She's the business owner's wife with no degree or financial training... she's overwhelmed; that's why she's called in. But as the guest said, something IS working in there... they just need a little clean up
I’m a consultant and in the industry this lady and her husband are in, you would be shocked how many millionaires are in the dealership and transportation businesses that have no idea how they got there.
I'm thinking she says "bookkeeping" when in reality she's just handling the invoices and bills. She's receiving payments from people and paying bills but is definitely not keeping track of what's going where and when and clearly has no idea how any of the businesses are actually doing.
Please do more of these and less of the daytime television family infighting, unless the fight is about money. I love these when a business is involved. So many people are insistent that there is no way to run a business without debt.
SteelCity1981 “side hustles” or still just a hobby. I think it depends what their end goal is. Some people monetize their hobby just so they can afford to do the hobby then some monetize it because they can see in a few years having it replace their income.
My hobby crochet gives me sales. Whatever people call it. I compute the capital vs sales. Sales price is always 2X the capital or more. Anything less, I wont sell it.
@@mortalhordewarrior9285 how do you know if you are the execption until you try the world would be different without Amazon and tesla thank God they, who were just average guys at the time, laughed in the face of common convention
Or hire professionals in some areas. Like the book keeping. She doesn't sound like a math person or detailed oriented. She couldn't answer any questions.
Great advice, I'm surprised that she didn't come to the same conclusion on her own. She desperately needs a disinterested professional Third party to go in and determine what needs to be done, You can't just run a business on a wing and a prayer, the current business environment is too complicated and unforgiving for that. Good luck to the Lady and wishing her better days ahead.
I could never be an entrepreneur, I'll take a steady paycheck with benefits where I learn and use marketable skills. I do have mad respect for people who can pull off their own businesses.
This is exactly the kinds of clients I serve. People see that they have positive net income, but don’t know why they have no cash. They can’t pay themselves, they are nervous and usually embarrassed. Good for her to have the courage to even call in!
Thank you for the video Dave! This lady needs a course on how to run a small business, not personal finance from Dave. Running 3 businesses with a self-taught bookkeeper? Is there any wonder why they are in trouble? They have amazing drive to make a business, but badly need someone who actually knows business. Also, how are they setting any prices if they don't know what they make, owe, spend or profit?
The answer is that the market sets the prices. Hourly shop rate to match a competitor, and the trucking is most likely a lease/subcontract where the supplier of the work decides rates. Dave Ramsey is CEO of Ramsey Solutions, he's perfectly capable of giving business advice. I also have been in a similar situation, scratching and clawing, working 80 hours a week and not sure how much was profit. Dave's book Entreleadership gave me the inspiration to tackle the books, and even do a business budget.
@@abepenner7497 I stand corrected. I have audited many businesses that set their own prices with less competition. Usually if the competition is so successful they make you operate at a loss for an extended amount of time, you get the hint and do something profitable, or at least know if you are profitable or not. Since you know she has competition locally, you have more info than was given to us. I am glad Dave gave you inspiration to figure out the books of your business, but the same money can be used for industy specific advise. Yeah, there are basics that any bookkeeper should know, but she doesn't know and she didn't even use Google. Thousands of bookkeeper tutorials online and here on RUclips. Good luck in the future and hope you are able to work more reasonable hours. I hope your story and the caller's story are a lesson to others. It would be so much easier to find out the basics of how to run a business before you are in trouble. You will learn on the way, but understand the basics. Put in the grit and work at the beginning, and you don't have to struggle for years like Abe or the caller.
She sounds overwhelmed and unprepared. The first 5 years of a buisness are hard to turn a profit multiply that by 3 and its an uphill battle. Having a degree in accounting is helpful but not a must but having knowledge how to run a bussiness is a must if you don't know hire a professional or educate yourself. I wish her all the best as a buisness owner and a diy its stressful but doable. Knowledge is power.
How can she be a bookkeeper but doesn't know the numbers? And she said she been working on the books since Feb and we're in June. I suspect all businesses are under 1 bank account so the numbers are confusing her.
I'm kind of shocked they let her finish the sentence, "should we have a budget for..." Marcus Lemonis would say, "If you don't know your numbers, you don't know your business."
I have 4 trades under one bizz. Move money wherever it is needed! If a truck breaks down then use rental biz to keep it going vise versa! More business means more money 💰
I don't really understand why these people start a business, especially 3 of them, when they simply can invest in the stock market through Indices, receive a decend return annually without lifting their finger and without any risk? And apart from that, they decide to do it, why they don't educate themselves first, read a book or two, ask people that have done what they want to do to give them tips and advices, etc? What you know makes you money, what you don't loses you money!
How is she the bookkeeper and doesn't know the numbers for any of the businesses? I hate it when people blame on them not having a college degree as an excuse for not knowing the numbers. You don't need a business degree to be able to fill out a spreadsheet with your income and expenses. If she can't figure out the numbers on a business there is no way she is capable of setting up a household budget. In this case I also put equal blame on the husband because it seems like he is not involved with the finances of the business.
Good logical advice on real estate debt... I don't think I have heard that from dave. But I like it. Real estate has done me well and I have leveraged the whole way.
The husband needs to fire the "bookkeeper" because she will bankrupt them. They need to have someone qualified look at the books and see IF they have 3 businesses, 3 hobbies , or a combination. Dump what doesn't make money, if the rest is worth it keep going, if not dump it all and work for another company.
In my humble opinion, she’s not the true business owner in the true sense of the title, the husband obviously is. He’s just keeping her busy and feeling apart of things by allowing her to keep the books. She doesn’t even have a true understanding of how the businesses are claiming losses to be written off of the taxes. Sounds more like the wife heard “claiming a loss”, freaked out thinking her husbands businesses were loosing money and called 911-Dave Ramsey.
This is not about not earning enough to pay yourselves anymore. It is about financial mess. She expanded businesses without any plans, any accountings. No clue how much she makes money, how much debts. Sigh...
She got into the trucking business at exactly the wrong time. The coronavirus has crashed rates for loads. Flatbed is one of the only thing that’s holding up decent but that’s still slow also. Somehow someway if she’s going to keep the trucking business she needs to hire a very experienced dispatcher that knows how to get the best loads and get into the best markets, and she needs to get contracts from customers and not work the spot market as little as possible. The only way to run a profitable trucking business in today’s world is to pay cash for the truck and let it sit when the rates are low during down times such as right now. The ATA has ruined the trucking industry and have decreased rates to razor thin profit margins, you’ve got to be smart to make a profit in the trucking business nowadays… Do NOT contract w/ an ATA company for loads. They don’t care about you. Do NOT work for “that largest trucking company” and do NOT work for those “domestic freight haulers” as an owner operator. The only way to make it is to seek out your own contracts and work the stock market. But I doubt too many businesses if any are opening up contracts, loads are very thin. Without Americans working, people have no money to buy stuff so loads have dramatically decreased... I could go on...
They're probably having her do the books to save money on a cpa/accountant, but they don't understand that they are losing bc the wife has no idea about accounting/books. I can only imagine what would happen if the bank wanted audited financial statements as a condition of a loan.
Dave Ramsey and Rave Damsey
Comment of the week
😂😂😂
HAHAHAHAH
Dave is the bald guy with the goatee wearing a blue shirt with the sleeves rolled up 😂
🤣🤣🤣
She was not prepared for this call.
No sirrrrr she was not
She wasn't prepared when she went into business. By far one of the most financially and business illiterate callers I've heard
She doesn't even know how much she owes on the businesses.
She was not prepared to open a business.
Ah yes. Dave Ramsey and his good friend David Romzee
Lol! 😄
🤣🤣
Even they wearing same shirt 😂
😆
Legit did a double take when I first started watching
I bet everyone who knows her thinks she’s really successful.
When I saw two Q-balls in blue shirts I blinked a couple of times thinking something was wrong with my vision. LOL
I thought there were two Dave's.
Twins! 😄
😂
Same here.
How can you run a business without fully knowing your numbers? She needs to sit down and catch up with all of it.
She's the business owner's wife with no degree or financial training... she's overwhelmed; that's why she's called in. But as the guest said, something IS working in there... they just need a little clean up
I’m a consultant and in the industry this lady and her husband are in, you would be shocked how many millionaires are in the dealership and transportation businesses that have no idea how they got there.
She does the bookkeeping but cant say how much debt the business has
More than likely lying
I'm thinking she says "bookkeeping" when in reality she's just handling the invoices and bills. She's receiving payments from people and paying bills but is definitely not keeping track of what's going where and when and clearly has no idea how any of the businesses are actually doing.
Most small business owners don’t know their numbers.
Please do more of these and less of the daytime television family infighting, unless the fight is about money. I love these when a business is involved. So many people are insistent that there is no way to run a business without debt.
I said the same exact thing, "She's the bookkeeper and she doesn't know the numbers? That's a problem".
Clearly keeps the books but hasn’t written in them
Dave even said that
Ask most business owners financial stats such as what’s your customer acquisition cost …and their eyes glaze over. Most don’t know their numbers.
Sounds like this ladies books are a MESS. Time to give quickbooks the ol’ “why did I ever start a business?!” over-nighter lol
😂😂😂
With 3 businesses it's worth investing in a bookkeeper.
I was told that any business that does not make you money is a hobby, so I agree with all the comments of paying yourself first.
What about hobbies that make you money, what are they called then?
SteelCity1981 “side hustles” or still just a hobby. I think it depends what their end goal is. Some people monetize their hobby just so they can afford to do the hobby then some monetize it because they can see in a few years having it replace their income.
I know people who make good money doing their hobby so i don't see how it's a side hobby.
My hobby crochet gives me sales. Whatever people call it.
I compute the capital vs sales.
Sales price is always 2X the capital or more. Anything less, I wont sell it.
Caller: were in serious debt.
Ramsey: ok how much?
Caller: I'm the bookkeeper.
Ramsey: okay what's your debt?
Caller :👁️👄👁️
Thought that was 2 Daves at first glance lol 😂
She needs help, like all of it. Send her all the books, all the elp providers. She has no clue what is going on
She also needs an Accountant.
She needs an accountant.
Why do people call in and say "uh" and have no idea what the numbers are? They are wasting all our time!
Business Owner: Do you know what it means when all our financial statements are in RED?
Business Assoc: That we need to change our ink cartridges. 😐
LOL! Exactly, what else? LOL
She has zero answers. Girl you don't need help you need to pay attention to what's happening under your nose.
You literally have no clue
Don't expand the business when it's not profitable.
Lots of business expand rapidly before being profitable nd it works.look at amazon and look at tesla
@@suttsd those are the exceptions that made, how many do you think fail and end horribly? Musk and Bezos are the exceptions
@@mortalhordewarrior9285 how do you know if you are the execption until you try the world would be different without Amazon and tesla thank God they, who were just average guys at the time, laughed in the face of common convention
@@suttsd thinking about it gives me already headache.
@@mortalhordewarrior9285 I think so.
She is EXACTLY why most business’s fail. She doesn’t even realize she’s at break even status.
Sell all three. It does not sound like they know what they are doing.
They have some great advice to work with now!
Or hire professionals in some areas. Like the book keeping. She doesn't sound like a math person or detailed oriented. She couldn't answer any questions.
@@VeniceK 😂😂😂
I was listening to this without looking at the screen. I havent seen this guy with Dave before .
*I thought that something was wrong with my eyes Two Dave Ramseys*
Laaawd it was over when she said she's the bookkeeper and don't know how much debt they had...
As the bookeeper, she should have been able to tell him the combined debt down to the penny.
Whoa, who's the Dave look-alike?!
Lol
Most likely his son
Daniel Tardy, who is the host of the Entreleadership podcasts.
Your mindset is the greatest asset you'll ever have that can make you rich!
They even wore the same outfit
Mini me?
That's why there on debt. Can't even keep track.
The sole purpose of a business is to make a return for the owners. This is accomplished through planning and management.
Great advice, I'm surprised that she didn't come to the same conclusion on her own. She desperately needs a disinterested professional Third party to go in and determine what needs to be done, You can't just run a business on a wing and a prayer, the current business environment is too complicated and unforgiving for that. Good luck to the Lady and wishing her better days ahead.
I could never be an entrepreneur, I'll take a steady paycheck with benefits where I learn and use marketable skills. I do have mad respect for people who can pull off their own businesses.
You're soul is broken
Yikes that's scary, get your books in order!
She’s the bookkeeper and she’s clueless. 😩😩😩
This is exactly the kinds of clients I serve. People see that they have positive net income, but don’t know why they have no cash. They can’t pay themselves, they are nervous and usually embarrassed. Good for her to have the courage to even call in!
I almost got a heart attack when I saw 2 Daves
@@MarshWasTaken me too!
Double serving of rice n beans
How was he able to clone himself???
They needed an accountant to run the numbers for that company. That's why they are in a mess.
I HATEEEEE when people say “I don’t know” as when she was asked how do they pay their bills. Some people logo around life clueless 😠😠
Thank you for the video Dave! This lady needs a course on how to run a small business, not personal finance from Dave. Running 3 businesses with a self-taught bookkeeper? Is there any wonder why they are in trouble? They have amazing drive to make a business, but badly need someone who actually knows business. Also, how are they setting any prices if they don't know what they make, owe, spend or profit?
The answer is that the market sets the prices. Hourly shop rate to match a competitor, and the trucking is most likely a lease/subcontract where the supplier of the work decides rates. Dave Ramsey is CEO of Ramsey Solutions, he's perfectly capable of giving business advice. I also have been in a similar situation, scratching and clawing, working 80 hours a week and not sure how much was profit. Dave's book Entreleadership gave me the inspiration to tackle the books, and even do a business budget.
@@abepenner7497 I stand corrected. I have audited many businesses that set their own prices with less competition. Usually if the competition is so successful they make you operate at a loss for an extended amount of time, you get the hint and do something profitable, or at least know if you are profitable or not. Since you know she has competition locally, you have more info than was given to us. I am glad Dave gave you inspiration to figure out the books of your business, but the same money can be used for industy specific advise. Yeah, there are basics that any bookkeeper should know, but she doesn't know and she didn't even use Google. Thousands of bookkeeper tutorials online and here on RUclips.
Good luck in the future and hope you are able to work more reasonable hours. I hope your story and the caller's story are a lesson to others. It would be so much easier to find out the basics of how to run a business before you are in trouble. You will learn on the way, but understand the basics. Put in the grit and work at the beginning, and you don't have to struggle for years like Abe or the caller.
"I do the book keeping, but I don't know how much debt we have." YIKES!
I’m scared that she doesn’t know any numbers. It makes me anxious.
She sounds overwhelmed and unprepared. The first 5 years of a buisness are hard to turn a profit multiply that by 3 and its an uphill battle. Having a degree in accounting is helpful but not a must but having knowledge how to run a bussiness is a must if you don't know hire a professional or educate yourself. I wish her all the best as a buisness owner and a diy its stressful but doable. Knowledge is power.
This lady better hope the IRS doesn't see this video, cause it sure sounds like she filed her taxes incorrectly.
How can she be a bookkeeper but doesn't know the numbers? And she said she been working on the books since Feb and we're in June.
I suspect all businesses are under 1 bank account so the numbers are confusing her.
I could hear her voice get lighter every time he said property debt could be addressed later in baby step 6!
Another great advice. Thank you for sharing 🙏
Lol I flinched for a second and thought 2 Dave Ramsey for the price of One
Okay......I can't tell which one is Dave Ramsey!!! LOLOLOLOLOL
The fact they're wearing the exact same shirt makes it funnier.
How does the person who does the bookkeeping for a company not know how much debt the company is in?
Awe matching shirts ❤️
She does the bookkeeping... 👌
I'm kind of shocked they let her finish the sentence, "should we have a budget for..." Marcus Lemonis would say, "If you don't know your numbers, you don't know your business."
I have 4 trades under one bizz. Move money wherever it is needed! If a truck breaks down then use rental biz to keep it going vise versa! More business means more money 💰
They even crossed arms at the same exact time!
Who is he? His voice is amazing!!😍😍
The voice on that new guy.
...
Smooth...
I have an idea. Get rid of two of the businesses and get GREAT with one business!
If you own a business and you don't know the numbers that is very dangerous
Pay yourself first even as you pay debt, that is my rule. Please track ALL your debt don’t guess.
she does the bookkepping and she had to GUESS how much debt the businesses have? i´m not surprised its not working out
I don't really understand why these people start a business, especially 3 of them, when they simply can invest in the stock market through Indices, receive a decend return annually without lifting their finger and without any risk? And apart from that, they decide to do it, why they don't educate themselves first, read a book or two, ask people that have done what they want to do to give them tips and advices, etc? What you know makes you money, what you don't loses you money!
every business must stand on its own. If they don’t produce profit then dump them.
OK.. so Daniel Tardy got it. Best co-host I've seen so far.
How is she the bookkeeper and doesn't know the numbers for any of the businesses?
I hate it when people blame on them not having a college degree as an excuse for not knowing the numbers. You don't need a business degree to be able to fill out a spreadsheet with your income and expenses. If she can't figure out the numbers on a business there is no way she is capable of setting up a household budget.
In this case I also put equal blame on the husband because it seems like he is not involved with the finances of the business.
Always PAY YOURSELVES FIRST!!
Good logical advice on real estate debt... I don't think I have heard that from dave. But I like it. Real estate has done me well and I have leveraged the whole way.
Cyborg Dave and Dave. 😂
I like the Vice President! He's a good compliment to Mr. Dave.
Who was shocked when the video started. "I didn't know Dave Ramsey had a twin 😅"
Why call Dave for advice if you can't even gather all the numbers ready before the phone call.....
The husband needs to fire the "bookkeeper" because she will bankrupt them. They need to have someone qualified look at the books and see IF they have 3 businesses, 3 hobbies , or a combination. Dump what doesn't make money, if the rest is worth it keep going, if not dump it all and work for another company.
How do I reach out to you to get help with small business 🤔 where do I find this information
Dave and his "twin" look like they're wearing the same shirt too lol
God Bless America. Where you can stumble backwards into starting and running three business. Without knowing anything 😂
Next call from husband saying my wife is ruining my business, she doesn't know what the heck she's doing.
Who is the younger Ramsey?
The "accountant/bookkeeper" needs an accountant
Dave Ramsey and Ram Davesey
if dave dyed his beard and started working out he could look like the guy beside him
In my humble opinion, she’s not the true business owner in the true sense of the title, the husband obviously is. He’s just keeping her busy and feeling apart of things by allowing her to keep the books. She doesn’t even have a true understanding of how the businesses are claiming losses to be written off of the taxes. Sounds more like the wife heard “claiming a loss”, freaked out thinking her husbands businesses were loosing money and called 911-Dave Ramsey.
This is not about not earning enough to pay yourselves anymore. It is about financial mess. She expanded businesses without any plans, any accountings. No clue how much she makes money, how much debts. Sigh...
If she doesn't know her numbers, she may not understand depreciation. And might not have taken depreciation as a non-cash deduction on the tax return.
What are the numbers 🤔 uh 😳 I don't know 😕 exactly but I do the books 🤦♂️.
The person who knows the numbers should have called.
What is your opinion on Dr. Jo Jorgensen plans for social security and the national debt?
She got into the trucking business at exactly the wrong time. The coronavirus has crashed rates for loads. Flatbed is one of the only thing that’s holding up decent but that’s still slow also. Somehow someway if she’s going to keep the trucking business she needs to hire a very experienced dispatcher that knows how to get the best loads and get into the best markets, and she needs to get contracts from customers and not work the spot market as little as possible. The only way to run a profitable trucking business in today’s world is to pay cash for the truck and let it sit when the rates are low during down times such as right now. The ATA has ruined the trucking industry and have decreased rates to razor thin profit margins, you’ve got to be smart to make a profit in the trucking business nowadays… Do NOT contract w/ an ATA company for loads. They don’t care about you. Do NOT work for “that largest trucking company” and do NOT work for those “domestic freight haulers” as an owner operator. The only way to make it is to seek out your own contracts and work the stock market. But I doubt too many businesses if any are opening up contracts, loads are very thin. Without Americans working, people have no money to buy stuff so loads have dramatically decreased... I could go on...
In my opinion if after a year you still can't pay yourself, you don't have a business you have a hobby.
I would like to know if she has credit card debt, particularly business credit card debt. If so, then they may really be screwd
Why did she call and she doesn't know anything
You need to have an automatic revenue stream from your businesses to yourself, in order to pay your own bills.
Who is the co-host?
New business owners need to pay themself minimum wage per hour for the amount of hours they work each week. They can use a payroll calculator.
Dave invited himself to the show
Needs a CPA and someone that can manage their businesses and learn from them.
They're probably having her do the books to save money on a cpa/accountant, but they don't understand that they are losing bc the wife has no idea about accounting/books. I can only imagine what would happen if the bank wanted audited financial statements as a condition of a loan.
She needs to FIRE herself and get a REAL bookkeeper!! She is way over her head.
Yes but even then, she should still know her own businesses numbers. Her & hubby. But who cares let's open another!!
Twin Daves!
Two for the price of one!
@@carojames6776 lol
I didn't know Dave had a twin brother.
😂😂😂
Why are they wearing the same shirt? Lol
@@funstuff9153 And same beard style
😂😂😂😂 & I thought I was a mess 😫😳.
He could pass for Dave's younger brother.