I paid my student loans today!

@anthonypblackburn

2 жыл бұрын

Congrats!👍

@sun1romitenex256

2 жыл бұрын

Thank you!

@framseen2

2 жыл бұрын

That's awesome!! Good job!! ❤️

@chriss7552

2 жыл бұрын

Good job👍

@BrandyBee1

2 жыл бұрын

Awesomeness 👍🏽👍🏽👍🏽

“You can’t intellect your way out of a behavior problem.” That’s exactly what I needed to hear, thank you.

@hashtagCatholic

2 жыл бұрын

Same!

He forgot to say "we're not going inside of a restaurant unless we're working there." And BEANS AND RICE.

@Tahoe832

2 жыл бұрын

Rice and beans. Beans and rice.

I know she will be glad when that debt is gone. That's quite a salary.

@maricelg777

2 жыл бұрын

Agree

@NaNa-lt1po

2 жыл бұрын

It's in NY. Which is nothing just like in bay area.. 160k and you only "get by"

@stellarocquie7957

2 жыл бұрын

It doesn't matter if she's making 1M if she DOESN'T know how to manage it!

@euenfheiejrj

2 жыл бұрын

@@NaNa-lt1po it’s expensive but that’s an exaggeration. I made $75k-100k in NYC and was fine.

@stellarocquie7957

2 жыл бұрын

@@euenfheiejrj Lol, because YOU know what you're doing! Irresponsible, CARELESS people can't make it on 500K, NO MATTER WHERE THEY LIVE!

Her after tax income is probably around 110k/year or 9k/month. Her debts are high but if she lives modestly she will pay it off so fast.

160k a year? She’s got this 💪🏽

That's a good salary

Caller: I make 160k Dave: BEANS AND RICE, RICE AND BEANS

@BrandyBee1

2 жыл бұрын

Lol, right

@jadyphan5892

2 жыл бұрын

With a side of...rice and beans.

@zouayang6972

2 жыл бұрын

160k in NYC = beans & rice

@PInk77W1

2 жыл бұрын

@@zouayang6972 I make $50k in the middle of Texas and I feel rich. LoL

I paid highest interest first; but I was more motivated by spite and the idea of making the people who were using debt to proffit off me to make as little as possible.

@hollyb6885

2 жыл бұрын

Same here.

@LittleMopeHead

2 жыл бұрын

I did the same with my student loan debt. You have to be mad at debt to get intentional.

@Sheryl777

2 жыл бұрын

I've heard Dave say before that the reason he doesn't normally worry about which debt has higher interest is because paying off the smaller debt first gives you traction....then moving on up to paying off the next smallest etc. You see some easier wins first which is encouraging, rather than say taking on a much larger debt first (regardless of interest rate) and it taking a lot longer to see results, especially when you are first starting out to get debt free. That makes good sense to me. But as long as people get out of debt, that's the main thing...whether you decide to take on a high interest rate loan first or not.

@orphanedhanyou

2 жыл бұрын

Depends on how much debt you have. If you have hundreds of thousands? Having small "wins" is better than grinding away at a huge high interest debt

@braceyourselvesfortruth2492

2 жыл бұрын

@@orphanedhanyou um, no, the more debt you have, the smarter it is to pay off higher interest first. You literally will pay it off faster and keep more. It's math. Once you know this, you don't need 'traction' or any other nonsense Dave utters.

This show makes me realize how minimal my debt is. I’m 27 and have less than 5,000 in debt

@evanmunden2414

2 жыл бұрын

Debt can build.

@PInk77W1

2 жыл бұрын

Still attack it.

@missjackson_

2 жыл бұрын

@@PInk77W1 Oh trust me I am. I plan on paying it off by September

@evanmunden2414

2 жыл бұрын

@@missjackson_ nice.

0:45 "Thank you for being a listener and a new listener at that." Dat was a subtle start fo Uncle Dave 😜

@motoryzen

2 жыл бұрын

This isn't BETV..." THAT". .... " FOR"..

@6:00 - The study Mr Ramsey is referencing is in the August 2012 issue of the Journal of Marketing Research. The paper is by David Gal & Blakelely McShane & titled: Can Small Victories Help Win the War? Evidence from Consumer Debt Management. It's behind a paywall but you can read the abstract online & there are some third-party articles summarizing its results.

@TaShar16

2 жыл бұрын

So what's the conclusion? Did it say that Ramsey's method is the best way to go?

New intro melody throwing me off lol

@ashleyen1

2 жыл бұрын

I thought it was just me. Lol

Dave ❤'s pounding himself on the back.

Speaker Pelosi said increased spending reduces debt!

Great advice

If you are paying smallest to largest and aggressive enough to tackle the problem, then the interest difference in the fast time you act is negligible compared to the psychology. Achieving the first milestone faster occurs when you pay smallest to largest and that reward timing matters more in success of getting out of debt

Although I agree that the snowball method works, the avalanche method also works (and better since you're actually tackling higher interest rates) if you're disciplined. If not, then definitely tackle the lowest debt even if the interests are also low.

@JasonGroom

5 ай бұрын

Exactly, the avalanche method is actually, mathematically, the best method to pay off debt. It is also hard to do for most people, unless they are faced with several debts of comparable size with very different interest rates

Nobody screams down the phone like Dave does! Haha

with great intensity ahhhjjhhhhhhjh😂😂😂😂

Imagine making 160k and having bills

@stellarocquie7957

2 жыл бұрын

No, lol.

It is very hard to convince high income folks to live beneath their means, even if only temporary.

She sounds like a Trini 🇹🇹❤

You got this girl! Work the baby steps and you’re going to be debt free so quickly with that fabulous income. 😁

I'm debt free.

Did they change the intro tune? I preferred the old one.

Please, no clickbait titles

Ish it???? lol

I believe Dave says pay the smallest debt first, then you need to add that payment to your next debt, effectively paying more now means you are winning the interest game by applying additional funds to the principal. Just like you would do to pay off your home faster.

@kelvinpang438

2 жыл бұрын

You cant win the interest game by paying debt smallest to largest, it doesnt matter that you have more cashflow for the next biggest debt after paying the smallest,mathematically paying debt largest interest to smallest will ALWAYS be the FASTEST AS LONG AS YOU STICK THE PLAN so thats how you win at the interest game. You may win in the psychological game with smallest the largest but that doesnt chance the FACT that you DID NOT win the interest game and I believe many people are psychologically strong enough to do by interest instead of amount. Not everyone,but many. Dave Ramsey's baby step is NOT for everyone, its just a good guideline to follow but you can tweak it as long as you are DETERMINED to get out of debt and that is what REALLY MATTERS.

@motoryzen

2 жыл бұрын

@@kelvinpang438 it isn't about winning against an interest game. Making ACTUAL progress is the most critical thing...and you're more likely to beat debt by knocking out multiple quantity of debts faster by killing the smallest debts firsts. It's not rocket science...it's a behavioral problem that gets people deep in debt to begin with...not a math problem

@stellarocquie7957

2 жыл бұрын

@@motoryzen Very good point.

@drewfliesbikes

2 жыл бұрын

@@kelvinpang438 there's no "winning the interest game." The borrower has already lost. An emotionless robot should pay off debt by by highest interest rate, but the emotionless robot wouldn't be in debt in the first place. People who find themselves in more debt than they intended did not get that way by carefully calculating the interest rates and fees. The data show you will pay off debt faster smallest debt to largest. That effectively does mean paying less interest.

@kelvinpang438

2 жыл бұрын

@drewfliesbikes Fair enough, I'm not saying the debt avalanche is better than the debt snowball for most people with debt,just for some people. Yes,usually the debt snowball would be better but there definitely is a minority who can pay off debt faster using the avalanche so blanket statements like the debt snowball is better than the debt avalanche for EVERYONE with debt,which is dave's view,is just factually false. Yes,it is better for the majority of people but not all.

Sorry if some of my posts show up twice. I was confused a while back trying to figure out why that was happening, and ended up finding out it's some type of youtube glitch that happens to people sometimes.

Why would direct debits be on a credit card, this is insane

5:57 pen fail

You need a credit card for online purchases.

Nothings arks me more than seeing "THIS" in the title....

@arh1234

2 жыл бұрын

*irks

Dave really likes to forget about taxes lol, the $20k bonus will be roughly about $13k after taxes so the $5k left on family loan is not correct.

@alexandru5369

2 жыл бұрын

Yeah glad I'm not the only one too catch that. Absolutely asinine bonus' are taxed but that's a whole other issue

@conureron3792

2 жыл бұрын

Every bonus I’ve received, taxes are withheld.

@stellarocquie7957

2 жыл бұрын

He can ONLY go by what the caller tells him, and for a five-minute clip, he's speaking in generalizations. Also, if she's making 160K and CAN'T manage her money, SHAME ON HER! Whether or not Dave includes her taxes in any equation doesn't affect her bottom line, literally AND figuratively!

@orphanedhanyou

2 жыл бұрын

Plenty of companies withhold taxes ahead so you get the amount stated

@paulinoaz

2 жыл бұрын

When I talk about the bonus I got from work I talk about what I received in my account, not the amount before taxes so chances are she was doing the same thing

Buy and make your own food dont buy things you don't need save

I got my student loans forgiven!

@strokerace4765

2 жыл бұрын

Personal favor from J Dawg!

The emotional aspect they speak of is the secret sauce. Forget about finance and look at fitness goals. People purchase exercise equipment and gym memberships and never use them. Why? Same emotional response factor in this video. When you have the "no more" moment, you change. Btw, now I have both money and muscles, so hate us all for being right! Peace

Then your scores go down after all the closed accts

I’ve used alll my retirement (79k) and got out of debt I only owe on my home which I should have gotten BEFORE retiring instead of 3yrs prior to retiring 🤦🏾‍♀️ but it’s a habitat for humanity home so payments are low which includes my hi/pi and my pension is only $200 short of what I was bringing home mthly anyway 🥴 so I’m blessed to not HAVE TO go back to work but I’d love to have a lil more cash so maybe I will pick up something 🤷🏾‍♀️🙌🏿

@Bill-up9xw

2 жыл бұрын

I'm 34, what would be your best advice for me?

@LittleMopeHead

2 жыл бұрын

Bill, depends on your goal and situation. In general, follow Dave Ramsey's baby steps.

@jpg7616

2 жыл бұрын

Umm you are $200 short each month and retired? Where does the 200 come from? What happens in 5-10 years when inflation makes you $800/month behind?

@lerhondajones-bates3324

2 жыл бұрын

@@jpg7616 🤔 didn’t think of that 😳 I actually feel like we are in the end days and won’t be here much longer but I think I will try to find a lil part time something…so glad I don’t have any unnecessary extraneous bills, Woww 🤭🤭😵‍💫😵‍💫

She sounds Trinidadian .

@stellarocquie7957

2 жыл бұрын

LOL

What type of job does she have?

@megalodon1726

2 жыл бұрын

Probably lawyer.

Woww 😳

Arrrgggghhhhh, Sam Kinston has entered chat.

@stellarocquie7957

2 жыл бұрын

*Kinison

sell pizzas

Jeeeeesus, this lady's household income is 160k and she can't or won't figure it out. Live well beneath ur means and u r a baby steps millionaire. People can get by on beans and rice. She can most definitely live on 65-75k and use the rest for her debts.

I make $150k and still stupid ..it’s amazing

@stellarocquie7957

2 жыл бұрын

LOL, yep!

She sounds like she is from the caribbean

Not really much good info on this one

Getting out of debt without paying the highest interest debt first is for people who don’t know math.

I’ve found that paying off one card with another I’ve never had to make a payment.

Did he say, "pay MINIMUM payments"? Does that sound like a mistake?

@samarman1634

2 жыл бұрын

The key is to pay minimum on all debts other than the smallest debt. With the smallest debt you put any extra money in your budget towards that to pay it off as fast as possible

@neolithic3

2 жыл бұрын

Well they can't pay huge amounts to every source of debt every month.....so, yes, you pay the minumum payments to all the accounts (to avoid other charges like overdue fees) while you focus hardcore on one of the debts. Then when that one is paid off you move to another debt and focus on that one while paying the minimum payments on all the other remaining ones.

@stellarocquie7957

2 жыл бұрын

@@neolithic3 But that's NOT what Dave preaches, and that was my point. He mistakenly, or otherwise, advised this caller to pay the minimum payments, and that's what I'm questioning, for clarification.

@MariaInIowa

2 жыл бұрын

@@stellarocquie7957 Huh? It's exactly what he teaches. Minimum on everything except the one with the smallest balance. KILL THAT ONE WITH FIRE. Then throw all that at next smallest balance.

@TheSilentStryke

2 жыл бұрын

@@stellarocquie7957 he advised the caller to make minimum payments on all but her smallest debt You must make minimum payments on any debt to avoid defaulting or getting the repo men knocking at your door

She makes over 100k a year and have debts... give me a 100k income, I would never be broke or in debt

1st

Third

First

not first

I always thought that adressing your biggest debt first is much more satisfying that your smallest debt. But that's just me.

@bovnycccoperalover3579

2 жыл бұрын

Me too but I just paid off a$400 debt from my IRS Fund and it feels. I am now going after the other small debt.

@mirabella2154

2 жыл бұрын

@@bovnycccoperalover3579 I think it's more motivating when the biggest chunk of your debt is paid.

@Mike0Powell

2 жыл бұрын

Both are ways people can find success. The snowball method/Dave’s recommendation can give people that spark of hope and add to their fire when they’ve never paid off a debt before they see how it feels and that it's manageable. They also see that they can add that amount to the next debt to pay off instead of starting to slack because their next debt is so small.

@sherrylingenfelter8991

2 жыл бұрын

If you pay off smaller first you then apply the money to the largest. Your motivation is to stay in debt longer? Puzzling.

@mirabella2154

2 жыл бұрын

@@sherrylingenfelter8991 No idea what you're rambling about.

Johns going to talk to you about the psychology of this "john bumbling through trying to summarize what dave already said" dave then talks about the psychology...... john is the worst co host lol

@GuitarGuy650

6 ай бұрын

The yes-men gotta earn their paycheck

Waiting for a strawman argument claim or something ingenious from Saul Goodman. He knows what he's talking about way over Dave. I don't even watch these videos anymore because Saul's advice is better.

@stellarocquie7957

2 жыл бұрын

LOL, of course!

@arh1234

2 жыл бұрын

Obviously. That's why you're here, writing comments😂

@motoryzen

2 жыл бұрын

So let me guess..Saul talks about using debt to become rich.... right? If so...NO that is asinine advice and hooks sucker fish people all the time.

@mailmanjoe

2 жыл бұрын

@@motoryzen No actually he was saying to invest in single stocks as much as my 401k. That sounded like I could make a lot of money really quick so thought what have I got to lose?