TOP 5 Things You Learn While Becoming Debt Free! | Dollar Dude

– Hey Troy! – Sup, Troy. – So I’m starting a new YouTube channel
about personal finance and I want to help it grow but I’m not really sure what the first video should be. – Probably just some clickbait to be safe, mostly. – Clickbait? – Yeah, stuff that makes people click, like
the stuff on Buzzfeed, you know – “10 Things About Cats That Will Blow Your Mind or “This Guy Got in His Car, But You Won’t Believe What Happened Next!” – And that stuff works? – Apparently. – Huh. Well, I guess I could do like a Top 5 list
or something – – Brilliant. What is up, my fellow Money Minions! My name is Troy, and from this day forward,
also known as, the Dollar Dude! I’m on YouTube! Finally, right? Cause I know I’ve been taking my sweet time,
cause I promised this channel was coming when I got debt free originally a year ago and
it’s just now starting to come together. And you can just chalk that up to me being
lazy and busy and having other stuff to do and not really feeling like sitting down and
setting up the lights and other stuff I need to set up – – but it’s here, it’s finally here. So – yay, awesome, lets go. So what’s this channel about? This channel is about money. It’s a topic that is near and dear to my heart, personal finance. Because we, as humans in general, tend to
suck with money but we are experts and I mean absolute gurus,
at looking like we don’t. and I want to do my part to help people suck
less. Less suckage. That’s the goal. We’ve all been there, right, we live like
a king the first few days after payday but then you’re buying ramen noodles in bulk just so you can make it to the end of the month Or we confuse our wants with our needs Like I really really really need this smartphone cause I need to communicate with people on a basic, telephone level Except I can do that on a $20 device instead of a $700 device. and other stuff like that. I used to do that stuff too, but now I don’t. I got an emergency fund, got on a budget,
made massive cuts in my lifestyle and after a couple of years of that, I got debt free! I even flew to Nashville and screamed it on
The Dave Ramsey Show! I’M DEBT FREEEEEEEEEEEEEE [cheers and applause]
[Dave Ramsey laughing] Dave Ramsey:
And the crowd in the lobby goes wild! Dave Ramsey:
Haha, I love it! In fact if you’re one of my early subscribers
that’s probably where most of you know me from. And going on the Dave Ramsey show was a lot of fun, I had a blast. But then around that time was the Delta Airlines debacle, you guys remember that? Where they had a computer glitch and grounded a ton of flights nationwide I couldn’t get home for like a day and a half after that. That was less fun. Anyway the point is, is that while you’re
on this journey of debt freedom and sacrifice for the future, you start seeing the world
in a different way. Your entire worldview changes. So in my opinion, here are the top 5 things
you learn, while getting out of debt. Number #1:
Status Symbols Don’t Equal Actual Wealth Before I got debt free, I’m driving along
in my crappy 2000 Buick Century with the paint peeling off it and I see a Ferrari or a Lambo
pass me on the street, I immediately thought, wow, this person has gotta have some serious
cash. Now I think, wow, this person probably has
some serious debt. Don’t get me wrong, if you’re rocking
a luxury car I’m not calling you out, stuff is great, I love stuff, stuff is the best. But I want you to get into the mentality that
having awesome stuff is a reward for being financially free, not a status symbol you
get to trick people into believing you’re already there. Why do we do this? Millionaires don’t. In fact, millionaires, true millionaires,
are more likely to shop at Walmart than Saks Fifth Avenue. Eventually you’ll realize that The Joneses
are broker than most people are! When you realize that it will blow your mind,
it’ll be like that scene in the Matrix where you realize you’re living in a fantasy world
and the people around you who you thought had their lives together are actually struggling
just like everyone else. Getting out of debt is like taking the red
pill. “Wow, 18 year old references, Troy. Way to go. Really hitting that 30 and under target audience,
huh?” Shut up. Number #2:
Unless You Can Spend Cash For It, You Can’t Afford It Primary home purchases are the only exception
to this rule which I’ll explain in a future video, but yeah. Think about this for a second. Let’s say life is a game and cash is like
the score on the scoreboard. The more cash you have, the higher your lifescore,
right? If you have $1000 bucks in a savings account
and you finance something that costs about $500 – like put it on a credit card – your
scoreboard still says $1000. And that makes you feel good. You’ve still got that trusty old $1000 sitting
there in savings just case something goes – no you don’t. You don’t. You have a grand in savings but you’ve added
$500 in debt. That means you no longer have a grand in savings. You cut into your savings even if you didn’t
withdraw a cent from your savings account. In fact, it would have been better to withdraw
the cash out of your savings, avoid any interest, and just pay for the item in full. Though that still would have been stupid because
you’re flushing 50% of your savings on one non-emergency purchase, but it’s better
than having “phantom money”. This may sound obvious but this is something
even I struggled with. I wanted that “safety net” in place so
I could still feel warm and fuzzy and not panic about the situation I was in – not even
realizing that I was burning away my savings by adding debt to my life. This is fascinating cause it’s like a purely
psychological issue. If you can’t bring yourself to pay for the
item, meaning taking the money out of savings, and handing over the cash for the item, then
you’re not ready to buy the item. Your head isn’t in the right place. You have to retrain your mind to realize that
paying with credit over cash does not keep your safety net from shrinking. Make sense? Number #3:
Stop Caring What People Think Broke minded people, my goooooodd you gotta
be freaking kidding me – Broke-minded people just love to tell you
what you should be doing with your money. It’s like their favorite thing, it’s like
going to “did-ney worl” When I was getting out of debt, I was driving
an old year 2000 Buick, as I mentioned earlier. And it had some mechanical problems every
now and then. People would ask me why didn’t I just get
a new car, and I told them I was trying to get out of debt so I could save up and pay
for a used car with cash. And oh my god… It was like I opened up the floodgates to
Broke-oplis because broke-minded people came out the woodwork like – “you need a reliable
car, why bother with cash, you’ll always have a car payment, with all that money you’re
spending on repairs you might as well get a new car.” Really? Alright let me get this straight. $150 repair bill a couple of times a year,
or… a $500 monthly payment? This is my friend Calculator. He’s good people. You should say hi. Look, people are going to rag on your busted
ride and out of date clothes and the fact that you’re a master of the dollar menu,
this is something that is just going to happen. But this fact is not something that should
affect your plan. I mean, just don’t listen to people who
are in all likelihood, broke. Unless they’re giving you advice on what
*not* to do, which in that case you might want to listen to that. In fact, look at me. Pro tip. If I ever give you diet advice, Run. Just run. Far away. I’m not the person you should be
getting dieting advice from. That’s why this channel is about money. Number #4:
The Best Stress Reliever is Being Prepared Of course I’m talking about emergency funds
here, you know, that chunk of money that you save up before you start paying off debt, so
that when something happens to derail your plan, you can fall back on that instead of going back into debt. Notice that I said when something happens,
not if. When. Something will happen to screw up your plan. Always and without fail. It is a guarantee. You’re gonna get sick, you’re going to
get laid off, the Kool-aid man is going to busting through the wall, and you gotta repair it, something is going to happen that is
going to cost you some dollars. And the plan is to actually have those
dollars when it happens. Cause if you actually have those dollars when
it happens, you get to breathe easier. It takes a load off your shoulders. Because you’re not worrying about how you’re
going to pay the rent or keep the lights on if you lose your job. If your job goes away or your income takes
a hit for whatever reason, it sucks, but you’re not in panic mode if you’ve got that
emergency fund in place. I can’t stress enough
how important this is. Before you start paying off debt, you need
a money market account full of 1,000 just-in-case dollars, just in case. And finally number 5, guys.. No one is going to do it for you. Guys have you heard? There’s like this new crazy fantastic weight
loss service? You just pay someone like $30 bucks an hour
and they go to the gym for you 5 days a week every week and work out and the pounds just
melt right off of you. Wouldn’t that be awesome if that was possible? No one is going to do it for you, guys. Like I said before guys, this channel is about
money, it’s about educating people on personal finance so we all can be a little better with
the dollars we’ll earn in our lifetime. But at the end of the day, no matter what
I say or what Dave Ramsey says, or Suze Orman or Robert Kiyosaki or Ramit Sethi, or Mr.
Money Mustache says, you’re going to do what you’re going to do. Where you are 2 years, 10 years, 20 years
from now financially is a direct result of the actions you take today. No one is going to get you out of debt but
you. No one is going to build a future for you,
but you. No one cares more about your retirement than
you. No one is going to build financial freedom
for you. Not your husband, your wife, your boyfriend,
your girlfriend, your mommy, your daddy, nobody. It’s on you. A great support system is worth its weight
in gold, that’s why it’s so important to get your significant other on board. But you can’t let that be an excuse for
not doing it. And this one is done, hit the like button
if you liked it, or if you’re not yet a Minion, subscribe to the channel if you feel
so inclined, we’d love to have you. Also, if you’ve got a question, finance
or otherwise, leave a comment down below, let’s talk about it. So until next time, my fellow Money Minions,
my name is Troy and I will see you guys….next Dollar!

100 comments on “TOP 5 Things You Learn While Becoming Debt Free! | Dollar Dude”

  1. Alan Fitzgerald says:

    Thanks man! Loved it

  2. NeNeP Pete says:

    I liked the part about your "friend the calculator". That was too funny.

  3. fancymanchucky says:

    Found ur chan thru Our Life on a Budget and SO glad I did! I can really relate to the bad advice from others part… I've been told like 10x that Visa Debit is a bad idea by my friends!! Even when I signed up for one this month the lady at the bank counter tried to talk me out of it and into a credit card lol!!! I'm so grateful for online support from ppl like u talking about your journeys to financial freedom – it truly helps motivate and inspire, and I don't feel so alone along the way ๐Ÿ™‚ I'm ready for the red pill!!!!

  4. Anita Jennings says:

    Great video!

  5. Naiym1 says:

    I knew I recognized you! One of my favorite Debt free screams!

  6. Salty Mermaid says:

    Okay, your delivery is fantastic lol. New sub!

  7. Dafnie Nacius says:

    did you really just say 'didney world' LOL

  8. rochelle thundercloud says:

    One thing I've learned about getting out of debt is some people just can't understand why I don't hang out with them.It's because they want to shop,dine out,hit bars and clubs, spend, spend, spend. I can't do it.I'm in debt and have one income for two adults. A disability check sounds like it's a lot,1003 per month. But break it down. Rent.400.electric.200.his clinic debt. 300.nine hundred dollars right there.the last hundred dollars is for things we need each month that our snap benefits don't supplies and hygiene products. His copay for medicine. Transportation. I say no once.if the people persist, and refuse to accept that I don't have money to waste,I cut off all contact. It's fine if they treat every here and there,but I don't get into that whole mess. Also, what about knowing the difference between necessary items and not necessary items .

  9. Marriage and Family Matters says:

    Man I really enjoy your videos. I just randomly found your channel and I love your humor in your video's. You are very creative so please keep the video's coming.

  10. Christopher Keene says:

    I saw you on Dave Ramsey. Well done.

  11. Kerry Jennings says:

    Hey Troy great video. I on my baby step 6. I just restart Dave Ramsey plan again, I just sick and tried of me paid mortgage. So I start last months, 0 days baby step one complete, one week baby step two complete, 0 days baby three complete. And the reason why it , because save money over the years. So I do is baby step four and baby step 6. Still owe $45,500.00, so let see it would take. I plan on a YouTube channel myself next year, trying to get out of that shyness. And again try to help other do the same.

  12. HieronsProductions says:

    Brilliant ๐Ÿ‘๐Ÿฝ

  13. Christie Wiley says:

    Found you via Budget Girl ๐Ÿ™‚ Great video!!!

  14. Islands Of Fun says:

    Bro everything you said is so true!! loving your channel.

  15. Shalom Alcheim says:

    Why do all these YouTubers have the same exact back grounds? Half pink wall, I've been noticing this in alot of videos. What's up with that?
    OH hey btw good channel dude.

  16. LaFawn Sweeten says:

    "This is my friend calculator. He's good people." Good one. =D

  17. Bryan Guerra says:

    Great advice. Just actually did this myself fairly recently and it felt great. just found your channel too. Love the content ๐Ÿ‘Œ

  18. Angela Stewart says:

    Someone's please tell me who is Mrs jones..sound like she got some good videos

  19. Angela Stewart says:

    Thank you.

  20. Stephen Nicholas says:

    Great video, Troy. I subscribed. You are my guru for commonsense, pragmatic and no-nonsense personal finance information and guidance. Good luck to you, and keep up the great work.

  21. Sarah Norment says:

    Just discovered your channel this morning. Great tips and I love your humor! New Subscriber ๐Ÿ˜„

  22. Justine Nelson says:

    Your video resonates with me SO much! I love "this is my friend, Calculator." ๐Ÿ˜€ As a fellow Dave Ramsey graduate (and debt-free screamer!) I am vibing with your top 5 list so hard. Thanks for sharing, Dollar Dude!

  23. Matthew French says:

    Yeah dude your channels going to go far I can tell already

  24. Kevin R says:

    I really enjoy the split-personality you put in this video. Makes it kind of original and entertaining, which is the point of watching it.

  25. yaboyshelz says:

    Thumbs up for less suckage

  26. yaboyshelz says:

    ๐Ÿ˜‚ ๐Ÿ˜‚ ๐Ÿ˜‚ aaaaaannnnnddd you just gotta sub for Didney Worl!!!

  27. Busybee WithMe says:

    Hilarious and interesting

  28. Rossygrossy says:

    Aww your channel popped up. Just saw your debt free scream today. Good luck with the channel!

  29. Freedom 0131 says:

    Love your videos. Just found through Budget Girl. Keep them coming.

  30. Pawel P says:

    Great channel. Thumbs up.

  31. Mrs. Flores says:

    Just saw your collab at Fincon with Budget Girl. New sub here! You're great! ๐Ÿ™‚

  32. Draonel Ilich says:

    Hahahahhahah you have nice videos
    Hey can you tell me your honest opinion about my channel please

  33. Justin Streeks says:

    Saw you on Ramsey!

  34. Robin Phillips says:

    Brokeapolis๐Ÿ˜€ I love it

  35. Robin Phillips says:

    The Koolaide man bust through the wall and you have to repair it ๐Ÿ˜‚ I love it

  36. Myrza Marilys Lassus says:

    Keep it up. Awesome.

  37. Tara Shafer says:

    I LOVE your humor and your message!

  38. Stay True Warriors says:

    haha love that beginning!!! Debt free mindset is awesome :))) Man those Jones's lol Awesome video!! New Subscriber ๐Ÿ™‚ ~Lena

  39. Blessing Odinya says:

    New subbie lol had to grab a pen and paper๐Ÿ™ˆ.

  40. Bethany Douglas says:

    If I ever give you diet advice run! Love it!

  41. itsyanami says:

    ๐Ÿ˜‚ cool

  42. Sylvia F says:


  43. VictorianClown90 says:

    I am so happy I found you!

  44. Michael Hance says:

    Great video! I am a fan!PS the Keto diet helped me to lose weight!ย  and I am never hungry!

  45. LoriAvis says:

    New subscriber! Great Video! =)

  46. IWishUDidntNoMyName says:

    Recently discovered you and love your channel! I'm on baby step #2 and although there's isn't a HUGE difference since I started my journey in December, I've got a plan now and that makes me very happy. Keep up the entertaining vlogs, I love them!

  47. Ecco Watson says:

    Totally would love to talk to you about money. Hit me up!

    [email protected]

    Been struggling

  48. Ayline Dungia says:


  49. Medley Heating & Air Conditioning says:

    I love this !!!

  50. Chris says:

    i would love that weight loss plan!!! haha. great video!

  51. Reynelle says:

    The master of the dollar menu!!! ๐Ÿคฃ. OMG you crack me up Troy!!!!

  52. Serendipitous One says:

    OMG, I just found you and I'm sitting here crying. Brokeopolis…and your friend the calculator…

  53. Fatima E says:

    Excelente trabajo!!! I am working on my Baby step #2…started about 4 years ago but now since 2017 chance to GAZELLE MODE and will finish by June 2019 or less โค๐Ÿ™ . Just found your videos today and LOVE LOVE LOVE your work. Your stamina is contagious, thanks so much for your motivation ๐Ÿ˜๐Ÿ˜๐Ÿ˜

  54. Jay Montgomery says:

    Awesome!!! Yes sir!!! I'm just starting my debt free journey!!!

  55. Extreme Food Reviews says:

    We've seen you in Nick Nimmins' live stream a lot and have no idea why it took us so long to subscribe! Um… not enough coffee maybe?

  56. LaToya Hall says:

    Great video!!! I saw your debt free scream on Dave Ramsey and was so excited to see a fellow Jacksonville, Fl person on the show.

  57. The Frugal Dad says:

    Great video!!

  58. ASMR Techniques says:

    Love your intro!! XD

  59. Sonel Letang says:

    Love your channel

  60. brightful5 says:

    Jeremy from jersey just subscribed

  61. Chiara Petrachi says:

    I'm in LA. Every time I walk by a fancy house, or see someone driving a fancy car. I ask myself did they buy it outright? No fucking way.

  62. Andy N. says:

    HIs production value is really good

  63. Dollar Dude says:

    What's one thing you've learned on your path to debt freedom? Let me know!

  64. Broke Aristocrats says:

    I learned discipline and that I could take control over my finances.

  65. Ambi says:

    I finally bit the bullet and bought a new car. My old car was worth $350 and needed $2000 in repairs. I had a budget for a used car but there were no used cars I liked or that seemed like an ok deal too many seemed over priced. So I ended up getting a brand new car not even one of the cheapest ones nope I went mid level cheapest car and now after doing my math I'm gonna need to cut my spending and/or raise my income by almost $170 a month to just cut even for the next 7 years I really messed up.

  66. Lara Antipova says:

    You have a great personality! Love your videos.

  67. Bobbi Clinger says:

    I saw your debt free scream on DR.

  68. Bobbi Clinger says:

    When broke people try to give you advice on what you should do, you can always say…well, lets get out the calculator and do that math on that.

  69. Dave Atkinson says:

    Great delivery man, just love the channel! I'll be 100% debt free next week and I'm still eating up this kind of content. I'm more excited than ever! It really makes you want to spread the word doesn't it?

  70. GenTech Mike says:

    Slowly releasing those chains from debt. My available income has increased and my attitude towards budgeting has improved in a way that I didnโ€™t think I could. Come December Iโ€™ll be down to two credit cards and will have decreased 85% of my debt

  71. Jessica Tripp says:

    Lol! "Master of the Dollar menu"! Not even half way bothered to use that app for my free dollar drink to go with my dollar McChicken either!

  72. biguattipoptropica says:

    On number one, I've always known that so-called status symbols are good for personal satisfaction and… not much else. Which is probably why I hate diamonds.

  73. Carla Flower says:

    Great job with the video. The tips were helpful

  74. Crafty Moi says:

    Hiii… Saw you on live chat…. You have a nice channel… Very nice videos…. I have started my channel too recently… Can we be friends and grow together by supporting each other?

  75. Danette Martin says:

    Hey Troy I saw your debt free scream! Congrats!

  76. Eileene Clark says:

    8/12/18…..Troy, just "discovered" you/your YT videos a few min ago.
    …..& I just HAD TO subscribe.
    Great info + enthusiast presentation! I think I need to "test" now b/c you're so full of energy!

  77. Positive Hollywood News says:

    Teaching my kids this.

  78. Michelle Phillips says:

    New subscriber! Not only are you honest…..but funny as hell!

  79. Needing Less says:

    Waaaaay back, when I finally paid off my new car, my boss actually stated, "now you can buy a new car"….Whaaaa!t? Good grief! 26 years later, I STILL have my car!

  80. mandyonabudget says:

    Brokeminded People! Love โค๏ธ

  81. Chris Baker says:

    Debt free is better than being in debt!

  82. Johnny Noon says:

    This is the 2nd video Iโ€™ve seen of you. The first one was when you did your debt free scream, and your face looked familiar when this 2nd video popped up. So I clicked it. Youโ€™re one of the people that keep my sanity in check when i hear someone telling me something like, โ€œYouโ€™re weirdโ€, or something like that. So, Thank you. You definitely got 1 more subscriber!

    Another thing. How many sources of Income do you have? And what are they?

  83. coccinelle80 says:

    Dollar ๐Ÿ’ต Dude, I love you. Youโ€™re helping me so much. The universe has forced me to confront the reality of my situation, because I lost my job and have very little in savings. I have no family to help out. And I am too independent to ask friends for help. Iโ€™m on my own, I got into this situation, so I have to find my own way out. Thanks for your wisdom!

  84. c2 says:

    This dude awesome haha

  85. LifewithMz.Sweat says:

    Hello dollar dude how do you get into voice over.

  86. john black says:

    wait to you get out of debt, all them so called friends or family will be asking for your money. Money that they will probably never repay. As you start saving more, it is best not to let everyone know. When you tell someone no, they will say you have changed in a negative way. just wait . One of the hardest thing I had to do was to say no the my brother (whom I love very much) after helping him out several times before. I knew he would not be able to pay me back, but that is not why I said no. I still have helped many familymembers over the years, but have tried to help them use money mor wisely. So, be forewarned what to expect. Good luck.

  87. Leki Latu says:

    I paid off all my debt. Got money in my savings. I keep finding myself dipping back into my savings. SMH

  88. Cecile Ganel says:

    You are so inspirational and you have a WONDERFUL personality. New subbie!

  89. DB reborn says:

    Thanks for the info. Seen your debt free scream on the dave Ramsey show. Your debt free scream along with many others have been a huge inspiration to me. Cant wait til I'll go to Nashville to do mine. Thank you for all that you do.

  90. Polly Dolly says:

    You are wonderful! Subscribed!

  91. Sheyla Gomes Castillo says:

    Great video Troy!

  92. Dege411 says:

    1st video Iโ€™ve watched from beginning to end in a long time. You are awesome,Troy! Thank you for sharing.

  93. Ravi Jagannadhan says:

    One thing I found that really helped me save was dieting, oddly. Instead of buying food, learning how to meal prep really helped me, along with eating cleaner.

  94. Ravi Jagannadhan says:

    Any new videos?

  95. Ravi Jagannadhan says:

    Question, how do you define โ€œTrue Millionaireโ€?

  96. King Leonidus says:

    3:30 to 3:43 quote worthy ๐Ÿ‘Œ๐Ÿพ๐Ÿ‘Œ๐Ÿพ

  97. Mike K says:

    Stupid cool Kool-Aid Man, I had the same problem.

  98. Jay Eli says:

    "This is my friend calculator. He's good people. You should say hi." That's gold Lmao

  99. Marian Hanson Confidence Coach says:

    I wish I just kept repairing my old car instead of getting car finance! This video is relatable ๐Ÿ‘๐Ÿฝ๐Ÿ‘๐Ÿฝ

  100. tirikd63 says:

    Diney world ๐Ÿ˜‚

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