We’re $4,000,000 in Debt (Where Do We Start?)

[@AngryBengry]

Better call than I expected it would be. Caller seemed to want to hear this advice

[@garyfrancis7692]

Caller was panicking. He needed someone to calm him down and give direction

[@alexsteven.m6414]

Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.

[@SavannahMitchell-b3d]

Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.

[@brantheeskimo]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to over $750k.

[@belobelonce35]

Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.

[@brantheeskimo]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne” and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@mariahudson9939]

I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.

[@mplslawnguy3389]

Perfect example of someone that will always be in debt. Doesn't matter if he was making $75,000/yr or $7.5 million/yr.

[@sableann4255]

he's living way beyond his means

[@lornestein7248]

Yup.. My Dad went out that way.. with a big smile on his face!

[@PParsa]

​@@lornestein7248my dad tries to, but my mom stops him If she didn't marry him he would probably be in insane debt by now

[@sunahamanagai9039]

Even if he pays this $4mil off, and that's a huge if, he'll accumulate more. Hell he's not paying anything off, it'll keep snowballing.

[@airplanegeek893]

Good thing this guy was willing to listen.

[@boredoreos]

We're 4 million in debt. We make 750k. Oh okay.

[@BREEZYM6015]

They can pay that off in no time. 😂

[@jimroscovius]

And they have expensive cars. Why??

[@Pops1020]

That’s like most people 150k in debt and only make 40k samething

[@erikybarra3898]

SMH at them, they're SOL unfirtunately! Sucks to be them

[@erikybarra3898]

​@@jimroscoviusto flaunt that they're upper middle class or 1%er to us lower middle class and poor folks and of course they can and enjoy riding in luxury

[@RayaMarcus]

At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.

[@Fred-w7t]

Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .

[@Jordan8568-l4u]

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.

[@jamess.2491]

That is the truth of generational wealth; not the money or assets but the knowledge of how to retain them. For most who grew up in an environment like this, what Dave says is common sense.

[@tiamat_023]

You could have said one word and made the same point: assets.

[@stephencarter2078]

I have been debt free for a year it is the best feeling ever

[@jumpingjeffflash9946]

almost 3 years for me, did it by age 50. It's nice when you get to keep everything you earn.

[@CoachPiccolo]

I love how Mr. Ramsey said stop being greedy and focus on your main biz at the moment!

[@tomw485]

House flipping is purely a distraction. This guy is like a dog with a bone feeling the need to try everything under the sun. Honestly who cares about all these streams of income. Just make the main stream as big as possible. His coffee business is highly successful and scalable. Stop the house flipping nonsense and focus on turning that 500k net income in 1m then into 2m and so on and so forth because I think he absolutely can do it given the success so far. Also seeing how careless he is with debt and spending I’ll bet there’s plenty of inefficiencies in his business that he could clean up to significantly cut costs right now and further improve his net profits.

[@williammyers3706]

Becoming debt free after an adult lifetime of debt will give you a feeling of freedom you haven't experienced since childhood.

[@sbella6719]

Hmmm..I suppose that's why people become nostalgic. In this country adulting means taking on debt. People want the freedom they experienced in youth.

[@vlassischatzis8574]

my family is in dept last 30 years. I hope the next 5 ill set us free and can't wait for the feeling. I'm 41y old

[@cucurezenita]

The advice sounds so simple, yet that man had to hear it. And hopefully he'll listen

[@smithersrob]

Classic, he's earning $750,000 but living like he earns $1,500,000, its mathematically identical to someone earning $75,000 and living on $150,000. He just needs to cut everything in half or even more than half. Sell all the cars and buy cars worth half as much, sell the house and buy one worth half as much. After retained earnings he has $400,000 to put towards SBA loans so he's done in 2.5 years. Then he can put that $400,000 a year towards his downsized mortgage which will be done in ~2 years if he's been paying on that from his $250,000 personal income whilst working on the SBA loans, downsized cars will be done in 3 months. In under 5 years he can be 100% debt free, he just needs to go from earning $750,000 and living like he earns $1,500,000 to earning $750,000 and living like he earns $150,000.

[@MichaelJohnson-ig9rr]

You've never made that much. I can tell

[@MichaelJohnson-ig9rr]

But I agree that's the move. It's just hard...

[@smithersrob]

@@MichaelJohnson-ig9rr you’re correct, I only make ~$250,000-300,000 depending on overtime etc but I’m 100% debt free and have a net worth approaching $5 million

[@Darlhim89]

accurate. I bought my 500k house when our household income was 180k. Now its 650k and still live here. Same cars, same lifestyle just way more in the bank. Mind you I want to move into a slightly larger home, probably $1.5m but its still below what I can afford at this point and im not rushing to do it with current market/rates. Warren Buffet still lives in his modest childhood/family home and he can buy some countries.

[@David-zj3bp]

​@@Darlhim89if you're in the U.S. search online for houses that are up for auction (bank sale) in your area. With your income of you should be able to bid on a big nice house for a fraction of the the actual value. The only thing is you can't inspect the interior of the house. You can drive by and look at the exterior. And you have to pay cash, no loans or mortgage. You'll save a lot of money that way (and can sell it one day). Good luck to you!

[@stanleyfujiwara1394]

We retired with $3.5M at 62. We are 65. KEY is low expenses which are somewhat regulated. We do not pay for: Water, homeowners insurance, Trash nor any health costs beyond Part B (due to qualifying for Medicaid if needed) No debt, Prop Tax is $3300 a mo. here in Northern Calif on the outskirts of a world class ski town called Truckee, CA. Groceries are $1250, Clothing/Hair- $200. Donation $350, Tech/Cell-$200, Transportation- E-Car, E-Bikes & home powered by DIY Solar about 7 months a year.- $8000, Utilities- $2500, Repairs- $2500, Unexpected costs, Travel $200, Chickens $500= $21250 per month haha. Live in a 7500 sq foot home on 30 acres w/ a 6500 ft barn. We raise chickens for eggs but the compost pile is their main source of food along with fodder we grow. We grow sprouts in jars which is 1/3 of our vegetables. 18 fruit trees. We can/preserve food. Travel-camping 15 weekends a year in our older RV. We enjoy church, bible study, cycling and volunteering. We ride w/ a bike club 3-4x a mo. about 1/2 the yr. Coffee out 1x a week w.friends. Occasional dinner in or out with friends. A Great Life! Expenses are about $3000+ and our Income is $4500. We usually have about $2500 leftover each month. At 70, we'll start taking $120k a year out of the IRA. We have newer most everything so nothing will go out anytime soon. Emergency cash fund = 200k. Credits to my FA Dianne Sarah Olson. Life is good

[@ParishBlein]

impressive, great job mister

[@ericwilde4583]

I love this, this is so minimalist core! You seem to have your finances in check, any advice for a guy in his mid 40's struggling to get even a dollar into his retirement savings?

[@stanleyfujiwara1394]

Haha sure why not, my advise is always keep debt to a minimum, that's the most important thing it doesn't matter how much you don't have just make sure you don't owe, Also make sure you invest regularly, as much as possible, those are the things that'll really save you in the future.

[@ericwilde4583]

Solid advice sir

[@JosephineGaule]

Great advice stanley, I just reached out to the fa you mentioned earlier, looking forward to working with her and i sincerely hope you don't mind.

[@morgansofia]

The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenbook. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...

[@PaulBerlin-y3f]

They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.

[@SusanAlice-o6k]

Hearing from an experienced investor who has survived adversity and prevailed is always motivating. It may be frightening when your portfolio goes from green to red, but if you have invested in strong firms, you should maintain growing them and stick to your goal.

[@jeromesand]

I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.

[@avamadison-r9p]

we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this consultant that guides you help?

[@jeromesand]

Melissa Terri Swayne is the analyst that helps me. She has a large following and is easily found online. Investing with her has been a different ball game entirely so different from the stale methods of managers I’ve worked with in the past. last year was my best ever because I'm over 1m which I really never thought I could reach at the start of the year.

[@stemikger]

This guy is living the opposite of the way I want to live my life. I never made more than 85K and in many years less. I just retired at 60 and have 1.3 million in my IRA, no debt and a paid off house. I live a peaceful life and live, learn and do whatever I want. This guy's chaos would give me the opposite of peace

[@jalami]

everyday millionaire. love it

[@Musicienne-DAB1995]

Great job!

[@alberttang6955]

The caller is a prime example of "more money = more problems". If all that income doesn't bring peace to your life, and actually increases stress, then what's the point?

[@tomw485]

@@alberttang6955It’s definitely not the income that’s bringing this man chaos and stress. It’s the heavy debt. When he gets serious about paying it down and develops some financial discipline he will become a very wealthy man. Frankly having financial discipline is the easy part especially when you make good money. The hard part is building a tremendously successful highly scalable business which he’s done in spades. He just needs to stop self sabotaging with these stupid loans.

[@Weakeyedominant]

I think the caller is coming to that conclusion now. He has grown his business and been very successful business wise but can't enjoy it even with the material positions and he is having to work flat out to clear his debt.

[@texashobbies]

This dude is living the life, the life of debt !!!!!

[@daisylavender5275]

That part!!!!

[@user-bmw528]

“Deliveries and things” 😂

[@FinessingFinance2024]

😂😂😂

[@CoolHand273]

A lot of people spend $100K on a car to save a few thousand on taxes. Its a deduction not a credit. And you are not supposed to get a luxury car that is not related to your business to write it off. The accelerated depreciation was for work trucks and delivery vehicles.

[@mikesmith-wk7vy]

They could also Downsize on house , nobody needs or uses a 2 million dollar home it’s just decoration

[@Darlhim89]

A $2million dollar home by me is 3000 sqft... Long Island NY.

[@jorgesalazar818]

​@@Darlhim89 same in Los Angeles

[@jimroscovius]

Where I live, a $2 million home is a mansion.

[@Darlhim89]

@@jimroscovius my house is 1450sqft on a 40x100 (foot not acre) plot of land. It’s currently valued at $850,000.

[@josefv6194]

@@Darlhim89ok but he lives in dallas not NY

[@AnthonyJustice-i9x]

I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Brooke Grace Miller for helping me achieve this

[@henrybernhard0]

She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states

[@ClarenceFerland]

I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.

[@GrozaGroza-ko7fn]

The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.

[@HighlightsSerieATIM]

I'm new at this, please how can I reach her?

[@ZahirFriedman]

I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills

[@Larry_M6790]

You're $4,000,000 in debt, ok baby step 1, first you need to do is set up a $1,000 emergency fund lol.

[@ktidwell79]

😂😂😂😂

[@danieluva2848]

So nice to see a call with Dave once again

[@Almighty_cornholio]

And here I thought my $10,000 in debt was astronomical

[@ruthirwin8222]

My 2k seems insurmountable i cant wait to have it gone

[@turboslag]

People making a little money always seem to make the same mistakes. Instead of building up a reserve when the profit is rolling in, they spend upto their income, then when that isn't enough, they borrow! Stop buying expensive cars, that aren't needed and depreciate immediately and substantially, stop buying stupid designer fashion clothes and other trinkets. When you do buy stuff, try to make it things that retain value, or that are actual investments. Some of the richest people live very frugally, almost like they're poor. Fortunately I think this guy has learned in time to avoid serious problems and hopefully he and his family will now move to a prosperous and secure future.

[@arcticredpanda4598]

Let's not forget that this man used plenty of debt to get into this cash flow position.

[@truckerstar24]

Yes, but now he’s calling for help to start clearing off debt. It’s always the first thing people should do when opening business. Pay that loan that helped them rose up. Then start getting more comfortable.

[@arcticredpanda4598]

@@truckerstar24 that's correct

[@FinessingFinance2024]

Exactly 💯🎯

[@hi2cole]

I love how optimistic Ramsay is, which is probably because he has a lot of great stuff going for him outside the debt. Like, he should be able to escape in hopefully a few years with the amount he makes. 4 million dollars in debt is a lot, but so is a cashflow of 750k a year. Gotta tackle that before the interest rate makes it impossible to catch up. I got 25k of school debt I'm paying off. Gotta get rid of it also as soon as possible.

[@austinbar266]

The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?

[@rogerwheelers4322]

Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.

[@joshbarney114]

I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.

[@FabioOdelega876]

This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?

[@joshbarney114]

‘’Marisa Michelle Litwinsky’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@FabioOdelega876]

Thank you for this tip , I must say Marisa, appears to be quite knowledgeable. After coming across her webpage, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.

[@Shadywolf09]

Bought an expensive house, has 4 cars, owns 11 coffee shops, a full time job, and flipping houses. Dude seriously needs to slow down. There's no point in fast tracking trying to be a millionaire if you are multi millions in debt.

[@Whoareyoucalling]

I'd love to have a BMW M4 comp deliver me coffee! Where is this place at?

[@EdersonEdwardWilliam]

Hey, I want to start investing but don't know where to begin. Any advice or contacts for help?

[@Victoria-rx6hk]

It's wise to seek professional guidance when building a strong financial portfolio due to its complexity.

[@Liam-g701]

Talking to an expert like Anna duke to reshape your portfolio is a smart move.

[@JeffreyLuis-dt7ov]

Investing $15,000 and received $174,000

[@Noah-wg9rt]

YES!!! That's exactly her name (Mrs Anna) so many people have recommended highly about her and am just starting with her 😊 from United States

[@AspasRodriguezMikel]

Please who is this Mrs Anna This sounds so good andI would like to be a party to this, is there any wayl can speak with her?

[@sue1703]

Dave gives such great business advice. I really like listening to him.

[@pimpballer3]

Get an accountant because I have a feeling that the coffee shop isn’t bringing in that money. Also if you aren’t paying taxes, the net income is 2/3 of that

[@diane.moore-]

The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.

[@Grace.milburn]

A failing U.S. economy and elevated global tensions reduce the likelihood of prolonged inflation or higher long-term Treasury yields. I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich

[@mikegarvey17]

True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.

[@ThomasChai05]

@@mikegarvey17Could you possibly recommend a CFA you've consulted with?

[@mikegarvey17]

Finding financial advisors like *Izella Annette Anderson* who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@mariaguerrero08]

Thanks for this. could easily spot her website just after inputting her full name on my browser. she replied my inquiry and we scheduled a consulting session sometime tomorrow.

[@andycayton3433]

I'm laughing so hard I'm crying. "I'm practically a millionaire and I'm in debt up to my eyeballs." 😂😂😂😂😂

[@NapoleonDynobyte]

Not to throw stones but why the need for 4 delivery vehicles for a chain of brick & mortar coffee shops ? Can you downsize to 2 delivery vehicles or one ?

[@analyticalchick3064]

because they are using them as personal vehicles

[@sableann4255]

My goodness, what kind of Cars did he buy to deliver Coffee? Porsches? That's insane!!! I wouldn't be able to sleep at night!

[@FMD70757]

How big is a $1.9 million house in Texas? I’m sure they can get a mansion in Texas for less than that.

[@drexelspivey872]

Gotta be unreal

[@Darlhim89]

In Long Island NY by me, its 3000sqft. In texas, 15,000sqft probably.

[@DewTime]

Depends entirely on the area. If they’re sending their kids to a good school district like plano, you’re not getting a mansion for that price. A nice house for sure but not a mansion

[@tcc447]

It's even bigger than $1.9m. There's the $200k HELOC and if he's lived there for several years he will likely have $500k or even more in equity. We're talking about a $2.6m house, maybe even more.

[@sonicmoj1]

@@Darlhim89 In Michigan it's 25,000 sqft

[@mumsie-uk2it]

One minute in and giggling at hearing ve-hi-cles about six times.

[@joeh2401]

He’s all over the place.

[@mahmya4519]

Bro is 4m in debt and still richer than me 💀 Damn

[@jarodfranklin1081]

I have over a million in debt. It sounds scary, but the TYPE of debt you have matters most. Mine is all in real estate. All being paid off my my renters. All properties have reserves.

[@WISHBONEL7]

A car is simplyy a method to get from Point A to Point B

[@BorderlineBored]

Its about the journey 😅

[@WISHBONEL7]

@@BorderlineBored If a passenger were blindfolded , would they really notice the difference ?.

[@DulcetNuance]

There comes a point in money making where you should stop taking loans and use cash for everything and $750,000 a year is WAAAYY passed that point.

[@Allin55]

1.9 mill mortgage....

[@zuleykha2012]

Isn't it crazy?

[@drn13355]

"we thought we were being smart".

[@Howt-ooo]

Hes a consultant? He needs consulting!!! 😂😂😂

[@janicewolk6492]

The IRS is going to love the vehicles. 😊

[@LouisJanYoung]

From the outside, all of their friends are so impressed with these people .... If they only knew what a train wreck they are!

[@drexelspivey872]

They aren’t really that much of train wreck they are paying their loans off in 2.5 years and then will probably make millions of dollars a year

[@Darlhim89]

@@drexelspivey872 well they wont make millions. Theyll make 750k.

[@cassnate6259]

​@@drexelspivey872 Yeah if all he says is true about their income, they're doing just fine. In 5 years if they pay it all off they'll be swimming in it.

[@montecarlo4294]

@@drexelspivey872 Then why did they end $4 million in the red if they are so successful? Something is wrong somewhere

[@David-zj3bp]

​@@montecarlo4294They can gross $4M but after they pay their employees, buy all of the supplies, coffee, syrups, creamers etc. Pay the rent, utility & repair bills, buy equipment, taxes etc. they end up with 15% (profit margin) of the $4M, which is $600K. I worked at a popular fast food restaurant (McD). One night one of the managers showed me a print out of the earnings & expenses for one month. The sales was $80K, employees wages was $40K. They bought the food for $20K. After paying utility bills and other expenses they netted around $10K out of $80K in sales. Which is 12.5% profit.

[@AliciaSalvadore]

Abby Joseph Cohen hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I’m stoked because I’m heading into retirement with almost a million bucks in my portfolio.

[@AliciaSalvadore]

The thing is people often doubt the prospects of financial advisors like Abby Joseph Cohen in business/markets today. Well it gives me more time to get ahead while they stew in their own pity and doubts as they childishly complain about those spreading the word

[@RamseyAlaqel]

Same here, I got to know about Abby Joseph Cohen Services on here in 2020. Since then I've paid off 160,000 USD of debt. Now I'm working on building an emergency fund. I didn't even have a savings account three years ago.

[@RamseyAlaqel]

​@DennisSoklovWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@VernesaGunz]

I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.

[@VernesaGunz]

I hope she gets more of the recognition she deserves.

[@Amirealestateinvest]

Debt is always good especially in real estate. Just ask me

[@Helen-fv9xp]

I wish they taught investing at school level. There is so much advantage to doing this! My biggest regret is that I started so late. And still not good at it, I think at this point i need help

[@GabreilSteve]

@@Helen-fv9xp luck plays a part, especially in the short term. I noticed that when results remain consistent, it indicates something more than just luck. research was the challenge until It led to Julie Ann Lerch, a fund manager. her strategy made sense, it contributed to growing 950k into this and counting

[@EbrahamAljalil]

I wish I could have retired in my 50's. I'm 65 now, I started investing late . After some research, I found a strategy that helped. I'm pleased to say I'm retiring with at least $2 million.

[@Helen-fv9xp]

@@EbrahamAljalil It’s worth noting that luck often plays the significant role in some cases, sometimes even more than the resources involved. Without it, its challenging

[@EbrahamAljalil]

@@Helen-fv9xp luck plays a part, especially in the short term. I noticed that when results remain consistent, it indicates something more than just luck. research was the challenge until It led to Julie Ann Lerch, a fund manager. her strategy made sense, it contributed to growing 950k into this and counting

[@EbrahamAljalil]

@@Helen-fv9xp That’s a common concern. Have you considered speaking to someone?I was in the same situation until I met Julie Ann Lerch, a fund manager. She really helped clarify my strategy. She suggested creating a diversified portfolio with 60% in stocks for growth, 30% in bonds for stability, and 10% in cash for liquidity. This mix helped me feel more secure.

[@bluehawk7342]

I don't drink coffee, so I have several questions. Is store-bought really that much better than making your own? If it's not better, are people really that lazy that they don't want to make their own? Buying takeout can't be a time-saver, because it takes time to drive to buy it. Lastly, why would anybody pay somebody else to have coffee delivered?

[@DanielMartinswizzmaster]

I think would challenge alittle bit being able to pay a near 2 million mortgage on a $250,000 salary. We didn’t hear terms but that’s I’m assuming the numbers become fairly tight at that point

[@iztherelife1340]

Always needing the show Candy cars and expensive homes. Nope nope nope We have a paid for 4/3 we don't need We just paid cash for 8 acres and intend to build a high functioning off grid home to live out our days. We'll use the excess from the sell of our micro farm with too big a house to supplement our retirement funds. We're not fancy but we never worried about how to make a payment. We literally made one payment on this property because of how we managed the purchase by renting out the second house on this property. They made the payment while we worked on this house. Then we sold that one and used the increase to renovate this one into a fantastic farm house that makes its own power and supplies water. It can be done

[@Cristobal8605]

I’m here for the veeheecle comments 😂

[@keepgoodcompany1279]

I feel like this is classic American thinking: my salary=my wealth. And then one day that person wakes up realizing that they have a huge salary and negative net worth. This mentality is what needs to change.

[@sbella6719]

Totally agree!

[@MUSHDELIC1]

All those vehicles and a little coffee shop, buddy definitely has a side piece working there and using one of those vehicles as her own.

[@jeanlenor1858]

Average 68 thousands dollars per vehicle just to deliver coffee? All you need are a few 2010 Honda civics under 8k.

[@penguin12902]

He can't be seen in a Honda. Bet he and his wife both have Range Rovers.

[@jeanlenor1858]

@penguin12902 Are they delivering the coffee themselves? They have employees. They can still drive their expensive cars but please only buy cheap cars for your employees.

[@penguin12902]

@@jeanlenor1858 Dude I'm not excusing their behavior, just taking a guess as to how someone spends $120k on vehicles.

[@jeanlenor1858]

@@penguin12902 They can still drive expensive cars. They still can have 2 cheap cars for delivering coffee.

[@irissander5266]

I think it’s was an excuse, they just bought all the cars for personal use but put it under business for tax purposes.

[@bruh_hahaha]

textbook case of, Mo’ Money Mo’ Problems

[@phillipdencklau1485]

Thats a good plan Dave

[@RobynNorwood-lh1ei]

Confession. I only clicked this video to feel better about my little $60,000 college loan debt.

[@DavidLozano-f5j]

Dave, he is not going to make it only with the $250k income, just his mortgage is probably $20k per month. Sell the stupid house and the cars !

[@paulatristan8189]

As successful as the caller is, why couldn't he figure this out himself. He's very successful in a business way, and he's got 11 coffee shop's. A fulltime job with a handsome income and he wants to know where he went wrong ? Why couldn't he have just stopped where he was at instead of going overboard and spending and spending. Im surprised he didnt throw in credit card debt ! People who make very high incomes always have some kind of "stupid line" they cross before they have to call Dave Ramsey. This guy makes crazy good money from many sources. Get it together man !

[@tomw485]

Building businesses and financial discipline are different skills sets. The aggressive risk taking entrepreneurial spirit is also what got him into trouble with high debts. All this man needs to do is make some tweaks and rein things in and he will be a very wealthy man in 10 years. This guy will be fine. I’m way more worried about the person who calls in with a 50k household income, 100k in debt and a family of 4 to take care. Sure that person has a debt problem but also a significant lack of income problem and it’s WAY easier to lower your spending than it is to increase your income.

[@kyleegarcia5569]

It’s always easier to judge until you have walked in someone else’s shoes…my husband and I used to be very very broke. We make decent money now and it’s a constant battle to keep from overspending because our income allows us to do things we previously didn’t even have the option to do. It’s easier to say “no” when something isn’t an option and harder to say “no” when it is an option. My family could never afford vacations growing up, so taking my kids in a few vacations was a huge deal for me. I would rather bring them on vacation and build those memories and pay it off later with our tax refund than wait (because I almost died from some health issue). Not the right way of thinking, so now that my health issue better, I am trying to rebuild our budget and pay off our debt. (Thank God it is a manageable amount!)

[@Javajo]

A rule of thumb … don’t spend what you don’t have !!!! Simple math peeps 🐥

[@JessicaLovely1]

I wonder if the coffee shops are a franchise or independent.

[@nebojsa1976]

Who is in better position, this guy or me? I have no stress job, no debt, just one condo, paid off, old paid off car and 85k a year I make. No Credit Card debt. I go to vacations, invest little bit. I don't know, I think I'm in better position.

[@DrSchor]

without knowing your net worth and his net worth, you are right, you dont know who is better.Since you have no good debt, probably worse, much worse.

[@nebojsa1976]

@@DrSchor Well, 250k saved. No kids, no wife. Maybe 200k in home equity. 50k 401k. And some stocks, crypto etc around 40k.

[@goat9199]

​@@nebojsa1976based on your profile name, you are about 48. If this is the case you are desperately behind on your retirement savings. You should try to save about 45K a year to be able to retire by 65.

[@littlemissroxie]

You’re better off

[@tuan2u]

It’s not about who’s better off now. It’s about who’s better off when they are near retirement. His loans are $4 mil. His business is crash flowing $500k/year in profits. If he uses everything penny of that cash slow to pay back the business loans, he would own that business outright in less than 10 years. It’s kind of like people paying off a 10 year mortgage. He can use his $250k/year full time job as his regular income. In 12 years, he would be much better off than you and will retire with more than you. All his has to do is cut back on his personal expenses, like the expensive house and cars. He can own all of those in 12-13 years, take better vacation than you, own a better house than you, and have a better quality of life when he gets older

[@LCRichardM]

250.000 on cars 280.000 "flip house" ...what the hell.... all whats wrong with the us in a nutshell....

[@MrVee24]

I don't understand how u make that much money and still manage to be in debt. This is total insane.

[@MBoyer-ng6ok]

Dude is a revenue machine...but a spending nightmare..Makes close to a million a year and can't pay his taxes or buy a car for cash....Too many irons in the fire. Jack of all trades, master of none...He lives like a big shot business baller but can't rub two nickels together.... It is like the old NY real estate big shot joke.." one mogul tells the other mogul "Good news: we can get the Empire State building for 100 million... But bad news, we have to come up with $500 dollars cash. The other says, 'darn so close'.."

[@Musicienne-DAB1995]

Brilliant joke!

[@girlafraid4045]

it's crazy to have this "problem". The real issue is there is so much new money out there post GFC that most have never felt a real down turn. i'm sure this caller is one of them. but rather then believe they are the golden goose, he's smart enough to know it's time to act. Many will not and be crushed. Good call.

[@danielschmitt1935]

As a rule, its never a bad time to buy these two things. Real estate and stocks. Buy low and sell high

[@danieluva2848]

Easier said than done

[@WhiteEvo6]

Ve-hick-kals 🤣 Very unique way of pronouncing vehicles 🤨

[@AB-zc6wy]

😂 drives me mad (no pun intended)

[@keithm6117]

Imagine not spending money on cars that depreciate with loans that attract intrest, and clearing all you're debts inc the mortgage. Then once all that is done how much cash you're going to accumulate really quickly.... How Exciting is that...

[@atmoore74]

I cant even relate to making this kind of money had to move on from this video and couldn't even finish it🤦‍♂

[@scout1710]

“Stop that” “Yes sir” Damn bro had no objections 😂

[@jasonk446]

So many feel real estate and businesses are passive income. They aren’t. I stick with stocks, ETFs, etc

[@BlacknBlessed01]

"You never met a debt you didn't like" 🤣🤣😭😭

[@kalebbruwer]

The title made me brace for someone who is absolutely doomed. $4m is more than a lot of people make in their lifetimes. But this couple can be out of the hole faster than most people pay their mortgages

[@19hundoc47]

We have 4 million in debt but 6 million worth of real estate. We used debt to our advantage.

[@Musicienne-DAB1995]

Are you going to pay off the $4 million?

[@halfbakedproductions7887]

Stop wasting money on flipping houses. There you go - that's part of your busy life you don't have to worry about anymore. You also don't have the anxiety of making sure the houses sell, dealing with the taxation and sales fees etc. Get rid of your silly cars and pay cash for a good quality used cheaper one. Focus on the consultancy and the coffee shops. Eventually sell the coffee shop business for $AreYouSerious. Do the consulting on the side. Semi-retire.

[@Javajo]

If you are 4 million in debt you have a major financial problem… how did it get so high without you paying it ?

[@musicman76enator]

Dollar General, your table is ready. 😂

[@queen.kristal8395]

Downsize the coffee shops 🏬 and the house 🏠 and downsize the cars 🚙

[@marknihem5632]

Man I gotta start making more money.

[@StalinGrabovsky]

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying it’s ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.

[@NatashaGibbs-e5o]

Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge

[@ReginaDominique]

Reason I decided to work closely with an brokerage-adviser ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.

[@EnriqueCarrasco-z3j]

How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?

[@ReginaDominique]

Elisse Laparche Ewing is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@MatheiuOrson]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@kaderferhat2495]

Correction: IRS First, she may also be required to take a salary for working in the business, then retained earnings, then SBA, just a thought

[@nikitaLEGALL]

He missed the heloc also

[@beniferra5736]

Well, I believe this is just common sense. You don't need to ask someone how to do this. Just sit down for a couple of hours, concentrate on your numbers, and the answer is right infront of you. Why would you need advice on a situation like this? You bring a net of 750k a year and you are not sure how you are going to pay your debt?

[@kylefan8478]

Dave doesn't seem to understand taxes. 750k income - 250k debt is not 500k left. 750k income is - 40% tax before you even start anywhere.

[@rorycolgan]

Well the 500k is probably taxed as corporate profit...don't know what that would be. But yes, probably 200k for taxes

[@BenjaminRobert-u4u]

I had problem comprehending trading in general. I tried watching other KZbin trading channels, but they made the concepts more complicated. I was almost giving ap until when i discovered content and explain everything in detail. The videos are easy to follow

[@MaryAndrew-y3z]

I've been making a lot of looses trying to make profit trading. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?

[@Sandra-t9e8n]

Trading on a demo account can definitely feel similar to the real market, but there are some differences. It's important to remember that trading involves risks and it's normal to face looses sometimes. One piece of advice is to start small and gradually increase your investments as you gain more experience and confidence. It might also be helpful to seek guidance from experienced traders or do some research on different trading strategies

[@FloresAdams-s3e]

I will advise you should stop trading on your own if you keep losing

[@FloresAdams-s3e]

l'd recommend Angela Camila. her profit is great even when there's a dip

[@MariaCruz-r5q]

The first step in every successful investment is to establish your goals and risk tolerance, a task best undertaken with the assistance of financial advisor.

[@sbella6719]

You can't solve money problems with more money if there's no mindset change.

[@lekely4115]

Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.

[@lekely4115]

Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years

[@Wall2000x]

Hunter needs to get a CFO. Can't manage money, needs a professional in there every day. Too much waste, sucking too much money out of the business. Manage like a Fortune 500 company not a hobby. Sell the flip house and the personal vehicles. I can tell you that these SBA loans are collagenized with real estate. You are paying about $400,000 per year on interest alone.

[@sableann4255]

Yep, the first thing that should go are the expensive Cars....He's living way beyond his means

[@rosebush7000]

Ramsey said Dude never met a debt he didn’t like., 🤣🤣🤣🤣🤣

[@AJohns3226]

Anyone know the name of this dude's chain?

[@mikewu9483]

10 coffeeshops owed $4m. each shop owed $400,000, its not worth $400,000 p piece

[@justinmarzan8599]

You didn't listen very fair. Half of that 4 mil is on their house mortgage

[@lukeqq8830]

Why does Dave always ignore tax, he said he makes 750k a year, im assuming thats without tax right

[@TheOriginalUberGoober]

Imagine calling into a radio show and telling the world you are committing fraud.

[@dulcehahn12]

Crypto is risky as many would say but I think the actual risk in Crypto is not investing, buying the capitulation isn't a tough call, but it is a very tough call to figure out what to do aside holding. I remember when I just got into crypto back in 2019 but later in 2020 I ended up selling it because I was dumb and I didn't understand it. I studied and learned and now I know how it works. Got back into crypto early in 2023 with 10k and I’m up with 128k in a short period of time

[@AliceAnderson-in1et]

I'm new to cryptocurrency and don't understand how it really works. how Can someone know the right approach to investing and making good profits from cryptocurrency investments?

[@PearlTremblay]

As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.

[@dulcehahn12]

As a beginner investor, it’s essential for you to have a mentor to keep you accountable. Myself, I’m guided by Alex Gomez. A widely known crypto consultant

[@AliceAnderson-in1et]

I'm surprised that this name is being mentioned here, I stumbled upon one of his clients testimonies on CNBC news last week...

[@dulcehahn12]

I started working with Alex Gomez back in June, and my financial goals have never been clearer. It’s like having a strategic partner for my money with a solid track record.

[@BenChaffin-q4k]

In the plan Dave gave him taxes was left out. If making 750k would taxes be around 280k?

[@JakeStewart1343]

Substitute coffee beans for rice and beans, beans, and rice for higher margins. -Dave Ramsey

[@dropoutandretireearly1781]

"THE DOUG" says I LOVE YOUR COMMENT !!!! LOL !!!!

[@brooklynzoo81]

Rookie number. Got to compete with Congress. 😅

[@michaelfleming40]

Sir, do you REALLY NEED All of those cars???