I’m $500,000 In Debt And I Don’t Know Where To Start!
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I paid off my Apple Watch today..thanks Dave Ramsey!!! I said before I had no debt but I completely forgot about Verizon lol. Dave Ramsey helped me not to feel pain about forking over the 416 that was left on my watch. He says you feel the pain when you have to pay cash but..he actually has made me feel pain about debt more now lol. And now I can sell it if I get tired of it..obviously not for as much but either way I can still sell it. I also have decided if I am getting the iPhone 11 I will pay cash. I won't buy it till I feel like paying the whole thing…or till I feel I have enough in savings to do it. I also read up on google about people and whether they thought it was better to pay it outright or make payments. Shockingly or maybe not shockingly so many said to make payments. I found one smart person that said pay it off and that there was a hidden fee for making payments. Not sure about the hidden fees but either way..I agree with that one person.
His problem is not near as bad as the title implies. If he sells the rental it knocks out half his debt and he can use the equity to pay off the credit card. Then all he has is the stupid car and the 401k loan which is manageable on 110k/year if he goes on rice and beans for a year or so.
I think that English might not be his first language so I admire him for appearing on the radio, trying to answer all of the questions, and admitting he’s got a problem. If he plans it out carefully he can get this taken care of.
I recognize the problem is half the work ?.. I have to remember that.
As a UK listener i find Dave Ramsey to have a universal strategy to finances. Obvious differences exist between the UK and USA when it cones to finances. But i have decided to follow Dave's plan with adjustments to the UK and it is amazing.
Just work like a dog, pretend you have no money, save as much as you can, and I guarantee you'll get there eventually. I feel bad for this guy. Dave Ramsey is so good at what he does, especially giving financial advice!
What would Dave would have been without inheriting a fortune from his parents. Condescending so and so.
Just paid off my car today and being debt free is legit the most liberating feeling! I feel so bad for this guy but it IS possible! Thank you Dave for all you do! ??
Start with chapter 7 bankruptcy and never make this mistake again.
I think he will do it. He sounds motivated. I can always tell the serious ones from the talkers
$380,000 of it is net equity positive real estate, sell the rental and the car and there's only ~$50k consumer debt remaining with a $110k income, far from insurmountable, just needs a bit of financial decluttering so he can see his actual net position. The remaining debt except the mortgage can be knocked if in a tight 12 months or an easy 18 months.
“ I have 212k rental property, My house has 180k, wife has 41k car, 55k credit card debts. I don’t even know where the money goes”
Good Morning Sir.
CHAPTER 7 IS WHERE TO START LOL
rental property
five hundred thou not for me
a big weight come see
I drive a 15 year old Honda Civic. It still drives so no reason to replace it. I wish I could take on a third job but I am old so it’s not easy
What sort of a financial bellend holds investments pulling in 5% while simultaneously holding debt that costs 3 or 4 times that much to service..
Holy smokes… half a mil.