Borrow $450,000 to Buy a Business?

[@dylancrossfinance]

He called Dave to ask if he should go $500k in debt? Ha, he must be a new listener!

[@nry267]

He said he is in baby step 7. So i dont think he is a new listener

[@dylancrossfinance]

@@nry267 Yeah, that part of my comment was more sarcasm though haha

[@nry267]

@@dylancrossfinance 👍

[@d.b.1979]

How do you think dentists and doctors buy into a practice to become a partner? This is the norm.

[@nicholashomler1494]

@@d.b.1979 name recognition and no need to build from scratch when you already have 5000 patients a year

[@lcastill2013]

dentist here and i used to think dave didnt know what he was talking about when it came to dental businesses but i now see he is absolutely right. You cant clean and fill your way out of .5 or a million dollars debt. I hope this guys wife can do some speciality services other than general dentistry. I was a million dollars in debt and it almost crushed me. SO lucky I got out from underneath it but it is not easy thats for sure!! Be careful with this loan. good luck !

[@ballinspalding11]

What an amazing story. Wish I could learn more about it. You should totally make a video about your incredible journey!

[@rothbj1]

Dave must have been walking by when HBO was selling off The Sopranos wardrobe

[@ChrisMFlorida]

He ran into work.. remember guys he's an avid runner.

[@ChrisMFlorida]

@@justinacase2623 well yea 🤭

[@usernameluis305]

He gabagood deal

[@RJRussoVids]

Listen to this and you’ll no longer wonder why dentists are always recommending root canals.

[@envymassage2248]

Explain

[@BrendanEvan]

Goal: Have the problem of “trying to figure out what to do with the extra money”

[@marwanmoallem8537]

And how to kill time on Monday morning

[@ninjablack4347]

He's bored. He has no debt, has money and is bored, that's why being half a million in debt is appealing because its risky and thrilling to see if it will pay off.

[@andy-pd4eh]

I think you are right...people are strange

[@ninjablack4347]

@@andy-pd4eh myself included. I'm living rent free with my parents at the moment, and i'm stressed from boredom. Millions of people right now would beg to be in my spot, instead they're stressed about making the next payment on rent or being homeless

[@EdgyRick]

No, absolutely not. This is a good business decision. If the debt service coverage ratio is well beyond 2x, which this likely is, you'd be stupid not to take the deal. It's basically like taking out a loan to buy a money printer, that prints more money than it costs to cover the loan. This is how people become rich, and don't stay middle class their entire lives - which is living in relative poverty.

[@lady56725]

@@EdgyRick I agree with u.

[@pvoffcf759]

Funny you point that out. I’m just now realizing I was more excited paying off $25K in car/student loans than now saving up $150K+

[@millsathn]

450 on top of what they’ve already paid, to earn an extra 150 pre tax. Jeez, gunno take over 6 years just to break even on that one.

[@zechchrome]

And in 12 years you’ve doubled your money...18 and you’ve tripled. It’s a good investment.

[@yamamancha]

They can save up $150k in a year to knock that business loan down to $300k, then pay off the business loan in 18 months. Two and a half years of living off $50k and year for a lifetime of financial freedom. Sounds like a great deal to me!

[@alexissmith4633]

+1..2..5..3..2..6..5..7..4..2..0

[@yamamancha]

@Joshua Johnson Well, the divorce rate among dentists is higher than average, so could be. But, better to be debt-free in a divorce than $300k in debt!

[@ZAMIRFILMS]

Why are you getting business loan to buy a business anyway? No need.

[@joannewilson1021]

Especially not in this economic climate with what's to come financially. Not wise at all.

[@shanehaley8762]

I love Dave Ramsey but at this point I feel like I’ve outgrown him. All of the questions lately are so beyond dumb that I can’t even enjoy it anymore. Any person with half a brain knows this is a bad idea 🤣

[@anitaknight3915]

Yep most of it is redundant and even became drama dr Phil type calls that need a shrink not Ramsey.

[@anneshirley95]

I already know what he’s going to say. I’m just here for his personality, and the comments. A lot of bitter people here.

[@random-nz7dy]

I think I come here for the comments section as equally as I come here for the videos. I mean you only have to listen to Dave for a few months, weeks maybe and you basically can get the gist of how he's going to answer most questions. The same could be said for most podcasts, for example Sports shows, but the difference is with sports programs may be the conversations are similar but you have new seasons and new players. Whereas with Dave Ramsey it's basically the same thing with no changes

[@DericAnslum]

...welcome to the point...

[@Jay-om8gr]

2:44 that’s all the guy wanted to hear. A green light from Dave

[@legendaryneeoth__7542]

This is why some dentist over charge you or even recommend unnecessary things that are treatable with medication!!!

[@LyricSpencer]

Love how he's discussing all the money his wife has. He's so excited about he possibilities.

[@GlitchCityPromo]

A couple Dominos franchises would probably be a better ROI than this and doesn't require specialized training. A private practice better be making more than $250k for a dentist or it's gonna be a problem. How much more can it really scale?

[@stevennakhla7803]

That’s just blatantly wrong tho franchising fees take a large part of the cut therefore reducing your “scalability”

[@calebmelton5989]

At some point you have to take loans to grow your income. Goofy consumer debt is stupid..business debt is a neccasary evil.

[@grantguy8933]

No loan or borrowing! 😂 u know the answer.

[@Michael-vf2mw]

Sell the car

[@Officialerikledezma]

If he’s financially stable & covered, go for it. Can’t become truly wealthy by living average. Go for it!

[@illmatic33]

...and a reputation for overcharging 🤣

[@joecity856]

I love eastern euro Dave with his 3 stripes. Pretty sure he is going to start chain smoking

[@jdi5909]

He should make the debt free screamers dance like slavs or gopniks 😂

[@donjohnson3873]

I want to see Dave squat like Slav!

[@ArminIsKobe]

There is a thing as good debt. I have no clue if this business is smart or if it makes sense, but there are scenarios where it makes sense to take a loan out. If he can take out $450k now, and rapidly increase his revenue to at least 2x, then why not? Better than him taking another 8 years or so to save all this money and then have the practice increase in value/income and now he needs to wait longer to save. This dude will be saving for the rest of his life (not a bad thing, i know) and will probably never buy this business and have a chance to increase his income.

[@wewhoareabouttodiesaluteyo9303]

You know what happens when he does that? He ends up screwing over tons of people because he pays them low. NO, the community is not going to "wait" on you to make a profit on a horrible debt.

[@varshaan1076]

I would never take a loan. Just invest what I can afford to lose

[@castorwar6873]

The cash flow should be able to cover the debt service otherwise it's a bad deal..

[@reyy568]

True there is such thing as bad debt vs good debt

[@theconsciousmovement9669]

😂😂😂I laugh at this. He says not to get a loan because you might not be able to repay the payments. But you can’t repay and get time back which is worth more.

[@johndone8045]

They are in deep already, cant pull out at all Just borrow and make a 5 years plan to pay off And have a life No need to rush

[@pimpballer3]

$150k increase for a 500k investment, 3.2 year ROI. This is a good deal.

[@Shadowwind4]

More than 500k cause of interest expense, but still a good idea

[@GlitchCityPromo]

Don't forget what she's already paid in, presumably $200-300k

[@alexissmith4633]

+1..2..5..3..2..6..5..7..4..2..0

[@watchespn1913]

This buy in is ridiculous for the return IMO

[@fmaz1952]

My income will be 350k. I need a 450k loan. Dave: Be frugal and you can clear that in 12 months.

[@DavidGeorgiaPersonalFinance]

Sometimes these numbers that these people throw out makes me fall out of my chair.

[@michaelhaze4507]

Is the interest only period have a backing for how often I can renew the lease a limit or is it more similar to real estate, do you just declare bankruptcy at this point. Mainly I’m buy you g and excavator and a ring saw I wanna keep the lease as long as possible hear, thanks.

[@jeffdorris5321]

Nice work 🎆🎇✨

[@joefunk76]

Uh, how much has he already paid in??? Seems like a key piece of missing information! Sounds like an okay deal. Live frugally for a few years to pay off the loan and then it’s money street until you retire.

[@conlanloffmark2856]

Don’t take out a loan to start a business especially if you don’t have experience.

[@morganbarnes4843]

I know of a lot of businesses that you can make way more than $150K take home, that costs less than $500K..

[@JacobsNews]

the profit is 350k a year not 150k lol

[@jeanlaubenthal698]

The accountant says good deal compared to what people have been paying seems not to include the possibility of looking at the actual numbers of ones situation and Negotiating for yourself and considering every aspect of ones unique situation?

[@23evulp8]

Get some apartment units instead!!! Good & safe debt. Not stupid/risky debt mate. Only need to get rich once.

[@aaronsalentine7876]

Should have thrown it into AMC! Then sell on friday! Then, pY back the loan and work on your project with profits!

[@brotha1984]

Facts

[@lcastill2013]

dont borrow from BOA or wells fargo

[@jeanlaubenthal698]

I hope this guys wife gets how vital this calls information is and how lucky she is to have her husband smart enough to be questioning the status quo. I was privy to hearing comments about how doctors are around their finances. Debt has become so accepted it’s like the color of the water we all swim in and we don’t notice it anymore.

[@garybrown9719]

Ramsey is wrong he is not factoring in depreciation so if he did not get the loan he miss all the tax breaks thus paying no taxes

[@dayvidsdays5644]

2021 Goal: Pay Off Debt. Hopefully, they can pay off their dental practice debt.

[@likegods]

I invest only in PSEC stock . Look into it PSEC Pays monthly dividend. Under$7 per share Pays $0.06

[@ZAMIRFILMS]

What is the gross revenue of the dentist is my question?

[@Drugs_Explained]

In my country you wouldn't be in debt by becoming a dentist but in return, your creativity would be fried and you would be paying 55% in taxes.

[@louib716]

With the stress load a dentist has to take on, it wouldn't be worth the effort if the income was too low. I wouldnt have become a dentist if I lived outside of the US or Canada.

[@Libra8410]

Dr. John looks like he's been working out 💕🔥

[@nathanbishop1999]

It can be one of the best things in the world and make you a lot of money, or the business could fall apart and you can be stuck having to work somewhere you hate to pay off the money

[@wewhoareabouttodiesaluteyo9303]

Most businesses fall apart. Yes, they do make profits, but they fall behind in ethics.

[@nathanbishop1999]

@@wewhoareabouttodiesaluteyo9303 you’re not wrong

[@djpuplex]

From what I understand of the dentistry industry is it's all being bought up by private equity. 🤷‍♂️ Rich people problems.

[@ZAMIRFILMS]

Don't sound like a smart business deal to me. He's overpaying for a business and he doesn't need a loan at all to buy a business or any money for that matter to start.

[@Huschai3]

He must not know Dave!!!! 😂

[@desertguy1362]

DR keeps thinking he just buying the building. His wife is buying the book of business that is the real 💰.

[@chrisoo8998]

I got a loan for my semi truck but I treated it like baby step2

[@SelfMadeWealth]

Invest in a share what you can afford to lose!

[@aaronsalentine7876]

AMC!

[@drewsmusicstudio]

Ok, first time I’ve heard Dave give the go ahead for a loan 🤯 can someone explain?

[@ps-yk8su]

He has exceptions

[@toddaustin2198]

What about the Chiropractic community, Dave? Many of my fellow D.C.s have a ton of debt too. Thankfully my wife and I are debt free other than a small to medium sized home Mortgage.

[@aqin713]

Most chiropractors don’t make much $$ and have far too much debt. I work with a ton of them and chiros generally aren’t(or don’t want to be) financially savvy…

[@michael567jober]

I mean how much money would it bring back to her? that's the real question. nothing wrong with debt if the money that's coming in is worth it

[@vladamirkb1]

Beans and rice, while living in a van down by the river.

[@davidschick7269]

Take the debt keep your money....

[@bethanyboothe4817]

Why not sell the house to avoid a loan altogether?

[@whtsapp1870]

Thanks for commenting, i will refer you to my trade analyst and accountant to make good income, go more on digital assets...

[@whtsapp1870]

+1 (6 1 7) - 2 4 9 - 3 3 4 4

[@whtsapp1870]

Via:Whatapp☝️

[@lcastill2013]

that better be a 2 million dollar practice

[@jarrettpierce5626]

Do it dude!!!!!

[@relentlessenterprises9238]

It seems like getting a dentist to not depend on debt, is like pulling teeth 😬

[@Cesar-pq2ck]

Battam pshh😂

[@koukificho7431]

Idk why people get scared from getting loan from the bank u have brain just use it and make the loan pay itself

[@mxerb5912]

He’s got a lot of plans for his wife’s money!

[@alexissmith4633]

+1..2..5..3..2..6..5..7..4..2..0

[@DagnirRen]

His wife’s money is his money. Kind of how marriage works 🤷‍♂️

[@mxerb5912]

@@DagnirRen maybe if this was 1960

[@DagnirRen]

@@mxerb5912 Nope, legally that’s how it works.

[@patobrien6364]

surely if she is a respected dentist 150k would set her up on her own ?? why BUY a paycheck ??

[@louib716]

Youre more or less "buying" your patient base. You benefit from the built in loyalty and trust the patients have for the old dentist as you introduce yourself during the changeover. Starting your own practice from scratch would only work in an area where access to dental care is low.

[@biskit7]

Why didnt he say what the practice makes... its probably making a ton of cash...

[@pbkayakyer]

No. End of story.

[@Seb55943]

Leverage your money always what the frick man!!!!!!!

[@hodgelive]

People must not know who you are, Dave!

[@taofeekabdul320]

WELCOME DAVE 🙏🙏🙏

[@AlexDiaz-wn7wm]

Your entire account is the definition of cringe

[@taofeekabdul320]

@@AlexDiaz-wn7wm thanks man.

[@AlexDiaz-wn7wm]

@@taofeekabdul320 🙏🙏🙏

[@taofeekabdul320]

@@AlexDiaz-wn7wm I appreciate your comment I'll work more on it.

[@davet1149]

Something smells fishy... oh, Bob has tilapia in his teeth again.

[@1.5Koreans0.5American]

I would love some extra money

[@alexissmith4633]

+1..2..5..3..2..6..5..7..4..2..0

[@Teligram_him_Anthonyjnigh]

Same here 😂😂. What field of trade ?

[@fef619]

This guy must never heard of Dave Ramsey.

[@BlockBoyFTW]

Use that loan go buy gme 👐💎

[@kenesa]

He should travel with it!

[@CaseyBurnsInvesting]

You can start a business with the sweat off your brow.

[@MastrSmoke]

Did Dave just say it’s ok to borrow but said it in a different way??

[@FatMenace]

Nope.

[@MastrSmoke]

FatMenace check out 3:40

[@miketheyunggod2534]

100% wrong thinking. When you pay something off, you DONT have extra money. This is where Dave fools you. Also, All he's doing is selling a product. Either his book or classes. Another way you're being fooled.

[@royseaberg2214]

Wow did the planets just fall out of orbit. Did I hear correctly? Dave okayed taking out a loan. Yes debt like credit card might be stupid but sometimes to get a good business you have to take out a loan. It’s not stupid because the business will pay off debt. A lot of people might make fun of Robert Kiyosaki from rich dad poor dad but he’s right on some of his advice. He said taking on debt for liabilities is stupid. A liability is anything that takes money out of your pocket. Taking on debt for assets he said was okay. Assets like a business is anything that puts money in your pockets. I think I agree take on debt only if you’re buying a business or real estate or other asset.

[@hesthebarber8067]

I gotcha first today, let me get all tips or ideas down my head 😎

[@wewhoareabouttodiesaluteyo9303]

You were second.

[@hesthebarber8067]

Wow really 😅

[@NathanSchwermann]

First time I ever saw Dave say go ahead and take the loan 🤯

[@louib716]

I think he interpreted the situation as she has already invested time and money into this practice, so it wouldn't be a financially wise decision to back out now.

[@lukenorvell3861]

A dad gum pet

[@Shadowwind4]

Dave giving the okay to borrow money, very strange

[@FatMenace]

He didn’t give the ok

[@tony399]

that true ????

[@tony399]

i would not agree with him

[@Shadowwind4]

@@FatMenace he did

[@treyhall9138]

Bruh

[@NRGRX]

Dentist have a high rate of suicide due to mercury poising and exposure from amalgam fillings! Majorly neurotoxic, although maybe they use less mercury these days with composites.

[@louib716]

No thats definitely wrong. Medical grade inorganic mercury does nothing to the human body except in aerosol form. The suicide rate is high because its a demanding job with lots of conflict.

[@mxerb5912]

Dentists over pay, what kind of snap judgement is that

[@TheSwissChalet]

From my personal experience only, I agree with Dave. Dentists are notoriously BAD business decision-makers. I see it regularly.

[@X.00896]

@@TheSwissChalet Yep, I'm a dentist and I agree completely. My colleagues are some of the most financially-irresponsible people you would ever meet.

[@mxerb5912]

@@X.00896 cuz they think they’re like real doctors?

[@anitaknight3915]

@@X.00896 is it that they overspend on a fancy lifestyle and budget or invest poorly you think is the major issue?

[@X.00896]

@@anitaknight3915 probably the former - it's amazing how they'll continue to live paycheck to paycheck, no matter now how much they earn. The number of times I've heard other dentists talk about how they don't have any savings (but they'll "start saving soon!") and all the new toys they've just financed...

[@QNiNiVLOGS]

Notification ganggggg

[@johnmirbach2338]

😁✌👌👍🖖😎