I'm 20 and About To Pay CASH For A House (Dave's Response May Surprise You)

I don't agree ... Buy the house and put in roommates to pay for the house and extra. Ramsey wrong on this one... But take out the loan and save your money. In a year, buy a second house... Do this 10x. And get into commercial real estate too.

Sounds like a good hustler 😉

Renting is the easier option short term but really doesn’t get you anywhere long term. Imagine being 80 years old and being kicked out of your rental apartment or not being able to afford the raising rents. Owning your home is a kind of safety net that brings certain peace of mind as you get older and can serve as an investment, too, if you don’t want to inhabit it yourself. The hard part is saving up for the down payment and making enough money to sustain the mortgage, repairs, taxes and still be comfortable. I haven’t come across anyone yet who is happy to not have bought property in the past. Most people I know regret not buying because rents just increase and increase while a mortgage remains steady and affordable on the long run.

As a younger person myself I can 10000% tell you this kid is getting advice from Grant Cardone. Everything he said checks all the 10x scam boxes

There is nothing wrong with being busy and hard-working at all. But why does a 20 year old has to go to school, work fulltime with his dad plus have two businesses on top at the same time? He will be dead at 30 if he continues like that ! Dude, you are young don't forget to live your life !

"Blessed" he means he gets the money from the parents 😂

😂 if you can find a place to rent where they actually provide maintenance: rented for 2 years signed contract for first 12 months landlord would not provide new contract said it wasn’t necessary she could renew the dates on the old one dumb me let that happen. outside unit compressor locked up and I was told “just go buy a window unit it’s not worth me fixing” in my area this is practically every property owner that’s affordable now if you want to or can afford to pay 1800 a month you may have a decent property management team but not where I am!

Total BS. I worked hard and I have 100k.

100k will depreciate over time we all seen this time after time, so why not invest in something that’s gonna gain equity and still have all that money invested if you decide to sell. That kid should invest in real estate..

Go see a Financial Advisor and get some good financial investments care of some kind of mutual fund or appropriate. This will help you.

He didnt save that it was a gift from mom and dad.

As a Christian I don’t trust such Christians as this caller

So his wealthy parents gave him some money.

Oof hope he bought a house 3 years ago, the capital gains alone would of made him some good money.

this dude is lying and its sad. its daddys money.

Should of bought the house😂 would of been up big

It’s called getting payed under the table by your father, no taxes being paid to uncles Sam should be easy to get to 100k smart for not spending on anything however

House for 100k? Which state?

My son is 8&1/2 . He has around 18k in his bank already . He earns through his chores . Doing his Homework without being asked . Getting good grades . Going to work with me on Saturday and school holidays and working side by side with my workers . He is learning the value of hard work and saving . We do match his banking dollar for dollar on what he deposits . We also don’t let him know the actual balance so he keeps grounded and does brag .

Just realized this video is 3yrs old. At that time mortgage rates where 3%. To not buy a house at that time was bad advice.
He could have got a rental house and invested his 100k for better rates than the mortgage

The fuck does being a Christian have to do anything??? Oh my god

I’m 7 years old with 42k in car loans. Should I sell the car?

He's trying to make it sound like he works really hard when in reality I guarantee his parents gave him most of his money.

Good old times when you could buy a house with $100,000

Pp prank or parents

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

I disagree with DAVE. I’d buy the house, but I would living in it with roommates.

Ramsay: "How did you get to that 100k?"
Kid: "Im blessed, im a christian, I believe in god"

I believe in Santa Claus, where is my 100k?

Wow,this show is 3 year old, if he bought the house back then, now it’s more than double

''I worked hard'' is code for ''grandma died'' 😂

This is where I will always disagree with the Dave Ramsey mindset. Just letting ur blood sweat and tears pile up in the bank and lose value over the years to inflation till some future date is just plain dumb. Thought debt was your problem. What’s the problem with paying cash?

Sounds like his dad is taking advantage of him if he only made $30k over the previous year working for him. He probably deserved a lot more than 100k over the decade or so hes been working. Thinking about sinking 100k into a house that might get him $1000/month (minus all the maintenance costs) sounds pretty boneheaded too. All these "blessings" but not much wisdom or good advice from his elders.

He didn't save 100k from lawn mowing. Tell the truth kid.

He thought he could use FinTok with the quickness to get passive income from real estate. Nope, you gonna have to do more than that buddy.

Must be nice to stay at home and make 100k and not pay bills. Sadly I had to contribute and help my family so I never could save. Trying to now

Horrible advice, Dave. The kid doesn't even need to go to school. School isn't the answer, the guy already knows what he's doing.

I have never been so annoyed by the comments section with all these jealous responses suggesting this kid is spoiled and lying about how he got his money. His numbers can totally add up without "inheritance" from mom and dad:

- As he mentioned, his parents provide him a place to live and presumably food (which is totally normal and reasonable, especially at his age).

- He earned $40,000 this past year. He was probably working in his dad's business to some extent before then so lets call that $10,000 per year for two years.

- He said "all his other stuff" is about $10,000, which lets say he's been doing for the past 3 years.

All this adds up to $90k, and this doesn't include anything he did before he was 17 nor any returns from investing the money (which has been pretty much a bull market since he started saving).

Now he is certainly blessed as he says by having parents that taught him the value of hard work and saving. They are presumably in a very good position themselves. Parents in a ton of debt would likely not pass along these lessons and produce a kid like this at all. That being said, what this kid did is still incredible and very much praiseworthy!

So all these jealous responses are pure cope. You should take responsibility instead of falling prey to envy.

But wouldn’t this advice but subject to household prices at that time? If it crashed/corrected, then buying it cash makes sense no?

I dont believe this bum.

I agree with Dave based on the situation but would recommend putting money into a safe fund, money market or something of that nature until done with school, you might meet a nice lady and want to get married and then want more bedrooms etc before you know it, it’s truly a transition time in your life. Appreciation on a house is great but you will be spending money on maintenance and if something goes wrong it could be very stressful and expensive. But great job saving. By now I’m sure you figured it all out

Pay off the house! Get out of debt you dummies! Quit being part of the almost 80% who live pay check to pay check and dont have at least 3 months of expenses saved!

I windows shopped for a house I wanted to buy for 10 years until I found the one I couldn't live without. Came with a additional house on the property and over a acre of land in city for a steal for 2 houses. My second house pays the mortgage of the house I live in.

Kid needs some humility.

Saved 100k by mowing lawns? No

Owns a few “businesses”? No

Tells Ramsay he wants to buy a house, and then when Dave says no, he incredulously says “is that a wise decision?” Pride

Watch this in the future seems like terrible advice. Hindsight is 20/20 but when interest rates were that low definitely buy an appreciating asset and take a mortgage on that if you are able to.

In Germany, we have 53% rental quota. This creates a mindset where people don't get angry about the disowning that our state is more and more introducing into their politics. Those who don't own won't defend property rights.

Interesting how commebters heard "I'm blessed" from the young man and instantly jump to "Rich kid got presents" instead of listening further. He said he was blessed with parents who told him how to do money well.

Bruh, why does everyone care where the money came from? Who cares?

I agree. Uni / college can be very tough if you dont focus 100% on it. Dave's advice is great.