I’m 33 Years Old With Nearly $1,000,000 In Debt!
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at 7.5 percent i would start paying off the mortgage a few steps earlier
Hmm the long-term disability question (around 28:10) is new info for me. My workplace is doing yearly open enrollment at end of the month and it includes similar coverage options– could be beneficial to talk about what all ought to be taken into consideration during those yearly enrollment period types of offerings.
I listen to a variety of personal finance shows, and I gotta say, I greatly appreciate the calmness that the Money Guy Team brings to the personal finance space. A lot of the other people I listen to, love them to death, but they're yelling and screaming at people. It's usually done out of love and a desire to light a fire under you, but still. There's something special about the positive delivery that the Money Guy Team brings that speaks to me. Thank you guys.
I preordered the book on Kindle! Can’t wait!
It’s disgusting what has become of the American education system but even more disgusting is people not reading the fine print and not understanding what interest is…… the government should absolutely stop the interest on the loans but every brain dead student that is in crazy debt due to an education should pay what they borrowed!!!
This comes from someone who graduated college in 5 years because I had to work while going to school and completely understood what interest would do to me. I know people who are 100K+ in debt because they have an art degree from a fancy school.????
1:07: ???? A 33-year-old doctor has over $1 million in debt, including $200,000 in student loans, $800,000 mortgage, and $3,000 in credit card debt.
4:56: ???? The video discusses the financial order of operations and steps to maximize savings and investments.
9:23: ???? The financial order of operations emphasizes the importance of both wealth-building and debt management.
13:59: ???? The speaker discusses the importance of reassessing financial goals and adjusting them as needed.
18:08: ???? The video discusses the three different ways to contribute to a 401k and the benefits of after-tax contributions.
22:56: ???? Maximizing tax-free growth in retirement accounts is important, but consider other financial needs as well.
27:14: ???? The speaker explains the importance of following rule 238 in order to make investments and purchase luxury cars.
31:28: ???? Understanding the key components of long-term disability insurance policies, including waiting periods, benefit duration, and occupational definitions.
35:48: ? Having a sufficient emergency reserve is crucial for retirement planning.
40:07: ???? The video discusses the pros and cons of leasing versus buying a car.
44:57: ???? Leasing cars is generally not a good financial decision, as it can lead to blowing through money and having nothing to show for it.
49:04: ???? The 'messy middle' refers to the stage in life where individuals feel squeezed financially and time-wise due to increasing responsibilities.
53:38: ???? Don't waste time and prioritize family over hobbies.
Recap by Tammy AI
I've just managed to pay off my $37k student loans this past July, and it feels like a huge achievement. The thought of grappling with a million dollars in debt is staggering, although my earnings are nowhere near hers.
Looking forward to your book!!
39 with $1.4M in mortgage debts, $69k HELOC, $59k credit cards, $247k gross income. Working on the FOO to pay off non mortgage debt and beef up savings and investments. Glad I found Money Guy when I did!
The first thing I would do after finishing school with 200k in debt is take out an 800k mortgage at 8% interest
So at least she’s thinking logically
I just noticed the "so excited" sticker ????
That was very helpful conversation.
Can Rixtrema RemAI help me analyze my financial situation and develop a plan to tackle my $1,000,000 debt?
1 million in debt kinda crazy lol… I get antsy if im running a slightly higher CC balence in a statement pieod ????????
If you are 1 MILLION DOLLARS in debt, hey, maybe not have a 800K mortgage????? Just saying. Sell then damn house and live within your means…sorry.
I like they learned from Caleb and remind people to subscribe just randomly like that ????
This 33 years old are making millionaire left and right. or just a billionaire richer.
46:00 Buy a raggedy car. You get to mooch a little easier. – Brian
Do HSA contributions count towards 25%? Household income is $302k before bonuses. We’re both 37
Is this only a Q&A episode??
I am in a similar situation to the first caller however without the mortgage debt (currently renting).
According to the FOO and age > 30 both student loans and mortgage fall into step 3 (high interest debt) given the interest rate of 7.5%. Listened to an episode recently where high interest debt for a 30+ year old was defined as anything greater than 5%.
I am currently working hard to aggressively pay of student loans debt since it falls in step 3 of FOO. (Most of my loans are at 5-7.6%). Thoughts?
Depends what’s behind the debt tbh.
I have 1.75mm in debt but it’s leveraging cashflowing real estate worth 3.5mm.
Depends what the debts funding
I just preordered you book, Brian. Excited to read it IN MAY!
Does anyone know why they aren't doing the longer live shows or uploading previous shows for the most part?
Love these Live Streams!!!
I am 32. 550k mortgage 470k student loan. 300k in retirement and kids 529. I think I am doing ok. I am working for the government so student loan will be forgiven in 5 years. 250k salary working 5 days for 48 hours.