As my grandfather used to say "Nobody's useless, you can always use them as a bad example."

@alphadiallo1655

9 ай бұрын

lol he was right

@daver7929

9 ай бұрын

Grandfather was wise

@Tunechi65

9 ай бұрын

the same way he got into the debt is that same way he's trying to get out : by doing tricks. This guy hasn't learned his lesson unfortunately

@rafamarquezin0486

8 ай бұрын

Wow I’m writing that one down

@clintperry799

8 ай бұрын

That's a great saying 👍

I'm low-income, but I don't owe anyone or any institution a dime, not one red cent. I sleep like a baby and feel fantastic compared to these people calling in who have massive debt.

@carlosrodriguez3104

9 ай бұрын

If you owe nothing to no one you are already doing better than most people.

@ibealion1

9 ай бұрын

You can live comfortably on a low income with no debt.

@iamkesha.

9 ай бұрын

I’m low income as well but have a mortgage and car note that is 25% of my monthly income. I could pay off the car but is waiting until the balance goes down some more. But I’m glad I can sleep like a baby compared to the many callers on this show especially those making over $150,000.

@ij1376

9 ай бұрын

You have a higher net worth than this poor sod lol

@deadmanavir

9 ай бұрын

Mortgage maybe? Or rent?

I really like this woman as an addition to the show. She does not want to scold people. She focuses on the solution.

@thecarrots5

8 ай бұрын

Watch more, she's one of the worst personalities they've had. She likes the sound of her own voice and has a serious superiority complex.

@solidstream13

8 ай бұрын

@@thecarrots5 personal opinion. We are all entitled to it.

@chuckmay6563

7 ай бұрын

Now if she only had actual expertise and knowledge. " sell the solar panels" 😅 It is tougher to get out of solar panel contracts than time shares!

@whitneyw.7919

4 ай бұрын

I totally agree. I think she’s the best Ramsey personality. Because she’s so expressive and great at notifying people there’s a serious problem, but doesn’t harp on them like an angry parent. She’s actually pretty funny too

@pamelaburleson2063

4 ай бұрын

She asked him if he could sell them and he said yes, so went with that. She and her husband paid off almost half a million of debt. That's some serious expertise and knowledge.@@chuckmay6563

This guy was 100% operating a loan shark business - probably fraudulently from banks without telling them he was going to shadowlend to somebody else. If this guy declares bankruptcy there’s a good chance they’ll actually look into him and will file fraud charges against him. I see why he is freaking out…he is in deep and really can’t engage the legal system for help or he may well end up in jail.

@Dan16673

9 ай бұрын

Yeah this dude is in huuuuge trouble

@Minimalist-Lifestyle

9 ай бұрын

My guess..... he takes cash advances on credit cards at 25%, and then loans this to friends at 35%. His friends then go to payday lenders for cash to pay him back, and then the pyramid collapses and he loses both his money and his friends.

@tttray4258

9 ай бұрын

He’s probably going to leave the country eventually

@Locomaid

9 ай бұрын

Aaaand he seems to have fallen for the solar panel scam/scheme

@mrlover4310

9 ай бұрын

He shouldn't Volunteer the information for lending out that money just file for bankruptcy.

This guy sounds shady AF. Did we even determine if he has a job? Or is his job un-professional loan shark?

@barnabusdoyle4930

9 ай бұрын

Is it really being a loan shark if it’s only a 35% rate? That’s pretty much a credit card

@shapri1115

9 ай бұрын

Just by the way he speaks, one can know he is crooked, he's mumbling a whole lot. This only leads me to believe that he's not fully truthful

@eggsinsideme

9 ай бұрын

He works in “waste management.”

@sowek4576

9 ай бұрын

@@shapri1115 You can hear the accent in the voice, mumbling probably because its his second language

@shachede6828

9 ай бұрын

@@barnabusdoyle4930doesn’t matter it is illegal. You can’t do a private loaning business, taking loan and giving it out for higher loans. Loan shark if is terrible

He forgot that he has to break the legs on the first dude that stops paying

@cutehumor

9 ай бұрын

Doubt it if you loan money online via lending tree. 😂😂

@user-mv9tt4st9k

9 ай бұрын

😩😩

@CarlaQuattlebaum

8 ай бұрын

@randomswedishdude - That's it, sends a message to any of the others who think they don't have to pay.

@daleweiss9507

5 ай бұрын

He contracts that out.😊

@Ella-Bella2024

3 ай бұрын

Amateur.

Ken: "his life sucks already" lol brutal 🤣

@erichardnett9394

Ай бұрын

He's just being honest if someone was honest with him before this then maybe he wouldnt have got to a million dollars in debt!!!

Holy cow. I have tightness in my chest listening to this guy breakdown his milli debt. Insane

@carmarasmussen8118

9 ай бұрын

My first thought was .....Holy Crap!!! This guy is doing something highly illegal. 😮

@mominthe209

9 ай бұрын

I had the same feeling. I can’t imagine how they are feeling.

@currency2266

9 ай бұрын

😂😂😂

@consumerdebtchitchat

9 ай бұрын

I became debt-free on September 1st. And I am not kidding, my heart also tightened listening to this call. The dude sounded like he had the mafia coming after him.

@CarlaQuattlebaum

8 ай бұрын

@@jaredroussel He said $120-130k,

If you gave him $1,000,000 he would end up with $0.

@nicodimus2222

9 ай бұрын

Allen Iverson made $165 million in his career, and he spent $168 million. People are people and are capable of dumb decisions regardless of income.

@christianwilson8301

8 ай бұрын

⁠Iverson has a trust with Reebok that he get’s when he turns 50. Somebody on his team was looking out for him

@nicodimus2222

8 ай бұрын

@@christianwilson8301 I hope he is better with it than he was with the rest. Holy cow.

@Theninjas3

4 ай бұрын

Absolutely

@thomashind4835

27 күн бұрын

Fact… add as many zero’s as you want

I wish Dave took this call. lol!

@kendrapratt2098

9 ай бұрын

I wonder how Dave would’ve proceeded with him. I think once he heard all this shady stuff he would’ve told him he can’t help him

I was looking at my Visa balance of $650 dollars and freaking out. This guy is about to go out in a blaze of glory.

@michaelddrapala7479

7 ай бұрын

Right lmao

@bratzboyz

6 ай бұрын

DUDE...I was about to say the same thing, except I'm WAY worse than you! I have a grand total of $893.78 between two credit cards (Visa & Master)...and I'm freaking out, cause that is over my paycheck for the next pay-period lol! 😶😳😱😯😲😮

@VintageStereoCollector

4 ай бұрын

I have a balance of $17 dollars from my credit card and I’m annoyed already to have debt from the bank

@constancelequesne601

3 ай бұрын

@@bratzboyzSELL YOUR CAR IMMEDIATELY

@constancelequesne601

3 ай бұрын

@@VintageStereoCollectorbeans and rice

This call made me feel better about my life. I feel for this family.

@JDAfrica

9 ай бұрын

Statistically- when his kids are 18 he will manipulate them into signing for a loan for him

@eddyvideostar

9 ай бұрын

@@JDAfrica: To JD Africa: I agree. It is Sad when a wife and family have to suffer the embarrassment of the household leader.

@Duckywucky92

9 ай бұрын

This is nothing compared to the people that call in with a million of student loan/consumer debt. Like nothing to show for million crazy

@evanreiter747

8 ай бұрын

I agree. Every time I watch these I feel much better about my situation.

@taylorschleusner

7 ай бұрын

Meh this guy is an actual loan shark

These calls blow my mind - how on earth do you get in that much debt. I'm 44 but if my 79 year old mother found out I was in any kind of debt apart from a house, then she would take her slipper off and beat me black and blue.

@chocolateangel8743

9 ай бұрын

He sounds like a foreigner. I think he is probably supporting a lot of family back home -- in addition to his immediately family. He is the person everyone is depending on. Plus, I think he has expensive taste and is trying to live "the American dream."

@eplugplay8409

9 ай бұрын

@@chocolateangel8743 He doesn't sound like a foreigner to me.

@CJ2023Incognito

9 ай бұрын

😂😂

@droid2D2C3P0

9 ай бұрын

​@@chocolateangel8743foreigner? Supporting family? You made this assumption based on what exactly?? Zero indication of this but nice try

@gunnerarshavin2009

9 ай бұрын

​@@chocolateangel8743Wow! You must be a founding member of the keystone cops

NEVER lend anyone any money unless you're prepared to NEVER see it again. This goes for everyone. Your best friend, your brother, your sister, your parents, EVERYONE. Unless you're running a ruthless racket where you are kidnapping family members or severing fingers and such NEVER lend anyone any money.

@RUBY-zi2ug

6 ай бұрын

I’ve heard this growing up! And it’s absolutely true! Even if it’s 20 dollars

@anthonyju6392

6 ай бұрын

@@RUBY-zi2ug There is a place for a more nuanced discussion but it is a good rule of thumb that I still follow to this day. It just keeps life simpler. It is better to be called stingy or whatever then to be possibly ostracized from your family or overall avoids TONS of awkward moments.

@NYZEXX

5 ай бұрын

You must really have some shitty family and friends. Or at least some irresponsible ones.

@can1687

3 ай бұрын

Yes, i made that Mistake. Once. My brothers owns me money ( 500$ i also have debt to our sister( 2 years later nope not one Cent paid he paid me back. And he did asked again. I said: Go and ask your girlfriend or a Bank or someone. I have to pay my sister back. BUT she the gave me time to pay her back. And finally i am debt free and free to tackle my debt for my sister. Every cent she will get back. Thats not even a question for me.

@snowpz

2 ай бұрын

@@can1687 Wow! I'd never talk to him again lol, he just sees you as someone he can take advantage of.

I thought that woman years ago that called Dave being half a million dollars in debt from all the shopping and vacations and cars and luxury items was the worst. I think this might have just trumped that off.

@enhancedutility266

9 ай бұрын

No there was actually a guy who came in with a million dollars in debt over student loans as he wanted to become a dentist

@BitterComments

9 ай бұрын

The worst was the chiropractor. Go watch “Was it worth going $435,000 in debt for THIS degree?”

@spatty2589

9 ай бұрын

He doesn't have any good choices. He's about to lose everything, he has a huge debt and not enough income to pay for the car, loan and house. He must of used the house as collateral for the loan.

@droid2D2C3P0

9 ай бұрын

​@@enhancedutility266dumb but student loans are not worse than luxury shopping. The guy who bought a campground for like a million with a 25% early payout fee is the real idiot

@akirebara

9 ай бұрын

@@enhancedutility266 oh that's right! haha gotta find that video now lol

Felt kind of bad for him until he was doing a stupid scammy side business. Lol.

This is literally INSANE. One of the craziest calls I’ve heard in awhile.

I thought I was dumb but this guy.....respect.

@webfreakz

9 ай бұрын

there are levels to this 😀

@tammya5403

9 ай бұрын

😭

@user-mv9tt4st9k

9 ай бұрын

😂😂

@chikezieanozie6645

8 ай бұрын

😂

This guy single-handedly ruined his family for potentially forever because I don't see them ever being able to pay this off. He thought he could be slick and take out loans at 15% and loan that money to other people probably at 30% and it obviously failed. Also it sounds like he's doing illegal things as well such as fraud and could face prison time for his stupid actions. If he were to try and file bankruptcy that's where he would get caught up revealing all of the debt and where its going and where its from. So if he does that he will probably be arrested and if he doesn't he will be in debt forever. Smart guy he is

This is the craziest debt story I’ve heard on this show so far. This is most definitely keeping him up at night.

@FortuneSeek3rz

9 ай бұрын

Dave would've exploded on this guy. He's fortunate he got Ken instead.

@Shortballa11

9 ай бұрын

Nah isnt the craziest. 70% of the debt can be erased by selling the home, car and everything in it. Then you have a family in 300k debt with a more than six figure income. We have definitely heard worse on the Dave Ramsey show

@shachede6828

9 ай бұрын

@@Shortballa11did you watch this? The only thing they can sell is the house and car. The house is 462k and the car is 42k that’s like 500k they get “rid” which is not really because they will rent same price as thier mortgage. He is 500k plus of pure cash debt!(credit card, and installment) he is bringing 10k a month btw him and his wife! His monthly debt payment is wayyy over 10k a month even just minimum payment, as majority is credit card and loans which have ridiculous interest rate. And he still has to pay rent, feeding, take care of kids. He is suffocating!

@akinyiomer4589

9 ай бұрын

@@Shortballa11 Nah this is absolutely the worst one. As many commenters have pointed out, his debt doesn't appear to have been "legitimately obtained" which if the amount of debt wasn't toxic enough, this will kill him. It's not like he made high-end purchases and can return or re-sell those items at a slight loss, it's not that he used the money to buy other tangible assets. It's not like he took a loan to gain another type of investment (eg prestige education leading do high-earning career) that he can use to help navigate him out of this. As others have clocked, it's likely this dude is a wheeler dealer and was running a loan shark business, but stupidly. Using cash advances to borrow money, lend that money at what only had to be stupid-high (probs higher than payday lenders) rates to "friends". One of the replies to your comment called it that he only has his house and car to sell, and that's it. As regards their income, hopefully the income this guy counts did not majority come from his "business", otherwise he's really f***ed. And any bankruptcy proceedings will be made complicated if there's any evidence of fraud ...

@Shortballa11

9 ай бұрын

@@shachede6828He said the house was worth like 600k with 150k equity or something. Even if they take a loss on the solar panels they get rid of that debt. Chicago is super expensive bt assuming they downsize. The need to be in a two bed room apartment which would be cheaper. ALso if you have a 600k house there should be plenty to sell. Sure im giving the benefit of doubt but if you are desperate all this is attainable for breathing room.

This guy will need to spend a lifetime to get out of this mess. Good luck, you're going to need it.

@Shortballa11

9 ай бұрын

Not really, sell the house that is worth 600k and the solar panels. Auction everything in the house and the car and he is down to 300k debt with a six figure income and him and his wife arent even working to their full potential yet. We have definitely heard worse and if they took it seriously they could be out in 10 years.

@snowpz

3 ай бұрын

10 years is a lifetime to some people lol @@Shortballa11

You can hear the depression in his voice. How on earth he got himself in this mess? Thank God im debt free🙏🏾

The wife fell off the couch when she heard she hast to work 40 hours a week 😂

@NYNC88

9 ай бұрын

They have three children and we don't know how old they are.

@mikeberardi3985

9 ай бұрын

@@NYNC88 maybe you should get off the couch as well lmao 🤣

@NYNC88

9 ай бұрын

@@mikeberardi3985 I don't know why you're addressing that rude comment to me. My point is that if all three children are young enough to require daycare, the wife might not earn more than the cost of the daycare. I thought that was obvious, but I guess I should have explained it.

@mikeberardi3985

9 ай бұрын

@@NYNC88 I paid seven years and three children in daycare just for the right to show up at work just like Dave Ramsey says I live like nobody else then so I can live like nobody else now there are no shortcuts my friend I wish you all the best in life 😀

@eddyvideostar

9 ай бұрын

@@mikeberardi3985 : NYNC 88 was just making a true statement regarding people who gamble with others' lives, bringing them into a father's house of failure. NYNC wasn't the one who knocked up these three kids.

I am so happy and grateful to be debt free when I listen to these type of calls.

@eddyvideostar

9 ай бұрын

To Steve C 484: Unless unforeseen situations had happened, many are mental-health candidates who earn beaucoup income and have difficulty handling their finances, or maybe many calls are fake.

@kuhataparunks

8 ай бұрын

Thankfully I don’t believe the too-bad to be true ones like this lol

It always amazes me how many "smart" people find a way to absolutely bury themselves financially ! This guy has a doctorate degree in " I know what I am doing" . You can just feel the stress in his voice, his depression, his nervousness, just all of it. Large financial pressure can just be soul crushing. Always live within your means, build your 6 month emergency nest egg, invest smartly for the long term, drive a 5-8 year old car with good maintenance, and other things as well, etc. Hope he takes their advice. Time for a scorched earth campaign. I agree.

@Silidons91

9 ай бұрын

Most of the time, college degrees have nothing to do with being smart. Have you actually seen how easy it is to get a degree? You basically just need to be alive.

@d.rabbit7276

9 ай бұрын

​@@Silidons91That's not what the data shows. Most people don't have an degree and many people who try to obtain one, they drop out. This anti education narrative is largely from people who don't have a degree/marketable degree and massaging their egos. And angry because they are broke and stuck making mediocre money. The vast majority of Americans with an HS diploma don't make over $41,000. Pretty pathetic and understandable why they demonize education....especially when a bachelor degree more than doubles their incomes. Hell an associates degree gets nearly $200 more a week than a HS grad. 🤷🏾‍♂️

@user-id7ut8uc2j

8 ай бұрын

Smart people do not end up in such situations. Smart people understand basic math and that is all finances are.

@danielrn133

6 ай бұрын

@@Silidons91 Yes mock others who get degrees because you couldn't. And what do you mean "most of the time". Where did you get that "statistic?" Why did you put a comma after "time"? Maybe you need to go to college.

This guy is an expert at borrowing money. Got that masters degree. Children ! Stop spending money on anything but staying alive. Every meal is eaten at home, no new clothes for a few years. No going to movies, no subscriptions to anything ! Sell everything that is not welded to the floor or walls. Stop living like royalty !!!

@clarifyingquestions

9 ай бұрын

Agreed! He has wheeled and dealed himself into 1 000 000 of debt. I will be surprised if he can work his way out of this ie OT, delivering pizza, wife working full time, etc etc etc. I hope he calls back in a year either way.

@NorseMan633

9 ай бұрын

Boom !! Preach that gospel brother !!

@Videpedia101

9 ай бұрын

That stuff doesn't work for people like this. People who love money can't suddenly live beans and rice lifestyle

@daiseman

9 ай бұрын

This.

@debragiovine9797

9 ай бұрын

And in know time he’ll,,,, be with his wife with 3 kids ,, at Dave studio,,, doing we are debt free screams,,,,

How did this guy get approved for these loans in the first place? His debt-to-income ratio is WAAAAAAY out of line.

@buddykerr1

9 ай бұрын

Subprime loaning is back in vogue.

@BikeHelmetMk2

9 ай бұрын

Maybe he did a typo and added a zero, and they didn't check. Or messed up gross and net when they ask?

@gcromer903

8 ай бұрын

​@@buddykerr1😢

@1981lashlarue

8 ай бұрын

Probably these "loans" were cash advances on credit cards. He probably took them out at 25% and was likely charging his "friends" something like 35% in his loan shark business he was apparently operating.

I wonder how people fail to realize that if you make $100,000 in a year as a family, you cannot afford a $450,000 house. But the same applies also to people who buy 70,000 or $80,000 cars. Being able to buy is not equal to being able to afford.

@eddyvideostar

9 ай бұрын

Dear It's Sid, Your illustration is not so outlandish depending on location, state or city. Many could cut back on the price of a car, but in this age, if in SF or NY a 450K dollar dwelling is not so disconcerting.

@erwina4738

9 ай бұрын

On a 100k income you can definitely afford a 450k house, thats a stupid mentality you have there.

@ddo920

9 ай бұрын

No you cannot. House should be twice your income. Not 4 times your income. Location doesn't matter because the numbers are the same.

@BikeHelmetMk2

9 ай бұрын

The servicing ratios are 0.35, and sometimes they wiggle them up to 0.4... meaning that if you got a $500k home at 2%, $10000/yr in interest and another $20000/yr in principal paydown (like a lot of people in 2020/2021), then that only requires $85k in income to service it. Where I live, if you don't pay $3000/mo for a mortgage.... you pay $2800/mo for rent. But then $2800 goes to the landlord, rather than $1000 to the bank and $2000 to yourself. If you can't afford a house at those ratios, then you can't afford to rent or even be there either. But since you are there, I guess you can afford it. Just cut everything else that doesn't matter... live like a monk on the mountain top. Who needs holidays, anyway? If you have a nice home, it can be your refuge from the crazy world.

@erwina4738

8 ай бұрын

@@ddo920 Says who? What a stupid mentality lmao

“Don’t agree to guarantee another person’s debt or put up security for someone else. If you can’t pay it, even your bed will be snatched from under you.” ‭‭Proverbs‬ ‭22‬:‭26‬-‭27‬ ‭NLT‬‬ Persons need to start applying biblical principles to their decisions . I guarantee if they do, they won’t find themselves in these situations…May the Lord have mercy on this caller…

@1981lashlarue

8 ай бұрын

I still remember to this day how my bar exam teacher described a surety (a co-signor on a loan)... He called them, "an idiot with a pen."

@rememberme626

25 күн бұрын

And charging interest to your countrymen and those living among you

I like these two fielding questions, they're both so matter of fact but with a caring tone.

Buying $50k solar panels is basically signing up to pay for 10 years of electric bill savings UP FRONT. Unless you MUST be off grid, it's DUMB!

@tkidd250

9 ай бұрын

Can he even sell the solar panels? Don't think that's possible

@Gruuvin1

9 ай бұрын

@@tkidd250 at a huge loss. The markup on solar installs via debt, is INSANE!

@rachelharrison7961

9 ай бұрын

You can make up a lot of it by taking the tax credit. Depending on which year they were installed, he could have a credit up to $15k.

@Ansmousoeesoj

9 ай бұрын

The electric bills in CAlifornia are insane. I love my panels and solar owned does boost the value of your home

@N8TURES

9 ай бұрын

Would be better off diy with cheap solar for like $10k to 15k cuz solar will improve in a matter of months

People perplex me. Like surprise I’m a million in debt and more than half non mortgage, wow.

This guy may have more problems than the debt. Looks like homeboy was running an illegal loan sharking scheme. He could be facing jail time if the banks do an investigation. Can't believe he would just admit this on the internet lol

@user-mv9tt4st9k

9 ай бұрын

He was very general about what he was doing regarding the lending, and who he was lending to. He may be in a family culture where the big money breadwinner gets pressured to "help out" relatives, some of whom may be deadbeats.

@garystarkey6255

9 ай бұрын

@user-mv9tt4st9k Doesn't make it any less illegal. He was taking out loans to then lend that money to someone else at a higher interest rate. That's fraud cut and dry. Just saying that if the banks investigate and get the feds involved he could be in a world of trouble. I'm simply pointing out that he shouldn't be admitting this on the internet that's all.

I need to save this one so if I'm ever feeling like a financial idiot, I can come back and listen to this....

@howlbeast

9 ай бұрын

😮

It seems like he's looking for a quick solution to a huge amount of debt . Like he doesn't seem ready to commit to an actual plan.

Telling a family of 5 to get out of their 3% mortgage and sell the only hard asset that's keeping them off the streets should be CRIMINAL.

This call gives me goosebumps because a lot of pple in these types of situations commit suicide and if they have kids their lives are ruined both parents will never be around because they will have to work so hard if he doesn’t kill himself or honestly maybe go totally missing and get a new identity I cannot begin to imagine the stress if he loses a job in the upcoming depression this is the level of stress that kills

@fire12731

2 ай бұрын

That’s exactly my first thought is that he will Take his life especially if he’s investigated and arrested

I would like to have seen Dave's reaction to this caller. I think it would have been a 4 minute call and he would have seen the unethical moves made by this guy. This guy is a real loan shark.

@stud6414

9 ай бұрын

And the female keeps interrupting

@jodylarson4697

9 ай бұрын

If he were a real loan shark he wouldn't be in this mess! He's an amateur playing at high finance and losing his shirt.

@jodylarson4697

9 ай бұрын

@@stud6414 Usually we call them "women."

@smn5672

9 ай бұрын

​@@happydogg312apparently nor do you. She called him out as a loan shark, although, as she has sense, the accusation was not outright. Too serious of an accusation to make on air like that.

@user-mv9tt4st9k

9 ай бұрын

​@@stud6414The woman, Jade, was not interrupting. She was trying to clarify information in what is a short amount of time.

He's not going to change a thing. He's in too deep, and the only solutions he thinks are viable are home runs that produce big payoffs. That's how he got in this mess to begin with. 0% chance he switches gears and plays the long game now to eliminate this debt.

He borrowed 50k for solar panels...

@1981lashlarue

8 ай бұрын

That's more than I paid for my condo a few years ago.

no matter how bad you think your financial situation is; there is ALWAYS going to be someone(s) in a much worse situation than you.

@RUBY-zi2ug

6 ай бұрын

And they usually make more

A fool and his money will soon be separated. Bankruptcy is his best option. He will be in the same spot a few years later.

@briandfallon74

9 ай бұрын

Yes he will, particularly as he is hanging out hope that he’ll get money back next year…..

@Kysen10

9 ай бұрын

can't as he has been running a loan shark "business". Moment courts review his bankruptcy all his illegal dealing will come to light.

How can someone be allowed to go this far in debt? 50K in solar panel loans?!!😮

@Tunechi65

9 ай бұрын

the same way he got into the debt is that same way he's trying to get out : by doing tricks. This guy hasn't learned his lesson unfortunately

@rhaythe

9 ай бұрын

But but but tax deduction? That fixes everything, right?

@user-mv9tt4st9k

9 ай бұрын

Solar panel salespeople are slick. They will promise to qualify you for more than what you need and argue away the cost benefit you have already done to show how solar will cost far more than the energy costs it will save.

@sgg17003

7 ай бұрын

You can't just get rid of solar panels. Those are most likely leased. Even if not, moving them is not like moving other stuff.

I just noticed that I stopped breathing listening to this. 😮 How does someone do this?

@IrisP989

9 ай бұрын

I don’t know.. That’s crazy. If it was $1M in mortgages and he could afford to pay it at a normal rate then fine but not with loans on different things..

@sblijheid

9 ай бұрын

Gambler's mindset. Get rich quick mindset.

I don't even understand how he got all these loans and credit on a relatively low income. Banks giving $1M worth of debt to a dude making $120K/yr??

@BikeHelmetMk2

9 ай бұрын

Banks and wall street are a funny breed. I've often wondered the same myself. They seem happy to lend nearly infinitely once you prove yourself capable of managing it... in their eyes, anyway. It's easy to hang yourself by borrowing to the max.

I think this guy is holding back on information. Whether there’s legality issues and he doesn’t want to disclose soemthing because this is beyond ridiculous and it’s not making sense

@Dan16673

9 ай бұрын

He is in huuge trouble

@akinyiomer4589

9 ай бұрын

I definitely think you're right in that he's not disclosing the full story, but I wouldn't be surprised if he's not doing anything legally shady per se. This man's entire situation sounds like deep financial and business illiteracy. Like, deep. He tried to function as a *lender* by taking out loans for others and didn't calculate the stupid risk he'd be taking on, or wondering they the only people that succeed in that are indeed predatory loan sharks who operate outside the law, enforce repayments with violence and even *they* don't exceed certain financial limits per borrower (victim). Or properly regulated financial institutions that have their own capital, business and risk controls with qualified staff overseeing everything. And then on top of this, despite a business crisis that's likely been years in the making, he mortgages a $600k home (unsure whether this is a HOCL area to take into account) 3 years ago. I highly suspect he wanted a "get rich quick" scheme that seemed a tad legitimate, and his overconfidence and immaturity on financial matters is what got him in this mess.

@rogerhumphrey9277

9 ай бұрын

Absolutely he’s fraudulently being a loan shark.. he’ll go to prison or either try to evade the country within this year guarantee

@MaynardGKrebs-tt1dd

9 ай бұрын

Yes. I do not trust what he is saying. He thinks that he is an operator.

@curiouscat3384

9 ай бұрын

Well he couldn't get a word in edgewise. Ken and Jade kept interrupting him.

Who tf goes 50k onto debt for solar panels man some people just dont get it

@econdude3811

3 ай бұрын

And in Chicago no less. Those work so well on cold, dark January days in Chicago lol

@LBmustwin12

3 ай бұрын

@@econdude3811😂😂😂 right

@BenState

2 ай бұрын

@@econdude3811 solar panels work if there's any light, and better when cold.

@pappas610

28 күн бұрын

I mean w.e if you have the money its nice and could increase your houses vaule overtime. But if you have 500k plus of debt thats insane

Did I hear him correctly ? ....he's taking cash advances on his credit cards in order to lend to his friends at a higher interest rate ? The average credit card interest rate is about 20%, and if you take a cash advance it's usually even higher. He's probably lending money to friends at over 30%. He's basically competing with payday lenders !

@Dan16673

9 ай бұрын

This is illegal

@Minimalist-Lifestyle

9 ай бұрын

@@Dan16673 Also, the interest he's earning (assuming anyone is actually paying him) is probably taxable...so he might have opened a can of worms that might involve amending past years tax returns.

@warren2398

9 ай бұрын

He had better be lending over 30%, even though they ain’t paying it.

@dudeorduuude5211

9 ай бұрын

My guess is he is lending to illegal folks, which morally is even worse, taking advantage of desperate people.

@josephinen36

9 ай бұрын

If at all the friends are paying him back. Normally friends and family don’t pay money back

He's a role model. Don't be like that guy.

@foxylibrarian1

8 ай бұрын

More like a cautionary tale. Some people on this earth exist to be them for others.

OMG. I just assumed there was a lot of asset-backed business debt in this $1M, but no. Man, people make a mess of their lives.

@vickieclark5931

9 ай бұрын

I agree. Usually when people have a mil in debt, they have all these rental properties or at least it's in their business. And then selling some of the stuff will lessen the debt. But this guy has a mil in debt with zero to show for it and no income to pay it off. This is a frightening call. I think this is one of the worst calls on this show when it comes to debt vs income.

Dave would've ripped him a new one

@trexxy9628

9 ай бұрын

At this point, Dave might’ve pulled an “Old Yeller” on him.

@elizabethdumas4147

9 ай бұрын

Yup, and he would have sniffed out any illegal activity. He may have even called the Feds on him. 😆

Who would want to buy someone’s used solar panels, pay for taking them off and re-installing them?

@Minimalist-Lifestyle

9 ай бұрын

I agree.. I know nothing of the solar panel industry, but these panels seem like something that someone would only want if they were new, or at the very least sold through a reputable company who's business is refurbishing used panels.

@alinatamashevich3354

9 ай бұрын

@@Minimalist-Lifestyle Over the cost of new? Many people who live off grid would

@hollyburnside83

9 ай бұрын

Exactly. He paid $50k for them installed, the panels themselves are worth $20k new. The used panels sell for 1/8th the price of new, add the cost of the removal. . . and now he owes and extra $3k and has an electric bill to pay monthly lol. Not to mention depending on if the loan is secured or not, you would have to satisfy the loan before you can sell your house. The Ramsey team do good work, but they really should get into the details of things before making suggestions.

@alinatamashevich3354

9 ай бұрын

@@hollyburnside83 Not seeing them , I could guess under 5K if all the equipment was thrown in as well. Panels alone 1K tops.

@wufflerdance9481

9 ай бұрын

cant sell them ...even if someone wanted them youd have to completely redo the roof to remove them and make it water tight again

Sometimes I come to this channel just to feel better about my shitty situation

My goodness! Just listening to this call gave me anxiety! I hope he listens and start paying off his debts.. even though it will take years and years to do so! For his family’s sake. I feel for him but specially for the wife and kids! Best of luck to them!🙏

Doesn't want to get rid of the solar panels because he doesn't have to pay an electric bill lol 😂

@truebengalsfan

9 ай бұрын

Well the panels basically replace the electric bill and based off how much power your panels make and how much power u consume it could be cheaper to get panels

@bantizzle79

9 ай бұрын

@@truebengalsfan 52k in panel costs would take decades to break even

@truebengalsfan

9 ай бұрын

@@bantizzle79how much is his current electric bill ? The price of electricity is going up in some places . He could have 20 year loan . How much to uninstall panels ? Then how much would he get for used panels

@user-ij7iw7dh1m

9 ай бұрын

@@bantizzle79Not really, considering it’s replacing his electric bill. If his Solar payment was 250 for example and his electric bill used to be 250 it makes way more sense to have them because he is guarding himself against inflation, and also after the pay out period he has free power as opposed to being in perpetual debt to the utility company. People don’t think of a utility bill as debt but it effectively is debt that never ends, because he’ll never cancel his electric bill.

@snowpz

2 ай бұрын

@@user-ij7iw7dh1m but its a loan hes paying interest on and cant pay off

Well, this guy is essentially screwed. He was operating a loan shark business with personal debt. He probably lied to the lenders he took money from about it. He can’t file bankruptcy, as that’ll likely land him in prison. He actually has to work through this lol. Advice: don’t commit mass fraud!

@nicodimus2222

9 ай бұрын

He can file bankruptcy and go to prison. It just depends if serving the time would be worse than working off a million in debt (and we don't know anything about the wife either.)

@1981lashlarue

8 ай бұрын

@@nicodimus2222 Yeah, but he'll still probably go to prison and still owe a large chunk of that debt because a lot of it won't be dischargeable based on the illegal nature that he did with i.

This guy got into debt thinking he could get rich quick being a loan shark. He’s not looking to work hard and long to get out of debt. He’s looking for a trick or shortcut to somehow magically get out of debt. I see bankruptcy in his future.

@ciobalina7445

9 ай бұрын

Yeah, I was thinking the same. It's risky to go bankrupt in his situation though because they may investigate his finances and find out about the shark loaning thing..

@Tunechi65

9 ай бұрын

​@@ciobalina7445the same way he got into the debt is that same way he's trying to get out : by doing tricks. This guy hasn't learned his lesson unfortunately

This fella needed DAVE Ramsey himself for a good scolding!

Thanks to the caller I feel much better about my life.

That’s what happens when you get greedy and try to rip off others.

@mominthe209

9 ай бұрын

Thank you 🙏

I hope this is the wake-up call he needed to fix his life. He needs to do it for his family and show them how strong he can be. This is a mess, but I believe he will prevail!

@defaultname7685

9 ай бұрын

You are delusional, this dude will never recover from this. This might be one of the truly bleak unfixable calls that occasionally come on this show (like the woman that is 64 and has nothing saved for retirement). Dude was committing financial fraud and because of that he cannot declare bankruptcy (unless he wants to go to prison), he is trying to lazily and easily get rich - he doesn't have the discipline to get out of this without breaking the law. You write that kind of comment for the 45 year old man going through a divorce and having to declare bankruptcy, not a loan shark trying to lie, cheat, and steal his way to wealth.

Wow. I have alot of anxiety hearing this list of debt

Ken is fed up with this guy 😂😂😂

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.

@Natalieneptune469

7 ай бұрын

Due to the ongoing war between Israel and Palestine, the stock market is a huge mess right now, I will suggest you invest in cryptocurrency for a successful long-term strategy and most importantly you have to seek guidance from a broker or financial advisor.

@corrySledd

7 ай бұрын

With the help of an investing advisor, I diversified my $400K portfolio across markets, and I was able to earn over $900k in net profit from high dividend yielding equities, ETFs, and bonds.

@PhilipMurray251

7 ай бұрын

Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch with them?

@corrySledd

7 ай бұрын

My consultant is NICOLE DESIREE SIMON She has since provide entry and exit points on the securities I focus on. You can look her up online if you care for supervision.

@PhilipMurray251

7 ай бұрын

I just looked her up on the internet and found her webpage with her credentials. I wrote her a outlining my financial objectives and planned a call with her.

Rob is a write-off. He will never pay that off.

This is a situation that bankruptcy makes sense.

@1981lashlarue

8 ай бұрын

Yes, but the problem is, a lot of it he can't likely bankrupt because it sounds like he was doing some shady (likely illegal) loans to friends. Those can't be discharged and he's also looking at possible incarceration because of it. He's really got himself into a deep hole.

Telling someone to sell their own house is prob one of the most out of touch things one can say

@1981lashlarue

8 ай бұрын

Why?

@letsshedweight4377

6 ай бұрын

Like? He can’t afford it he needs to sell!

Nobody is buying used solar panels. Really stinks when the hosts just start suggesting the caller start selling stuff that is nearly worthless and won't move the needle on a million in debt.

@alinatamashevich3354

9 ай бұрын

Many in the off grid community buy them. Depending on brand, some can be repaired. I have a few used ones on my lake cabin. A simple volt meter will tell you if they have output or not.

@hollyburnside83

9 ай бұрын

People do buy them because they are SUPER cheap, like 1/8 the cost. Which means the company removing them will give him even less. . . he will probably end up owing money for them to be removed and his roof repaired :(

@alinatamashevich3354

9 ай бұрын

@@hollyburnside83 He is cooked either way!

Getting rid of solar panels is harder than getting rid of student loans.

@carollynt

9 ай бұрын

Just sell the house and pay the panel loan off. He likely has 50k in equity at the least.

@KEANUWHITE

9 ай бұрын

New people might not want that solar panel lol.

@peartfaldo

8 ай бұрын

Get rid of the solar panels??? NOOO....what about climate change......don't you care about the environment???

I don’t know what people are thinking of when taking such amount of debt. This is crazy.

Some possible ideas: Instead of selling the house, *keep your house but rent a bedroom / suite to a responsible person.* I agree with other comments to stop any additional spending. Eat all meals at home, take the kids out of after school activities that cost money like taekwondo, dance, etc., no more loan shark deals 😉, go to the church clothing closet or Goodwill for everybody's new clothes, have the kids help mow the lawn with a push mower, share a vehicle (if possible), and allow the kids who are old enough to get small part-time jobs to help fund their "wants." Also, ruthlessly cancel all subscriptions that are not absolutely necessary ... these really add up. The final thing I can think to suggest is when dealing with the repayment of student loans (which is starting again this month), request your student loan servicer to grant you a forbearance until your household debt is cleaned up. Even Clark Howard talked about that a little on his podcast today.

Wow he only earns 100k a year and has 1M in debt!! He needs to sell his house way too much for his income!

@snowpz

2 ай бұрын

I'd live in a box until I paid it off haha. You shouldn't take this risk ever but when you have kids... Dude is insane

How did he qualify for even one loan? In 1999, I started my job as a state police officer, bought a used mobile home for $12 k and then applied for a used car loan and was declined with no bad credit.

@sarawentworth7967

9 ай бұрын

Right..this us weird

@elleelle7200

9 ай бұрын

I think it’s his high income that got him the financing

@droid2D2C3P0

9 ай бұрын

He.. makes a lot of money and banks are greedy? Happens all the time

@kendrapratt2098

9 ай бұрын

Maybe getting it in wife’s name under her income?

@codym7960

9 ай бұрын

alot easier to get debt in recent years vs 25 years ago be my guess

I remember a few years ago, not bei g able to sleep because i had 30k of debt plus a mortgage. It was horrible. Today, on baby step 7 i honestly feel so distraught for this family. The mental weight of whet they are under must be almost damning.

New boss level in debt achieved

I'm a Californian that lived in Chicago for 4 years, dude, you didn't need solar panels. It sounds like he's never said no to any deal so 🤷

Bro done came to America as an immigrant and messed his life all up taking them loans out. Damn.

Loan Shark detected. Have fun with all that debt bro, zero sympathy from me.

This is my favorite call, this is beautiful karma and I hope this loan shark never financially recovers.

Mrs. Jade’s whistle had me rolling!🤣

Why? He sounds like a loan shark.

@cutehumor

9 ай бұрын

He must have done some kind of lending tree loaning to people online to make money off of them. 😂😂😂

@kimberlysoto6864

9 ай бұрын

He is.

@marjoriebaut7981

9 ай бұрын

She called him out, he was a loan shark

@ginab.4605

9 ай бұрын

He is a loan shark. Unfortunately those people did not repay the loans as it seems.

@miriamllamas224

2 ай бұрын

A loan shark without teeth.

My neighbor stopped by about a year ago trying to talk me into getting solar panels like she did. I said, I’m not taking out any loans and she said, “oh, you don’t need to take out a loan…… they do it for you!” 😆🤪🤪🤪🤪🤪 Long story short, she pays over $200 a month for these things, they’ve never worked right and now she just found out that the company went bankrupt and she’s still making payments 😂 she and her husband are stupid on steroids ! I’m really surprised they haven’t been foreclosed on yet. And yet she’s always trying to give me financial advice. I finally said “no offense, but we have no debt except for this one cheap used car which will be paid off in a few months. And that’s it !”

@bettysmith4527

9 ай бұрын

Yea, I don't think anyone who buys solar panels actually does the math!!

@michelarosier1918

9 ай бұрын

Good for you, your plan and goal was in place for your family, not letting anyone force you to go into debt.

@cjhoward409

9 ай бұрын

@@michelarosier1918 Well, like Dave R always says, “don’t take financial advice from broke people”. And I also don’t take health and fitness advice from people who smoke or are obese etc. And I’ve had those people try and give me advice. I just smile.

@michelarosier1918

9 ай бұрын

@@cjhoward409 I totally agree 👍.

@BikeHelmetMk2

9 ай бұрын

They're not all like that. Here in BC, Canada, the government will lend up to $40k at 0% for 10 years for a solar panel install. There's a $6000 grant/rebate too. We pay quite a bit for electricity, even though we generate it cheaply from our hydro dams. The Solar program pays out at wholesale rates (low ROI), so it only makes sense to offset 80-100% of your own use. They've structured it to bank kWh in the summer and then hand them back to you in the winter, which allows you to drop $800 winter electrical bills down to a miserly $250/mo flat loan payment for 10 years. It's a big win, and you own the panels, so you get the tax deductions/depreciation boost, and increased resale value if you sell your home.

Holy shit, i am in a difficult financial situation right now, but after see this video I feel in paradise. I am not kidding. 🤯

The caller is the definition of sketchy

At least he is a “negative” millionaire

@steelcastle5616

9 ай бұрын

LOL...never forget there's a silver lining in everything.

@sweatchivanswett7995

9 ай бұрын

LMFAOROTFLSM 🤣

Jeez…I could never imagine have even a fraction of this debt. How do you sleep at night owing a million dollars?

@BikeHelmetMk2

9 ай бұрын

Agreed. It's easy to sleep well when you have $3m in assets backing your $1m in debt. He has *$100k* in equity to his $1m in debt. He's nearly $900k in the negative. On a $100k income. That's nuts.

You can feel the pain in this man's voice. Very unfortunate.

Honestly, neither of these cats are qualified to help this guy. He might need a lawyer.

Whew 😳, feeling much better about my financial situation after listening to this.

@ultrainstinctgoku9321

9 ай бұрын

Same here

@chasityeverett2753

9 ай бұрын

Ditto!

This is the scenario where bankruptcy is your only way out but ironically, he may not qualify because of the shady loans to friends (loan shark stuff). He's screwed.

@amireallythatgrumpy6508

9 ай бұрын

This is the scenario where you don't deserve to get out.

@snowpz

2 ай бұрын

Wtf does he do then? All that interest is going to be piling in. Dude has kids too, I really hope they pulled it around somehow regardless of his bad actions.

It’s Jades face for me at 2:57! 😂😂😂

Sounds like a loan shark without being a shark

I don’t trust this guy.. he’s a scammer that just waffles.

I love these! This makes my worst from years and years ago look like a grain of dust 😂😂. Why does everyone think credit card is a category all by itself? Makes a difference if it is (for example) medical debt or Best Buy shopping - has to be paid either way but indicates forced into debt or ran into it.

@sblijheid

9 ай бұрын

Because it carries the highest interest rate.

@stevenporter863

9 ай бұрын

@@sblijheid Get the highest interest rate but my point is (for example) 20% interest for a necessary surgery or the latest iPhone. Indicates if a one off or pattern.

Greed & stupidity got him to where he is...nothing else. I find people like these are there own worse enemies... they know what they need to do but cant because they're addicted to spending. He should be thankful hes still got a wife by his side. Most women would've left years ago!

@creolelady182

6 ай бұрын

agreed

There aren’t enough hours in a day or health in a body to get this guy and his wife out of this mess. It’s completely unrealistic to think side hustles can earn you an extra $5000 a month. Unless he works in the medical field where he could work 100 plus hours a week and double his income with 60 hours a week of OT. This guy is totally…. F

@sblijheid

9 ай бұрын

Not impossible. The wife already doesn't have a full 40 hours. If they both add on some 30 hours on top of 40 hours, it can be done, but they will be burned out.

@abcdlilbit11

9 ай бұрын

@@sblijheid I agree not impossible. But pretty far over the line of unlikely, and in the neighborhood of impossible. It sounds like she’s basically a stay at home mom. Only working sporadically. Unless she has a degree, her job prospects aren’t the greatest. Especially with child care expenses eating into that salary. It would be interesting to know the ages so we would know how much that might be. My comment might be way off. But that’s cause there was a lot of info not discussed. I personally think they knew there was no way they could help him. But they can’t admit that on air. So they try to push their product and treat him like a normal caller. He isn’t. He probably can’t even go bankrupt because his “business” sounds like it could cost him some jail time. And the bankruptcy would investigate that. Like I said… I could be wrong. Maybe the Ramsey plan could help him out of it. It’s just hard to see a way out.

@webfreakz

9 ай бұрын

on the other hand... if he prioritizes those student loans first... the rest is bankrupt-able.

@mominthe209

9 ай бұрын

Make a big effort for 2 years. Prioritize student loans because you can’t bankrupt out of them ever. There is no quick way out of this.

@Shortballa11

9 ай бұрын

Its rlly not impossible. Sell the house and solar panels. Plus the car and auction everything inside. Now they are down to 300k on six figure income and they haven't even started working to their full potential. If he could put all that shady energy to something ethical he probably will make a lot more money.

I think it's important to note that this guy knows he's in trouble and took the time to reach out to the Ramsey Team. He and his wife have put together a budget. They really don't have a choice but to do something drastic if they want to survive. If they are reading this, please know that tens of thousands have gone through this painful process but it's worth it to have financial freedom!

@donaldlyons17

9 ай бұрын

He owe 1 million.... I don't think that can be fixed if he owes that much money because at 5% it is 40K per year in interest!!!

@eddyvideostar

9 ай бұрын

To Tiffany M. 4020: No: Tens of thousands wouldn't be incurring monstrous debt as abysmal as this, amassing a negative one million, waiting for the zeros to align on a negative slot machine -- then, turn to Lord Ramsey. I doubt this.

@donaldlyons17

9 ай бұрын

@@eddyvideostar Ramsey believers have very interesting thoughts.... I agree 1 million is equal to many people's lifetime expenses.

@robertvalinsky9804

9 ай бұрын

@@donaldlyons17ya mean 50?

@donaldlyons17

9 ай бұрын

@@robertvalinsky9804 Yeah I did mean 50K!

Would have loved to hear Dave's reaction to this call. Feel like it kinda went over KCs head

Solar panels in Chicago??! WTF!

This guy is robbing Peter to pay Paul.