You're About To Make A HUGE Financial Mistake!!
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- Опубликовано: 7 фев 2020
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Who did the evaluation on the business
@Damari Moshe definitely, I have been watching on Flixzone for months myself :)
@Damari Moshe yea, have been using Flixzone for since december myself :)
@Damari Moshe yea, been using Flixzone for since november myself :)
The parents have an unsuccessful business and want to retire, so they’re trying to pawn it off on their kids. Terrible. Hope these people come to their senses and don’t buy it.
Rebecca Shields it might not be unsuccessful business, it’s probably that they are not running as well as they should. If the parents sell it to the kid and he sells off the inventory, they can probably turn the business around.
But the business is not worth 600K. Maybe he want to do it for family but he better structure the deal better
The inventory is probably total junk being overvalued by the parents
If they're clearing $100k net per year, I wouldn't say its unsuccessful, but it is under-performing. As Dave said, clear out 60% of the inventory and look at ways of increasing sales. I would bet part of the reason why the business is under-performing is the owners are old and running it like they did 20 years ago. New owners could likely double or triple the revenue while halving the amount of inventory over a period of 5 years.
Don't do business with family. Don't co sign any loans with family. Don't do it.
You are right. My mom co-signed a line of credit for my sister for about $50k about 10 years ago. Nowadays, the loan is sitting at around $53k. My mom has always been good with money, but at the time I don't think she understood what she was signing. My sisters house was paid off around that time, but needed a co signer because her credit was a mess. My mom has always been sensible with money. She is always being harassed by debt collectors telling her to pay her bills. It makes her very upset, she doesn't need it, she is 83 years old. My sister could have lost her house in the '90's, but my parents stepped in and helped. Between my sister and her husband, I think they do OK as far as income, but they are clueless when it comes to paying loans and bills etc. They act like it's not a big deal, and when my mom tells her about calls from the debt collectors, and that she should pay her bills, my sister gets mad. Very ungrateful. Myself, I would not have helped her with the house or line of credit. This whole situation makes me sad, but I don't say anything because it's not my business.
Robert Zambano sorry to hear about your sister. She sounds very selfish especially since ur mom is old and doesn’t need to be bothered by that kind of stuff. Very unfortunate but at least your mom has you.
@@kaboose07 Thanks for your kind words. If my sister wanted to pay this off, she could have I'm sure. Her priorities are not right, one of the kids got $200.00 sneakers for Christmas. In my opinion, these things can wait. They are not that important. As for me, I am not perfect, but I've never had to rely on anyone to pay my bills. I care about my sister, but she is a grown adult. Cheers, Rob.
It depends if you know the person can pay it and if they can't you need to have enough money to make up for their missed payment. My mother needed a a car. I co signed for a used Toyota. Since her credit is not the best. She got 1.9% interest rate and is paying me monthly plus extra for principal. If she can't pay I'll step in to help out.
to 79bnicer: You are so correct!!! Never ever include family with business dealings...it never works-out!!!
Parents who would willingly saddle their children with 600k worth of debt are asinine
Not only that, but ask them to hold onto it to finance their retirement? Wow.
Stupid freeloaders= equal their parents...them parent know their business is failing...so they trying to sell to kids...so they will be stuck like chuck....n never a mention wat the sell...so u know its failing
She called really wanting a different answer to justify this
Yep. Dave gave her the tough love answer - what she needed to know.
Noah Rose
First mistake
The one selling the business sugarcoat so he can sell it. Havind an outside view shows the reality of the business
Had to be something in the back of her head to say it's a bad idea. Or a good friend convinced her to call. Emphasis on good... and friend.
She's completely lost...and clueless. Dave didnt tell her what she wanted to hear.
Husband should have been on this call also for clarity of financial figures. They need to get on the same page before they sign anything.
Ricky Thompson exactly - I think she’ll have a hard time talking husband out of this.
Yea he's definitely in the driver seat on this deal.
It has very little to do with financial figures. Husband should have been on the call because it's *HIS* parents and *HIS* wife. He needs to come to the decision to not do this or his life is going to be miserable.
@@kierah16 I'd file for divorce the same day he makes this official
I'm amazed at the number of callers who call in with issues relating to the spouse's family and the spouse is not even on the call. Why isn't the husband making this call with the wife second-chairing it.
5 years ago we were normal. All the normal debts. Tiny apartment in a rough side of the city. Found Dave and debt free including the house. It honestly works.
Congrats!!!
Nice! I have a similar story.
Woohoo
Thank you for sharing! I love reading these comments, they give me hope and help me push forward! Especially since my family thinks I'm crazy and that this is all impossible! Yeah right
Good job Bob
The husband will laugh at her if she says
Dave said don’t do it.
Then they will go bankrupt in a minute
EXACTLY
Omg that’s what going to happen
@@godisgood5038 have they ever thought maybe some of the things he answers he did when he was younger so know he knows and dosent want people to do it
Yup. And they earned it
They need an external 3rd party business appraisal to get the real numbers and then present the new terms if they do this at all.
It’s called an accountant
Amen.
This show reminds me of Loveline, where the caller was hopeless and never going to follow the advice. But the public format means other listeners can benefit even if the caller never does.
But it predates Loveline and Dr. Drew was the only one giving decent advice, Adam was horrible.
@@jant4385 Adam made the show entertaining and usually had great advice. Without him the show tanked and went off the air.
I'm an accountant and have seen this multiple times: people buying an overpriced business that's been sold to them like a used car, not understanding the finances, no due diligence, not getting an opinion from an expert. ... And then when it all turns pear-shaped, expecting someone to come in and work a miracle and get them out of dire-straits.
Me, a CPA: dude, me, too! 😭
She was smart enough to call Dave. Hopefully she is smart enough to tell her husband the reality here. I bet her husband is listening to his parents without thinking of the consequence.
she might not know enough of what going on, BUT I would want to know everything if I spending 600k
how much it make, how much stuff, can I sell the stuff at a discount and make money, why is it only making 100k maybe there old and lazy and dont work that hard any more.
His parents are trying to retire off of his debt. Thats just crazy to me.
I owed $30K to my father in law at some point. Our relationship got much better after I paid him back. Dave knows what is talking about.
This is why when my daughter bought a car from one of her cousins we went and got a loan from a bank to pay him. Money changes relationships when you borrow money from family or friends. The debt is now paid off the relationship is unchanged.
It’s ridiculous how clueless people are before making a MAJOR financial decision. Thank you Dave for helping her.
The guy wasn't necessarily clueless, he has bipolar that was untreated.
She is going to do the forever loan deal. 100%
you mean her husband will
I hope not, but knowing people, she and her husband will do that deal.
This is what you'd call a no common sense deal. Plan and simple.
Yep
Some Guy yup, sounds too like she hit a wall when Dave said don’t do it, the hesitation, she’s not buying into what he’s saying, or doesn’t hv the confidence to hold her ground.
Just 2 years after finding Dave Ramsey and i paid off my House. No debt at all now. :)
Wow that's great, way to go!
Her husband didn’t know she called, he should have been on this. He needed to hear
it as badly as she did.
He should have MADE the call and been the primary in the discussion. IT'S HIS FAMILY. The wife should have been ON the call listening and making comments as appropriate. I'm shocked at the number of people who call into Ramsey about issues that deal with the spouse's family and the spouse is not involved in the discussion. Since everyone at Ramsey is so insistent about married couples combining finances, I wonder why they don't require both spouses be on the call before they will offer advice. Especially when it concerns a large $ amount. The wifeays she got what Dave was saying, but she will never be able to explain it to her husband the way he did, and I don't think she even wants to.
Why does it sound like they got Inventory if some MLM stuff and are unable to move it
Yash Thakar I 100000% thought the same thing when I heard this. 😂
Haha...Amway.
Right? It sounds weird AF.
Lol exactly. $1 mil worth of Lularoe leggings sitting in a warehouse
Sounds like the perfect prelude to the other video titled: "My business failed now my wife is leaving me!"
I don't understand people who call, only to question his answers constantly. If they don't trust him, don't call asking for his advice. If you just want to hear him affirm your decision, you got the wrong guy lol.
People always do this to professionals these days. It is extremely annoying
Exactly
It's fine to question his answer, imo. It helps them get a better understanding.
Questions don't always mean they disagree, they may need to just clearly understand.
Let the lady at least talk. Detroit Davey wont even let her explain.
🤔 Sounds like numbers/accounting isn’t her strong suit...
you mean his (her husband's) good for her for calling but I doubt her husband will listen.
@@clarifyingquestions Either one, though, right? Both she and her husband are leaning toward accepting this deal. Like you, I hope he listens to her (if she has listened to and understood Dave).
Sounds like a couple who ought to work for someone else...
I dont think she knew what she was talking about
pray for her she her husband doesn't sound like he has any business sense. she has enough to call Dave and ask questions. unfortunately her husband will not listen.
No clue at all. Scary what they are about to do.
Every answer was "aaaahhmmmm"
Parent Wants to force someone to be in debt forever so she can get rich? Does her name also happen to be Sallie Mae?
Her husband is Freddie Mac.
Hahahahaha!! Perfect!
In one ear and out the other
Being indebted to your relatives, esp your mother-in-law is the biggest blander you can ever walk into.
She will be calling Dave back in ten years and asking about bankruptcy.
Ah not making it ten uears
3 years.
50% of businesses fail within the first 5 years
I don’t think she gets it. She doesn’t understand what he’s saying
Good thing she called--his advice is sound.
The problem is she won't listen to him.
@@jbr1952 The problem is that you don't know her--you don't know what she will do. Why would she call and then not listen to him on something so important? How many people work with such large, complex money issues especially at a young age and not need input from a more experienced person? You guys get on these sites and smear women. Idiot.
@@jbr1952 you meant her husband won't listen
At what point did this turn into a man woman thing? Sound a little insecure to me!
@@user-cv3gd2wr5q Seriously, dude. When it became a she thing - that s when! Hope that helps.
She made her mind before eaven calling
This is a cringy phone call. 600k and only profit was 100k? Not a million? Its sad and laughable at the same time.
" eaven " , is that like " heaven calling " ?
no or else she wouldn’t have called
It would've been nice to know what the business was. Was it 1m worth of noni juice? LOL
She talks about $600k like it’s $10k. She even laughed a few times during the call. Are they millionaires already to where $600k ain’t really that much to them? This whole situation is just strange to me. They’ll probably still buy the stupid business at that ridiculous price and then tank 🤦🏼♀️
Laughing could be because of nervousness. But if they came this far in making a bad decision, and had to go to a radio guy to tell em off of it well... I think they'll make another bad decision, maybe less bad idk, or they'll abstain from making decisions for awhile.
You need to combat bad habits and mindsets when you are young.
Exactly
She said they are on baby step 2. They have $1000 emergency fund and are currently paying down consumer debt. That should answer your question “Are they millionaires already...?”
600k is more than half a million.. They better be big time multi millionaires
my family (not me) are fighting over a car. My parents let my niece borrow it because she needed a car. My parents couldn't afford the payments. Long story short, they want my niece to buy the car after a year for more than its worth. Every month they call me fighting. Its some of the best advice Dave gives. DO NOT DO Business with family!
She sounds kinda confused
IQ trouble.
@@alexfinn7989 Please explain how you arrived at that conclusion.
Women are always confused.
This entire conversation is confused...we never find out what the business is making the video and his advice worthless.
1:15 "That's financial suicide." I like how he says this. He has my attention.
Dave is so knowledgeable, I have no idea what he's talking about, but I like listening. I pray that I can be this confident in my calling one day!
Please dont pay it off early so I can make more in interest. Sounds just like a student loan...
I so agree with Dave on this one. I hope she sees the wisdom of what he's saying -- particularly the part about only buying if there is an arrangement in place to pay it off early. I've been in situations like that in which I tried to set up a business deal based on friendship or family, i.e., "making things easy" for the other party (like she's trying to "make things easy" for her in-laws by accepting this flawed arrangement, not because it makes sense to her, but to make them happy) -- it just doesn't work.
Or they're lying about the value to get more money from their son.
Most people overvalue the stuff they own. It's just human nature.
How much could they get for all the existing inventory if they had to get rid of it in one month at whatever price they had to accept? It might be worth zero!
Marc Donvito Exactly!!!
Prime example: people are asking $80,000+ for 90’- 80’s peterbilt trucks.
They’re attached to them...
Bought my 2010 from a dealer for $30k, and spent 15k on a engine swap and boom.
People are weird and get attached to things. Even myself
Definitely
That's sick.
Definitely one of those parents who thinks their kid owes them “just because”.
Dave: “Thanks-Giving Dinner Is Not Going To Taste The Same”
Me: Mentally time traveling to next November..
I think Dave meant they'll be having rice and beans instead Turkey.
My father hired my mothers nephew to be the property manager of a 22 unit apartment building. He was dismissed as a PM about a year later, but he was allowed to continue living in the apartment as long as he paid rent. Anyway, he beat hem out of 6 months rent. He also would brag about how much money he was making at Sunday dinner which added salt to the wounds.
Mother: How's everything, dear?
Daughter: I told you I'd pay you soon!
Advice to caller....
Ready......Run 🏃🏻♀️
She is still going to do it. I see a nasty divorce. Scary.....
I swear people in the U.S. has “I like to stay in debt” mindset when clearly they don’t have to
King Ocho you can’t tell them anything. They’ll make every excuse possible as to why they HAVE to be in debt. At the end of the day...it’s their own stupidity leading them to be poor and relying on the government to take care of them.
There is such a thing as "good" debt , and also bad debt. Good debt (also called leverage) pays you money every month. Bad debt does the opposite. But, I agree...my ultimate goal myself is to be 100% debt free.
PS, I'm an American.
@@caroleehubbard8380 Not so many people know the difference. Most guys get into debt in order to consume, that's why most Americans are always in serious debts, filing for bankruptcy every now and then. It's a financial mess.
Joel Ratemo o
Truth...I know lots of those people. I take out loans to buy rental properties (good debt / leverage) it pays its self back + pays me a monthly cash flow. But, my 1st priority is to always pay down debt first and fast as possible.
@@caroleehubbard8380 If everyone paid cash 90% of the economy would disappear, and the USA would be a third wold country...every car maker would go out of business.
“It’s not worth it.”
“Well, the thing is...”
“IT’s NOT WORTH IT!” Listen to the guy who knows more than you.
“Even if we owe nothing when they die?”
No bank would lend on this. Dave is right here. Coincidentally, my wife and I were in a situation where we were buying a business from my aunt and uncle. They were selling for 700k and sold to us for 600k. But we net roughly $420k a year. $600k purchase with $100k net yearly is a gold mine if this was real estate but for small business, that’s pretty bad. The parents know it. That’s why they don’t want these guys to pay it early.
I have a swamp to sell them in Florida, is valued at 800k, aligators not included
TechYK 😭💀😭
Throw in some pythons and it’s a deal 😂😂
No gators? NO DEAL!
On second thought, I'll settle on some flamingos!
I’d love to know what the inventory consists of. I’m guessing blackberry devices and Despicable Me beach towels.
Listen to him. Don’t Do IT!
Isn’t family great lol
Yep. Especially when they think they have all the answers.
Slingsomelead lol. You said it.
Love this more in depth business talk! It’s nice to hear a change in call in questions that help other business owners learn what all to look out for.
When Dave says book value, does he mean fair market value? The call was very confusing. For example, she said the inventory was valued at 1M. But she didn't talk about what liabilities the business has. It was impossible to tell if it was a good business deal or not.
Book value is original price minus depreciation. Business liabilities outside of depreciation have nothing to do with book value. And running a business Dave's way would be no liabilities outside of depreciation.
@@samanthacromer5378 Makes sense on book value, but based on the call, I am not sure if they used this definition, as it was said the inventory had 1M book value. If there was zero debt, the company should be worth at least this much. And all businesses, including Dave's, have some liabilities, just not any long term debt. Liabilities such as accounts payable, accrued expenses, wages payable.
@@joeb1522 Dave tends to not finance things but pay in cash therefore he likely wouldnt have accounts payable. Wages payable most likely because unless the business is paying employees a check at the end of the month there would be a wages payable account. But again book value is the price paid minus depreciation. That is simple accounting/book keeping. So if they business isnt worth 1M there is depreciation on the inventory somehow or other. And I'm not pretending that the business in question is run by Dave's principles but liabilities like accounts payable, wages payable, etc are not used to calculate book value of a business anyway. The book value of a business looks at original purchase price minus depreciation.
100%. It wasn’t clear enough and Dave did a poor job asking questions and clarifying things. So she got bad advice in the sense that the person offering the advice didn’t have a clear picture of her situation. Dave is just speaking in generalities that may not apply to her circumstances.
@@ThinkBlueAZ Yes, I completely agree. Dave knew 5% of the facts and quickly jumped to the conclusion it was a bad business deal, but he didn't ask the right questions to know if that was the case. It was very confusing.
Working with family in law is a dangerous line to cross
Right
What kind of business is this? What is this inventory? It could be marbles or car parts.
I was wondering if the business can't sell the marbles, how are they just going to eliminate the inventory quickly? I guess by just not restocking the marbles?
warehouse fire and insurance claim could fix inventory issue as well 🤔
@@andykapsar4667 Yeah... and for the next couple of years they'd save a lot on housing because that will be taken care of by the local jail.
Sounds like a pyramid scheme/MLM. They are incredibly predatory and put people in bankruptcy and ruin relationship. This call has all the hallmarks of a mlm. Its shady AF.
@@andykapsar4667 😆 Hahaha!
I think it was obvious by one comment that she thought they would but into the business and not have to pay long because she said it would be forgiven when they pass away.
Bad thing to bank on.
Best business advice I've heard Dave give anyone so far. It's always potentially destructive doing business with family, and the parents either not knowing or caring that their business is more of a burden not a gift to their kids would make for a volatile outcome. Hope she understood what Dave was trying to warn her of.
I agree best advice so far
Why would you have to "BUY" the family business?????????????
Exactly, that's not a "family business"
Tclucke part of it is psychology. We have a yuengling plant here and the kids don’t automatically inherit the business. They have to buy into it because they’ll have a stronger sense of ownership and because of that, they’ll hopefully care for the business better.
Dave is right! The whole deal stinks from the start.First, sitting on a million in inventory with $100K a year earnings means two problems. First, they overbought inventory, likely at such high prices, they would have to sell at a loss to get rid of it. Second, they can't turnover the inventory (inventory turns are a common measure in inventory-based business). Even in today's "lean" businesses with "just-in-time" delivery, you must turnover your inventory. Dave sees the two problems, leading to a dying or dead business. Either there is no market for the inventory, or they are trying to charge such high prices to cover their losses that nobody is buying from them. The idea of selling the son and daughter-in-law a dead or dying business, who obviously haven't a clue the of gigantic hole they're about to fall into, maybe never to get out without bankruptcy and a divorce, is just evil. His parents KNOW what they are doing to their own son. Those complaining that Dave doesn't know enough about the business and financial situation haven't grasped the essentials. Listen to this woman's answers; she hasn't the foggiest what she's talking about, and have never seen the financials for the business; likely neither has her husband. The financials would send accountants and bankers running for the hills. Wonder what the parents would say if the son wanted to see the financials on the business; likely "oh, you don't need those son". A business making $100K a year on average cannot survive sitting on a million dollars worth of dusty inventory. Bet the Accounts Receivables are a similar nightmare-unpaid and never going to be paid. Oh, and the Accounts Payable?? Uhh...(crickets). But here Son, and don't worry about ever paying us back. As said in Monty Python and the Holy Grail...RRUUNN AAWWAAYY!!
You're a CPA or a successful business owner. Straight from the shoulder. Your comment should be a Dave Ramsey VOD. Good man. God bless.
This family is sick already. Their parents are trying to make a lifetime of money off of their own children not caring if they go in debt and the children are betting on the parents croking early and all debt is forgiven! Jeeeezus!!!
Business is way overpriced.
I really want a car I can't afford and won't buy it because of the lessons learnt hear but this title just felt personal 😄
If there’s a net profit of USD 100.000, it’s well worth USD 600.000. That’s a rather conservative P/E multiple of 6.
Dave will take folks straight to school. What a boss. I admire his way of going about stuff like this
She doesn’t know what’s going on and is ready to go into 600k of debt cause mommy wants her to
Correction, Mark: her mommy-in-law, honey. ;)
Dave is absolutely right!
Net is way too low.
Dave is very good at business, I learned so much just from this short video
He is spot on !!! Being in a family business myself where our parents hold everything we hold nothing but jobs the talk of selling to us is exactly what he is talking about. They do not want to sell because we are making them money the thought of us making what they make from the business is unheard of.
All I can say is if you can’t buy it straight out from going to the bank etc do not get in debt with family!!!!!!! It will never be enough for them.
I'm skeptical because she wouldn't mention what kind of business it was; something is fishy about that. Also, you and your husband could probably work in dozens of different careers and make a combined $100k a year...without going $600k in debt.
Have they ever been to an equipment auction? All that "shelving and software" is probably worth pennies on the dollar.
I think it’s hard to say the business isn’t healthy without seeing full financials.... and depending on seasonality and aging of inventory, the inventory could be healthy... and depending on the multiplier the cost may be reasonable. Strong stance on not enough info.
the stuff divorces are built on.
Guarantee you the actual value of the inventory is maybe $300,000 at best. The other $700,000 is inventory that is worthless. It's obsolete, discontinued, or unsellable.
It is a dumpster fire .
Reminds me of the movie FARGO
The part where the guy is trying to borrow money from his father in law. LoL.
The caller really has NO clue.
I hope the show sends transcripts or audio/video to these callers, so they can share the conversation with their significant others, because half the problem is often the one who isn't present in the conversation.
This woman has no clue about this book of business. Taking on something you don’t understand 🤦♀️
She's expecting them to pass before paying the money back 🤦♂️
Exactly
No, she's HOPING they pass before paying it all back lol
Totally agree Dave. I hope they reconsidered
She has no idea what’s going on.
Shes going through with it you can tell shes so emotional invested
Just wait a few years and inherit the business. You'll get it eventually anyway so why waste the money
True
For me $100 bucks cc debt, I'm definitely going to rice and beans diet asap.
sell the car
Most people start entrepreneurship by offering services not raising equity and definitely not from family.
Great lessons about small business buying here as well. Mental notes taken 📝
Not a typical call. Spot on advice. Hope she takes it!!!!
Great call. Direct answer that makes sense
If her husband doesn't agree then she needs to get him on the show and Dave Ramsey can clobber him over the head with some good sense.
This is good advice. I dont know if she or her husband will take it but it is available here for them to re-listen to while they mull it over.
All I can say is there is a reason that they get to buy a business for 40% discount. And they are in a rush to pay enough attention to that reason, which is a dangerous decision.
Oo I’m glad she called him. I hope she followed his advice
Family businesses can be attached to a great deal of nostalgia and emotion; the business may have done well in the past, but that will not pay the present bills.
Parents just need to liquidate and call it a day.
She called her mother-in-law after this call and said "You have a deal!!"
I agree 100%. I had an offer from a family member to give me a bridge loan to buy a house once and I thought about for a few days. It was the this hand and that hand situation to me one was a quicker easier loan with approximately the same interest loan to be held by my MIL but if something happened then what? Laid off, hurt, sick one of dies then what? My wife and I chose the the other potion a non family bank and never regretted it at all!
I love how he meticulously adjusts his papers when he’s listening to the caller
Having worked in accounting and finance for 20+ years, I’m constantly being asked why I don’t start my own public accounting firm. My standard reply is that people do some stupid things with their money. I don’t have the patience to mop up the mess. The worse part is occasionally friends and family will ask advice, but turn around and do whatever they want expecting me to magically bail them out of the problem. You have the patience of job. I’d be cursing at half of your callers.
I would like to ask a Question.
I have a large piece of Land (500 acres) in the north country that is paid in full.
I was wondering should I just leave as is. Or Sell.
There is Mineral potential on it Plus I have the Mineral rights to the land.
And I have a Prospector that always bother me buy nickel and dimming me every time
I wish the EveryDollar App would be available in Europe. When I first started listening to your show, Dave, I was so excited to get started with a budget, just to discover that your app isn't available here. Yes, I know, I can budget without the app, but it sounded so promising to have a tool that is proven to work and easy to use. Maybe make it available worldwide? The currency isn't really relevant, as long as the numbers are correct imo.
She's not going to listen to Dave. She's going to do exactly what her husband tells her to do.
I agree it's best to avoid getting involved with family and money, even when it seems like the right thing to do, after all family helps family right. I helped my dad out by cosigning a personal loan from a family friend. When my dad passed I had to pay off the $14K balance. If you can avoid this painful ending to your relationship please do.
2 years later: Hi Dave, we’re bankrupt and being sued by our in laws because they’re bankrupt now as well. Also, we just filed for divorce.
Dave: Beans and Rice, Rice and Beans
🤣🤣🤣
Sell the car
Have you ever looked into how much /US / Canadian/ farm are worth compared to the return?Lots of investment and small profits by ratio.Kids shouldn't owe parents a retirement.
There should be follow up videos to these calls.