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Speaker 1: This Young Americans from David Bowe.

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Speaker 2: David Bowe, Young American.

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Speaker 1: Nice choice, Kevin, As we're about to talk about the

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Speaker 1: true cost of the American dream.

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Speaker 2: Yeah, boy, oh boy.

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Speaker 1: Yeah, a lifetime of debt.

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Speaker 2: So if you were to consider.

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Speaker 1: The average American aged eighteen to seventy eight being their lifespan. Okay,

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Speaker 1: and this will cover mortgages, auto loans, student loans, credit cards,

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Speaker 1: all the debt and any.

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Speaker 2: Type of debt you can consume in your life.

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Speaker 1: How much you think you'll pay.

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Speaker 2: Okay, So everything that the average American pays, it's probably less,

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Speaker 2: probably like cheese, because house is going to be your

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Speaker 2: big one. Yes, you've always got a car payment, or

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Speaker 2: at least a lot of Americans always have a car payment.

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Speaker 2: I'm going to say seven and fifty.

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Speaker 1: No, it's a lot high than that, a lot higher.

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Speaker 2: You are about a million short, oh a million short.

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Speaker 1: The average American will pay one point seven hundred eighty

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Speaker 1: six dollars in debt from ages eighteen to seventy eight.

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Speaker 1: And wow, yeah, okay, some debt peaks right age thirty

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Speaker 1: eight with your first home purchase. Okay, So they're saying

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Speaker 1: that would be three hundred and twenty thousand dollars. Okay,

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Speaker 1: the second debt peak is around age sixty one for

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Speaker 1: a second home purchase.

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Speaker 2: Now, this is supposed to be the average American. We're

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Speaker 2: talking about the average American are going to be.

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Speaker 1: Regional differences, obviously. Now things in Hawaii are much more

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Speaker 1: expensive than they are in say, West Virginia.

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Speaker 2: Now did they mean when they say second home? When

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Speaker 2: I heard you say second home purchase? I thought a

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Speaker 2: second home like I'm buying a beach house or a

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Speaker 2: vacation house. That's not what they mean. No, okay, okay,

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Speaker 2: So your downsize or you buy you you.

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Speaker 1: Have the final the final home, the final.

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Speaker 2: Home, your dream home. How about that's a nice there

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Speaker 2: we go, your dream up. So you buy your first home,

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Speaker 2: your family lives in it, your kids live in it,

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Speaker 2: and then the kids move out and your empty dollars,

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Speaker 2: and then you sell that home and buy another home.

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Speaker 2: But not a situation where you're owning two homes at once. Okay,

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Speaker 2: that I can That I can deal with.

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Speaker 1: So your debt breakdown looks like this. Mortgages cost about

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Speaker 1: sixty two percent of all your debt at one point

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Speaker 1: one million dollars. Cars two hundred and forty five thousand

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Speaker 1: credit cards three hundred and eighty seven thousand, and student

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Speaker 1: loans thirty five.

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Speaker 2: Thousand credit cards three hundred and eighty seven thousand. The

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Speaker 2: average American pays three hundred and eighty seven thousand dollars

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Speaker 2: of credit card debt over their lifetime. If that I

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Speaker 2: would throw up if that was me. That is awful.

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Speaker 1: They say the credit card debt peaks in middle age,

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Speaker 1: and people are incurring about ninety five hundred dollars a

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Speaker 1: year in credit card debt. You're supposed to pay those off,

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Speaker 1: by the way.

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Speaker 2: Yeah, you're supposed to pay those off. Three one hundred

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Speaker 2: and eighty seven thousand dollars of credit card debt in

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Speaker 2: your lifetime.

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Speaker 1: Student loan debt is the smallest of all of the debts.

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Speaker 1: But they also claim that the average American buys four

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Speaker 1: cars in a lifetime.

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Speaker 2: I've definitely owned a lot more than four cars in

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Speaker 2: my lifetime, a lot more.

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Speaker 1: Now, what I don't see is whether they're talking about

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Speaker 1: new or previously loved, because we tend to buy previously love.

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Speaker 2: Yeah. I think we bought maybe one or two new

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Speaker 2: cars in our entire lives. And hope I'll probably never

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Speaker 2: buy another new car. But yeah, lots of used cars.

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Speaker 2: I shoot, I owned four cars by the time I

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Speaker 2: was thirty, well easily.

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Speaker 1: Yeah, that's true.

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Speaker 2: Just this number.

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Speaker 1: See a little truck that you got into a car accident,

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Speaker 1: I mean nothing caught on fire. You kind of had

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Speaker 1: to replace that one.

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Speaker 2: Maybe that's a sign that I'm buying that I'm my

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Speaker 2: used car purchases haven't been as wise as they could be.

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Speaker 2: Maybe I'm not buying the most reliable and best used cars.

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Speaker 2: But no, I typically I.

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Speaker 1: Think that was operator era in that one.

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Speaker 2: No, we hit a deer. Wow, don't get started, and

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Speaker 2: that's the Dead's a deer's problem. I had nature that

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Speaker 2: just came up and jumped into the windshield. Name on

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Speaker 2: the deer. It is the deer's flow.

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Speaker 1: It's fur coming up in the vents of the of

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Speaker 1: the truck.

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Speaker 2: Now, sure, I may have been speeding down a country

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Speaker 2: road in the middle of the night when it happened.

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Speaker 2: I will take my own responsibility for that aspect of it.

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Speaker 2: But that deer came out of nowhere jumped right up

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Speaker 2: on our windshield.

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Speaker 1: They say that the debt relief window occurs between ages

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Speaker 1: twenty three and thirty eight. That is typically the only

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Speaker 1: sustained period of someone's life where debt is manageable, before

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Speaker 1: home ownership spikes obligation.

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Speaker 2: Good news for those of us living in Indiana. They

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Speaker 2: average nationwide debt one point eight million, Indiana one point

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Speaker 2: five millions. Doing it a little bit better. I just

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Speaker 2: saved you three hundred thousand dollars.

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Speaker 1: You're welcome for living in the great State of India,

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Speaker 1: right