Why Shouldn't I Buy A House Right Now?!?

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[@step2191]

best quote Dave has said all year..."wealth is unusual...its not normal...you have to engage in unusual behaviors and habits to create unusual results" very powerful words.

[@qdullinflames]

agreed

[@tylerclark-realtor]

NOVA Dash Cam I’m gonna copy and paste this quote! Thanks so much

[@odorlesslebs8055]

I prefer "the joneses are broke"

[@wildercain1026]

pro trick : watch series on flixzone. Me and my gf have been using them for watching all kinds of movies recently.

[@thomasmorrison3279]

People never think about all of the extras with buying a house. They only focus on the mortgage payment. However, property tax, repairs, landscaping, updating, appliances, insurance, etc. are extremely expensive. When your roof leaks, it may cost you, e.g., $10,000 for a new roof. People may be ok making mortgage payments, but cannot afford upkeep on a house.

[@Sihkster]

Property taxes and insurance are included with the mortgage

[@drunclecookie216]

I pay less with my monthly mortgage and property taxes than all my friends do renting much smaller places. If you're renting a house you are paying the owner's mortgage and property taxes plus some (he does have to make a profit or renting it out is pointless) also, those home repairs you don't have to pay for..... you will be paying for them after he raises your rent

[@lovekindness5637]

Thomas Morrison you forget sewer bill water bill electric bill cable and good home insurance

[@ChrisMFlorida]

@@Sihkster not always.. mine was separate.

[@lloydfrancis9149]

Wow

[@mylesgray3470]

He’s 100% right. I bought a house in 2008 at the age of 25 with 3% down. That was the worst financial decision I ever made. I was in debt already after college but I was scared like the caller is that I would be priced out if I waited 2-3 years as interest rates were climbing and prices were sky high. I scraped by and the value of he house plummeted in the overheated market. It took 10 years for me to get back to a point I could be debt free and amble to consider buying again. That house still isn’t worth what I paid despite renovations from the people who bought it from me.

[@richardsanchez9190]

Did you buy when the bubble burst?

[@drunclecookie216]

I bought my house in 2005 as a first time home buyer with no other debt. In 2012 I refinanced to a 15 year fixed rate 3% loan and my monthly payments did not increase plus my house appraised at significantly more than what I bought it for. I'm hoping to have it paid off in the next 4 years.

[@rooclicknet8666]

My girlfriend is has house fever I told her to watch this video. Get married (Christian fellowship) HAVE TWIN SONS, Get out of debt (student loans, credit cards, auto loans, personal loans and tax liens). Save up down payment!

[@jvolstad]

What Realtor's don't want to tell you, low interest rates inflate housing values. As interest rates return to normal levels, housing values will decline. Rent until you get out of debt.

[@thematthewlong]

jvolstad absolutely false; housing is based on inflation not interest rates.. lord have mercy dont give advice to people..

[@jvolstad]

Matt Long you must be a Real Estate salesperson. It's always a good time to buy.

[@BradPwnsU]

Matthew Long yeah it’s based on Inflation and that’s where the interest rates come from lol

[@aolvaar8792]

The house across the street was bought in 2006 for $220K, it sold in 2011 for $42K."It's always a good time to buy", The person walked away in 2010.

[@ChrisMFlorida]

@@aolvaar8792 same for me.. 130k house foreclosed for $52k

[@taiiib2252]

I love how Dave snaps him back when he goes off he really wants this kid to win!

[@treyjibade9616]

"Being wealthy is unusual" it hit home. Mr Dave Ramsey, you are a genius! I remember why I subscribed to your channel. Love the bluntness so much

[@carmenstgermain8557]

Cody ..be weird. I'm 50 now and I am semi retired...since I was 42.. Weird A F and I have total peace... Just show a little bit of restraint and self denial..and you will gain your freedom

[@SerenityNow331]

Yeah, listen to the man, Cody. Take it from me - a broke 40-year-old. You do not want to be in that position.

[@ladybug7967]

You are too young to be sounding so pessimistic

[@ACCOMPLISHEDSHEIS]

@@ladybug7967 NO SIR. WE HAVE MORE BROKE FOLKS CARRYING DEBTS THAN THOSE WITH SAVINGS AND INVESTING. STAY IN YOUR LANE SIR. LET THAT MAN BE CONSCIOUS WITH HIS FINANCES.

[@MichaelJayValueInvesting]

If interest rates go up substantially, house prices may actually level off or come down. So while your interest payments on the mortgage may be higher your total mortgage may be about the same because the house is cheaper. Don't rush in to home buying, there will be opportunities down the road.

[@gordonfreeman5434]

Really hope what you are saying is true.

[@jesse_4516]

Wrong

[@mozillagenesis]

House prices will do more than level off or come down. They're gonna go up in flames and come crashing back down to earth when interest rates shoot up (and they will, they've been rock bottom for too long already). I'm waiting to buy when the inevitable happens and not a second sooner.

[@sfrealestatedealmaker6001]

🔥 I feel like it’s the 2008 housing crash repeating itself all over again. 🔥

[@552mustang]

Josh S You dont know what youre talking about. The Fed is projecting 2 more quarter point increases this year and 3-4 next year. Were not in 'low' territory anymore.

[@colinsznaider7353]

Caller works 70 hours a week. His wife is a stay at home mom. Do they ever even talk?

[@sharisanchez2814]

Colin Sznaider if he’s coming home everyday to eat/sleep they should have enough time. Even communicating via email, on lunch breaks and/or any chance they get like my husband and I do, we make it happen.

[@teach9906]

This is very common in my state.

[@christinb5766]

My husband works 70hrs and I’m a stay at home Mom and we spend time together nearly every day. We have way more together time than most of our friends 🤷‍♀️

[@mostlyends]

Holy stupid. Makes 130k but has 37k in debt?? What you wasting your paycheck on, dude?? This is why finances need to be taught right along math class in grade school.

[@johnnymartinez2917]

Nick Keith if nobody had debt i think things would be a lot different then what they are today wouldn’t they?

[@mostlyends]

Johnny Martinez What does that have to do with the price of tea in China?

[@ClaxtonBay123]

Nick Keith Nothing about that is abnormal in the US. You feign surprise when most of the US is sitting in debt no matter how much they make.

[@mostlyends]

ClaxtonBay123 I don't pity anyone making six digits. If you have that much cash flow and are drowning, you are just really, really bad with money and common sense. Try living on less than 20k a year for 20 years. Then I will show compassion for your struggles.

[@ClaxtonBay123]

Nick Keith Your Pity or compassion has nothing to do with anything. The entire point of this show is that people are really bad with money. Most people are bad with money because most people were never taught how to handle money. It’s the reason this show has been around for 25 years.

[@julieshrock4392]

Murphy and his cousins will move in 🤣🤣

[@kaohsiung99]

Their names are Broke, Desperate, and Stupid.

[@rooclicknet8666]

My girlfriend is has house fever I told her to watch this video. Get married (Christian fellowship) HAVE TWIN SONS, Get out of debt (student loans, credit cards, auto loans, personal loans). Save up down payment!

[@teetee614]

Lol.

[@ahays3168]

Ll

[@charper9890]

I work with a Murphy. He isn’t lying...

[@nicoled6991]

“Don’t keep debt hanging around like your gosh-dang pet!” Lol

[@independenceday3764]

Interest rates do, or at least should, affect price in real estate. The higher the rate, the lower the price should be. This assumes static buying power of wages, which is actually in decline and has been the past 40 years. The markets are fake. Millennials are not buying houses because they can’t afford them. Not because there is a shortage of inventory. It’s a shortage of affordable inventory. Further, they have more student loan debt than ever before. I see a lot of them driving BMWs, too. They’re living like everybody else. They are the Jones’s. Sadly, they are fools. I would love to see Dave address the underlying economics and social behaviors driving people to make poor decisions. Yes, lack of financial education is a part of it. There are much deeper problems not being discussed.

[@Chano601]

Well the 10% is not bad when your buying a 25k house for 30 years. Back in the 70's

[@SimplisticallyDigital]

I am debt free thankfully. But I am trying to figure out how a majority of the callers to this show make at least 100k a year. What am I doing wrong? 😱🤔

[@carmenstgermain8557]

I don't like 100,000 is that rare anymore. I make that as a nurse with an associated degree..but it took 25 years to get to that

[@WCGwkf]

A single person making 100k is still very very good. A couple making 100k is good but not hard. If I had a wife making the same as me we'd bring in over 100k and I'm a machinist. The US median household income is just 2 people making minimum wage and combining it.

[@PS_on_youtube]

Lets do the math on this $100k per year... the caller said he was working 70 hours a week (that's 10 hours per day), he CLEARLY doean't have a personal life. It's not possible, he just dosen't have the time. $100k per year / 12 months a year = $8,333 per month. $8,333 per month / 30 days in a month = $277 per day (pre tax). $277 per day / 10 hours of work everyday = $21 per hour (for the first 8 hours) then $31.5 for the last 2 hours.

[@WCGwkf]

Perpetual Sabbatical there's definitely a possibility of working longer hours during the week. 12 hour weeks and another 10 on saturday would leave him sunday. You'd get burned out really really fast not having a single day off. I work 50 hour weeks Mon thru Friday but Friday is just an 8 hour "short" shift. I enjoy my weekends and don't intend on working them even though I have the option to work Saturdays

[@PS_on_youtube]

No doubt, i don't want to come off sounding like overtime is a bad thing, but all people must ask 'Why am I here' (why am I working this job), are you Living to Work or Working to Live? It's very philosophical, and every persons views are different. Some people believe in the defered Life plan, while others blow it all. Gotta find a balance...

[@dutch724]

I don't understand where people think renting is cheaper than owning a home. Renting you are putting money in someone else's pocket before things break. The house I was renting was 1350.00, my mortgage is $800. I think owning a house will get me out of debt faster than renting. So what about repairs, I'm smart enough that I have learned how to repair a house.

[@JasonWalter1]

I agree! Owning a home is by far better than renting. Of course, I'm slightly biased because I'm a Realtor but I would never rent again. Check out my KZbin channel if you're interested in real estate topics.

[@Gabster1990]

This dude will have an easy time paying off debt. He can get a house in a year if he is really good about budgeting.

[@marcellowheeler88]

This, 37k dollars in debt with his income isn't much at all.

[@marquiselogan9832]

If he lives here in savannah and he's 25 making 6 figures he's either a longshoremen, works at Georgia ports, or Gulf Stream

[@nicholasgarcia7830]

8:58 .... and that’s how you end a conversation lol

[@stonecold9573]

There’s no need to rush yourself into buying a house!

[@clericstorm2009]

Im surprised Dave didnt also bring up that he should pay the debt now because he could always lose his job or become disabled in the future.

[@sarahann530]

I am surprised he did not tell him to get a 2nd job delivering pizzas

[@ubercoolnamehere]

He did tell him to pay down his debt.

[@Qichar]

This is actually good advice. Yes, mortgage rates used to be at historic lows, and it would have been nice to take advantage of them. However, if you're not financially ready to take advantage of a situation, then don't make it worse by making a bad money decision. Sometimes in life, an opportunity will happen by but you just aren't in a position to take advantage of it.

[@youngjohn5076]

So many people in debt, Trying to keep up with the Jones. Lol

[@seventhchild7270]

This is so true nhan ha......and also trying to impress others while deep in dent and broke!

[@seventhchild7270]

Debt

[@wyaldkingdom]

I'm sorry but if you buy a house and it appreciates, then you pay off all of your debt even faster when you sell it. I know because I did it. Dave Ramsey advice is good for simple people who want to follow a simple plan with the perception of no risk. But the truth is that his advice is not best for everyone. Everyone can drive a Toyota Corolla to get from a to b but it is not the only way to do so.

[@JoseSanchez0795]

I don’t know how can people make over 100k a year and still have financial problems !

[@ndreturn2glory]

Same way third world countries look at any American and think the same thing.

[@ozkrow2386]

Depends on where you live.

[@NotShowingOff]

Where you live. Where you went to school. Lifestyle.

[@merkuryemberheart1533]

Because humans always want more

[@cameronsantiago3155]

Cause he works 70 hours a week and has little time to work out how to manage him money, meanwhile his wife apparently hasn't worked so they are likely spending it on eating out when they are home together.

[@tonyvu7183]

I like what he said about social media. “People only post the highlight reel...” I’ve been buying stupid stuff to keep up with my friends.

[@atmosrepair]

The currency has been devalued like crazy for decades, manufacturing offshored since late 70's. Our country/empire is on the verge of collapse, in fact it did financially collapse in 2008, but it was papered over with more currency devaluation.

[@flamehiro]

if rates are high, just keep saving until you can afford it without struggle. Maybe start off with a smaller house first so you can pay off fast. Sell then upgrade when the time is right.

[@haleywells11]

Interest rates should never matter. Don’t worry about interest rates. Don’t buy it unless you can truly BUY it

[@milwaukeewisconsin3366]

Don’t buy a house just live with your parents forever that seem to be the new thing 👍🏼

[@julieshrock4392]

MILWAUKEE WISCONSIN 😏

[@RepuBlicOfChaD]

If you're smart you'll invest and save the money you should be paying on rent.

[@Countcho]

i live with parents and save 90% of my paycheck. I have crippling depression now by living here. Its fine for a while, but too long will drive you crazy.

[@sinamen516]

I'm home and love it!!

[@marcellowheeler88]

Rest of the world does it, they seem to have stronger families than we do.

[@Uniqorn]

Always great advice, I have no debt but love this show and i'm sure it will help keep me that way.

[@mkite715]

David congrats!!! I’ll be debt free in 2 months...finally...and will continue to listen to keep me on the right track.

[@dm6187]

@@mkite715 how are things going with the debt free life?

[@danteljackson]

Dave is still living in the past, 9%-10% mortgage rates werent that big of a deal back then. Inflation is still very real. The price of houses back then were way lower than today's houses. Renting in dallas tx cost you more than a mortgage now. And on another note, how do you get $37k in debt if you make over $100k a year

[@iloveamerica1966]

Wives and toys.

[@DisabilityExams]

I bought a house in 1985 - rate was 12.75%. Paid it off in 5 years.

[@sarahann530]

Ferguson101 It was a Barbie House he bought in Toysrus

[@PS_on_youtube]

And now look at Toys R Us... great advice 'JDave'... Lol ;)

[@PS_on_youtube]

I'll stick to buying my barbie house from 'Sears' thank you very much. There's NO way they are going bankrupt, lol ;)

[@boxmike2003]

Did you buy it for 50k lol

[@PS_on_youtube]

Wow, wow, wow! $37k is amazing! But 15%... i guess 15% isn't bad when you consider that it was 'only' $37k. Congrats, that's really really awesome!

[@beepak8902]

The day rates go above 5 percent housing prices with drop. Buying will stop, sellers prices will drop. The fed cant raise rates to 8 or 10 % without a major shift. Rates are stuck low.

[@enigmathegrayman2953]

Be even more strange don’t have debt, don’t buy a house, don’t have car payments, don’t have student loans or credit cards. Go out and live for a change! Just worry about living your life. Without overwhelming financial obligation I promise life is a whole lot sweeter. Be in a position where “ALMOST” any income keeps you from living paycheck to paycheck. Also concentrate on relationships with others rather than climbing the corporate ladder, pool your finances together live on what your own income can provide and don’t be in such a hurry to get that cement foundation with a few windows a door 🚪 and a chimney.

[@jasminflower3814]

I like the idea of not going into debt for a house. I was thinking of buying a cheap house in cash so no debt. Would that suit your philosophy?

[@ramonddiaz]

Cody just be weird men

[@jaredm6931]

It was difficult for me to determine if he is going to use Dave's advice or not.

[@israeltindal5845]

@ Jared, I wondered the same dam thing. I was like dam, he kept arguing with Dave , like he was going to make Dave take his reasoning over his. SMDH

[@richardsou]

Buy a house as an investment, fix it up, and decide to either keep the home with a mortgage that is cheaper than your rent or sell the house and pay off your debt.

[@davesearches4950]

Yea, just pay landlords forever and make them rich. I'm sure all those landlords paid cash for those properties.

[@skylersmall6322]

I take home $33k a year after taxes working 50-60 hours a week. I don't even know of a job near me that pays more and yet it seems like everyone calling in makes 3X+ what I make and have insane debt issues. I can't even fathom that amount of income and yet people are getting into debt. How can you spend that much, what in the world are you buying.

[@wickedbird1538]

At 25, I did not know where I was going to live. I needed to be able move for the best job opportunities and build up my savings. At 30, I was in a house that I bought with 20% down.

[@basambalap6795]

according to Dave. all callers who are broke will be millionaires soon.

[@adamwalker8271]

I’ve been trying to explain this to my in-laws. They keep telling me to buy a house when I’m in debt.

[@marlynsantos9677]

I'm surprised he's finishing FPU and had this question about buying a house while being in debt.. that's the #1 no no

[@kirbus69]

I know this is an old(er) video of Dave's, but even now in 2020, when interest rates are as low as they've ever been, I still hear the "interest rate" argument from people who want to buy a house that they think they can afford. Here's an example of why Dave and others say to pay off a house early and don't worry about interest rates. Assuming you buy a house for $200,000, and put $40,000 down (20%), at 3% interest. This means you are financing $160,000, and let's assume you will do what most do and opt for a 30 year mortgage. The payments before taxes and Insurance would be just under $700 a month. Doesn't sound too bad, right? Well, this loan will cost you $42,000 in interest in JUST the first 10 years. This means that if you do zero upgrades, and zero maintenance for the first ten years, you are still paying the bank over 40 grand JUST to have the honor of borrowing $160,000 from them. Over the entire life of the 30 year loan, you will end up paying just over $80,000 in interest, so closer to $300k for the house than $200k. This is why people who say "I bought my house for $200,000 and ten years later, I sold it for $250,000! I made $50,000!" are laughed at by people who can use a calculator, and that's assuming you spend zero dollars out of pocket on the house other than interest, which we all know is never going to be the case. Do yourself and your family a favor and use the free online mortgage calculators that are all over the web, and plug in your numbers. You will be shocked at how much interest a "good interest rate" still ends up costing you.

[@brandonanderson7944]

I am a mortgage lender myself. Truer words have never been spoken my friend.

[@sharinglungs3226]

If it’ll only take a year to get out of debt sounds like a no brainer to do that instead of being worried that interest rates go up .1-.5%.

[@blueandpopsicle407]

Cody, you can't afford a house now; cool your jets and work on paying off your debt. You're welcome

[@israeltindal5845]

@ Blue, You would think that he would have said that, and went on to what Dr. Ramsey was telling him, but he wants to pick a way out of Doc, and make an excuse to get the house. smh

[@danvain]

Yes, but my friends that make less than 30K a year have a new house and drive new cars and have all the newest toys. Yes Cody, we call those people...BROKE!

[@marshhen]

I was lucky and did okay but I bought a house ONLY looking at the monthly payment. It meant that I felt super stressed out, worrying something would happen because I had no emergency fund and never lived on a budget. It was not the dreamy experience I thought it would be. I was extremely relieved to sell it and take a profit when I had to move for work. I will not do that again until I can pay a huge down payment and it is an appropriate percentage of my take-home pay.

[@cloudybits474]

It tells a lot about the kind of society we live in when someone with some severe debt is actually thinking of purchasing a house. We deal with money decisions on a daily basis yet economic education is neglected in all levels of education.

[@semperfi-1918]

Too late bought my house but I'm actually saving more than I was paying in rent

[@johnnguyen6767]

Im gonna start saying that now "better than i deserve" sounds very humble

[@starlitopensky1]

5% Apr on 100,000 is 5000 interest. 10% on 100,000 is $10,000 interest in one year; paying about $833 each month for interest.

[@brotha1984]

Pay off debt then start investing compounding your money dont buy house yet unless you know u can afford it

[@keshabbhattarai4884]

I really like it when Dave says, "When broke people buy the house they are broker."

[@tylerclark-realtor]

My sister makes $45,000 a year and has like $7000 in debt. When I ask her why she doesn’t just pay the debt off, she explained to me that she doesn’t have the money because she doesn’t live within her means. It’s not always that easy to pay off debt. However with Dave’s plan it makes the mountain Climb a whole lot easier.

[@videoshomepage]

If Cody will listen to Dave, he will be set!

[@hvac526]

just discovered this you tube love the advice you give

[@rebeccabsomanybooks3558]

A house and additional debt are quicksand. You can be sure that the house you purchase will have hidden problems that reveal themselves once you move in even if you have a home inspection (joke). It can wipe out emergency funds immediately. Been there.

[@rs2543]

What do you guys think? House prices start coming down this year?? I’m waiting for a 20% drop before I buy.

[@gamebred5x]

Love ur teaching methods Dave!!!!!

[@WCGwkf]

What about the value of homes right now? In my area and maybe everywhere home values have shot up in the last few years and it makes me scared to buy one and the value crashes again. I wouldn't be looking to sell quickly but no one wants to pay tens of thousands more.

[@nicholasavis1705]

WCGwkf you only lose money if you sell the house. Even if there is a crash the value will come back up again.

[@WCGwkf]

Nicholas Avis as with everything, but if I could spend a few ten thousand less or get a better property for the same money I'd rather do that.

[@kcross9699]

I would love to have a conversation with Dave Ramsey about my current situation. I'm a special education teacher and my husband is a green-card-holding-electrician who immigrated from England. He has no debt, but my student loan debts are killing us in the home buying process. Paying almost 100% over the minimum payment per month, but it feels like we aren't getting anywhere. Plus, I have two more years left on a car payment - but hey, at least it's interest free.... as they say, hindsight is 20/20. Family, friends, and coworkers are trying to convince us to buy a home in a preferred area within the district I teach in but the average listing price is unaffordable due to our (my) debt to income ratio - compounded with the fact people are getting into bidding wars and will pay anywhere between $2-15,000 over listing price. We're okay with being weird. We are recluses in order to save money - except for when visiting family here and abroad. Struggling to figure out our best option. Worried about another housing collapse. Feeling stuck. Want to start building a family. At this rate, will we ever be able to afford owning a home before retirement? Please help advise. Sincerely, The American Dream

[@jasminflower3814]

How are you and your partner doing Kelsie? Dave Ramsay would say pay off your student loan first before you think of doing anything else.

[@jacobstrouble6631]

Yes, pay 3x mortgage price for an apartment while waiting for the green light to purchase a house. I heard this in 2008. I bought my home, then the crash came. Property value plummeted. However, now I owe very little on my home near downtown Atlanta and I can pay my mortgage and car note on one check. I only made 37k when I made my purchase. Just saying.

[@randyburrill2340]

Country song LOL, classic!

[@stevenjenson]

I’m 23 when I was 20 I put 20,000 down on a 46 acres I paid it down a lot now I’m building my house 44 acres I paid off with a construction loan (2 acres the house is on has a loan) and have enough to build my house and left ways to add on my property appraised for 400,000 and I have a 130000 dollar mortgage. Me and my dad built a lot of it. Did all the footers for the house all the building with a few guys on the weekends and we are doing all the cabinets and trim and paint ourselves and paying everyone else to do heat and AC, plumbing, electrical. I worked the guy I bought the land from for months and got him down 40 grand. Turns out he was in more of a rush to sell then I was to buy 😉

[@fastchingon]

What would be the difference, benefits disadvantages between buying and renting when the payments are the same?

[@FrostyThundertrod]

This is one thing I disagree with Dave about, buying a house is in every way cheeper then renting, the only way to get cheaper rent is to rent something that zoning would make illegal for you own. The landlord will always charge you more to rent a property then it costs them to own it.

[@FrostyThundertrod]

Krystal I sure some fail at the rental market, just like every other type of business but being a landlord is business if you don’t make a profit doing it you will lose the rental once all your savings are used up

[@rooclicknet8666]

My girlfriend is has house fever I told her to watch this video. Get married (Christian fellowship) HAVE TWIN SONS, Get out of debt (student loans, credit cards, auto loans, personal loans). Save up down payment!

[@MF-ge5rr]

Dave, God bless you and your family and Thank you!

[@eduardorodriguez550]

Hes one of those people that wants to get into it before it goes up.

[@lesliecuriel2112]

This videos save lives I was thinking in buying a house right after college panicking prices will go up 😂 the true is prices will go up but if I don’t clean my college debt first I will be paying more with interest 😂😂😂😂 things you don’t think because people around you tell you the opposite 🤦🏻‍♀️ thank thank you sir for these videos!!!

[@omegamalerevelations7543]

To me I feel like houses are a bad investment just like a car. Here in CT it is better to rent as property taxes can be in the excess of 11K then for the first 10-15 years on a 30 year loan you are just paying off the interest. Besides let's say a 2 or 3 family home that brings in income, single family homes are a bad investment.

[@chineseslaves1971]

I wouldn’t buy with that debt. There are so many extra expenses once you move in on the west coast. Opportunities are rare and they don’t have to do much to sell. Once I paid off the last of remodeling on the other place I bought another. Even though the prices are high, interest rates were super low. More importantly, I understood that soon there would be nothing in my price range. I would be priced out and that’s already happened even though I moved in at the beginning of the year. After I remodeled on a cash bases, and some gifts from my parents, I cut off 5 years of the loan with a accelerated payments. Having my other home in a different state held me back from getting another one in socal for awhile because a ton of remodeling went into that too, whether it can be seen or not has never been a concern. However if I wasn’t held back and did not go through a couple of bad years (another story) I wouldn’t have moved to a different location which is very nice. I would have had equity, but I would have stayed there for work. Who knows what the availability would be like where I live now.

[@evalina98000]

And Murphy will bring his 3 cousins, Broke, Desperate and Stupid 😜🤪🤣

[@aolvaar8792]

houses on my street sold for $40k in 2011, $8K down and under $200/mo, 3.5% for 30yrs, In 2018 the houses sold for ~$220KDON'T pay down debt, buy the Once in a lifetime,

[@user-yr3uj6go8i]

Why shouldn't they buy a house right now? Good question, you ask. They are prohibitively extremely inflated nowadays. Paying one-third of your income to pay hundreds of thousands of dollars just to have a roof above you is insanity, quite frankly.

[@seinfan9]

If I was making as much as him, I wouldn't be randomly in debt like that. Wasted income.

[@obits3]

To paraphrase Thomas Sowell, poverty is the default state of nature. Wealth is rare thing that we should appreciate and learn to create.

[@christydennis751]

Thank you Dave Ramsey!

[@denz4133]

i love dave but he cuts people off so often it gets hard to listen to.

[@BrianaBudgets]

This caller was just talking aimlessly, I believe Dave was trying to help him get to the point.

[@notnoternexto]

What is he spending his 100k+ salary on!??!?

[@andrewh3177]

Ed XO alcohol, wedding rings, vacations, “toys”

[@novola1972]

Restaurants. You eat there once and after tips it’s easily 60-70$ and it’s not even a fancy one. Meanwhile you can make a great meal at home for 20% of that and with better ingredients. People are dumb and lazy. And all this ‘I am working so hard’ is bs. Being at work and working hard are two different things.

[@mylesgray3470]

Most 25 year olds with high paying jobs in the US have at least 40,000 in debt from college. I did too. Some have parents who can pay for college but that’s becoming more rare as college costs go up. I wasn’t debt free until 10 years later.

[@EPYes]

He probably doesn't net that amount annually. Overtime taxes are crazy!

[@weareorigin]

According to a friend, he works 4 hours of overtime a day, times 4 or 5 days. Half of his $2000 paycheck is taxed.

[@emk704]

Basically he was just hoping and praying Dave would say "sure buy a house". Just kept prodding along hoping Dave would cave.

[@robu2580]

In Georgia this dude's a genius. Lowest state IQ in nation. Dude works 70 hrs a week that's why he makes so much

[@jimmyworkman7709]

robert uhl exactly. His pay is roughly $21 per hour before overtime. That’s an average wage in most jobs.

[@MichaelBrown-ny3et]

37k in debt and is worried about interest rates..

[@steveho9953]

Thank you Dave for the great advice.

[@kelvinfeliciano]

Not more of 1/4 of ur take home pay.... It is almost impossible... Making it a 15 year mortgage makes it even worse cause payment will double. I will have to make like 130k by myself to make that happen

[@spiritisalive1]

My parents gave us a farm years ago. My husband wouldn't take it cause he "Didn't want handouts". We bought a money pit of a house. I have begged & begged, please let's sell, & live in a camper on the farm till we get our debt paid off. He's like nah, I'm good. I just want to be debt free. That's all. I don't care about being a millionaire. I just want to pay my bills....on time.

[@urbana11229]

dave says 70% of people live paycheck to paycheck. I guess that means 30% don't so what is the net-worth of someone who is at the 70th percentile of americans. So the Household Net Worth Percentile Calculator says the household at the70th percentile has about 300K. Something is wrong...

[@mighty90minerals]

Great advice Dave. Go Cody! You can do it. Dave is correct!!

[@insure4cheap]

He should be either looking for a higher paying position or a another job that’ll give him higher base pay because all he’s doing is making his employer more money & he’s probably getting killed in taxes with all of that overtime he’s doing. Work smarter not harder 🤷🏾‍♂️✊🏾

[@paintballer5558]

He didn’t know the total amount of his debt..... I put my debt on the wall. When I am in debt we put it on the wall and know the interest rate. See it all day everyday.

[@tmusa2002]

If only EVERY kid this age heard this and took the advice!!

[@nysavvy9241]

Love the comment about highlight reel on Instagram. So true. Makes one think.

[@pennypincher7383]

Put your hands up if you love being weird! 😁 🙌

[@righand]

Lol you work overtime but your wife doesn’t work? I mean it would be one thing if you worked 70 and she worked 40, but you work 70 and she works 0. Not in my house partner!

[@mr.romero8955]

C Leh preach 🙏

[@hankmoody5514]

He's her paycheck

[@aidancash1]

She is taking care of the baby. She is working. Lol

[@righand]

Christine C I’d be willing to bet she is the one racking up all the debt too....you know, while she’s taking care of the baby and all.

[@dheezknutz]

I will gladly work 80 hours a week if it means having the wife watch the baby full time. The first year of my first kids life was the absolute worst year of my life.

[@rmiddlehouse]

And now rates are 2.5

[@DeAngeloYouKnow]

This was a really good talk with dave.

[@aidancash1]

If he really buckles done he can have this paid off and a down payment for a house in about a year and a half. 37k is nothing to get paid off when your making 130. Live on 70k the next year and a half. Take that 60k and pay that debt off and save for that house. He will be able to get a 250k to 300k house on 25% of his income.

[@Radnally]

Yup, great strategy....buy into a market that's entirely driven by cheap money in its 6th year of a cycle and the cheap money is going away.