Over $1,000,000 in Debt!
2024 ж. 28 Сәу.
70 740 Рет қаралды
💵 Create Your Free Budget! Sign up for EveryDollar ⮕ ter.li/6h2c45
📱Download the Ramsey Network App ⮕ ter.li/ajeshj
🛒 Visit The Ramsey Store ⮕ ter.li/7vyom2
📞 Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message ter.li/n88ly5
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ ter.li/ng9950
🍸 Smart Money Happy Hour ⮕ ter.li/9gcp3d
🧠 The Dr. John Delony Show ⮕ ter.li/2u3mc0
💰 George Kamel ⮕ ter.li/1elws8
💡 The Rachel Cruze Show ⮕ ter.li/n2u6jc
💼 The Ken Coleman Show - Highlights ⮕ ter.li/1rbjr2
📈 EntreLeadership ⮕ ter.li/ktxv2k
Ramsey Solutions Privacy Policy
www.ramseysolutions.com/compa...
This is the happiest broke person I ever heard on the radio.
that's good. this proves money doens't bring happiness, or lack of money can still bring happiness
Its because they aren't really "broke". They will be making probably closer to 1 million per year. Anyone with 2 brain cells would prefer this callers situation over 100k and year and 0 debt.
What's so funny about being $1 million dollars in debt!! She's a JOKE!!!
broke can change, never an insult
@@odessajackson4551 she was also probably in a couple years have way more money than you. Lol so does that mean you're actually the joke?
Paying off my mortgage tomorrow. Completely debt free in 24 hours. These videos have motivated me to never consider debt again.
Congrats!! I will never forget the feeling when I sent my last payment!! its awesome!
Wow! Way to go!!!
Congratulations!!!
Congrats!
Congratulations!!! Imagine not making monthly mortgage payments again, that sounds amazing.
$1M is 90 YEARS worth of tuition at the college I graduated from.
So you make $600k?
@@patty109109 Irrelevant
@@patty109109I think the point is they spent a ridiculous amount of money on their degree.
I wonder why she is laughing with such debt, I’d be retiring or working less in 8 years, and considering this financial recession, Im deciding to begin taking up skilled trades. I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $120K per year but nothing to show for it yet.
you should contribute to your retirement diligently, or better still look into financial planning don't come to youtube for advise, consult a local or trusted online broker/plannner
Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 61 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an plannner to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.
this is huge! would love to grow my reserve regardless of the economy situation, my 401k has depleted seriously since early 2023, at this point, i'm in need of guidance, can you point me?
I’ve shuffled through a few experts in the past, but settled with ‘Monica Mary Strigle’. The strategy she uses is recession-proof, more specifically profit-oriented, and most likely,
Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Come back in 5 years - I bet they'll still owe $500K.
More.
Facts. And I doubt that 650k salary is real. She seems too scatty. I bet thats just a number they hears during an interview and its actually what the practice will turn over
@@Videpedia101 Which is why I think as Dental Specialists with two incomes, they'll knock off around $100K a year (including the interest) on average for the first five years. After that amount of time, they'll "level up" in the industry and be earning more.
@ReturnOfTheJ.D. you mean 100k each right? That's what I assumed. Fresh outta college there are dentists with 30 years experience not earning 300k so not sure how newly grad would
Correct. The government will take half of that $650k.
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.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Johnwilliams086 However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@@Lourd-Bab Oh please I’d love that. Thanks!
@@Johnwilliams086 Judith Ann peace is her name
Lookup with her name on the webpage.
Pay off loan in 18 months, WHAT? $650,000 after tax is $425,000. After basic living expenses you are down to $375,000. Interest on student loan is $70,000/yr. You are now at $305,000. Just because you work for Ramsey doesn’t give you a pass on math.
Exactly. It's complete nonsense. They can throw maybe 250k a year and it will still take 6 7 years
They have explained 650,000 times that he understands there’s taxes and interest etc but in order to get through a 5-10 min call where people are usually unable to give straight forward answers they use round numbers to get through the call.
@@likemike3016 it's common sense that at higher incomes, you're paying close to half in taxes
And it’s common sense that Dave Ramsey of all people would know that so again he’s using big numbers for the sake of a quick phone call.
@@likemike3016 sorry you don’t get a pass on quick math. You don’t need to break out a calculator you know that if you make $600,000 a year an hour million dollars, throwing out an 18 month number to pay off the debt doesn’t work more like it’s gonna take twice as long to do it.
The fact that she’s laughing is insanity. I hope she takes their advice but I think probably not.
Because, as with most student loan borrowers, she doesn’t really see student loan debt as a problem. It’s the only kind of unsecured debt that you can make paltry payments on all the way to the end of your life and taxpayers just have to eat it.
You want her to cry onair 😂 sone ppl just have a joyous personality and take this on in good spirit no matter what.
She is not laughing bc is proud of it, she’s nervous, most people do that when they’re in an awkward situation.
I’d have to disagree with jade on the ratios of $1M debt: $600k income to $100k debt: $60k income being equal. The $600k has the availability to live off of $60k and hammer out the debt. The $60k almost has to do whatever they can to scrape and claw their way out by living on nothing
Correct. The situation with 60k income and 100k debt was the situation my husband and I had (we were around 50k income and 90k student loan debt when we got married). It took us 8 years to get out of the mess (we finish this June!)
that 600k is going to be heavily taxed probably 350-400k take home. so itll still take 4 years assuming 1m debt interest is 80k a year
@@eugenewang4650lol. It’s about 270k if you fund 4% retirement 401k and pay for healthcare. My parents make about 600k and they take home 22,000 a month. If they live on 70k they will pay it off in 5 years. I didn’t even consider it when I first wrote 270k is with Pa taxes. In Florida it might touch 300k net. I mean I also make like 220k and they took 100k from me last year, so taxes on 500k are a bracket or two above me so > 50% will be taken.
@@eugenewang4650 Exactly. The couple making 60k needs 50 of that to live almost anywhere in the us.
600k after taxes is 300k. People who don't earn a big income don't understand tax rate at higher incomes are enormous
No shot they pay this off in 1.5 years. More like 4 years after taxes
They'll never pay it off..
4years not bad thou
I would argue they could do 2 years if they really focus
Ironically, for a women involved in dentistry, talking to her is like pulling teeth!
Would you have her work on you?
@@Mike-zf4ev I wouldn’t. Not yet. I go to a man who is in his early 50’s. Been working on teeth for 25 years. He’s experienced. Just going to school and getting all the head knowledge does not give you the experience. And I know dental students get experience in dental school but only 2-3 years. Not the 20+ years I would want.
I like Rachel and Jade hosting together because they allow one another to speak.
It’s frustrating when Dave doesn’t let people talk
Agree! They are my fav duo!!
Agreed. Dave is so rude and always interrupts and speaks over his co-hosts but he is aware that he is doing it, feel for the co-host as they shrink back.
@@Gabrielle-Z I could tell it frustrated George the most. I’m glad he’s doing his own thing on his channel.
I like Dave, Rachel and Jade. I don’t like John and George because they seem judgmental when people are asking for help. I like John on his show.
She’s really happy to be in this much debt.
It's not that often you're a millionaire... But in this case it's debt. 🤣
So much laughter
She is pathetic.
I would be really happy to be in her situation, dont look at the debt, look at the shovel
@@johndone8045 exactly. In 5 years they are going to be living their best lives
It will take 3-5 years to pay that after tax.
4 years is both that bad… 😬
I wouldn't let that woman near my teeth.
"Oh my look at your teeth, you're gonna need every service we have available"
😂😂😂
What does debt have to do with their knowledge in dentistry? They make 600k/year with $1 million debt, that's not a bad debt:income ratio And the idea of dentists being pushy salesmen to make more money isn't true either. Patients can spot the sales people quick, and insurance will punish dentists if they get too many bogus treatment plans.
@@Trewq79I’m guessing that the chances of her recommending unnecessary services is more probable;however, according to this channel, dentists are the medical professionals who tend to be in the most debt, according to this channel and other financial advisors that I’ve come across.
Do you know how much debt your dentist has?
My dentist's yacht is named after my dad.....brush your teeth everyone!
Can you imagine the taxes on $600k/yr? Did they forget about tax? Isn’t this their entire career? 1.5 years 😂😂😂😂
And don’t forget interest on those student loans… will take at least 4 years to pay off $1M in debt! They ALWAYS forget taxes and interest!
Well, she did say that it's $750k now.
Suddenly my situation is okay.
I don't think they'll pull down 600K working for someone else.
In the medical field yes they can. Dentist make bank.
@@pandaangry1267yea they rob and rip you off
Yah, i thought that sounded wildly opportunistic
Would agree. Show me the numbers, Amy. And give me a copy of the offer.
That's $600k total, so $300k each. For an experienced dentist with a specialism, that's about right. The average pay for dentists is around $150k-$200k, but they are specialists so will earn a bit more and if they are in a better-paid part of the country, they could easily reach $300k plus bonus.
LMAO this will not only take 1.5 yrs Jade!! TRY 5 YEARS with realistic income figures, taxes, interest, and living expenses even if they attack the debt seriously
and that's depending on if they even get that 600k
Million in 5 years would be 200k, somewhat more with interest, maybe closer to 250k-300k, but if they get 600k and live on 50 that could happen with 40-50% tax. How high is it where they live?
Live on $50k and you can do it in a couple of years.
Since when did math matter to the Ramsey Team? 🤨
600k gross, about 350-375k take home. I'm guessing they're gonna lose 35-40% to deductions between federal, state, and local. Live on 50k, and they could finish in 3-4 years, but a year and a half is mathematically impossible due to taxes. I have no idea why the Ramsey personalities like to push easily provable falsehoods.
I don’t believe a word of this. How can dental school cost $500,000 per person? Especially given that her husband is in the military which pays for dental school? Next objection - I have never met anyone at that professional level who sounds as inarticulate as this woman. I wouldn’t let her touch my teeth. I’m skeptical that they’ll actually make $600K next year, and even if they do I’m skeptical that they’ll figure out how to use it to pay the loans down. They’ll probably lifestyle creep themselves into debt for a long time.
Based on her accent maybe English is not her first language.
Her dental school (she's not military) and her residency (dental residencies cost money rather than paying you like medical residencies).
Ok I did a little reading online. Dental school itself won’t cost $500K but if you do a residency to become a specialist like this woman and her husband, like @arh1234 said, e.g Periodontist, Endodontist, etc. you could easily spend over $500K.
Dental school is the most expensive education. More than medical school. There is so much equipment involved. There would be no way to cash flow it.
I work in financial aid. When I talk to people who have her tone of voice, they are usually reckless and foolish with their money. They think "I'll figure it out later" and they never do.
I can't imagine following baby step 1 in this situation. To make $600,000 a year and only have $1000 in savings? That's a crazy ratio.
Baby step 1 is easier if you earn crazy money because the plan for any emergency greater than $1,000 is to pause the debt snowball and cash flow it, if you're earning 12.5k a week there's almost no emergency you cant cashflow
Emergency fund, even a fully funded one, is based on your expenses, not your income. Ramsey philosophy is to live very lean while getting out of debt, regardless of income.
Her laugh is definitely the coping mechanism oof
As long as they don't get brand new BMW's and upgrade to a new home they should be able to pay this off in 7 years.
Everything that is wrong with the US Healthcare system $1M for dental school Incomes at $700K Patients? Pay thru the nose!
How can someone so clueless finish dental school?
Exactly
Ask an orthopedic surgeon that. So clueless clearly. So dumb.
All that nitrous oxide lol
She will never work in my mouth.
I highly doubt she’s a dentist. I think the whole call is a lie.
IF (and that’s a big IF) they make 600K which I doubt just starting off it would be at least 4-5 years to pay that off. The tax rate at an income that high is around 40% which is not taken into account here.
Dave and none of his personalities take into account taxes. They probably only take home 360k per year and if you spend 70 k on living then with the remaining 290 it takes almost 4 years
Using NYC as an example, they would take home about 420k, but would also warm more in a higher cost of living area. In Texas they would take home 460k. They shouldn't have a problem paying down the debt as long as they don't fall victim to lifestyle creep.
Marginal tax rate is not effective tax rate. In FL, $600k is $445k after taxes. Live off $50k, $750k debt is gone in 2 years.
I love the positive energy both Rachel and Jade exudes in their videos; seeing them together in a video is awesome. When I saw the title, I felt overwhelmed for the caller; knowing the earning potential, she and her husband are just fine.
Even if they live off $70,000 they can’t pay that off in a year and half after taxes. This is a three to five year plan. The interest alone is going to hinder slow them down a while. And with her attitude you can tell she doesn’t care about the debt so it will take them 10-15 years probably.
This lady is living in her own reality
Aren't we all? 💛
This is the most frightening dentist of all time.
600k income in dentistry. Sounds too good to be true
Well for both, that sounds accurate.
this call seems like bs
Rachel thinks that they can have 750k paid off in 18 months? She don't think they have to pay taxes? After taxes, they are maybe bringing home home like 400k. They can also afford to buy a house. But this seems like a troll call.
In FL, with no deductions, MFJ, $600k after tax is $445k. Live on $50k like a middle class household, pay off $395k/year. Done in 2 years.
@@arh1234 I keep forgetting they have no state tax. It's amazing how Florida have no state tax, but also can budget , and have a surplus.
The only criticism I have is that they never account for taxes, health insurance, which easily can eat up 1/3 of the income. So if they are earning 600k they will actually have 400k take home. Than more realistically use 100K living expenses. Leaving 300K for the dept which will take 3 1/2 years to pay off.
But also, she mentioned 650,000 a year minimum.
They don't need 100k for living expenses. Most don't have that total. Spending that much would be choice.
@@riku3716 All I was saying is that it is more realistic... Sure they can live with less. Though claiming that paying it off in 1 1/2 years with 400K is wrong, which is much more accurate what they would take home after taxes. Even if they threw all 400K at the debt it would still take 2 1/2 years to pay off. Don't get me wrong I agree with the principles of getting out of debt. I just wish they would be more accurate when calculating the time it would take to pay off the debt.
@@reykennedy5716 She also was called out for not having accurate numbers. So under those circumstances I would err on the more conservative numbers. As far as we know it could be less than 600K as well. Why? None of the numbers she gave sounded concrete. Until you have a contract or pay stub in hand everything is hypothetical.
@@laserbeam-fx9qv I agree. It's insane they payed that much for schooling to begin with.
600k min income? year and a half payoff? We need OG Dave on this call. Caller and hosts are in the land of make believe.
How is that make believe? They have jobs lined up that pay that. They are both experienced dentists. Making $300k a year plus bonus is about right.
Just pay 200k a year make it 5 year plan and easy life, no rush needed
@@thomasdalton1508 It's the land of make believe because 600k in income is 400k after taxes not counting any living expenses.
@@thomasdalton1508 It's the land of make believe because 600k after taxes is 400k not counting living expenses.
This is why math is important and Dave and company need to include interest when they speak. Love all the personalities but they need to revamp the interest discussions. Especially since student loan interest is added and compounded daily. A 750,000 student loan with 6% interest has daily compounded interest of just over $123 on the first day! A couple making 600k will also be taxed hard unless they own the practice. They’re going to make enough to pay it off but the speed of it is underestimated because math is hard for most people. $40,000 or more of interest the first year is not unsubstantial.
Scatterbrained.
TOP earners make 300k. Median is as low as 65k, average of 211k. They might pay this off in ten years, but I love it when people focus on best case scenario of the 1% of earners in a field... you just finished school... you're not going to be top earners right away, if at all.
They are specialists. My guess is probably root canal specialists because most of those programs charge tuition. I'm a general dentist but my root canal specialists friends right out of school were making a minimum of $390K
I did realistic math. If they buckle down seriously, they could have this loan payed off in 8 years minimum.
$600k in FL, married filing jointly, is $445k after taxes. Live on $50k, pay off $395k/yr, done in 2 years. Not even rice&beans.
I love how Ramsey team ignore taxes lol. A year and a half as of taxes weren’t a thingt 😂
Yes clueless, just like the crazy stock market forecasts of Papa Dave.
Yeah pretty disgraceful they’re lying to her
100% agree with this. They need to calculate taxes and then tell her the real number of years they'll be paying it off. Probably a good 4 years if they are lucky and disciplined.
and the interest accumulating
If you see a title like this you have to click it.
Oh yeah it will always make you feel better 😂
Never clicked on a video so fast 😂
My thoughts exactly!😂
Yup
Facts 😂
This caller is horrible. 600K sounding like something they expect, not going to make. Listening to a financial adviser informing them to pay the minimum, and believing it doesn't sound to reassuring. These people will be in bigger debt sooner than later.
It's the low end of dental specialist, they will likely make more.
Yeah people don't know math and understand the ratios LMAO. I'd rather have that 600k income with 1 million debt because it'll mostly likely go up because you have a valued skill, than 60k income with 100k debt
This has to be a bragging call. No way a dentist cannot figure out this...
Even in dental school, it does not cost 1 million.
True!!!!! No one asked about that number!
There’s 2 of them so $500k each
I graduated in 2016 from a public dental school with 430k. Tuition has gone up plus interest accrued during residency should bring them over 500k easy. Theyll be making 400-600k each easy as a specialist. 325k is just a guaranteed minimum
@@lukeiskandar1208 Still would not cost that much.
@@lukeiskandar1208that’s still highway robbery for dentistry. Also do people not believe in paying off their loans while in college? Work study? I mean atleast save yourself early on not years later
No taxes in Ramsey world 😅
She comes off as over optimistic dreamer. If they come off even 5 years from now actually making that much, I’d be very, very surprised.
They are experienced dentists with specialisms. That's what those jobs pay.
300k each is on the low side for dental specialist.. Caller will be okay.
@@MaxSujyGermany 300k is not on the low side I'm looking at the range which says from 165 to 365. That's a wild range to think your gonna come in close to the top.
Lol she ain’t doing that- anyone who borrows a million is not gonna live on 60k
They're not paying that debt off.
Hey I'm totally with you on them living on $70k. But if they make $600k, after taxes, that looks like $460k if they are working for someone else or $430k if they are treated as self-employed. So if they will live on $70k, it will take 2.5 years to pay off the loans, instead of 1.5 years. It's not much more time in the grand scheme of things, but these calculations need to be based on their take home pay and not on gross income. So please try to start with a caller's net pay instead of gross pay when making these calculations. I hate the way the government spends our taxes. But unfortunately, we can't opt out. You both are awesome! Oh yes, I just read another earlier reply and didn't figure in the insane interest on the loans in my calculation. So add another year on top!
They’ll be making $600k a year soon. They’ll be fine.
When I listen to people on this show, I really do think most people in debt or with savings want the same thing. You just have one group of people that want it as soon as they can, and another group that are prepared to wait. I think humans have to be one of few species, where patience can shape so many outcomes in our lives
As I get older (only 25 for context), I noticed that it seems to be driven by time perception/anxiety more than anything. The most common phrases I hear are “I don’t want to have to wait to enjoy my life” or “work for the rest of my life before living.” A lot of people have unrealistic time perception because they’re most likely surrounded by people that make them feel like no matter what they do it’s not enough if the proof isn’t manifesting in material/luxury things. That feeling even hits people that aren’t materialistic in the slightest because they associate enjoying life with being able to keep up even if that’s not what is personally important to them.
@@rayofsunshanFacts 💯
The sad part is that they are going to be taking home $300k after taxes depending where they live which will take closer to 4 years to pay off debt unless they really hustle and double that. I doubt they can continue to push that long with so much peer pressure in a new town.
Work in public health as dentists, apply through NHSC for loan repayment to cover your monthly payment, and then after 10 years of service the government will forgive all your loans via PSLF. Boom. Debt free in 10 years without spending your own money. Ask me how I know. Im a dentist in public health.
Earning $600 doesn't produce $600 in cash. Uncle Sam takes a lot and other deductions like insurance take some. If they owe $300 on a house in Pensacola, it may sell slowly because the Pensacola market isn't that high, and then there'll probably be capital gains taxes on any increase in price. So although you're right that it can be done, it won't go as fast as you say.
I talked with a dental student. $400,000 for 4 years ! 😮
Now I see why a root canal is 20grand!!lol I have serious doubts about here imaginary starting salary range!!
300k is the low end per dental specialist. She will likely make more.
you got ripped off, they're like 2k
That is ridiculous, on my country a root canal is under 1k including porcelain false teeth and metal core
She is awfully happy to be drowning in debt
It was obviously a nervous laugh but still annoying, nonetheless.
Her and her husband's income is going to be 600k minimum a year due to this school debt, that's honestly not a bad roi.
She’s not drowning.
@@dudeorduuude5211very
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income..
Please can you leave the info of your investment advisor here? I’m in dire need for one
I am being advised by *STEPHANIE KOPP MEEKS*
Thank you for the guidance. It was straightforward to locate your contact....
Now we know why dental work is so expensive. Wow!
The caller is a poor communicator and doesn't sound like a highly educated specialty dentist.
I am a dentist in Toronto, Canada. Dental GP and specialist degrees are MUCH CHEAPER in Canada. Americans should consider studying up north.
Sir how much do you earn now as a dentist in Toronto Canada? Plz reply. Thanks a lot.
Sir how much do you earn as a dentist in Canada? Plz reply. Thanks a lot.
Depending on experience, clientele, dentists in Toronto can earn between Canadian $5000 to $50000 per month.
@@MarkYeung1 sir do you earn 350k dollars a year as a dentist in Toronto? Plz reply. Thanks a lot.
@@gourabsarker9552 I prefer not to disclose. Thanks.
The most debt I’ve ever been in was close to $800K (single person) after I bought a second home in the city in 2017. I never stressed about it or lost sleep. But I was intentional about paying off my main house. Just shy of 7 years later, it is down to $387K and that’s for a 15 year mortgage refinanced at 2.49%, which I am not going to pay off because I’m getting 5% in a CD. If their student loans are at a low rate, say, below 4%, they really do not need to pay this off so quickly if they can save or invest whatever they make.
1M deb for student loans is nuts, but making 600k a year just as practice is even more wild. Just made me realize how distorted is health care , like not their fault they got charged that much for school, but then they just transfer that to rrgular ppl making 50K a year is absolutely crazy. Why school is this expensive in this country if they dont teach nothing different than other countries get same degree for way less... clearly someone in the top pocketing all the money
At this point, just keep on going. 🤣🤷♂️ She seems like she can laugh it all away.
The ratios are not the same. Making $60k a year versus $600k a year the taxes are different plus you can’t write off the interest on student loans when you make over $160k a year.
A lot of clueless "know it all" in the comments (as usual). 600k combine income (300k each) for dental specialist is on the lower side. Caller is 100% correct.
And they don’t need to pay taxes on $600k/yr?
They are American. No American is ever correct about anything.
I have high doubts about that $600,000+ annual income figure.
for two people doing dentistry that doesn't sound that far off. i'm not american so could be very wrong
Michigan, our dentists earned much less the MDs, dentists begin at 160k+, but MD like 200k+
Hopefully I am wrong, but not only does a person need to be qualified, he/she needs to be competent. Doctors and dentists *do* get fired from time to time. It really sounds like they are counting their chickens before the eggs hatch.
@@Frank-dy7lx $300k starting sounds like California rates i admit. MDs will almost always make more
@@pandaangry1267dentist make the least in CA. I practice in CA. They make bank in rural underserved areas
"Dental School" The debt incurred here makes a root canal without anesthesia feel like a massage.
They won’t make that much for the next 2 years.
How do you miss taxes in the payoff calculation? A 600k income isn’t take home. No way that gets “paid off in 1 1/2 years! Maybe in four years after taxes are factored. And if they stick to the plan.
You get a second job in the weekend to offset the tax payments. Duh!
Ppl in America will soon be coming out of school with billion dollar school loan debts...Lol Ppl are saying that taxes are not being factored in. They will be eviscerated with a 37% tax rate. They need to get with a tax advisor early and financial advisor. Ppl who make a lot of money somehow wind up with astronomical bills as well. Be super selective about financial "advisors" as well, majority of them will steer you to vendors and services that line their own pockets and were not in your best interest financially!
I respect everyone who has the patience to get to be a dentist but $300k per year to fix teeth is just bonkers to me.
Why?
I mean its not the same as someone making 60K and has 100K in debt because at 600K youll be paying about 38-45% tax, YES even in Florida. So there 600K is really about 350K meaning they have probably 250K left for debt repayment. AKA the real debt repayment is not 18 months HAHAHAHA its more like 4 years. 3 Years if YOU PUSH and live on 50K....
Wrong again. lol 650k in Pensacola is good. Our rental is there & it makes bank.
@@OopThereItIs77777 wrong again!? lol you understand how federal income tax works right!? It's federal. 😂😂😂
Once again, taxes don't exist in Ramsey world.
They always ask take home pay. This is after taxes. Insane income, good for them!
I would say pay off in 5 to 6 years while having a decent life
@@huskiefan06 They did not say what their take-home pay is, that was the gross amount. After take-home they would have less than 400K left. They could not pay this off in 18 months even if they put every penny into it.
@@johndone8045 Yeah -- live off of 200k (take home) and throw the rest at debt -- they should be good in 3 years.
@@XennialGuyAny tax-free state they would have $445k left after taxes as W2 workers.
They can pay this off fast if they’re making 650k minimum. I love that Jade brought up the ratio. It’s not like they make 50k with that much debt.
Amazing that people who is “highly educated “ can do this simple math on their own 🤦♀️
you never have to keep up with the jonses, read about stoicism and it will change your life... only care about peoples opinions that you love like your family. i really never understood people that will buy a 100k or several million dollar sports car to impress their work buddies that are not paying the bills.
This can only happen in America, it's unspeakable 🙆
Wow. When they said $1M in debt, I was thinking "hopefully it's 2-3 rental properties". Oh no - it's 100% student debt. :/ yikes. With their income, they can pay this off in 3-4 years, but they need to live very frugally, which most people are not willing to do. Also, unless I misunderstood, they actually have 1.3M in debt - 1M in student loans, and almost $400k mortgage.
Ain’t no way they can pay off $1m in 3-4 years. Their take home is probably $30k a month, mortgage and living expenses is at least $7k a months, that leaves $23-5k a month, $1m student loan even at 5% is already $50k a year. It will take them at least 6 years.
Yeah but then they get out making 5-7x what they average American household makes even after they pay taxes so might be a useful tradeoff
Yeah it is a good problem to have, once they paid off that student loan. If they screw around with it it will be decades.
I never knew being $1,000,000 in debt was so funny 😆😂😐🤷♂
That laugh is a HARD cope. And I thought me having 3K on my credit card was stressful...
600k shovel. THey are going to be living their best lives in 5 years.
I thought having less than 2k usable money outside emergency fund was a concern.
That was nowhere near as juicy as I thought it would be.
I love Rachel's girl math. Firstly, this is a 4 year plan to get through baby step 3, because the government is gonna take half that 650 right from the start. So 325 a year, theyre gonna have to live off 3 grand a month, so not a ritzy 1 bedroom apartment. Thatll give them 289 a year to put toward the debt.
Can we talk about how much the interest is per month on $1,000,0000
I dont know how in the EFF shes cackling while being under a million in debt. Its hilarious to her
Nerves
Am I the only one thinking about the interest?! It might be $1 million now but that interest could add hundreds of thousands of dollars easy. I can’t see them living broke to pay this off.
Yep, even at 5 % it is $50k a year…….that’s $4k a month just going into interest.
... not sure what the problem is you just said you no doubt 100% about to make 650K a year.... I have a wife and 2 kids and live fine on 60k a year(in pensacola)....... live like a normal person for 2 years and pay off your fecking debt.
I think Amy did a google search on salaries for Dental Specialist and took the high-end numbers as the minimum. Also, they don't sound the youngest, so even if they hustle to get the high-end, realistically, it won't last long. I'm not too optimistic about the numbers. Bad fairy-tale advice ignoring a lot of crucial details.
That's factually incorrect. 300k is the low end for dental specialist.
@@MaxSujyGermany - 😅🤣😅🤣 - Gotta be sarcasm.
The calculus is a fair bit different from someone that makes 60k with 100k in debt because of taxes. If you are making $600k, your effective tax rate is going to be close to 40%, so your after tax income to debt ratio is worse. In the case of the caller, it will take them a minimum of 3 years to get out of debt even if they only live off $75k, not the 2 years mentioned.
But also, she mentioned 650,000 a year minimum.
@@reykennedy5716 Right, of which their take-home would be about $400k, take out $75k to live on that leaves them with $325k to be able to pay on the debt. With $1M to pay off, that's a bit over 3 years, even ignoring the fact that they will have interest costs over that time as well of probably 60k-90k for the first year (6-9% interest).
Basically, my point is that the Ramsey personalities other than Dave usually ignore taxes, which might be a reasonable assumption when you are working with people making under 6 figures, but which is increasingly unrealistic for people making more than that. Dave at would conditionally factor that in, and that's a skill the new personalities need to learn as well.
If ONE PENNY of student loan forgiveness goes to this, Im gonna throw a fit.
Okay but the question is as far as throwing that fit goes are you going to vote the same way you always have which is democrat or republican AKA demon rat or reanublican? Because guess what? If you do that you have no room to whine because you're doing the same things you've always done and expecting different results.
Loans must all be hers. Otherwise, they'd be easy PSLF candidates with military service time.
This call sounds fake. Who says I owe a million dollars then laughs about it?
Nice finding a practice that will take them both and pay them 300k each .
Net take home is $390K live on $70k Leaves $320K in debt reduction annually???????????????
Amy just talks in circles… I would just believe half of what she says
Live as cheaply as possible for two years sounds like my personal motto.
Why is she laughing so much???? My chest is tight just listening!
'I've got 1million in debt' 'whoah!!!' 'I know..tee hee' 😑😑
The ratio IS NOT the same… this couple gets to live on 70k making 600k and 1 million in debt. The couple with a 60k salary having 100k in debt can’t live on even 1/3 of that which is 20k. Living in fantasy land.
Yeah, it's hard to believe that you gonna be making over half a million a year and have trouble figuring out how to attack the debt.
Look up entry level dentist salary. They’ll pull down 400k MINIMUM 600k is not a stretch. And yes their jobs are all but guaranteed dentists have one of the lowest unemployment rates out there. Yall just can’t fathom that picking the right degree can actually lead to making money. Maybe you should’ve stayed in school 🤷🏻♂️