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Did You Just Call the Ramsey Show To Ask This?
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- Опубликовано: 15 ноя 2023
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This is a perfect example of why so many new businesses fail in a very short period of time.
y because just winging it with a somewhat plan?
@@lionheart93 *Going into unnecessary debt winging it with the wrong mindset and no plan.
hunting whales.. I hope this business fails
@@hypercube5183 using bs corporate speak is going to make his business fail even faster
I’m glad I pulled through, despite the crises. I am retiring next yr at 55 with 3 houses paid off worth 4.5 million. One is my place of residence the other 2 properties will give me $80,000per/yr rent . I will have an income stream of $20,000 per mnth through my super which gives me total $240,000 a yr to live comfortably. I have no debts _.._ Stay Motivated!!
Whichever firm you select, make sure you get your insurance from a reputable financial adviser, such as *Jenny Pamogas Canaya,* who has dedicated her career to financial planning. Because they will assist you in escalating, navigating better, and completing the task in a safer manner.|-|.
I was pleasantly surprised to find that you're familiar with her as well. I've had the privilege of working closely with Jenny Pamogas Canaya over the past few months, and she has not only helped me earn substantial profits but has also been an exceptional mentor and trader. Her ability to navigate various market situations is truly remarkable, and I couldn't be more satisfied with our collaboration._
He likes the idea of starting a business and cares more about "looking the part". Reputation gets you further than flash.
Questions like this may invite criticism, but they are a great opportunity for listeners who are thinking like this. He is not the only person to be contemplating this
I had a conversation with a guy who has a successful business for 67 years. His advice to me was “the customer dictates the market”. He said a few times he had done stuff and it just sat taking up space.
“WHALE HUNTING IN A CANOE” 😭😭 😂😂
Dave once told how he built Ramsey up without borrowing a dime. Just growing the business at the speed of cash and reinvesting profits for growth.
He is a lie
@@anythinggoodproducts Proof? Or do you like committing libel just because it makes you sound cool?
lol when your financial advisor calls Dave for advice on his personal life...
I wouldn't let this guy near my money
JT: “You’ve gotta go after big fish to eat big, right?”
Dave: “Uhhh… No. I mean rabbits are more plentiful. Let’s kill some of those and eat.”
Wisdom.
Spoken like a true hillbilly! Gotta Love Dave!
Exactly- you have to have customers! We started our business as a side gig back in 2000- it grew to the point that we quit our jobs & took the plunge to do it full time- best decision we ever made! Almost 24 years in- we have been debt free the last 3 years & have been piling money for retirement & with the sale of our business- we are going to have a super nice retirement in a couple years- under the age of 55.
That's awesome! That's exactly what my wife and I would love to do. Can you tell me what side business you ran?
Also, I'm thinking basic software services for this type of business shouldnt be over $5K. One year licenses for this and that and a really good laptop. I don't think he even has done a list and prices of the things for this business. He can expand and buy more later on but for now, he can totally cash-flow this for $5K.
i wouldn't let this guy manage my 401k lol
And, yet, there are other people who foolishly will, lol!
This is why I do my own investing.
Yup - I wouldn't trust this guy with a single of my hard earned dollars!
He wants to LOOK big to his customers. He’s afraid they won’t hire him if he’s working out of his house.
I think people call to try and be the exception. They think up some scenarios where they believe no way Dave could say not to take out loan and Dave says not to take out a loan.
But ..Dave...
Everything you buy in the course of your life is not bought with money that you have "earned", but rather with life that you have "sold"
This is the kind of call I like to hear on Ramsey! There is so much fear and trepidation for people to start businesses because we've been scared off from the messaging that it takes huge amounts of capital, borrowing and risk, and that most businesses fail, that the red tape is so prohibitive etc. But really all we have to do is that which we are good at and to start taking ownership of our abilities, then just go start doing it for ourselves.
I think most people should start a business but very few should entertain the idea of being an employer.
Easy to spend money, hard to bring it in, that’s why people fall into this
For the business he’s trying to start Dave is 100% correct you don’t need a lot of capital to get that going. Lots of us have been consultants and parlay that into a company down the road. If you’ve got the Contacts already. It’s actually one of the easiest businesses to get going. Good luck.
But does he have to contacts? Or he got them from his employer?
@@jimmymcgill6778 yes and yes. This is the side of business that isn’t always pretty but often when you go out on your own and you let your contacts know they leave the current company that they’re with to go with you. It’s an ethical dilemma that many of us have had to deal with on both sides.
From his employer supposedly but he wasn't even sure his company would go with his plan. Most companies work hard not to let employees steal their customers.@@jimmymcgill6778
I'm not sure I'd trust this man with my money.
Definitely not
There are much worst men to worry about. He called Dave and asked the question. So he knows where to go when he was conflicted with the choice. But your question still stands.
He’s in compliance. He isn’t managing funds.
When I was in college one of my classes we would go to various businesses and help them write up business plans. My team had a campground with very firm foundation and plans. They got a small business loan with our writeup. There were teams though in my class where even the professor said they were doomed to fail and nothing could help. We provided these services for FREE, we got a lot out of it and so did our clients.
Anytime someone that is completely 100% out of debt and calls Dave about going back into debt, I always chuckle. I mean he did call and ask the question, so he get a "A" for not going out and doing something dumb then calling Dave back in 3 years, back in debt.
I teach the USCG Captains License and many of my students want to start a fishing business.
They have boats and gear already but they see the opportunity to spend $50,000 on a new boat and gear.
I try to explain to them not to go into debt to buy stuff they do not need and focus on getting customers. you know building the business.
Of course many do not take my advice.
First, deal with all the legal issues of a business first (License, customs issues, get an account ect) THEN buy your equipment.
“Rabbits are more plentiful” that was some pretty quick wit lol I like that
Sounds like a better business idea too than whale hunting....
I've never understood these people that work to pay off all of their debt and then call and say they want to go right back in. Makes absolutely no sense.
This guy is hoping that starting a "business" could be an exception to Dave's rules.
Most times it takes money to start a business.
But what kind of start up cost does a 401k consulting need?
Maybe just a laptop, for when you go to your clients? $20 in business cards?
Business cards don't bring in a lot of new customers in my experience.
@@sprint7412 20 buck for 100 of them. What's the big deal?
Dave, My name is Mike McLean. When I was 15 years old I was given a book written by you that completely changed my life forever. I was able able to make smart decisions that led me to win with money because of you. I am now 29 and I created my first ever RUclips channel and I want to inspire others just as you have inspired me. You’re like the father I never had. God bless you Dave.
-Mike McLean
What book was it and what were the main points that resonated with you?
Hey @asafry2873, the book was the classic “The Total Money Makeover”. By far the biggest things that resonated with me in his book were 1. Budgeting and 2. The use of cash/debit instead of using credit cards. I, of course had the luxury of growing up poor because my family couldn’t even get credit cards while I was young, so my mom couldn’t teach me that bad habit. 😂
@@asafry2873*
@mikemcleanfinance I would be interested in the answers asked by the previous person.
I will not look at your channel but nice try.
The caller is going to go back into debt…🙄
Yep - he was just messing around with Dave to hear his own voice on radio
Off topic but Looooveeeeeee your hair Jade🎉🎉🎉🎉
I was going to say the same thing! Super cute!
Absolutely
This case dave is right. But say you want to buy a business that's up and running/ successful. Not sure if waiting till i save up a million dollars in cash to buy one
I just had a retirement advisor help me sign up for Medicare & Social Security. He has no office, does all his consulting in his client's homes. All he had was a laptop computer, a briefcase, a pad of paper, & some pens. Recommended by friends, who praised him highly. I'm told he makes LOTS of $$, and his only advertising is word of mouth.
I agree, him having next to no clients and wanting to borrow money. Bad idea for him to do that. That is more of a side job.
He can build a website less then $50 a year, add social media, and make his own business cards. He don't need the best computer and software to start out with.
First, he need to be out of debt. Second, he needs a fully funded Emergency 6 to a year., an order to able to quit. Third, have 6 to 9 months strong Emergency fund for the business, before he start to take that step to quit. Fourth, he need a game play to get more clients, like some deal from his clients he already has (Word of mouth deal).
I’m surprised he wouldn’t be subject to a non-compete clause
Definitely don't see his current company happy that he wants to poach his clients from them, & besides would the clients be happy to go with him?
😆😆 There were so many expressions using animals in that clip. 😂 I love it. 😆😆
There are two ways to raise capital when you want to start a business -- debt and equity. If debt doesn't work, get some *investors*, who will be equity partners. True, you have to give away some of your business to your investors, but you aren't on the hook to repay them.
A second grader with a lemonade stand will make more than this guy. 🙄
In the movie Field of Dreams the brother/brother in law was the only one with any sense, yet he was the bad guy for thinking with his brain
borrow money to make money and pay it back? What is the rate of the loan?
Inspired content!! You can only remain in ruins when you live above your possibilities, spend less and invest more. Don't be in a quick to forget that liabilities feed on you while actives feed you. Start an investment and save your future. Crypto investment is a very good idea.
I agree with you. Investment is the key to sustaining your financial longevity, and not just any investment but an investment with guaranteed return.
I used to have a senior colleague at work who lived well but never had an investment, unfortunately his job was terminated so he went from living well to surviving with his family. If you had invested while you were still working, you would have had another source of income.
Investing is a prior decision to make for the future. If you are looking at this and don't have an investment, please make plans to invest so you don't end up like my colleague at work.
Quite impressive but HOW!!?😊 I know it's possible, my colleague at work got her first investment return of $57K after two weeks and she quit the job, I would appreciate if you show me how to go about it.
My first experience with Mrs Theresa Cann gave me the assurance and confidence that has made me to invest without fear of losing, I really appreciate her efforts and transparency.
Listening to dave ramsey you will aways be working for the man 👨
You will always be working for the man whether you listen to Dave Ramsey or not
Someone with no money wants to consult on investing? 🤔
This guy isn't managing physical inventory or hiring anyone. Why in the eff does he need a loan?
I think they are overly generalizing what he was going to buy with debt and how much.
If he opens a business, as soon as he registers, he has to pay a phone bill, hosting for a website (unless he does social media), pay for quickbooks, and a payroll service too. He may or may not need a laptop if he doesnt have one already.
I think that is what he means.
My answer to that is: it depends.
If now is a great opportunity and there is demand/customers, then sure. Borrow, but make it small. No more than $5K, which is also tax deductible as "start up".
However, if he wants to borrow $15K or more, then no.
He should wait, save those $15K and then reasses if starting is a good idea. And the move forward if the idea is still profitable.
For those who don’t know, starting a business in the US should always start with opening up an LLC, SCorp or other type of corporation. Getting the starting funding for the business is the most difficult part, money out of your pocket is possible but investor or bank lending offers the least risk to yourself. If nuclear war happens tomorrow, you can bankrupt that corporation and walk away without any issues.
This guy seems like he works for an investment firm and things he can do the same thing on his own and be able to snipe away big customers from the big names. People invest with big names, not just because you say you can do it.
8%
Scale would be nice to know. A $20k loan to get some stuff upfront when you're expecting $200k in revenue year 1 isn't a big deal.
i would not want this guy to be my financial advisor.....
What is the button Dave keeps pushing?
Either muting the caller or communicating with the control room.
This is a prank, the guy can't answer simple questions about his plan. I need some money to do some things to get this going... that could mean literally anything.
That Is what I was thinking. He doesn't have a clue what he is even talking about. If he was truly going to start a business he would have some idea what he was talking about.
I thought he was trying not to say his whole business idea on air...
@@christfollower4285yes, I thought this too.
You have to go into debt and get a loan in order to start any business.
How can you start a technology company with any capital?
You don't. If you have no capital you shouldn't even be thinking about starting a company.
I think he just finished watching the Wolf of Wall Street and wants to buy a yacht, expensive car, fancy office and money to take out clients to expensive restaurants to get their accounts 🤣🤣
My only advice to him is if he can't get a mento to coach him on how to run the business, he should consider getting an MBA or get some education from the SBA.
This guy doesn’t have the first idea of how to get a business started. I started a catering business with $35 and a list of customers in 1984. It was profitable for years while I raised my daughters as a single mother.
He has no idea of ORGANIC growth.
You know, it's awfully easy to manage your own 401k. I can't believe there is actually a job for this.
It's like people have never watched the show before when they ask these questions.
What do i do to email my question to be answered?
If you can’t explain something well, you don’t understand it well enough. This guy’s inability to make an argument for why he needs the large startup costs indicates he doesn’t have a fully baked plan.
Great thing about debt is he can paddle around in his canoe picking up some little fish and making a good plan and if he ends up with a whale truly in the hook he can always transform his canoe into a real fishing boat overnight.
My grandpa always said, "Take care of the little guys and they will take care of you."
This reminds me of the metro guys who decide to go hunting or fishing and spend $2500 outlaying equipment and clothing to catch $20-$500 worth of fish or meat.
Do it, man! 😎
Why I fired my investor/broker over a year ago. He was making ME pay for his boat, more like a yacht in upstate New York.
While still on the Ramsey call: 🏦💸💸---🚶🏾♂️JT borrowing💰
This guy has to be pranking them, there's no way...
Just wanted to call in cause he's board.
If he's working the plan and/or is a Ramsey fan and wants to get back into debt, then he's NOT working the plan or a Ramsey fan.
Give Jade a chance! Why have her on if you won't let her speak!
What legit company gives up their clients on an employees whim?
The volatility in the market is alarming. How can i diversify my reserve across multiple markets while creating a comprehensive portfolio allocation that balances my concerns of risk aversion and returns that meet yearly inflation? I mean I've heard of people making up to $300k weekly and I'd like to know how.
@JohnDerrick-zj5erPlease can you leave the info of your investment advisor here? I'm in dire need for one.
@JohnDerrick-zj5erI'm also a proud beneficiary! I've built my portfolio massively and still building. Started with a RUclips referral just like this and a few thousands. I'm way up to the profits now.
@JohnDerrick-zj5erOh great recommendation! I happen to know Mr. Bennett Fauci too. He is also my adviser, saved me from bankruptcy. totally recommend him.
@JohnDerrick-zj5erThanks for the recommendation I so much appreciate, I will write him now for further guidance
Insurance Agents and Real Estate Agents - either one requires a phone and a computer and you can work from home. But ever real estate agent and every insurance agent that I know claims to need, and have the largest and most modern offices and the most expensive cars ONLY to show off and to show other agents that they are doing well. This guy is the same. He wants to compete with his buddies while playing golf and pretending how rich they are.
His first plan of action is to borrow money, but he can't even articulate how much he needs to start the business.
Doesn't he just need a laptop or something to do this in the evenings?
He likely wants to buy a new work car, rent out a new office space, fancy merchandise, & buy new suits/shoes too. Gotta look rich to get the big fish.
According to a previous Dave Ramsey video, it's easy to be a financial advisor. S&P has averaged 12% for the past 75 years, taking into account a 4% inflation rate, you could pull 8% annually in perpetuity. Oh wait, Ramsey pulled that little rant video. It wasn't a good look for him and he got skewered by the experts that he called "idiots".
In this case, Ramsey should have told him to go to a bank and try to borrow money on that business plan, or lack thereof. Unless you just stepped off the boat from the Third World, you are not going to get any type of business loan without heavy collateral.
No he didn't. It was *never* on the highlights channel to begin with, like I explained to you the other day. You Americans are incapable of learning anything. You're as bad as Dave.
Oh by the way, the USA is as Third World as anywhere else.
There is no excuse for getting a business loan. If you need a business loan you have no right getting in business.
I just watched the video of Dave blasting George Kamel live on air to someone who called in. I can't imagine how Dave treats his employees in private.
I haven't liked George since he began, but I just found the video you were referring to. On his own, George was easy to listen to. That surprised me. I've noticed has been getting worse about the "I'm right everyone else is wrong". So....
Im wondering that too i was very un impressed
Can he do this in his pajamas?
the dude is high as a kite. he should hunt unicorns over the rainbows, not whales. :)
This guy must not utilize social media because it’s FREE!
The guy is simply clueless. No business plan. He's like flying to an unknown place without a GPS or paper map.
The sky wants to start a business yet doesn't even have a business plan laid out. What am I missing here?
This guy is a pretty typical example of someone who doesn't like their boss/job and wants to use starting a business as an excuse to have fun going out and buying stuff. He can tell you a list of all the things he needs, but can't give a reason why he actually needs them or would use them for beyond "well... y'know... I mean..." And when he talked about getting his current employer to 1099 him, that tells me right there he's been watching clickbait youtube videos on how to be his own boss
What the hell? I thought he was really trying to go on a hunting trip.
This guy said a lot without dating anything at all. What exactly is he trying to do for work???
Call me thirsty, a simp, etc idc...Jade looking right lately man lol. Sorry Sam 😂
This guy should not start a business. He is not ready.
If he can't even describe his business 😂😢. How will he get customers or convince banks to give him money?
But i bet as soon as the call ended, he was busy calling the bank for that loan
Does the caller really think that a "whale" is going to change who they now deal with, which is probably a business with a long history, and good, proven reputation, for some unknown startup? Don't take out a loan, or quit your day job.
This guy should Never be self employed. He is clueless. Surely he is joking. I have been self employed for 24 years and it is really hard. There are many ups and downs and in my profession there were no jobs for about 20 years, so I had to open my own business. He can run a business from his dining room and risk nothing.
Is this guy trying to steal his employer's clients with the 1099 idea?
uhhhhh...this guy doesn't sound like someone I would be comfortable doing business with
This guy thinks that if he spends enough money, the business will just run itself somehow.
Jade contributes nothing but noise.
Trying to change Dave's mind about debt is like............
Trying to convince a wolf to be a vegetarian. 😂
this caller can't be serious.... pleasse just tell me its a fake made up call... are there really that many dumb people out there??????
This guy is clueless.
The guy has no business plan.
On the other hand, he could be trolling Dave.
Scammer
This dude is a financial advisor and doesn’t understand business 101? Yikes
This guy seems like a scammer
This guy is just a super over thinker, and he needs to keep thinking some more because he’s over complicating everything…
First
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I can't believe this guy. Obviously has no business experience