I'm 20 And Finally Have Some Money, But Now I'm In Debt

Brought to you by the Every Dollar app. Start budgeting for free today. >> I'm 20 years old and I've gotten to a bunch of debt >> and I'm having a fun. You know, when I was younger, I didn't have a lot of things I wanted and now growing up and getting some money in my pocket. I've been buying a couple of things that I wanted >> and I'm currently $52,000 roughly in debt. >> Now, is the 52 all with these toys? >> Um, well, one of them is my truck. >> Okay. So, that's, you know, my way to get to work. >> How much do you owe on the truck? >> Uh, it's roughly 13,000 on the truck. >> What What's it worth? >> Um, I don't know exactly what the truck's worth. There's a few cosmetic things I need to fix on it from just using it over the years and um, you know, towing things and doing other stuff with it, >> but I'm sure I could probably get close to that out of it. >> What's your monthly payment on that? >> Um, it's $390 a month. >> Okay. Well, I'm just I'm pulling the facts here. So Jaden, I can weigh in. What other debt do you have? So that's 13 for a truck. What What other debt? List them out. >> So the big one here is is my side by side. It's $31,000 roughly in debt. >> 31 on the side by side. Oh boy. >> Yes, sir. And then um about 8.5,000 uh on a boat. >> A boat? Man, you are Do you have a woman in your life? >> No, sir. I'm single. I'm 20 years old. >> Yeah, baby. That's what I thought. 20-year-old single dude who's got all this income. He thinks and he goes out and buys a side by side and a boat. I mean, you don't have that much time. >> Where do you live? Do you have a house to hold all this in a garage at the very least? >> Uh, we've built we've built a house behind my parents on our property. Yeah. Who's we? >> So, me and my father built this house. We built it um about two years ago, three years ago, >> and um we built it behind their house on their property. Okay. Okay. And >> I stay here and I help out with a lot of stuff that they need, you know. >> So, you are you paying any kind of rent at all? >> Uh, yes, sir. I pay uh around $300 to $400 a month on rent. >> Okay. >> Oh, boy. >> But you don't own it. >> You don't own that? >> No. >> Your dad owns it? Yeah. >> Well, it it will be mine um eventually. I mean, we built it. It's It's not like we don't have to pay for it. Like, >> are you are you an only child? >> No, sir. I'm the youngest of three. >> So, is your dad >> It was either that. It was either the only child or the youngest. This is all starting to check out for me. >> Got it. Um >> Yeah. >> So, let me start with the idea that your current situation, it's going to be temporary. >> Like you living in this little offshoot of your parents house and $300 a rent. Well, it should be temporary. >> I agree. I wonder if it will be >> because the minute he he meets a fly young lady, a a pretty young thing. He's going to be thinking, "Okay, you know, I want to get married one day. I'm going to move off of this site." Like, so I just want to put that picture in your head that where you're at now is not going to be it forever. So, how can we set you up to go towards the future? >> Fair enough. >> Yeah. >> All right. So, we have limited time with you. >> Another reason I called. >> What's your question? What's the core question? So, so my question is and going kind of in what she says, I want to get out of debt, but I do not want to get rid of anything. Um, because and the reason I want to get out of that is like she said, if I marry a young lady that wants to, you know, eventually. >> All right. Go ahead, Jade. How does he get out of it without selling his toys? >> Well, I mean, you've got two choices. What's your income? >> Um, so I make roughly 60,000 a year. That's without working overtime. And usually I work a good bit of overtime. >> So, here's the problem. Usually I I might find a way and say, "Hey, if you could, you know, work extra and pay all this stuff off, like, keep it." But in your case, you have too much money tied up in things with motors, and those things tend to go down in value, as you're probably already seeing. You're you're right side up in your truck so far, but you can probably see your side by side going down. You might even see that your boat's going down. You make 60 and you got $52,000 of debt. That's way too much. So, if I were you, I'd probably hang on to the truck since you only owe 13 on it. And the rest of it, I'd say bye-bye. >> Oh, bye. Bye. Bye. >> Oh, very nice. I don't even know what a side by side is. >> I don't either, but I know it's something that you drive on >> I'm going to look it up >> on the on the prairie in on land. >> So, there you >> Okay. >> Oh, it's a golf cart. >> Okay, that's different. >> Okay. So, >> yeah, you definitely don't need an off-road golf cart. >> No, I mean, you must let me put it like this. You must sell the side by side. That's got to go today. What's it worth? >> Um, so right now as it sits, it's probably worth around 25 to 26,000. >> Yeah, got to sell that today. And what I would do, you do have some time. Save up the difference. Uh, so that you can break even on it and sell it. And then, yeah, I'd probably keep the truck. I don't think you're going to get anything much cheaper than that and you're even on it. I think I I'm okay with that. But you got to get rid of the boat. You're 20 years old. You don't need a boat. Rent a boat. Ah, that's tough. Jade, I might let him pay off the boat. Get rid of the side by side. Come on, man. >> Well, he's definitely got to get rid of the side by side. >> Who needs an off-road golf cart? Create your free every dollar budget today. The simplest way to budget for your