Episode Transcript
[00:00:00] So I had a comment Yesterday in my TikTok page regarding being out of debt and getting out of debt, staying out of debt. The person was mentioning, like, be honest, you didn't buy the car cash or you didn't buy the house cash?
[00:00:19] And I bought my car cash. I've never bought any cars on debt, which is kind of strange because everybody does it. Which is basically the point that the guy was making.
[00:00:32] He was saying, like, be honest. Like, that's just how the world is. That's just. You borrow money for everything, right?
[00:00:39] And he's right. He's half right. As far as me not buying my house cash. I didn't buy my house cash.
[00:00:46] And if you follow Dave Ramsey, which is the plan that we follow.
[00:00:52] Well, that we f. Kind of semi followed.
[00:00:56] He even says that he won't yell at you for.
[00:01:01] For not h. For not buying your house cash.
[00:01:06] He had. And he has these stipulations on how to buy a house. You don't have to have a credit score to buy a house.
[00:01:12] All this stuff that he teaches is. It's. It's totally different from the way the world. The way the majority of people are doing it.
[00:01:21] He was saying. He's saying, you know, put 20, more than 25 down, all this stuff. But I didn't pay for my house. I didn't pay for my. I paid for my car. We paid for our cars cash. My wife and I. My. And sorry, I supposed to include my wife in this. We didn't buy our house cash.
[00:01:40] We did, but we did buy our car's cash.
[00:01:43] And in fact, we didn't even use a bank to buy the house from the owner.
[00:01:52] So it was just. We're paying the owner directly to pay the house off.
[00:02:00] And imagine having that kind of relationship nowadays.
[00:02:08] So, yeah, we were. And all that to say that, yeah, it might be true for a house, but for a car, Come on, you make enough money to save up.
[00:02:22] Check this out.
[00:02:24] I recently had a wreck in my personal truck.
[00:02:32] I recently had a wreck in my personal truck.
[00:02:35] We only went down to one car.
[00:02:37] Guess what I was doing while saving money for another car?
[00:02:42] Asking for rides, Uber, taking the bus from work home.
[00:02:51] And I did that for a total of probably two months, maybe three months.
[00:03:04] Or was it six months? I can't remember, but it was like half. It was like half a year at. At. At most.
[00:03:13] Took the bus, got rides to and from work, walked home from the bus.
[00:03:20] We could have easily said, you know what? Screw it, let's just get a loan and Get a car.
[00:03:27] But no, we were disciplined enough to be able to see, to be like, okay, we got to save up this much cash to buy a used car.
[00:03:38] What like some like $10,000 or something like that. We saved up in from between three to six months.
[00:03:47] At the time, our emergency fund, we were restocking it up because we had to work on some stuff on our, we had some emergencies we had to take care of, so we had to save up anyway. Right?
[00:03:59] What do we do?
[00:04:01] We stopped eating out, we took lunches. Or we both worked more so that we could get, so we can save that money fast to get a new vehicle.
[00:04:12] And then another. That person could argue back, well, it's a used car, it's not a new car. La la la. There's always going to be somebody talking.
[00:04:23] Sadly enough.
[00:04:26] My point is it's possible you don't have to, don't go into debt for a car, for a house maybe. Yeah, do it smart.
[00:04:38] Do it smart. Get a 15 year fixed rate mortgage like Dave Ramsey says. I mean, I don't know. I didn't take his route. As far as a mortgage. I paid, I was paying the owner. It was basically like rent to own. Me and the owner had a contract, we writ a contract. We had, it was notorized and my wife and I, we had a contract with the owner, notarized, paid it off, paid cash every month and we had extra money every month. Boom, boom. Paid it off in less than, less than 10 years.
[00:05:09] It was like five years, six years, I can't remember. It wasn't but like five years we, we paid off the house.
[00:05:21] Now, now we're debt free. There's, there's, there's total freedom financially from debt at all.
[00:05:29] We don't owe any, Nothing.
[00:05:31] We don't owe nothing. And it's, and it's amazing feeling to have to be out of debt because we're less stressed out.
[00:05:43] We're not worried about having to pay. Like we, like one of us could, could lose our job, right? For whatever the reason. Maybe there's layoffs, whatever, the turnaround's over, whatever.
[00:05:58] If that happens, we could, we're in a spot to be like, fine.
[00:06:04] We're not having to scrounge around for the next month's payment because we don't have any payments.
[00:06:12] So we could lo, we could lose our job through being to have, through layoffs or through layoffs or whatever the company is doing. We could lose your job that way and be good for like a month or two while we find we could take our time in finding the next job because we're. There's less stress in having to scrounge around and be. Be afraid that we're not going to be able to make the payment for the car or the. The student loan payment or the house payment or whatever type of payment there is if you're going.
[00:06:51] Like, while we were paying off the mortgage, we called it a mortgage, even though it wasn't. While we were paying off, We had an emergency fund set aside in case something happens, in case one of us did get a layoff, you know, that's why we have an emergency fund in case something happens, because something will happen.
[00:07:20] I mean, it's good. It feels good to have money in the bank. That's for sure.
[00:07:24] It feels good to have money in the bank.
[00:07:27] It feels good not to be called by creditors, like, hey, yours, money, yours, this, that. Like, I mean, it's a good feeling. It's a good feeling to have.
[00:07:41] Anyway, let's see how long we go on. Maybe like 10 minutes or whatever.
[00:07:54] But yeah, that's all I got for today, you guys trying to figure out what else to talk about.
[00:07:59] If you guys have other topics you'd like me to talk about, I'd be more than happy to talk about it. Appreciate you guys. Bye.
