I Don’t Know Where All My Money Has Gone!

[@harryvoigt5217]

Dave is absolutely right. I’m a CPA and the CPA is basically your CFO. His job is to not just produce a P&L but to go over the finances with you.

[@benfontenot9896]

At my firm we have different levels to it. If you want just basic bookkeeping to make sure its all getting done right, it willl only run you a couple hundred a month but we aren't going to do consulting unless something looks odd on your financial statements. If you want us to be a CFO with monthly consulting calls and directions on how to run your business + sales tax + payroll, we will do that but its going to cost you a several hundred a month to over a thousand depending on the size of the business.

[@andyg806]

When Dave goes off, you just know he's had a bad experience relating to the call! Love it.

[@kelvinpang438]

​@johnSmith-uz8nllol, driving an hour to save 10 cents would cost you way more in fuel from the driving, your dad just likes to drive.

[@Discovery123.]

Man, I’ve been watching Dave show for over 4 weeks now, and I have learned a lot. Good stuffs I never learn in school.

[@justinlittle8742]

This dude is an absolute sales machine when it comes to exterior cleaning

[@JakeStewart1343]

That's good for his accountant 😂

[@ultimatedouchebag6760]

his money went to the middle east. Thanks Biden.

[@lilolme69]

Yet sucks at running a business. He should get a sales job or learn to run a business.

[@benfontenot9896]

@@lilolme69 Or just hire someone to run the business. That's what the firm I work for is for. We can help you manage your business but you're gonna pay us. You just have to figure out if its worth the ROI and make sure the firm is gonna do it right. Sounds like this one isn't.

[@lilolme69]

@@benfontenot9896 That's on him. I like running my own businesses.

[@robinpigeon2070]

Wait - he mentioned he grossed like $550,000 but then ticked off several staff persons? At 60,000 or so a person it’s easy to see why he’s not netting all that much?

[@lilolme69]

Right! I sell used appliances, just my grandson & I and we make way more than that! We get up at noon and work 2-5 hours a day.

[@personxyz1840]

We don't know how much he and his wife draw monthly.

[@lilolme69]

@@personxyz1840 Not much left for them to draw.

[@sct4040]

Needs to count himself as an employee with salary as well.

[@benfontenot9896]

If his accountant is running payroll, those expenses should be included on the P&L. If he's isn't running payroll through the accountant you may be on to something.

[@SoUnDMaN831]

Dave’s right about a lot of accounting professionals (meaning Staff Accountants, Accounts Receivable and Accounts Payable employees). I have a Bachelor’s in Accounting and have been doing for over a decade. Accounting professionals are taught, almost programmed, to only crunch numbers and produce reports. I never caught onto the part of, using the reports to tell the story of how the business is operating until I got several years into my career. It takes initiative on the accounting employee’s part to see it and be able to answer questions you bosses have about the finances. A lot of accounting employees (especially on the accounts payable side) just want to post the invoices, cut the checks and send the ACH payment, code the bills. They don’t want to take the initiative to tell the story using their own reports.

[@EmpressMermaid]

In larger organizations, it's the people with business training who have the role of "interpreting" between the accounting side and the operations side. That's likely why accounting folks don't normally learn those skills, they have someone to make that bridge. But in a small business where one person must wear many hats, they don't have that luxury.

[@SoUnDMaN831]

@@EmpressMermaidThat’s exactly it! I’ve worked for corporations and small businesses, and corporations are exactly like that. It’s usually the department managers that tell the story because that part of their job (and managers will report to the CFO, which makes the managers look good because some managers will take credit for doing the work while passing it off the Accounting professional). Small businesses require you to get more involved for exactly the reason you mention. I like that because I prefer to be more involved the daily operations as well as accounting. I feel like I’m contributing to the company and I have a full grasp of what is going on.

[@EmpressMermaid]

@@SoUnDMaN831 what the caller needs to do is either send his wife to a vo-tec school or community college for a quick course in small business management (you can get that pretty quick and cheap at those places). If the wife had been doing the numbers but got in over her head, that may help. OR.......1he should look to hire an office manager with experience running a business his size. He needs to be very specific when he advertises for the position. OR.......maybe he should hire you. 🤣

[@jcman240]

Dudes probably got timing differences with depreciation and runs a bunch of personal expenses thru the businesses, just what I see

[@yiyingwang0423]

Cause that is not their job… AP don’t get paid enough to tell the story using numbers. There are others doing that, for example folks in FP&A…

[@girlygirllocssoul]

As a Senior Accountant and a bookkeeper … Dave is correct. Also, a Month to Month Comparative PnL and doing a trend analysis will give you what is going on with your business. I do that for my clients.

[@mcflysuntiedshoe9389]

And a low taxable income is a good thing, which was the caller’s original question

[@AngieMcdonald-fu9nh]

He needs to allocate his expenses to jobs do he can see which jobs are not profitable.

[@Tehui1974]

I've never run a business, but I learnt a lot listening to this advice.

[@taylorhoughtonphoto]

6:28 "It really is not rocket surgery." Definitely using that one in the future.

[@Rory-p1l]

Sounds like one of the Ricky-isms from Trailer Park Boys;)

[@justinh6974]

He has done that a few times this week. he must be stressed!

[@darksu6947]

You have to be a rocket doctor to perform rocket surgery!

[@DrivenA111]

@@justinh6974There’s no such thing as “rocket surgery”?

[@77greengiant]

The old saying is.. "It's not rocket science"!

[@shannonpolice9365]

This is true. I'm an accountant but no clue how to run a business. That's why I steer clear of doing bookkeeping or taxes for businesses

[@28goldenboy]

The importance of having knowledge in basic analytics to be able to see visually variables in a business and come up with conclusions that would help the business.

[@shoot2mount]

People don’t realize how big of a deal having a good accountant is. And I’m not saying this guy isn’t good. As Dave said, if it’s not sliced thin enough it’s hard to see what’s going where. BUT if you didn’t tell him how specific you want it sliced is it really his fault? And if you want it reeeaaalllyy specific, then it will take a lot more effort on your part to help the CPA better categorize things for a while. Dave is right though, it’s not the dudes job to simply provide the books, that’s a bookkeeper. If you are a CPA you better be able to explain this stuff to the client. You’d be expected to at the Big 4, you don’t get a pass on that because you work with small business.

[@benfontenot9896]

Well as an accountant myself, you should put yourself into the business owners shoes. I try and put things into categories as boiled down as possible. If I think there is a difference bewteen the categorizations I'll break out sub categories without clients even telling me anything. I want clients to see the whole picture. I don't feel like clients are always going to know. We want clients to be able to focus on their craft and what they love doing while we handle all of the business work.

[@dandurham1922]

Dave got riled up on that one! 😂

[@NoName-jm4ev]

A friend of mine had a million dollar car shop. He had a bookkeeping guy whom he fully trusted. The guy took care of his taxes and everything. Every quarter he paid taxes that the guy told him he owed. Until the IRS came along and took his business for unpaid taxes. His tax guy was scamming him, took 100s of thousands of dollars from him, including the tax payments and ran to China. Unfortunately I blame my friend for trusting him too much and not keeping up with his business. He is amazing at fixing cars but didn't care for day to day behind the scenes that keeps the business running. I feel this is the same case. You should run a forensic review or your books and find out. My friend lost his business and went into foreclosure because of it.

[@MomoMae819]

So sad. That’s why segregation of duties is very important. I am a CPA. There should never be 1 person handling all the collections, recording, paying bills, etc. Almost same story with the ID (Investigation Discovery), that I watched. This one, the wife was the one paying all IRS bills. The husband has no idea what was going on. Until, they owed millions and IRS wanted to come and make an appointment with the husband (the owner of the company). The wife killed the husband as she did not want him to know what she’d been doing for years. Then, she called the IRS that her husband died and can’t make an appointment. So tragic.

[@yiyingwang0423]

@@MomoMae819it’s sad. But the small business doesn’t have the luxury to have those staffs

[@tarawillis3995]

isnt this why checks were invented?

[@fatemad4012]

​@@tarawillis3995then why didn't he use it? How do checks solve this problem?

[@joyceboisvert9167]

So sad money is the root of all evil take that guy to court seriously and becareful who you trust Always go to a liscense tax person and get a copy of liscense number

[@janstolk486]

Statements with percentages behind the numbers are very helpfull to see where your money is going . It helped me a lot in my business .

[@EmpressMermaid]

What caller needs to do is send his wife to the local vo-tec school or community college for a course in small business management. Or maybe that other backroom office employee. It'll go a long way to more efficient operation.

[@birdseye2239]

Whether its the accountants fault the numbers are off so much or not its pretty clear he needs to be let go. "Either your screwing over my business, or your unable or unwilling to explain to me how my business is getting screwed"

[@TonyCox1351]

Nah I think this is on the caller. 7 people on staff and 7 vehicles? That’s probably half a million dollars before he fills up the first gas tank. Boss man should know this stuff

[@TrishDigginsDesign]

This

[@jcman240]

I’m a CPA, most small business owners we work with are clueless, I mean that’s why they hire us so it comes with the territory.

[@carterwgtx]

Don’t discount the possibility that there is embezzlement going on as well - if the books are loose and the owner isn’t always on it. I worked for a small business where the office manager was stealing for years (7 figures worth in total). It was shocking when they finally figured it out…even though all of us who had generated petty cash for the business and gave it to her to deposit all knew it went strait into her purse.

[@tamaraliscia3408]

Other employees knew she was embezzling and no one said anything? No one reported her? Oh, wow!

[@gauravipal9518]

​@@tamaraliscia3408just what I thought.

[@davidglad]

One of my favorite investment managers/writers talked of "what the numbers are and what the numbers mean." As Ramsay indicates, the CPA likely is good for the former. If the latter conversation isn't happening, I agree the best course of action is to find an accountant who would be able to communicate it.

[@stevencole7331]

Doesn't have a feel for financials . Many don't and don't want to be bothered . Money cones in and goes out just as fast . 7 employee could be as high as 350k in expense depending salary and benefits

[@winewoman224]

You’ve got to know what your cost is per job,period. I’m a chef and my ingredients are always fluctuating. If I don’t have my price in line with my costs I’m working for nothing.

[@lilolme69]

I know every penny, every day.. always have in every business.

[@devast813]

As an accountant, when you start to have a turnover of £700k plus you need that detail and need to invest in the accountant enough for them to prepare all the report you need to do your business. The reports don't have to be complex and can be very easy for us to prepare, they just need to give you what you need.

[@weinowei143]

$500,000 / 8 people = $62k per person... Now take out the overheads and cost to do business....

[@Dan16673]

Yeah the business isnt impressive

[@nunol1554]

plus 7 vehicles lol

[@MarksTournaments]

@@nunol1554typical conservative owned business

[@fatemad4012]

​@@MarksTournamentswhat is difference between conservative business?

[@CaToRi-]

Not all accountants are experts in Cost Accounting. Let’s say the accountant didn’t steal money, but if the operating costs are eating the money silently, the accountant will not be able to detect exactly where the problem is.

[@Vlms84]

He needs a Business Analyst

[@slabbygabby]

No he needs a management accountant

[@flybyav8tor]

In my experience rapid growth eats cash. When I’m coaching businesses we plan for rapid growth.

[@lilolme69]

If he would bid the jobs higher, he wouldn't have rapid growth. I bet he is leaving a lot of money on the table.

[@dolorescutrie4542]

Even as a bookkeeper, I was able to tell my boss what to look at further. You start to know what certain AP numbers (or AR) are not in the right percentages

[@FluffPuffkotj]

As an accountant. I spend large chunks of my time explaining how the p&l works to other managers.

[@Sashenka979]

What’s P & L?

[@VancouverInvestor]

Profit and Loss Statement

[@joyouscynic3363]

Accrual accounting has nothing to do with cash in bank. Your AR Aging could look atrocious and still show a great P&L. The P&L definitely needs to be itemized enough to show where expense as a % of gross doesn't make sense, but the statement of cash flows is what will tell the real story to me.

[@gstar876]

they have separated accounting and business management. So, unfortunately, it's now two distinct disciplines.

[@tate6809]

The guy mentioned his TAXABLE net income being low, that can vary wildly from income before you massage numbers (as allowed by the IRS) to lower your tax bill, but a good accountant/bookkeeper should be able to explain that right off the bat rather than leaving the guy wondering.

[@Charlies1970TA]

Such a good discussion by Dave and the caller.

[@mroberts566]

This dude’s business just isn’t making enough money. That topline revenue isn’t nearly high enough for that number of employees. He’s got trucks, supplies, equipment, fuel, advertising, etc. The business needs to make more money.

[@joshyoung81]

I thought the same thing. And the last thing a small business like that needs is a full time accountant in-house on staff.

[@mroberts566]

@@joshyoung81 Exactly! That was bad advice. In fact, he should probably start doing his own bookkeeping. It’s not rocket science, and then he’ll learn where the money is going. (Just never do your own payroll.)

[@Berdihan_outdoors]

Same thought. He has too many people for the show

[@mandypdx]

@@joshyoung81he said he has an external bookkeeper

[@AngieMcdonald-fu9nh]

Hes under quoting. Thats why the business is growinv so fast.

[@d.bray1]

That is way too much overhead for 3 field techs. You could literally do all the office work and sales alone at this size. If you don’t have a CRM like Jobber then get one ASAP it makes billing, emails, quotes, payments, etc all automated and incredibly easy vs doing them one by one manually.

[@TonyCox1351]

Did I hear him right that he has someone on staff to send thank you cards??

[@chinhuawang8141]

As a small business owner and manages the company accounting, dig into the detail of P&L should be easy to figure out. However, Just listen to caller's revenue and staff number, I gut feel is the payroll is eating all the profit.

[@M22Research]

Growing a business is great. But there’s no way that business is going to survive when the guy running it does not even know how profitable each job is! A million dollar business can go out of business real fast if the price for each job doesn’t cover the costs. Where’d all the money go? If each new job doesn’t make money, that’s where it all went!

[@rsafree1139]

Exactly. He says he’s a sales machine, but how can he accurately quote a job without having any idea on the profit? He may be selling like a madman because he’s pricing way too low and doesn’t know it. Pretty easy to sell a service and feel like a rockstar salesman if you are pricing it too low

[@M22Research]

Yep. A good friend was a long time successful contractor - he rued the inexperienced competitors who under-bid and had no idea how cover their overhead… and watched them go out of business by the hundreds. Surprising a channel focusing on entrepreneurship completely missed that.

[@cesargonzalez3247]

From experience Im really sure he is over staffed, and as a owner he needs to focus more on protecting his money , no one takes care more of your money then urself so hire a better salesmen who can do that job better and focus on the money.

[@dropoutandretireearly1781]

DAVE !!!!! You have the best advice sir !!!! Ive always wondered about the cash vs. actual method. I will have to learn the difference !!!!!

[@lilolme69]

I wonder why he didn't give that great advice to this guy? The best advice would have been to tone down your workers, have less workers and higher paying jobs. Bid those jobs higher and the business will not grow as fast. If he bids more per man hour on every job and has less jobs, he will make WAY more profit.

[@colemant6845]

Glad to see Ramsey is moving into REAL LIFE business experiences. ... Not just the home finance stuff... This is interesting. 👍

[@tymowens718]

The accountant can only produce reports as good as the data and numbers you give them.

[@Josh-py9rq]

My is a CPA no longer does that but became a financial controller it takes a team not just one person and you need someone who understands the business not just the numbers.

[@tritosac]

I'd like to hear this caller sing: "I FEEL LIKE CHICKEN TONIGHT, LIKE CHICKEN TONIGHT!" with that wacky South Carolina accent.

[@CliveBirse]

I wasn’t financial free until my 30’s and I’m still in my 30’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made.

[@Madison-Huff]

Nice one . Any investment tip?. I would love to know how you made it this far

[@ThomasChai05]

Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with *Mary Onita Wier* , An investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance. She is quite popular for her services so you might have heard of her.

[@Grace.milburn]

@@ThomasChai05 I value your recommendations. It's challenging to locate a trustworthy person. I could really use your investment advisor after seeing how much money you've made through investing. If you don't mind revealing her information, that is.

[@ThomasChai05]

Many lack access to insightful knowledge, causing anxiety due to information gaps. Personally, I've earned $35k in passive income with *Mary Onita Wier* , unaffected by market fluctuations.

[@JulietKellyy]

I just googled her name and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.

[@brodien4543]

He is growing his bussiness but the expenses are growing along with it. Just because you add a employee doesn't mean next quarter you make more bottom line money

[@lilolme69]

Sounds like he is making others a good living while working himself to death. I work 2-5 hours a day and make more than that.

[@fatemad4012]

​@@lilolme69what is your job?

[@lilolme69]

@@fatemad4012 I haven't had a J.O.B. since the 1990's. No way I could make other people money. I'd be one of those people that is always looking for a job hoping I didn't find one.

[@keithwisdom1663]

Verify gross ... Payroll is high check expenses 7 cars 7 employees thats it. Charge more and reduce payroll New accountant

[@dialac1]

Here’s the thing. When people tell me they made $1 million in their business last year, it doesn’t impress me cos most of these people are basically losing money. He’s probably spending a ton of money in online ads and sales material. Or someone is robbing him blind

[@muradshawar]

Exactly and no one knows how much they are making as well as its not passive your always working. Business Asset class is the riskiest for the reason .

[@joelalm5215]

Change the nook keeper. He isn't doing the job. P & L is needed always. Take the time to bring in a person that you can see sit down with when ever you need to. More controll of where your money's gone. Common sense rules

[@kungdu]

What about the lawsuit with those time shares?

[@cathyP1961]

Paying out lot salary where the money going

[@mikeemerson1091]

Where's the money? Payroll. If you have 7 employees and the husband and wife owners, Each employee is costing roughly $50000 with a reasonable wage. Plus at least another $100000 for the husband and wife team.. That's $450000. So at $560000 in revenue. Minus some expenses, that's it.. If you're revenue hits a million dollars, your profit should at least triple.. With 9 total employees, the company has a break even of close to $500000.

[@machutson5493]

My accountant(s), over the years, have been invaluable!

[@davidbrayshaw3529]

A good, experienced accountant is worth their weight in gold. In my opinion, half the trick with finding a good accountant is finding one that has a lot of experience in accounting for businesses that are similar to your own. i.e. If you're a small retailer, get an accountant who predominantly deals in small retail. If you're a contractor, likewise. Not only are they very familiar with the laws pertaining to your particular trade, but "numbers" start to jump off the page when they don't look "right".

[@_davidturner]

Private investing is the best way to go about the market right now, especially for near retirees, I've been in touch with a wealth manager, netted 370k the last downturn, made it clear there's more to the markets than we average joes know

[@Javier_Rodri]

Who is this manager you use? I lost over 35000 already this year, I’m in need of a planner going forward.

[@_davidturner]

My consultant is Monica Mary Strigle , experienced, advanced and consults for many brokerages hence is independent and can be a fiduciary to you.

[@Javier_Rodri]

Thanks for the recommendation, lady looks very intelligent, i searched her name on the web and found her site, scheduled a call already

[@minoozolala]

Scam alert.

[@oltedders]

​@@minoozolala Reported.

[@PATSYBSWEET]

My friend’s accountant stole hundreds of thousands of dollars from her over 10 years. She trusted her. Never looked at the books. I caught the gal as she had written a check to a company i did the orders for. Endorsed it and cashed it. Then I saw no orders were placed on that month. This was late 1980’s so everything took a while to go thru. Not this his accountant is stealing but I certainly would be on top of half a million bucks.

[@Takar100]

He doesn't need to know about a ledger, he needs to know about what happened in the business. There's a difference between too much details and not enough, and the line is pretty thin. Have to work with the accountant everyday/week/month and adjust as necessary. He might be at the level where just having a bookkeeper isn't enough. Might need a true accountant. He wants someone to tell him that his numbers are high or low for a certain expense and an outsourced bookkeeper doesn't do that. Not unless you pay more. A lot of people ignore accounting (or do it on their own, which is almost ignoring it) and then get mad when it doesn't look like what they want. An accountant can't tell you if 7% of revenue is high or low. But he can tell you what it is. Then you look at trends and decide if it's climbing/falling, etc. to figure out your normal level.

[@pmeehan_3]

Wow. That is a HUGE red flag when your own bookkeeper isn't answering your questions.

[@fsm12385]

Sounds like someone is giving themselves bonuses 😮

[@MrGazzy]

There’s a common misconception that accountants understand business, when many don’t. They’re bean counters.

[@BusyBodyVisa]

A lot of small business owners are intimidated by accountants. Cheap accountants will act annoyed and won't sit down and talk to them. Whenever I hire someone that I'm not good at like tech and accounting I tell them to explain it to me like I'm a 6 year old, if you're not willing to do that then you're not a good fit. That being said this guy's revenue doesn't seem bad given the number of employees that he has

[@meecheongkim3980]

Why doesn’t he look his bank statement daily or weekly or monthly?

[@KevsGym]

Small business owners.. gotta learn accounting and bookkeeping. Not hard at all, just tedious. Need to track every penny

[@lilolme69]

And long before that, they need to learn marketing and SEO... but they usually don't. And then wonder why their business failed.

[@elizabethdazell4426]

If you own a business you should educate yourself on this simple business analysis. How are you making day to day decisions?

[@Dizzymarvel]

That money is in my pocket 💰

[@highvalleycowboy1]

People have no idea how hard it is to run a business

[@lilolme69]

Right! And this guy is sucking at it

[@bernadettecain4921]

You are my mentor Dave 😊

[@windygirl2342]

I'd get a forensic accountant to investigate the bookkeeper's actions. Also, make sure all payments out aren't going to his friends phony businesses.

[@user-mv9tt4st9k]

The accountant/CPA needs to account for the money. If he has been skimming of the top or cooking the books he needs to pay full restitution and be replaced, fired, or taken to court. Wow...

[@AngieMcdonald-fu9nh]

The accountant is giving him the numbers. Dude just isnt quoting high enough. The business is growing so fast because its too cheap.

[@evalangley3985]

I learned something...

[@chrisr8610]

Even though his CPA is certified he's just doing the job of a tax preparer

[@AngieMcdonald-fu9nh]

Nett 85k ? Are you and your wife pulling a wage? Why is a cpa doing your books? That must cost a fortune? Get a bookeeper to do the books, the cpa just checks it and lodges at year end. Your software should be set up so you can allocate your expenses across your individul jobs so you can see which jobs you are underquoting on.

[@HillBillyBarry2000]

I'm just going to stay on my plan to retire in the Philippines in 4 more years and live like a king on $2,500 a month for the rest of my life. The easy life simple.😊😊😊😊

[@Cherrycola14]

My sister in law is an accountant, and she doesn't have a clue on how to run s business.

[@jeffreylindley845]

Ramsey certainly jumps to conclusions with minimal information.

[@teselectric7662]

1 million $$ is not a lot of money! You have 2 problems #1 your office is over staff- 4 people wtf dude! You have 3 techs on field? Your washing homes. #2 you have 7 vehicles? I run $500,000 company ,with 2 trucks . ( Your commerical insurance must be $2k a month, I pay 500$ for 2 trucks .. have 1 guy. I do my estimates, my own books, manage the projects, follow up on customers, my inventory , order my materials and my billing to customers Cut, on your staff and get involved in the money Unless you want to growth fast and go broke .. That's one way to do it Also assume on every $100.00 you charge people your only making about $10-15 Cause that's the truth!

[@ToneCrushers]

If he is growing his cash is probably tied up in working capital and fixed assets.

[@maxinef6654]

Yeah you better look at the bookkeeper.

[@slimdude2011]

Somebody is embezzling money from the company, skimming off the top.

[@champabay4746]

They have 7 employees and not even a million in revenue the expenses are a lot. Just think of the payroll alone.

[@DericAnslum]

...just payroll could be 50-80% of his revenue...

[@peterhouser2520]

That's why I look at my bank accounts every day

[@dannyboy13yo]

Consider shareholder distributions, debt repayments etc. this guy needs to understand balance sheet and income statement reports and understand what transactions are classed to where. This is basic.

[@madameclark3453]

Now I know one of Dave’s pet peeves. 😆

[@rayb3000]

Ah yes Rocket Surgery 😂

[@mocheen4837]

It is hard to stomach when you watch your portfolio drop $500,000 when the markets fall. You have to sit tight and wait for things to come back up.

[@jimmagnus1200]

Ignorance. NOT stupidly.

[@yourgooglemeister6745]

Wife is stealing prepping for divorce

[@nchinth]

did you listen? she just does scheduling. she's not the accountant.

[@TonyCox1351]

OP got snubbed by a girl once and still isn’t over it

[@marknewton6984]

Money Pit😮

[@sakispsinakis]

Can you please explain why you cheered when he said $550K? I know people who make that working for others with $0 expenses, medical paid, 401K etc. 😂

[@bentonja668]

Do any of those people sound like the guy on the phone?

[@mikelynn8977]

Paying 5 employees 30,000 plus payroll burden, 7 vehicles, plus other expenses. Its not rocket surgery to figure where the money went. If you are the owner you should know where your money is going without an accountant. Bring in another full-time employee and then wonder where that 50 grand went.

[@stud6414]

Send the wife to bookkeeping school

[@matthewgardner2144]

And have her write the thank-you notes - they don't need a special employee for that.

[@anthonylamura8600]

Dirty Myrtle !

[@jdjose3268]

Fire the bookkeeper

[@danielking6854]

I lost 100% of my 401k this year and 27 years to save it I still have half my future savings to stock market burn up

[@MindFullNicole]

How did you lose your 401k?

[@danielking6854]

I regret putting my future in individual stocks . my future plan up my savings to 30% in a money market or CD to catch up from my mistake

[@befree9579]

invest in properties bro. rental properties is more predictable.

[@dackerman123]

I really like Ramsey, what I don't quite understand is why some folks think business success has anything to do with God. How about your hard work? Nothing to do with G O D

[@lilolme69]

Not only was our country based on God, but lots of people base their businesses on it. It's a crutch for those that need it.

[@NathanWalker-e5v]

Having pitched clients on exactly what Dave is talking about sometimes the client insists on you just doing the books and the tax return and no financial services because the bill is too high. What Dave is talking about can easily turn a $25,000 a year bill into $40,000. And anyone reading this is thinking exactly what the client is: "that's way too high, I'm not gonna pay that!" then go to some dingus that quoted them $10,000 a year and complain about the service.

[@marcuswashington461]

Dudes probably robbing you!!! Keep reading and learn your business from both ends...know where all your money is goingoing don't trust ANYBODY!!!!

[@robinpigeon2070]

What’s robbing him is his labor bill - he has 8 people but what is he paying them? 8x62000 (?) = almost what he’s taking in! Duh?

[@PennyKilby]

😢😢I have tried to be like Dave says for a couple of years now. It sure is lonely. We don't eat out. I don't go anywhere or buy anything. Haven't been out since 2019. My husband does all the grocery shopping.

[@PennyKilby]

I have almost lost the will to live at all. What is all this have a plan stuff about?

[@stevennovakovich2525]

I'm not living like Dave professes. Life is short and then you die. I have as much fun as I can. I'm not heavily in debt and I'm s-l-o-w-l-y getting out of the debt I'm in. But I'm not living bare bones because of it. The *real* trick is to *never* get into heavy debt.

[@Jaymaul009]

How much further do you have to go before your debt is paid off?

[@PennyKilby]

@Jaymaul009 we have no debts . We are on old age pention and my husband get a small one from his employer from 8 years ago. We keep trying to save 15% and give 10% but that leaves us below poverty.

[@PennyKilby]

As you may know the government has a strict policy of keeping everyone on just so much and indexes us acordingly. We have no savings beyond emergency

[@bettysmith4527]

I'd be concerned, maybe make sure the money isn't diapering into someone's pockets!

[@DoggoWillink]

It’s gone to your 7 employees.

[@stephenm.youngii361]

It’s not rocket surgery 😂

[@katemiller7874]

Dave you have so much money now give back. Go into the high schools and teach kids about money. God would want you to do it.

[@asnmdnss]

there are too many schools, it's better for the schools to buy his program

[@matthewgardner2144]

LOL

[@smittysmeee]

So sorry, all the time slots in US high schools are filled up with drag queens, pro Palestine protests, and pick your pronoun parties. They don't want to make time for a rich straight white Christian man to come in and tell all the kids student loans are a scam.

[@janetcross2797]

Get rid of him new bookkeeper

[@carolynstewart8465]

He attended Trump school of finance😮

[@LBastone]

You need a professional Procurement person.

[@annetraut8247]

As an accountant, I feel personally attacked by Dave's assessment of Accountants! I treat my boss like a pre-schooler when I walk him through our financials every month and show him the analytics on where all the money went! And don't say we know nothing about running a business. I joined this company a decade ago and stopped the bleeding and identified ways to save and grow the business. Accountants are the backbone of every business!