Do not sell your house. Rent out extra bedrooms to traveling nurses and use the extra income to pay off credit cards.

@tonylevine2716

Ай бұрын

Or have one room as Airbnb

@Rhiorrha

Ай бұрын

I wouldn't like sharing my house with strangers. I especially wouldn't want to do that in chicago, where one of those strangers might take you out and take over the house.

@02nupe

Ай бұрын

@@Rhiorrhait’s an option when she has to do something different. Saying no to a viable option is not the answer.

@melonymanns9901

Ай бұрын

That’s excellent advice!

❤I LOVE that she was prepared 🙏🏽 prayers that she becomes debt free

She doesn't need to file bankruptcy. Pay down bills.

I think we need more of this topic now more than ever, most of us seniors are missing it when it comes to planning for retirement and being debt free, we can’t even depend on social security anymore with inflation rising to the roof I’m thrilled by this topic I’m leaving every day. Please can anyone share an idea about the future of our social security system, can the government stop paying social security in the future. I’m scared and nervous 😢

@TheLovely990

Ай бұрын

I"m not relying on Social Security. Investing, and buying another rental property, rent out rooms, and put a tiny home in the backyard.

@dorotheaanderson9482

Ай бұрын

I'm 61 and Husband 70. We aren't relying on SS either ...... 2 yrs ago took $ from workman's comp injury and started home based Air BNB..... Bought camper, RV and have all the hook ups, electric well and Shelter over the CD camper and Rv

@tonylevine2716

Ай бұрын

Stopping SS is the third rail for politicians. Won’t happen but SS may be cut some in 2034. You should never rely on SS as your sole income in retirement. It even says that on the SS website. Have to find a way to increase your income if you don’t have any retirement accounts.

Good for her for taking the right step. She’s obviously very serious because she did her homework. Hope she can pull it off.

Seems like students loans are a pitfall for so many. So glad I was strategic getting my degrees and student loans. Have my Masters and no student loan debt. Wishing her the best.

@yvonneoy3124

Ай бұрын

Student loans are a trap

@tonylevine2716

Ай бұрын

Yes, student loans are an albatross around many a necks. Sad.

Hmmm...I'm wondering why he said waste of time at her earning 5.2% on the certificate? Perhaps, its because he thinks she'd be better served putting it toward the debt which carries a higher interest rate than what she's "earning" on the CD. This should have probably been explained vs insulted/dismissed/blown off.

@lisalittlejohn8255

Ай бұрын

I was wondering as well. Maybe invest in retirement.

@mamatosh05

Ай бұрын

I was curious, too.

@antoinettebefree

Ай бұрын

It sounded like she was in alignment from the way she said she can’t touch it for a year. My sense was that even if she could use it for higher yield earnings, she can’t touch the money to make a difference.

@FunandBudget

Ай бұрын

@@antoinettebefree I wouldn't say she's in alignment...she is in a position where she is seeking out advice because she, like many Americans, are at their wits end. A CD is actually a great no-risk investment because the interest rate is higher than a savings and a HYSA (overtime) and it is stable (unlike a HYSA that will fluctuate) - not being able to touch it for a year or more is not bad in situations where we shouldn't be touching our longer term investments anyway. I do think the issue is she has so much high interest debt which she should knock out before doing other more sophisticated means of saving/investing.

@tonylevine2716

Ай бұрын

Because she only has $500 in it. Why tie up $500 for a year for $25 when she can use it towards her debt.

58 with $83K in student loans is so sad!! I pray she gets out of this. Her and millions of other Americans. 🙏🏾

@lc6636

Ай бұрын

You don't need a degree to build cars. Big mistake!!

Great advice Anthony❤ Sister, don’t give up nor get discouraged 🙏 it’s going to take a minute-but you Can Do It! Cheering for you 🎉

Super surprised that Anthony missed she is paying too much for her mortgage. She can’t afford that house based on her salary. That’s why she has so much credit card debt. She’s using the cards to fill in the gaps in income.

@findmeanewplanet

Ай бұрын

I thought her mortgage was high compared to her income also.

I'm in my late 60s and we just started to save for our retirement. My wife and I are truck drivers and we own our truck and trailer, no debt on either piece of equipment. The only debt we have is our house. We live in a fifth wheel as we are only home a few days a month. We put my social insecurity toward our retirement. We contribute another 40 k annually for our retirement plan. We have labeled this our "10 year fast track to retirement adventure " We only have 8 more years left. It's never to late to start your retirement plan. You only need to have the desire and motivation to achieve your goal.

@tonylevine2716

Ай бұрын

Why did you start so late?

@daviddhulst1513

Ай бұрын

Mindset. I was a believer that I could survive off of social insecurity, but remembered that we were taught to be self sufficient. Relying on the government is not self sufficient.

@TheMariemarie16

Ай бұрын

​@@tonylevine2716It's a bit of a rude question. Millions upon millions of Americans did not save for retirement. Some only make enough to live on, many are not educated to save and believe that Social Security is for that. I am 44 and up till I was in my early 20s that's what I believed because that's what I saw my elders do. I thought that as long as you paid into SS that you would be ok. Luckily I figured out more than 10 years ago that this was a horrible idea. Sadly most Americans in previous generations didn't really have to dedicate a portion of their living expenses towards retirement.

April showers bring May flowers guys!! 😅😊

Bankruptcy does not take away student loans!!! That was changed back in 2005 or so. Where do people get this form?

@Rhiorrha

Ай бұрын

You hear about this a lot from people in the projects/poor black areas who are in the 30s to 50s. Their idea of having credit cards is get all the credit cards you can, run them up living like a rap star, don't pay anything back and file bankruptcy. They call it "free money". Apparently some also think that applies to college debt.

Anthony, I love this series where you are using your gift of knowledge in personal finance to graciously advise others. You are respectful, kind, and non-judgemental. I'm sure your parents are proud! Peace and blessings to you.❤

You can’t file Bankruptcy with Federal student loans. 😮

@633ohioc

Ай бұрын

Yep student loans not going away.

@carebear01

Ай бұрын

They changed the law. You can, but the money you have to spend to do it (lawyer, legal fees, etc) isn't worth the trouble. You literally have to sue the government.

@saphahmelkisedek9762

Ай бұрын

Yep! That was changed over 10 years ago. It's dang near possible to do. There have been law suits from people who actually should've gotten and didn't.

@HD-mv2qh

Ай бұрын

Hopefully her student loans will be forgiven

@jenninemorel7693

Ай бұрын

Student loans cannot be "included" in a bankruptcy case; consumer debt only Bankruptcy is a situation where you are asking for your debts to be exonerated and you not get sued by your debtors. There were some cases where vocational schools were being sued for making promises of employment after graduation

Great video! She looks like she could be Iyanla Vanzant's sister. I had to do a double take Lol.

@itisim

Ай бұрын

True

Someone will never retire

You can be nice and truthful at the same time, you don't have to lie...

No disrespect intended but how on earth do people get themselves into these kind of financial disasters? 🤦🏽‍♂️

@tonylevine2716

Ай бұрын

Financial illiteracy

@YourRichAuntie

Ай бұрын

People aren't taught anything about finances and over time make decisions. It takes 3-4 bad financial decisions made over the space of a few decades to put you in a situation just like this woman. None of us should judge

She may need to get a part time job as a 2nd income

@tonylevine2716

Ай бұрын

Definitely and she said she is working on that.

I thought I heard her mention 401k. You didn’t ask about that. Does she have a 401k? Also does Ford motors offer pension to their employees. I didn’t hear you ask about it and how long she has been at Ford motors.

@tonylevine2716

Ай бұрын

I believe Ford stopped their pension plan in 2004. It is rare for companies to still have a pension plan.

@tonylevine2716

Ай бұрын

I went back and listened and no 401k. Sounds like she didn’t contribute prob because of all the debt.

@ginagamble1182

Ай бұрын

She did indeed state that she contributed $100 per check to a 401k. 13:37

@tonylevine2716

Ай бұрын

@@ginagamble1182 13:37 is the end of the video. ?? Even the title of this video says “No investments.”

@paulasmall5113

Ай бұрын

I thought she said 100$ month for 401k which was why her net pay was 800+ a week.

Ii thought that as well🤔, then I calculated what she probably would make which is around $50, probably better to put towards cc which I assume she’s paying more than 5% in interest. Thoughts?

I need to understand why certificates are a waste of resources for time….please advise.

@keithlamar_

Ай бұрын

Because high yield savings are at 4-5% and you can access the money anytime CD’ (certificates of deposits) are around the same in interest and could be more but it’s locked for a fixed period

@tonylevine2716

Ай бұрын

She only had $500 in it. If you going to tie up your $$ for a year or more, it better be worth it.

Her income is too low for her age and having a degree. She can rent extra bedrooms for extra income.

She scared me too. She sound like she wants to get her financial situation under control.

Let us be honest folks , did she need that 80k degree to build cars? NO! Let's stop pretending.

I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?

@nikolnikovrck

Ай бұрын

keep contributing! remember you are in for the long haul, but at this point I'd suggest you consider financial advisory

@mikemoffa

Ай бұрын

No doubt, having the right guidance is invaluable, my portfolio is well-matched for every season of the market and just yielded 100% from early last year. I and my advisor are working on a 7 figure ballpark goal, tho this could take another year.

@sebastiannunez8091

Ай бұрын

​@@mikemoffa ambitious! could you be kind enough with details of your advisor please? i'm still a complete noob at investing

@mikemoffa

Ай бұрын

She goes by 'Karen Lynne Chess'’ I suggest you look her up further on the web. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

@Bobodina

Ай бұрын

thanks for putting this out.. just came across the consulting page of Karen Lynne Chess after inputting her full name on the web and was able to schedule a free session with her, super impressed with what i've seen so far

There are 293 ways to make change for $1, so there must be no less than 293 ways to get rid of your debt without selling your home. Some excellent suggestions have already been given. I suggest: (1) Learn a new skill. (2) Find something to "make" and sell it. (3) U "build" cars ???? Build Custom Cars or EV's and sell those.

Hearing only one person story isn't enough maybe 3-4 stories would be great. I wanted to hear more but that was it.

@thatfablife328

Ай бұрын

He does. He does a show where he brings on a few people and answer their questions. Then, he breaks the videos apart and repost them with each individual question. Which makes it easier for those who don't want to watch the hour long show.

She should count on never paying off that student loan debt and pay the least amount possible Next stop using credit cards and pay off credit cards and loan asap and especially since she's a homeowner she should continue to save and get those taxes taken care off the only way she'll pay off that student loan is with a government loan forgiveness or a windfall of some sort

It looks like that debt is going to be well over $100k, once she finds out what she owes the KGB, I mean IRS ( a little Dave joke there). I thought he'd tell her to stop the 401k.

She might consider selling her house and use proceeds for debt. Then rent a room from a good friend or relative and hammer down the remaining debt. Even if she breaks even on the house sale, she could probably pay everything off in under a few years.

@kathleenepugh9495

Ай бұрын

That's what I was thinking as well. Sell the heaviest obligations and get a studio apartment. I would declare WAR on those other debts. Of course, stop charging the credit cards because that is just heaping more anxiety on the struggle. May she find peace.

@estherofosu8840

Ай бұрын

🙏🙏🙏

@mamatosh05

Ай бұрын

No, if she's current with her mortgage, I wouldn't advise her to sell. She'll be better off renting out one or two of her extra rooms. Home prices & interest rates are high; it'll probably be more difficult to purchase another home.

@Track20x20

Ай бұрын

EXACTLY!!!​@@mamatosh05

@Track20x20

Ай бұрын

​@@mamatosh05Dont sell!!

Why hasn't she filed taxes in two years....

Work alot of overtime girl.

@Track20x20

Ай бұрын

Bingo

Sinking funds!

Yea! She should be bringing home at least $900 a week take home

She definitely needs some extra Cash flow

She needs to find a part-time job to pay her school loan. She can do at-home customer service.

Why does she still have student loans at 58😢?? The poor woman is going to be working for the rest of her life, unless she has children that can help her.

@Eveningbreeze721

17 күн бұрын

Probably went to school later in life. Or decided to get a graduate degree later in life. People don't stop wanting to learn and achieve things.

FOLA accountant

I am not american and have no student loans but how does she still have 80k loan at 58.... how large was the original loan?

@youngjedi5599

Ай бұрын

Never pay….. they put the loans into forbearance over and over for years and years and the interest continue to accumulate.

@youngjedi5599

Ай бұрын

Never pay….. they put the loans into forbearance over and over for years and years and the interest continue to accumulate.

@TheVinceatkins

Ай бұрын

@@youngjedi5599 thats crazy ... they should have studied a degree course which would pay off rhe loan...why is she building cars with a degree smh

@eliot5220

Ай бұрын

The way that loan is structured she won’t get get into the principal until 10 years in or more if she is making income based payments.

@youngjedi5599

Ай бұрын

Never pay….. they put the loans into forbearance over and over for years and years and the interest continue to accumulate.

🤦‍♀️🤦‍♀️🤦‍♀️

He gave her good advice. She’s 58 so she’s gonna have to hustle before she get too old to work and stuff. Maybe sell the house

@Track20x20

Ай бұрын

Sell house and go where?

@thatfablife328

Ай бұрын

I think she should keep the house. If she sells the house, that will throw her into renting without ever being able to own. Once the mortgage is paid off then she'll have a place to live that she only have to pay upkeep and utilities which is the better investment.

@Eveningbreeze721

17 күн бұрын

The way this housing market is... No keep the house

Just file for bankruptcy & call it a day-

@ustinovclarke321

Ай бұрын

Bankruptcy don’t get rid of student loans

@SNPDemon

Ай бұрын

​@@ustinovclarke321 right and that's the majority of her debt

@eliot5220

Ай бұрын

She can file for forgiveness and continue to make payments in the student loan. I’m in the same boat.

❤ Definitely Food for Thought 🤔 Team Work Makes the Dream Work in Jesus Name for His Name Sake Amen!!! 🙌🙌🙌🙌

Anthony let’s be real man!!! You have to incorporate the phrase “ get a husband or a wife!” Someone to help ! This lady will NEVER make it out of debt unless she win some money 💰 or get an extra income. Sending poor people to your account will only make them poorer because they have to pay YOUR accountant!!