I was this guy once. At 36yo I got rid of all the properties, cars, liabilities etc, kept the cheapest house and bought a cheap car with cash. Now I’m 40yo, 100% debt-free, paid off my mortgage and never felt more peaceful and satisfied with life. Massive struggle to get here, but totally worth it and I’m doing all the reno’s with cash. Thanks for inspiring me, Dave!🗽

I love Dave he just straight up said “Why you calling us”.

They make $275 a year and only $60k saved. Debt is killing them

Calling Dave Ramsey to ask how to structure his debt. He didn't want advice, he wanted Dave to tell him to stop, this was a cry for help

Everyone thinks the point is to make money but forget the point of that is to get out of debt and stay out of debt .

I feel like most people know what’s right already and know what to do, they just want to hear it in a form of reassurance & then someee really just need a sense of financial direction

With a $275K income, $60K is an Emergency Fund!

People pick debts instead of FREEDOM

A 4-Family in NJ thats worth 650K and 450K debt on it is definitely cash flowing.

"No student loans. Paid that off" he says lol

This caller 🙄. Hustling backwards 🤣😂

I got 300k on two houses to include my primary which will eventually turn into my second investment. My fear got me to hunker down, rice and beans and pay off my entire debt.

Great question from Dave, "Why are you calling us, how can we help". Caller already has his own plan. That plan doesn't agree with anything Dave teaches. Keep doing what you are doing sir if you think it works for you😉

I have 900k in debt with a nice little nest egg of 60k. This dude is clueless.

If anything, I would argue that "investment" debt is the CRAZIEST kind of debt lol

Preach Dave !!! Preach !!!

continuously helped me like you have. I thank God for your presence in my life. Thanks a lot!!!

Not all “crazy” debt?! He’s just trying to minimize his foolishness by going further and further into debt.

It’s not a $60k nest egg if you have $900k in debt.

Did he say 60k nest egg? I hope he meant emergency fund. No way would I have 500k+ in real estate and only have 60k in stocks.

I bet George looks like he’s 15 when he has no beard lol

This guy is probably doing very well and on his way to a lot of wealth, but he definitely called the wrong show.

All the tenants have heard for the past two years was they don't have to pay rents.

Good advice to the guy a little stessed . Two steps forward , one back . Smiling along the way sounds nice .

Lol, NJ in the house. Newark in the house. "How you doin' Ramsey" soprano style Tryna Runabout

How does an Investment bring debt an investment brings a return not a headache cut that loose sir...Amen Dave

My husband and I make less than 100k and we have twice the nest egg he called “nice,” lol, and we didn’t even start investing until five years ago….

I have to say, the guy with Dave really surprised me with how spot on he is with his advice. I remember him when he was in a different position and I never really thought he was ready for prime time. Glad to say I was wrong, he really has proven he belongs in that chair.

The guy in greens reaction when the number was called.

I feel like people are just bored and want all that stress in their life because it gives them a purpose but all that debt is is bad, yeah the guy needs some peace and try to stop chasing all the potential gains

they're just too eager to build wealth. be patient, there will always be homes to flip and properties to rent

900k debt from a combined income of about 250 is alot worse than it sounds. People on these salaries and have this debt is total mismanagement . Their true income is much less because of all the outgoings

When you make that much it’s not that hard to become a millionaire, just live on 100k and stack the rest in mutual funds. But he needs to keep up with the Joneses and inflating his ego with leveraging debt. And what does he mean it’s not all crazy debt? Having 900 k in debt is the craziest thing to do.

Don't worry everyone he paid off his student loans! :)

Ok one thing everyone needs to understand is no matter what a debt looks like just because its a investment its still a debt. U know what not a debt when u pay a cell phone bill or a water bill or a food bill or Electric bill these are bills unless u dont pay them and they pile up. Then its debt you owed for the past months. People need to understand this if u knew this u would not be on as much debt as you are possibly in today.

This was by far the best call yet it was a younger version of Dave. I think Dave was taken aback by that hungry young buck.

I can picture Dave wearing his headset in the shower

I like how he says they have a nice nest egg of $60k. My GF has a "nice nest egg" of more than that and makes around $50k per year. I have a "nice nest egg" or around $70k and make like $45k per year. How can he claim that's a nice nest egg with their pay?!

How do you sleep at night with all that debt? 🤦‍♀️

I dont care much for religion but if i were a religious man i would say that god sent this man an amazing purpose....

“Dave is wrong” - Saul Goodman

You came to that answer very fast without going over all the numbers. What are the state taxes hoa rent insurance mortgage rate etc.

275k income 60k cash and took a car loan lol

Dave you went broke taking out hard money loans on flips, not 30 year fixed mortgages on rentals

Exactly. Compare having a house you're renting out to people and almost all that money going back into the mortgage or the fixing of the property to that property being paid off and you put some of it back into the property and the rest in your pocket. There's more cash flow when you have less debt and one of the people at my previous brokerage wouldn't listen to how much of a problem it is to leverage debt. But it's alright. I hope she doesn't go broke.

I’m all out of nice for people like this. It feels like 2006 2007 right now. YOUR HAIR IS ON FIRE 🔥 GET OUT OF DEBT AS FAST AS YOU CAN, MAN

I still don't understand why so many people take personal debt to finance their real estate investments. Either consider it a side business and structure it that way, or don't do it at all. It's literally called a Limited Liability Company, for a reason.

You are calling the wrong guy! 😅🤣

The old restructure shell game...

This man sounds like my brother in law, except my brother in law is calm cool and collected about all of it.

$275K...$60K nest egg...interesting 🤔

Sell the kids today, Skip the Beans and Rice, Water Only if it's Free, Keep the Wife as long as she has an Income

if you owe it against something that doesn't make money, it's called DEBT and it's bad. If you owe it towards something producing money and paying itself, then it's called LEVERAGE, and it's great to become richer.

I have a question - I’m in the U.K. so can’t call in. We have a hybrid car. It’s paid off. My husband is making noises about getting another car (more debt) and getting rid of this one. The battery is now only about 50% efficient. We can’t agree on what to do about this car. We have no debt except the mortgage. I want to try to go debt free.

Why doesn't he sell the 650k one and use that 200k difference to pay off his house and the other debt?

Many many people become millionaires with leverage real estate. Not with nothing down but with 20%+ down with a fixed rate 30 year mortgages. I personally know many millionaires and a large part of their wealth was built from owning real estate obtained with 20%+ down payments with a 30 year fix rate loan. Wealth was made by the appreciation of the real estate and by the eventual pay down of the loan.

sounds like the caller loves to play "hide the pea"

This is for Graham Stephan not Dave

He called the wrong person if he was looking for permission to be highly leveraged...

Robbing Peter to pay Paul.

Most millionaires make millions in property. That they have took out mortgages on.

George at 0:23. Those eyes get BIG

Real estate investing in cash is like saving up 100% for a down payment. At that rate working your regular job you'd be buying your first investment real estate in your 40s or 50s. If you've done everything else "right".

Sounds like this dude is killing it to me

I know a farmer who will take out a loan to buy a new piece of equipment only when they need it on the farm. He will not buy any other pieces of equipment until that first one is paid off. I feel like that's a good way to stay on top of your debt the best. I feel like if that guy did that with those properties, he'd be set. Buy one, pay it off, buy another.

I don't think that guy who called will take their advice. I hope he calls back and says to Dave I done it!!!

This is why real estate can be a dangerous investment bc you can become over leveraged and over worked. I stick to stocks since I have to cash flow all of it.

Man! What a mess. WHY did they keep buying houses to renovate??

Well suddenly my $50k debt is not so bad.

160K for a dock worker to unload cans? for that wage u would think it would run smooth as glass

He won't take the advice, he's gonna turn to tik tok for the "feel rich" advice.

If this is NJ property, he is doing well and going to be very wealthy. That said, Dave's program will have him pay off some of the debt. Not sure he called the right show.

“Investment debt” = oxymoron

The only thing most dont understand about Dave is how he conducted business in his youth. I would urge anyone to look into that and understand that he was very much into high risk high reward debt. There is nothing wrong with what he teaches today but most would not go about real estate investing the way he did. He was very much a cowboy that took on too much risk.

This is a concerning situation. They only make a little over $200k, have four kids and a million dollars in debt. Neither one of them thought this through, God forbid if they lose their jobs. This is a disaster waiting to happen

Marketing is strong with this one, and he laughs about it. Not serious!

I just hate the single family home rental business! Everyone always assumes that the tenants will consistently pay their rents, and this is seldom the case. The only real estate rentals that make any sense to me is commercial rentals, where you are renting Office space to companies. Unfortunately, to get into this type of business you need to have deep pockets, or you need to be in partnership with maybe two or three other investors. I don't understand why people who have such great incomes can't see that if they would just live a little frugal for a while and invest a significant portion of their income in the stock market or a mutual fund for just a few years, and then reduce the amount slightly, they would be well on their way to building significant wealth over a ten year period. In this example, these people should be investing about $60,000 per year!

I think he called the wrong show. Y’all won’t believe how my dad played this type of game in real estate and he became a MULTI millionaire. With a ton of properties all paid of now. And they are generating mad income. This game is not for everyone. My dad keeps telling how to do it but I simply don’t have the heart for it. One thing my dad did was lower is his own expenses he did nothing but pay his debt and pour money into the property to buy more and more property’s. I had zero idea he was a wealthy man till I was going to college even then he didn’t spoil me at all I still underestimated his wealth. My is just now considering his first new car. It’s a risk but the rewards are crazy high. Just not for me. But don’t call this show.

Why does Dave hate it when people have real estate? His renters are paying the mortgage, taxes, maintenance. Dave is always bring up his story from decades ago. But he hardly tells anyone that it was all his fault for taking out hard money loans.

This isn't a good time to sell securities. It is a good time to sell real estate.

Debt is debt.

160k as a longshoreman is dam good

having a paid for house then real estate investing all in cash is ridiculous I mean come on. ill be 50 before I I start

Dude works in IT and needs IT help with that muffled connection

Never heard Dave talk like this 😳

"Get rid the wife, sell the kids, your on the rice and bean diet until this blows over"

I'm sorry I don't speak Jersey. Can someone understand what he said his wife does for a living?

They just borrow money for everything...you never get ahead that way.

Calling Ramsey to figure out how to "structure" your debt!?... liquidate everything you can to do the baby steps and use the snowball method to get to baby steps 4,5,6 as fast as possible.

Rice and beans are expensive tho.

I admire this guy’s drive.

Just bought a apartment and added $30k bank loan to my debt with a $279k mortgage 💸 -Still got a student loan: $5200/$17000 left -Car loan: $44k/$50k left current value $68k -Make about $100k after taxes -My roommate (girlfriend) makes about $33k after taxes We plan on getting married once we got the money. And the apartment need a new kitchen and bathroom (not going to do this until other debts are paid off)

I just sold my home but don't trust the bank with my money. I also don't like to keep large sums on me. I want access to spend it if needed. What do you suggest? Thank you.

Investment debt? I thought investments were supposed to earn money????

So he's got 200 in equity on rental a, paid for rental b, and I'm assuming because he said nest egg that's not just 60 sitting in a savings account somewhere. 130 in debt between rental b and his personal non mortgage debt making 275 a year at work. I gotta disagree with Dave, it'd be different if they made 90. Sell the one you owe 450 on, take that 200k and put yourself at 4 5 and 6. Every penny from the rental plus more going toward their primary mortgage and they knock it out in 18 months to 2 years easily. Then you're piling cash and looking for the next real estate deal.

With his equity he is better off selling off those rentals & invest in more long term stable investments. They both make very great income already.

there is no good debt, just varying degrees of bad

They deserve everything that coming to them. What they do to innocent people is awful. Thank you so much for what you do. It clearly is getting to them and love to see it. You guys are doing the real work here! This happened to my 97 year old grandmother and luckily we caught it just in time, thanks to these recovery!! THANK YOU *MYSTERY PLANET ORG* !!!!

Dave know he Dave has call screner.

Dave's hatred towards renters is a turn off for me - I have never been a bad renter, I always get a letter of reference from the previous landlord, I like living clean and I don't have pets or cause trouble. I'm boring.