A Very High Lifestyle
Darren is thinking of a debt settlement company, but his lifestyle is what really needs fixing.
QUESTION: Darren is 23 and has $20,000 in credit card debt and a $26,000 car loan. He makes $23,000 a year. He’s looking at debt settlement companies and wonders if he should do that. Dave tells him the reasons to stay away, and addresses a serious lifestyle issue.
ANSWER: How in the world is it possible to own a $26,000 car when you’re $20,000 in debt and make $23,000 a year? It’s not logical; it’s freakin’ crazy and out of control stupid! Sell that car! You have a Rolex, a BMW and make $23,000 a year.
You can’t rich while you are trying to look rich. Do you see the pattern here of trying to look like something you’re not? The average millionaire looks like they are a lot less than they are. Your casino world is all about flash and looking good. When I was 26 I started from nothing and ended up wearing a Rolex and driving a Jaguar. I ended up broke.
You can probably get $5,000 from selling the watch. Sell it and the car, and that will help your cash flow. If you don’t have any car payments, that’s the best method to build wealth. Work an extra job and you can pay this debt off in a year and a half.