Gym Bro Is Going To Die In Poverty | Financial Audit

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[@hectordelgado3258]

The guy who gave him the loan watching this like 👁️👄👁️

[@FranticKtulu]

His smile and optimism gone

[@Brunettebeach]

😂

[@popamonkey190]

😂😂😂😂

[@rishavbadola7357]

Seriously dude I was gonna say that the only person dumber than this guy is the person who gave him a 50k loan in exchange for personal training sessions

[@jackb616]

LMAO

[@stormviking010]

At least he’ll have gains they just won’t be capital.

[@magicmollieee]

lmao

[@user-dv8bs7tb5c]

I mean... it's punny... 🤷‍♀️

[@tn7183]

😂😂😂😂😂

[@thepearlswirl]

Stop 😂😂😂

[@super610]

Kek

[@mvsorola]

I love how Caleb always points out if your not married, don’t share credit cards, etc. He is soooo right!

[@luckyjasss8466]

Even if I were married I still wouldn’t share my credit cards.

[@hanspz5505]

@@luckyjasss8466 to be fair it depends what it’s used for. Too many on Caleb’s show get into debt for their partners it’s scary

[@russellthompson2126]

Agreed lol I learned my lesson, my Ex racked up $5k on a washer and dryer one day when the washer cut out. Yold her to go pick up one while I was at work. Come home to a $2500 samsung washer, $2000 samsung dryer. 😂😂

[@hanspz5505]

@@russellthompson2126 omfg that’s insane I hope you returned them 😩

[@breezysays426]

Honestly, even being married we don't share any financials.

[@CairynJay]

A few extra suggestions : Gf ALSO does door dash etc Rent out gym to other trainers Gf switches from 60% commission to co owner & paying half expenses Consolidation of debt Don’t drive home -do admin at the gym Do lunch time boot camps in a park Offer discounts for clients willing to do off peak times Sell water protein bars etc to clients Make sellable PDF workout programs & sell online Create a course w the training methods u said gets ur clients results and sell That course to other trainers If the space allows, rent to allied health ppl(eg massage therapist or sports Chiro)

[@la6136]

Girlfriend does not need to be co owner she is not wife. They could break up tomorrow and it would destroy his business even further. She should be getting 40% commission like other regular trainers.

[@GoldenGod69]

I don’t think my man ever took a business class or anything other than personal training classes… because yeah those are all solid and basic ideas

[@Kingstoncollege7]

Actually really good suggestions

[@trappedcandy]

great suggestions!

[@deirdrekiely6187]

Awesome suggestions .... except going in with the girlfriend. She's not an asset to the business.

[@jorrdanna6219]

The double commute is stupid, he needs to go in the morning,bring his laptop and do his paperwork stuff AT the gym, take on more clients, and not go home until that night.

[@jeffkline9191]

16 hr days. Live at the gym.

[@secretadmirer5006]

Yeah, weird schedule. Why be closed at lunchtime? More hours open makes more sense rather than squeezing in another job like Doordash etc.

[@1s_that_a_j0j0_reference]

Like Alex Hormozi 🤷🏿‍♂️

[@orlandopizano9432]

Double commute, paying a membership at another gym, allowing his GF to take advantage of his business cash... The list goes on. This adult male is clueless and needs to become a man, SOON

[@braddivens5179]

Yeah, I didn't get that either. Double gas, mileage on car and time commuting. One way to cut costs.

[@duncanmacleanjr]

The IRS has likely hired a full time employee to watch these videos and initiate audits.

[@brendadiaz558]

Plot twist- Caleb is the IRS employee 😂

[@cookies7843]

@@brendadiaz558 he is blowing up at a really fast pace 👀

[@zampai]

Fr fr

[@reginayfavors]

Nice!

[@Playingwithproxies]

You think the irs doesn’t know about all the people on here who haven’t paid taxes in years before they get on this show

[@pennysakai4223]

Everyone is tearing him apart, but I also want to add that it takes a lot of courage to come onto this show and reveal all your financial vulnerabilities to the world. A lot of people are struggling with money problems, so thank you for sharing your story with us!

[@brandonwaagner1869]

Agreed

[@smalltheresa1]

So what that is premise of the show !! Besides Caleb pays them to come on show!! Just because come on to tell business does not mean get pass of making stupid decisions and blame credit card companies for poor financial decisions!! If you got two dollars to name that does mean that spend same two dollars at mcdonalds when go spend two to make several meals!! I making a point for those who slow and retarded !! So one does not have be finance guru to know simply common sense !! Then expect a medal will they expose their financial issues on YT and then expect pity!! STFU people with song and dance!! 99 percent guest on here are plain stupid period.

[@Bfolks84]

True

[@liammcdonnell8353]

I agree, he seems like he actually is a hard worker, unlike a lot of other people who just live beyond their means and don’t work enough

[@bigjim7339]

Everyone is ripping him apart because he doesn't even know his own deductions when he owns his own company. Do you know how many people would kill to be a position he is in? To be pissing away money trying to say "I didn't know any better?". He hasn't tried to change his behavior, which you can tell, because he hasn't done more or even tried to get a grip and wrap his head around where his money goes.

[@TH3mrBROWN]

The girlfriend is not "forgetting to change the card over", she just doesn't want to use her own.

[@patrickmacvane5725]

I was thinking the same thing lol

[@clownworld4655]

He’s a gump

[@instrumental]

Bet she's doing a lot of "training" when he's not around too

[@LKauf279]

He knows she's GONE as soon as the money dries up! He's renting her.

[@zaimzainal6635]

I feel bad for him honestly😕

[@Oceanproud]

The property manager should of required the proof of insurance before giving keys to him. It’s insane for a gym not to have insurance

[@brandonreal916]

@@mmp495 loopholes

[@jaddison80]

@@mmp495 he didn't get the main loan from a bank

[@Padraigp]

Absolutely nuts. THe least you exppect is the premisis is insured. Christ. Thats pretty much all you need. A space. Insurance. The heating and lights. A trainer and some people who want to be trained. You don't nessisarily even need weights. You do need a girlfriend whos not taking 60 percent of your money though jesus christ! 😂 god love him.

[@bdrferreira]

SHOULD HAVE

[@samanthanorton4538]

Waivers don't protect from negligence. If a piece of equipment isn't set up or strapped down right and someone gets hurt, he is screwed.

[@Some.Hoosier]

The second a business owner doesn’t know profits / overhead, you know the blood pressure is gonna skyrocket

[@TestMeatDollSteak]

He wasn’t even sure when he officially opened his doors for business. “Proooob’lyyyyy…liiiiikkkeee…3 to 6 months agoooo…” 🤷🏻‍♂️

[@Je-Vette]

Definitely he’s a biz whiZ

[@adamseidel9780]

This is one of the funniest ever 😂

[@well_as_an_expert_id_say]

​@@TestMeatDollSteak Right? I would remember the exact moment I opened those doors the first day, it'd be nerve wracking 😂

[@Jess-gl9ev]

Who gives 50k to a person who has no business plan??

[@JWEATHERSBY]

Caleb recommending what he did about the girlfriend's pay while she's sitting right there (for the sake of margin) - and telling her 'hello' - is one of the most casually savage bits of financial opinion I've ever seen!! 😂

[@andrewmuse2756]

i mean she's just a gf not a wife .jind of makes sense

[@deirdrekiely6187]

@@andrewmuse2756 Not just that - she probably walks all over her BF and Caleb has the balls to be blunt. SHE NEEDS to hear it.

[@LKauf279]

I love it when Caleb drops hard truths on people!! lol GET HER!!!

[@DMM6]

Jose is the human interpretation of just winging it. I know a few people that live their life on credit. It's a catch up game that never ends.

[@blazedlightyear8158]

The "well-off" friend basically just hired him and got a private gym all for $50k

[@agentsnorlson7913]

I'd put the quotation marks around "friend" myself.

[@easybakeovencupcakes]

Lmfao he really did kinda give him a years salary

[@Ojisan642]

The rich rules over the poor, and the borrower is the slave of the lender. - Proverbs 22:7

[@genxx2724]

@@Ojisan642 Except in this case there are no loan documents and no collateral.

[@genxx2724]

Until Gym Bro gets evicted, the utilities get shut off, or equipment gets removed when payments aren’t made to the company. That may not be very long.

[@naception]

Imagine giving a business loan to a guy who has never even balanced their own budget in their whole life.

[@HotelBravo556]

A fool and his money are quickly parted

[@frumpusnumpus]

​@@AuAdventures 😂pretty much the entire congress.

[@izzyp.8733]

It’s funny, I’m very loose with my personal budget, but when it comes to the business I work for when I do financials I’m focused on the pennies we went over our budget..🤣

[@naception]

@@AuAdventures so true lmao he should run for president

[@MrJessenava]

Lol. When I heard he took money from a guy my first question is “how’s your relationship with that person now?” Lol

[@Tetsu9701]

This is a straight up M E S S. At the end when he said the lease was for 5 years, I literally threw my hands in the air.

[@tear728]

Haven't reached that part yet. What the actual f

[@wmluna381]

Commercial leases are usually longer, I hear. My last job moved to a new location and I was astounded to hear the lease was for 10 years. It was an office space. According to my old boss that was not unusual. Either that or he got more suckered than this guy. 😬😄

[@tacosaurus7642]

We REALLY need this follow up. I hope he makes it out ok

[@youdontknow7190]

He probably didn’t unfortunately

[@brianred8]

Rent going up 3k??? I'm not optimistic....

[@enola1281]

As soon as he said "I don't know my numbers," and "I'm in the red' and "I take in 10k and the business costs 2k a month to run" I knew it was gonna be a good one

[@Imperial_Squid]

I can _maybe_ get not knowing your numbers on a day to day basis, just having ballpark figures. Not knowing your numbers before going to an _accountant_ is fucking *_stunning_* levels of negligence

[@misspapo3444]

I paused it to get snacks and to get comfortable.

[@luvzdogz]

When he prefaced every $ figure with "about" I knew he had no idea!!

[@adamseidel9780]

@@Imperial_Squid not knowing your numbers pretty closely as a business owner is really never acceptable

[@awhs5435]

Yeah they are forgetting to add in taxes, $120k year business income will be taxed heavily, take home is probably $90-95k

[@Jhoto]

The fact that this man has a membership to LA and he owns his own gym is insane to me. And his girl needs to understand that she can’t keep paying her own items from the business card acct.

[@Dre2Dee2]

The second she understand that, she's G O N EEEEE, and this guy knows it. That's why he keeps enabling her to do it, which is DUMB, but that's what he's doing. Rent-A-Girlfriend

[@genxx2724]

Disney Plus. Gimme a break. Someone’s got a kid. Running personal expenses through the business. If he gets audited, he’s TOAST. There’s a roast.

[@binkaboi8087]

@@Dre2Dee2 you know nothing about their relationship lmao, projecting?

[@davidmckenzie1041]

@@genxx2724 His business will probably go bankrupt before he gets audited.

[@PerfectPrinceX1]

@@genxx2724 you dumb lol the IRS doesn't not care what you put on or in your accounts. the IRS does not look at your bank account. it's all about what u report on your tax return...if he doesn't report the Disney transactions they are completely irrelevant to the IRS...

[@Nina-cd6uw]

Jose seems like a great guy, hope he makes it! Really really unprepared for the business he's opened, he probably should have stayed an independent trainer and taken some business courses on the side. All of the comments bashing him (and the other guests) for their poor financial decisions are right, but so brutal and unempathetic it would make me give up on life if I read them were I in his position. Hope he can move on from his debt, I'm flabbergasted but empathetic and really feel for him. All the best wishes to you, Jose, to have good luck & good judgement on your way forward.

[@ItsMe-cp8xc]

It’s hard to be empathetic for people who are either stupid or especially for people doing stupid things. Knowing how much your business takes to run, how much it makes, what the profit margins are. These are all the BASICS of business and it’s not some complicated process. You literally just have to pay attention to what you’re spending, paying people, and earning. To not know is pure ignorance, stupidity, or both.

[@martincapellan9855]

Life is not fair, he’s going to need more than hope for this to even maybe work out.

[@bigjim7339]

I hope he fails and realizes how stupid he was getting into his position that he is in now. Honestly. He is so delusional and oblivious to the point that he doesn't even know his own expenses, his business expenses, what he is covering for his girlfriend. You DO NOT deserve to own your own business if you don't even know where your business expenses are going. Let alone personal expenses. If someone is stupid with their own money like this dude, do you really think he deserves to be stupid with other people's money? I certainly don't. This dude is everything wrong with having your own business, having friends with money, etc. He is just stupid for stupidity sake at this point.

[@user-dw1ls3rp1l]

NEVER mix your s/o up in your business. If it's your spouse and you build it up together, that's different. Letting your boo into your financial world never ends well.

[@udderlylost1178]

Sending this to my husband the next time he asks why it's taking me so long to save, calculate costs, and research BEFORE starting my home bakery

[@Mightyhero777]

Tell him 1% better a day is 365% better after one year. Life is a game of chess, not checkers.

[@AlvinKazu]

For what it's worth, from my knowledge, you have to have a separate, dedicated kitchen in order to produce food for sale, according to FDA? rules. Hopefully you have read about that.... However, I've seen a lot of people get around this with selling food on Etsy, etc, but forming a business and such, there are some rules and regulations for "health" reasons. Some homes have detached kitchens or create a kitchen in a shed/separate building on the home property. Best of luck!

[@drillingig2368]

@@Mightyhero777 wisdom is cold bro ❄️

[@aliuscogitabam]

@@AlvinKazu A lot of states have cottage food laws that cover baked goods as long as the ingredients and possible cross contaminants are listed

[@AlvinKazu]

@@aliuscogitabam I looked this up , but I haven't seen any use this law for them. I know of a small bakery here that has to put "not for human consumption" or something to basically say that she isn't in a licensed kitchen, but the products are still for sale. Then there are the farms that do it because they need special licenses, or other BS.

[@ana_thewanderer]

The second he said, "I don't have insurance", I knew it was gonna be a big yikes.

[@user5214]

The second he said "" I knew it was gonna be a big yikes

[@luvzdogz]

I yelled out loud! 6 to 9 months he's been operating like that?!! Whoa buddy!

[@iosgaming2824]

I would recommend he get insurance and not get a waiver because having a waiver will turn off some people from going to a gym especially a start up gym that so apparently is a startup gym. Not sure what goes on in his gym but since his wife gets commission I assume since he said no one else works there that the only employees and are scrambling to clean the gym, do trainings with people, office work, and be receptionists.

[@genxx2724]

@@iosgaming2824 Girlfriend. And I agree a gym can’t run without more staff.

[@potato1084]

The second he said he had no clue what his overhead was I got concerned 😂😂 Around the 3 minute mark

[@katerinavlckova2547]

I paid off my credit card yesterday. I am determined to live freely from now on. Thank you Caleb for opening my eyes.

[@DK_Son]

Caleb hit on something that I see a lot of people ignoring or not thinking about. If you need $100k to buy a house, you really need at least $130k. There are overheads you won't think of. Legal fees, stamp duties, furniture, repairs, etc. You can't put down $100k for a house, then live at $0. You need to come into it with a buffer. This goes for business too. This also goes for buying a car. If you save up $20k to buy a $20k car, you should really save up about $30k+ so you have a buffer for insurance, and not leaving yourself on zero.

[@bignut8466]

And I loath that, maybe it’s apart of being raised American and thinking, “once i hit this arbitrary number in my head everything will work out” hard habit to kick

[@pangkoulee7648]

Ohhhhhhhh

[@Madchris8828]

so well stated

[@chicanoazteca8614]

that's called a budget bro.

[@Jackriff7855]

5 years ago I bought my house with 3% down and $0 in the bank after buying. With 70% of my paycheck going to mortgage alone. The greatest thing I ever did! now my house has doubled in price. Cheaper to own than to rent and now my mortgage only takes 20% of my income. Glad I didn’t have someone telling me what I should do because it would’ve been bad advice

[@Rudy1150]

ok, the fact that he still has a $30 LA Fitness membership after a year of owning his own gym says it all. He really needs to sell his business because the dude has zero attention to detail. lol

[@apjapki]

Yeah. He might go bankrupt before he cancels it.

[@crazzykanadian2685]

You can’t sell a business that’s insolvent

[@ublade82]

Scoping out the competition bro

[@vydeogames]

He been giving he money to tha opps 😂😂

[@ojames1983]

No one with sense will buy a business that’s in the RED, unless it’s another Jose. 💀💀🤣🤣

[@xxZerosumxx]

I give Caleb props for telling the guy to reduce his girlfriend percentage in front of her!😂

[@ses-ei7oc]

I loved that. Business and your love life should not mix. Shit.. I wouldn't even work with a family matter for that reason!

[@b_ford72]

My thought on that was she pays half the personal bills too though so if she makes less and can’t afford bills he may end up spending more since they’re intertwined? Idk. I guess if she goes and gets a different job and hires somebody to replace her that may work.

[@izzyp.8733]

My uncle owns his company and he employs a lot of family, but he drew the line at employing his wife for that reason!

[@bulldozer8950]

My guess it was partially so she could see their business is about to fail. If she’s nice and likes him and is invested in the business it’s very possible after this she told him “look I understand you have to cut back for the business so it can be successful, I’m willing to go down to 40% if you can give me some percentage if it’s successful down the road” And if she gets mad at him for trying to cut her commission, honestly he should probably get out of that relationship

[@Dre2Dee2]

Nicer than what I wouldve said FIRE THE HOE!

[@annas9992]

Caleb!!!! I followed your advice to get my shit together. I moved home. I work as a behavioral therapist for kids with autism part time and this weekend I went and got a job at chick-Fil-a. I worked there right out of college and swore I would never go back. But I feel proud of myself for taking charge of my financial situation by adding 30 hours making my working week 56 hours but I’m doing it for a better life. I’m working now so I can get out of debt and enjoy a life with a healthy relationship with money for the rest of my life.

[@papabear2515]

Good for you! You will feel incredibly happy, proud and FREE!

[@LKauf279]

WHOOP WHOOP! Nice work!!

[@user-gm1zj7vt4m]

He need to get ride of his girl

[@chashmal10]

Shockingly irresponsible and unaware, especially for a 29 year old

[@saffloweroyl3663]

A whole generation of babied young adults

[@stop08it]

Babied by who exactly?? Stop with the BS

[@RM-qn3ro]

@@stop08it ??? MOM ITS ALL YOUR FAULT MOOOM

[@specialagentorange4329]

@stop liberal moms and dads

[@LKauf279]

Oh please!!! Conservative moms are the WORST about coddling their children, especially their sons!@@specialagentorange4329

[@markt4497]

Having a gym without insurance is just crazy

[@NameRequiredSoHere]

One injured client and his life is over!

[@R03333]

Makes me want to plan a trip there with my shoes with the least amount of grip

[@Dre2Dee2]

@@NameRequiredSoHere No LLC protection, so they can SUE HIM directly! TOTAL IDIOT

[@shannonsampson3267]

And the fact that he mixes expenses with his personal accounts. He would have zero protection at all.

[@buddykerr1]

May actually be a genius move. Hey go ahead and sue me, I have zero net worth.

[@JLiznuts]

Dude didn’t just get a personal trainer, he bought one

[@Gitambrianna]

My thoughts

[@clanwargods]

Lmao 😂

[@ethanking4954]

Free training for life

[@justinthomas5512]

Amazon, Amazon, Amazon prime SMH he sure is smart huh.

[@jomokamocha7443]

He did ‘buy’ his services using the barter trade system.. but that type of deal doesn’t pay the bills .. when Uncle Sam is coming for his pound of flesh - somehow I doubt they’re wonderful friendship/ financial backer will disappear.. sometimes ppl are just nasty especially when it comes to ‘lending’ money

[@AFFTFOMSICHTS]

It never once crossed my mind until this episode that there are ppl out here who start businesses just bc, no plans just winging it

[@amyeli33]

Same!

[@crossmarian773]

It's the cool thing to do right now with the hustler grindset culture online, unfortunately. Men are being sold this pipe dream about being business owners even if they're not remotely fit to be one.

[@jamiegarzon4251]

He needs to ask the property manager if they'll extend the lower rent for a few months... it never hurts to ask

[@Marcus-id5ur]

Ive been a trainer for 19 years. In my experience, most trainers have horrible business minds.

[@sarahmc8309]

My boyfriend is one rhem ans won’t listen to me her financial help 😓😓😓 he lost thousands to scammers trying make big bucks and get his business going .just so glad I had a savy mind on me and didn’t give him any money towards this as said gonna make me so much money then bam couple Weeks later scammed him 10k 😖

[@Dre2Dee2]

Who knew meatheads were stupid? Ok, ok serious answer: people who have no other options and then try to turn their hobby into a "job" is how 99% of personal trainers are made. A DISASTEROUS mindset

[@MrWewill11]

@@sarahmc8309is that someone you want to spend the rest of your life with?

[@TonyCox1351]

@@MrWewill11 if my partner got scammed $10K I’d be out the door

[@linger4605]

Most people watch KZbin or hear influencers. They think it's as easy as just the motivational crap they listen to.

[@nickmoody712]

I'm a personal trainer and have to say this is super embarrassing. How he got someone to loan him the money to open a gym without a solid business plan is crazy

[@jupiterthree5228]

The guy who loaned him the money now owns his ass.

[@Dre2Dee2]

@@jupiterthree5228 and why do I have this weird feeling the guy who lended him the money is known as "Ricky the Shark"? 🦈🦈

[@ralphs400]

11:05 do you have an LLC? 👀deer in the headlights

[@genxx2724]

@@jupiterthree5228 Not really. It’s an unsecured loan.

[@lukabeast1150]

@@genxx2724 thanks I was about to say… he wasn’t a bank he just gave some guy 50k lol

[@jordanharper5795]

As a former gym guy I can confirm we mostly die in poverty

[@TheUraniumCore]

I love how after one hour of hearing Caleb tell him he's made every mistake imaginable and that he's literally on his inevitable way to bankruptcy, he still has the gall to say he's optimistic. It's not good to be overly anxious, but this guy is on the opposite end of that spectrum. Stress is good and important sometimes.

[@bigjim7339]

Nothing easy is worth doing and this dude has every excuse in the book on why he didn't make it. The fact of the matter is he's extremely delusional and either stupid or oblivious. I'm willing to learn on stupid. How many business owners do you see that can't even cite their business expenses. Let alone personal expenses. Not to mention he is paying for a girlfriend without a job. He deserves to fail.

[@LKauf279]

Literal survival instinct kicking in and he doesn't have any!

[@charliewynn3210]

If this is what some of those "75% of businesses fail" look like then I don't feel as bad for some of those failed small businesses

[@nevarius9010]

My thoughts exactly, some people just don't have the faculties to run a business, this guy certainly doesn't, at least not right now.

[@juanbermudez1321]

Yup. Most small businesses don’t make it the first 5 years and the cause is usually on the owner.

[@astralnight3493]

@@nevarius9010 he never will

[@ST-rj8iu]

@@juanbermudez1321 Which falls back on the US tax payer. Ugh!

[@Josherrificly]

You would be surprised how many businesses run off of hope and band-aid fixes.

[@rainepanda]

it's the $70/month gym membership that he forgot to cancel for me LOL

[@itskelohh8173]

What’s his gym called?

[@MoS-vf1pb]

This dude has made some bad decisions but he is extremely brave to come on this show and allow himself to be this vulnerable. You can see he is sincere and wants to sort his financial situation out. I hope he recovers

[@BahamianGaming]

I remember my senior year of college I took a class where we had to create an entire business plan on opening a gym from the ground up with finding a space and creating a budget and costs etc and any thought I ever had of potentially opening a gym flew out the window a week into doing that project. People think its easy opening up a gym cause they like to workout and it would be fun but its just so difficult to get off the ground and keep it open

[@Bootyeater999]

That was a great project.

[@ErickFtw]

One option could be to have trainers rent the gym out. The trainer pays a monthly rent to use the gym as much as they want. It could bring it more monthly money with little work on his end.

[@MPPG663]

That's a fantastic idea.

[@yesnomaybe9472]

Trying to bring this comment up! Good idea

[@roselyntyson559]

Great idea! ❤

[@AnthonyMcNeil]

Yeah, this is probably his best bet. Rent it out to hardcore fitness people and he needs to do something else.

[@14catsand1human]

Pay a monthly rent while members pay gym fee.

[@froggore52]

This guy has absolutely no business owning a company.

[@thepearlswirl]

did you miss hes from dallas?😅

[@adamseidel9780]

Turns out he doesn’t! He’s just a guy with some personal loans and a lease agreement. No LLC, no anything.

[@rsdouglass4]

100% zero business

[@antoniocamargo6580]

​@adamseidel9780 do you know what's his gyms name

[@sharonoddlyenough]

​@@adamseidel9780 no, he says he's got an llc

[@TCTCTCTCTC]

Brutally honest as always. And thanks to these people for having the guts to come on here! Being open and vulnerable about your finances to thousands of people, is really courageous, no matter what we think about their financial choices.

[@banditbobbyhill4747]

One of the lessons I learned after watching Caleb's videos is that frivolous $10-$20 recurring payments are probably indicative of terminally bad spending habits. Month-to-month payments for anything are for chumps (including me), and hardcore budgeting is king. Def wish I paid attention to finance stuff sooner.

[@0HxB0Y]

He should stay at the gym during that lunch hour and work on his business there. No reason to commute home when you pay for Wi-Fi at the gym

[@lulu-dr4eh]

I would consider living in the gym with how bad things are going.

[@haleymist09]

Yeah, I thought that was weird, especially with traffic. At least a couple times a week for focused work at business.

[@genxx2724]

Yep. Pack all meals and stay there all day.

[@TonyCox1351]

Yeah plus he said it’s a 45 minute commute, than another 30 minutes to get back in the afternoon. What does he do at home that he couldn’t do at the gym anyway? He doesn’t have kids

[@asecmimosas4536]

This exactly. What the gym doesn't have is a bed for his mid-day nap. And even for that...find a bookstore or a coffee shop.

[@Rockstar22ize]

“It only cost me $2k a month for my business…” 5 minutes later and realize it’s $6k without even insurance 🤦‍♂️

[@human7881]

The LA Fitness subscription when the dude owns his own gym killed me

[@AlecTramblayCoaching]

This dude said he is turning away 2-3 “leads” per month yet taking off 10-3pm everyday?! Wtf 🤦🏼‍♂️

[@hannahstebs]

He needs to start group classes or something to get more people in the door. Taking on all that overhead without a plan to increase profits is ridiculous.

[@JoseFlores-xh5cj]

He didn't even bother advertising his business when he was given a youtube platform. Surprised Caleb didn't help him out with the shout out.

[@KM-mw3jp]

A group class is actually a really smart way to run a small gym with limited staff.

[@lukabeast1150]

@@JoseFlores-xh5cj idk if he got shouted out and even got 5 leads from this video a month( which would probably happen at a minimum) he couldn’t even handle the additional clients right now. That would’ve probably sent the business off the cliff sooner than it looks like

[@lukabeast1150]

@@JoseFlores-xh5cj he gotta grow naturally first and work on getting things down pat while he still is small

[@genxx2724]

@@JoseFlores-xh5cj He mumbled the name. Caleb shouldn’t help promote it, because José doesn’t even have insurance.

[@sydney6268]

As a law student who has seen a lot of cases involving "waivers," those contracts are often insufficient to protect you from liability, especially if he wrote them himself. It may also simply be illegal under state law to operate without insurance. Basic business liability insurance is usually relatively inexpensive.

[@Dre2Dee2]

This dude is the definition of "penny wise, dollar stupid". Got a loan without a bank, filed taxes without an accountant, and wrote contracts without a lawyer, all to save some money! IF YOU DONT HAVE THE MONEY FOR A BUSINESS, DONT START ONE

[@bigcockedman714]

especially a gym...

[@TonyCox1351]

Even an airtight contract doesn’t protect you from getting sued and spending thousands in court to prove you had an airtight contract. And then there’s gross negligence and other things it doesn’t protect against. Definitely need insurance for high risk activity like a gym

[@asecmimosas4536]

I'm not a torts lawyer but in torts back in law school we learned the same thing...the lawsuit is not going to be thrown out simply because they signed a waiver, there are still many ways you could be found negligent. And if you don't have the money to hire a lawyer then you'll probably want insurance for when you lose to someone with a lawyer...

[@roryhanlon927]

@@TonyCox1351 You can't insure against gross negligence - you can't say "Hey, I'm thinking of running an extremely unsafe business where people are probably going to get killed and maimed whilst I fail to take precautions to stop it, and I want you to take all the risk".

[@jennifer.martin.48]

He should offer a several week weekend boot camp, attract new clients who don’t want the long term commitment while they pay upfront whether or not the use the services all the way. Good luck to him!

[@gridlock82]

I’m met people like this dude , many times , they are the kind of people that just smile and laugh when seeing questions are being asked and they seem to have a hard time taking things seriously. It frustrates me to no end

[@SamSolo43]

respect to this dude to come on here; but he has the most "not a single thought behind those eyes" vibes i've gotten from anyone on this show lol

[@normalguy3373]

A perfect description. No notes

[@pkrent3461]

Its crazy how ppl fake things but the eyes never lie

[@candy2325]

😅 omgg

[@yukare129]

You mean, he's the second person, remember Tyler?

[@SamSolo43]

@@yukare129 omg legit forgot about her- and you are so right haha

[@magpie4]

I want to see more small business owner audits!!! 100% would watch them all❤

[@Britt4880]

This sounds more like a “hang out spot” than a business 😅

[@angelos.ortizvela7485]

Yessss

[@elbino413]

Bro, she knows she buying stuff with the business card 😂 that is not an accident 😅

[@sarab5507]

Kind of freaked me out at the very end when he said, “I think within a month I can turn things around.” A month?! This is a several year long problem to solve AT MINIMUM….in the BEST scenario. Gives me the impression he’s still not clear on the actual numbers of the situation, even after Caleb broke it all down. Anyway, I wish him the best and admire his optimism. I hope it ends up working out for him.

[@carlariggs525]

wow, he's in serious denial! he needs a cpa and financial planner asap.

[@CalebHammer]

Absolutely

[@brianyobbz497]

@@CalebHammer I love these videos

[@hanspz5505]

I thought 2 mins in he needs to hand the finances to someone else 😂

[@omotayosatuyi252]

Also an accountant since he doesn’t know how much the business takes In

[@alexisvazquez5628]

@@omotayosatuyi252 that’s what a cpa is

[@beatriz25ish]

😑 NEVER hire friends, family and partners. They will eat your almost non existing profits and its going to be drama everytime you try make them accountable

[@Dre2Dee2]

Which also tells you another thing: HIS GIRLFRIEND DIDNT HAVE A JOB BEFORE HE SHOWED UP

[@CameronFussner]

Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Making money is not the same as keeping it there is a reason why investments aren't well taught in schools, the examples you gave are well stationed, the market crisis gave me my first millions, people shy away from hard times, I embrace them.. well at least my advisor does lol.

[@fadhshf]

This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?

[@hasede-lg9hj]

Monitoring my portfolio closely has been incredibly rewarding. In just the past two quarters, I've made an impressive $273k. It's fascinating to see how experienced traders can generate significant returns. This has definitely been a bold and exciting decision for me.

[@lowcostfresh2266]

@@hasede-lg9hj Please pardon me, who guides you on the process of it all?

[@hasede-lg9hj]

The adviser I'm in touch with is Vivian Carol Gioia. You can use something else, for me her strategy works hence my result. she provides entry and exit point for the securities I focus on.

[@leojack9090]

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing.

[@BakoBoi]

If I had a nickel for every time a guest said "so what happened was" or "this month as weird", I'd be richer than 90% of guests

[@dinahlizett]

I feel bad for this guy, seems like he hadnt realized how urgent his situation was until Caleb started laying it down.

[@apjapki]

Yeah totally Starts at 4/10 then Caleb tells him he can't avoid bankruptcy on this income.

[@RM-qn3ro]

It's called having a girlfriend.

[@TuBui2]

You'd think a guy who knows how to balance macros and calories, would be able to balance a budget

[@theshelbypalace]

HAHAAHAHAHAH you would think 🤣

[@Dre2Dee2]

Eating is a physical need, good money management is a spiritual one There is no cross-over whatsoever. His failure is not an anomaly, it is an expected result

[@TuBui2]

@@Dre2Dee2 I'd politely disagree. Eating or sticking to a lean/healthy diet is also "spiritual" or psychological. It's why following a diet is so tough for people and why so many people consider losing weight "personal growth" At the end of the day health, whether physical or financial, boils down to the simple equation: calories in/out or money in/out.

[@Dre2Dee2]

@@TuBui2 to be honest, his physique is nothing impressive either. Just looks like a regular dude, but I get what you saying lol

[@TuBui2]

@@Dre2Dee2 LoL that's my point :p

[@freefree1664]

And he's just gotta think outside the box - offer group class for PT (4 people at a time) for a reduced rate for students or mom's with bubs groups for example (more $ per hour for the trainer), charge a premium for one on one PT, rent a portion of your space out for someone to do yoga/pilates/karate classes or something there etc (that doesn't need a large equipment expense). If there are any rooms rent them out for someone to do sports/remedial massage or chiropractic spaces. Advertise to students/trainees who want to get into all of the above kind of jobs to get a trainee pay in exchange for experience on their resumes. Sell products at reception like water, gatorade, protein bars etc or even a juice bar in future. Good luck to him

[@GFrancis1100]

Great idea! :) ❤

[@kyliecallaway5273]

The GF needs to pay back the business of any personal charges! That many times doesn’t feel like an accident!

[@flarone]

The level of co-mingled business and personal aspects across Jose's entire life was really working to his detriment.

[@Dre2Dee2]

Yup, which means his taxes are 100% completely screwed up. Once the IRS catches on he is in HUGE trouble No way he kept his finances and the business expenses sorted correctly. NO. WAY.

[@Andrey-rc6wp]

I've worked in a few companies where friends and family were heavily involved. It NEVER goes well. NEVER.

[@stop08it]

My family member is trying to get me very involved in his company and I’m seriously trying to swerve him, I feel bad. I don’t mind helping out here and there which I did with another family member and it wasn’t too bad.

[@mj8382]

Having no insurance is MAD! People prey on neglect/stupidity that business owners do and purposefully go out their way to SUE! not having insurance just gives them the upper hand ✋😮🤚

[@01man01truck]

Dude, not having insurance on your gym is crazy. People can still get hurt on your property prior to signing a waiver or without even having to enter your building in the first place. Imagine if it snows outside and someone trips and falls right outside of your building.

[@connord8359]

Caleb, you should also just start adding up their expenses when you list off things, and just show a total number of what they could have saved, if they just don’t go out to eat as much! Great video as always!

[@emmi8899]

that's a good idea!!

[@alepolait8951]

That’s what’s killed my Uber eats habit. I added up all the deliveries of the month and it was literally disgusting. I felt so stupid. The shock of seeing it all together was fucked up

[@perdybirdie]

Very smart idea!! Hope he sees this

[@Jlk6532]

How does Caleb live in Austin and not know racetrack is a gas station lol

[@aknittinglopez]

Love the debt counter ! Makes it so much easier to keep track of how much terrible debt these people get in 😂

[@pabloescobarschanclas]

i don’t understand how this dude is just content with that 1600 to 4600 rent increase…..like what planet is he living on lmao

[@Dre2Dee2]

Planet Foreclosure

[@devNull1]

Planet Fitness

[@Phuhcough]

The rent was never $1600 they just hooked it up for him

[@timothyknoles976]

Commercial property owners had been cutting deals where the business only has to pay the triple net for the first 3 months. Especially with new properties. For the CP owner, it picks up the traffic to the property. For the business owner, it gives them time to get the business up and running.

[@charliegolding9439]

@@timothyknoles976 he just forgot about the up and running part

[@charliek7944]

Get insurance. Keep your gym clean. For the love of god, separate your finances!

[@NeedofBeingVersed]

The fact that so many people like him come on this show and seem to brush off how dire their circumstances are is baffling and also infuriating.

[@margaretf667]

I think denial is a coping mechanism

[@JMidwestern]

If he doesn't already, he could offer small group classes during those late morning or early afternoon hours when he doesn't have a regular client. My trainer does this. You'd be surprised at the number of people who can come to a class in the middle of the day three times a week. We pay a smaller monthly fee since it isn't one on one training. The trainer develops a group workout for each class, explains it and then walks around during the class to correct form and answer questions. She does this 3 different class times on MWF and two class times on Tues and Thurs. She makes more doing that than she does one on one training.

[@chrisstroud1915]

I love that Caleb always asks them to rate themselves 0 out of 10 rather than rate themselves between 0 and 10. It always feels like some nice foreshadowing :D

[@sjordan7085]

Except Caleb's guests, always seem to rate themselves far higher than the rubbish scores that would be more honest.

[@TonyCox1351]

I notice that every time. Freudian slip 😂

[@averykempf9164]

🤣🤣🤣

[@Ballistix117]

A 4 is always really a 0

[@beekay700]

I think about this everytime. Rate yourself on a scale 0 out of 10 haha

[@wakeupstylellc]

Looking into your account on a weekly basis and noting where the money goes is so important to get ahead. I love your content, I had to consciously spend my money after my divorce. Cut all the lil subscriptions, stopped shopping at Ross or TJ Maxx, switched to mint mobile, use all the food in the pantry, cooked. Got a second job. July Im debt free baby!! 60K paid

[@kfitz192]

Congratulations!!! Well done!

[@haleymist09]

Yay! Mint mobile is a pretty good deal

[@candy2325]

Congratulations 🎊🥳🥳🥳

[@candy2325]

Congratulations 🎊🥳🥳🥳

[@kiaharper7172]

😮 great GREAT JOB!!!!! It's taking me a few months to get in the groove of not shopping when I'm bored. It's HARD. I work nights so on my days off nothing is open but the gym. After the gym I lie in bed and cruise Amazon lol 😅.

[@esotericjp]

Gyms are so fickle. I worked in fitness and i dated a guy who owned a small gym, and man it gets rough. There are too many options to pay a fraction of the price at a Crunch, LA Fitness, Golds etc. When finances get tight, personal training becomes a luxury people chop out. I left that industry after grad school and i could never see myself going back. I know that type of work can be rewarding, But I dont like the potential instability. 😵‍💫😵‍💫

[@MikeGusFifteen]

Hey Caleb, I found your channel maybe 3 months ago and it's legit turned my life around. There's really no other channels that truly confront people's financial illiteracy especially with such transparency. I'm still in debt but it's getting significantly better for me from watching your videos; I've been on a strict budget (best I can being a business owner) and getting closer and closer to buying my first home. You fuckin' rock bro.

[@Iceblade065]

Caleb needs to wear a heart monitor during these so we can see his heart rate spike

[@tylertbone9]

I think it'd be a hilarious addition

[@brightspacebabe]

Boop….boop,boop……boop…BOOP,BOOP!!!

[@PerfectPrinceX1]

"does the income and expenses go through the llc and then everything goes through there to you?" "no, thats a good idea though"

[@joshboustead2702]

best of luck with your gym Jose! It looks tough but keep working hard you'll see the fruits of your labour.

[@askquestions1236]

It's ok dude. Live your passion! Learn from this and succeed!! 🎉

[@TestMeatDollSteak]

Even if this dude started living in his gym next month, he still wouldn’t even have enough money to feed himself. Holy shit.

[@abluelark]

This whole situation is financially f**ked. No amount of optimism, working a second job, or marketing is going to fix this. The only solution I can see is to give up, and admit this business has failed. Sell everything, end the lease early, and get out. Go back to being a personal trainer, and find a 2nd job to start paying back this debt.

[@stop08it]

His taxes are probably screwed up too, it’s a mess!!

[@sidehustlevikki1066]

Facts

[@GregMcNamer]

A possible path to making it work: 1. Cut the GF 2. Live at the gym from 5am to 10pm, 7 days a week. Every hour is a business hour 3. Bring in other trainers with existing clients at a steep discount. Bonus short-term round: sell heavily discounted 12mo training packages

[@timl2063]

Some thoughts to dig you out of the hole: - Move gf to 40% commission (this alone could bridge the gap) - cut gf from all business and personal credit cards. Wtf is she even able to buy Disney and music records using an overextended business account - Stop spending hours in the middle of the day doing “admin” stuff. Now you have no commute - take on 3 more clients. You do not pay yourself commission so you are your best employee! - Consider raising prices (you and employees earn more) or expand and partner with a dietitian, massage therapist or anything …. Good luck my friend

[@emospider-man6498]

Well I've been watching this channel for about a week now, and I've already cancelled 2 credit accounts. Working on cancelling 2 more. It's gonna be a tight year, but it's a year towards financial freedom. It's a little different in the UK, but interest rates aren't. Thanks Caleb.

[@mirandadonavan1074]

Same, I’ve been really cracking down on my financials and finally seeing progress! My goal is to pay off 1 of my 2 credit cards this year. Next year, I plan to pay off my car, personal loan, & 2nd credit card. By March of 2025, the only debt I SHOULD have is student loan debt! I hope I make it!

[@viniciusreboucas6099]

Don’t cancel your credit cards bro just stop using it .. closing accounts will hurt your credit

[@isaiahcolmore1341]

As a 29 year old gym owner I am 3 seconds into this episode and so nervous haha

[@antoniocamargo6580]

Hopefully you know your expenses and revenue

[@TheSoftspokenShaman]

Chances are you don’t own sheeeeeit

[@AmmyWolfable]

Well did you learn anything

[@isaiahcolmore1341]

Yeah we’re in completely different worlds. We know our overhead and income monthly. Paid off investments and stocked emergency fund pre pandemic so been trying to restock that. He made me feel amazing about our situation

[@isaiahcolmore1341]

@@TheSoftspokenShaman haha own my car and all our equipment and location! But saving to own more 🤝

[@chiefgalo]

This guy's motto: "forgot that was there" "forgot to cancel" "ive been meaning to cancel that"

[@yukare129]

"Assumed I canceled that and didn't check"

[@joshuaauterson9396]

Motto soon will be "business canceled and closed"

[@personalaccount4360]

Asking him to dedicate all his time to working is going to get in the way of the gym business. He faces customers at his gym, so he needs to look good. He can't be on low sleep and without his own workout/eating time. Truthfully, the business isn't going to work, and he should close it before he racks up more loss. He's not ready for this endeavor. He can try again in a decade.

[@lockhart1895]

No you’re right

[@angelamalcomb1373]

Man, I sure do hope this fella does awesome , he seems like such a nice guy

[@justanothercollegekid8045]

just wanted to say that this channel has helped me so much! I’m 22 and recently got a six figure job, but your channel has showed me how important it is to get on top of budgeting :)

[@anidnmeno]

gz on the good job :D

[@elijahkim818]

What field if may ask?

[@meetdavid2024]

Same!

[@meetdavid2024]

@@elijahkim818 probably engineering or sales

[@KingCzar29]

See you on the show next year 😜

[@Mr_Kernel]

As a starting business owner, this is so insightful.

[@misspapo3444]

This is such a great episode of what NOT to do.

[@stephaniehall8179]

Man…I wish the camera switched over to his Girlfriend’s face when you told him she needs to take a lesser commission or get someone to replace her on the cheap😂😂😂😂

[@wallbangzz7530]

he really said 30mins is a long commute i travel 1hr and 15mins to and from my job. thats a long commute.

[@kylieupward973]

Thank you Caleb for making me realize I need to get it together financially and start planning for my future! Out here doin the most for those who grew up with no financial literacy ❤️

[@uxvocabclub]

So true!! Since I've been watching this channel, I started talking to my parents about their finances. My mum took over the finances, paid off the car, stopped silly spending and has started aggressively paying off their debt. I'm currently beefing up my emergency fund and saving as much as I can to keep my business. People say they are bootstrapping their business, and I say I'm doing that in flipflops. Keeping my overhead as low as possible and grinding as hard as I can. Any time I want to get something, I think, what would Caleb do?? He would yell. And over the past few months I have basically lost all interest in stupid purchasing. I don't have any debt. I paid it all off 3 years ago. I have enough runway to last the rest of this year. And I am blessed to live with my parents (to save money) so my expenses are really just groceries at $150 a month. I mainly eat lettuce and eggs. 😂 I quit drinking, smoking and even coffee... so even my bad habits are gone. I just figured out a way to significantly increase my business revenue (last friday) and I have already implemented the changes, so I will start to see results soon. I am in Canada, so we have an entirely different system up here. But I can't wait to start adding to my tax free savings account and my retirement savings. My hammer financial score is a 1, because I don't have debt. But I also don't have much of anything else either. I do set aside money for taxes :) so maybe a 1.25 😂😂😂 It's not funny, but I am making progress!!! And so is my family :) Thank you!!!!! ❤❤❤❤❤❤

[@TestMeatDollSteak]

This guy is in a _BLEAK_ financial situation with an almost certain bankruptcy and loss of his business looming right around the next corner. Easily one of the worst, if not _THE_ worst financial prognosis of any guest that’s been on the show. The most surprising aspect of it all is that the guest is still remaining positive and optimistic. I truly hope, for his sake, that he’s able to scrape by and make it work in the long run. I’d probably be in tears if I were in his shoes! I wouldn’t even be able to sleep at night…

[@jackycollins9861]

Dang the look of defeat in the bad, I feel so bad. But I totally hope things get better for him and we hear how well he's doing 6 months from now :(

[@themountainfern]

I think this is the first time I've seen him go from raging to really worried. 😮

[@ricardovazquez2274]

If i was in that position i would just cut the cost of rent and utilities and just live at the gym

[@CoveringFish]

Facts. Building my business didn’t leave till 4am to sleep at my moms house

[@marleyhill34]

The girlfriend won't like that by the sound of things. 😅😅😅