I was forced to watch Dave Ramsey in high school and my little brother currently is forced to watch him. Yeah I laugh at 90 percent of the stuff he says. I'm a senior in college, going to apply for med school in May. All the debt will be worth it. Especially when you finish residency and that salary increase comes in, you can pay it off quicker.

I want to know how to do this with my loans

First off, Dave Ramsey is an idealogue. He puts his view of how to do a thing ahead of whether or not the result is the best. Second, it's good to buy a house; it's bad to buy a collection of houses and treat it like a stock portfolio. That behavior only perpetuates housing insecurity for everyone else. Just because you can invest in housing and add to your wealth doesn't mean you should. Consider the society that you have to be a part of and how you would like it to be for your kids.

Thank you for saying that. I believe the same. People are much more critical of people’s student loan debt than they are consumer debt. But I think it’s an investment.

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Video coming soon! Stay tuned!

I’ve seen some if there content! FIRE goals!

Dont stress dollar is worthless anyways.

I came here to say that! Love both channels!

Tbh I like some of Dave Ramsey advice, but when he told someone with student loans not to invest a 401k and focus on student loan repayment. I looked at him like😐. So when this person pays off their debt that’s when they can save for retirement? His model is inflexible to poor people or people who don’t have financially stable parent to help out. Everyone should be to live a life obviously in moderation due to debt. But to put everything on pause to be “debt free” I don’t think is worth it for everyone.

Suggestion. Place kitchen items you think you can do without in a clear container and leave in garage/basement/attic. If after a year you didn’t retrieve it, let it go!

That’s a great tip! I guess that can go with everything we own.

And it only took a pandemic for so many to realize 😅

I’m representing real life moms over here 💪🏼😁

Uu uh uy guy n i9l

Yes so excited! I’ve been binge watching home organizations, DIY, and decor on KZfaq 😁

Elle Encarnacìon what’s good debt?

We’ve decided to manage the property ourselves and so far it as been going great!

@@drjennale Depending on the property it can be better to just manage it yourself. We had a property mgmt company in the past and they did a Terrible job and charged outrageous prices for repairs.

Yes! Physicians loan! Zero down and no PMI

We have no consumer debt! Just the student and home loans. My concern about not investing early is losing out on all the compounding interest you can earn.

@@drjennale do u have good credit how do u increase ur credit if u have only loans ?

Thanks Amy! My squad is awesome ❤️

100k in the bank so yes. We saved everything while in residency so we are set if the market dose crash.

We are interested in flipping housing too! We’re just worried about margins and the fact that we’ve never done it before ... bound to make some mistakes.

Jenny Le I think it is definitely doable. You just have to find trustworthy contractors and slowly learn how to do things slowly yourselves. With your income and Stan’s expertise, you guys would make it work.

Thank you!! We’re really excited. And we’ll be closer to family friends!

Agree! My counselors didn’t help at all. And the cost of tuition is outrageous. What about an income based loan repayment program?

@@drjennale I'm not in that boat (luckily) so I don't know what kind of payment plan they are doing. Even with a repayment program... the compounding interest might also be overwhelming. :/ it's a sad fact that so many unprepared naive teens continue to be sold these lies right out of high school (or even before then) and getting into so much debt. Times are changing. a bachelor's degree isn't worth much these days. Vocational schools should probably make a comeback unless teens know what type of profession/field they want to be in before they decide on going to college for a degree.

Trade school! We needed a plumber and it was $100 an hour

Yes so they count monthly payments! If you’re on an income based loan repayment program, your debt should still be under 48% of your monthly income. You can always talk to a lender and see how much you can get preapproved for

Usually they give discounts to first time home owners 🤔

@@drjennale yea ! What i thought they said they would help but they charge something monthly for using it so i was told😭not sure though :) so excited for you all to buying .i feel like we need to live each day like its our last 🤗do whats good for you and your family! Looking forward to moving vlogs.

Fresh look in Pure hazel !

He literally clings to me like a baby koala 🐨❤️

Haha too cute!

Lots of lenders have physician loans. We originally went through Bank of America for our first loan. There’s a list in your area if you do a good search.

Any financial book recommendations? Dave Ramsey is all I see over my feed 😑

@@drjennale I've read the White Coat Investor which is good for physicians since it's specific for that career. I also watch Graham Stephen on youtube who is a real estate investor and gives really good advice on real estate. I've also read Rich Dad Poor Dad which I really liked. I think Dave Ramsey just demonizes debt a lot, but the richest most successful people in the world have tons of debt because they use it wisely.

Couldn’t agree more! There’s a reason the Equal Credit Opportunity Act was passed. People who were able to take out loans had the ability to build wealth while others did not.

@@drjennale Completely agree with you about "Equal Opportunity Act" . About book recommendations highly recommend "Worry free investing" and " Risk less and prosper " by Zvi Bodie he is professor of economics at Boston University and his book actually based on research. Also " A random walk Down Wall street" by Burton Malkiel, " Common sense on mutual funds" by John Bogle ( read this book like your medical academic books). And of course "Personal Fiance for dummies" ( i am serious). Moreover i love "Phil Ferguson show" its podcast and youtube channel unlike Dave this guy fiduciary financial advisor and have all credentials do to it. What i like the most he never pretend as his advice is golden one and there no alternatives.

Thank you!! This is gold ❤️

That’s what we need! A kids room. Right now our house is so small that the whole house is their play room 😅

@@drjennale 😆 Good luck with your new place. I'm sure it'll be perfect for y'all!

New York has a free med school! So there’s hope 🙏🏼

Thanks Christine 😬

Unfortunately this is the average debt for my medical school. Stan and I have no consumer debt. Luckily with a physicians income, we can still pay it off in a couple of years.

Ditto what she said. Bout average. As a med student I can attest to this. You are watching someone that is a physician, vlogging about physicians lives/issues. At least be halfway knowledgeable about medical school before commenting 🤷🏽‍♀️. People love to talk about stuff they know nothing about. Not actually that wild of debt, physicians make on average, much higher salaries that average people that would get other types of doctorate and PhD degrees for other fields.

Thank you Sasha!! ❤️

The goal is to still pay it off in 3-5 years

From what Stan was saying, interest rates are at an all time low right now. After we got pre-approval for the loan we had different loan companies compete against each other to get the lowest rate! Our original offer was actually 3.125 but we got someone to beat it and locked in a 2.99!

We bought our house prior to starting residency! As long as you’ve signed a contract - you can use that as proof of future income to get a loan. We got a physicians loan because no PMI but you might qualify for a regular loan too.

@@drjennale Ok, gotcha. I may end up doing the Physician's loan. Thanks so much. I appreciate it! ☺️

I think you have to really know your area. And if you are interested in flipping or not. We bought our current house because inventory was low for both purchase and rent. And a I knew that there will be new residents who could rent every 1-3 years.

Welcome Regina! We’re going to interview Stan soon and give you guys all the behind the scene details from a realtor!

If renters are paying you more than mortgage every month, how is that not an asset? It’s putting money in our pocket 🤔

My friend has several AirBnb and says it’s more profitable! We don’t want to deal with the constant rotation of people so we have long term renters

Jenny Le gotchya. My brother said their cancellation policy was atrocious. People would book week long stays and then cancel and he’d be out $1,000.

I think people still have to pay you if they cancel that close to the booking date. But I can see the potential loss in revenue if he is unable to book it out with someone else. It’s hard with a pandemic. I’m sure when we have things more under control and people go back to traveling - airBnb will do better.

My aunt has been using AirBnB to rent out her garage apartment since Jan. She's having great success with long term renters, despite COVID-19!

We solely used my income to obtain the loan.

Need a high FICO score! Easiest way to do this is opening up credit cards and paying them off in full every month. The higher the credit limit and the lower your actual debt, the better. After we got pre-approval for the loan we had different loan companies compete against each other to get the lowest rate!

@@drjennale Thank you!!!

@@drjennale oh so u do have credit cards

Yes. But we use it like a debit card that we pay off at the beginning of the month.

20 and a 30 year home loan. Yes paying minimums. The extra money is better off invested. The return in the stock market (conservative average) ~8%. Our home interest rate is 2.75 and 2.99.

I would disagree. A liability is something that cost you money while an asset is something making you money (which this home is becoming). My car is also an 2004 Acura I purchased while working in high school ... Stan is the fancy pants who have the Mercades (before we started dating). But I think we’re both conservative with our finances. No consumer debt. Just student and home loan debt.

Jenny Le www.richdad.com/is-a-house-an-asset Anything that can cost you $ or potentially go sideways is a liability. Something can happen to that house and not be covered under your insurance policy, thats why it would fall into being a liability. The stock market could collapse tom and take the real estate market with it, thats why its a liability. Just because its given you a 60k equity doesnt make it into an asset. Its a common misconception.

That’s true. How do you recommend people build wealth if nothing is guaranteed? My current investments are all stocks and real estate.

All the link to Rich Dad Poor Dad states that the home is a liability if it is your primary residence. Our home not only has more equity now but we will be renting it out for $2100 a month. This is an investment home and not a primary residence - hence making it an asset.

Jenny Le i think ur jumping the gun a bit. Yes he did mention that, but he also didnt mention what you are saying. Yes, the dynamics changes a bit, but the liability factor doesnt change, just negated a bit.

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