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Drain My $30,000 in Savings to Pay Off Debt?!

The Ramsey Show Highlights 165 views

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I just needed to keep looking my to get an answer thanks yall
Comment from : @boyzinadazeify

How is this even a question,pay off the debt a keep a few thousand in the bank
Comment from : @DeportillegalAliens

If you have 30k debt and 30k savings The money in your saving is not yours
Comment from : @hubertlawrence4903

Kid makes 8K a month BEFORE taxes Saving 4K per month is unrealistic, unless he still lives w/ mommy/daddy
Comment from : @DS-ev4xb

He should keep 3-6 months of expenses saved and throw the rest at the debt brKeep $15k and throw $15k at the debt brbrThese binary all or none things aren’t for everyone
Comment from : @napierjasonjencka3513

I don't get why people are reluctant to use "savings" to pay off money they already spentbrbrIf he had no debt and no savings would he borrow $30,000 and put it in a 1 savings account?
Comment from : @July-qo7jp

Thank you I had some credit card debt and luckily some savings so paid off credit cards and currently doing the envelope system… we should be good soon!
Comment from : @Golfergirlz

Not sure if anyone can give me advice in the comments on this but I’m 26, make 60k$ take home currently a year and have 9600$ in a car loan and a little under 25$k in student loans My 31k$ high yield savings expires in October and I was debating on if I should roll it over or use some of it to pay off the car loan and student loan The catch 21 with the student loans is that my company pays the minimum for me every month which covers my entire monthly payment owed so I owe nothing at the end of the month I don’t plan on leaving my job anytime soon and it’s technically my longest line of credit since I didn’t open up an actual credit card til 2023 I def wanna pay off the car but I feel like I could just let my company pay my loans at least for now since it’s not really taking anything out of my paycheck and it’s a good write off Only thing is I do get taxed the money that they pay toward it as if im making it from what i was told
Comment from : @dadman8474

Keeping only $1000 in savings is dangerous to me What if your car breaks down? What if you lose your job? What if you have a medical emergency? I have 10k in savings and that kind of barely makes me feel secure enough
Comment from : @lovebug1180

8k a month?? I paid off 40k in debt on 2k a month
Comment from : @miwe3719

NO!
Comment from : @NOBLEFILMS1987

He aint gonna do it😂
Comment from : @BUGZYFANG

Another guy calling to brag how much he makes
Comment from : @HM-ke1qm

On a side note this man ain’t doing that But he will pay off all his debt in due time I was scared for him listening this Sound sound advice from Dave But man just having 1k as savings is a scary feeling lol
Comment from : @PoyTroy

i have 6550 left on my car i have 3000 in savings over 3000 in cd should i use that to pay off the debt or wait husband makes 1600 every 2 weeks
Comment from : @brendasmith4220

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money I started investing with $150k and in the first 2 months, my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and get more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family
Comment from : @TerriVess

As soon as I let my emergency fund slip to $1000, I’d have two major appliances break, the exhaust, rotors, and calipers go in my vehicle, and my furnace needing immediate replacement
Comment from : @ultrahighgain412

It's amazing to me how people have such a good job to make good money and can't figure out their finances Pitiful
Comment from : @frankalexander9826

Mentally, I get it Emotionally it makes me sweat 😢
Comment from : @katstix6572

Dave gives the same advice but it's a psychological component of comfort when Dave reenforces what you should do
Comment from : @codingispower1816

It is hard to part ways with hard earned savings that took so much time to store up Makes you feel insecure because it's nice knowing you have that money in the bank
Comment from : @codingispower1816

25 years ago, I drained my bank account down to $2000 to pay off my mortgage $1000 was bit too risky for me and $2000 was worth a lot more 25 years ago The reason I took the gamble is because I was single and my parent's were comfortable They would help me out if an emergency happened However, it did make feel a bit vulnerable Fortunately, no emergency happened My expenses significantly reduced and my income kept rising My bank account quickly recovered
Comment from : @lennyg7771

Lol 10000 loan forgiveness couple months later
Comment from : @ramblr5900

Unless our debts are paid, savings are just an illusion That is what I am taking from baby steps
Comment from : @aishabah6507

1000? MMMM nah minimum 3k in the bank
Comment from : @noneofyourbusiness8702

Look at Dave and his chocolate twin!!! lol
Comment from : @sheribrooks8205

jesse took asmest on the comeptur today
Comment from : @sarahcastelli6161

My butthole is itchy
Comment from : @miketheyunggod2534

It sounds so simple when you're making 8k a month
Comment from : @robertcampomizzi7988

Love you davebut no way I'm leaving my savings at 1000 I've paid off 10k in debt and put 5k in savingsI've got roughly 15k in debt to go 10k of which is a car noteI estimate that throwing 15k a month at it were clear in 10 months 1k is nothing these daysI just had to pay $300 to fix my AC that hurt
Comment from : @BooThing14

Thanks 😊
Comment from : @cityofjoy8830

I own 10k and a car loan instead off paying the cart off I put the money into a dividend stock and everything month I take the money from the investing account Is that I good idea?
Comment from : @Mr-kt9ti

He should probably leave 10k in the bank He makes 8k a month so he's going to pay off the debt either way
Comment from : @user-ok6ef9zn4f

Man I love dave
Comment from : @rickyjennings8627

$8k after taxes and deductions might be $6k a month It could take a little longer based on his monthly living expenses like rent, food, utilities, but its definitely doable 👍
Comment from : @betitos11

That’s how to get rid of debt Use up ALL of your money 😂
Comment from : @miketheyunggod2534

I have such a hard time letting go of my savings
Comment from : @thisismycurrentusername

If my savings interest rate is 32 and student debt interest is 18 Why would I pay off my student loan?
Comment from : @nemogage8392

What a loser he makes 8,000 a month and he's he can't pay his bills pathetic!
Comment from : @dogan6070

This man teaches you how to live like the middle classthat 30k could be used to invest Debt can make you rich if used properly
Comment from : @cpculture4641

I have same problem I'm going to do the same thing
Comment from : @juberali7905

Comment 667
Comment from : @MeglaDon-DaDa

Love it! 🙌🏾
Comment from : @jonacacrooks868

"Its only 4 months"-- in that 4 months he gets sick, goes to hospital and has to pay $30,000 in out of pocket medical bills
Comment from : @seppyq3672

Horrible advice If he loses his job he’s left with 1 grand
Comment from : @anthonyjames4319

A lot of people are not financially stable this period and it's not easy, I always advise people, don't just waste your stimulus checks or salary, invest it in something that will yield more, even if it is a part of it We can't keep relying on a paycheck that is already half-spent before we even receive it, there are investment opportunities that have helped a lot of people especially in the financial market Having different streams of income is essential in this pandemic, especially now most of us have to earn and work from home I've made impressive progress so far this year and it has helped me sort out a lot of bills, I made over $96,000 investing in stocks , crypto and forex trading with the help of an Expert Trader (Carlos Beckham) He is so reliable, i and my family will forever remain grateful to him I'll advice anyone who needs help in trading to reach out to him (carlosbeckhamtrading@gmailcom)
Comment from : @rebeccaings2845

1000 is nothing as a security blanket if there is something like say a pandemic 🤦‍♀️
Comment from : @Kwood10

Whats his career again? I didn't understand
Comment from : @alfmar95

Question Why not live with zero life and put everything not going towards monthly Bills into the savings instead of all the rest? Or did I miss that?
Comment from : @kiethmergard

Do you think it's always a good idea to pay off a mortgage?
Comment from : @617charlie

I've always wanted to invest in forex/stock trading, after a few trials I realized that trading without a good mentor and guidance is a waste of time and money
Comment from : @donaldmicheal4288

I have similar situation, 23 yrs old 40k in student loans and have 42k saved up in a year and a half Part of me wants to write a 40k check but it seems devastating Student loan forbearance has helped a lot
Comment from : @justinitdoesntmatter7515

Cliff notes: have debt? Pay it off! The end
Comment from : @relaxingnaturesounds9675

How do people make 8k a month after graduating haha Ugh Canada wages
Comment from : @DeanLK12

I urge people to follow his advice
Comment from : @Andman8210

I would pay off the car for 9k, pay off 10k worth of student loan debt, put 6k into gold, silver, and cryptocurrency, keep $5k in savings Pay off your remaining student loan debt within the next 6-8 months with your solid income Please understand that we are seeing inflation (money printing and devaluing) like never before so having hard assets are one of the smartest things you can hold right now The dollar is dying, and Ramsey is in love with the dollar
Comment from : @zach2993

Great Advice Especially if he has no kids
Comment from : @idrism5290

Ok I’m convinced Dave Ramsey gives bad advice Did he even ask what the interest rate was? Does he know that the mortgage industry is going to dry up soon and this guy is going to be unemployed? Does he know we are in the middle of a pandemic?
Comment from : @freshtake6984

I love the advice, but maybe, with inflation, baby step #1 should be $2000
Comment from : @kevinregan3224

Only Dave Ramsey has the guts to say to a guy selling loans for living to pay off loan ASAP :)
Comment from : @cybrainx72

There was a rule of thumb said that t for every $10000 that you want to earn add the time it would take you to find a job by at least one month It is a good way to estimate how big of an emergency fund you would really need Note for some pay people who make above $70000 a year, they might not even be able to get 'low level' jobs due to being overqualified
Comment from : @serioushamster

This all goes well until an emergency comes up and he only has $1,000 to his name Life can come at you I'd stay a little more liquid maybe keep $5-10k and still aggressively pay off debt It will take longer but it's safer I don't understand why the extra risk is encouraged
Comment from : @slimdawgwoof

Why would someone have 30k in a savings account with a oooo1 on you're money lol
Comment from : @kirkroyse7305

Vocal uptalk, annoying AF! Please stop!
Comment from : @justinacase2623

This is the most boring call
Comment from : @patrickvillareal9791

Stop recommending beans and rice, people will take it literally and compromise their health Recommend affordable meat, frozen veggies, and occasional rice and beans
Comment from : @golfer977

I don't get how people graduate from college and miss out on elementary math I guess feelings is stops them
Comment from : @ClaudioBOsorio

Pay Off Debt It's really that easy
Comment from : @jimroscovius

He will be just fine whether he cash flows the debt and keeps the savings or drain the savings and pay it off now
Comment from : @MrOfficer235

What career is he in? Mortquage??
Comment from : @Ja50nkAt

Why is American Express showing ads under Dave Ramsey videos lol
Comment from : @JawnLouis

Why not wait the 4 months to pay it off and maintain a 30k-50k emergency fund for the time being? Not worth the risk of needing the cash to save only 4mos of interest
Comment from : @tylerdiebs2412

Investing in crypto is a more lucrative way of making money
Comment from : @willsonwealth270

I don’t know though is it safe to take that route in this pandemic? What if he loses his job?
Comment from : @christine2952

has 30K in savings and with loan balance is beyond me the logic seems crooked at least, the loan's interest would be higher than his savings
Comment from : @SLee-vj4px