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Drain My $30,000 in Savings to Pay Off Debt?!

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Drain My $30,000 in Savings to Pay Off Debt?! – 5 Tips

Drain My $30,000 in Savings to Pay Off Debt?!
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46 Comments

  1. CanceledSadFish
    July 22, 2021 at 12:25 pm

    Love you dave…but no way I'm leaving my savings at 1000. I've paid off 10k in debt and put 5k in savings…I've got roughly 15k in debt to go. 10k of which is a car note…I estimate that throwing 1.5k a month at it were clear in 10 months. 1k is nothing these days..I just had to pay $300 to fix my AC that hurt.

  2. City of Joy
    July 22, 2021 at 12:25 pm

    Thanks 😊

  3. Blazer
    July 22, 2021 at 12:25 pm

    Honestly I would pay the car off today and save up about 10k in a couple months then pay off student loans

  4. Mr. 13
    July 22, 2021 at 12:25 pm

    I own 10k and a car loan instead off paying the cart off I put the money into a dividend stock and everything month I take the money from the investing account. Is that I good idea?

  5. **
    July 22, 2021 at 12:25 pm

    He should probably leave 10k in the bank. He makes 8k a month so he's going to pay off the debt either way.

  6. Ricky Jennings
    July 22, 2021 at 12:25 pm

    Man I love dave

  7. E L
    July 22, 2021 at 12:25 pm

    Bad idea to pay off the debt at once like that. 30k in savings ? A wiser idea is put 30k in mutual funds get a high retun on investment, then use your returns plus some of the 30k to pay off your debt. Youll still have high savings.

  8. Alberto G
    July 22, 2021 at 12:25 pm

    $8k after taxes and deductions might be $6k a month. It could take a little longer based on his monthly living expenses like rent, food, utilities, but its definitely doable 👍

  9. insure4cheap
    July 22, 2021 at 12:25 pm

    Currently in this similar predicament. I have saved up $37k and my debt is $39112. Seeing all that money go is kinda weird but I just think of it as finally getting this debt out of my mind and living freely from here on out. This method is more unconventional to what the baby steps teach but no matter how you get there, just do it! It’s not how you start, it’s how you finish! 🤷🏾‍♂️✊🏾

  10. MiketheYung God
    July 22, 2021 at 12:25 pm

    That’s how to get rid of debt. Use up ALL of your money. 😂.

  11. Grant Seuser
    July 22, 2021 at 12:25 pm

    Why has the $1000 emergency fund never increased to keep up with inflation? It should be at least $1500 if not more by now.

  12. Ashley
    July 22, 2021 at 12:25 pm

    I have such a hard time letting go of my savings.

  13. Nemo Gage
    July 22, 2021 at 12:25 pm

    If my savings interest rate is 3.2% and student debt interest is 1.8%. Why would I pay off my student loan?

  14. R A.
    July 22, 2021 at 12:25 pm

    Well the whole point to save is to be debt free right?

  15. Dogan
    July 22, 2021 at 12:25 pm

    What a loser he makes 8,000 a month and he's he can't pay his bills.. pathetic!

  16. Alex P.
    July 22, 2021 at 12:25 pm

    This man teaches you how to live like the middle class..that 30k could be used to invest. Debt can make you rich if used properly

  17. Jubelpk&mi0p8lo Alik7j
    July 22, 2021 at 12:25 pm

    I have same problem I'm going to do the same thing

  18. Rafael Velasquez
    July 22, 2021 at 12:25 pm

    Comment 667

  19. Culper
    July 22, 2021 at 12:25 pm

    Am I the only one who thinks rice and beans (or lentils) for breakfast, lunch, and dinner aren't bad at all? Whenever I went to my dad's house, even though he made 50/hr (50-70 hours a week), he still ate beans and rice. He had some homemade hot sauce to mix it up a bit, but it was so good. Why have anything else? I mean, you'll want some salad and fruits a couple times a week (should be every day, but if you are on a budget…), but rice and beans are completely fine.

  20. Jonaca Crooks
    July 22, 2021 at 12:25 pm

    Love it! 🙌🏾

  21. Richard Guzzino
    July 22, 2021 at 12:25 pm

    bank of america are biggest liars-if they harass you for payment you have the right to tell them no more phone calls-& if those lying crooks sue you for alleged non payment of credit card tell them you want all info deleted from files of credit bureaus if you pay settlement of no more than half-pay for deletion-get it in writing if they agree-see how quick those crooks drop lawsuit against you-those lying crooks want me to pay fraud charges

  22. September Q
    July 22, 2021 at 12:25 pm

    "Its only 4 months"– in that 4 months he gets sick, goes to hospital and has to pay $30,000 in out of pocket medical bills ….

  23. anthony James
    July 22, 2021 at 12:25 pm

    Horrible advice. If he loses his job he’s left with 1 grand.

  24. Rebecca Ings
    July 22, 2021 at 12:25 pm

    A lot of people are not financially stable this period and it's not easy, I always advise people, don't just waste your stimulus checks or salary, invest it in something that will yield more, even if it is a part of it. We can't keep relying on a paycheck that is already half-spent before we even receive it, there are investment opportunities that have helped a lot of people especially in the financial market. Having different streams of income is essential in this pandemic, especially now most of us have to earn and work from home. I've made impressive progress so far this year and it has helped me sort out a lot of bills, I made over $96,000 investing in stocks , crypto and forex trading with the help of an Expert Trader (Carlos Beckham) .He is so reliable, i and my family will forever remain grateful to him. I'll advice anyone who needs help in trading to reach out to him. (carlosbeckhamtrading@gmail.com)

  25. GODS GRACE
    July 22, 2021 at 12:25 pm

    3:44” when i thought anyone wanted lots Gift then try DailywebEArN. com Intended for everyone

  26. K Wood
    July 22, 2021 at 12:25 pm

    1000 is nothing as a security blanket if there is something like say a pandemic …🤦‍♀️

  27. J MC
    July 22, 2021 at 12:25 pm

    Whats his career again? I didn't understand

  28. Maxim Moreau
    July 22, 2021 at 12:25 pm

    How should i approach this: 1200$ in savings, 1350$ in TFSA that gives me good return on investment(more than 20%), 13000$ car loan debt(only 1.49%interest), about another 20000$ 0% interest loan(girlfriend and dad…) I have extra 1268$/months(with an income of 3276$ after taxes) to put towards loan, savings etc. What should i do? Minimum payments for car loan is 368$/month. No credit car debt that i don't pay every months thanks to girlfriend(got in debt with girlfriend because we wanted a house so she provided most of the cash down) and dad(helped me with credit card debt in january 2020). I figured that i'll be debt free in 3 years… It's so long…

    Thank you

  29. Kieth Mergard
    July 22, 2021 at 12:25 pm

    Question. Why not live with zero life and put everything not going towards monthly Bills into the savings instead of all the rest? Or did I miss that?

  30. charles minor
    July 22, 2021 at 12:25 pm

    Do you think it's always a good idea to pay off a mortgage?

  31. Donald Micheal
    July 22, 2021 at 12:25 pm

    I've always wanted to invest in forex/stock trading, after a few trials I realized that trading without a good mentor and guidance is a waste of time and money.

  32. Dejan
    July 22, 2021 at 12:25 pm

    Please learn from my mistake. This year during the lockdowns I used my time to work harder and save more, resulting in 9500€ in 7 months. My total remaining debt (flat mortgage) is 37000€. Then I got GREEDY after the good results and wanted to speed up the process even more, so I chose to "safely " gamble and plan to double those savings. Needless to say, I am exactly where I was before the pandemic with 0€ saved and knowing all that hard work was for nothing really gets to me. Never do this. Slow and steady wins the race.

  33. MLJ The_Shield
    July 22, 2021 at 12:25 pm

    These are the ones that drive me crazy. "What's your income? $8k pre-tax!" – Ok, I'll then walk you through steps that ignore those taxes along with rent, food, utilities, and assume you have the full 8k to play with. Dave said "I want you to save 4-5k per month into baby step 3". So $8k pre-tax becomes $5500 post tax, not factoring in food, water, shelter, gas, etc. and is told to save 4-5k? Unless Dave heard he makes $8k POST tax, this makes 0 sense.

  34. Justin Itdoesntmatter
    July 22, 2021 at 12:25 pm

    I have similar situation, 23 yrs old 40k in student loans and have 42k saved up in a year and a half. Part of me wants to write a 40k check but it seems devastating. Student loan forbearance has helped a lot.

  35. M1 Investor
    July 22, 2021 at 12:25 pm

    Cliff notes: have debt? Pay it off! The end.

  36. Dean K
    July 22, 2021 at 12:25 pm

    How do people make 8k a month after graduating haha. Ugh Canada wages

  37. Jorge Corradi
    July 22, 2021 at 12:25 pm

    Sometimes I find Dave's advice a little off. Maybe I'm too conservative and a little skeptical regarding cleaning up a savings account to pay off debt and then starting from scratch on creating the emergency fund… What if the guy goes ahead and pays off his debt and loses his job the next day? That's just something to think about… Sh*t happens…

  38. Andman8210
    July 22, 2021 at 12:25 pm

    I urge people to follow his advice

  39. Zach
    July 22, 2021 at 12:25 pm

    I would pay off the car for 9k, pay off 10k worth of student loan debt, put 6k into gold, silver, and cryptocurrency, keep $5k in savings. Pay off your remaining student loan debt within the next 6-8 months with your solid income. Please understand that we are seeing inflation (money printing and devaluing) like never before so having hard assets are one of the smartest things you can hold right now. The dollar is dying, and Ramsey is in love with the dollar.

  40. Idris M
    July 22, 2021 at 12:25 pm

    Great Advice. Especially if he has no kids.

  41. Maye
    July 22, 2021 at 12:25 pm

    I agree pay off debt as fast as you can. It is so much better being debt free. You can build your savings up again, it is so much better being debt free and makes a huge difference long term

  42. bitblt
    July 22, 2021 at 12:25 pm

    Sometimes it really does just take an outsider pointing out the obvious. He'll be debt-free with savings in no time.

  43. Fresh Take
    July 22, 2021 at 12:25 pm

    Ok I’m convinced. Dave Ramsey gives bad advice. Did he even ask what the interest rate was? Does he know that the mortgage industry is going to dry up soon and this guy is going to be unemployed? Does he know we are in the middle of a pandemic?

  44. Kevin Regan
    July 22, 2021 at 12:25 pm

    I love the advice, but maybe, with inflation, baby step #1 should be $2000…

  45. Pluasok
    July 22, 2021 at 12:25 pm

    Only Dave Ramsey has the guts to say to a guy selling loans for living to pay off loan ASAP 🙂

  46. serioushamster
    July 22, 2021 at 12:25 pm

    There was a rule of thumb said that t for every $10000 that you want to earn add the time it would take you to find a job by at least one month. It is a good way to estimate how big of an emergency fund you would really need. Note for some pay people who make above $70000 a year, they might not even be able to get 'low level' jobs due to being overqualified.