If you are curious this guy must own a concrete pump truck. That is the only job that fits his description of a sole-proprietor in concrete making $1800/day. He must have found a sweet spot in his area where there was a lot of demand.
@@xenn4985 i thought they were part of the construction company. I saw it as a part of the “tools and equipment” category. Why would they hire a 3rd party to do it for them? I dont know much about construction but i do own a business and i dont see why the construction companys dont have their own equipment
@@fuse911 because "construction companies" aren't some homogenous conglomerate rolling in cash. Construction is broken up between many different types of contractors. Concrete, woodwork, paint, glass. These are all different companies that are hired by a general contractor who oversees the whole project.
I've met guys like this when I lived in GA. They get unbelievable opportunities, but don't keep track of what their actual business expenses are. Some of them got hurt and couldn't work any more. Some of them got in so much debt they lost everything. They spend every dime, have no emergency savings, no retirement investments, and they will not take any advice. Just listen to how he keeps going back to his initial question and not actually listening to what Dave is saying.
This guy’s biggest nightmare isn’t a recession. That would slow, but not stop his business. But he is running a sole proprietorship in a physically demanding industry. If he gets sick or injured, his income goes to zero on any day he can’t work.
I love this call! He is blessed and I love how he said he ran out of stuff to buy. I love Dave’s answer, to “feel the responsibility of this kind of money and also to be generous”. 🙏thank you.
I’ve been working in the concrete business 5/6 years, it’s a tough gig but those that run the business make a nice sum. He will be fine in a recession for sure, nice to hear how amazed he is he’s doing it and gained the confidence in himself
I’m a UPS driver and deliver daily to a mom and pop concrete truck pumping business. The whole fam drivers brand new Escalades. Looks like they do very well out here in Texas.
One lesson I learned. When you find yourself fortunate enough to make a lot of money, save as much as humanly possible. People tend to assume they will always make that much money and adjust their living standards to meet their income. Give yourself a nest egg for when you have those down years, or you get laid off and need to take a lesser paying job.
@@swagmasterswag12 I’m not poor I have everything I need. My point is this guy has 10x more income than me yet I own a house mortgage free and debt free. This guy needs to get his act together is my point
@@V.Hansen. you get no say in when he retires though. My father is still working at 76. He doesnt need to but it gives him purpose. Mum is furious and hates doing the books.
0:43 You can tell this gentleman at least casually listens to Dave (radio or RUclips) because he started listing his debts quickly. Most people take a LONG time to a) get to what they are trying to say, only for b) Dave or team to ask the important background information that should have been provided in the first place!
Relatively easy to make money however not so easy to keep it!! Listen to Dave plan ahead before illness/accident recesion. No 1 plan asap. Duplicate yourself😊. Employ a good guy...🎉🎉🎉
I love to hear these stories of success. I'm happy for anyone that is able to step out and take the risk and pull off a great business plan then see the reward for their hard work and passion. Congratulations!
Fuel and taxes aren't his only expenses, if they were that is still a lot of money, but I don't think he has as much money as he thinks he does, gross and take home are way different.
He may be a few thousand off but this guy did it right by paying off his equipment, by the sound of it I believe he’s a concrete pump operator… so yea he only pays for fuel and tax… ans insurance
He may run into IRS problems next year, but it doesnt matter. Being able to make that much money is very commendable. People dont realize that Daves callers need help “managing money.” Not “making money.”
lol which goes to say he checked off all the wants and needs now he's thinking ok i dont technically own these cars or this house yet lets do it. Goals.
The first problem was paying off his business equipment (which can be used as depreciation and interest write off). If he had an accountant, he would be "making" $100k per year (or even less), but have much more discretionary income- because less of it would be going to Fed/State taxes. People have a hard time understanding how this is possible- but if he is going to claim $400k on his personal taxes as income, he is going to be paying through the nose in Fed/State taxes (probably close to $200k by the time he includes payroll taxes). He would be much better off paying himself a reasonable salary (say $100k), and paying a total of $35k in taxes- leaving himself an extra $165k for "business expenses"- home office, truck, cell phones, internet, disposable products, paper, printer, computer, cleaning supplies, IRA match, health insurance, etc. Then use the remaining $100k for equipment repairs/upgrades or pay a distribution to himself as needed and get that mortgage out of his way. Of course if he does all of this, he won't be able to brag about making "$400,000 per year". But his wallet would be a lot heavier and he would have more than $60k in his bank account.
I get the feeling he has no idea how much his actual net profit is. He says all he has to pay for is fuel and tax. What about the raw materials for concrete? Insurance? Saving for truck repairs and eventual replacement in a business account?
Yeah it’s strange that he knew enough to save up and buy his equipment cash when he WASN’T making bank, but now that he’s rolling he goes out and gets two car loans? Very confusing lol
1:16 -- worried about car debt without knowing the interest rate on said debt. He said his mortgage has 4.25% interest rate. My savings account is 5.25% interest rate. If his car is even lower at 2-3%, it makes zero sense at all to pay the car off any sooner.
@@lpslancelot05 While they may have changed, a decline in income and a raise in interest rate can cause a real hardship. I've witnessed far too many people get burned on Arms thinking they could "always" refinance. Not true...
Me too. With that kind of money, pay it off today. And pay all other debts. Then you know buy low sell high? Id be buying right now with that kind of money.
That’s where I was baffled. It didn’t make sense that he owes money on his home and cars but not his work equipment. For me at least I would be paying off the house first and then the cars. I would have had the work equipment on loans instead.
This guy didn't call in for help he wanted validation he couldn't contain himself inside without someone reaching over and saying good job from someone he respects which is dave in this instance
Can people who have money never talk about it? He had a legitimate question. He’s never made that much before and didn’t exactly know how to handle it.
He is most certainly facing doubts hence why he has called in. What he really needs is a presentation on finance so that he can start directing him self in the right direction.
Mama should quit her job and work for him. Keep all the energy in the family, for the family! Idk what she would do but she does. She had some ideas. Men and women have different strengths and together they would *crush* it! God bless and be well.
🤨 Comments are little disappointing. Making this much money is commendable, don’t be so negative. Daves callers mostly call in because they need help “MANAGING MONEY,” its not always about “MAKING MONEY.” He makes 400k but only have 60k saved. He didn’t call to boast he called because he clearly sees he is doing something wrong, let him ask for help.
i didn't see too many bad ones. Yeah no this dude is doing better than most of us. His questions were reasonable and his debts are simple in his scenario.
@@chuckytherapper actually he's doing terrible. He thinks he's rich and he's going to end up severely in the red if he doesn't start keeping way better track of expenses. He thinks he has way more money to spend frivolously than he actually does. This is very obvious when he says "all I have for expense is gas". Anyone that's ever owned or managed a business knows this is impossible. I would bet about 70% of that $400k is going towards (or should be going towards) expenses. Sounds like he just pockets the money and spends it on fancy dinners instead. This will all blow up in his face before too long.
He's not going to make $20M. Something will happen within a couple years and he'll be out of business and calling Dave with$500K in debt, IRS problems, and his wife leaving him.
This guy is a stud he was living on beans and rice like the rest of us trying to save, live and pay bills. Wasn’t for him so he took a risk by opening a business now he’s a king only needing to worry about managing his money properly. 🤑 🎉
i want to get into concrete , in in the process of getting my CDL and i have my permit, tanker endorsement and i'm enrolled in school. 3 weeks to go before i take my test ! I plan on learning the skill for a year or two then buying my own truck.
Financial security is great, but at the end of the day our lives are fleeting (you learn this when you or a member of your household gets terrible news from the doctor). It makes little sense to store up money and not live at all just so you can be rich when you're old. Balance is key (don't go crazy and dig a hole, but remember you don't even own your body at the end of the day and live a little).
@@jpii8468 not live at all just so you can be rich when you're old. I would like to add that a lot of people will not have to worry about becoming old.
Depreciation is a non-cash expense so would lower his taxable income (good), definitely can write-off the fuel, insurance, concrete acquisition costs, marketing….dude needs an accountant.
Business owners would be smart to work with a financial professional such as myself to setup employer retirement plan. There is a high cost to put it off, even for just a year.
I have a couple of "rules" for finance- always expect the unexpected, and on a related note, don't assume that the income you're making today will be the same or more in the future. Also, Dave's comment about setting 20 million dollars as a goal seems pretty over the top. I think he could still do very well with a lot less than that.
Yea until his concrete pump breaks and there’s a $30k repair. Unfortunately seems like he’s doesn’t fully have the business/ finance mindset to run that business super efficiently. If I’m him I’m living on my old income of 50k and pocketing the 250k for a few years. After 3-4 years you got the cash to simply cruise with the business
Thats the smart plan. He had his fun. time to save that money and learn how to keep and grow it. Problem is walker hayes got everybody out here goin to Applebee's and bein fancy like that lol.
Fuel is not the only thing he pays. How about insurance? His office rent? Other Business expensive. Dave's and him are mixing business and personal income.
He just keeps flexing “I make $400k a year” “ I make pretty good money now” “I make $1800 a day” I was waiting for him to tell me how much he makes a minute next 😂
I feel him. when you go from making 20K a year barely making ends meet to making huge money 400k-700k a year you want to tell everyone and write a book
@@russiasvechenaya58agreed. I remember what it was like to make $14k in a year. Now that I make 10x that I want to shout it from the rooftops - not bragging, just genuinely can’t believe how lucky I am to be in such a high paying field. I wish it was normal to talk about money and incomes :/
I mean he's proud of the fact. If I went from the 115k a year to 400k a year I'd be acting similar. He doesn't seem like he's saying about this from an arrogant viewpoint but from an excited one.
A Form Carpenter/Finisher can make 26 to 30 a hour, work easily 60 hours a week, and plus get at least 80 bucks a day in per diem. So imagine if they was working for themselves?
I have friends who lived on a reasonable amount (engineer - project manager) and when the tough times hit - as they always do - he was living "normal" and his family thrived. His associates lived like they would earn the same amount and had failed to plan....houses up for sale, cars....it's predictable. Dave is right on this one. Paying off debts is a positive habit - the calm of being able to ride out the storm is a gift. Been there fearing a washing machine breakdown...or car issue...once you have a safety net....oddly enough...things don't breakdown as often :) 😅
That is so true, when I was in debt and financially unstable things were always breaking or costing me money. Now that I am well off thanks to years of hard work and investing, I am looking for things to spend me money on...
This is hard for me because I had to move to asia so I could pay off my student loans Thankfully the cost of living is much lower I make fifteen hundred a month. I can't comprehend making eighteen hundred a day. I'm so thankful that I can live there because I have everything I need I should have my student that paid off in about 14 months I've just ever seen that kind of money.
Redneck Rich lol Yeah I used to live in Fargo North Dakota and concrete work was constant. The city is expanding so that's the reason. This type of work takes a long time and costs a lot of money its usually paid for by companies, businesses or the city. Less often by single home families or individuals. In Fargo there was constant big projects I've done apartments, neighborhoods, and city parks. They all need basements, sidewalks, driveways, streets and foundations. The construction companies get paid the day they actually pour the concrete so everything until that day is just setting up where the concrete will be permanently like playing with giant Legos.
And from the sounds of it, he will be owing some heavy back taxes that he didn't even know he was supposed to be paying by the time this is all said and done.
He says he only pays taxes but there is at least insurance and maintenance to be paid. Hopefully he gets with a good cpa or someone to help him with business admin stuff.
As a business owner, don't pay off the house fast. it saves money to pay for it and have it as a tax deduction. I did not have this when I opened a business and it hurt me bad. deductions are so important. especially if you are making 400k as a self employed person.
Sounds like he drives a concrete truck, I hope he has a huge amount of insurance and a backup driver if he gets sick or injured and can’t drive. Plus maybe a backup truck just parked in case the main truck breaks down or at least an agreement to rent one.
He is businessman that probably deals in cash. He states that income is after taxes and fuel which are his two primary costs. He probably spent the excess on living, retooling business and may even offer localized discounts on jobs. What people do not understand is the guy probably works every spare hour he has.
Just bc the business equipment is paid for doesn't mean it shouldn't be tracked. At some point the equipment will need to be used beyond its service life. If that's not accounted for... i call it recapturing the expense... then the day to buy newer equipment will hit you like a ton of bricks.
“I make very good money.” It doesn’t matter how much you make it’s how much you save. 6OK in the bank? You should have a quarter of a million. Wake up buddy. You sound like you’re afraid of being wealthy so you blow it. Renew your mind.
He started the business a year ago. He made about $400k before fuel and taxes. After taxes, he'd net about $270-$275k. He spent $150k on equipment and saved $60k. So, he's got about $60k-$65k left. And, he made a down payment on a house. How the heck could he have saved $250k? $400k is a lot of money, but after taxes it's not much more than the $250k you think he should have saved.
this is a business and he's had a few good years,,,but anybody with a business knows the storm is coming...live on way less than you make and be prepared for the storm..if it never comes great !!
I just want to know what he's doing...sounds like he's got a concrete pumping contractor just pumping concrete for various concrete contractors. Well done!!! So inspirational and Dave always have such practical advice.
![Blox Fruits Dragon Rework Update [Full Stream]](http://i.ytimg.com/vi/EqDAp8udhm0/mqdefault.jpg)
Best comment I have ever heard on this show... " I ran out of stuff to buy" actually had Dave laughing
If you are curious this guy must own a concrete pump truck. That is the only job that fits his description of a sole-proprietor in concrete making $1800/day. He must have found a sweet spot in his area where there was a lot of demand.
I didnt know you can own one of those.
@@fuse911 why wouldn't you be able to own one?
@@xenn4985 i thought they were part of the construction company. I saw it as a part of the “tools and equipment” category. Why would they hire a 3rd party to do it for them? I dont know much about construction but i do own a business and i dont see why the construction companys dont have their own equipment
@@fuse911 because "construction companies" aren't some homogenous conglomerate rolling in cash.
Construction is broken up between many different types of contractors. Concrete, woodwork, paint, glass. These are all different companies that are hired by a general contractor who oversees the whole project.
@@xenn4985 makes sense. I just thought itd be more profitable for the company if they had their own stuff but youre right it gets expensive lol
“I ran out of things to buy”🤣🤣🤣🤣
I've met guys like this when I lived in GA. They get unbelievable opportunities, but don't keep track of what their actual business expenses are. Some of them got hurt and couldn't work any more. Some of them got in so much debt they lost everything.
They spend every dime, have no emergency savings, no retirement investments, and they will not take any advice.
Just listen to how he keeps going back to his initial question and not actually listening to what Dave is saying.
I live in Oklahoma. People have no idea how common this is.
Easy come, easy go.
how common is it that people get hurt? especially in concrete pumping? its a pretty tough job
I think he just wanted to boast. I'd love to have his "problem".
You're absolutely right. He also sounds like he's scatter-brained and full of himself. Chortling and blowing up each word as he talks.
This guy’s biggest nightmare isn’t a recession. That would slow, but not stop his business. But he is running a sole proprietorship in a physically demanding industry. If he gets sick or injured, his income goes to zero on any day he can’t work.
Which industry is it?
@@twincherry4958 Construction, specifically concrete
@@rachelharrison7961 just drive the truck or what does he do?
He probably has a concrete pumping truck. $1800 a day sounds about right to hire a pump truck.
Aflac
He needs to adopt the business savvy into his personal household savvy. What an inspiration! " If you think you CAN, you WILL "
I love this call! He is blessed and I love how he said he ran out of stuff to buy. I love Dave’s answer, to “feel the responsibility of this kind of money and also to be generous”. 🙏thank you.
Why does he have to be generous?
I hope this guy gets a good accountant and a good financial planner. I hope this guy gets some good people in his corner.
I’ve been working in the concrete business 5/6 years, it’s a tough gig but those that run the business make a nice sum. He will be fine in a recession for sure, nice to hear how amazed he is he’s doing it and gained the confidence in himself
Hi Ben!
Is your business Platinum?
I’m a UPS driver and deliver daily to a mom and pop concrete truck pumping business. The whole fam drivers brand new Escalades. Looks like they do very well out here in Texas.
Glad the dude never got to fully ask his question, he almost managed to do exactly what this show is intended for.
One lesson I learned. When you find yourself fortunate enough to make a lot of money, save as much as humanly possible. People tend to assume they will always make that much money and adjust their living standards to meet their income. Give yourself a nest egg for when you have those down years, or you get laid off and need to take a lesser paying job.
At 7:21 Dave mutes caller lol Also, guess who just ordered Concrete supplies on Amazon!!! : o P
This dude earns 10x what I earn but I am debt and mortgage free
So you rent?
You are AWESOME! I"M DEBT FREEEEEE!
@@DLIX2DCLI no I own my house .
@@swagmasterswag12 I’m not poor I have everything I need. My point is this guy has 10x more income than me yet I own a house mortgage free and debt free. This guy needs to get his act together is my point
@@andielliott7721 feels good
I don’t know what his wife does, but if I was her I’d become a cpa real quick and take care of this business taxes.
She is a dancer.
If you do your husbands books you never get to retire. He can afford an accountant.
@@AngieMcdonald-fu9nh don’t you retire at least when he quits/ retires?
@@V.Hansen. you get no say in when he retires though. My father is still working at 76. He doesnt need to but it gives him purpose. Mum is furious and hates doing the books.
@@AngieMcdonald-fu9nh well she has say in when she retires. Let him find someone else to facilitate his purpose. Not her problem he is one dimensional
Love the mentality, thanks Dave and Ken God bless Chris!!!
Not t many people percentage wise make what he makes ever! Well glad for him because he should have more choices that others.
0:43 You can tell this gentleman at least casually listens to Dave (radio or RUclips) because he started listing his debts quickly. Most people take a LONG time to a) get to what they are trying to say, only for b) Dave or team to ask the important background information that should have been provided in the first place!
Relatively easy to make money however not so easy to keep it!!
Listen to Dave plan ahead before illness/accident recesion.
No 1 plan asap.
Duplicate yourself😊. Employ a good guy...🎉🎉🎉
"I ran out of stuff to buy" 🤣
I liked that line too. 🤭
Loved the way he pronounced "buy!" 😅
I love to hear these stories of success. I'm happy for anyone that is able to step out and take the risk and pull off a great business plan then see the reward for their hard work and passion.
Congratulations!
Fuel and taxes aren't his only expenses, if they were that is still a lot of money, but I don't think he has as much money as he thinks he does, gross and take home are way different.
I agree. He seems oblivious as to how to be self-employed (with regards to expenses).
He may be a few thousand off but this guy did it right by paying off his equipment, by the sound of it I believe he’s a concrete pump operator… so yea he only pays for fuel and tax… ans insurance
@@MartinMartinez-mp1bw I have never met a concrete pump owner make 400k but good on him
He may run into IRS problems next year, but it doesnt matter. Being able to make that much money is very commendable. People dont realize that Daves callers need help “managing money.” Not “making money.”
Or he has workers that he pays under the table 🤔 something sounds off... No supply cost either?
He said, "Honestly I ran out of things to buy." lol
lol which goes to say he checked off all the wants and needs now he's thinking ok i dont technically own these cars or this house yet lets do it. Goals.
Absurd statement...sounds like he needs to start being generous.
"I'm not talking about live in a cave and collect lint." 😆
This guy needs a good accountant; he is playing with fire mixing business with personal.
A sole proprietorship doesn't require as much separation. Anything he doesn't have a deduction for is taxable income.
That’s good advice. A good accountant will make sure he has categories for needed spending. Not just a tax guy, but a real serious accountant
@@paulmvn5431
He most certainly needs to separate out the business from personal. He is on a crash course.
The first problem was paying off his business equipment (which can be used as depreciation and interest write off). If he had an accountant, he would be "making" $100k per year (or even less), but have much more discretionary income- because less of it would be going to Fed/State taxes. People have a hard time understanding how this is possible- but if he is going to claim $400k on his personal taxes as income, he is going to be paying through the nose in Fed/State taxes (probably close to $200k by the time he includes payroll taxes). He would be much better off paying himself a reasonable salary (say $100k), and paying a total of $35k in taxes- leaving himself an extra $165k for "business expenses"- home office, truck, cell phones, internet, disposable products, paper, printer, computer, cleaning supplies, IRA match, health insurance, etc. Then use the remaining $100k for equipment repairs/upgrades or pay a distribution to himself as needed and get that mortgage out of his way. Of course if he does all of this, he won't be able to brag about making "$400,000 per year". But his wallet would be a lot heavier and he would have more than $60k in his bank account.
The guy is a bonehead. Drunk on his own success, he'll be calling Dave back in 5-10 years complaining how he lost it all...
I love when Dave hits that mute button.
Yea, that guy wasn’t practicing good podcast etiquette. Constantly mumbling and interrupting the host of the show degrades the quality of the show.
He always does that and I hate it. It's not polite to not say goodbye to the person, let them thank him, and then continue his thoughts.
No professional licensing fees, no vehicle maintenance costs, no business or vehicle insurance, etc,etc??
Where does he park the cement truck?
this is what I was thinking... their is always more to owning your business than just gas... PERHAPS he didn't think all this through yet... ??
on his property
Probably not insured.
"Honestly, I ran outta stuff I can buy" 😂😂
So glad he bought his equipment with cash!
Dave got into character when he ended the call with "get er done" lol
Dude needs to invest in a couple of community college classes on Finance, Accounting, and Economics. He is walking a tightrope.
lol, no hes not. what are you talking about? his income massive compared to his debts
Yeah, what the heck? 400k cash flow and from the sounds of it >5% operating expenses
I get the feeling he has no idea how much his actual net profit is. He says all he has to pay for is fuel and tax. What about the raw materials for concrete? Insurance? Saving for truck repairs and eventual replacement in a business account?
@westonhemperley5289 making 400k he should have money in the bank.
@@blondy2061hbecause all he probably does is pump the concrete. It's probably already paid for
This guy is disciplined when it comes to paying off tools for his job but is sloppy with his car debt and play money. I don’t understand it
He just a working dude, don't know how to manage money.
That is why the title to the video includes, "living Redneck Rich".
Those tools make him money
Hope his wife gets on board with the finances and they work together to get them ship shape.
Yeah it’s strange that he knew enough to save up and buy his equipment cash when he WASN’T making bank, but now that he’s rolling he goes out and gets two car loans? Very confusing lol
He's gonna be "redneck poor" if he doesn't take care of his finances.
LOOL
😆😆😆 That was Funny!!!👍
Foreal
Something tells me he doesn't understand things like taxes, insurance, investments, and so forth.
🥱😭😭😭😭😭😭
Somehow I get the impression that a "fancy dinner" for this guy is eating at Red Lobster or Olive Garden, lol.
God bless him 😄
In Tennessee? No, they have great food there.
Hendersonville is right outside of Nashville I bet he's fancier than that 😁
🤣🤣🤣he can't manage his money making all that money and have a 60 grand car loan that's so smart .
Dang Troy. You must be phancier
1:16 -- worried about car debt without knowing the interest rate on said debt. He said his mortgage has 4.25% interest rate. My savings account is 5.25% interest rate. If his car is even lower at 2-3%, it makes zero sense at all to pay the car off any sooner.
Stop
this is the longest dave went without muting someone
People tend to think their jobs and businesses are sustainable. Often they aren't when the tide goes out. I'd be getting rid of that 5/1 arm ASAP!
For sure! Pay off that house assp
ARMs have caps, they aren’t balloons like in 08’, nothing to be scared of.
Paying off a house with high inflation is rather silly
@@lpslancelot05 While they may have changed, a decline in income and a raise in interest rate can cause a real hardship. I've witnessed far too many people get burned on Arms thinking they could "always" refinance. Not true...
Me too. With that kind of money, pay it off today. And pay all other debts. Then you know buy low sell high? Id be buying right now with that kind of money.
That’s where I was baffled. It didn’t make sense that he owes money on his home and cars but not his work equipment. For me at least I would be paying off the house first and then the cars. I would have had the work equipment on loans instead.
Honestly I ran out of stuff to buy .
I can tell then I rang Dave. Love it
I clicked to see what “redneck rich” means 🤣
Same 😂😂
Me too
Spending every dime you make as fast as you make it.
Its similar to hood rich
Dave, you never even let this brother ask his question 😂 On a serious note tho: I need to look into this concrete grind.
Concrete can get you retired in 10 yrs
I have heard of this before, but we always called it something other than "redneck" rich.
This guy didn't call in for help he wanted validation he couldn't contain himself inside without someone reaching over and saying good job from someone he respects which is dave in this instance
Jealous much
Can people who have money never talk about it?
He had a legitimate question. He’s never made that much before and didn’t exactly know how to handle it.
strongly disagree
@@johnmeehan7884 It's envy not jealousy.
He is most certainly facing doubts hence why he has called in. What he really needs is a presentation on finance so that he can start directing him self in the right direction.
Inspirational.. within a year and he’s making nearly 500K. Dope!!
Definitely!
How is he doing it as a one man business in concrete?
I think he called in just so he can say the term "redneck rich" over the air lol.
Dave is so funny when he gets mad about guys making tons of money and being terrible with it.
Mama should quit her job and work for him. Keep all the energy in the family, for the family! Idk what she would do but she does. She had some ideas.
Men and women have different strengths and together they would *crush* it!
God bless and be well.
🤨 Comments are little disappointing. Making this much money is commendable, don’t be so negative. Daves callers mostly call in because they need help “MANAGING MONEY,” its not always about “MAKING MONEY.” He makes 400k but only have 60k saved. He didn’t call to boast he called because he clearly sees he is doing something wrong, let him ask for help.
i didn't see too many bad ones. Yeah no this dude is doing better than most of us. His questions were reasonable and his debts are simple in his scenario.
@@chuckytherapper actually he's doing terrible. He thinks he's rich and he's going to end up severely in the red if he doesn't start keeping way better track of expenses. He thinks he has way more money to spend frivolously than he actually does. This is very obvious when he says "all I have for expense is gas". Anyone that's ever owned or managed a business knows this is impossible. I would bet about 70% of that $400k is going towards (or should be going towards) expenses. Sounds like he just pockets the money and spends it on fancy dinners instead. This will all blow up in his face before too long.
"A good problem to have" haven't heard that in awhile 😂
'I ran out of things to buy' is my favorite 😅
Just a little bit more discipline and this guy’s gonna be set for life. Get those cars paid off ASAP.
or sell and buy by the end of this year with 50% discount
Meh, I'm sure the interest is low. Focus on the mortgage.
Thanks for the wisdom Karac Ramsey 😅😅
Why do you think there will be an end of year discount
@@seanjean9677 em... repossession is booming from what I heard, people can't keep up with the payments after stimulus ran out
Dave is spot on. He needs to pay off all his debt and build a really, really nice cushion. 20 million sounds about right.
Why would you need that much money? It's more trouble than it's worth.
@@lindahigh6974to buy real estates
@@lindahigh6974 to get some booty every night for the rest of his life
He's not going to make $20M. Something will happen within a couple years and he'll be out of business and calling Dave with$500K in debt, IRS problems, and his wife leaving him.
Incredible generosity to myself, yes.
I love how he just casually hangs up on people without any fanfare, and then just keeps on talking as though they're still on the line. 🤣
This guy is a stud he was living on beans and rice like the rest of us trying to save, live and pay bills. Wasn’t for him so he took a risk by opening a business now he’s a king only needing to worry about managing his money properly. 🤑 🎉
i want to get into concrete , in in the process of getting my CDL and i have my permit, tanker endorsement and i'm enrolled in school. 3 weeks to go before i take my test ! I plan on learning the skill for a year or two then buying my own truck.
update : i padded my test !! im officially a CDL holder !! 💪🏾
If I was this dude I wouldn't HAVE any debt anymore lol I value financial security far more than materials and fancy dinners
Financial security is great, but at the end of the day our lives are fleeting (you learn this when you or a member of your household gets terrible news from the doctor). It makes little sense to store up money and not live at all just so you can be rich when you're old. Balance is key (don't go crazy and dig a hole, but remember you don't even own your body at the end of the day and live a little).
Right… 😂
@@jpii8468 not live at all just so you can be rich when you're old. I would like to add that a lot of people will not have to worry about becoming old.
@@rcas350pilot8 No doubt.
Most people will spend more if they make more.
It's all about managing your money well, with discipline.
What about being adequately and fully insured?
This guy doesn’t fully understand his expenses. He’s got more than fuel, he’s got capital depreciation, maintenance, repairs…
Insurance
Exactly
Depreciation is a non-cash expense so would lower his taxable income (good), definitely can write-off the fuel, insurance, concrete acquisition costs, marketing….dude needs an accountant.
@@will9134 I agree the upside of some of this is he is probably overpaying taxes. The downside is he has no system for his capital costs
He is livng now not for the future hence the call.
Business owners would be smart to work with a financial professional such as myself to setup employer retirement plan. There is a high cost to put it off, even for just a year.
Depreciation on his gear is going to kill him when it breaks and needs replacing. Need to accrue for that
“I ran out of things to buy” (then I called Dave)! 🤩
I have a couple of "rules" for finance- always expect the unexpected, and on a related note, don't assume that the income you're making today will be the same or more in the future. Also, Dave's comment about setting 20 million dollars as a goal seems pretty over the top. I think he could still do very well with a lot less than that.
Yea until his concrete pump breaks and there’s a $30k repair. Unfortunately seems like he’s doesn’t fully have the business/ finance mindset to run that business super efficiently. If I’m him I’m living on my old income of 50k and pocketing the 250k for a few years. After 3-4 years you got the cash to simply cruise with the business
Exactly… he’s a pump owner/operator
Thats the smart plan. He had his fun. time to save that money and learn how to keep and grow it. Problem is walker hayes got everybody out here goin to Applebee's and bein fancy like that lol.
I was in concrete. He is headed for disaster lol.
Fuel is not the only thing he pays. How about insurance? His office rent?
Other Business expensive.
Dave's and him are mixing business and personal income.
Almost seems like hes not paying his taxes, and not accountung for any equipment repair/replacement expenses
Dave did not. He asked him three times
It sounds like a business that involves driving and he does it sole. Minimal overhead expenses
$400K is probably his gross sales. That's why he still has car debt and only $60K saved.
@@grod805 No. He asked how much he makes. Not how much is he paying himself.
Good for Chris man he's owning!
He just keeps flexing “I make $400k a year” “ I make pretty good money now” “I make $1800 a day” I was waiting for him to tell me how much he makes a minute next 😂
I feel him. when you go from making 20K a year barely making ends meet to making huge money 400k-700k a year you want to tell everyone and write a book
$3.75 per minute on an hour day!
@@russiasvechenaya58agreed. I remember what it was like to make $14k in a year. Now that I make 10x that I want to shout it from the rooftops - not bragging, just genuinely can’t believe how lucky I am to be in such a high paying field. I wish it was normal to talk about money and incomes :/
I mean he's proud of the fact. If I went from the 115k a year to 400k a year I'd be acting similar. He doesn't seem like he's saying about this from an arrogant viewpoint but from an excited one.
Only expense is fuel and taxes? I gotta know more about this guys business model. (skeptical he knows what he is paying for)
I'm familiar with the industry and his numbers don't make a lot of sense. Maybe if he worked 80 hours a week and had some contractors working for him.
A Form Carpenter/Finisher can make 26 to 30 a hour, work easily 60 hours a week, and plus get at least 80 bucks a day in per diem. So imagine if they was working for themselves?
Don’t throw anything extra at your mortgage. Buy more real estate in great locations and rent them out.
This guy likes to hear himself talk
Well the voice is delicately smooth and RICH.....
Such an amazing woman omg every time I see her sit across from her ex I burst into tears remembering my love
This call is hilarious. 😆😆😆
I have friends who lived on a reasonable amount (engineer - project manager) and when the tough times hit - as they always do - he was living "normal" and his family thrived.
His associates lived like they would earn the same amount and had failed to plan....houses up for sale, cars....it's predictable. Dave is right on this one.
Paying off debts is a positive habit - the calm of being able to ride out the storm is a gift. Been there fearing a washing machine breakdown...or car issue...once you have a safety net....oddly enough...things don't breakdown as often :) 😅
That is so true, when I was in debt and financially unstable things were always breaking or costing me money. Now that I am well off thanks to years of hard work and investing, I am looking for things to spend me money on...
A have a friend who does construction, he has been rich and dead broke multiple times. Don’t get comfortable!
He said he makes 1800 a day that’s sick
it's hard work and i am pretty sure he bust his chop everyday to make this killing.
@@grantguy8933 not all hard working jobs pay like that lol
1800 wonder wat he does
When he said 1800 a day, i almost choked.
This is hard for me because I had to move to asia so I could pay off my student loans
Thankfully the cost of living is much lower
I make fifteen hundred a month.
I can't comprehend making eighteen hundred a day.
I'm so thankful that I can live there because I have everything I need
I should have my student that paid off in about 14 months
I've just ever seen that kind of money.
Redneck Rich lol Yeah I used to live in Fargo North Dakota and concrete work was constant. The city is expanding so that's the reason. This type of work takes a long time and costs a lot of money its usually paid for by companies, businesses or the city. Less often by single home families or individuals. In Fargo there was constant big projects I've done apartments, neighborhoods, and city parks. They all need basements, sidewalks, driveways, streets and foundations. The construction companies get paid the day they actually pour the concrete so everything until that day is just setting up where the concrete will be permanently like playing with giant Legos.
I love the " ran out of things to buy line".
If this guy is not more Careful he will be like old NFL stars broke and wondering where all the money went.
And from the sounds of it, he will be owing some heavy back taxes that he didn't even know he was supposed to be paying by the time this is all said and done.
Living off 100k with a family will take discipline with this inflation.
Not at all.
I know a few concrete guys but I don’t know any that can do it alone. That just doesn’t make sense to me.
He says he only pays taxes but there is at least insurance and maintenance to be paid. Hopefully he gets with a good cpa or someone to help him with business admin stuff.
This guy shoulda payed cash for everything. He can get sick or injured. All this debt up front is crazy
I'd rather have a car loan and cash in the bank for an emergency.
As a business owner, don't pay off the house fast. it saves money to pay for it and have it as a tax deduction. I did not have this when I opened a business and it hurt me bad. deductions are so important. especially if you are making 400k as a self employed person.
Sounds like he drives a concrete truck, I hope he has a huge amount of insurance and a backup driver if he gets sick or injured and can’t drive. Plus maybe a backup truck just parked in case the main truck breaks down or at least an agreement to rent one.
I need to buy a concrete truck and start that business. What on earth is a concrete truck?
@@twincherry4958 It's one of those trucks with the big round cylinder on the back that spins around.
@@twincherry4958 it delivers concrete
Or a concrete pump operator…
Concrete pump business
I’m always amazed how people in business don’t know their numbers
What about Insurance?
Maybe he pays them yearly.
He is businessman that probably deals in cash. He states that income is after taxes and fuel which are his two primary costs.
He probably spent the excess on living, retooling business and may even offer localized discounts on jobs.
What people do not understand is the guy probably works every spare hour he has.
this guy is awesome!!
Does he transport drugs? Fuel is his only expense.
Concrete. I think he said he bought it at a previous time.
@@stevenporter863 Probably means concrete shoes because he's in the mafia.
There a big difference between adjusted gross and net income when your self employed
He forgot to tell you about the Drug problem
Shhhhhhhh
Just bc the business equipment is paid for doesn't mean it shouldn't be tracked. At some point the equipment will need to be used beyond its service life. If that's not accounted for... i call it recapturing the expense... then the day to buy newer equipment will hit you like a ton of bricks.
“I make very good money.” It doesn’t matter how much you make it’s how much you save. 6OK in the bank? You should have a quarter of a million. Wake up buddy. You sound like you’re afraid of being wealthy so you blow it. Renew your mind.
He is not afraid. As he said he ran out of stuff to buy. He was being careless. I would kill my spouse if he acted like this ugh.
He started the business a year ago. He made about $400k before fuel and taxes. After taxes, he'd net about $270-$275k. He spent $150k on equipment and saved $60k. So, he's got about $60k-$65k left. And, he made a down payment on a house. How the heck could he have saved $250k? $400k is a lot of money, but after taxes it's not much more than the $250k you think he should have saved.
This dude should’ve paid the house ASAP or lower the bill first before he went Ballin’ outta control & then paid the cars & then live large.
'I run out of stuff to buy!'. 😆
I swear some people just call to gloat or flex their income. Brah, you make 400k/yr. It's not hard to figure out your small debt issues.....wtf....
this is a business and he's had a few good years,,,but anybody with a business knows the storm is coming...live on way less than you make and be prepared for the storm..if it never comes great !!
Great job!!!!
Other brother over there thinking, dayyummm concrete….. ? See ya
I just want to know what he's doing...sounds like he's got a concrete pumping contractor just pumping concrete for various concrete contractors. Well done!!! So inspirational and Dave always have such practical advice.
He needs more than what Dave said...he needs insurance and budget and a fiduciary and a team to PLAN.
I wish i could skate a gnar bowl with poppa dave 😢
This guy's awesome 😁