I Don't Know What To Do With This

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[@RichMind-2327]

I always follow the advice of Dave: Do not increase your lifestyle when you increase your income. Save more and invest more is always a great thing to do

[@rpsibew110]

When we bought our house in 2003. Our goal was to buy a house we could pay with my unemployment. Then if I got laid off (construction) we could still make the payment and my wife's income could still pay the bills. We did this despite the lender trying to get us to double our mortgage. When I did get laid off in 2005 we never touched savings.

[@curiouscat3384]

That makes so much sense to base it on potential unemployment income (worst case scenario) amount! I don't think even Dave has suggested that :)

[@MegaBpop]

Smart couple!

[@djanderson8953]

😂

[@ldv02]

My friend did something similar. When they purchased their home they didn’t have kids so they bought it counting just the husband’s income in case she ever stayed home with the kids, which she did.

[@GoJojo-lv6zi]

@@djanderson8953 You’re laughing but sounds like it worked

[@alinatamashevich3354]

And the CPA did not set up quarterly estimated tax payments, and suggested to go in debt with a new car? FIRE HIM

[@deborahblackvideoediting8697]

I was thinking the exact same thing. This guy needs to find a real accountant who is not a moron!

[@thegenxgamerr]

Bank as much as possible Nick, that income number is awesome but its probably not a long term gauge. George is giving you good advice here.

[@kmchugh8273]

I laughed out loud when he said "who's your accountant? Michael Scott?"

[@BrianW211]

This caller needs to (1) fire his accountant, and (2) set up a Solo 401(k) _immediately_ and contribute the max (not the tax-deferred max of $22,500, but the overall max of $66,000) right now, while he doesn't have to make sacrifices to maximize his contribution. Even if his sales career fizzles out in the next year, the impact of just this year's contribution could be massive in 30 to 40 years.

[@miketracy9256]

As usual, it is the taxes will hit most 1099 self-employed hard when they do not understand that the IRS will demand close to 40% or taxable income and some states will require another 10%. Car loans rarely make any sense unless they are under 1%.

[@9liveslisa]

Budget, budget, budget and live below your means, and stash money like a squirrel! Max out a retirement fund, max out an HSA, 6 month emergency fund, some cash in savings. You will sleep like a baby!

[@jeffreywhitaker5154]

EGGGSAAAACTLY!!!

[@dieseldog5779]

Bro gas is almost 5 gallon

[@ROCKETS2965]

Best thing he can do is keep living like he makes $2K for a couple years lol. EDIT: Heh… Commented before the end of the video.

[@Howdy762]

you are the pro!

[@d.bray1]

I guess we are now part of the 1%! We paid off our last student loan last month!!

[@curiouscat3384]

I really hope you're filing quarterly tax returns with payment for FICA and advance payment for IRS !!!! Don't wait until April to verify how much you will owe! This guy sounds really vague and unsure about how much this and how much that. Don't listen to George and John interrupting you and saying don't touch the tax savings account, ignore it, it doesn't exist! You'll be in big trouble if you wait until end of year. When I ran my small sole proprietorship I knew each week EXACTLY what my $income and tax liability$ was. John is right that you need a better accountant and find someone to do your bookkeeping for you (usually offered by a decent size accounting firm.

[@mike7933]

Tax accountant here, what a stupid idea. You buy a car to expense it. Does he realize how expensing something works? You have to spend the money… then you can expense it. So it’s a net negative…

[@DoctorSmartyPants]

Wish we knew what kind of sales.

[@pHixiq]

One thing I’ll tell you man. Sales is super wishful washy. You better S A V E. I know someone who was making just about the same a month and ended up hitting a dead lock and ran out of money “Where is your savings man ?” “Don’t have any” 👎🏽. Don’t do that

[@evie7845]

We called it chicken one day and feathers the next here in Texas!!!

[@elizabetha8565]

Did he say what he sales? I would really like to know.

[@wspmjw]

File estimated taxes quarterly. If not, penalties

[@alinatamashevich3354]

Yup! Do not avoid this

[@user-mv9tt4st9k]

Even if the taxable income is zero (in his case, not likely) to minimize the headache at tax time.😊

[@mationinfo]

Some great advice. Take Ramsay’s team's advice. Don't be a fool. Stay focus.

[@dyates6380]

Focused. I agree, stay focused. If we focus on staying focused, focusing is easier to do.

[@johnnyringo1258]

I can't help but wonder what "Best Selling Author and Ramsey Personality Chris Hogan" would tell this caller?

[@RandomVids519]

Dont cheat on your wife cuz the bible family will fire you

[@OopThereItIs77777]

@@RandomVids519as they should lol like what

[@lisalister8002]

such good advice!

[@margotk538]

Put the tax money in a lock 6 months GIC to get more interest, also because it will cost penalty to take it out earlier it’s harder for you to take it out until tax time.

[@mikeshaw4610]

He needs to get with a good accountant and pay quarterly estimates.

[@JustinCase780]

@3:20 John gets all authoritarian while George is talking... "60 days - got it?! 60 days! 6-0 got it!?"

[@curiouscat3384]

John is getting quite full of himself. With his multiple phD's in psychology he now thinks he's a finance wizard.

[@OopThereItIs77777]

@@curiouscat3384What are your PhD in?

[@curiouscat3384]

@@OopThereItIs77777 No PhD's - just 40 yrs in accounting and finance in small businesses. Retired debt free and can afford grass fed beef. I know a thing or two because I've seen a thing or two, lol

[@Dillon-Smith-Email-Marketing]

Can I buy a copy of George’s shirt in this episode?

[@davidmilhouscarter8198]

Should I go into debt to save money?

[@zacharyfair6738]

you could just put money into retirement accounts to save on taxes............................................................ Like $141,000 a year for solo 401K as a married couple......

[@gerardgalletta6943]

Sales are cyclical. You don’t have nearly as much control as you think you do. Your income will come and go.

[@Indyzato]

Can you just bank the taxes and pay when you file? I thought you were supposed to pay throughout the year. He has a tax guy so probably wouldn't steer him wrong.

[@user-mv9tt4st9k]

1099/self employed should be paying quarterly estimated taxes. If the business does not make money (e.g., costs more to run than it brings in or breaks even) then income can be filed with taxes at the end of the year. However, filing income at the end of the year requires excellent recordkeeping, a saved stash of money, and itemized income forms with receipts. In short, he needs a better financial person. Preferrably someone who is willing to listen to his long-term goals and steer him in a direction of not spending money to "improve his tax base."

[@BrianW211]

The same "tax guy" that told him to get a loan to buy a car to "save money". Yeah, he's an idiot.

[@curiouscat3384]

If your tax due for the year is more than $1000 then you do have to pay estimated tax quarterly. Income tax and FICA self-employment tax which is 15.3%. That's why in my original post I told him not to be misled by John and George's casual command to forget about the tax fund until the end of the year. That would be stupid

[@indianatime]

I think the quarterly requirement is based on the previous year, so if he didn't have 1099 income in 2022, there *might* be a technical reason the caller wouldnt have penalties/interest for underwithholding on this new, high 1099 income in 2023. But, especially with the car suggestion, major flags on this accountant.

[@crashtestdummy1972]

Ok, serious question, wouldnt you pay less in taxes than having to buy a new car? If not, can someone please explain the math behind why this is common?

[@jaysleeper264]

You're exactly right. If it's something you were going to buy regardless or something you need for your business, then yes, buy it at a 30%discount as a write-off. Or an appreciating asset. But ppl and their accountants are much happier to spend $100 to save $30. Which, of course is a loss of $70 cash, but now they have a nice car.

[@quintinnunn1392]

30% in tax is so outrageous. What is wrong with this country that people think this is normal and okay??

[@iangreen8682]

The Ramsey show even if I'm from the UK can I call in for advice?

[@lukeharris2622]

✝️

[@whysoblutube]

Dude called in to humble brag. I have a feeling the lifestyle creep will derail him. Buying the stupid car was not smart and they need a new accountant.

[@JustinCase780]

He's in Vegas this weekend with a new chic.

[@realcomments7205]

I agree. There was no real purpose for this call.

[@raphaelszok8561]

Farmers always write their car and save all the gas receipts. The wife makes all the runs to tha bank, supplies, and many other things so she has one nice of a ride.

[@alinatamashevich3354]

Truck

[@raphaelszok8561]

My sister drives an SUV, so cars, trucks, suv's and the accountants tell then when itis time to buy a new one usually 3 to 4 years@@alinatamashevich3354

[@lailaalfaddil7389]

The most important thing that should be on everyone's mind currently should be to invest in different sources of income that do depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.

[@susannnico]

That's so true. but if i may ask, do you trade all by yourself?

[@NickPlays95]

My wife and I make about 11k a month with $800 mortgage. We have plenty of money left over. Can’t imagine if we made double.

[@superior120v5]

Sales is volatile a year from now he could be down. Sales is up and down.

[@djpuplex]

Brag call baby.

[@dustyrhodes2717]

Easy money printer go boom soon 😂 (not jelly. I was making that post tax as a pilot month after month but SAVING) single with very little bills but lol at getting a loan for a $32k car.

[@user-mv9tt4st9k]

Fire the accountant.

[@coolaunt516]

Take 20% off my salary each paycheck and put it in the bank for tax time. Max out Roth deposits. Pay off consumer debt. Then find a nice no load S&P 500 fund and invest in that every month. None of which they said.

[@superblump87]

Max out IRA, 401k, and HSA (if he has one) before investing in a taxable brokerage account.

[@coolaunt516]

@@superblump87 Exactly!

[@superblump87]

@coolaunt516 I moved to sales and quadrupled my income. Had to learn quick.

[@curiouscat3384]

35 % for taxes

[@ShootwithBC]

@@superblump87 What type of sales job are you in ?

[@AbstractCatsMedia]

Shemp CPA Inc.

[@lagarde2011]

What's with George's t-shirt?

[@Primitive_Code]

It's a "safety" net.

[@robloxvids2233]

I saw Deloney wearing short sleeves the other day and he's a total curl bro. Probably curls more than he squats. I think this is Kamel making fun of him, which is awesome.

[@OopThereItIs77777]

@@robloxvids2233They’re actually really good friends 😂 Y’all gotta stop.

[@johndone8045]

Its a great idea to enjoy a new car and tax write off

[@alinatamashevich3354]

Make sure it is legit, the tax man don't play

[@jimmymcgill6778]

Maybe their old cars was starting to go. With his tax bracket and Section 179, the car cost him 20k.

[@sleepyjoe1685]

I would never wear a Delony shirt.

[@RandomVids519]

He loves the cack

[@MathiasJarlson]

He’s clearly a closeted enjoyer of men

[@Tashas_Travels]

He doesn't give a damn 😂

[@dudeorduuude5211]

You doth protest too much. So we know you do naughty things with it instead.

[@OopThereItIs77777]

He’s laughing to the bank, bro

[@kathys1285]

A millionaire complaining he has too much money 💰 excuse me mr money bags 💰💰💰💰💰💰💸💸💸💸💸💸💸💸

[@curiouscat3384]

Jealous much? He's not a millionaire yet and he was not complaining. He's young and is smart enough to know he needs solid advice to manage his newfound riches. Be kind

[@summerforever6736]

church donation??? BOZO!!!!!!!!!!!!11🤔

[@absbica31]

Im a bit confused by what he does now. He worked at a steel plant but now sells?

[@JustinCase780]

Probably MLM vitamin "franchises"

[@robloxvids2233]

He lives in Utah...it's a very different place.

[@curiouscat3384]

yes but we don't know what he sells. He was hired as an independent contractor so it might be a little shaky

[@advancedchiropractic667]

Don’t buy anything for five years

[@funtechu]

He may be good at sales, but he is bad at math. $20k isn't "quintuple" $2k - it's 10x.

[@rensin7740]

Can you do a video just on biblical quotes about money?

[@mba2ceo]

Fake call - clowns do NOT even ask him what he sells ?

[@MarioVisions]

So help me out. I buy a lot of things to write off and pay less to try and triple my income the following year and keep trying to do that. I have friends just saving and paying around 30-60k on taxes a year with not much growth. Who’s right here? I been growing they havnt grown much. Who in the right?

[@michaelvan6675]

Jon is just so annoying. Can’t stand him.

[@juniordelgado4869]

Lol

[@bettygrable6440]

Speak your truth, brother 😂 BALONEY

[@tracygaluszynski1868]

He's a simp.

[@siva47931]

You are not safe

[@alinatamashevich3354]

@@siva47931 Who hurt you?

[@julianjimenez9692]

Jon is so cringe.

[@tracygaluszynski1868]

It's not sustainable.

[@curiouscat3384]

Too much interrupting with these two. Not enough focus - they're all over the place and if I were the caller I'd still be confused as to what to do at the end.

[@celestinebernard437]

I'm glad I got into crypto when I did because it's been a turning point for me financially, been my best decision so far.

[@54257_rfhvn]

As an independent man I started my first investment plan with just a $1000 and now earning weekly income of $4830 in cryptocurrency exchange with my personal broker.

[@zahiwehbe3045]

Inspiring! Do you think you can give me some advice on how to invest in a healthy way as you are doing?

[@pericomok1762]

I will recommend you the service of ms. Keet brown whose strategies are working for me at the moment and making good profits from crypto trading

[@samadiakira3690]

Is n't that the same mrs. keet brown that my neighbours are talking about, she has to be a perfect expert for people to talk about her so well

[@user-dl5xr4zs3j]

Please how can I contact this woman keet brown? I will also like to invest with her

[@krobdawg]

First

[@BradBarrier]