$175,000 Income, Still Can't Pay My Bills

Chris is with us Chris's in Dallas Texas hi Chris how are you hello Dave thank you for taking my call sure what's up so I want to talk to you I want to see when you're some advice um and what would it be the best thing for me to do at this point so my car got repossessed last week and I've been you know I've been behind on a couple of payments so by the time I made up the payments they still came and got it yeah so how much was your moment I'm sorry how much was your car payment this is a luxury SUV Cadillac you know I got it so much euro on said car whew all about 27,000 so your interest rate was ridiculous no it's just an expensive car my interest rate was I think he was 5.9 which you know I guess it's kind of bad for a car yeah and what's your household income right now I make about a hundred and seventy five a year okay making a hundred and seventy five a year why did you not keep your car payment paid as well you know how much other that do you have well I have another work truck that I used for my company to run my business or chat page six hours a month on that one what kind of truck is that it's just a pickup it's a work truck it goes 600 bucks a month uh-huh we had a cup truck yes yes okay yes what do you do for a living I mean the vending business okay and what does that pickup worth the pickup is really upside down I don't want to know how much is worth I do know what you owe on it on the pickup truck you all about 20,000 almost on the other car okay I just got it about a year ago all right and what other debts have you got sir well I have you know I have my house I have my house how much is your house payment husbandman is sticking out at all hours a month okay it's actually it's actually 1700 gotcha and what else and I have my wife's living home as well which fell on still all about there - in Belgium okay yeah your work trials nicer than your wife's car okay no my work truck you know it's really beat-up now I think you know more on it than your wife's car I got you go ahead yeah how much other day so total bad you know I didn't mom you got any other debt other than these three cars in your house no that sees a couple credit cards I think I have about $6,000 worth credit cards and there's still no reason making $175,000 you're talking about $175,000 profit no that's before taxes and before expenses so you know overall I'll probably make about after taxes and everything in my 120 you know taxes after your business expenses right do you because there's a you understand the difference in gross profit or gross revenues and net profits correct huh what is your net profits of your business before taxes are paid ah yeah by 175 okay so that's just before taxes or so so how old are you 28 no sir I'm 39 okay cuz you're out of freaking control dude I mean you know that right yes I know that I know that and this just happened within the last couple years you know bicycles okay here's what I'll do here's one out there the car that was $1100 was insanity it's gone what was that car worth this Wars about maybe 37,000 because I kept up with it I you know it and you only oh honey you only owe 27 on it correct have you talked to them about what have you talked to them about what it takes to get it back yes so yes in fact I just talked on my few Howard what's the deal they won $3,500 that's all that's all that's mm-hmm okay so if you put $3,500 in you turn around sell the truck you make 10,000 of your in you get your 3,500 back plus 6500 right yeah yeah okay so put the 3,500 out there get the truck back in her and sell it immediately nothing what I thought about yeah that's what you need to do but because this truck is stupid anything that anything that sounds like an $1,100 car payment is straight-up stupid mm-hmm okay man I miss just nuts and what's even crazier is making all this money you didn't even bother to pay the bill yes I know that's just crazy land okay so that tells me you're out of control you don't have any kind of a money management system going inside your house I'm picking on you but for your own good because dude you you're just so freakin smart you make you have the ability to make so much money let me tell you what I was doing when I was your age okay or not when I was really just 10 years younger than you I thought I could out earn my stupidity I thought I could make enough to be stupid yeah and that's kind of what you've been doing in it yes cuz you know I make money yes you're good at making money you're just not good at managing it once you get it am I wrong that's correct no you're exactly right people don't make a hundred and seventy-five thousand you're not stupid you're just doing some stupid stuff on the spending side of this equation so you got to turn this around you got so much potential man there's so much you're gonna be right so get that car back and get it sold drive your work truck mama drive her truck now you got $33,000 and debt if I had it this up right not counting your house doesn't do that right that's correct but you're gonna get nine thousand how this transaction when you get that you throw it at Mama's car I want Mama's car paid off in two months I want Mama's car paid off by Christmas correct the money you make on the repo that you buy back and flip plus any other money you squeeze out of your 175 income Mama's cars debt-free by Christmas does that sound cool they don't that work truck off in just the next few months and then you're gonna start piling up some cash and whatever you whatever you buy is a car in the future you pay cash for it or you don't buy it and hold on I'm gonna send you a copy of a booklet if you promise Kelly you'll read the book I'll give it to you it's called the Total Money Makeover and you need one this is the Dave Ramsey show hey guys thanks for watching if you enjoyed this video click the subscribe button to get the latest content and check out these other great clips from the show [Music] [Applause] [Music]

Channel: The Dave Ramsey Show

Views: 740,707

Rating: 4.8389215 out of 5

Keywords: $175, 000 Income, Still Can't Pay My Bills, large income no money, cant budget dave ramsey, dave ramsey budgeting, cant manage money, can't manage money, i can't manage my money, can't pay bills, can't pay bills this month, can't pay my bills, can't pay bills need help, can't pay bills on time

Id: vCPTibioFME

Length: 7min 25sec (445 seconds)

Published: Mon Oct 30 2017