Kinda weird giving credit to someone who had 40k in student loans at age 42 and only got bailed out through death. It’s more a thank God he benefited in some way

Why does a deserve credit? His mom passed away and she left money for him.

@Jujubees225 Everyone's beating him up for being 42 with a low salary. Like I said, he could have went out and bought a new baller car, but instead did all the right things. If he can get his income up he'll start to change the course of his life.

What "bag" did he get?

@@SuperDanny1016 Someone died and left him 100k.

the burn!!!

Right You got teenagers making that much or more

I know He was so tome deaf on here. He cannot afford a house on his income.

There needs to be some assesment as to why this guy cannot make more at that age. He might have a mental disability

@@Dan16673 probably autistic cuz I remember reading some scientific literature how children born in 1980s and up there's been a spike of developmental issues

You can literally make $ 15 hr being a walmart greeter..

You would never be in that situation if you rent for 30 years and invest the difference in the sp500. The alternative to a mortgage is not renting and just spending the rest.

Nice thought, but it wouldn't have made a difference. In that case he wouldn't be able to pay his property tax, nor say his HOA fees. Would it have taken longer to lose the house? Maybe, but end result is the same. This is why insurance products exist for these types of catastrophic events in life.

The issue was he didn't have any savings, not that he was renting.

To be fair the same situation may have happened if he owned the home and did not pay the mortgage.

@@blackspiderman1887 or owned 100% of the home and didn't pay property taxes.

You pay property tax in an apartment, just not directly. The property owner doesn’t just eat the cost of property tax. That’s included in the rent. When taxes go up, so does the rent at apartments. Also the interest on a mortgage can be a tax deduction. You can get that living at an apartment.

That's why you have insurance.

I think that's why Dave is in favor of a condo for this man. Some HOA's cover a lot of those maintenance items.

I’d rather rent and have none of that crap to worry about! Just call the leasing office, done.

I was thinking that too. His salary NOW will kill him if he buys a home now

All they do is operate in the system. They can't even stimulate the economy because the government has to subsidize them with food stamps and many other things

That's the idea of capitalism but you're supposed to move up and someone else take your position like a cycle except not going back to where you started. Capitalism is about opportunity and becoming rich. If you're stagnant, that's more like communism.

Well said.

@@front331- Speak for yourself…

Well you're not supposed to park there indefinitely.

No it isn't.

6k a year 500 a month.... Sure...

Burdenflation!

Insurance will also increase due to living in a hurricane-prone area. He needs to improve his income substantially.

A 500k house property tax in TX will be $10k.

That’s awful to think just because someone doesn’t have kids or is single that their life doesn’t have meaning.

Ya that's wild.. That gives you a little insight into how she thinks.. She's definitely little full of herself but I think she's a good edition

@@igot5onit423 I feel like she is full of herself as well. The fact that she stated that, I was taken a back a bit.

Ohhh I am reading some responses here, and it's interesting because I didn't take it that way at all!! I personally appreciated what she said so much, because it felt VERY caring that to me she was actually lifting him up, in direct response to how he had said that he didn't feel like he needed to stop renting since he is single/no kids... I took what she said as a lovely and positive way to remind this man to try not to keep his goals 'small', and to remember that he has purpose and all sorts of possibilities for his life, etc. ❤

@@Ria24Ria it is the truth. To reproduce is the purpose of life. Check nature.

Keep believing your BS excuses. No clue.

Couldn’t forget. Back then BOA and others were kicking people to the streets left and right. Was on the news a lot. My mortgage was with BOA and the reason I paid off my home in 2008 instead of going the remaining 21 years. Many happy renters though during that time.

That isn’t the lesson at all of 2008. The lesson of 08 was if you have no regulation banks will compete and give loans to unqualified buyers. The people weren’t the problem they never should have qualified.

@@joesmith3590 it’s easier than ever for this guy to get a mortgage, and it doesn’t have to be originated from a bank. Regulation hasn’t fixed anything - it’s just transferred the risk to FHA and non-banks.

@@ryancraig4811 I can see why you are poor and rent with your attitude and the fact you lie and make things up lol.

Good point.

Additionally, you have to find out if the bank will even finance the condo at all. I went through that rigamarole this past Spring when I closed on my condo. Everyone who intends to finance a condo purchase should familiarize themselves with Fannie Mae's "warrantable" rules before they even start searching.

Your HOA is more than your mortgage? You must live in an extremely expensive neighborhood.

Right, I am now on my early 30s and currently I own a two story house with 4 bedrooms, nice kitchen and two bedrooms. No repairs needed and the mortgage is paid off.

Yeah with the rent increases in the past 2-3 years, it's been great having a mortgage over paying rent. At least my mortgage has stayed the same unlike dealing with a landlord that can double your rent at any time. Plus I'm working on getting it paid off which will save me lots of money every month on housing. I get that some people prefer renting for many obvious reasons. But over the years you do end up paying a lot more for rent plus not having equity cause it's money you never get back.

@@vickieclark5931 What's your opinion for people who would like to sell their house and live the van life? What would be the pros or cons.

Renting fro a very long time is ONLY good if you are renting at or near the bottom of what you can afford.

It is a psychological principle that people will rationalize their past decisions, even if they weren’t smart. You renting for 28 years was a very stupid decision. Could’ve paid it off by then

It wasn’t in 2007-2009. Depends on where you live as well and how bad you are with debt and finances after high school.. Some places rent don’t go up anywhere near that. A person can save/invest more regardless. My net worth was already five times what I paid for first home and debt free.

@@blackworldtraveler3711 yes it was all those homes a double value now in 80% of locations. Lol so ignorant and fake lair

Regular, Annual rent increases are more like $20-$50, not 30, 40 or 50 percent.

@@expertonmyself the high percentages are to instill feelings of "Fear Of MIssing Out" so people want to purchase a home based on emotions, not if they can actually afford it.

@@jessereinhardt6320 things aren’t FOMO because you can’t afford them man lol. USA has some of the cheapest houses anywhere in the world. Reality not feelings.

Good laugh, thanks 😅

It's the opposite here...I have a better life without the headaches.

As Dave said, you are stabilizing the biggest line item in your budget. Nobody wants the unknown of paying rent at an inflated rate in comparison to what their pension/social security check was based upon.

@@KatieBellino Absolutely not true for many people.Nothing stable about unknown repairs, taxes-HOA fees, high interest rates, unknown neighbors, costs to move later, etc... He is not ALWAYS correct.

I was already working on wealth at 15 saving and investing. Home was a place to live and nice asset.

@@JustinCase780 Interest is stable and what you agree to at the beginning. Your monthly payment (including insurance and taxes) is still typically under a monthly rental price. Remember, you pay your landlord's fees. HOA is not a must. LOL, my neighbors are much closer if I'm in an apartment. A lot of permanent renters on here think repairs on homes are much more frequent than they typically are. Most people will have one major $10k emergency repair per decade. I don't think Dave is always correct, but he is here. If you intend to be nomadic and move a lot, that is a factor. However, there are moving costs from rental to rental too. At least with a home, I get back serious equity that rolls into the next residence.

That's the type of people who are in those jobs.

My parents both grew up poor. Some people simply don’t understand how to make money, manage money or grow wealth. It’s a complete mystery to them. I was that person when I was young, but my mother and my sibling and I finished college debt-free, learned how to manage money and grow wealth. It changed our family tree. Having a net worth above a million dollars changes everything.

Yep. He mentioned that he wants a GM position, yet a new GM was about to come in to the company. I was wondering why he didn't go for that position.

@@Minimalist-Lifestyle The fact that the owner didn't ask the assistant GM if he wants the job tells me that they already had the new GM on hold.

Grateful for what I gave and could not be happier. The last thing that I want is the burden of house. I can move anytime I wish and flexibility is freedom.

This guy doesn’t have the mindset to increase his salary. He is content with his low paying job and likes the safety & doesn’t want the challenge of taking risks to increase his salary & livelihood. He is over 40 years old and haven’t even thought about growing into adulthood. Some people are like that, since they don’t surround themselves with people who seek purpose & fulfillment in their lives. Success doesn’t necessarily mean you are rich, but he should at least consider working on saving for his retirement and getting an IRA account or work for an employer that will match his retirement plan. He is still young enough to invest in his retirement for the future. Otherwise he will be back at square one in poverty struggling when he reaches retirement age and will need to work until he passes away to keep food on his table. Like some people on the comments stated homeownership is not for everyone. It’s not just about paying a stable mortgage, but also maintaining the property, paying taxes and extra insurance for the property, we are not even including utilities and repairs/ upgrades. Everyone can’t handle this level of responsibility & may lose their property as a result. 🙄🤷🏾‍♀️

I see positives for renting and buying. When something breaks and it is serious enough to affect your utility service or essential appliance use, it is very nice to just make a phone call to the maintenance person and have it taken care of usually within 24 hours and you do not even need to miss work.

@@jessereinhardt6320 if I miss work because I need to wait for the tradesman to fix something, that's $2k + loss income for me. When I rent, the landlord deals with it.

Depends on your salary and where you live. Have to live somewhere and why I stayed in Oklahoma.. Can still think the long game renting by just doing the math and saving/investing. My last apartment rent was $260/mo. in the 90s and that same 1bed/1bath/laundry apartment is now around $900/mo. in 2023. Nice one bedrooms apartments starts at $600/mo. and 1-2bed/2bath luxury apartment with in unit laundry room and one car garage starts at around $1400/mo.. If it’s over $150k total rent in 13 years monthly rent would be less than three days take home pay in my case and not a big deal. Nothing would have change other than saving more money. Same lifestyle and still would have lived on less than half my income,bought my beach home and three rentals with cash,retired in 40s,401K millionaire,etc. as planned. Heck my beach home alone that I bought in 2008 for $240k is over $900k now.

🤡🤡🤡😂😂😂😂😂

good on you. there are renters crying in Florida that it's unaffordable to live now. well blame all this free help people are getting. and corporations gobbling cheap properties

By not being tied down, I can live anywhere and will statistically make 50% more than one who stays in the same place. The question is did he make 158k+ more than you in the last 13 years with income?

Bad example.You’re comparing a free single guy with no kids to an ex husband you divorce fleeced and who knows what else. The $158k is pretty low for a 13 year run from 2010. You also had the interest,taxes,insurance,and household expenses with kids for those years. Seems both you and your ex husband didn’t do so well if you compared yourself to a actual married couple instead of the caller.

Most people don’t have the free cash flow to rent and invest. That is why you invest in a home. Investing in stock before home was never heard of or talked about before tik tok videos outside of retirement fund

Landlords typically want 30% or more of average income in the area they are in.... According to Dave's rules, that is already over what he says to put towards housing. Very narrow minded mindset you have.

It really depends on where you are and your city/country's laws around rentals.

My kids have great apartments with reasonable rents. But then, we live in the Midwest where prices are reasonable. Can't pay me enough to live in one of those overpriced coastal cities.

Where do you live?? I live in northern CA and my rent gets raised every year, without fail, no matter where I’ve lived. Every apartment complex here raises rent yearly.

@@KB-sg7tv We all live in Sioux City, IA. My daughter got a fully refurbished apt - new floors, carpeting, washer/dryer, and appliances (fridge, stove, overhead microwave, and dishwasher) - for less than $900/mo. Her previous apt was $700/mo, but older and smaller. My son got a newer, more expensive apt, but there are two of them to split the rent. Gotta live in a cheaper area. We moved from an expensive down to here, and it's GREAT!!

As Dave would say, that’s not the rule, that’s the exception. For every renter that hasn’t had rent increase in 6 yrs, we could point out 100’s or 1,000’s of people who have had rent increase.

It's definitely trickier when you are moving around a lot - buying and selling houses every few years would cost a lot in closing costs/fees.

You don't have to sell it. You can rent it out whatever you have bought. Pay a property manager if youre not in the state anymore. You still come out ahead.

Start with a written budget. My parents have done okay with low income for many years.

@@Jujubees225exactly what I’m going to do with my 1st home when I pay it off in the next 4 years.

In your opinion, what would you have done differently? Would you have bought a house?

Being exposed to rent increases and at risk of eviction are the other risks you're exposed too.

Just start investing in some index funds and there's your equity building while you rent :)

@@austinduke8876 Won't that be the same risks you have if you can't afford to pay property tax and HOA fees that also increase through time? At the same time, it's quite difficult to liquidate land as an asset if you need the money immediately. Sometimes you even have to sell at a loss or just break even depending on the market's buying power. Building equity on the land with each payment is the main thing you are losing out on. At the end of the day you still get a roof over your head that you can comfortably afford and potentially invest if you have savings for wealth-building.

@@austinduke8876 That’s with renting and owning a home and more about what you can and can’t afford. Many of you completely forgot the Great Recession and housing crash. BOA and other banks were kicking people with mortgages into the streets.

@@cgRui34 If you were to stop paying your HOA fees and your property taxes you will be foreclosed on and removed in time but if you can't afford those things then you also would have been unable to afford rent so in this specific way it's a wash on the eviction front. Renting is still exposing you to more risk on the front of eviction though because the landlord has a lot of control. The landlord can decide not to renew your lease for whatever reason and that's that. If you rent your exposed to this and it isn't a small risk. You don't have to worry about it when it's yours.

Don’t buy now, save save and pay cash you will pass by the mortgage borrower they are the new mortgage student loan borrowers 😂 in today market. I’m renting my rent is still manageable

Property taxes change annually. Plus, you also have variable home maintenance costs.

Are u earning from the bedroom's rent? How much in your pocket ?

The Funk Baby!

He's going to retire broke and become homeless

Absolutely NOTHING. But Dave gives his advice from a perspective that after paying off debt ALL callers want to build wealth, get married and have kids. There is NOTHING wrong with that path, however that is NOT everyone's journey. Being debt free is an amazing place to be in, in and of itself, and if someone prefers to live moderately after achieving that more power to them!

@@rare2find0918 Being debt free for the rest of your life would mean working for the rest of your life because in case you haven't noticed, wages are stagnant and inflation is not. He cannot save his way to a healthy retirement, and neither can you or anyone else. Unless you're making multiple six figures and you save the vast majority of it. On his wage if he wants to live dEbT fRee aNd sAve instead of investing to build wealth then he's looking at working for the next 263 years👍 (That's assuming he puts away 10% and only achieves $1 million which isn't even much of a retirement)

When he retires with minimal retirement funds to live on, where will he live?

@@KatieBellino I think he will be fine if he is investing. He doesn't have a consumption lifestyle. And again he has no debt

Nowhere near as much as rent payments do. In any case, do you seriously believe landlords don't pass the property tax costs onto their tenants? Believing that would be delusional.

@@amireallythatgrumpy6508 In a neighborhood with a "good" school district, you can expect property taxes to rise at an average of 3% to 4% a year.

@@harrychu650 And rent typically increases at 5-6% per year. Part of that is a result of the increase in property taxes. Your landlord makes you pay the property taxes on the property you live in.

@@amireallythatgrumpy6508 The average rent increase during this "inflationary" period has been 2.46%. Not sure where you are getting 5% to 6% average increases in rents. I would refrain from using the FRED Data as they use "owner's equivalent" rents. Basically survey some home owners about how much they "think" they could rent their homes for. This survey is flawed IMO.

@@harrychu650 This "inflationary period" hasn't even been two years so has nothing to do with the average, especially when it was way higher than average before the "inflationary period" began. I would refrain from using any American data as any data analysis completed in America is inherent flawed due to the average American not even knowing what a number is. You Americans don't have a clue how to crunch your numbers and rely on the much more intelligent people outside your nation to do it for you.

Didn't happen. Not a credible story.

Property tax in included in the mortgage payment. Property tax changes, therefore the mortgage payment every month went up from $1600 to $1900.

@@Treerootz1 NOBODY includes property tax in the mortgage payment. They are two separate payments. Did not happen.

​@@amireallythatgrumpy6508Its included in a Escrow mortgage payment. You have a choice to open one once you purchased your property. Do you own a home?

@@amireallythatgrumpy6508Untrue. My property tax, insurance, and mortgage are one payment. It's called an escrow.

I agree you got folks that have mortgages loan to their eyeballs and telling people who are renting to buy with huge mortgages loans instead of renting. My takes is if you’re renting out of debt save save save and save to buy a house cash. No debt you will pass by the ones that took mortgage 5-10 years ago

That guy has no ambition or drive to be a general manager, he was just saying that to impress Dave. 🙄 He didn’t even have any idea how much the GM made. What if the position paid just 2K more? Would it be worth it to take on more responsibility for that low salary increase? He already claims that he is a supervisor and makes $15, that’s extremely low for a supervisor (if he is telling the truth) . He didn’t even do his homework to determine if the GM job is the right fit & payscale for to suit his work/life balance. So I doubt he wants to move up the ladder. He is 42 and stated that he doesn’t have any plan our goals for the future. He will burn through that $10,000 in no time. He isn’t equipped with managing money and improving his salary. This guy is content with his minimum wage job because it doesn’t challenge him to grow up. 🤷🏾‍♀️😒

I don’t understand your math. You wrote that the table was rented at $10 a month for 24 months. That’s $240 not $1144.

you can rent a table???

​@@GGGeoffhe obviously threw on an extra number by accident.

My brain melted reading this.

@@GGGeoff Sorry I'm old and been going through some stuff. I meant ten dollars a week.

This is the part that people who talk about "preferring the freedom to move whenever" forget about. There are some seniors right now who are really struggling because their rents do not match their social security checks.

@@KatieBellino Absolutely! I've watched a lot of "nomad" senior women who are living out of their cars barely making it on social security

@@curiouscat3384 Absolutely! Dave refers to it here too. People get caught in the "this is working for me now." They forget about what 20-30 years from now looks like.

I am moving out of my townhouse because home association is going up.

Alot of new neighborhoods are having HOAs now, granted not as expensive as that but idk why HOAs are a norm now. I get their intended purpose but eh.

Agreed!!! The problem with condos is that you only own the interior. If there is a problem with the exterior, you have to petition the HOA to fix it. Most condos are owned by investors who rent out the units, and don’t want to spend any money on maintenance. I looked a buying a condo years ago, and found out there was water damage to the interior. The roof hadn’t been replaced in 30 years. I contacted the HOA, and they knew about it and said they would replace it. Someday…. Very happy I walked away from that deal.

I owned a condo and my parents owned condos worst decisions ever. Renters came in assessments came in property values went into the toilet.

​@@crashtestdummy1972It's a industry that lobbies and municipalities like them as they assume many of the essential like trash removal, sewer road maintenance ect.

That’s higher than most I know

It is a tough job especially if it is salaried. I thought they had improved the wages though,

He said $32K for his position, a GM makes 48

I’m sure there’s a WIDE range depending on what type of restaurant it is.

Dave can only take the calls he gets. He has no control over who calls him.

Your $1,000 Emergency Fund should be in a Money Market Account that will earn more interest than if it were held at a local bank or credit union. I just figured that out the hard way watching our EF grow, I put our Home Improvement Fund in our Money Market Account and by the time projects are ready to start we'll have earned a good amount of interest! 😊

Example - we paid $135k for our first home in 2008, and in 2018, it was worth an estimated $137k. Granted, this was mostly due to the Great Recession.

True

What do you propose, then - rather than making such an arrogant comment?

Condo is fine like Dave said. Doesnt need a single family home.

@@SlickRick4EVER 🤣😂 keep renting or get a better job

Twice his income is $66k. While that'd be great, I wouldn't say he needs to make that to be comfortable if he is able to rent for $700 in his region. I do feel like he really needs to make $45k before he considers buying though. However, it all depends on what he can save for a down payment or find for a mortgage on a small condo.

Yes, some people don't understand these regional differences. His income isn't great, but his rent allows that to be a reasonable income for him.

@@KatieBellino no what people don’t understand is that if rent is 700 a home is 200k and he CAN buy. Ma’am you are lying please stop lol. It is like you think he got a good deal and no just he love someplace cheap lol. Anyone can move to Detroit and rent for 600 and buy for 5k. You get what you pay for

@@joesmith3590 Not what I was saying at all in regards to renting vs buying. That doesn't change the fact that rents and salaries have regional differences.

@@KatieBellino yes ma’am they do vary. That is how pricing work and when rent is lower So is home prices. This is literally economics 101 if you don’t understand such basic things don’t give advice especially lies lol. For example in Amarillo Texas where rent is 600 you can buy manny any homes under 100k. Take a second job for 3 years and buy a home. This is terrible advice and logical understanding of economics.

@@joesmith3590 You clearly haven't read my other comments on this video and are misunderstanding. I very much understand that homes are also cheaper when rents are cheaper. Not what this particular response and thread was about. You can stop with your condescending attitude.

Rent typically goes up 5-10% per year. Mortgage payments typically do not change (unless you're on an arm), although other expenses do. There's also a BIG difference between lies and being wrong. Get out of here with your nonsense.

@@amireallythatgrumpy6508 no mortgage payments go up HOA fees go up and property insurance property tax it's all included in the mortgage

@@brian93ist Nope. They're all separate payments. Not everyone lives in a HOA, in fact only a small minority do.

Most people do not have HOA expenses.

He doesn't have to guarantee that. He just has to show that he has been steadily employed with stable income for the past 2 years.

Yes, this is how I view it. It's why I think if you can afford a 30 year mortgage, but not 15, go for it. You want that line item stable when you retire. People living on social security that have to try and figure out rent too really struggle.

@@KatieBellino agreed!

Until you're ready, home ownership destroys you.

I know several people who rent especially Millennials and Gen Z and they actively invest their money in other investments and other streams of income and are getting a huge return. They're actually making more money through multiple passive incomes and investments than any homeowner I know of who nowadays is barely able to keep their head above water due to unexpected illnesses, financial issues, and other unexpected burdening issues that comes with "owning" a home. If you think a home is a magical, secure piggy bank and you put all your hopes and dreams in that equity, without investing in other sources of investments which you can fall back on in case the unexpected should arise, you're in for a huge awakening. Banks will not fail to take back what's RIGHTFULLY theirs, leaving you with nothing. Also, eternal debt also applies to paying property taxes, HOA fees, and insurance EVEN after the home is paid off. Try not paying that and see how much someone truly OWNS that home. Where I live, they're raising the property taxes on senior citizens who owned their homes for decades forcing them out. A paid-off home is not a secure place anymore these days even in retirement due to our society's greed! The truth is, no one truly owns anything. The banks and corporations own EVERYTHING. We are all indebted to our society in one way or another. It's the price we have to pay to live on this horrible planet. Let's stop this nonsense and nasty war between homeowners and renters once and for all and stand united for once.

@@madalina335 You're overlooking the fact that if property taxes are raised on homeowners, rents go up too. It depends on "how much" house you buy, but if it's a small home, you can end up at the same price or cheaper than renting. You have to live somewhere, so there will always be money tied up that can't be invested. My mortgage (with insurance and taxes) is $1145. Rents currently begin at $1200 in my area and easily go up from there. Either way, that is money that I can't invest elsewhere. Given taxes are currently at $200 a month, the likelihood of them going up beyond what I currently pay for my mortgage in old age is slim. If they do, the prices of apartments will also go through the roof.

Ancient Czechoslovakian studies.

He doesn't have a degree

Let's not tag on him, he started from nothing and is doing the right things. Could have easily been a homeless drug addict.

@@front331 With a minor in Slavic scarf sewing theory

@@K4R3N His answer when Dave asked him where he was heading was "to be honest I haven't really thought of that" That's a viable response for a teenager who is just figuring out their interest. This man is about a decade away from early retirement age and doesn't have a clue. In fact there are teenagers making more than him. There are also teenagers who know what they want to do with their lives...