I started watching this show in January since then I completely paid off my 2020 Honda civic. I stay on top of the maintenance. I’ve also paid down my two credit cards. I officially have zero debt. I’m now back in school using my GI Bill to become a Physician Assistant. I grew up poor and heard my parents complain about bills all the time. I refuse to live my adult life that way. Most of my family is financially illiterate, I won’t be the same.
He will learn and it will NEVER happen again! (If he’s wise going forward) I truly believe he can bounce back. Dave did you just will have a couple of not fun yrs.
and? not long ago the average age of mothers was 18, meaning 50% had kids when they were under age 18... i agree that its sub-optimal that she is 23 or less and already has a kid with a failed relationship, but its not weird for a 23 or less year old to have kids. the fact that women are choosing careers and waiting until 30 to have kids, or never is why america has a 1.6 birth rate and 2.1 (really 3) is needed to keep growing society. because of this we are importing 10's of millions of 3rd worlders as a band-aid just to keep the SS system going long enough for the boomers to die out. HAVE KIDS YOUNG, OR BE CONQURED BY THE 3RD WORLD... every single 1st world country has low birthrates because of abortion/birth control, clearly women choose cultural death when they have the option. because of that every 1st world country is turning to 3rd world mass migration and cultural destruction
I had a general contractor try to do this to us on our 2nd home- found out he was having money problems so I paid each sub myself. They were glad to get paid & I was glad they couldn't put a lein on my new house for non payment. This guy basically stole his customers money! Could cause him his license & some hefty fines!
His problem is accounting ignorance. He was recognizing the full payment as revenue which it was not. Made him think his company was doing way better than it actually was.
My late husband and I bought 8 houses from a well known builder in our town. He didn’t finish 4 of the houses and left us with more than $250 thousand dollars in liens on those houses. He stole from other customers too and took the entire life savings from a couple in their 80’s and left them homeless. We found out that he had done the same thing under a different company name some years before that to other people too. Nobody was able to put him out of business because they couldn’t afford to take him to court, but we could. So we got his business license revoked and had his big fancy house auctioned off and the money distributed to the people he ripped off, but we personally only recovered $2900. We couldn’t let him continue to do this to people. Thank God we had the money to pay off the liens and finish building the houses. Unfortunately, others weren’t as fortunate. This thief didn’t even get one day in jail though, but his name is tarnished forever in our small city.
It's probably higher than that. People don't budget for downturns and then they blame the market for their business failing. Downturns are part of running a business long term, they happen 100% of the time to everyone and you need to budget for them. All the guys I know who have lasted decades budget for their worst years.
Same, I won't even borrow for a car, it's just not worth being in debt. If you get laid off or have periods of not enough work you don't want those car payments. Also long term people miss out on compound interest which is the majority of your retirement when you get older. Instead they buy cars they can't afford.
Bought my first car, new hatchback, 21k. After watching these videos my wife and I saved and bought it outright with cash. For the past week all I heard from friends and family was - why, why, why? Have stopped explaining the finances of it. Got so tired.
Never complain and never explain. Be proud of your hatchback. It's yours. The only two people in the world that need to be impressed with it are your wife and yourself. Eight billion other people can go and ride a donkey... If they can afford it. And 4 out of 5 people in the world can't. Well done!
Sounds like those people are accustomed to being in debt. It's a way of life for them. Congratulations! You own the car you wanted outright with nothing held over your head. Quite a feat to be able to slap down $21K in cash and walk out with the car the same or next day. Heck yeah! Go You!!!
This is what I love about Dave Ramsey. Over eight minutes breaking down this business situation then offers his help, especially given there is a baby involved. Pure class!
Yeah, it's a real struggle. With the rising housing prices and stagnant wages, it's becoming increasingly difficult for many to afford homes, let alone save for retirement.
It's a vicious cycle. If people can't afford homes, they might delay retirement savings, but if they focus solely on saving for retirement without considering their housing situation, they might miss out on potential investment opportunities.
And let's not forget how the global economy plays into all of this. Economic instability, inflation, and market fluctuations can further complicate matters and add to people's financial worries.
It's crucial for individuals to diversify their portfolios, seek professional financial advice, and stay informed about market trends to navigate these challenges effectively.
A 25 year old was in charge of my build through Goodall Homes. Ill tell you right now, Ive never seen someone in charge with so little authority and inability to be a boss, it was mind blowing. A yes man, apologizing for everything, wanted the guys he was in charge of to like him so he never gave them strict orders. It was a dam mess. And this dude was """ in charge""" of building around 40 homes. The KID in charge of the other 30 or so...younger and so green, he didnt even have enough confidence to speak loudly and clearly when you would talk to him.
@@greggpurviance7252 Even if this guy was building houses since he was 14 with his dad, i don't see how this is possible to scale like this without a lot of money or help. 98% of people wouldn't work with a 23 year old builder.
@@compendiousperspicacity Imagine you get hired for a job. You can't do it yourself so you hire 4 other guys who specialize in other areas to finish the job. Customer pays you $1,000. The 4 other guys have to get paid $600 of those dollars. So in reality you made $400 as revenue. This caller was recognizing the $1,000 as money his company made when it should have been $400. So he owes the other 4 guys money and since he can likely not pay them these 4 guys that haven't gotten paid will put a lien on the job/house putting the responsibility on the homeowner who will likely sue him.
I made the same face when he said 23YO. In over his head in this business and got a single mother pregnant. Brother! This is a rough start to life. Smh. Hope he atleast turns the business around. Sounds talented.
Me and my wife built a custom home in 2022. Our GC was phenomenal with paying subs and taking his draws during each phase. Best part of it is he only charged a flat fee of 32,500 .
Tried to run before he learned to walk. He needs to learn how to keep books and run his business, or once he gets back to scale hire someone to do it for him.
Mistake one was dating a single mom. Mistake two was getting her pregnant. He needs to file bankruptcy and go back to swinging a hammer for someone else. Hopefully he can stay married and not end up paying child support for two kids. One of which isn’t even his.
It's not a "mistake" to date a single mom. It's a lack of proper judgment/discernment to "broad brush" a certain group of people, and especially casting judgment without taking a look at yourself first. He needs to get his act together since he is after all the leader.
@@sherriewoods8015no, it is. If you have a son, and he can marry two women who are equal, one has a child and the other doesn't youre taking the childless one. You don't know anything about the risks of being a man, with a large lifestyle marrying a woman who literally has poor judgement.
@@joshualambert8346 No. It isn't a mistake. You marry the woman you love whether she has a kid or not. I have seen it happen multiple times. If the man loves the woman with the child, he will marry the woman with the child. There can be risks marrying the childless woman who "literally has poor judgment." I have seen that happen too. Exactly, what are the risks of being a "man" when you are clearly taking the path of least resistance? Children come with marriage. A large lifestyle? It sounds arrogant and immature. All have sinned, and fall short of the glory of God.
@sherriewoods8015 there are risks with both, that is correct. I find it is only women who have trouble understanding the previous comparison. To insinuate that a single mother might not be as good as one who isn't, is offensive to a sex that sees resource production as part of human attraction. I'm not saying this women across 37 different cultures are saying this when interviewed by Dr Buss. I'd bet my left arm when his business fails, she is gone. It's a large predictor of divorce. This is advice for the man in this situation. Not you. The large lifestyle is the business. He has a lot of responsibilities, the last thing he needs is to be responsible for the child of another man. I'm not 23. I've dated a number of single moms, it's not advisable. They're rarely worth it, and always come with more baggage. How many single moms have you dated? Tell us more about your experience dating them. You don't get to discount men's real life experience because of your feelings.
@@joshualambert8346 Do you rate single fathers on the same scale of importance as you do single mothers? Resource production? All women produce, even if they don't work. Unfortunately, if a man doesn't work (similarly to this guy who doesn't know his business) are useless. God told the man in Genesis he needed to work and tend the garden, not maintain a larger than life attitude for pseudo business/work. He's intended to "provide." I also wouldn't assume this particular woman would leave him any more than any other woman would...marriage is not based on money. According to God, "Husbands, love your wives..." If you did, you probably wouldn't run in to so many issues with women. It seems to me women bear most of the risk, especially the single mothers that dated you. What were you doing to help them instead of just rating their worth when you have a beam in your eye and are part of the problem? Think for a second, why would you date "a number of single mothers" if they are so deplorable in your eyes? A "real businessman" would conduct himself with integrity and be kind and wouldn't endeavor in such "high-risk" behavior since after all you are dealing with stock that does not have much value (however, not true)? God never intended men to date a plurality of women but to get married. Contemplate how well that has worked for you Mr. larger than life. "Whoso findeth a wife findeth a good thing." Plural women, plural wives never works... God says "For if a man think himself to be something, when he is nothing, he deceiveth himself..." And as far as comparison, God says, "For we dare not make ourselves of the number, or compare ourselves with some that commend themselves: but they measuring themselves by themselves, and comparing themselves among themselves, *ARE NOT WISE*. Widows (single women) and the fatherless are very special in the sight of Almighty God, Creator. I would be very careful how you treat them because if they cry out, He will wax hot. That is Biblical! You could find yourself in a worse position. Worldly wisdom is foolishness with God. That is sanctified common sense, not emotion. Instead of creating experiences that you regret, start seeking wisdom.
Entrepreneurship almost always fails if someone doesn't have experience in the industry. I'm an accountant and I wouldn't imagine trying to start my own firms without working for another one first.
I had a roofing company do a job for me and apparently they just noped out on their suppliers and ran, much like this. I had already paid the guys and the vendors came sniffing around to try and sequester their payment from the job. I don't think they ever put a lien on me though since I was able to sell the house a few years later.
There was 1/4 of a neighborhood who was built by a contractor by me that used this guys business model. Huge new houses with grand plans..20yrs later the 1/4 of the house that where built have been wrapped up in the legal system so long there teardowns and the neighborhood has had a closed gate for about a decade.
Happens more than you would expect... Probably many larger cities have the exact same thing in an area where some actually have the exterior wrapped with the sheeting and then just sits there for years going to waste
@diersirrigation You must be unfamiliar with construction. Unless it’s a spec, which they were not, the homeowner gets the loan. The GC orders materials from vendors on credit then pull a draw from the homeowners construction loan using subcontractors invoices, materials etc.. He wasn’t paying his vendors or subs with the draws it seems. Most likely making payroll and trailer loan payments. IMO
no sense of money management and having a baby your not married to yet, that's what happens when you try to grow up too fast. He should have worked for someone to see how it works for a couple years.
Considering a young mid income, short term minded person with constant need for cash, are these still worth investing into? I am new to all of these and have incurred so much losses, I am beginning to think I am not doing what is good for me but just following people blindly.
VENTURING into the trading world without the help of a profesionals, trading and expecting profit is like turning water into wine you would need a miracle...
It’s precisely at times like these that investors need to be on guard against the next certainty. You don’t have to act on every forecast. I will also suggest investors to get yourselves a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
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Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
Her good reputation already speaks for her .I’m also one of the beneficiary of Annie Brooks. So happy I gave it a trial after being skeptic of the process.
I remember some little educational movie we were shown in our high school business class that talked all about how borrowing money to establish a business was such a good idea and how it allowed you to grow your business faster and larger and was clearly the smart move. I'd like to know who had made that movie. It was some old thing from the early 60's or maybe even the 50's.
Made productive decisions about my finances that changed my life forever, Hoping to retire next year.. Thanks to Stacey Macken for helping me achieve this.
Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life
Wow. I'm a bit perplexed seeing her been mentioned here also Didn't know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super
Investing has proven to be an incredibly beneficial decision. My cryptocurrency profits continue to play a substantial role in growing my overall wealth, reducing my reliance on my salary
I have been on the wrong side for far long and I'm willing to make consultations to improve my situation. What is the most reliable medium to reach her please?
My co worker just picked up a 22 Durango with an 800 dollar payment for 84 months today.... my 21 rav 4 with 20k miles will be paid off next month... tried to sway him.
You should not get into a capital intensive business ownership without understanding business. You may be really good at the thing i.e. construction but if you aren't good at the numbers and business, you are destined to fail.
How does he have so much money going through an unincorporated business? You can't have other people's money intermingled with your own money. That's absolutely crazy. I'm surprised that's even legal. Aren't there licensing requirements for contractors?
i know this is a dumb thing to comment about, but why do some people say "slow up" when it should be "slowed down"? up is an increase, down is a decrease
This kid would have been far better off working for someone else for 10 years first and saving up his money. Not sure why he thought he could run a business straight out of highschool with no experience.
There should almost be a requirement before being able to start a business that you need to pass a basic exam. Because if that existed, this guy or should I say kid, would have never got off the ground. I am struggling to work out why anyone would trust such a young person with such large projects. This kid was riding high on a strong building market, but it was just dumb luck and when the market slowed down and real business skill was needed, it all fell apart. I was well trained in business by the age of 23 and quite mature for my age and responsible, but no way in hell would I even trust myself to be juggling so many large projects with thin margins. I would love to know what gave this kid so much confidence!
The number of small business owners that don't even run a simple income statement or P&L statement is terrifying. How do they know how much to pay in quarterly estimated taxes?!
In this case, the money customers are paying is not the company revenue? Wow, wasn't aware of that 👍. I thought that was the revenue and the contractors were expenses.
This is why young people shouldn't run businesses generally. You need to feel the ups and downs of the economy to understand that you need to budget for your worst years not your best. People who haven't felt economic downturns and seen how there can be zero work for periods or just really slow periods that last a year+ are not going survive running a construction business. What almost always ends up happening is they think they have the magic touch and everything will be easy while the economies good and then the inevitable routine economic downturn wipes them out. They always over borrow thinking their income will always be steady and high. Anyone who knows this already doesn't borrow and budgets for their worst years.
Most people should not start their own business. Lots of people don’t realize “freedom” is costing them hundreds of thousands of dollars because they don’t want to work for someone else
Yikes. Young guy thinks the cashflow is profit, buying all this equipment and hiring people. When all of that money was spoken for. I have family in that kind of business, and it ia really easy for guys to do that... they are good at the work but not the business side.
This kid had no clue what he was doing. And worse than that the people that entrusted him To build them a custom home, were just as nutty. I have had three custom homes built and I almost requested a blood sample from the builders. If you’re having a custom home built, make sure your builder has money and is very successful.
You know it's so strange for those that are financially well off and have everything in cash that you have to kind of lie and tell everyone you have debt
Contractor pyramid scheme. As have bunch jobs your using money from next job to pay for previous job. Once have no more jobs. Whoever was your last job is not SOL
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I began investing in stocks and Def earlier this year, and it is the best choice l've ever made. My portfolio is rounding up to almost a million, and I have realized that when a stock makes it to the news. Chances are you're quite late to the party, the idea is to get in early on blue chips before it becomes public. There are lots of life changing opportunities in the market, and maximize it
He said he's 23 and Dave had a flashback, you could see it on his face 😂
I don't know the first thing about running a business and it seems the caller doesn't either.😂
Me neither, maybe we should all go into business together
😆😄
I started watching this show in January since then I completely paid off my 2020 Honda civic. I stay on top of the maintenance. I’ve also paid down my two credit cards. I officially have zero debt. I’m now back in school using my GI Bill to become a Physician Assistant. I grew up poor and heard my parents complain about bills all the time. I refuse to live my adult life that way. Most of my family is financially illiterate, I won’t be the same.
Legend
You know you're in trouble when Dave says "honey" and you're not even two minutes into the call. 😅
this 💯🤣
23 years old and ready for bankruptcy. Starting early in life.
We can joke about it but really, this is painful. Mistakes for sure but painful
This is the age to make mistakes. I'm pretty sure this young man will do very well 10 years from now.
He will learn and it will NEVER happen again! (If he’s wise going forward) I truly believe he can bounce back. Dave did you just will have a couple of not fun yrs.
23 he’s going turn everything around in 5 years
Better than 43 or 63
Debt, court, employees, layoff, liquidate - all this at just 23! I think he had taken Steve jobs movie too seriously.
Good learning experience at that age. Most at 23 are doing nothing with life.
@@people3865 Yep. At 23, I was living in my parent's basement, 20k in student debt with no job.
That's not the work experience you are looking for lol
@@people3865 there are other ways to learn experience
We brushed over the “I knocked up my gf at 23 and she already has another kid from doing this once before” part reaaaaaaal quick
Facts
He's so insincere
and? not long ago the average age of mothers was 18, meaning 50% had kids when they were under age 18... i agree that its sub-optimal that she is 23 or less and already has a kid with a failed relationship, but its not weird for a 23 or less year old to have kids. the fact that women are choosing careers and waiting until 30 to have kids, or never is why america has a 1.6 birth rate and 2.1 (really 3) is needed to keep growing society. because of this we are importing 10's of millions of 3rd worlders as a band-aid just to keep the SS system going long enough for the boomers to die out.
HAVE KIDS YOUNG, OR BE CONQURED BY THE 3RD WORLD...
every single 1st world country has low birthrates because of abortion/birth control, clearly women choose cultural death when they have the option. because of that every 1st world country is turning to 3rd world mass migration and cultural destruction
Because sadly it’s the least of his worries right now.
@@bigpicturethinking5620this!
Yes, not wise to knock up a girlfriend that’s also a single mom.
But he has other pressing matters at hand.
I had a general contractor try to do this to us on our 2nd home- found out he was having money problems so I paid each sub myself. They were glad to get paid & I was glad they couldn't put a lein on my new house for non payment. This guy basically stole his customers money! Could cause him his license & some hefty fines!
Yup my mother got screwed by a contractor like that, he was using his next customer to pay for everything from the last job. 🤦
@@shanep2760 sounds like a ponzi scheme
Always talk To your subcontractors.
His problem is accounting ignorance. He was recognizing the full payment as revenue which it was not. Made him think his company was doing way better than it actually was.
My late husband and I bought 8 houses from a well known builder in our town. He didn’t finish 4 of the houses and left us with more than $250 thousand dollars in liens on those houses. He stole from other customers too and took the entire life savings from a couple in their 80’s and left them homeless. We found out that he had done the same thing under a different company name some years before that to other people too. Nobody was able to put him out of business because they couldn’t afford to take him to court, but we could. So we got his business license revoked and had his big fancy house auctioned off and the money distributed to the people he ripped off, but we personally only recovered $2900. We couldn’t let him continue to do this to people. Thank God we had the money to pay off the liens and finish building the houses. Unfortunately, others weren’t as fortunate. This thief didn’t even get one day in jail though, but his name is tarnished forever in our small city.
Irresponsible in business and irresponsible in personal life. They usually go together.
It doesn’t sound like he’s being irresponsible. He’s just clueless about how to run a business.
@@rrrealitycheck He hasn't even looked at his accounting statements. Cmon man!
80% of first time businesses fail, going into debt to start a business is a terrible decision
No lol it’s just that people misuse it and go on damn expensive vacations and buy everything they see and don’t know numbers 🤦🏾♂️
It's probably higher than that. People don't budget for downturns and then they blame the market for their business failing. Downturns are part of running a business long term, they happen 100% of the time to everyone and you need to budget for them. All the guys I know who have lasted decades budget for their worst years.
After this call if you're in Springfield working with a builder make sure his name isn't Matthew.
Lol
Springfield va
Best be looking for a new job.
LOOOOL 😂😂😂
LMFAO
Just bought my first beater car for $1500. Man, it sucks but as long as it gets me to point A to B, that's all that matters.
Same, I won't even borrow for a car, it's just not worth being in debt. If you get laid off or have periods of not enough work you don't want those car payments. Also long term people miss out on compound interest which is the majority of your retirement when you get older. Instead they buy cars they can't afford.
Dude's voice is way too calm for his situation
You don’t really get scared until you know how much danger you’re in. He’s clueless.
Bought my first car, new hatchback, 21k. After watching these videos my wife and I saved and bought it outright with cash. For the past week all I heard from friends and family was - why, why, why? Have stopped explaining the finances of it. Got so tired.
Never complain and never explain. Be proud of your hatchback. It's yours. The only two people in the world that need to be impressed with it are your wife and yourself. Eight billion other people can go and ride a donkey... If they can afford it. And 4 out of 5 people in the world can't. Well done!
It’s like eating healthy and hitting the gym hard. All of a sudden people tell you to take it easy and not hurt yourself. Ignore the noise brother.
Sounds like those people are accustomed to being in debt. It's a way of life for them. Congratulations! You own the car you wanted outright with nothing held over your head. Quite a feat to be able to slap down $21K in cash and walk out with the car the same or next day. Heck yeah! Go You!!!
Don’t answer why questions.
People are addicted to paying someone else instead of paying yourself. The irony
This is what I love about Dave Ramsey. Over eight minutes breaking down this business situation then offers his help, especially given there is a baby involved. Pure class!
Americans are facing a tough time with their finances, especially concerning housing affordability and retirement savings.
Yeah, it's a real struggle. With the rising housing prices and stagnant wages, it's becoming increasingly difficult for many to afford homes, let alone save for retirement.
It's a vicious cycle. If people can't afford homes, they might delay retirement savings, but if they focus solely on saving for retirement without considering their housing situation, they might miss out on potential investment opportunities.
And let's not forget how the global economy plays into all of this. Economic instability, inflation, and market fluctuations can further complicate matters and add to people's financial worries.
It's crucial for individuals to diversify their portfolios, seek professional financial advice, and stay informed about market trends to navigate these challenges effectively.
How do I find a good finance advisor? How do you know if they are trustworthy and competent.
Who trusts a 23 year old to be a GC and build a million dollar custom home?????!!!!!
An idiot 😂
A 25 year old was in charge of my build through Goodall Homes. Ill tell you right now, Ive never seen someone in charge with so little authority and inability to be a boss, it was mind blowing. A yes man, apologizing for everything, wanted the guys he was in charge of to like him so he never gave them strict orders. It was a dam mess. And this dude was """ in charge""" of building around 40 homes. The KID in charge of the other 30 or so...younger and so green, he didnt even have enough confidence to speak loudly and clearly when you would talk to him.
You're paying him so if he doesn't have authority you must have even less.
@@JasonDeville-fi4dh True when you "give out money" but complain you are the stupid one ;D
Not me. No way. Ever!
No way he was building 10+ multi million dollar homes a year at 23 and doesn't have a clue of the numbers Dave is asking him.
He is a typical construction guy who starts a buisness. Ramsey is exactly right.
@@greggpurviance7252 Even if this guy was building houses since he was 14 with his dad, i don't see how this is possible to scale like this without a lot of money or help. 98% of people wouldn't work with a 23 year old builder.
Probably business passed down
@@oraza66 never said he & Dad
The Springfield crew is"Homer, Barney, Moe, Lenny, etc."
This poor kid doesn't even realize how deep a mess he's really in
Can you explain it to me like I'm 10yrs old?
@@compendiousperspicacity Imagine you get hired for a job. You can't do it yourself so you hire 4 other guys who specialize in other areas to finish the job. Customer pays you $1,000. The 4 other guys have to get paid $600 of those dollars. So in reality you made $400 as revenue. This caller was recognizing the $1,000 as money his company made when it should have been $400. So he owes the other 4 guys money and since he can likely not pay them these 4 guys that haven't gotten paid will put a lien on the job/house putting the responsibility on the homeowner who will likely sue him.
@@shadowfox2120 thanks for clarifying
23 years old? 10 homes a year? who is giving this guy this much money?
Sounds kinda like Dave’s story.😂
The same people who gives 18yr olds $100k for student loans are the same people giving him this money.
Not me.
I made the same face when he said 23YO. In over his head in this business and got a single mother pregnant. Brother! This is a rough start to life. Smh. Hope he atleast turns the business around. Sounds talented.
"Sounds talented"... at using a hammer, maybe.
I hope he’s learned his lesson early and gotten this out the way 🤦🏽♀️
“Lawsuits don’t make people have money they don’t have.” - Dave Ramsey.
That’s a bar. This needs to be tweeted for all the suit-happy people!
Me and my wife built a custom home in 2022. Our GC was phenomenal with paying subs and taking his draws during each phase. Best part of it is he only charged a flat fee of 32,500 .
"My wife and I ..."
This call is a great indicator of where the economy is headed IMHO. Most people I know, their business has fallen off a cliff as of late.
Because Americans are no longer competent.
Dave calling grown men “honey” 😂
The phrase I use in that sort of situation is "Oh you sweet summer child..." ;)
It’s gay
He’s 23. Hardly a grown man.
@@LouThaEnergyonly a little
He's not grown
Thank you, Dave, for helping this ambitious, but disorganized guy.
I really like this kid, I hope he's able to get himself out of this mess.
Dave understood the struggles and wanted to help. Heard he was 23 broke his heart because it hit him close to home and he was shattered
It is totally crazy to me how many people think getting repossessed is a financial strategy.
I’m deep in debt but let’s have a baby. 😂😂😂😂
😅😅
Tried to run before he learned to walk. He needs to learn how to keep books and run his business, or once he gets back to scale hire someone to do it for him.
Mistake one was dating a single mom. Mistake two was getting her pregnant. He needs to file bankruptcy and go back to swinging a hammer for someone else. Hopefully he can stay married and not end up paying child support for two kids. One of which isn’t even his.
It's not a "mistake" to date a single mom. It's a lack of proper judgment/discernment to "broad brush" a certain group of people, and especially casting judgment without taking a look at yourself first. He needs to get his act together since he is after all the leader.
@@sherriewoods8015no, it is. If you have a son, and he can marry two women who are equal, one has a child and the other doesn't youre taking the childless one. You don't know anything about the risks of being a man, with a large lifestyle marrying a woman who literally has poor judgement.
@@joshualambert8346 No. It isn't a mistake. You marry the woman you love whether she has a kid or not. I have seen it happen multiple times. If the man loves the woman with the child, he will marry the woman with the child. There can be risks marrying the childless woman who "literally has poor judgment." I have seen that happen too. Exactly, what are the risks of being a "man" when you are clearly taking the path of least resistance? Children come with marriage. A large lifestyle? It sounds arrogant and immature. All have sinned, and fall short of the glory of God.
@sherriewoods8015 there are risks with both, that is correct. I find it is only women who have trouble understanding the previous comparison. To insinuate that a single mother might not be as good as one who isn't, is offensive to a sex that sees resource production as part of human attraction. I'm not saying this women across 37 different cultures are saying this when interviewed by Dr Buss. I'd bet my left arm when his business fails, she is gone. It's a large predictor of divorce. This is advice for the man in this situation. Not you. The large lifestyle is the business. He has a lot of responsibilities, the last thing he needs is to be responsible for the child of another man. I'm not 23. I've dated a number of single moms, it's not advisable. They're rarely worth it, and always come with more baggage. How many single moms have you dated? Tell us more about your experience dating them. You don't get to discount men's real life experience because of your feelings.
@@joshualambert8346 Do you rate single fathers on the same scale of importance as you do single mothers? Resource production? All women produce, even if they don't work. Unfortunately, if a man doesn't work (similarly to this guy who doesn't know his business) are useless. God told the man in Genesis he needed to work and tend the garden, not maintain a larger than life attitude for pseudo business/work. He's intended to "provide." I also wouldn't assume this particular woman would leave him any more than any other woman would...marriage is not based on money. According to God, "Husbands, love your wives..." If you did, you probably wouldn't run in to so many issues with women.
It seems to me women bear most of the risk, especially the single mothers that dated you. What were you doing to help them instead of just rating their worth when you have a beam in your eye and are part of the problem? Think for a second, why would you date "a number of single mothers" if they are so deplorable in your eyes? A "real businessman" would conduct himself with integrity and be kind and wouldn't endeavor in such "high-risk" behavior since after all you are dealing with stock that does not have much value (however, not true)? God never intended men to date a plurality of women but to get married. Contemplate how well that has worked for you Mr. larger than life. "Whoso findeth a wife findeth a good thing." Plural women, plural wives never works...
God says "For if a man think himself to be something, when he is nothing, he deceiveth himself..."
And as far as comparison, God says, "For we dare not make ourselves of the number, or compare ourselves with some that commend themselves: but they measuring themselves by themselves, and comparing themselves among themselves, *ARE NOT WISE*.
Widows (single women) and the fatherless are very special in the sight of Almighty God, Creator. I would be very careful how you treat them because if they cry out, He will wax hot. That is Biblical! You could find yourself in a worse position.
Worldly wisdom is foolishness with God. That is sanctified common sense, not emotion.
Instead of creating experiences that you regret, start seeking wisdom.
I am convinced I come to these clips to feel better about my own situation. JEEEEZ
“23”
I nearly ripped my hair out. Begging for people to go through the process of education and internships before large-scale entrepreneurship.
He'll pay better attention now. I bet in the end he does quite well for himself
He thinks he's too smart
Entrepreneurship almost always fails if someone doesn't have experience in the industry. I'm an accountant and I wouldn't imagine trying to start my own firms without working for another one first.
God bless you, Dave Ramsey, God bless you.
If he can learn from this he'll have a bright future once the industry is booming again.
I had a roofing company do a job for me and apparently they just noped out on their suppliers and ran, much like this. I had already paid the guys and the vendors came sniffing around to try and sequester their payment from the job. I don't think they ever put a lien on me though since I was able to sell the house a few years later.
If the subs aren’t legit they usually can’t get any lien rights.
Bad decisions on top of bad decisions. Literally started with taking care of someone else baby. 🤦
The kid has heart to venture in entrepreneurship
So glad to hear that Kelly is back
There was 1/4 of a neighborhood who was built by a contractor by me that used this guys business model. Huge new houses with grand plans..20yrs later the 1/4 of the house that where built have been wrapped up in the legal system so long there teardowns and the neighborhood has had a closed gate for about a decade.
Happens more than you would expect... Probably many larger cities have the exact same thing in an area where some actually have the exterior wrapped with the sheeting and then just sits there for years going to waste
What bank would loan millions to a 20 to 23 year old to build 10, million plus dollar houses?
You don't need millions to build a house
@diersirrigation You must be unfamiliar with construction. Unless it’s a spec, which they were not, the homeowner gets the loan. The GC orders materials from vendors on credit then pull a draw from the homeowners construction loan using subcontractors invoices, materials etc.. He wasn’t paying his vendors or subs with the draws it seems. Most likely making payroll and trailer loan payments. IMO
Building multi million dollar homes. But don't know his profits?
Companies that build custom multi million dollar homes, have jobs booked in advance.
"Honey" within the first two minutes 😂😂😂 he's in deep 💩
no sense of money management and having a baby your not married to yet, that's what happens when you try to grow up too fast. He should have worked for someone to see how it works for a couple years.
Considering a young mid income, short term minded person with constant need for cash, are these still worth investing into? I am new to all of these and have incurred so much losses, I am beginning to think I am not doing what is good for me but just following people blindly.
VENTURING into the trading world without the help of a profesionals, trading and expecting profit is like turning water into wine you would need a miracle...
It’s precisely at times like these that investors need to be on guard against the next certainty. You don’t have to act on every forecast. I will also suggest investors to get yourselves a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
Following you has been an amazing journey , you have shown me the best way to earn much better profits despite the bad economic situations, God bless you with more knowledge sonia campbell...
Any info on how i can liaise with her, i'm new at this
she often interacts on Telegrams
Why Dave put his face on the mic like that 😂😂
Who wants to tell him ??
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thank you Patricia Annie Brooks
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
You trade with Annie Brooks too? Wow that woman has been a blessing to me and my family.
The very first time we tried, we invested $1000 and after a week, we received $5900. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
Her good reputation already speaks for her .I’m also one of the beneficiary of Annie Brooks. So happy I gave it a trial after being skeptic of the process.
I remember some little educational movie we were shown in our high school business class that talked all about how borrowing money to establish a business was such a good idea and how it allowed you to grow your business faster and larger and was clearly the smart move. I'd like to know who had made that movie. It was some old thing from the early 60's or maybe even the 50's.
I saw something along that line couple months ago here on UA-cam. Man went to local bank to get a loan to open a hardware store
Made productive decisions about my finances that changed my life forever, Hoping to retire next year.. Thanks to Stacey Macken for helping me achieve this.
You trade with Stacey Macken too? Wow that woman has been a blessing to me and my family.
Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life
Wow. I'm a bit perplexed seeing her been mentioned here also Didn't know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super
Investing has proven to be an incredibly beneficial decision. My cryptocurrency profits continue to play a substantial role in growing my overall wealth, reducing my reliance on my salary
I have been on the wrong side for far long and I'm willing to make consultations to improve my situation. What is the most reliable medium to reach her please?
On top of all this he’s becoming a step dad 🤦
Dummy
Equipment debt is typical for construction GC companies. better off subcontracting for standardized construction, instead of architecture.
My co worker just picked up a 22 Durango with an 800 dollar payment for 84 months today.... my 21 rav 4 with 20k miles will be paid off next month... tried to sway him.
Your coworker is unfortunately stuck. 84 months? 🥲
@@AnthonyMcNeil yes 84 ridiculous months.
It won’t last 84 months.
You should not get into a capital intensive business ownership without understanding business. You may be really good at the thing i.e. construction but if you aren't good at the numbers and business, you are destined to fail.
Where did he get the money to start the projects
How does he have so much money going through an unincorporated business? You can't have other people's money intermingled with your own money. That's absolutely crazy. I'm surprised that's even legal. Aren't there licensing requirements for contractors?
John would have asked if the Business Equipment is SAFE and whether it can BREATHE..
Change your username dude, you aren't chill enough.
“I need the excavator to take a deep breath”
“Yes! We make iron lungs “
😂 It's true!
😂😂😂😂
This is so painful to watch. This man should not be in charge of anyone
"I'm 23." Dave's face!!!!!
FIRST OF ALL DUDE! never marry a single mom ..that was your FIRST mistake
These are the type of guys Mike Holmes say stay away from. Poor management.
That's what happens in a REAL Estate BUBBLE. It draws people in, they overleverage themselves and then the music stops.
Yup... FOMO destroys finances
this title doesn't give the video justice. holy shit
i know this is a dumb thing to comment about, but why do some people say "slow up" when it should be "slowed down"?
up is an increase, down is a decrease
When I see or hear debt and business together in a sentence, I already know it’s gonna be bad.
“Guys you heard about Matthew?” “Yeah dude, I’m glad I went to college”
-High school buddies in college-
Somebody gave a child a business, he summarily destroyed it. It should have been sold and never given to him in the first place.
This kid would have been far better off working for someone else for 10 years first and saving up his money. Not sure why he thought he could run a business straight out of highschool with no experience.
There should almost be a requirement before being able to start a business that you need to pass a basic exam. Because if that existed, this guy or should I say kid, would have never got off the ground. I am struggling to work out why anyone would trust such a young person with such large projects. This kid was riding high on a strong building market, but it was just dumb luck and when the market slowed down and real business skill was needed, it all fell apart. I was well trained in business by the age of 23 and quite mature for my age and responsible, but no way in hell would I even trust myself to be juggling so many large projects with thin margins. I would love to know what gave this kid so much confidence!
7:55 Rachel should have told Dave, "Hello, I was asking a question DAD!!!"
Enclosed trailers?
They sell for 30%
Building multi million custom homes? This guy is on a pipe dream.
By far his worst decision was knocking up a single mom who is going to take him to the cleaners in a few months.
underrated comment
A definite future MGTOW adherent
Yep, when the lifestyle changes, most of them find another money tree
There is nothing to take to the cleaners. Guy is bankrupt. This whole call had little if anything to do with her, but you make it about her. Pathetic
Take him to the cleaners for what? He has all debt!!! Once he's married half that debt will be hers, Lord help her 🙏
Man, he said he owes subs and vendors. He's not making any money. But he hasn't figured out his tax liability yet either...
The number of small business owners that don't even run a simple income statement or P&L statement is terrifying. How do they know how much to pay in quarterly estimated taxes?!
4:20 - 5:55 500K building fee 😮💡🤔💰
Dave is in fine form today.
This guy keeps using the word vendor, but I don’t think he knows what it means.
In this case, the money customers are paying is not the company revenue? Wow, wasn't aware of that 👍. I thought that was the revenue and the contractors were expenses.
Baggage, baggage and more baggage
Sounds like what this guy really needs is a qualified accountant.
This is why young people shouldn't run businesses generally. You need to feel the ups and downs of the economy to understand that you need to budget for your worst years not your best. People who haven't felt economic downturns and seen how there can be zero work for periods or just really slow periods that last a year+ are not going survive running a construction business. What almost always ends up happening is they think they have the magic touch and everything will be easy while the economies good and then the inevitable routine economic downturn wipes them out. They always over borrow thinking their income will always be steady and high. Anyone who knows this already doesn't borrow and budgets for their worst years.
Buddy every builder/remodeler is feeling it slowing down.
Dave never heard of private equity.
I started a business with a credit card. Stupid but it was only 5000
He spent customers money and was calling it revenue wtf
isnt it illegal
to spend that money that isnt yours. musical chairs reminds me of ponzi scheme
He is not taking any advice and can’t use it because he doesn’t even know the real numbers and issues. He’s 23 so 🤷🏻♀️
Most people should not start their own business. Lots of people don’t realize “freedom” is costing them hundreds of thousands of dollars because they don’t want to work for someone else
Did I hear Kelly will pick up? Is Kelly back???
That guy shouldn't have started a business and he doesn't know how to run a business
Yikes. Young guy thinks the cashflow is profit, buying all this equipment and hiring people. When all of that money was spoken for. I have family in that kind of business, and it ia really easy for guys to do that... they are good at the work but not the business side.
Wow all this at 23. Crazy.
This kid had no clue what he was doing. And worse than that the people that entrusted him To build them a custom home, were just as nutty. I have had three custom homes built and I almost requested a blood sample from the builders. If you’re having a custom home built, make sure your builder has money and is very successful.
Not every builder is rich lol
You know it's so strange for those that are financially well off and have everything in cash that you have to kind of lie and tell everyone you have debt
Contractor pyramid scheme. As have bunch jobs your using money from next job to pay for previous job. Once have no more jobs. Whoever was your last job is not SOL
If he can overcome this m, he can be a millionaire by 40. A lot of drive but maybe jumped in too deep
His careless recklessness crossed over into criminal negligence.
30 employees at 4 million revenue that salary is half his revenue
*Thanks for keeping us updated! I feel sympathy and empathy for our country. low income people are suffering to survive, and I appreciate Amanda. You've helped my family with your advice. imagine investing $30,000 and receiving $95,460 after 28 days of trading*
What opportunities are there in the market, and how do I profit from it?
I began investing in stocks and Def earlier this year, and it is the best choice l've ever made. My portfolio is rounding up to almost a million, and I have realized that when a stock makes it to the news. Chances are you're quite late to the party, the idea is to get in early on blue chips before it becomes public. There are lots of life changing opportunities in the market, and maximize it
You can make a lot of money from the market regardless of whether it strengthens or crashes. The key is to be well positioned.
I would really like to know how this actually works.
All you need is a good capital, and the service of a professional broker, with those your investment will most certainly produce high yields.