Please Don't! I BEG YOU!
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She’s going to get that truck loan lol
Yep
Oh ya she is
we all ( o.o)
Yep... her body language says it all
She keeps arguing with him. She should be a lawyer.
Big mistake she's doing is combining personal and business finances. Years ago, my budget combined business and personal. When I separated them, I realized we were supplementing the business with personal income. At that point, I created two budgets and made the business start paying for itself
Yes it is
There comes a point when is business is starting to get successful, that you might think you can just instantly scale it up. It’s not that simple. You need to grow your wealth first, so you can weather the ups and downs and have enough savings to buy equip in cash
@@charlesg7926 And what happens when your business profit exceeds any other gain-seeking earnings available to you, but in order to sustain your business which is your primary source of income, you have to come up with money to make an asset purchase? If you don’t borrow to purchase that asset you have to close shop and if you close shop you can’t pay bills? I suppose your question will be how does someone not have savings and have this situation if their biz was so profitable before this emergency purchase… and the answer to that is poor money management of personal finances during the early period . I think there’s exceptions to never borrow money , one being renting a house to live and mortgage after down payment , one being paying to maintain a license you need for a job if you can’t cash afford it you charge that so you can keep your job… certain continuing education and for medical school students and medical residents it’s also a different game
Same. Our partner’s business was being supplemented by our W-2 work. We were paying his clients for the privilege to do work for them. Dumb. Separate your personal finances.
It helps taxes. It can be very helpful.
At this point, the business’ finances and the personal finances should be completely separate.
Always! Basic accounting 101
YES!!!
Yes it should
Exactly, that where she is getting it wrong for example if she didn't follow Dave Advice, she couldn't be even phoning Dave should teach people that at the beginning you are going to be stealing from your business by Funding your lifestyle (In the event that you don't have a lifestyle you are going to be finding your previous lifestyle **Debt**) in actual fact you were stealing from your business. So this lady should be aware that Now she is starting a business Now I hate Personal Debt more than anything because it can hold you back even if you have a lucrative business because there is a certain level of maturity that is required when you are running a business. This goes back to Ratios we mess up with Ratios that what get us in Trouble both personally and in Business.
Says no business person ever who has truck fever ever! 😅
She sure loves to talk.
Well, she is a woman.
Why is the spambot flipping us off?🤣
I just wanted her to shut up already.
As someone looking for vehicles, her numbers are correct Dave.
Yes. My parents are in a bind looking for a car now and prices are nuts.
Why would you ever call Dave Ramsey asking him about your plan to go into debt?
Yeah she knows the answer before calling. So dumb.
People think they can outsmart a system. If you don't want to follow Daves system, fine. Go do your own thing.
>Why would you ever call Dave Ramsey asking him about your plan to go into debt?
I consider it a hobby ( o.o)
They want validation for behavior he’s not going to validate. What kills me is when they start with “We’ve been listening to you and following your plan for years..”. Then they proceed to ask him about taking a car loan.
They think they can get him to change his mind
she is right about the cost of cars going up significantly.
It won't be like it is now forever
He legit said that lmao
Love when Dave shows his passion.
"PLEASE don't do this!" I have never heard Dave's voice go so high before. I'm used to his angry screams, not his desperate fearful ones. I hope they took his advice.
She is right. Ford transit has gone up dramatically. I was looking to start a hvac business debt free with 40k and after crunching the numbers a 2016 newer commercial vehicle is out of the question. Too much risk. I have a 2011 ranger that will have to due for now
Ain't no danger in a Ranger.
@@m.c.58 Ain't no stranger to the ranger.
( Bought an 03 xlt and loved it. )
@@m.c.58 Can buy a Tacoma cheaper!
I have a 91 ranger and loved that truck.
Get you a tacoma
I love Dave. He is so blunt and honest. Thank you for being you, never change
Couldn't help but laugh at the get a cheap pick up question. Have a listing up on my screen for a 1994 GMC Sierra 1500 for almost $23k right now. Some areas seem to be worse than others and mine is just flat out stupid in terms of truck/work vehicle prices. I don't doubt her pricing on the vans/box trucks.
List price doesn’t mean sale price, there are a lot of dreamers out there right now “I’ll put my old pos up for a huge price and see what happens”
well those are reaching classic status so good condition originals are going up in price
Dave seems a little out of touch
Dave’s been living large for so long he doesn’t know what’s happening in the real world when it comes to cars.
@@crazyjlp7 Definitely a factor and this particular one is a pretty clean truck, which is getting harder to find. Crazy to think the dime a dozen trucks from when I was a kid are becoming classics now. K5 Blazer and squarebody values are skyrocketing too.
She is not lying about the value of the box truck. They have gone way up in value. It's stupid.
He was very critical of her, for some strange reason
@@HisLove4You you’re not allowed to talk about vehicle prices to Dave. Apparently you can always find a car for under $10k
@@ZoomerAdvice He lives in 1988 in his head.
@@matthewgardner2144 I have a 1988 Astro Van that I'm willing to sell to the lady.
But it's a red herring - they can't afford the truck either way.
Forget the quibble about the truck price - the point is she’s going on about how great they’re doing and then it turns out they don’t have any money! Dave’s right - buy the third crew after you’ve made money from the first two.
What I'm trying to figure out is how they bring in that much profit (I assume that's after paying everyone, including themselves) yet the business has no cash reserves, no money to reinvest in itself.
@@aaronsacks470 Your revolution is over. Condolences. The bums lost. My advice is to do what your parents did; get a job, sir. The bums will always lose. Do you hear me? The bums will always lose.
@@mattmiles9779 Classic
She’s mixing business funds with personal funds so she likely has no idea what the numbers actually were. But in commingling funds like that the profits just get spent in your personal money. If my theory is right (mostly going on how she was floating the emergency fund as the money to buy vehicle) then their profits are just going into their account and essentially the couples income as owners draw equivalent. None of how she spoke of the money of the business made it seem like it’s kept separate with proper books kept to even keep track of retained earnings for the business. If the tax man ever comes and it’s all mixed that’s gonna be a nightmare
Sounds like getting out of debt was easy for her like selling a house or something. It's always easy to go back into debt when you didn't have to claw your way out.
As someone who has done it twice, you are absolutely correct.
I sold my house and finished off my debt so I didn't really have to claw my way out. But I did grow up broke so I will do everything to avoid this mistake again
Yup, no different than all the people saying "why should I pay off my mortgage if I can earn more on the investment market?".
I've been in debt only once and not even by that much (if you don't count the mortgage), I HATE DEBT, I don't care how you can leverage it, I just don't want it. I don't care if that extra vehicle can earn itself back three times over, I don't care if the money I spend extra on the mortgage can bring up even more, I just want my stuff to be mine.
I often hire handymen to fix things around the house. I avoid the guys who show up in supped-up, chromed-out, over-the-top brand new trucks. Their prices are always higher and they give me the impression that their pretty truck is a sales pitch accessory and not an actual work truck for down and dirty labor. I did hire a showy landscaper once but he just outsourced it to a bunch of day laborers. So yeah, all hat and no cattle. I agree with Dave about getting a used truck.
You must be deaf
Dave with the finger on the mute button 😆😆
They must be expanding too fast if they are doing that well and have no money
My guess is that they took the profits from the business as their salary and that's how they paid down so much debt so quickly. Nothing wrong with using your profit to pay off debt, but it might have been wiser to put 10% of profit aside toward growing the business. Then, they might have had the money to buy the van.
@@TeodorSpiridon Your revolution is over. Condolences. The bums lost. My advice is to do what your parents did; get a job, sir. The bums will always lose. Do you hear me? The bums will always lose.
to add another crew......why not hire someone that has their own truck/van and you pay them mileage or car allowance until you generate enough revenue to purchase a company owned van?....
I'm surprised, if they are doing so well, how come they don't have much cash at hand? No savings?
I was thinking the same thing. She went on for two minutes talking about how great they're doing.
It's a pretty common problem in the entrepreneurial world. It's easy to imagine in retailing, but the principle works the same way in other industries. Suppose you're growing really fast and expect to sell five times as much next month as this month. You have to get the inventory, hire workers, rent space, etc. now, but you won't have the money from the sales until next month. With a really fast growing business, that just multiplies with each month and quarter. It's the best business problem to have, but it's still a problem.
@ Christopher Enge.... Agree
That's what I was thinking
I bought my ram promaster high roof van in 2019 brand new. I drove it for 3 years and put 30K miles on it. I sold it for almost 10K more than I paid in 2019. She is correct on her numbers
Don’t expand. House repairs are the first thing to be put off in a down turn,
Keep your teams busy that you have now.
Bingo I tell lawn care people this all the time! I'm actually surprised people in remodeling/home repairs are still staying afloat with the prices of everything going up.
This just woke me up. We have great personal savings, but not so great business savings/emergency fund. Just assumed business would always be good and don't need to expand.
Time for a change
I'm glad to hear you had an "aha" moment. This happened to me years ago. I am so glad I made the changes I did.
Nah bro please stash a whole bunch of money I’m the business account. It gives you so much more power in different situations and makes growth sustainable. Also a separate business account is a must, so you can start look at the business as it’s own eco system
@@martylts It's easy to slip into lazy mode when things are going smooth. Can't take anything for granted these days. US gov't is only making things harder on entrepreneurs.
Dave doesn't realize how bad inflation really is right now
He really has shown a ignorance in this area
@@vincentniedoliwka2092 I think he showed skepticism with what the caller said while also be open to being proven wrong. I certainly thought she must be mistaken. That part is besides the point that somehow they bring in all of this profit as a business yet have nothing set aside to reinvest.
It's also hitting different parts of the country worse than others. I'm in Dallas and our inflation is double what it is in most of the country. Not sure how this impacts car prices, though certainly it must somewhat.
@@BA-rt9dp Orlando here, they are adding $3-5k to MSRP off the bat. When all said and done, you’re paying $8-10k more than what it would usually cost. Dealerships know they can do it too.
Yeah, things are getting really bad and it's actually better to go into debt to buy things now because things are gonna get even worse.
it sounds like she's letting her excitement override her logic. DON'T DO IT! :D
She’s right on the van … I have a 5 year old truck that I could sell for what I paid for it (and that’s with most of the tax included) … in Canada, a 2 year old cargo van ( the brand she said) is 50 grand (Canadian dollars so 38 grand US dollars), but there is some relief if you go older (down to about 25 grand) .. go older .. the van will be the same age as the ones she already has
As one in the industry the cost on the express van preowned has doubled in the past 2-3 years.
"Your Buisness should grow/expand with the money its making" 👌
So glad to hear callers dealing with having businesses. My business is in so much debt due to needing trucks and equipment.
I own my own business, my ignorance and lack of knowledge, plus first generation been self-employed, we did a bunch of mistakes. Finally I got an account that is helping me out, I had a mess around, almost $300k on debt including equipment, tools, cc, etc. I started the snowball 3yrs ago and I am just $50k to go. Is been a hard way, but never give up and always look for help and if you have questions don't be scare to ask. Good luck!!
@@mariorta5017 That is an issue I see with a lot of first timers. They buy the hype of leverage and borrow up to their eyeballs and have no idea how to handle that. And yes, a lot of them do go bust. The issue with debt is that when you don't get enough business, you are in the hole. There is a reason why it's hard to get an apartment or mortgage if you put self-employed on your application.
A key for calling for advice is that you accept that advice.
I did. Didn't buy the truck. 👍🏼
@@Clairebear617 please, provide follow up
She needed to stop talking a little bit and listen.
Wow, I'm so proud of myself for having basic accounting knowledge on the same level as Ramsey. Thank God!
Car are over price like she said she is 100 💯 right
Is it just me or does that emoji look more like '700'?
As always, great advice, Dave. She is correct in the price of vans like Ford Transits, etc. My husband and I bought one a few years ago and the demand for them is very. I know addition to the “normal” price increases for used vehicles, I think there is an added demand for large/high vans because people are buying them and converting them to live/travel in.
Used cars are up 40%, so what she’s saying could be true
Elevated vehicle sales prices will not continue indefinitely. The supply and demand balance will normalize, eventually bringing prices with it.
This is not an emergency. 2x. U can't use ur emergency fund to grow ur business. It's not an emergency. Uncle Dave calls it 😜
There are no “cheap” used trucks - at least not in our area. Supply of used & new trucks are very low and prices have soared.
If she followed Dave's plan of saving up before buying the truck/van, car prices would've fallen. Hope she followed Dave's advice!
I’m not sure this accounts for it all but prices on transit vans could have gone up more because a lot of people are on the “conversion van” where they live in their van instead of buying a home. At least in my area van prices have skyrocketed because of that. Not sure it’s that much but it is definitely significant.
yeah. vans and trucks have in fact doubled in price
He's was totally wrong. Commercial trucks have doubled and tripled.
he acknowledges this later in the video
The Blue Book price on trucks is a joke right now! Trucks are outrageously priced now. She is not kidding!
She won't stop talking long enough to listen🙃
According to Dave, vehicle prices don’t go up unless he says they go up.
Yeah he’s wrong on what’s possible with cars pretty frequently. But that wasn’t going to change his answer becsuse she wanted to expand by borrowing for it. He’d have said the same thing if it was a $25K car.
She’s not far off on the price of work trucks. I’m shopping for my boss now. Chevy is not manufacturing the express platform right now, and ford is backlogged. Ford and Chevy have both told me 5-8 months lead time for a new truck
If you're looking for a very specific vehicle, that kind of inflation is actually realistic. A friend of mine just paid for a new transmission on his chevy express, even though the van has 270K miles on it and is rusted to pieces. But there's no other options because it's SO expensive to buy large vans right now.
"She's extremely excited to get a new truck to help grow her business, despite currently lacking the necessary funds."
Dave is wrong. The used trucks have doubled in price.
dave is wrong. what else is new. he can not adapt
The first time it has happened in HISTORY. When the supply chain comes back that will probably change
@@georgewagner7787 this was done by design. New cars were sitting on the shelves not being sold.
@@JohnDoe-gc1kt No John there's just to many people consuming finite resources.
@@andrewsmith8715 i disagree!! What happened to all the cars sitting on the shelves in 2019??
It sounds like she mixing business and personal assets, which should not be done especially if it's an entity with limited liability under state law. It would be better for her to wait until the guy prices go back down. She could save more money then. If it'sa good business, it can grow steadily.
LOL "go back down" yeah right
Why did she call?!
She was hoping Dave would say, "yeah, go ahead, you deserve it. It's just a little useless debt."
I sold a base 2017 tacoma for 17k in 2019. Now that same truck with more miles is about 30k in good shape
They are 100% living above their means! All money thats coming in is going out. I have no doubt they upgraded their lives a lot in the past couple years.
For sure. $140k net/year and they have NO money saved other than their personal emergency fund? Sounds like they need to slow way down.
@@MichaelAnderson-wk1no Your revolution is over. Condolences. The bums lost. My advice is to do what your parents did; get a job, sir. The bums will always lose. Do you hear me? The bums will always lose.
Dave explained this okay but not great. Needs to tell her the number one way business fail is cashflow. Not revenue generated. Surprised the guy doing the invoicing isn't talking through the cash at bank generated vs revenue generated.
As someone in small business for delivery and installation, I can tell you she's correct. These types of vans and box vans have more than doubled sense the pandemic. They have more than sky rocketed over the past 10years. I got my first van used, for $2500 in 2016, mechanically great, body was ate up with rust and beat up though, served me well for 3 and some change years, until it stayed parked more than ran, but I put 200k miles on it in that time. This brings us to van 2 in 2019, upgraded a little, got the high top, mechanically good, body in better condition but still used, $6500. Had I bought a similar van the first go around in 2016 they were going for $4500. Not a terrible markup. But here is the crazy part, this same van from 2019 if bought today, similar mileage and condition at the time I purchased it goes for between $12500-$16k. Literally double and more.
And dont get me started on the price of box vans and box trucks used and new in the current market...
Truck prices are crazy!! Pick up, van 🚐 or suv 🚙. They’ve all gone up.
Same in the UK
We just bought a brand new transit for less than a low mileage used one. Van prices are crazy right now.
Just looked up ford transit vans here in Oklahoma and they are like 15-20k used with 50-60k on them. I’d drive 500+ miles to save 20k I don’t about y’all.
Started off by talking about how great the money was doing, but they have almost no cash built up from the business.
People such hard headed until they really get into big debts and they realize that it’s just a big mistake.
She's getting the truck Dave. You didn't stop nothing. Women who get that happy already bought it
Not that it matters but I'm the person who called and... We actually cancelled the deal and didn't buy the truck. Dave saying "you don't have any money" really struck a chord with me because we make good money but just because we make good money doesn't mean we can afford to buy certain things. Knocked me back a couple steps. But good ones 🙂
Dave had his finger on the button ready to mute this woman. 😂
If you want to do something OUTSIDE of the Dave Plan then go do it. You're an Adult stop acting like a Child. Why even bother calling?
100% correct
I think she wanted to brag to the world about how well she was doing
Another, "Dave, please give us permission to get a car payment," call. 🙄
You have 4-5 staff and DONT have 50k in cash? They just don't have a payroll runway?
I don't disagree with Dave's advice, but it's definitely true that LOTS of successful businesses relied on debt as part of their growth strategy.
And what is your point?
@@piotrnarozny3388 If they raised interest rates considerably a lot of those business will be out of business.
@@deadcell1 than 90% of business should've out of business
Dave has said lots of times that his plan focuses on making millionaires not billionaires. And he’s pointed out that to hit those statuses they needed debt. But Dave and operating on cash has always conceded that it isn’t the way to grow quickest or make the max money but it’s largely a protection of risk against the volatility and risk that accompanies a business that becomes over reliant on leverage. They won’t plummet if they do what she wanted but he’s obviously going to encourage the opposite as he always has and I never get why that still bugs people even now.
"We're not trying to justify it, but"...anything you say after that is trying to justify it
My neighbors are handymen, plumbers, construction people. They drive an old trucks and flatbeds. First it's just one man, then he now have crews working for him and they don't have a problem using these old trucks. Don't know why she want an expensive one, it's gonna be beaten up anyway.
Haha Dave did her BAD! This call was hilarious 😂
When you feel too ambitious for expansion, that's the time you really need to maintain the way things are
trucks have definitely doubled lol
Adding another CREW will increase our revenue by 80-100k/year? Forget the truck, what about the added payroll? Even if they're 1099 contractors, how little are they getting paid?
I think some business in communities focus on reputation. Makes sense. They don't want people to move on to competition. They want to be YUGE tomorrow, conquer everything. But it's like going 100 mph, and then the landscape changes.
I hope people thinking about going into debt for college hear how you can be successful with small businesses.
The van price has ran up because people are buying to and turning them into campers of sorts. It’s a new trend and it’s ran up the prices
I moved from Boston to Dallas in June 2020. It’s all about status here and people will sacrifice their finances for it, unfortunately…
Dave is right, we could see another screeching halt over night, we just do not know when. That is how he became a bible based teacher he was over leveraged and lost everything.
What the Bible say about financial management?
Make a Financial Plan. Proverbs 21:5 - The plans of the diligent lead to profit as surely as haste leads to poverty. This final rule from Proverbs more or less sums up all the others. Budgeting, planning for retirement, saving for emergencies - they're all different ways of being diligent by planning ahead.
We are out of debt and paying off the house, but let's go back into debt. Yeah, that's a plan 🙄
She’s already picking out which color she wants. Next it’s a boat and a Harley. Because they deserve them. It’s classic.
I bet she's driving that truck around right now. Lol
2005-2007 super duty are selling for 37k in Ca
The only debt we should acquire is Real Estate debt and leverage it responsibly, buying great deals. I have bought over 100 rentals and I could not have done that without debt.
Add third and fourth weekend crews with the existing business assets.
This is great advice, hope she reads it.
Years ago I had a business, and took a class locally about managing a business.and they were suggesting (NO , I did not do this)for folks to take loans out so we'd have that to push us to work harder.
It was before I'd heard of you but was working on getting out of debt and had house paid for so didnt want to borrow against it .
Wow that's bad advice
That's bad advice. The way you do it, you do the basic with money you already have, not borrowed. Then you plan out your growth is smaller phases and once one brings in more money, you add the next, etc. Start small, grow it steadily and incrementally. If something happens and you don't have enough income for a month or two, you won't have late fees and banks foreclosing on you.
@@allenpriest8985 oh, I know. Their idea is that by owing money it will motivate you more. However , cant control every aspect in life and could end up similar to Kobe bryant(?) The ball player who him and daughter died unexpectedly in helicopter crash and ,unlike Kobe, leave family in desperate situation financially and grieving which is a bad combo for making mistakes
@@sblijheid @Allen Priest oh, I know. Their idea is that by owing money it will motivate you more. However , cant control every aspect in life and could end up similar to Kobe bryant(?) The ball player who him and daughter died unexpectedly in helicopter crash and ,unlike Kobe, leave family in desperate situation financially and grieving which is a bad combo for making mistakes
She’s paying the loan payments now
Ford E40 16' cube paid 28k now worth 66k with 40000km put on it in Canada.
Used car market is nuts. I purchased a 2 year old Corolla in 2018 with 44k miles for 11k and now it has 165k miles and I’ve been offered 9-12k for it. No way, I’m riding this non payment into the sunset…
Dave: sell the car
Woman: bit I haven't bought it yet.
We are driving old transits at work over 200k miles run fine I’ve drove mine from 190000 to 280000 miles still going about 2000$ in repairs eith no down time cause we have spares cause they so cheap
She's lying
She wanted permission, not advice.
I wish I found Ramsey years ago. I’ve made all the mistakes. Can’t change the past but changing the future.
Vehicle prices r skyrocketing. We own a van rental and prices are insane. She is not wrong.
They don't need a "marketing person". Hire a kid who does SEO.
Get a van with rebuilt title. There is nothing wrong with those.
People are buying Transits for van life conversions, which is driving the price up.
Truck loans make sense if your ROI is higher than the interest rate
Funny -- from the title, I was predicting "don't buy an NFT of Dave Ramsey's pic".
Get a old pickup or large SUV and a trailer. Heck, get two trailers. I’d love to have one for say like plumbing and electrical and a second for like framing drywall concrete. Sell the personal vehicle if you believe in it that much.
Ford transit were unwanted a couple years ago. I seen them all day used under 10k with just over 100k miles. Now almost 200k miles and the are 16k.
She’s 100% buying that truck
Last year we got a new car ( that we had to wait for a little while ) for way less than a used one ( with 40K miles on it ) would've cost us but was good to go right then. Fortunately we could wait for it. I couldn't believe it. Now the car lots are lousy with new and used. Inventory is booming. Things do change from year to year.
holly crap.... this is not a call to listen to if you have A.D.D.... She was like all over the place and i can't keep track.....
My handyman bought an old boxy ambulance at auction. It works perfectly for his business