What's The Fastest Way To Pay Off $850,000 of Debt?

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[@ScottReedKC]

This guy is great! Living the dream and just one flat tire away from bankruptcy.

[@otrebla8944]

Lol

[@Dividendflywheel]

They can learn from their mistake and become “anti-debt” pro wealth. Or they can live the rest of their lives on the edge of financial catastrophe

[@drewdelaney4166]

At least he is living for today.

[@dialac1]

🤣🤣🤣

[@t3morga]

Ok this comment has me crying laughing

[@adlad3199]

$850,000 in debt with 5 kids & a wife that's not on board. What could go wrong?

[@jray9661]

*heavy breathing*

[@fauxbro1983]

Sell the wife,put the kids to work

[@Landon_Hughes]

He's almost a millionaire but in the wrong direction 😳

[@johnathanbolin5539]

Anti Millionaire lol

[@williammulock3014]

It's Canadian dollars... in US terms it's nowhere near that!

[@nhlanhla.vchili960]

🤣🤣🤣

[@siggiAg86]

A reverse millionaire

[@tylerhair9067]

Haha beautiful!! 👏🏻

[@prestonpeglow105]

$70k+ to haul 27 foot camper? You can do that with a $15k truck.

[@JasonBlaha66]

Or you could not have the truck and go on vacation over 100 times and still have money left

[@surered4958]

I had to pause at 1:15 just to digest this guys debt to income ratio. $190,000 HELOC is insane. A $77,000 truck to pull a trailer entirely for vacations, oh boy.

[@Dividendflywheel]

The habit of going into debt is so easy to form. Thinking it’s cheap money. It’s easy money. All the while ignoring the fact that it’s somebody else’s money. Eventually that somebody else becomes your master.

[@SvPVids]

They make it so easy and tempting to take out a loan in the US, it's almost inevitable.

[@KatieBellino]

I have a feeling that he's definitely "monthly payment" guy. If he can make the payment per month in his mind, "I can afford it."

[@jimroscovius]

This guy is a nut. A $77,000 truck is insane!!

[@Dividendflywheel]

@@KatieBellino very true. What are the payments? Is a dead giveaway for people who don’t have a financial plan that allows them to keep more and more of their paycheck. They a a few steps ahead of those who do pay day loans.

[@vitiligogirl1037]

I’m tripping over 40k if I had his debt I would have panic attacks every day 😫😫

[@gracethesinner8395]

I'm tripping over 6k of non-mortgage debt ahahah!

[@jimroscovius]

@gracethesinner8395 Get rid of it. I've been debt-free for years and paid off the house a few years ago. Living the dream.

[@takde]

I paid $40k off last year. Thank God. I still have roughly, $12k left to pay off. 🎉

[@vitiligogirl1037]

@@takde That’s amazing..

[@takde]

@@vitiligogirl1037 behavior change and a lot of prayer. Thank God I never filed for bankruptcy. Grind.

[@rockymountainfacet5958]

They make almost 200k and are flat broke.

[@Irod567]

Nothing will change with this guy. He doesn't want to sell that truck, that tells you a lot about how serious he is.

[@abaker4692]

"Time to buy some tents" made me laugh.

[@earthring]

How can you breathe with that amount of debt

[@JimmyMiller31]

You can’t.

[@vincetaliaferro2777]

By ignoring it until you cant anymore. Hopefully when we take back the Earth from the Illegal Secret Government we can teach our children the skills they need to avoid financial hardship.

[@musicman1eanda]

I mean their situation isn't as bad. They have a high income, they just need to sell their cars and rental property and then it's basically just cc debt and the house

[@MisterKelisi]

I thought this was consumer and student debt but most of this is mortgage…

[@28gbb]

Pick your favorite child and give the other 4 away

[@expectthabest951]

😂😂😂😂😂😂 Top Comment 😂😂😂😂😂😂

[@user-xb6if3bt1b]

He got a HELOC to buy the rental?!

[@gonzaga45377]

Unbelievable!!! He is teetering on the side of a cliff and doesn't know it.

[@starrababy31]

Same thing I was thinking!

[@muhammettiryaki2144]

Honestly, we need more people like you MYSTICFLIP if we had an army of people like you, we could stamp out these total loss in no time. I love that you are helping the victims, too it's ultra gratifying when you are to save people in real time like you do thanks 🙏🏻 for getting ours approved

[@anthonyb755]

Yay a Canadian from the west coast on the show 🇨🇦 wishing this family all the best in their endeavour to clean this up

[@rockymountainfacet5958]

My wife and I make 100k. Our car values are 3000 and 5000. They are both great cars. 👍 honda 04 accord 02 chevy Silverado. 😅

[@fhuber7507]

They went house poor and rental poor and then piled on vehicle loans.

[@jcherestal]

Not only is he buying a lot more stuff then he needs, the 2nd residence and car went down im value by alot because of unexpected events

[@Petruskinhap972]

How can someone acquire that much debt and not realize what they’re doing to themselves?😮Unbelievable.

[@raphymartinez]

He hasn’t realized it even after this call

[@cgasucks]

He's spending like it's 2019.

[@RaleighLink]

He’s 100% a reckless spender, sounds to me that he doesn’t think his situation is as bad as it is. He’ll most likely be filing for bankruptcy within the next year.

[@bikerbabes3567]

I disagree. I think within a year, he’ll make a lot of changes. He sounds motivated.

[@richprokop5155]

@@bikerbabes3567 NO.. WAY...

[@wnalexander]

Sell the personal house and live in the rental. If your family can make it in a camper for a vacation, you can survive for a while in the smaller house until you clean this mess up and start over debt free..

[@catherinep2034]

But how long is the lease the tenant signed?

[@Lon1001]

he said the rental home is worth about $300k on the market... in Vancouver that is either a bachelor suite or a 1 bedroom at most (if it's way out in the valley). There are parking stalls in the Vancouver proper that sell for more than that (plus monthly fees on top)

[@Aristaifly]

I'm sorry but $150k with 5 kids in Vancouver is VERY little money.

[@carlaritchie331]

They have a SPENDING problem, not an income issue.

[@Aristaifly]

@@carlaritchie331 both. if he talks about canadian dollars and he is in fact from vancouver area, 150K for 7 people is VERY little

[@superblump87]

​@carlaritchie331 no, this is Vancouver.

[@Aristaifly]

@@superblump87 US folks don't get it. They can buy a house for the price of a 2bd apartment in Vancouver area.

[@carlaritchie331]

What does Vancouver have to do with buying a second house with a HELOC and a $70,000 truck they don't need? It's poor spending decisions, not location. Foolish debt choices can be made anywhere. He admitted the debt was based on bad behaviors.

[@Fakyu179]

This message is to recognize your contribution to the team’s grant approval success. Your commitment had been exemplary and your hard working is an inspiration to everyone around you. You’re a professional MYSTICFLIP

[@mattlaeff724]

Doesn't sound like a Canadian, but a true American.

[@scottishboy872]

Why everyone saying he is canadian he just go there for vacations or i am missing something. He could be from Seattle or Montana

[@araceliswilliams2955]

Geez Louise!!!!!!!!!!!!!! He’s pretty calm for that amount of debt ….

[@therichbuddha3277]

Nah, his voice is shaking when he lists it out.

[@mistyosborne8389]

Bad thing is people are not buying anything right now. They act like u can just sell everything like it’s going to sell as soon as u put it up for sell

[@tduck828]

Right. My thought was sell some stuff but honestly good luck selling!

[@mistyosborne8389]

@@tduck828 they act like u can just sell it immediately or just give it back and the debt is gone

[@rockymountainfacet5958]

Look at the car market l.

[@penguin12902]

Houses and cars are both in a market shortage....4 year old cars that were $35k new are still selling for $27k+....I know because I've been waiting to buy a newer used car for 2 years.

[@AllynHin]

I would have started with selling the rental. Buying the truck for the sole purpose of occasionally pulling someone else's RV is just nuts. My family went camping a lot when I was a kid and I have a lot of fond memories from those trips. My dad had a Plymouth Valiant that towed a pop-up trailer and we camped in every state east of the Mississippi and a lot of states west of the Mississippi. You don't need a giant truck to pull a traveling hotel suite. A pop-up trailer and a sedan will make all the memories.

[@bamafencer12]

They have 5 kids...

[@EmpressMermaid]

Yes, but......man must have big truck.

[@AllynHin]

@@bamafencer12 There are plenty of tents that can easily accommodate 7 people.

[@AllynHin]

@@EmpressMermaid Only if he has a small willy.

[@lucialuciferion6720]

Honestly, think they should sell their main house and keep the rental . At least the rental provides some income as well. They could move somewhere smaller/cheaper and probably pay of their debts faster. Main house was estimated a million dollars ! Kids are young they can sleep on bunkbeds. He doesn't need a bedroom for each child.

[@pawelek7]

Every time when I hear I need a truck to pull the trailer I want to laugh.

[@robloxvids2233]

Exactly. This guy's answer was the most cliche thing ever. "I financed something way out of my price range because I need it to pull something I don't need."

[@KatieBellino]

@@robloxvids2233 Exactly and let's ignore that there are used vehicles capable of towing a trailer for 1/5 of what I spent.

[@pawelek7]

@daveramseyl 😆😆😆🤥🤥🤥☝️☝️☝️

[@brittanywelty566]

He definitely doesn’t need it to be able to go camping. He can still go camping and trade this for a much cheaper truck. My husband bought a 2004 Dodge 2500 for $7,000 and has used it to haul trailers and campers for years.

[@Lon1001]

@@KatieBellino used heavy duty pickup trucks are often cheaper than their smaller half-ton sibling not as much demand for them on the used market. They sometimes have more miles but they also have a lot more miles in them. Right now, in my area at least, the smaller the truck the more expensive it seems.

[@Jose-ht2lw]

Some people just love owing money. 🙄

[@OpenBlank4723]

Like Dave says not all the times but people who make more than $130k a year have more debt than people who make $30k becuase people that make less are not all the times but sometimes more discipline and choose not to go into debt

[@jray9661]

More money more problems

[@OpenBlank4723]

@@jray9661 an Anesthesiologist can earn $500k income or $1 million but if all of that is debt what's the point

[@toughbowtietruck]

I feel a lot better watching my $9,000 truck lose value compared to when I was driving a $50,000 truck.

[@rockymountainfacet5958]

I got a 04 honda accord for 3200. 4 years ago. I could sell it today for 2700. Shes running strong!

[@KatieBellino]

I was thinking about how his "need it to tow" excuse was really lame for the size of his truck loan. There are so many used trucks for a fraction of what his loan is.

[@brandondavis9016]

I got a well maintained 07 Sonata for $2200 that I could probably sell for the same if not slightly more…..avoid debt people

[@kevinbarber4986]

Amen Brother 🎉

[@jasonjason5325]

What a nightmare... insanity

[@DerickJordanDJ]

Is this what you think?

[@kelsea16]

He mentioned “up in the Okanagan”, so that tells me they are from the Lower Mainland (Vancouver), and this is a classic case of Keeping Up With the Jones’s, that everyone has around here! And, if you were lucky enough to get into the real estate market before the market went crazy (I bought in 2007), so many people’s have that wealth effect mentality. All of our houses are worth 1 to 2 million now.

[@cgasucks]

I live in Surrey, BC myself and I bought a starter house for $430K 10 years ago and now its over $1M. My property taxes has doubled since then. Insane.

[@scottishboy872]

You are making lots of assumptions. They could be from Alberta, Montana, Washington…

[@nathanreuben90]

Caption pops up at around the 0.26 mark stating the question,the name and where's he from. 😅 🇨🇦

[@shaneO5493]

Omg 850k in debt that scares the heck!!!! Outta me😢

[@Luncheon23]

I always click on videos if I see George. He's one of the best Ramsey personalities 😊

[@hawgsrmylife]

George and John are by far the best.

[@DerickJordanDJ]

@@hawgsrmylife if you know Admin Macdonald I think you will reserve the best for him

[@Winnie-Kay]

Same

[@DerickJordanDJ]

@@Winnie-Kay I hope you are looking forward to acquiring more

[@jray9661]

My nigga George

[@machutson5493]

Momma possibly not on board, means it's not gonna happen.

[@shaerath]

Yep

[@jasonjiang5062]

I thought this guy made over 500K before he mentioned his income.

[@lot2196]

Same here. $160K!!!!!!!. My wife and I make $130. I couldn't imagine living like that. We live like paupers and enjoy ourselves.

[@iridium58]

Million dollar home was his first mistake....

[@Hi-qt2nj]

I thought this guy was going to a doctor making 500k

[@OUTDOORS55]

With an income of 170k im curious how they are even making minimum payments...$2500 /month payment for a 500k mortgage doesn't add up. Even at 30yr@3.5% thats $2300 a month NOT including taxes and insurance.

[@sashavenka]

Hes the reason why im getting all these rewards on my credit cards 😂😂😂

[@123shotas]

🤡😂

[@jray9661]

Damn that’s cold😂

[@fauxbro1983]

The thing is you think your smart because of credit card "rewards"

[@tduck828]

Haha savage but sameeeeee

[@tduck828]

Never paid a dime of interest and debt free including my house but go on....

[@Chele-nm4qx]

In Illinois- they have whats called a "Diminished Value" law, where you can get around 10% of the total repair from the insurance company when you are in an accident. Any car dealership that tells you that they will take off the repair bill off the price they will pay you for your vehicle- run away! Park it with a for sale sign in it & get full book price. I know a lot of people rely on these carfax reports- those are total garbage! If it's a used vehicle- call the previous owner or run it by your local body shop to take a look & make sure repairs were done correctly. As an auto collision center owner- we see this all the time.

[@bekirozcan1196]

You're the best MYSTICFLIP ! Thank you for sharing the knowledge. I've actually gotten a few loans that you've suggested in the past. You bring so much to our tables. You're just full of great helpful info. You've taught me so much in the past few months and I'm grateful. You're an angel in disguise! Keep doing what you're doing my friend. Thanks once again MYSTICFLIP

[@Sepharite]

These guys are paying AT LEAST 50K of interest per year, which is probably 50% of their net income. Why are they not panicking?!

[@jamiehush]

I just did the math 6% of 850,000 is about $50k. You're right. Canada doesn't have 30-year mortgages as the USA does. A five-year fixed interest rate on a mortgage is 6% right now. Bonkers.

[@kay203]

Lol this isnt as bad as the title... I thought 850k was wholly consumer debt and student loan. As long as he sells cars and rentals, should be able to fix in ~1yr

[@adamseidel9780]

It’s actually worse than the title by nearly $200,000, and he’s gonna be looking at at least $100,000 in non-mortgage high-interest debt even if he sells everything but his house. On $160k a year, that’s at least 2-3 years to deal with.

[@patty109109]

I figured it was a med degree or industrial equipment. This guy will be broke for years. He has more than a year gross in junk debt.

[@DoctorSmartyPants]

Yes, and the show uses that for click bait.

[@aaronalquiza9680]

so much debt for 160k household income.. i'm barely making that much myself and i'm panicking with 10k debt

[@123shotas]

Such a shitti flex 😂

[@marcenelj]

This is a mess

[@Sepharite]

how the hell does this happen!?

[@jray9661]

People have lost they Gyatdayum mindzz

[@BabyGators]

Easy money policies

[@jloop_2008]

Can we bring Dave back please?

[@nikolaig1]

He quit 😂😂. He couldnt do it anymore 😂😂

[@jasonjason5325]

Forget him... He is an old fool

[@cutehumor]

dave is semi retired

[@nikolaig1]

@@cutehumor its a joke. He needs to be fully retired. He doesnt need the money

[@neisci]

That man has paid his dues it's time for him to fully enjoy the fruits of his labor.

[@kayn2756]

How does he sleep at night. He needs to sell a lot of things.

[@Alex-mj5dv]

Talk about living a pumped up, fake lifestyle you really can’t afford .. jeeze. Everything, everything!!! Is financed to the absolute hilt!

[@jray9661]

His brain is financed

[@langasanders1337]

Being "Normal"

[@user-wz1qo1cn3i]

I wonder how much of that credit card debt was used to buy Pampers.

[@northharriscollege]

He don’t sound like he will change anything and be in 1 mill debt in about two years.

[@hiteshadhikari]

It is 1 million 36 k with the heloc

[@carlaritchie331]

They need FPU to be immersed in understanding, planning & budgeting, to get energized and focused with some mindful determination before this flicker of light goes out. Surround themselves with people following the same financial principles and values necessary to turn the ship. He was smart to call and needs some ongoing coaching to stop their spending behaviors. Having a mentor and some accountability to persevere would be a benefit. It will require a mindset change, so they can progress toward crossing the finish line of overcoming the burden of bills and then work at acquiring that much $$$ in assets rather than in debt. They currently have the outward appearance of having all the 'things' but really don't own any of it, have dug themselves deep under lots of debts with accumulating interest due to others. Fun is over when consequences are realized, will take commitment and action to get out of the financial mess they've created.

[@gingercat7925]

Most people cannot even afford to live in a van down by the river in Vancouver.

[@Elizabeth_lowkeyluxuries]

Sell the cars, sell the homes, sell the wife lol

[@Lon1001]

actually might apply for this caller across the board

[@Dividendflywheel]

This family is at a crossroad. They have a seed (situation) that can transform them into multi-millionaire’s. Or they can continue along the path most Americans take (remain indebted and stressed). I hope their children learn from this

[@robloxvids2233]

They're are going to go bankrupt for sure. You really can't reverse this behavior before bankruptcy gets you.

[@Dividendflywheel]

@@robloxvids2233 sad, yet avoidable.

[@shaerath]

Caller is from Canada.

[@Dividendflywheel]

@@shaerath ha ha. guess Canadian’s love debt too

[@bestechYtBotBH]

that list of debt was excruciating. I could only imagine listening to Dave Ramsey loose his mind growing impatient listening to the size of this list 🤔

[@azteca6695]

Speechless...... speechless.....😧

[@expectthabest951]

🤦‍♂️All I can say is GHAAAAT DAYMMMM thats alot of personal Debt! 🤷‍♂️

[@jray9661]

😂😂😂

[@johndone8045]

77k loan for 1 truck..... ok....

[@zerafians8145]

$2500/month on a $1mil home? How does that work?

[@KatieBellino]

I believe the mortgage is $550k, so the million figure is what it would currently sell for.

[@lkj0822g]

Pay off the $4k, pay off the high interest credit card, keep the car, sell the truck (you can borrow the parents truck to go camping, you already borrow their camper...), evaluate the rental (does it have positive cash flow, history of tenants, etc). It does sound as though they are in too much house for their income level, so that is a consideration. Also remember these figures are in Canadian dollars, although the ratios remain the same.

[@bingboone9474]

I mean CAD is about .75 of a US Dollar, its not that drastic of a difference, the real problem is it sounds like he lives in Vancouver or even on the Island. And thats a huge problem, Vancouver is in the top 5 real estate markets in North America and one of the highest cost of living places in the world. It will kill you. Idk how he even has money to fill up his truck with gas. It is normally around $2 a litre. A gallon is 3.78 litres, So he pays $7.56 per gallon of gasoline. AKA to fill up a truck he is probably paying about $175-$200 for a full tank from empty.

[@queen.kristal8395]

Wow make $160k and still broke is amazing shows most people can’t handle money

[@reese85]

160k is not a lot of money, especially with 5 kids

[@queen.kristal8395]

@@reese85 well there doing better than a average family with income

[@reese85]

@@queen.kristal8395 depends. They or at least I didn’t hear where they were calling from

[@KatieBellino]

@@reese85 Canada, so his income is inflated. I believe the current exchange rate makes it closer to $120k in our dollar. Still, they are not broke. His spending habits have created a mess.

[@26point2madness]

Once you include the annual interest, probably around $50K, their adjusted income is closer to $110K. A lot of family destructive behavior.

[@Andrew-ro6cr]

Take some overtime, you'll pay that $850,000 off in no time.

[@therichbuddha3277]

LOL

[@aaronalquiza9680]

by no time probably 18 years

[@thelogicaldanger]

He claims he is already doing overtime to make his current 160K income. He said his wife was also picking up "extra hours", not clear if she is picking up overtime, or just picking up extra hours from part time work.

[@cutehumor]

the jackass will have to work 16 hours a day to get rid of this debt

[@jml9550]

Sell the rentals, cars, trailers…….and everything that’s not bolted down.

[@sivad2889]

why not just sell the primary house, move into the rental, pay that off and everything else with the profits from the sell?

[@Dan16673]

5 kids

[@user-wz1qo1cn3i]

That just makes too much sense. So does family planning. All that debt is probably products they have to buy for that many kids. If they are little kids, those Pampers can really add up!

[@DoctorSmartyPants]

The rental house might be WAY too small for a family of seven. Family planning.

[@berniepfitzner487]

Put the kids in bunk beds.

[@vbelbel490]

sale not 'sell'.

[@carissastevens9481]

How do people even get approved for this kind of money? Like where does it come from

[@tiwarani]

I've always wondered how people afford all those nice toys. Guess they can't!

[@nathanreuben90]

Glad to hear from someone from my neck of the woods 🇨🇦

[@bigcahuna42366]

Buying a $77K truck for going on vacation???? This guy should have no time nor budget for vacations for the next several years.

[@KatieBellino]

He also justified a much more expensive purchase than necessary. There are definitely trucks under $40k that would be able to tow, especially slightly used ones.

[@justinballard7242]

160k income and majorly in debt. That's insane.

[@Jack-kj1zu]

Making $160K is good for household income, but to have everything he has on that income is insanity. My wife and I make around $100K combined and with mortgage included we have around $120K in debt and that to us feels like a lot. I can't imagine adding another $700K to that.

[@abark]

I make 300k and don't even own a vehicle let alone multiple. My household expenses are $2,000 a month.

[@boomn216]

I don't understand how people who make this much money are in debt.

[@fauxbro1983]

Lifestyle creep

[@emoney1231]

Same as everyone else. It's about behavior, not the numbers. Most people spend until it hurts.

[@buckibanker]

Entitlement, I make more than double this guy and drive a 20k used truck.

[@EmpoweredTravels]

Some people see they're making 100K+ and start buying everything in sight thinking, "I can afford it!" You keep saying that enough and you end up like this caller. That money can get away very quickly if you're not careful.

[@ginaeastcoasth7737]

More money more problems

[@jjeverson2269]

5 kids and over a million dollars in debt? That is insane! I’m bitching about my mortgage which is the only debt i have but that’s due to the interest rate I got

[@Ms.MD7]

Did you just get your house recently? I heard it went up to 6-7%.

[@jasonrodgers9063]

A $10,000 car is NOT a "beater". Dude needs a ONE thousand dollar car! The MOST expensive car I ever bought was a $3500 Oldsmobile from a govt. surplus auction. Was a GREAT car, low miles, lasted over a dozen years.

[@adamseidel9780]

Haven’t looked at car prices recently, huh?

[@jasonrodgers9063]

@@adamseidel9780 Actually, just 6 months ago. True, they are way up, but not 10X up!

[@KatieBellino]

You're lucky if a $1k car is running right now. If you can't do your own work (or a family member can), a car of that range is a money pit. $15-20k is really when used cars are reliable at this point. $7-12k might get you a borderline beater with high miles.

[@abark]

Ok boomer

[@jasonrodgers9063]

@@abark Thanks, loser.

[@johncameron4194]

That just an insane amount

[@mine4532]

They are living like they are both in Congress

[@user-yr7ly5vq2g]

...and he's in Vancouver, BC which doesn't help at all!

[@langasanders1337]

Wife needs to get on board YESTERDAY, they are drowning

[@supreemcourt9181]

Things like this makes me look at high earners differently. Your income means NOTHING if it’s hiding behind the shadows of your debt. Now I’m convinced that the only reason people “buy” new cars, is because their acceptance to go in debt is more risky than mine.

[@Gastyz]

I dont get the point on selling the truck at a huge loss. If its already way too depreciated, instead of selling it and taking that loss and buying a beat used car instead (which may need frequent fixes and visits to the workshop), just keep the truck but be sure to cherish and love it because you'll be driving it for the next 10 years.

[@adamseidel9780]

They absolutely cannot afford an $80,000 truck, and they can’t afford a $60,000 truck either. The loss was already taken and it just loses more and more value every day.

[@KatieBellino]

The value of the truck is a lot. Paying $80k off with interest with come out to a lot more than the $20k loss he will supposedly take.

[@JF-fk9om]

How do you get 850k debt? I can't even get a 5k credit card 🤔

[@carojames6776]

Yes, live the dream today for the nightnare starts tomorrow and its going to be horrific.

[@ghost307]

Get a cheaper car. When you borrow the trailer borrow their truck to pull it and let them have yours until you get back.

[@MelvinThegreatz]

Kinda messed up... but I hope situations like this keep happening and as a result more housing gets freed for other folks

[@jenaenglish3731]

Taking home similar amount I cant even imagine this debt load. I was 356k between just student loans and home mortgage. I worked year did while remodeling myself after work working from 8am to 11pm sold the house and decreased to 38k, bought used mobile home gutted and remodeling it, home, car and no other debts and 38k makes me anxious cant even imagine 5 kids and wife im the mix at that salary and 850k the interest alone be killer

[@JoeyNYSDnomad]

This is the guy you see driving down the highway in a camper with 6 bikes hanging off the back, a boat, canoe..etc

[@derekortt2817]

The advice here is very poor. While the debt snowball is a good way to reduce your monthly payments, not prioritizing paying off a 20% credit card will set you back very far. Especially in this case where the call can sell a rental and net 100K. Pay off that credit card before paying off any low interest debt. Once the high interest debt is gone, then start the debt snowball

[@berniepfitzner487]

Financially you're correct. The debt snowball the Ramsey guys suggest is to create a mentality of paying down on your debts... Oh you have a $500 loan to grandma? Let's go get that paid off next week.

[@derekortt2817]

@@berniepfitzner487 I generally support the debt snowball method because each loan you pay off brings more financial freedom. Just not at the expense of very high rate loans. I would make an exception for those very small loans of only a few hundred that you mentioned, as those are like mosquitoes. Just want to get rid of those

[@Aminah6623]

I like the part where the caller bought a $70K truck to pull his parents' trailer to take the kids on vacation.

[@nicozhu2406]

The fastest to get rid of this debt is passing away

[@chuckdameron5626]

He just like everyone else who makes a lot of money you spend a lot of money then something happens you find out you are in debt to your eyeballs

[@emoney1231]

I can't imagine owing $98k on CARS. Somehow spending $77k+ for "free" vacations seemed like a good idea... Rent a truck when you need it!

[@KatieBellino]

Not to mention there are totally pickup trucks for way cheaper than he bought. The price tag definitely sounded like a brand new truck.

[@aolvaar8792]

$190K on a HELOC, for what?

[@carlaritchie331]

Or when borrowing the RV from parents also borrow their vehicle to pull it.

[@georgefrank438]

Lots of people in canada are in this much debt, average house price on my street cost 1.9M

[@Mr_Fairdale]

Saw thumbnail and clicked at the speed of light (Despite George being there, too 😉)

[@Minimalist-Lifestyle]

...they should move into the rental and sell the primary residence.

[@AliciaMcIntire]

Based on his excuses, this dude isn't going to do anything. He wants to keep his toys and take the easy way with selling the house

[@BrianaBudgets]

1:41 poor people don’t go on vacation

[@MaryEverling]

We make right at 200k a year n have a mortgage of 147K, a student loan of 29k, and one car loan of 24k, no credit card debt! I feel good about that lol

[@keepitreal5317]

He was trying to shortcut his way to a different lifestyle.

[@Adtownsend139]

I think it's time for everyone to take investing very seriously, I can teach any serious investor who wants to earn like I do serious investors only.

[@buckibanker]

Me too it's called SPY

[@hastycontemplation]

I read once that taking on debt is pledging yourelf to future labor not yet completed, or something like that. It also seems to me like pretending to be someone you aren't.

[@JewelBlueIbanez]

BC means Bring Cash. I’m surprised his mortgage is so low for Vancouver.

[@geraldtisch7270]

What is the truck for? Picking up the honeys