Afraid To Use Savings To Pay Debt!

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Information Afraid To Use Savings To Pay Debt!

Title	:	Afraid To Use Savings To Pay Debt!
Lasting	:	7.06
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Comment from : The Ramsey Show Highlights

Not to mention all the interest you are paying every month with those payments
Comment from : Xendar CODM

I thought he might say; sell the car
Comment from : Kelly Infanger

this video is 4 years old but had given me the push to pay off my credit cards I am now credit free (other than the mortgage) and yes, was scary to use savings onto baby step 3 I go
Comment from : Mini Mad

Just did this!! Had 11,200 left on my car loan 9K in savings and 3600 in some stocks Decided to cash out the stocks, pull just 6500 (2500 min for money market account) from my savings and pay the loan 10,500 in total Going to pay it off completely after I get my paychecks this month It’s scary seeing that money go but ready to knock this car out! Worst comes to shove I can always sell my car if there’s a real emergency
Comment from : Daniel Lujan

Thanks Dave Full bonus to debt!
Comment from : JGiant10RKN

Your probably going to need another car at some point Unless your using public transport the rest of your life
Comment from : Steven Morris

Clever Dave,stupid cow
Comment from : Mátyás Fegyver

Pay off the car loan for sure, but the student loan, I would look at payment plans or forgiveness options, many counselor services qualify
Comment from : MaJieMao

I have this exact person's problem, im terrified to deplete my savings
Comment from : MarkSmith

I would just make payments in chunks Not all at once 🤷🏾‍♀️
Comment from : Rell

as much as it sucks to use your savings to pay off debt, you tend to build it so much more fast and larger when you have no debt : )
Comment from : werooKW

He's got some good advice but I would consider the steps I would take before falling through with them to make sure that it fits your lifestyle
Comment from : Mark powers

Just paid off my car after watching several of your videos all day! I was so nervous to move that money out of savings but now I'm so relieved to not be in debt for a car!! Thanks, Dave! 😁
Comment from : Mel Stowman

Lol…this woman realizes she has limited time with Dave She is trying to cram everything in…
Comment from : Keebas Real Life Journey

I have a buddy that is in the exact same boat 🛥!
Comment from : That Guy

Brillaint answers Mr Ramsey Geeeze I wish you were my cousin
Comment from : The FPV Life

I feel you Monique 100
Comment from : Larry D Moore Senior

just paid off my car with my savings before watching this clip, glad i made the right choice! second car i've paid off 2+ years early
Comment from : Gom Jabbar

Appreciate the knowledge Dave, I swear you make a lot of sense
Comment from : Devell Wilson

This took a while for me to get I took all the money I had for a house and used it on my student loans Now I feel like I’m doing Paycheck to paycheck but I’m honestly not I’ll be debt free and ultimately that’s what I want
Comment from : Topez Rosser

I watch for the captions lol
Comment from : Barbie Blue

So you don't have 26k savings
Comment from : A G

Do black women even consider marriage? Good lord
Comment from : Ace Guy

Is this call sped up? If not she needs to lay off the crank!!
Comment from : Dudley Brown

Stop telling people there not going on vacation or going out to eat it’s ok to treat urself !!
Comment from : Steve Bohlinger

I hate it when those who know nothing about poverty, try to say they understand poverty!!brLook it up Dave
Comment from : Penny Kilby

Planning on paying off the student loans before the interests kick in but I’m afraid of the same thing
Comment from : Hugo Mendez

If its difficult to pay it off all at once, why not pay off half of it so you have some savings still but get rid of a large chuck plus its interest Its a halfway mark if you dont feel confident paying all those savings for debt in one go
Comment from : Chris McCaffrey

Lol 71 grand Not relatable
Comment from : Tyler Faulkner

Thanks for the awesome videos
Comment from : Uriel-Heaven’s Guardian

I think paying down a car first vs paying down a student loan is something I wouldn't do because the car could be in an accident and listed as totaled You lose money
Comment from : C Parker

I’d keep a big chunk of cash in the bank and pay off the rest over time
Comment from : Marc B

I’d like to suggest a new way of thinking of this issue You owe 24k on your car with a $500 payment per month You have $25k in savings making $0 per month by paying off the car you’re creating a $500 per month income and moving your savings from your savings account to your car equity You’re not losing your savings you’re just moving it Think about that for a minute
Comment from : EP1C GAM1NG

I like Dave’s older videos more 😭
Comment from : THABOMB98126

Such a saver but has 48000 in debt This smells
Comment from : 666dynomax

Glad I came across this video I'm about to pay off my student loans now along with this medical bill
Comment from : Wavy Max

Ur right Dave if you owe the money it’s basically not even yours
Comment from : Kevin Talley

Saving money in case anything happens Hello, something has happened You're in debt
Comment from : Jim Handler

I relate so much!
Comment from : Kimberly Jimenez C

Wowyou brokesobering advice
Comment from : norm graham

Paying your loans off asap It will save you having to pay interest on the loans
Comment from : Daniel McClorey

It’s not you’re savings if you own them it’s there’s lol
Comment from : 20smogul

Biggest thing that stuck with me was Dave saying “you feel like you’re not broke right now but you’re broke” y’all I was holding on my savings up until earlier this week I went ahead and kept the $1k recommendation but he’s right When I had a “safety” net I didn’t feel broke but now I feel super broke and have a super aggressive plan to get debt free
Comment from : SixFigureBudgets

This man is incredibly motivating It was clever how he used her own professional training as a counselor to inspire herbrbrDave 2024!
Comment from : Steve Drake

This call made me put my savings toward my CC especially since I just calculated my interest for the year and it made me furious
Comment from : Stephanie Dingle

Pay off the car!!!!
Comment from : William Sims

Got my cards and loans paid off in few days thru David, a debt relief specialist The struggle is over His num is 4 6 9 9 8 8 5 0 8 2:
Comment from : contact David on ⑤①③⑤①②⑤⑥③④

Great advice Dave!
Comment from : DJ Aaron Matthews

That’s what I exactly did I paid off my 26k car loan with all my savings and I have 3k left after all THANK you Dave!!! You changed my life💪👍
Comment from : E SO

I'm in a situation where I owe about 30k on my house (no other debt) but I'm about tired of the career I have and the changes that are always making the job harder without any increase in compensation I feel like I want to wipe out my savings, pay off the mortgage and work a simpler, lower paying jobbrbrSound crazy?
Comment from : Eric Powell

I have $21k in savings and $20k in student loans I bring home (straight to the bank after taxes , deductions, etc) $60k- $62 /year Should I pay off and restart my savings? I’m so scared/ nervous to 😱 restart my savings!
Comment from : dlluen

If you're in debt how do you have savings? Lol
Comment from : Leeroy Jenkins

I watch videos like this whenever i am afraid to touch my savings! NO DEBT IS THE GOAL
Comment from : H W

Freeing up those payment is exactly that: freeing
Comment from : Lon

The goal isn't to "retire with dignity" The goal is to life each day by the lifestyle you most desire If you aim too far into the future, you're missing out on today When I'm 65, I want to be broke, not rich
Comment from : swavekbu

Lol this is totally me 😅😫🤷🏽‍♂️👌
Comment from : Likity Split Lickity Dickity

When you buy the car what did you thaught?You didn’t have to pay?
Comment from : Sokol Culi

“If you have a negative net worth, YOU’RE BROKE”brbrYikes!
Comment from : Chassiddy Williams

This is my favorite call! I am in a similar situation
Comment from : Devarsh T

She lives in LA 71k is no money I was making over 90k starting as a correctional officer there and that was good but not that good
Comment from : Mac

Debt is the devil 👿
Comment from : Drool Alot

Having a savings with debt is backwards
Comment from : Fabian Avalos

This lady sounds like someone I want to be You can tell that she is highly intelligent and sophisticated She's successful but she also has her struggles
Comment from : Pang Kue

Not smart Liquidity is vital The need to be able to sustain in case of a loss of income is more important than paying off debt If she does what he wants her to do and pays all that $26K towards the car and the student loans she will have nothing if, within weeks or months of doing so there is a loss of income brI speak from experience The single worst financial mistake of my lifetime, and I am now 50 years old, besides getting into debt in the first place was being too eager to pay it off I paid $14K of debt off with savings when I got into the myopic get out of debt mindset That was in 2008 brDo I need to tell anyone what happened next? I was forced into bankruptcy because I had no liquidity to survive what worked out to be a very short-term blip in income brBy the time my bankruptcy was discharged in 2011, I was earning well over $100K a year again Looking back, I needed the cash on hand more than I needed zero debt
Comment from : P Steven Strauss

Pay off a car and have zero savings? Sell the car Buy a cheapo and keep a safety net Overpay the other debts monthly and quickly but the idea of using all savings to clear debt and carry huge risk as you’re broke seems like bad advice
Comment from : 0-60 sports car club

You find a job
Comment from : Angela Bakloyvov Tchaikovsky

You can build more savings without debt
Comment from : Mitchell M

There are good reason(s) to hold on to savings without paying off your debt Only one good reason If you are making more profit off of your Investments than you are paying in interest, it is a good idea to stay that way Otherwise you are making a bad financial decision
Comment from : Enlightened Idiot

Wow what an amazing statement
Comment from : Tita Dones

This advice really a turning point for me ,recently i used my saving to pay my car debt These thinking never been a choice before but now i am glad i did it Thanks Dave!
Comment from : Sitinor Ahmad

I plan to pay off my $13k student loans at the end of forbearance I'll only have around $10k in savings leftover after I do that which scares me but I'm excited to think about being free of my Masters debt
Comment from : blue sky

I’d be better at saving if Photography wasn’t a hobby
Comment from : TheBandicoot

Should I pay my student loans as fast as possible? I live in Sweden and on student loans we barely have interest in student loans Should I focus on paying my mortgage and pay my student loans as planned and not as fast as possible?
Comment from : mmss

We just used some our savings to pay off two of our three student loans after watching this video Only one left and we are debt free We are keeping some aside for emergencies and contingency After we save up enough, the next loan is gone!! Yes!! 🙏🏻🙌🏻
Comment from : Nicolette Hare

I new here because I'm willing to become debt free someday and I appreciate this guy honesty and knowledge
Comment from : bigcuzz 410

1k is not a lot on la tho I personally wouldn't be depleting my funds and I live in la
Comment from : quentece

I don't care what anyone says, I would never let my savings account go below 10K 1K just isn't enough in the pandemic proved it
Comment from : Nepthu

He’s so good very good advice
Comment from : Dantex venta

I’m in the same boat!! Except I make $50,000 less😂
Comment from : Briana Budgets

This is me I just need to press the payoff button!
Comment from : Creative Monster

When she paid off her debt was 20/20 she had zero in saving
Comment from : Alphabet7

I needed to watch this video I don't have much debt rn but im scared to pay off me credit card cause ive never had this much money in my bank account Thank got im not the only one that feels that way
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Comment from : bea mesan

I have $18,000 in my savings and I need to pay off a $3900 motorcycle debt I have the money in my savings and I'm panicking over it
Comment from : Chillen Ev

I was wondering about doing the same thing I just medically retired from the military and I have 20,000 In my IRA Roth I was thinking about moving it into a mutual fund, so if need be I can continue to invest while in school and touch it if I needed to To also use about $5000 of it to pay off my student loans to be completely debt free I am also buying a house with the VA loan I have more money saved up other places
Comment from : Micky

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Comment from : +① ⑤⓪②⑥①⑦④⑦⑦③whatsapp

I am in this exact same situation and on income based repayment plan My interest is tripling and I just don’t want to take my hard earned money and pay it off Jokingly I always say I need to meet my husband so he can take care of me for a year and I can drop all my funds on my student loans I have no car payment but instead of putting more on the loan I put it in my savings I want student loan forgiveness or wait until the 20 years for it to fall off
Comment from : Gnicks