$660,000 Of Total Debt, What Should We Do?!?

Tiffany is with us in Atlanta, Georgia. Hi Tiffany. How are you? How are you doing better than I deserve? What’s up? And I was calling [because] I want to get your advice [on] recent financial piece a couple years ago But we also have a lot [of] burns as far as it so we have about 300 and something Thousands of student loans do them or Edit well it stops up 300,000 and student loans Yes Who’s the doctor or lawyer? Nobody’s a doctor [a] [lawyer] is just a lot of expensive food What are your degrees in honey? business and leadership oh my Lord What is your household income? 140,000 that’s that’s good news. Oh my goodness Overpaid for some degrees, okay ouch 300,000 student loans and what else about 300,000 house talking about 60 between medical and [cars] you think it’s like that. What do you owe on the cars? Like 1501 the body 11 on another okay, all right well I mean you’ve got a very very tight budget you got a lot of house, and you got a lot of cars and You are deeply in student loan debt so one of two things is going to occur you’re going to sell cars and houses and Move down into just some junky cars and into a little rental property and you’re going to use 140 to get rid of the student loan debt or you’re going to keep the house and the cars and You’re going to limp out of this and it’s going to take you a lot longer So when I do the math it takes like Saint-Pierre seasons sort [of] put you know get it close Now we also do qualify for a loan forgiveness So why do you qualify meet up after 10 years for non-profit yep after 10 years? Correct yeah, I don’t want to wait 10 years to be out of that Now I mean you make a hundred and forty okay. You’ve got three hundred plus You said another sixty so you 360 thousand? I mean if we do if we put 60,000 a year on it’s done in six years if We put if we put eighty on it It’s done in four and a half and that means you’re in [you] ought to be able to do that. You’re just living on nothing But I mean, but I mean again [I] if I were in your shoes, I’m going to move way down in house. I’m going to sell my house And I’m probably going to sell the $15,000 car Maybe the 11 and just get me a couple junkers and because I’d won out of this mess And I wouldn’t want to wait six years and those cars in that house are going to delay It’s going to add two years at least to this program maybe three maybe three and you just you guys have bought everything in sight and [couch] I’m so sorry. I’m sorry you’re facing all this but I mean you can do it either way It’s whatever you want to do, but you’re right. You’re looking at eight six to eight years if you stay in the house And you’re probably looking at a really tough three and a half or four if you don’t stay [in] the house What is the what’s the trajectory of your career look like income wise are you seeing incomes increase pretty dramatically, or are just slightly? um [sake] increase as you know the change got like four [different] companies, [so] [typically] yeah like about another twenty thousand probably would culminate Promotion or something like that, okay [alright], so that’s a pretty decent push, and so you know if we project out three years Maybe we’re not dealing with 140 maybe we’re dealing with 180 or 190 at that point on income and see that starts to change the equation to There, but you guys have you guys have really I mean You’re broke. You’re desperately broke And you’re going to start making some dramatic moves in Cutting lifestyle and some [dramatic] moves in living on the cheap to clean this mess up and you know that [that’s] what you’ve got to do there, so Thanks for the call. [I] wish I wish I had better answers for you, but those numbers are just horrendous. Sorry you’re facing that um one of the things you should get from the show other than entertainment value is you should be learning something and It should occur to you to think To yourself how in the crap do people go $300,000 in debt to get a couple of business degrees What has to be broken in the process they were using in order to let yourself do that? Okay, well let me tell you a couple things that are broken Potentially, I don’t know what happened exactly there But I’ll tell you what ran in what we’re honest in my mind when I hear those kinds of numbers For something for a situation like that Number one people think getting a degree from a certain school is going to more likely ensure their success There is no data none anywhere That indicates that prestige schools create a higher success probability That’s just straight-up bS It’s straight-up bs as a matter of fact more ceos of fortune 500 companies graduated from public universities than from prestige universities Wall Street journal [did] a study about two years ago and published it made everybody mad in that world Now I don’t mind you going to a prestige school, but don’t go $300,000 in debt to get to business degrees That’s stupid Okay And because it doesn’t Roi it. Just simply doesn’t are oh
I forgot sex is a business degree you ought to [think] about this you know and So I don’t mind you going to wharton I don’t mind you going to harvard I don’t mind you [going] to yale or vanderbilt I don’t mind you going to those days long as you can write check and go or they’re paying for it. It’s a free ride But this idea you’re going to go hundreds of thousand dollars in debt because of where you went to school and that’s going to Roi There’s no data to support your stupid set of assumptions there none whatsoever. No research at all You cannot find it on the planet Now there’s some old [boys] sitting around you know sipping on something at the Country club That’ll tell you otherwise but they got nothing to support it. I’ll just tell you the second thing [that] happens there is If you come from a background if your family is not an educational oriented family And you’re the first of your family to go get an education Sometimes you believe the lie that says just get an education. It’s worth it. Whatever you do You got to break the family change you got to break the cycle [you] [got] to do whatever and whatever it takes you go get that education and it’ll eat. You know the only shot You got it got about not being like the rest of us about getting out of the family tree The only [shots] you got [to] [breaking] the curse on the family as education. It’s the only shot education is the answer to everything Well, it’s not Education is important knowledge is important, but education is not a magic pill and It is not worth Breaking yourself for the next decade to get two business degrees Let’s say couples aren’t feel so sorry for it What a mess that, they’re in and it’s one of those two assumptions that probably got them there or both put together Parents don’t want children their stuff like that stop them Make better choices on where they go to school what you pay for your degree. This is the Dave Ramsey show Hey guys Thanks for watching if you enjoyed this video click the subscribe button to get the latest Content and check out these other great clips from the show

100 comments on “$660,000 Of Total Debt, What Should We Do?!?”

  1. Shieron2468 says:

    This was 2 years ago, I wonder what they owe now 😳🤔

  2. fanmaxis3004 says:

    This makes my 58,000 dollar college loan seem not so bad, lol

  3. Ian Dehavem says:

    There’s already a school that gives out leadership degrees, and instead of putting you into debt, they pay you, build your character, and actually prepare you for leadership roles….it’s called the United States armed forces.

  4. theklrdude oo says:

    what are your degrees in ? "business and leadership ",……..hahaha!
    remind me not to go into business with you or see you as a leader !!!!!!!!!!!!!!!!!

  5. April says:

    I have a business degree and left with a total of $13K and I went to a private college.

    I'm not sure how you get $300K. that's insane.

  6. Xipo86 says:

    How can Americans owe so much debt?
    I am from Germany and credit card companies or banks would cut off their money supply way before. I mean 300.000 personal debt is crazy

  7. Joseph Gall says:

    Fell for the America Dream promised by politicians

  8. Andrew Nowacki says:

    Growing up I used to hate that my Dad was so frugal. He was a schoolteacher and had summers off, one summer during which he physically built the modest house we lived in. He paid everything cash, worked hard.

    When I got to college, I was studying engineering. I saw the other kids having fun and partying when I was studying. My Dad told me, “get a degree in something that you can get a job in when you graduate.” It seemed so far off to me to worry about getting a job when I was in school – all I wanted was to have fun. But I did what he said, and I am thankful I did, because now at 43 I have no debt, live modestly, give back, and have a peaceful life. My Dad lived well by living modestly, staying out of debt, and finding the joy in it.

  9. teeduck says:

    Wrong advise. Keep home and ride the debt forgiveness in ten years.

  10. Richard Jimenez says:

    The irony of the degrees they got.

  11. Dawn Johnson says:

    So here's what happens… you're young AF and EVERYONE around you says you HAVE to get a degree. than they throw money at you and all you have to do is sign your name.

  12. Bobby Shupinski says:

    people who get student loans are idiots!

  13. I Should Know This says:

    Kinda rubbing the salt in the wound there Dave. I agree on the student loan forgives though, it’s a mess!

  14. Lara Albornoz says:

    Oh ma lorddd

  15. caro james says:

    Leadership? She wouldn't be leading me anywhere !!!

  16. Anthony Kence says:

    A Ghetto queen

  17. npxmnpxm says:

    People will pay a lot to anyone who promises to make their dreams come true.

  18. Ray Davies says:

    Spent $300k on a business degree, does not understand the most basic financial principles.

  19. Mikeykaysuper says:

    These two are done for life !

  20. mcmic1212 says:

    Wow! I would get rid of the house! Wow!! Over half-million in debt. I hope they are in a better place now

  21. vsonic86 says:

    $300k in debt and none of them is a doctor and lawyer! And yet they sound so irresponsible toward debt. Is this the type of leader that we should follow?????

  22. mdooms76 says:

    $140k combined income is NOT a lot of money. He needs to ask what each person brings home after taxes. Debt is not the only thing pulling on their income….gas, groceries, utilities, etc. Not to mention $300k for a house is ridiculous when they are already in debt. You can rent and buy cheaper in Atlanta so no excuse for blowing $300k on a house other than trying to live that flashy lifestyle while being broke behind closed doors. She sounded like a brat. She's not going to follow his advice.

  23. altair1983 says:

    I am first MD in my family. To my parent's absolute horror I quickly shifted to pharmaceutical industry (drug safety). Job and area that is much closer to what I wanted to study and do. Now, 7 years in career change I earn much more than I would as MD and I am happier with work-life balance.

  24. Fear the Dome87 says:

    Wait a minute! HOLD UP!!….. YOU WENT TO COLLEGE TO GET A DEGREE IN LEADERSHIP!!! LEADERSHIP!!! WHY IS THAT EVEN A DEGREE!!…. this is why we have a student loan crisis.

  25. Rosie Fabian says:

    These types of calls make me feel a sense of relief for my $26,000 student loan.🤣🤓

  26. DList Lover says:

    Or sometimes people put tuition and all housing/living expenses on loan… tsk tsk.

  27. Progressives Thriving says:

    YOU MAKE 140K. If you live off of 40 grand…my god its done quickly

  28. August Wu says:

    This is a proof that college and degree wont guarantee you will be rich. But how you maintain your life and your financial does.

  29. Froto Pop says:

    Obviously a bogus business degrees. She’s obviously not a good business person lol

  30. Chat B says:

    Fawkin idiots!!!!!!

  31. Kevin Dixon says:

    O My God!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  32. Tessa Higgins says:

    This is why I went to community college on cash!

  33. MrCander000 says:

    Some people looked at me like a loser when I was working my part time job while in college. I bet she didn't work at all.

  34. Jessica M says:

    Why this guy always had to say are you a doctor or lawyer in every single video.and why does people keep calling him just to listen that they had done stupid

  35. Junior Dunkley says:

    Don't get me erong I like Dave but he cannot face the truth capitalism is the root of the debt problems

  36. Me Too says:

    Just through in the towel…eff it lol

  37. Him Bike says:

    I was divorced since my daughter was young. When she was 18 she asked me if I would help her with college? I said on one condition, no student loans. She said deal.
    So I paid her tuition and $400. a month and her car. Now she has a masters degree and zero debt

  38. Chris Tams says:

    $300k for a business degree: sounded like a bad business deal!

  39. sabretooth 04 says:

    Leadership degree? Is that like a tour guide?

  40. Alignedandpositioned says:

    I don't know where they get 10 years for getting out of $660,000 worth of debt. Dave is crazy. They could not get out of $660,000 worth of debt in 10 years with a hundred forty or $150,000 income even if they sold all their vehicles and their house.

  41. Alignedandpositioned says:

    Does anybody else think David's math is off? Paying off a debt the signs is not just or I make a hundred thousand I can pay a hundred thousand this year. People there is taxes. And there is interest. I don't believe they can pay this debt off in 10 years

  42. Ammar Haider says:

    $660000 in debt? Call your credit card company and shout on them that they have a high interest rate.

  43. Charles Porter says:

    heres the problem…there is no emphasis to learn real skills needed that vocational education offers simply because these skills arent glamorous….but these skills offer real careers….but theyre not glamorous…and today everyone is into glamour and debt because of it..this idiotic chick went thru 300000 to have fun with the college life…plain and simple..

  44. Mac Neoh says:

    Leadership 😂😄🤣

  45. Caleb Begly says:

    I remember several years ago looking at Harvard and they had one of the lowest median income among graduates – about $50k. Yet their tuition is stupid high.

  46. matthew dyess says:

    They'll never get out from under this. They have no fire in their belly

  47. Janice Bendig-Tuznik says:

    How do people get these loans? And nobody gets non profit loan forgiveness.

  48. dks13827 says:

    Leadership degree ? They gonna lead some engineers ? Programmers ? Yeah right.

  49. Martin Ramos says:

    Leadership degree lol

  50. OnePlus says:

    It's possible , paid off 220K student debt in 4 years it just wasn't easy but do-able

  51. Got Game says:

    alot of people go to expensive schools not just expensive schools but they constantly change degrees

  52. abobjenkins says:

    Broke = $0

    She's not broke.  She's busted.

  53. wa2k99 says:

    Anyone else predict the doctor lawyer question.

  54. Ajay Pasricha says:

    Leadership hahahahaha

  55. Penguin1290 says:

    Sell everything, gather up as much cash as you can, fly to some small country, change your name and travel to some other small country and work for cash. Never be heard from again…lol.

  56. demo2382 says:

    I respect that Dave didnt press on about the income. He heard 140k and went to work. Me on the other hand wants to know if shes only making 50k a year on those degrees and her partner is pulling in the rest.

  57. anonymous reviewer says:

    Who else watches these to feel better about their own financial situations? WOW! And what the heck is a leadership degree?

  58. Lm S says:

    Part of the problem is that people are living on the loans as an income source. The money should go straight from the lender to the school, the money never crossing paths with the student.

  59. Foote says:

    Hahahaha business and leadership 🤣😂🤣😂🤣

  60. Drumma Boi says:

    dave's heart literally dropped & fell on his desk @0:44

  61. Jesse Ajuda says:

    Move to another country

  62. Tony Ferrer says:

    A lot of jobs require it though. Particularly those that do supervision hours for people looking to get licensed in something such as social service workers or LPC's. If you're looking towards the government to license you, you have to pay them for the education, the license, and interest.

  63. Sam Plautz says:

    The degrees that are offered today are absurd

  64. Zaid Chalabi says:

    Dont pay it
    300k that sucks
    She will never finish it

  65. D Wood says:

    Predatory school loans. They should have gone to junior college then finished out at a state college. Schools only want your money to fill seats. Employers look at experience. Also jobs are given as per who u know. I’ve seen it Time and Time again.

  66. Fii282 says:

    This country has a serious student loan problem and Im getting the feeling its gonna be us tax payers picking up the pieces to this broken system we call higher education. Our elected officials need to do the math on what its costing our youth to become professionals. Something has to give. Child care also and medical insurance 3rd. I pay 42k a year through my union and havent used it. Its a waste of my money and or shouldent be so expensive.

  67. mrstrini2 says:

    Loan forgiveness or $300000. Def loan forgiveness with 10 years income driven payments.

  68. Anand Ganesh says:

    Roi is one way to look at things. Npv is another. Npv matters. Debt for education can make sense when done right.

  69. QueenStylin says:


  70. Milena Sovic says:

    "I have never let my schooling interfere with my education." Mark Twain

  71. Chassidy Douglas says:

    My grandfather made millions buying & flipping houses he didn’t finish middle school ether education does not always make u successful

  72. spaceballs44 says:

    Bill Gates didn’t finish college and look where he is today.

  73. Jerry Wong says:

    join the military if you want to learn to be a leader, and a business degree is no help unless you are in wall street or have a business that is already successful and you need to present your goods or services to get an investment.
    There is no better business education than getting your hands dirty and working for a business that you want to do to see the issues or problems of opening the same or similar business.

  74. aaGirlification says:

    Dave's reaction hearing the debt amount. lol

  75. Gryazev-Shipunov says:

    Dumb people getting useless degrees.

  76. Nanette Morton says:

    There's NO WAY a business degree should cost that much!

  77. Gaurav Gaur says:

    any one please help me

  78. Jermaine Sam says:

    A business degree while making bad business decisions getting all those loans while thinking about loan forgiveness…

    She didn't learn a thing.

  79. Pamela Scott says:

    Typical American. Buy a big house and cars we can’t afford to impress or to overcompensate our idea of success.

  80. K Zamora says:

    "Oh my Lord!" – Dave Ramsey

  81. Alan Batty says:

    Are these people for real

  82. Mz Shawn J says:

    She majored in businessed and leadership & got pimped and finessed in return.

  83. Black Swan says:

    Run to Canada and confess to Justurd thet you are a reeeformed ISIS hangman. He may give you C$ 10.5 m too!

  84. TheBigugly says:

    Walked across the stage three times. Each degree was paid off when received. That, ladies and gentlemen, is the power of the GI Bill!

  85. xxpowwowbluexx says:

    Not two business degrees; a business degree and a “leadership” degree. What is a leadership degree? Who gets a degree in “leadership” anyway? There are plenty of other ways to gain leadership skills than paying an arm and a leg to get a degree in it…

  86. xxpowwowbluexx says:

    It really is unethical for a school to offer a degree in “leadership” in the first place. Wow.

  87. TheCyricson says:

    expensive food…plz just …just … just i dont know….just…end these women someone

  88. Xcusemyprettii TV says:

    Im curious as to how they are doing right now.

  89. Anne Hajdu says:

    How does someone who sounds so truly stupid have a job that pays so highly?

  90. Young Grizzly says:

    Housing is cheap in GA so they have a decent chance with that income even with kids.

  91. Djrajo says:

    She makes 140k for a 300k debt if you’re going to go in debit at least make sure your jobs income is more than your debut or tuition or close. I will go about 150k I’m debut for being a pharmacist which median salary in my state is 147k and top percentile make about 180k

  92. Mermaid Life says:

    Most people would rather suffer in debt than change their standard of living. Just that simple.

  93. Renee Ren says:

    300k student loan for a degree in leadership? OMG people are crazy.

  94. Steve E says:

    Reminds me of the people who go to college for 6 years and get a degree in "General studies"

  95. laid07 says:

    What Dave says: "Ouch, I am so sorry."

    What Dave is thinking: "Ouch, I am so sorry you're so stupid."

  96. Kenneth Faulk says:

    Ivy League graduates are more expressive to hire and entitled than public college education graduates and the company has to educate anyway. It's immediate savings over ability. Privilege is expensive and companies aren't paying the nepotism tax

  97. twoeightythreez says:

    Despite my total take home income being under $20k,(over 35% of my net income goes to ex for child support despite having 50/50 custody) my $20k of debt suddenly doesn't seem so bad.

  98. Purple Strike says:


  99. Japhet Anciado says:


  100. fatty fatty says:

    People set the bar to high and end up at the bottom of the food chain and det cause if you have det nobody will touch you

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