brought to you by the every dollar app start budgeting for free today so uh... you know my wife and i we we've been sort of a very conservatively and about their training and i have a contracts coming up that's uh... two hundred fifty thousand dollars a year uh... what do you think about thank you uh...
she makes a hundred thousand dollars a year uh... and so we're connected to make seven fifty at the end of it after the year working sweet uh... what kind of a car yeah uh... cardiology uh...
well good for you you've worked hard to get there on proud of you thank you thank you the training been very arduous and i feel like i'd want to push and i want to be in uh... in agreement to that you know i deserve a nice car i've never had a car but he is i'm not sure if if i can afford it uh... and so that's why i call it a okay give me money yes so i've saved up about sixty thousand dollars which is uh... i would say like an emergency fund type situation uh...
we own two homes run is in for a little ready to be in a training and that one thing went out and it's uh... generating one thousand dollars uh... month after all the taxes and bills of aid does it have a mortgage on yet uh... that has a hundred fifty thousand dollars left on it and in your current home was it worth uh...
that one is three hundred thousand dollar earth it's worth about probably four fifty uh... we bought it just a year ago and uh... we have three hundred thousand left on it so how much do you have in cash to buy your car with well that's a thing i'm gonna get a sign on bonus of between seventy five to a hundred thousand dollars so i wanted to i want to do that to get the car to about seventy five thousand car no but the car itself is but i think about two hundred two hundred fifty thousand dollar car you know that part where you open the show open the call you said i'm a big fan that's a that's a lot of your back how much you've listened to the show have you ever heard me told anybody in any situation that you are part of it uh... no i know i know i know i i know you say don't do the car payment and i'm just uh...
i'm searching for i don't know some kind of approval no it's crazy i'm not going to be able to some stupid i love you too much to tell you some stupid you've done to do a good a job you just a net listen you've been a grown up for so long for just a minute here you want to be a four-year-old i'm not going to let you all right if you want to buy two hundred fifty thousand dollars portion i'm fine with that with your income as long as you are debt-free and you have your emergency fund in place and you pay cash for it i think so i would probably wait a year or so until i'm debt-free in the end yeah uh... what's the house in florida where you said um... it's worth about two fifty i'll probably sell it sell it and then if it's a cash flowing you know about all the month of the month is nothing you want to know that car you make some of it thousand you're going around twelve grand in florida yeah it's nothing i got a property manager or an individual book that's burning too many calories for what it is not worth it i would use that money to give up to build my new life you've you're this is a new chapter you just close this child chapter that houses part of it and you're trying to act like it's a kind of a smart rental property thing it's not and just you know start your life fresh and if you want about two hundred fifty thousand car car you are able to do that when you can pick a sch for it uh... it's a lot but you could do that uh...
and you deserve it when you can pay for it until then you don't deserve it i deserve it because i work hard when everybody works hard okay your work is paid off beautifully again i'm proud of you got an incredible income and you've worked really hard to get here i don't doubt that but but you're working really hard to get to do something that doesn't that's not financially smart is not a plan i'll work really hard so i hurt myself no that's not a reward for working hard i want you to get a nice car i tell what i would do uh... in the meantime i put that house up for sale and i take some of that signing bonus and i go by use force for cash that's not the two fifty and get you on and enjoy the ride because honestly they're great cars have driven most of them including the two fifty one and um... the difference in the two fifty when you're driving it and the seventy five thousand dollar version there's a few years old is not much but the difference in the gastrointestinal distress when it hails outside of the life you know those doctor parking spots inside the parking garage yeah the cardiologist spot inside the ground up with a look at this with this income in one calendar year you could have completely paid off your house you can have no house payment for the rest of your life and if you give yourself six more months you don't even have kids yet i'm assuming you could have a fully funded you could have two hundred fifty thousand cash just ready for that kid to be born into to go to college like you have an opportunity if you will just drive a hundred thousand or yet i think i drive a hundred thousand or six and if you can suffer through that and for twenty four months you change the trajectory of everyone in your family and they've always tell grad students also if you will just your three to five minutes for three to five years early on this project from changing everything if you'll be able to live purchase that long and uh... and i know you've been working hard and i know you put in the hours are you and you're a smart guy or you can't do this you can take a heart out of a person another one and you're obviously good what you do that but dude you do do do two years and you change everything and let's just be real clear you called me and ask me if you could get a car payment so you know we can't we can't you know that's more i'm scared although i i think that you know you know that because i've been there it's like i would go to all day as dean of students and then i would go to a crisis called the middle of the night and then i'd like my grown up my grown up is used up i want to get back to his list of coming bears at four a.m.
on my ride home and it's like just chase it with a mountain to just be a grown up for a few more minutes right yes you're right my dog is all used up i just want to crack like a kid and you can do that you can afford it i can do it but man it just cost you just cost you yeah that's a great way to put that in a way that's why we all do it i mean we run wait it's i've been under control of under control i just want to hit that guy right and it's it's oh yeah that one yeah but the uh... you know and the you never struggled at cost of that um yeah i've been nice i've been nice i've been nice he really needs his nose broken um but the uh... that's a a real thing and uh uh that's what i'm trying to tap into with all these docs because i get this doc i just think is they do they be there such a grown up for so long because i mean while he's been doing fellowship residency med school you know the guys he went to high school with a decade ago started partying oh yeah a decade ago they're already in the lobby to see him because their hearts are huge right because they're expensive to explode yeah it's and so he's he's got an extra 10 years of being a grown up but he also gets the payoff of 650 that's right so 150,000 more income so and i don't want a doctor who's underpaid so i want a doctor to be paid by a partyologist as much as you can get away from him i want them to be paid a lot so yeah so i'm happy for you mow and i'm just going to call on the grown up mow that's down inside there to stay alive for a couple more years and if you do that you're going to be in a lot better shape you're going to enjoy the car more because it won't feel like a guilty pleasure instead it'll feel like something you earned create your free every dollar budget today the simplest way to budget for your life