How Do We Get Out Of This $900,000 Worth Of Debt?

[@MrBrewman95]

The higher the debt, the faster I click. 😂

[@NaNa-lt1po]

Same here 😮😂

[@rockymountainfacet5958]

Lol😂

[@laylalayla5364]

😂 so true

[@justinebailey5333]

Right

[@terminaterjohn]

same

[@robloxvids2233]

The problem is 2 years into their plan the husband will spend another 300k to "expand the business." It'll never stop.

[@New-bw4kz]

Expanding a non profitable business 🤦‍♀️

[@adamseidel9780]

@@New-bw4kz non profitable? They profit $300k a year…

[@eggsinsideme]

If these people keep spending, expanding and going into debt for their business they’re going to end up very wealthy people.

[@robloxvids2233]

@@eggsinsideme Survivorship bias right there.

[@Dan16673]

​@@eggsinsideme huh

[@BarbellFinancial]

If you dig yourself a hole, don’t dig deeper. Just start climbing out.

[@mustangthings]

In the immortal words of Chief Wiggum, “dig up, stupid!”

[@moneypro85]

Nope. Let's just make it a lagoon 😂😂😂

[@whosaidiwantedahandle]

There's a ladder buried just a little deeper trust me bro

[@ghjong001]

I don't work with heavy machinery, but as an outsider that seems like something you really don't want to go cheap on, and is probably worth the debt cost. Every hour that machine is not working is costing you tens of thousands of dollars, to say nothing of safety.

[@HollyB-b3t]

yep ya git dat rite padner🤠

[@NickAndTech]

You're confusing the lumber industry with Gold Rush Alaska, they aren't losing tens or even thousands of dollars if they're offline for an hour. Dave was probably right that the fancier equipment has more bells and whistles, it's also probably has greater capacity and efficiency but it's not clear that this company has the need for it at their scale. I doubt the "cheap" version is less reliable, it just has less capacity and fancy things that aren't making you more money anyway.

[@TheComp_Troller]

I went from a net worth of around -400k to +1.1 million in a span of 8 years thanks to Dave’s baby steps and self discipline! Now I tell all my friends/family/co-workers about his plan!

[@skycaptain95]

It's easy to become a millionaire with astounding income levels

[@IrisP989]

So you don’t have a mortgage or a car loan?

[@TheComp_Troller]

@@skycaptain95 around $80k per year after taxes. I took the "rice and beans" to heart... living on $20k per year and paying off everything with the other 60k.. That took a while, but after everything was paid off, I had gotten used to living frugally, so now I'm on a fancy rice and beans budget and have been investing about $50k per year for the last few years. All combined I have around $660k in stocks/savings and my paid off house is worth around $450k.

[@TheComp_Troller]

@@IrisP989 all paid off! Cars I buy used... Lexus, BMWs - would be $50-60k new, but I buy them around 3 yrs old with less than 50k miles (usually leased vehicles that have been turned in after a 3 yr lease) and get them for half off... I have a Lexus that was $28k, and a BMW that was $35k... both 50k+ vehicles when new. And I now pay cash for the cars I buy. I make the deal as if I'm going to finance ...I don't tell the dealers that I want to pay cash until we agree upon a price, that way they're willing to negotiate more.

[@skycaptain95]

@@TheComp_Troller nice

[@JustinCase780]

@2:35 Classic Papa "vee-hickles" drop! 😂 With two more to follow!

[@jimv77]

Is it wrong that I feel pretty good about my life and money when some of these callers prove things could be A LOT WORSE than my current situation?

[@justinebailey5333]

Right

[@jasonjason5325]

I sometimes feel better but some of them make good income

[@HOLDXSTEEL]

They probably make better income than most they just have to be smarter with their money

[@alp.9672]

Did you even listen to the interview this was really not that bad and they are only 29 years old, they are probably better than you and many Americans all things considered.

[@carlosmiro4932]

No.

[@hrajotte]

It's vitally important for a small business owner to not consider the entire business profit as personal income. Set a salary for yourself and employees, and bank the rest for business needs (retained earnings.)

[@carlys1391]

My family owns an auction company that sells heavy equipment. A lot of machines sold are in very good shape. Nothing wrong with buying used

[@webfreakz]

"yeah it's definitely going to be changing, what's next?!" brutal 🤣

[@bensondentalassociates8690]

Decimated 😂😂

[@leahmcdermott4189]

That part had me dying 🤣🤣🤣💀. Dave is ruthless but that’s what we love about him 😭

[@DMaster81]

He put her in a body bag with that one 😂

[@adamseidel9780]

This is a successful and profitable enterprise. Pay down the debt on capital in a way that maximizes the tax deductions through depreciation and continue forward in a balanced way. Pay it down faster if that gives major replacement risk benefits (I have no idea how long equipment like this is made to last). The business debt is highly manageable and takes care of itself. The personal debt should he easy to clean up on no time. The mortgage is NO problem, clean those credit cards up in like two months and get into non-ridiculous cars and you’re doing very very well. There is no need to even go nuts here.

[@tshandy1]

I’d rather have her $900K in debt than the kind of debt many of Dave’s callers have - $80K for a garbage college degree + $30K in credit card debt.

[@adamseidel9780]

Exactly. These people have $800,000 in debt on a business with $1.3 million in equipment capital and a $300,000 a year net operating profit. This is a very prosperous little business. There is no good reason to treat the business debt the same way they should treat the Cc and car debt. These people’s problem that Dave SHOULD have addressed is why the heck they can’t control their spending enough to be in CC debt when they make $300k a year.

[@Dan16673]

​@@adamseidel9780 spot on

[@HollyB-b3t]

[@USMC978]

Hey! That degree got them a nice cubicle. How dare you.

[@dalentoews3418]

Could possibly be the company card that just has the operating expenses run through it and get payed in full every month. When I dabbled in farming my fertiliser supplier charged everything to my card, which I then payed in full every month.

[@scoobie8amg]

"Yeah its definitely going to be changing!" 🤣🤣🤣🤣

[@madkilla9]

It’s amazing to me how many people call in for Dave’s advice and then continue to try and talk over his advice 😂

[@hrajotte]

I was thinking the same thing! I call it "motormouth syndrome." Some callers might just be nervous.

[@HollyB-b3t]

losers

[@pieflies]

Often times it’s him talking over the caller when they are not finished answering a question he asked them. Although sometimes they’re definitely just rambling.

[@carterwgtx]

Heavy logging is definitely a place where a good piece of equipment is worth gold. If it’s a critical thing, the cost of failure means zero revenue. These folks are probably a little fancier than needed, but they’re not in wild trouble or anything.

[@FuzevSponge]

Pay $800k vs 600k with no warranties? Sounds like theyre in a good position to pay off the debt... Last thing they want is to save 200k to have their equipment break.

[@melvingibson4525]

Yeah only thing they really need to do is live off a little less and pay down some debts

[@adamseidel9780]

Agreed. You may or may not like this method of growing a business, but the reality is their financial situation is entirely a bet on this business. It is 100% incompatible with pivoting to Dave’s method. You can either sell the whole business and get stuff jobs and follow Dave’s method or continue on your current course and manage your personal finances well.

[@jacobmoreno6339]

​@@adamseidel9780 well said.

[@robertt9825]

@@adamseidel9780 Also they kind of glided over the differences in equipment. Since it's a logging business I'd be asking like, are their significant differences in safety? Like would an employee be more at risk operating different equipment? Will they need more training? Does the machine produce as much output and at the standard of quality their business is known for to their customers? Is it efficient? Will they need to buy other supporting equipment/parts for upkeep? etc etc. I'm not in the logging industry but I assume these are all pretty big considerations when operating heavy machinery with potential for catastrophic injury or business destroying liability/mechanical failure concerns.

[@adamseidel9780]

@@robertt9825 See, these are smart questions that a smart, sophisticated person who thinks for themselves would ask, but Dave Ramsey isn't about that.

[@Sable1837]

900k?! I’m getting the popcorn ready! Lol.

[@AJohnson0325]

Dave is probably the only person on this show who can give decent advise for entrepreneurs that have big businesses.

[@josephbanks9897]

At first, Jade was like OMG. I'm glad Dave is here to take this question. But after thinking about the situation, she had some valuable input as usual. She is a great addition to Dave's team, and is not bad on the eyes either.

[@mattcrouch9348]

1:35 "yeah, that's gonna change" BIG laugh from any regular listener 😅

[@harpldlewis7764]

I think it is impracticable never to go into debt to acquire assets. If you try to save and buy everything cash there could be so many missed opportunities taking all that time to be able afford the item. The price of the item could also change. From listening to this podcast, I think the problem with most people is that they take on too many different types of debt all at once. People need to incur debt for the really important items, and practice delayed gratification for the not so important things in their lives. In other words, do without those not so urgent or important items.

[@yaykruser]

Its impossible to buy a house without debt, If you do really well and can save 1k a month for a hozse you save 12k a year. Thats 120k in a decade. In a decade the 400k house costs 800k , so instead of 400k you have to save 680k now. You will keep saving forever...

[@davidrich27]

Yeah, I don’t think Ramsey’s “rules” apply well to business. Imo it’s more strictly personal finance. Business is more nuanced, because personal assets rarely appreciate or have a return on investment (and should not be bought with the assumption they will). Most businesses can’t be bought or run entirely on cash. It would take a logger their entire working life to put together the $500k or so he needed to pay cash to start his business, if ever.

[@JeanValjean875]

​@yaykruser I don't think Dave has ever said you can't use a mortgage to buy a home. He says to have a 15-year fixed, and the payment shouldn't exceed 25% of your take-home pay.

[@yaykruser]

@@JeanValjean875 25% of the median income in germany would be 500$. thats like a 80k home - doesnt exist...

[@yaykruser]

@@JeanValjean875 assuming 2% goes to the loan and 4.5% for interest. Plus 12k downpayment for sidecost.

[@MoneyTalkwithMP]

"Yeah its changing" 😅 Dave making their financial decisions

[@YoPhocFays]

At least a good chunk of it was business debt rather than consumer debt

[@blackworldtraveler3711]

It’s all debt. They are the ones calling in not me.

[@YoPhocFays]

@@blackworldtraveler3711 Not all debt is considered bad. Debt used to buy capital to produce income is great as long as it Produces profit. Versus consumer debt which in general is bad.

[@zesolodar]

@@blackworldtraveler3711 all debst not the same, they may have 640k debt on a machine but said machine makes money and and they still have equity in it so....

[@blackworldtraveler3711]

@@zesolodar I say again…. It’s all debt and they are the ones calling in not me.

[@HollyB-b3t]

"Is al dept, er means me ta say death. na wait "debt" ya das it. Bidness er kinsomor; makes na differ." So said Harvard professor of economics Milton Smith at the SBFA Small Business Federation of America conference in Washington, last week.

[@pimpballer3]

Why wouldn’t you put the vehicle in the business and write it off entirely? Are the equipment depreciated? If you took depreciation and you sell them, you will get a recapture of the tax. This is messy and you need a CPA not a money saving guru

[@JustinCase780]

Robert Plant's song "Big Log" from 1983 comes to mind. 😂

[@404TRUCKERTV]

They got this, glad to hear they have cash flow.

[@bianconerointheus6692]

I enjoy these calls so much!! Thank you thank you! Muahahahah!!!

[@TriceMDona]

The way they both looked up when she said "SBA loan"! 🙁

[@laz7354]

After listening to a TON of "classic" YT Ramsey, these debt numbers lately are INSANE !!

[@brumfiba]

Id be interested to know what the "minimum functional" equation looked like when the quad screen "ramsey show" setup was proposed

[@t206kid]

Beans and Rice, Rice and beans haha

[@angel-ij4xv]

better go out to eat

[@totalchaos444]

I clicked on this video super quickly when I saw the 900k debt

[@solologging2488]

The problem is logging rates has dropped so low that people like them are starting to starve! I’m assuming that 800k machine is a track cutter and it’s totally worth but their problem is they are cutting for a broker that is probably going in with no grease 😬😬 My boss is probably in debt a million or so in debt with his equipment but he is grossing 10 or 12 million a year because he buy and sale his own timber

[@skycaptain95]

12 million a year who-whee that's a regional company at least

[@leebooker6138]

The definition of borrowing up to your eyeballs. If you ever felt stupid about borrowing money don’t. Just listen to the Ramsey show. And someone has 100x your stupid.

[@engrpiman]

The only other thing I would consider is life expectancy / repairability of the equipment. If you spent 400k and it had an expectancy of 10 years and the 600k had 15 it might be a better long term investment.

[@currenteventsenthusiast9477]

$300,000 of taxable income… why does Dave count it as 300? In reality it’s more like 230K

[@BenState]

companies can claim almost all of their tax back

[@SJ-np4cz]

@@BenStatelol - what???

[@BenState]

@@SJ-np4cz How do you not know this?

[@SJ-np4cz]

@@BenState because it’s not true

[@BenState]

@@SJ-np4cz It is true, many large corporations pay no tax at all, and those that do, pay little as the profit is only taxed at 21% and then deductions are made. In fact only 8% of all government revenue is made through taxing companies representing 1.6% of GDP - one of the lowest in the world. (IRS, OECD Tax Database, 2022) One reason that corporate income tax revenues represent such a small percentage relative to the size of the U.S. economy is the offsetting effect of tax expenditures. Tax expenditures include exclusions, exemptions, deductions, and credits that reduce total tax liability. In fact in 2020 alone, 55 large companies paid no tax at all in the USA (Institute on Taxation and Economic Policy analysis of Securities and Exchange Commission filings of publicly traded corporations) . Do some research.2

[@olivewoo522]

The more money you make, the more money you spend, the more debt you have. 😢

[@happylistener4628]

It won’t matter if an idiot earns a low or high income. Idiots will be idiots. Continually living beyond their means, drowning in debt with zero savings and zero retirement. 😮

[@turtleanton6539]

Yeeah🎉

[@oceansky6207]

Situation is so relatable

[@tiny_e43]

I would keep personal debt and business debt separate. Then get a good accountant to help with the business so you get all deductions you can and retire debt through the business. I don't think Dave always gives the most practical advice for business like this.

[@ghostbird92]

I honestly thought he was going to tell her to buy the cheapest equipment possible because that's his advice when it comes to cars.

[@chrissolar2543]

And that is why small businesses should lease their large equipment

[@bruce578]

2:06 what is an FDA loan? Edit: Dave repeats it at 3:56 as SBA loan. I just misheard it.

[@amydoran9987]

Wow that much debt at 29.Sad .

[@mizukarate]

That will be changing smile was funny.

[@thewewguy8t88]

It's so easy for Dave to say oh I pay for everything in cash upfront when he makes millions of dollars a year. Like not everyone makes that much money. I mean heck i personally don't make 6 digit figures and I am going to be honest and say I am not really sure how too. Yes I know you are all probably going to say get a better paying job then and yeah where I am at right now idk how to do that.

[@AllynHin]

You need to watch some Ken Coleman videos for help with that.

[@santeadrajackson5050]

He didn't always. Went broke twice I believe DON'T BE A VICTIM

[@derekosgood3230]

Well he put in the work to get where he is. He wasn't born making millions of dollars a year. That's what he's trying to teach. Instead of complaining trying listening. Maybe that'll help.

[@thewewguy8t88]

@@derekosgood3230 I am not saying he did not put in the work to so that and yeah I know people who make 6 digits put in the work. And yeah I know a big part of why I don't make 6 digits is cuz I don't put in the work but I would have to work harder because I just don't think I have the mindset or personality or even quite frankly motivation or serious interest in doing that. I say this because lots of things in my life have been a struggle and at the end of the day turned out to be failures.

[@joannetompkins7833]

Less income means you buy less or lower priced items. I doubt you make less than I do (under 20k) and I am debt-free. I pay cash for cars and recently cash-flowed some renovations to my home. I save for years to be able to do those things with cash.

[@DEBTFREEMIKE769]

Dave=Legend

[@jimmymcgill6778]

In the cults minds only.

[@jimroscovius]

​@@jimmymcgill6778 No, in the minds of intelligent people.

[@Ethiodawg]

@@jimmymcgill6778 how is it a “cult”? Stop hating and get out of debt

[@justinlawson3493]

@@jimmymcgill6778 yet here ya are jimmy

[@New-bw4kz]

Business 101, the business should be paying for its own expenses otherwise you are in the wrong business

[@adamseidel9780]

Did you even watch the video? The business is netting $300k even after all expenses, which would include debt payments. The equipment is also worth over a million dollars, they have a large equity position.

[@ChrisCardenDrums]

first things first, get that government loan paid off, then clear out your personal debt, while you're making minimum payments on the machine, then get to the machine, I mean, that's how the snowball would work anyway (I've heard dave say in the past his exception to doing the snowball method is paying the government) and that machine is making them money. I think they're just so deep into it right now that I don't think she feels like there's a way out, but 2 years from now, they'll have it all cleared besides that one, which will be, idk, 450 by then?

[@stevegolacks8731]

Man, I am a pretty simple dude. I know people love the feeling of owning their own business, and get a thrill from "investing/expanding in the business". To these people, they have no problem taking on hundreds of thousands of dollars in debt, or even millions, because they are "building something". yada yada yada Me, I worked for a good fortune 500 company. Worked mon-fri, until 4pm with an hour lunch. For me, the THRILL came from working NO weekends, NEVER past 4pm, CUSHY (real) pension, ZERO debt, GREAT health care plan, 401K match (in addition to the pension), etc etc. Worked that job for 25 years, saved and invested, and was retired by 48. Married with 2 kids. All in all, still in great health to this day, because I really had no stress during my working years. These people who want to juggle debt, and "build" a business....go for it. We need those kind of people, I just wasnt about to be one of them. NO WAY!! Life is too short

[@indianatime]

And personally, I can't imagine going back to work for a fortune 500 company after working in / owning small businesses over last 20 years. That's a great thing about America - no 'best' answer about how to make a living. Can prioritize our own preferences and change over time!

[@stevegolacks8731]

@@indianatime , Very true! To each their own. Of all my high school and college friends, I am the only one retired, while they ALL still have a SOLID 15-20 years left. Some are part of the rat race, and others are "building" their own business. Crazy thing, is we are all about par on wealth and lifestyle, but they continually ask me how I am always traveling abroad, and vacationing throughout the year. They just dont get it.

[@slyfoxx2973]

Sometimes HD isn't all that great!

[@jillgott6567]

Better baby those machines because without them there is no business.

[@motoman869]

I personally like to buy equipment for next to scrap price and at least have some return or equity on the restoration of that peice. Where do you want to allocate your time? I sure would like to know what peice of equipment you are talking about. Need specifics.

[@m.ramos93]

Not really sure why they are calling. They have invested a large amount in a business that is bringing in 300K of income. They can easily be debt free with a alot of money in 5-10 years.

[@martinrebhahn9665]

Careful with cheaper equipment. If the breakdown costs and cost to the business with downtime supersedes that higher cost for the better equipment then it wouldn't make much sense. I had a cheap old work truck constantly breaking down, eventually sold it and bought a newer more expensive one. Looking back, wish I would have sold the old cheap truck years ago to save me in all the costs of breakdowns and downtime.

[@RandJ1996]

Every time I see or meet a successful business man, more reassured I am that I NEVER want to be one. No thanks, no amount of money would sway me.

[@ChristoherWGray]

I'm guessing the so called "vehicles" Are needed for a logging business Like in heavy duty pickup trucks I'm not guessing they are going anywhere

[@bradwilliams4921]

Good luck to the caller. I hope that they get this debt knocked out.

[@brandonkargol4439]

She and her husband arent actually in a bad position here. 300k net income relative to 900k in low interest debt... they can easily tackle that

[@advancedchiropractic667]

Ok As a business owner I know what it is like to go into debt for my business. I have partners that are spend happy, now they are moving back to my thought process.

[@mocheen4837]

At 29 we had already paid off school and saved $300,000. We lived in a small apartment and saved one income.

[@yellowtrain3161]

Best way to get out of $900k in debt…..take a long walk off a short pier….and when you hit the water, take a deep breath. 🤷‍♂️

[@BenState]

Logging....how nice

[@ChristoherWGray]

Deliver pizzas And eat rice and beans for the next 200 years?

[@dagobello]

They can just write off the equipment. They’re acting like it’s personal debt.

[@LordFlashheart1]

I love my simple debt free life even more now 😅

[@t0ky0balling57]

Make the minimum payments until you die lol

[@patricewilliams2998]

That's not too bad.

[@kidamere2408]

Were 900k in debt and have 2 machine worth 900k how could we possibly get out of debt, well ...

[@Mrs.TJTaylor]

Kudos to this VERY YOUNG couple for being as far along in life as they are! I can’t even count the number people of a similar age that I know who are still living with (and living off) Mommy and Daddy.

[@Mrs.TJTaylor]

@@derekrank4572 Yes, that’s the mindset of all those people I’m talking about. Big mooches just talking about all the money they’re saving. Have you considered that EVERY generation could have done the same? Only smart parents kick the babies out of the nest. Previous generations understood that they weren’t doing their kids a favor. Good luck to you.

[@derekrank4572]

@@Mrs.TJTaylor i dont need luck i have cash instead..but i do agree and i understand your point.

[@jimmymcgill6778]

How much can she write off on taxes?

[@davidkazakov6232]

She will be totally fine but really needs to improve revenue. Her equipment will last for a long time and its already bringing 300k profit. Also, she may have a tons of business deductions and the real profit BEFORE amortization could be much higher. Her situation is very different from many people calling to Dave, its a business debt, not her personal

[@unusyousuf9506]

So basically they are millionaires in the opposite direction

[@HummBabyBaseball]

Every freaking sentence begins with "so".

[@BridgeStamford]

Wait for the “we earn 1 million a year and our house is with 5 million”

[@hrajotte]

That's perfect, if the house is paid off!

[@jimmymcgill6778]

She needs it for her business. She cannot go and sell it. You also have to take the cost of replacement parts if it breaks down. The newer one have a warranty, the older one wouldn't.

[@Sizukun1]

Warranties aren't magic wands that fix heavy equipment; the manufacturer could deny the claim, or accept it and take a month to repair. If the warranty is worth less than the downtime, the warranty is setting money on fire.

[@alinatamashevich3354]

@@Sizukun1 Jimmy is too stupid to understand how real life works.

[@jimroscovius]

Build a business with no debt. That's what Dave did. I know trolls believe in having debt coming out of their ears. Smart people don't.

[@jimroscovius]

I own used cars all of the time, and they are great!!

[@alinatamashevich3354]

@@jimroscovius BINGO, Even Mark Cuban said that on Dave's show. Build slow, keeping in mind the house (bank) always wins in the end with debt. Don't be that guy!

[@Yungwalt]

How did I know jade was gonna ask if the equipment is necessary in order to operate the business.. lol Also, why did she gasp at the $90k mortgage..? Smh

[@oregonflatland]

Yeah they are clueless and tone deaf. They are basically saying why can't you run a logging business without log trucks and chainsaws lol. Not even once did they say anything about increasing their income and expanding the business.

[@justinlawson3493]

😂 I was wondering the same thing…Their vehicle debt is more than their extremely modest mortgage

[@tmfaber]

They aren’t set up for business owners. They are just basic advice for the a basic situation

[@lavenderkisses9461]

I thought she gasped because it was so low. She seemed surprised.

[@Troonielicious]

Lol just keep living life like nothing happened

[@aminonmiles8054]

Can you please not judge when people give you their debt numbers? Making sounds will not help when they mention their numbers. These people own a business and it’s easy for all of them.

[@mhodge0890]

Dam owe on the home just as much as the cars sheesh

[@Ant_Lambo]

WOW!! WE LOVE JADE!!! Fantastic addition to the show!!

[@stevenporter863]

0:21 Business and personal should be separated.

[@rossmcgreg6r642]

Sound advice.

[@ghostmedic9252]

I’m thinking death 😂

[@vicepresidentmikepence889]

Green bay has always been the town of quarterbacks, not this season

[@shinineagle23]

Said the same thing when Rodgers took over for Favre

[@Lady.Luck.]

It's the greenbay jets now 😭

[@bruceyung70]

Make feel good video even if you are in debt.

[@jimmymcgill6778]

Dave always try to bring in his net worth when ever he can.

[@charliecampbell1232]

Floppin' his dong on the desk.

[@chuck5553]

That’s crazy…that’s like me bringing up my 25 oz of gold when I can 🙄🤦🏻‍♂️

[@guccithunder6136]

Well he’s been Teaching People over at Ramsey Solutions for 30 YEARS🙃

[@alinatamashevich3354]

@@guccithunder6136 Exactly, he has a 30 year PROVEN track record, whereas Jimmy has a 30 second to making a stupid statement record.

[@alinatamashevich3354]

What is yours Jimmy? Or is it a NEGATIVE?

[@dagobello]

Should’ve asked what their profit is.

[@jawwaadwilson592]

My little 6 grand in credit card debt is nothing compared to these folk lol

[@carieyounginsurance]

Who else’s watches to feel better about their own situation? Lol

[@dutch4117]

It’s debt porn sometimes.

[@jimroscovius]

This is how businesses go bankrupt - too much debt.

[@Gramps935]

Yeah, their payment on that machine must be massive. This all balances on his ability to operate that thing, if he gets hurt or has an accident and can't work they would fold up in a moment.

[@jimroscovius]

@@Gramps935 Much better off with cheaper equipment and no debt. Then build from there.

[@jimroscovius]

@@pvaz Could be, if something happens and they can't pay the massive debt. It's called risk.

[@jimroscovius]

@@pvaz Bankruptcy is not good!!

[@jimroscovius]

@@pvaz No, but I know people who do. No debt. They start it slow and grow, just like Dave did.

[@codelessunlimited7701]

Business debt is not bad as student loan debt. The caller can just sell everything, file bankruptcy but the student loan debt will have to sell its soul and still remain in debt.

[@paulc3749]

i thought mine was large lol 💰

[@jamesp57867]

First: get shamed by Dave Ramsey. Second: come to the realization that you're getting financial advice the same way you get a psychic reading.

[@mattlaeff724]

Gold in them there logs. Who knew?

[@boston312]

How the system even allows people to get this much into debt (loans and credit cards) is beyond me. If they cant pay off like the first 20 or 40k of debt they should be cut off immediately

[@adamseidel9780]

Almost all the debt is on single large equipment purchases to invest in their business, not slowly creeping spending.

[@steelcastle5616]

The "buck" stops with the person who works the system to get into this position. Personal responsibility has got to come into play here. You can't blame the system for people willingly getting over their heads in debt. If you tried stopping it, both borrower and loaner would join against you.

[@banonymous6790]

Farming is extremely expensive and the margins are low. Most farmers carry a lot of debt.

[@patty109109]

They have a half million dollar net worth give or take So they have assets. Bank can make money on them.

[@reese85]

There’s also a thing called personal debt and business debt

[@robertt9825]

they kind of glided over the differences in equipment. Since it's a logging business I'd be asking like, are their significant differences in safety? Like would an employee be more at risk operating different equipment? Will they need more training? Does the machine produce as much output and at the standard of quality their business is known for to their customers? Is it efficient? Will they need to buy other supporting equipment/parts for upkeep? etc etc. I'm not in the logging industry but I assume these are all pretty big considerations when operating heavy machinery with potential for catastrophic injury or business destroying liability/mechanical failure concerns.

[@New-bw4kz]

They know nothing about business 🤦‍♀️

[@FooFan-b3k]

How much does your business make?

[@YrmYhw9.24]

A message fom Yahuah Almighty to Dave R: Matthew 16:26. 6:33. He gave me these before everytime you dropped worldly names, today He confirmed me to share with you 🙏🏼

[@aerosciencedryfog]

Im sweatting my $1500 dollar credit card and this lady has 900K in Debt. What happens when recession hits and the 300k net profit is 50k net profit. Time to sell the logging equipment....hahaha

[@dobermanguy9437]

Very simple find a tree and get you. Rope