Dumb Money: 'NEVER Pay Off Debt'

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**Disclaimer: neither this video, nor any content produced by Caleb Hammer should ever be considered investing advice or official financial advice. All content is made for entertainment and educational purposes**
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[CalebHammer]

Announcing 50, 000 on next Tuesdays video. Definitely forgot at 12:30 am when trying to finish this video 🥴

[BriNathanCollins]

The individual has completely missed manage their money if they are $11, 000 in credit card debt. This gift is literally a reset on all of their financial foolishness over the years. If they don’t change their habits, they will wind up in the exact same position in 5 to 10 years.

[CD-hnos]

Honestly from the age of 19-22, I stacked more than 20 thousand in car debt and credit card debt (3/4 of that being car debt) and life was miserable. I felt as if I never had money after paying off the minimum each month on every account. When I finally started making decent money at 23, I worked my ass off and paid off all my debt within 8 months. And boy let me tell you, life is a lot easier not having to worry about paying any debts every month. People need to realize living in a debt should not be the norm. It’s not a way to live

[VeganMangoQueen]

“I wasn’t paying attention” “so many questions” “I was totally spacing out”. Dumb money for sure.

[Natedaschoolboy]

Damn, the lady @ 3:50 definitely knows her shit. Probably just forgot that federal student loans are generally fixed rate. So let that cheap debt ride of course and buy the dip 🤙

[fruitschnacks]

The quick black and white cut of caleb after the woman said "There will always be car debt" sent me 🤣

[tannerdrake]

Videos like this do reinforce why Dave Ramsey gives the advice he does. As Caleb described what he would do saying that he wouldn't let emotions get in the way of math... I would literally trust <1% of the population to ACTUALLY have the discipline to treat money that way (even myself), so it's best to not even float the idea to most people... Let alone the type of person with $10k+ in credit card debt

[amandeez]

I’d recommend blacking out the emails. Congrats on 50k!

[sinofcringe]

watching your vids finally got me to fine comb a month of my spending and i realized i'm losing about $1k/month on junk food, bad habits, and subscriptions i've forgotten i had. keep doing what you're doing man thank you.

[hab]

Don't forget to consider risk - while the S&P 500 has returned 9.4%/year over the last 50 years, there's no guarantee that S&P will return that same percentage over the next 5-10 years. Paying off fixed rate debt is a guaranteed rate of return. I like a mix of both.

[CAGChannel]

I would ask if having the student loans keeps her up at night. That’s real. I’m old; trust me. I’m not a huge Dave fan, but human emotion is real and affects sleep. I did a small “math dumb” payoff because I needed to free the head space ( mental bandwidth if you will), and I slept better for sure. I stopped the “ what if” catastrophe spin at 3am that humans are prone to do. Im glad I did the “math dumb;”. The better sleep was worth EVERY penny as an older person.

[FobosLee]

This woman at 3:48 gonna steal Caleb’s show one day. Haha. She’s so punctual and knowledgeable!

[quixomega]

Here's what I'd do. Pay off the high-rate credit card and car debt (rates are terrible). Build a 3 month emergency fund and continue to pay the student loan (unless it makes you really anxious) and invest the rest in index funds (in tax advantaged accounts as much as possible).

[miamitchell]

America's view on car debt is just crazy to me. It's so sad that being deep in car debt has been normalized. I'm 20 years old and I thank God every day that I am not deep in any car or student loan debt. It's crazy and sad how much people lack knowledge when it comes to financial literacy. That's why I'm glad I found you & Dave Ramsey's channel both of you guys taught me so much when it comes to finance!

[quixomega]

Oh man, that lady "you're always going to have car debt". You will with that attitude! If you go for a car you can actually afford, it takes a lot of pressure off your budget.

[arga]

Pay off Credit Card and Car, pay 20k towards the student loan
Save 10k as an emergency fund, invest 10k in SP 500 index

[Jet-ijzc]

6:15 "you'll always have car debts" what? I litteraly never had car debts, if I can't pay it cash, I cant afford it

[Chenny]

The guts you have to just approach people and interview them is something I could never muster, keep up the great work and the amazing creativity. TY & enjoy your holiday💖

[jbrockskill]

I love this video concept, keep asking the public questions!

[rachelescarcega]

This was a fun style for a video. Loved hearing others work through how they might manage the money!