The entrepreneurial mindset mixed with a frugal/scrapy hunger can be an elixir for success. So many great business stories start with a great idea and creative ways to get things done on a shoestring budget!
I had 5k five years ago and started a hvac business in Texas, a one man gang I have so much business now I can’t keep up so finally looking to hire one technician, good luck! Oh I also took a $2500 business loan and it’s paid.
I started my own pool cleaning business in 2019. I was already a contractor as a pool guy. I would just get new customers, and slowly take on less from the other company. A year ago, I was finally full time in my own. The only loan I got was for a new truck. I didn't want to get a loan, but I didn't have time to have breakdowns and wait for a tow truck, and get rentals. It's half paid off now. I lost money in 2021 when inflation was bad. Only 1/3 of my income was taxable that year! It backed me up a bit, but I am getting caught up with the irs after getting behind that year.
Starting a trucking business takes more money than these two think... One needs either 20% down on a truck loan or $20k-$70k in cash to buy a used truck out right (plus the possible $10k-$30k+ repairs to get said truck road ready), or $140-$200k in cash to buy new. Plus one needs around the $8k for all the start up insurance and registration costs, plus fuel money and repairs on the road for at least the first month before brokers pay out... Their cookie cutter model does not work for everything. The price of getting into debt to start a trucking business can pay for itself. An owner operator can bring home $5k-$10k+ gross a week. I believe some debt is good, as long as it is well thought out.
After 14 years of building a business from dirt, I have this advice: If your car breaks down, your hair catches on fire, and your right arm falls off, and your reaction is "cool, a challenge", then you're an entrepreneur. If you are quick to whine, blame, or seek shelter, stay at your miserable day job.
In all seriousness, living below your means is the tough advice that all of us need to hear. The child side of our brains wants "now, now, now" and cries when we have to make payments on the bauble that we're no longer excited about. Better to use the excitement of the bauble to motivate us to save up the cash for it!
Dirt Work: Sure, I could continue to rent a skid steer and trailer OR I could take out a long for my own. The loan payments are LESS than the rental payments. I also have my own equipment ready to go anytime. The rental may or may not be there. **Sometimes** borrowing can make some sense.
I mean I'm not anti loan but let's say you get into a car accident and break your leg and have a 4 month recovery time where you can't work anymore right, you still have that loan payment when you're not making any money. But if you had a rental you just turn it back in. Stuff like skid steers are extremely expensive though for a new one you're talking 100k plus sometimes. That's a lot of risk to sign up for its like having another mortgage.
@@dedalliance1 I was thinking the exact same thing. Rental may be more but it can be returned. Once there is a loan there is no return, on the hook for it and it probably drops in value like a car does.
It would make sense if the world was a perfect place. Because here's the reality, when you take out a loan you always spend more than if you paid cash because it's easy to spend others money. You also justify more debt so it's not just a skid steer it's hand tools tractors and so on. It's how most business go out of business. What I did was bought an older machine that I paid cash for and made me the exact same money a new one would have done. I stayed out of debt and now have a much higher cash flow and grew the business faster.
Nope. Borrowing never makes sense. It's what lazy, selfish, inpatient people do. Ask me how I know. Never, voluntarily, taking another loan again. I've had enough stoopid tax for three lifetimes. I'm a spender that most people think is cheap. I wear that like a "major award".
He talks about that & the evolution of his company in his EntreLeadership book if you're interested! I really enjoyed it and recommend it to every business owner/ entrepreneur I meet
As a business owner myself and I know many business owners 99% of the successful ones came from nothing, worked 2 full time jobs for years paid off any debts and saved every penny they could no going out, no expensive clothes no nothing! That’s what I did too. Everyone I know that opened businesses with no money, no skills, big debts didn’t last a year. IMO if ur not willing to work twice as hard to get ur finances in check and save money for 5 years and have the mentality u just need a loan or borrow money business is not for you. The easy part is saving the money the hard part is running a business. If I was this girl I would pay off the debts then save the money to start. I opened my business 6 months before the pandemic and if I used debt and didn’t have my personal finances in check and no cash I would have closed. It’s not that debt can’t work or can’t start a business with little money it’s about the unknown and being prepared u don’t want to close ur doors before ur profitable.
Depends on the business. Mine was started with nothing just me. The money I had didn’t go to plan. So almost zero money coming in. I’m still working toward the plan just slower then I wanted. I’m not fully doing what I wanted but it makes money and gets my business known. Some customers are coming back. But at the start to make money I started doing Reno’s which was not part of the plan but people where asking. I didn’t charge what I should of and had a guy work for me and paid him up front which ate my savings. I would say start slow depending on what you want get known and see if it can make money. Once it makes enough that going to your job is costing you money your ready.
Calculate your profit margin!!! Thank you for this insight. I follow both Dave Ramsey and Dan Lok. Dan Lok is a great financial advisor as well and a very successful entrepreneur
David I am a new subscriber listening to you sir where to I start with the whole financial issue I live paycheck to paycheck with a spender heart need help sir willing to listen just need advice sir
How would someone with no money, no equipment start a business without getting a loan? That's the bigger general question I believe people need an answer to. It's impossible to start a business without money, and if you don't have the money to start the business, and have no one to hand you the money, you have to go into debt. There are people who do not have money or savings who want to start a business.
debt is not bad debt is tax free money. If you cant pay your bills then don't go into debt but if you take debt and use someone elses money to make money how is that bad? It's just overhead.
My answer would always be NO, no matter who you are. Sam & Jeff didn't mind risk and this particular time it paid off. But usually within 5 years 50%+ businesses fail. While I can't speak for every one of them, it means most of them probably never made any profit to start with. I'd guess that today and going forward the percentages are higher. I bet that 70% of businesses that were started in 2024 will fail before 2030.
It is very, very rare to get a loan that does not require a personal guarantee of some type. They are not going to just give a business a loan because they like the name of the business. If the business has been around for 5-20+ years and has a lot of assets they would probably give the loan on the assets. But if Judy wants to start a new business the bank will not give the business a loan without Judy signing the loan personally and take responsibility for it.
Somebody is opening a new business across from one of the bus stops. Storm in there. Say “ I don’t know WTF you think you are. This city has a Liberal city council. Either there way or the Goddamn freeway. It’s about workers rights.”
Bring *Julianne Iwersen Niemann* on the show. She changed my life Financially I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Julianne Iwersen Niemann, for her expertise and exposure to different areas of the market.
I know this lady you just mentioned. Julianne Iwersen Niemann is a portfolio manager and investment advisor. She gained recognition as an employee of neuberger berman; a renowned investor she is. Julianne Iwersen Niemann has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
One of the most brillian investing advice i have ever gotten on youtube came from watching an interview with Julianne Iwersen Niemann. Indeed, A solid investment strategy is like a well-planted tree-it can withstand storms and still grow strong
I appreciate this. After curiously searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get
They’re thinking of 2001 mortgages and a rice and chicken food budget. I don’t see anyone with a 1800 dollar rent, 400 dollar car payment, and 2 job individuals on this podcast.
@@dalton6108 That's because those types of people are so far in debt they are usually working or sleeping. When they get that car paid off they might have a little breathing room and can take a day off. It was a beautiful car when they bought it for $36,000.00, oh wait, 3 years later it has a cracked windshield, the check engine light won't go off and the right front tire is bald and it's worth about $8k. Just think, if they would have bought a $4k car 3 years ago it would have been paid off within a year and would have been able to put $10,000.00 towards other debt instead of paying on that broke down car.
I started a house cleaning business with my now ex in the 1990's with $3.17 and it made millions. You can start a window cleaning business today with a bottle of Dawn dish soap and a squeegee and turn it in to a million dollar business within a few years if you chose to.
Tell that to the people that have all of that stress because of debt that they thought at the time was good debt. It's actually 2 different types of people. Dave does not like stress and Grant doesn't mind it. You might be able to handle stress but 95% of the people can not handle stress, especially stress from debt. About 40% of couples divorce because of debt. A quarter of the people that off their self do it because of debt. Debt affects people's family life, work life, makes people start drinking and doing drugs, makes people sick and all kinds of things. So yeah, if its worth it to take on that stress, then do it. Or, live stress free. Personally I have never had any debt and at 59 years old I have always lived pretty much stress free and 100% stress free when it comes to regular bills and things like that. I was debt free when Dave was in debt.
![Businesses that Always Fail? 7 Businesses with Shockingly High Failure Rates [Backed by Data]](http://i.ytimg.com/vi/WTDYuRVZDbo/mqdefault.jpg)
The entrepreneurial mindset mixed with a frugal/scrapy hunger can be an elixir for success. So many great business stories start with a great idea and creative ways to get things done on a shoestring budget!
What a bunch of babble. Shut up
The first thing you do is go into massive debt, then call the Dave Ramsey show.
🤣🤣
Hahaha that’s good
😂
Help!!! 🫨 🥴
😂😂
I like Dave's answer "they just want to hear someone say it out loud"
I had 5k five years ago and started a hvac business in Texas, a one man gang I have so much business now I can’t keep up so finally looking to hire one technician, good luck! Oh I also took a $2500 business loan and it’s paid.
I roughly have the same thing, but I’m going for appliance repair.
Kristy took the words right out of my mouth. I know Dave gets tired of answering the same questions over and over again
I started my own pool cleaning business in 2019. I was already a contractor as a pool guy. I would just get new customers, and slowly take on less from the other company. A year ago, I was finally full time in my own. The only loan I got was for a new truck. I didn't want to get a loan, but I didn't have time to have breakdowns and wait for a tow truck, and get rentals. It's half paid off now. I lost money in 2021 when inflation was bad. Only 1/3 of my income was taxable that year! It backed me up a bit, but I am getting caught up with the irs after getting behind that year.
Starting a trucking business takes more money than these two think... One needs either 20% down on a truck loan or $20k-$70k in cash to buy a used truck out right (plus the possible $10k-$30k+ repairs to get said truck road ready), or $140-$200k in cash to buy new. Plus one needs around the $8k for all the start up insurance and registration costs, plus fuel money and repairs on the road for at least the first month before brokers pay out... Their cookie cutter model does not work for everything. The price of getting into debt to start a trucking business can pay for itself. An owner operator can bring home $5k-$10k+ gross a week. I believe some debt is good, as long as it is well thought out.
Problem is most people don’t know ho to handle some debt.
My husband wants to do this so bad but it seems impossible 😔
I agree. Same if you try owning a restaurant or bakery. Things are not offered for cheap or free.
That's why people shouldn't open businesses without money
Dave Ramsay sells books, advertisements, and seminars. Never forget that
Pay the debt off so you don’t have that hanging over you while starting up the business
After 14 years of building a business from dirt, I have this advice: If your car breaks down, your hair catches on fire, and your right arm falls off, and your reaction is "cool, a challenge", then you're an entrepreneur. If you are quick to whine, blame, or seek shelter, stay at your miserable day job.
When Dave does that voice I get the sense he is mocking Christi or Rachel.😆
Start a business delivering pizzas and get a side hustle eating rice and beans
😂😂🤣🤣
This is Dave's burner account
Lol phuck dave ramsay
In all seriousness, living below your means is the tough advice that all of us need to hear. The child side of our brains wants "now, now, now" and cries when we have to make payments on the bauble that we're no longer excited about.
Better to use the excitement of the bauble to motivate us to save up the cash for it!
There’s a way to get money without taking out a loan. It’s called work.
lol, they want no part of that.
thats probably the worst take I've heard in a long time
Modern late stage crapitalism good luck working your way out of poverty
Dumb and Dumber: "Not unless you want to work 40 hours a week"
Dirt Work: Sure, I could continue to rent a skid steer and trailer OR I could take out a long for my own. The loan payments are LESS than the rental payments. I also have my own equipment ready to go anytime. The rental may or may not be there.
**Sometimes** borrowing can make some sense.
I mean I'm not anti loan but let's say you get into a car accident and break your leg and have a 4 month recovery time where you can't work anymore right, you still have that loan payment when you're not making any money. But if you had a rental you just turn it back in. Stuff like skid steers are extremely expensive though for a new one you're talking 100k plus sometimes. That's a lot of risk to sign up for its like having another mortgage.
@@dedalliance1 I was thinking the exact same thing. Rental may be more but it can be returned. Once there is a loan there is no return, on the hook for it and it probably drops in value like a car does.
It would make sense if the world was a perfect place. Because here's the reality, when you take out a loan you always spend more than if you paid cash because it's easy to spend others money. You also justify more debt so it's not just a skid steer it's hand tools tractors and so on. It's how most business go out of business. What I did was bought an older machine that I paid cash for and made me the exact same money a new one would have done. I stayed out of debt and now have a much higher cash flow and grew the business faster.
Nope. Borrowing never makes sense. It's what lazy, selfish, inpatient people do. Ask me how I know. Never, voluntarily, taking another loan again. I've had enough stoopid tax for three lifetimes. I'm a spender that most people think is cheap. I wear that like a "major award".
@@simonthebroken9691you're a cringelord
I want to know more about how Ramsey got started on a card table?!
He talks about that & the evolution of his company in his EntreLeadership book if you're interested! I really enjoyed it and recommend it to every business owner/ entrepreneur I meet
@@TH-up2rg wonderful thanks!
He was spreading his cheeks bent over the table
As a business owner myself and I know many business owners 99% of the successful ones came from nothing, worked 2 full time jobs for years paid off any debts and saved every penny they could no going out, no expensive clothes no nothing! That’s what I did too. Everyone I know that opened businesses with no money, no skills, big debts didn’t last a year. IMO if ur not willing to work twice as hard to get ur finances in check and save money for 5 years and have the mentality u just need a loan or borrow money business is not for you. The easy part is saving the money the hard part is running a business. If I was this girl I would pay off the debts then save the money to start. I opened my business 6 months before the pandemic and if I used debt and didn’t have my personal finances in check and no cash I would have closed. It’s not that debt can’t work or can’t start a business with little money it’s about the unknown and being prepared u don’t want to close ur doors before ur profitable.
Depends on the business. Mine was started with nothing just me. The money I had didn’t go to plan. So almost zero money coming in. I’m still working toward the plan just slower then I wanted. I’m not fully doing what I wanted but it makes money and gets my business known. Some customers are coming back. But at the start to make money I started doing Reno’s which was not part of the plan but people where asking. I didn’t charge what I should of and had a guy work for me and paid him up front which ate my savings. I would say start slow depending on what you want get known and see if it can make money. Once it makes enough that going to your job is costing you money your ready.
Dave is my hero
I'm MY hero... jk not that narcissistic or arrogant
@@havuckofp Batman 😎
@@rippfkmarlo647 Hulk 😎
@@hamzaqaffaf7433 green goblin 😈
Hitler
Calculate your profit margin!!! Thank you for this insight. I follow both Dave Ramsey and Dan Lok. Dan Lok is a great financial advisor as well and a very successful entrepreneur
David I am a new subscriber listening to you sir where to I start with the whole financial issue I live paycheck to paycheck with a spender heart need help sir willing to listen just need advice sir
Helpful advice
I really like this one!
How would someone with no money, no equipment start a business without getting a loan? That's the bigger general question I believe people need an answer to. It's impossible to start a business without money, and if you don't have the money to start the business, and have no one to hand you the money, you have to go into debt. There are people who do not have money or savings who want to start a business.
Everybody thinks they are the exception
I like his impersonations😂
I need 2k.
All this extra 50k + is absurd.
Im not from the USA i wish i was because you have oportunities that I dont have.
It would be robbing Peter to pay Paul I agree
debt is not bad debt is tax free money. If you cant pay your bills then don't go into debt but if you take debt and use someone elses money to make money how is that bad? It's just overhead.
The power of your signature....
Start a business selling rice and beans
What if you’re telling Sam Walton or Jeff B to not take out a business loan?
My answer would always be NO, no matter who you are. Sam & Jeff didn't mind risk and this particular time it paid off. But usually within 5 years 50%+ businesses fail. While I can't speak for every one of them, it means most of them probably never made any profit to start with. I'd guess that today and going forward the percentages are higher. I bet that 70% of businesses that were started in 2024 will fail before 2030.
Don't forget paper work because if u don't have paperwork your not human
What if I want to become a Helicopter pilot? The only way to do that is to go to helicopter school and take out debt.
Simple, sell the car
And you are on RICE & BEANS
Dave Ramsey is really good if you want to live debt free and work till you’re 65 but if your entrepreneurial you might as well stop watching him
Pay the card. Start the business but don’t go overboard on start up. Start out debt free. Then go into less debt.
She’s a management consultant but $42k in debt 😂
if the business goes bankrupt you don't go bankrupt though, right? so personal loans are not the same as business loans
It is very, very rare to get a loan that does not require a personal guarantee of some type. They are not going to just give a business a loan because they like the name of the business. If the business has been around for 5-20+ years and has a lot of assets they would probably give the loan on the assets. But if Judy wants to start a new business the bank will not give the business a loan without Judy signing the loan personally and take responsibility for it.
Personal loans aint the same as business loans.
in many cases debt is not real
What are those cases? When is debt not real?
Somebody is opening a new business across from one of the bus stops. Storm in there. Say “ I don’t know WTF you think you are. This city has a Liberal city council. Either there way or the Goddamn freeway. It’s about workers rights.”
I wanna call in and wanna ask; Ramsey why don't you call out stupid people with their stupid questions?
If that’s the case, what are you thoughts on “Rich Dad Poor Dad” author Robert Kiyosaki’s way of thinking?
Dave didn't make his millions talking about leverage. Just don't spend or no debt! Is an easier to follow message.
First thing you should do is find money out of thin air to start a business. You are absolutely no help.
Bring *Julianne Iwersen Niemann* on the show. She changed my life Financially I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Julianne Iwersen Niemann, for her expertise and exposure to different areas of the market.
I know this lady you just mentioned. Julianne Iwersen Niemann is a portfolio manager and investment advisor. She gained recognition as an employee of neuberger berman; a renowned investor she is. Julianne Iwersen Niemann has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
One of the most brillian investing advice i have ever gotten on youtube came from watching an interview with Julianne Iwersen Niemann. Indeed, A solid investment strategy is like a well-planted tree-it can withstand storms and still grow strong
I’ve heard of her
How can i reach her, if you don't mind me asking?
her name is 'JULIANNE IWERSEN NIEMANN'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I appreciate this. After curiously searching her name online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get
😎👌✌🖖👍😁
Cowardly, safe advice as always
Lol!!!! True!!!!
I really wish they'd stop saying you need $3k for an emergency fund... where tf do they live ??? lol that's one month of bills.
They’re thinking of 2001 mortgages and a rice and chicken food budget. I don’t see anyone with a 1800 dollar rent, 400 dollar car payment, and 2 job individuals on this podcast.
@@dalton6108 That's because those types of people are so far in debt they are usually working or sleeping. When they get that car paid off they might have a little breathing room and can take a day off. It was a beautiful car when they bought it for $36,000.00, oh wait, 3 years later it has a cracked windshield, the check engine light won't go off and the right front tire is bald and it's worth about $8k. Just think, if they would have bought a $4k car 3 years ago it would have been paid off within a year and would have been able to put $10,000.00 towards other debt instead of paying on that broke down car.
@@tarrantcountylive455 have you met poor people?
One v one me bruh
Dave would whoop ya
take a business loan. you cant make your first million til you borrow a million
Lol, terrible old wives tale.
I started a house cleaning business with my now ex in the 1990's with $3.17 and it made millions. You can start a window cleaning business today with a bottle of Dawn dish soap and a squeegee and turn it in to a million dollar business within a few years if you chose to.
Not all debt is bad. Ramsey is a clown compared to grant cardone.
Tell that to the people that have all of that stress because of debt that they thought at the time was good debt. It's actually 2 different types of people. Dave does not like stress and Grant doesn't mind it. You might be able to handle stress but 95% of the people can not handle stress, especially stress from debt. About 40% of couples divorce because of debt. A quarter of the people that off their self do it because of debt. Debt affects people's family life, work life, makes people start drinking and doing drugs, makes people sick and all kinds of things. So yeah, if its worth it to take on that stress, then do it. Or, live stress free. Personally I have never had any debt and at 59 years old I have always lived pretty much stress free and 100% stress free when it comes to regular bills and things like that. I was debt free when Dave was in debt.
Business debt is a non-issue. Start and LLC and get an SBA loan. Done.