How Do I Get Out of This?

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[Fishouta]

I really appreciated Dave's appreciation towards this caller for being in the service. And the great laugh when he joked about being in long enough to create this mess. I really love Dave's genuine laugh!

[ajalicea]

Thank you Dave being so understanding towards our military.
Just a little insight on why some military folks are trying to get out of debt, when you are trying to get promoted or reenlist, the military does a financial background check on them. If they are not at a certain point, it makes it harder to be promoted or reenlist.

[ctb]

When you look at the financial statistics, the amount of active and retired military personnel drowning in debt compared to civilians is astounding. Dealerships and credit card companies sucker them in and mess them up like clockwork. $0 down and 15% interest.

[Mark-qgud]

January is the absolute worst time to sell a motorcycle in the north lol. Someone’s going to get a great deal!

[todd]

The interest on the CC is $500/month. Insane.

[noname-rlwm]

George Kamel is a great cohost! Hoping Ramsey makes the change permanent.

[darrelljerome]

Active duty military are some of the worst at managing money. He is in the majority.

[joechang]

98K combined income with a 290K is within bounds, considering he is enlisted military, with predictable pay increase (on service time) and possibly in grade assuming he is not in an over saturated rating (unlikely for E-5 looking for E-6). Get rid of the bike, get rid of the expensive car, tread water until he make 8 years and E6. The other factor is whether the wife can pick up extra work
I chatted with an E-9 boiler tech. He only had 15 years in, but that is a hard specialty to fill. He also took contracts on the side to clean the Navy buildings. this was an E-9, though still young. I supposed he had a plan to rack up a good retirement package then start his own business.

[mosquitofleetfishing]

I can’t believe they made the suggestion for “increasing income” to this guy. He’s active which means he doesn’t have free time and also that his wife works.

At 28 he’s probably an E5 which means his pay is nowhere near $98k alone, unfortunately. It’s just a buckle down situation and grind it out.

[atenas]

The first step to learning to win is learning not to lose - Bill Belichick

[Ka_Gg]

This guy is in the same situation as a majority of military guys.

Truth is early on they live on base. Eat at the chow hall and have almost no expenses aside from buying razors, haircuts and toiletries. They often get a toy or two. Go hard on tattoos or just buy dumb things. Then, it hits them one day.

This kid isn't in a great position, but it's definitely manageable and he seems like he actually wants to get out of it. I think he may be a bit naive on the motorcycle price. He mentioned the aftermarket parts and that almost never adds value to a toy. But I wish him luck. There'll always be bikes in the future.

I would have also asked what kind of cars they have. They probably could downsize on their vehicles, get something cheaper. If he has a bike, I'm going to guess he has more of a newee sporty car. Sell that and get an older beater civic. Lol.

The way he talks about some money being left over at the end of the month, I have a good feeling he will get out of the situation.

Also, try to find a way to get a lower interest rate on those credit cards. Not sure if getting a personal loan to pay them off would work, but if he can get closer to 10% interest instead of probably the 20% he has now, it'll help.

[wahinepaddler]

We never got into if they had savings.. he said they have $1500-2k a month after their bills... I'm guessing they have some sort of savings but they never asked about that..

[kurtrussell]

Thank you!!! Finally someone didn't say "well i have this

[loukaproductions]

I'd love to use the app but it's restricted in my region. Any idea on why that is and how I can get around it? Great content by the way I'm loving this financial literacy especially having stumbled into it in my mid twenties

[CarlaQuattlebaum]

Good idea trying to sell the motorcycle. Can't be fun riding that thing this time of year. He did say one car and one motorcycle, right?

[ericharrison]

I have no debt but the house and I still don’t have any money. Too many emergencies I guess.

[karimbennett]

I’d like to know how much mortgage debt he has.

[johnpatejr]

He's active duty he needs to sign up for the SCRA benefit to reduce his interest rates!!!

[emilyh]

So silly. Dave is like “you deserve time off for serving your country.”
Meanwhile, BILLIONS are being wasted on “veteran disability” for people who STILL WORK privately. What a waste.

[jimmymcgill]

He does not need to sell anything. It is not that bad.