restandrelaxation4039Ай бұрын
Mindset is a huge part, but let’s face it dave, if you had to pay $500k for your houses when you were getting started, you’d be poor like all of us.
@bigkrunk7577Ай бұрын
Dave is simply saying, GET OUT OF DEBT! INVEST! SAVE FOR A RAINY DAY! AND LEARN HOW INCREASE YOUR (!!!!YOUR!!!!) INCOME. Get off the couch and do something with your life. This is a YOU (!!!YOU!!!) moment.
@tylerhair9067Ай бұрын
They always forget my generation. It’s either boomers or millenials. Even Dave, the uh, generation after mine. GEN X people!! They NEVER mention Gen X when they compare anything.
@metaltera86Ай бұрын
All depends on your definition of American dream
@simonthebroken9691Ай бұрын
This convicted me. Thank you. I'm 49, and I've been struggling in my career. It's not financial. It's covidstan that keeps kicking me in the jimmies. Justice delayed is justice denied.
@jarrettpierce5626Ай бұрын
I didn’t buy a house til 35, never thought I wasn’t living the dream cause it took me 15 years to save for one
@jolenekaske5884Ай бұрын
People feel it don't insult the peoples intelligence u feel and see it every where
@georgewagner7787Ай бұрын
But he's right about interest. I had 9 percent in the 80s
@jolenekaske5884Ай бұрын
@georgewagner7787 that maby true but besides the interest rate it is now 7× more for a house and two married people can't get approved for a house unless your making 100000 to 200000 and the wages aren't there to keep up like they have in the past. A house should be achievable and unless ur making a crap ton it's not for at least 50 to 80 % of the population that is sad.
@jolenekaske5884Ай бұрын
@georgewagner7787 it's pretty crazy 2 people that work over full time can't afford anything in this climate in the USA
@evosmith12Ай бұрын
Dave is an expert in using strawman arguments. What a good moral Christian guy.
@ConnieFoster1Ай бұрын
He's too young to realize that focus, hard work, investing, saving eventually pays off. I remember not being able to afford to rent an apartment at 22. Now have a house with no mortgage at 45
@ClaxtonBay123Ай бұрын
Rule Number 1 - Live in your OWN REALITY.
@steveguillory7568Ай бұрын
My gosh, most of the comments seem to miss Dave’s point. He said things are hard. RIGHT NOW. Today’s reality does not mean it’s the forever reality.
@tylerhair9067Ай бұрын
He also says the house prices are not going to come back down, so….
@steveguillory7568Ай бұрын
@@tylerhair9067 we said the same thing in’05. And then they did. Maybe prices won’t drop. Maybe only price growth will slow. And interest rates drop. Then they’ll be more affordable
@HamnimationStudiosАй бұрын
EXACTLY! This too shall pass. Cynicism and despair don't get you anywhere, but hard work and patience can make you end up in at least a fairly good situation anytime!
@missylks1239Ай бұрын
Honestly, it's the history timelines I find funny about this. Primarily 1. Dave thinking that the first iPhone came out in 2003. 2. That the "American Dream" of owning a home was a thing in the 1870s.( about10 years after the Civil War ended) .
@brianmorris4031Ай бұрын
When Dave talks about 17% APR mortgages on homes that cost 2-3x the average income for boomers vs. a 6-7% APR mortgage today at 7x the average income… and he’s trying to make you feel bad for him and his whole generation having to buy at 17% you know he’s truly lost all grasp of reality. DO THE MATH
@amireallythatgrumpy6508Ай бұрын
Do the math and be grateful that interest rates are not 17% today, dude.
@l3hxyАй бұрын
You'll never hear a boomer admit they grew up in the easiest time there ever was.
@amireallythatgrumpy6508Ай бұрын
Because "the easiest time there was" was about 200 years before they were born.
@charizardsniper5064Ай бұрын
Were you there? I’ve read the history books and they had some issues of their own like you know the Cold War, real systemic racism, the treatment of Vietnam veterans, the crack epidemic to name a few.
@charizardsniper5064Ай бұрын
@amireallythatgrumpy6508 And you’re doing the same dang thing princess.
@locgemАй бұрын
What's 17% on a box of strawberries?
@user-zb7tg5hi3tАй бұрын
All the boomers are completely out of touch with how hard life is now. They grew up in the best of times. Life is much harder and way more expensive.
@jeffah3103Ай бұрын
And what will your grandchildren say about you when you're 75? They will hear your horrorifying 1st world problem stories about how your IPhone 14 couldn't do this or that and then say your life was easier than theirs! PUHLEEZE!
@OneSmileAtATime.Ай бұрын
Although they’ve got a point about most “normal” people not being able to afford a house on Long Island now, my grandfather did. He was a Korean navy veteran, and worked for the State of New York until he received his GI bill, state pension, and social security and had a house with four boys and a fiancé in the past. The American Dream was attainable in Long Island area for a long time. He was an immigrant from England in 1950, after dealing with Nazi Germany for years of his life in London. Things were and are still tight there, but not impossible for many.
@Omar_ZazzleАй бұрын
The last Boomers were born in 1964, Dave is wrong again.
@amireallythatgrumpy6508Ай бұрын
Actually those born between 1961 and 1964 do not belong to ANY generation.
@Eric79-f7iАй бұрын
I was raised in a poor household. I wish at a young age, I had gone to one of my successful friends parents and asked for mentorship. I love my parents and they raised me in a house full of love. But I don't believe that poor parents can teach you how to be wealthy, because they don't know how to be, themselves. I was told to find something I like doing for a career. I think that's terrible advice. I would have told myself, find something that pays amazingly and do that. It doesn't matter if you hate it, you'll be rich and able to retire early. That still sounds better than doing a job I love and never being able to retire. Sometimes you can have both, but I think whether you like the job or not should be secondary to the standard of living it provides.
@miqueiaspaulo1Ай бұрын
Retire early and do what?
@Eric79-f7iАй бұрын
@@miqueiaspaulo1 Then you can do what you're passionate about, when you already have the lifestyle to support it.
@eggman9713Ай бұрын
So basically Dave's advice is "Life sucks. Maybe next year it will suck more, maybe next year it will suck less."
@rudyflores7396Ай бұрын
Well, Dave did mention it is tougher to buy a house now, then 40 yrs ago. We just need to be more contempt and disciplined with our money. This new generation likes to spend as if we are in Congress. Follow this simple plan; 1)Stay out of debt 2) Work Hard 3) Save 4) Invest. 5) Budget 6) Be generous 🙏🙌💯✅️
@xsgtxbigboy1655Ай бұрын
We shouldn’t have to have a second job to be able to afford bills they always say just get another job we shouldn’t have to live at work lol
@Mr.Boring_ManАй бұрын
Reading a lot of excuses in the comments. If you've made a lot of bad decisions, you'll have a bunch of bad results.
@xsgtxbigboy1655Ай бұрын
You don’t even know what ur talking about I made more at 17 an hour a few years ago and now I make 35 and can still not afford bills? Was 550 for an apartment when I made 17 now it’s 1500? Ppl Like you are the problem you blame the ppl instead of this trash economy we live in
@jolenekaske5884Ай бұрын
@Mr.Boring_Man read the room it dosent take poor decisions anymore most people are one bad day from homeless in this economy
@jer1776Ай бұрын
Yeah my bad decision was not buying a house in middle school.
@j0yfulblessingsАй бұрын
You gotta buy something cheap. Make sacrifices while your young and build equity. Then when you wanna settle down you sell and roll your equity into a bigger house. You can't skip the little steps.
@trancendental537313 күн бұрын
Poor people: I think the game is stacked. Rich people: you are spoiled by your smartphone!
@stud6414Ай бұрын
Boomer Dave
@funnycartubeАй бұрын
Greetings from Bulgaria fellow Ramsey family! Be wise with your money and your time. The time is now to start growing up and build a better life for our families! Gob bless! 🙏
@Pablo-cs5scАй бұрын
Dave makes really great points. Sometimes he gets blind with the cost of a mortgage. Comparing a house price in 1982 with 17% interest rate versus the home price of today's home.