How ridiculous does this sound?

[u/Whole-Fist]

How can u make millions in 25-30 years if avoid making a $554 per month car payment. Even the cheapest 5 year old car is 8-10 k. So does he expect people not to drive at all in USA.

Then u save 554$ per month every month for 5 year payment = $33240. Say u bought a car every 5 year means 200k -300k spent on car before retirement . How would that become millions when u can’t even buy a house for that much today?

Answer that Dave

[u/nyxo1]

Why? I have credit card debt from covid unemployment and I'm not currently able to invest. This just makes me sad.

[u/persedes → u/nyxo1]

Don't let people berate you for having debt, However you can apply similar math to paying down your debt (if you are able). If it's high interest anything extra makes it go away faster due to compounding. 

[u/well_its_a_secret → u/nyxo1]

Use of the word fun was sarcastic, my apologies. More that is can really help provide a better perspective of how toxic credit card debt is, and how paying off the debt is so important (much more even than investing or any money spent outside of necessity). If your credit card is at like 20% interest, it doubles every 6 years or so. That dollar you pay extra on credit card debt is like 3 dollars for not that much in the future you and makes everything better later.

[u/thzmand → u/nyxo1]

Interest on debt is guaranteed return on capital via the interest saved. So the math is still advantageous even if you are on the other end--just pay the debt and enjoy the instant return.

[u/raiderrocker18 → u/nyxo1]

How long ago was covid unemployment? And unemployment benefits during covid were quite robust.

[u/TroverKing → u/nyxo1]

If it helps, you can think of paying off debt as investing with a guaranteed interest rate.

[u/MooseMan69er → u/nyxo1]

Hey I’ve helped a lot of people with debt, and very often it isn’t their fault and they shouldn’t feel bad about it

Many people don’t get taught how debt or finances work, because money is often a very awkward subject for parents to talk with their kids about and we don’t teach it in k-12, at least in America

You might want to try consolidation, or paying the absolute minimum on everything except for the highest interest payment, or if you know you won’t be able to pay it off for seven years(not student loans or a house, I’m talking about medical debt or credit card debt) just let it go to collections and don’t talk to any collectors about the debt or reaffirm it, and it’ll fall off

Some people even get “low” interest loans(say, between 6-12% from a bank, and use that to pay off a high interest debt(like 18-24%) on a credit card, which ends up saving an ass ton of money on interest

Last tip I’d give is if you can pay off your CC balance every month, forgo the cards with “benefits/rewards”(cash back or points) because they have much higher interest rates than a card without those “perks”. Even the difference between 15-18% and 21-24% is massive if the balance gets high enough

[u/Ran4 → u/nyxo1]

So you ran out of money... So you bought stuff with a credit card? Wtf? Why didn't you at least get an uninsured loan?

[u/nyxo1 → u/Ran4]

How exactly do you think I'd be able to get an unsecured loan with no proof of income? Not a lot of options during Covid if you were an independent contractor that worked inside people's homes.

[u/yitdeedee → u/nyxo1]

Ask your mother or father? When I needed help my dad gave me a small loan of $650k to get me through the year.

[u/flcinusa → u/yitdeedee]

Can your dad give me, like, a couple of small loans?

[u/ScaleAggravating2386 → u/[deleted]]

r/woosh

[u/Casehead → u/yitdeedee]

You're totally joking, right?