Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to over $750k.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
@@jimroscoviusto flaunt that they're upper middle class or 1%er to us lower middle class and poor folks and of course they can and enjoy riding in luxury
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
That is the truth of generational wealth; not the money or assets but the knowledge of how to retain them. For most who grew up in an environment like this, what Dave says is common sense.
We retired with $3.5M at 62. We are 65. KEY is low expenses which are somewhat regulated. We do not pay for: Water, homeowners insurance, Trash nor any health costs beyond Part B (due to qualifying for Medicaid if needed) No debt, Prop Tax is $3300 a mo. here in Northern Calif on the outskirts of a world class ski town called Truckee, CA. Groceries are $1250, Clothing/Hair- $200. Donation $350, Tech/Cell-$200, Transportation- E-Car, E-Bikes & home powered by DIY Solar about 7 months a year.- $8000, Utilities- $2500, Repairs- $2500, Unexpected costs, Travel $200, Chickens $500= $21250 per month haha. Live in a 7500 sq foot home on 30 acres w/ a 6500 ft barn. We raise chickens for eggs but the compost pile is their main source of food along with fodder we grow. We grow sprouts in jars which is 1/3 of our vegetables. 18 fruit trees. We can/preserve food. Travel-camping 15 weekends a year in our older RV. We enjoy church, bible study, cycling and volunteering. We ride w/ a bike club 3-4x a mo. about 1/2 the yr. Coffee out 1x a week w.friends. Occasional dinner in or out with friends. A Great Life! Expenses are about $3000+ and our Income is $4500. We usually have about $2500 leftover each month. At 70, we'll start taking $120k a year out of the IRA. We have newer most everything so nothing will go out anytime soon. Emergency cash fund = 200k. Credits to my FA Dianne Sarah Olson. Life is good
I love this, this is so minimalist core! You seem to have your finances in check, any advice for a guy in his mid 40's struggling to get even a dollar into his retirement savings?
Haha sure why not, my advise is always keep debt to a minimum, that's the most important thing it doesn't matter how much you don't have just make sure you don't owe, Also make sure you invest regularly, as much as possible, those are the things that'll really save you in the future.
Classic, he's earning $750,000 but living like he earns $1,500,000, its mathematically identical to someone earning $75,000 and living on $150,000. He just needs to cut everything in half or even more than half. Sell all the cars and buy cars worth half as much, sell the house and buy one worth half as much. After retained earnings he has $400,000 to put towards SBA loans so he's done in 2.5 years. Then he can put that $400,000 a year towards his downsized mortgage which will be done in ~2 years if he's been paying on that from his $250,000 personal income whilst working on the SBA loans, downsized cars will be done in 3 months. In under 5 years he can be 100% debt free, he just needs to go from earning $750,000 and living like he earns $1,500,000 to earning $750,000 and living like he earns $150,000.
@@MichaelJohnson-ig9rr you’re correct, I only make ~$250,000-300,000 depending on overtime etc but I’m 100% debt free and have a net worth approaching $5 million
accurate. I bought my 500k house when our household income was 180k. Now its 650k and still live here. Same cars, same lifestyle just way more in the bank. Mind you I want to move into a slightly larger home, probably $1.5m but its still below what I can afford at this point and im not rushing to do it with current market/rates. Warren Buffet still lives in his modest childhood/family home and he can buy some countries.
@@Darlhim89if you're in the U.S. search online for houses that are up for auction (bank sale) in your area. With your income of you should be able to bid on a big nice house for a fraction of the the actual value. The only thing is you can't inspect the interior of the house. You can drive by and look at the exterior. And you have to pay cash, no loans or mortgage. You'll save a lot of money that way (and can sell it one day). Good luck to you!
House flipping is purely a distraction. This guy is like a dog with a bone feeling the need to try everything under the sun. Honestly who cares about all these streams of income. Just make the main stream as big as possible. His coffee business is highly successful and scalable. Stop the house flipping nonsense and focus on turning that 500k net income in 1m then into 2m and so on and so forth because I think he absolutely can do it given the success so far. Also seeing how careless he is with debt and spending I’ll bet there’s plenty of inefficiencies in his business that he could clean up to significantly cut costs right now and further improve his net profits.
The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
A failing U.S. economy and elevated global tensions reduce the likelihood of prolonged inflation or higher long-term Treasury yields. I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.
Finding financial advisors like *Izella Annette Anderson* who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks for this. could easily spot her website just after inputting her full name on my browser. she replied my inquiry and we scheduled a consulting session sometime tomorrow.
The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenbook. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
Hearing from an experienced investor who has survived adversity and prevailed is always motivating. It may be frightening when your portfolio goes from green to red, but if you have invested in strong firms, you should maintain growing them and stick to your goal.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this consultant that guides you help?
Melissa Terri Swayne is the analyst that helps me. She has a large following and is easily found online. Investing with her has been a different ball game entirely so different from the stale methods of managers I’ve worked with in the past. last year was my best ever because I'm over 1m which I really never thought I could reach at the start of the year.
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Brooke Grace Miller for helping me achieve this
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
This guy is living the opposite of the way I want to live my life. I never made more than 85K and in many years less. I just retired at 60 and have 1.3 million in my IRA, no debt and a paid off house. I live a peaceful life and live, learn and do whatever I want. This guy's chaos would give me the opposite of peace
The caller is a prime example of "more money = more problems". If all that income doesn't bring peace to your life, and actually increases stress, then what's the point?
@@alberttang6955It’s definitely not the income that’s bringing this man chaos and stress. It’s the heavy debt. When he gets serious about paying it down and develops some financial discipline he will become a very wealthy man. Frankly having financial discipline is the easy part especially when you make good money. The hard part is building a tremendously successful highly scalable business which he’s done in spades. He just needs to stop self sabotaging with these stupid loans.
I think the caller is coming to that conclusion now. He has grown his business and been very successful business wise but can't enjoy it even with the material positions and he is having to work flat out to clear his debt.
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
‘’Marisa Michelle Litwinsky’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this tip , I must say Marisa, appears to be quite knowledgeable. After coming across her webpage, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Yes, but now he’s calling for help to start clearing off debt. It’s always the first thing people should do when opening business. Pay that loan that helped them rose up. Then start getting more comfortable.
Depends entirely on the area. If they’re sending their kids to a good school district like plano, you’re not getting a mansion for that price. A nice house for sure but not a mansion
It's even bigger than $1.9m. There's the $200k HELOC and if he's lived there for several years he will likely have $500k or even more in equity. We're talking about a $2.6m house, maybe even more.
Get an accountant because I have a feeling that the coffee shop isn’t bringing in that money. Also if you aren’t paying taxes, the net income is 2/3 of that
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying it’s ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge
Reason I decided to work closely with an brokerage-adviser ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Elisse Laparche Ewing is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Not to throw stones but why the need for 4 delivery vehicles for a chain of brick & mortar coffee shops ? Can you downsize to 2 delivery vehicles or one ?
@@drexelspivey872 Yeah if all he says is true about their income, they're doing just fine. In 5 years if they pay it all off they'll be swimming in it.
@@montecarlo4294They can gross $4M but after they pay their employees, buy all of the supplies, coffee, syrups, creamers etc. Pay the rent, utility & repair bills, buy equipment, taxes etc. they end up with 15% (profit margin) of the $4M, which is $600K. I worked at a popular fast food restaurant (McD). One night one of the managers showed me a print out of the earnings & expenses for one month. The sales was $80K, employees wages was $40K. They bought the food for $20K. After paying utility bills and other expenses they netted around $10K out of $80K in sales. Which is 12.5% profit.
People making a little money always seem to make the same mistakes. Instead of building up a reserve when the profit is rolling in, they spend upto their income, then when that isn't enough, they borrow! Stop buying expensive cars, that aren't needed and depreciate immediately and substantially, stop buying stupid designer fashion clothes and other trinkets. When you do buy stuff, try to make it things that retain value, or that are actual investments. Some of the richest people live very frugally, almost like they're poor. Fortunately I think this guy has learned in time to avoid serious problems and hopefully he and his family will now move to a prosperous and secure future.
Abby Joseph Cohen hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I’m stoked because I’m heading into retirement with almost a million bucks in my portfolio.
The thing is people often doubt the prospects of financial advisors like Abby Joseph Cohen in business/markets today. Well it gives me more time to get ahead while they stew in their own pity and doubts as they childishly complain about those spreading the word
Same here, I got to know about Abby Joseph Cohen Services on here in 2020. Since then I've paid off 160,000 USD of debt. Now I'm working on building an emergency fund. I didn't even have a savings account three years ago.
@@DennisSoklovWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.
Bought an expensive house, has 4 cars, owns 11 coffee shops, a full time job, and flipping houses. Dude seriously needs to slow down. There's no point in fast tracking trying to be a millionaire if you are multi millions in debt.
Dude is a revenue machine...but a spending nightmare..Makes close to a million a year and can't pay his taxes or buy a car for cash....Too many irons in the fire. Jack of all trades, master of none...He lives like a big shot business baller but can't rub two nickels together.... It is like the old NY real estate big shot joke.." one mogul tells the other mogul "Good news: we can get the Empire State building for 100 million... But bad news, we have to come up with $500 dollars cash. The other says, 'darn so close'.."
@penguin12902 Are they delivering the coffee themselves? They have employees. They can still drive their expensive cars but please only buy cheap cars for your employees.
I think would challenge alittle bit being able to pay a near 2 million mortgage on a $250,000 salary. We didn’t hear terms but that’s I’m assuming the numbers become fairly tight at that point
I feel like this is classic American thinking: my salary=my wealth. And then one day that person wakes up realizing that they have a huge salary and negative net worth. This mentality is what needs to change.
As successful as the caller is, why couldn't he figure this out himself. He's very successful in a business way, and he's got 11 coffee shop's. A fulltime job with a handsome income and he wants to know where he went wrong ? Why couldn't he have just stopped where he was at instead of going overboard and spending and spending. Im surprised he didnt throw in credit card debt ! People who make very high incomes always have some kind of "stupid line" they cross before they have to call Dave Ramsey. This guy makes crazy good money from many sources. Get it together man !
Building businesses and financial discipline are different skills sets. The aggressive risk taking entrepreneurial spirit is also what got him into trouble with high debts. All this man needs to do is make some tweaks and rein things in and he will be a very wealthy man in 10 years. This guy will be fine. I’m way more worried about the person who calls in with a 50k household income, 100k in debt and a family of 4 to take care. Sure that person has a debt problem but also a significant lack of income problem and it’s WAY easier to lower your spending than it is to increase your income.
Hunter needs to get a CFO. Can't manage money, needs a professional in there every day. Too much waste, sucking too much money out of the business. Manage like a Fortune 500 company not a hobby. Sell the flip house and the personal vehicles. I can tell you that these SBA loans are collagenized with real estate. You are paying about $400,000 per year on interest alone.
only in 2024 can people make 750,000 a year and be millions in debt lol...obviously this guy can be debt free they just want more than they have which is consistent whether you make a million a year or 20k a year..
Who is in better position, this guy or me? I have no stress job, no debt, just one condo, paid off, old paid off car and 85k a year I make. No Credit Card debt. I go to vacations, invest little bit. I don't know, I think I'm in better position.
@@nebojsa1976based on your profile name, you are about 48. If this is the case you are desperately behind on your retirement savings. You should try to save about 45K a year to be able to retire by 65.
It’s not about who’s better off now. It’s about who’s better off when they are near retirement. His loans are $4 mil. His business is crash flowing $500k/year in profits. If he uses everything penny of that cash slow to pay back the business loans, he would own that business outright in less than 10 years. It’s kind of like people paying off a 10 year mortgage. He can use his $250k/year full time job as his regular income. In 12 years, he would be much better off than you and will retire with more than you. All his has to do is cut back on his personal expenses, like the expensive house and cars. He can own all of those in 12-13 years, take better vacation than you, own a better house than you, and have a better quality of life when he gets older
Crypto is risky as many would say but I think the actual risk in Crypto is not investing, buying the capitulation isn't a tough call, but it is a very tough call to figure out what to do aside holding. I remember when I just got into crypto back in 2019 but later in 2020 I ended up selling it because I was dumb and I didn't understand it. I studied and learned and now I know how it works. Got back into crypto early in 2023 with 10k and I’m up with 128k in a short period of time
I'm new to cryptocurrency and don't understand how it really works. how Can someone know the right approach to investing and making good profits from cryptocurrency investments?
As a beginner investor, it’s essential for you to have a mentor to keep you accountable. Myself, I’m guided by Alex Gomez. A widely known crypto consultant
I started working with Alex Gomez back in June, and my financial goals have never been clearer. It’s like having a strategic partner for my money with a solid track record.
I wish they taught investing at school level. There is so much advantage to doing this! My biggest regret is that I started so late. And still not good at it, I think at this point i need help
@@Helen-fv9xp luck plays a part, especially in the short term. I noticed that when results remain consistent, it indicates something more than just luck. research was the challenge until It led to Julie Ann Lerch, a fund manager. her strategy made sense, it contributed to growing 950k into this and counting
I wish I could have retired in my 50's. I'm 65 now, I started investing late . After some research, I found a strategy that helped. I'm pleased to say I'm retiring with at least $2 million.
@@EbrahamAljalil It’s worth noting that luck often plays the significant role in some cases, sometimes even more than the resources involved. Without it, its challenging
@@Helen-fv9xp luck plays a part, especially in the short term. I noticed that when results remain consistent, it indicates something more than just luck. research was the challenge until It led to Julie Ann Lerch, a fund manager. her strategy made sense, it contributed to growing 950k into this and counting
@@Helen-fv9xp That’s a common concern. Have you considered speaking to someone?I was in the same situation until I met Julie Ann Lerch, a fund manager. She really helped clarify my strategy. She suggested creating a diversified portfolio with 60% in stocks for growth, 30% in bonds for stability, and 10% in cash for liquidity. This mix helped me feel more secure.
Stop wasting money on flipping houses. There you go - that's part of your busy life you don't have to worry about anymore. You also don't have the anxiety of making sure the houses sell, dealing with the taxation and sales fees etc. Get rid of your silly cars and pay cash for a good quality used cheaper one. Focus on the consultancy and the coffee shops. Eventually sell the coffee shop business for $AreYouSerious. Do the consulting on the side. Semi-retire.
Imagine not spending money on cars that depreciate with loans that attract intrest, and clearing all you're debts inc the mortgage. Then once all that is done how much cash you're going to accumulate really quickly.... How Exciting is that...
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years
Well, I believe this is just common sense. You don't need to ask someone how to do this. Just sit down for a couple of hours, concentrate on your numbers, and the answer is right infront of you. Why would you need advice on a situation like this? You bring a net of 750k a year and you are not sure how you are going to pay your debt?
Ppl are forgetting that he only makes this income cause of loans let that sink in your average ppl work 40 years to become a millionaire this dude making 1.5 in 2 years cause of loans
Yea this all sounds like some bullshit story just looking for free PR being on this guy's channel. No way in hell you got 11 shops with 100 employees on payroll and you only banking 500k a year. Either you lying or two thirds of your employees work for free.
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to over $750k.
Recently, I've been considering the possibility of speaking with consultants. I need guidance because I'm an adult, but I'm not sure if their services would be all that helpful.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Rebecca Nassar Dunne” and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an email shortly.
We're 4 million in debt. We make 750k. Oh okay.
They can pay that off in no time. 😂
And they have expensive cars. Why??
That’s like most people 150k in debt and only make 40k samething
SMH at them, they're SOL unfirtunately! Sucks to be them
@@jimroscoviusto flaunt that they're upper middle class or 1%er to us lower middle class and poor folks and of course they can and enjoy riding in luxury
Better call than I expected it would be. Caller seemed to want to hear this advice
Caller was panicking. He needed someone to calm him down and give direction
Good thing this guy was willing to listen.
At the very least, I now grasp the concept of leverage. Creating wealth and financial freedom isn't as tough as many people believe. Building wealth and remaining financially stable indefinitely is a lot easier with the appropriate information. Participating in financial programs and products is the only true approach to make a high income and remain affluent indefinitely.
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
That is the truth of generational wealth; not the money or assets but the knowledge of how to retain them. For most who grew up in an environment like this, what Dave says is common sense.
We retired with $3.5M at 62. We are 65. KEY is low expenses which are somewhat regulated. We do not pay for: Water, homeowners insurance, Trash nor any health costs beyond Part B (due to qualifying for Medicaid if needed) No debt, Prop Tax is $3300 a mo. here in Northern Calif on the outskirts of a world class ski town called Truckee, CA. Groceries are $1250, Clothing/Hair- $200. Donation $350, Tech/Cell-$200, Transportation- E-Car, E-Bikes & home powered by DIY Solar about 7 months a year.- $8000, Utilities- $2500, Repairs- $2500, Unexpected costs, Travel $200, Chickens $500= $21250 per month haha. Live in a 7500 sq foot home on 30 acres w/ a 6500 ft barn. We raise chickens for eggs but the compost pile is their main source of food along with fodder we grow. We grow sprouts in jars which is 1/3 of our vegetables. 18 fruit trees. We can/preserve food. Travel-camping 15 weekends a year in our older RV. We enjoy church, bible study, cycling and volunteering. We ride w/ a bike club 3-4x a mo. about 1/2 the yr. Coffee out 1x a week w.friends. Occasional dinner in or out with friends. A Great Life! Expenses are about $3000+ and our Income is $4500. We usually have about $2500 leftover each month. At 70, we'll start taking $120k a year out of the IRA. We have newer most everything so nothing will go out anytime soon. Emergency cash fund = 200k. Credits to my FA Dianne Sarah Olson. Life is good
impressive, great job mister
I love this, this is so minimalist core! You seem to have your finances in check, any advice for a guy in his mid 40's struggling to get even a dollar into his retirement savings?
Haha sure why not, my advise is always keep debt to a minimum, that's the most important thing it doesn't matter how much you don't have just make sure you don't owe, Also make sure you invest regularly, as much as possible, those are the things that'll really save you in the future.
Solid advice sir
Great advice stanley, I just reached out to the fa you mentioned earlier, looking forward to working with her and i sincerely hope you don't mind.
Perfect example of someone that will always be in debt. Doesn't matter if he was making $75,000/yr or $7.5 million/yr.
he's living way beyond his means
Yup.. My Dad went out that way.. with a big smile on his face!
Classic, he's earning $750,000 but living like he earns $1,500,000, its mathematically identical to someone earning $75,000 and living on $150,000. He just needs to cut everything in half or even more than half. Sell all the cars and buy cars worth half as much, sell the house and buy one worth half as much. After retained earnings he has $400,000 to put towards SBA loans so he's done in 2.5 years. Then he can put that $400,000 a year towards his downsized mortgage which will be done in ~2 years if he's been paying on that from his $250,000 personal income whilst working on the SBA loans, downsized cars will be done in 3 months. In under 5 years he can be 100% debt free, he just needs to go from earning $750,000 and living like he earns $1,500,000 to earning $750,000 and living like he earns $150,000.
You've never made that much. I can tell
But I agree that's the move. It's just hard...
@@MichaelJohnson-ig9rr you’re correct, I only make ~$250,000-300,000 depending on overtime etc but I’m 100% debt free and have a net worth approaching $5 million
accurate. I bought my 500k house when our household income was 180k. Now its 650k and still live here. Same cars, same lifestyle just way more in the bank. Mind you I want to move into a slightly larger home, probably $1.5m but its still below what I can afford at this point and im not rushing to do it with current market/rates.
Warren Buffet still lives in his modest childhood/family home and he can buy some countries.
@@Darlhim89if you're in the U.S. search online for houses that are up for auction (bank sale) in your area. With your income of you should be able to bid on a big nice house for a fraction of the the actual value. The only thing is you can't inspect the interior of the house. You can drive by and look at the exterior. And you have to pay cash, no loans or mortgage. You'll save a lot of money that way (and can sell it one day). Good luck to you!
I love how Mr. Ramsey said stop being greedy and focus on your main biz at the moment!
House flipping is purely a distraction. This guy is like a dog with a bone feeling the need to try everything under the sun. Honestly who cares about all these streams of income. Just make the main stream as big as possible. His coffee business is highly successful and scalable. Stop the house flipping nonsense and focus on turning that 500k net income in 1m then into 2m and so on and so forth because I think he absolutely can do it given the success so far. Also seeing how careless he is with debt and spending I’ll bet there’s plenty of inefficiencies in his business that he could clean up to significantly cut costs right now and further improve his net profits.
The average person has never been so poor. Millions of families are struggling financially as living expenses hit the highest levels in more than four decades. Over 60% of our country lives paycheck to paycheck and about 40% earns poverty wages. Even after working all their lives, more than a quarter of older people have no savings and many believe they will never be able to retire in dignity, while around 55% of elderly people try to survive on an income of less than 25,000 a year.
A failing U.S. economy and elevated global tensions reduce the likelihood of prolonged inflation or higher long-term Treasury yields. I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/collapse is getting somebody somewhere rich
True, I’m quite lucky exposed to personal finance at early age, started full time job 19, purchased first home 28, got laid-off work at 36 amid covid-outbreak, and at once consulted a well-qualified advisor to stay afloat. Thankfully, my portfolio has maintained steady growth ever since, amassing nearly $1m after subsequent investments to date.
@@mikegarvey17Could you possibly recommend a CFA you've consulted with?
Finding financial advisors like *Izella Annette Anderson* who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Thanks for this. could easily spot her website just after inputting her full name on my browser. she replied my inquiry and we scheduled a consulting session sometime tomorrow.
The US economy cannot survive without continuous credit and debt creation. The FED will print more money and the average American will go just that much further in debt. Meanwhile, foreigners lust for the greenbook. Their economies are in worse condition than the US... if that's even possible. Someone is going to be left holding the bag...
They do say gold will crash in a liquidity crunch However, many of those holding precious metals are preparing for such an event. So they are unlikely to be forced sellers. The paper market would tank and hopefully collapse.
Hearing from an experienced investor who has survived adversity and prevailed is always motivating. It may be frightening when your portfolio goes from green to red, but if you have invested in strong firms, you should maintain growing them and stick to your goal.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
we’re only just an information away from amassing wealth, I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market, could this consultant that guides you help?
Melissa Terri Swayne is the analyst that helps me. She has a large following and is easily found online. Investing with her has been a different ball game entirely so different from the stale methods of managers I’ve worked with in the past. last year was my best ever because I'm over 1m which I really never thought I could reach at the start of the year.
The advice sounds so simple, yet that man had to hear it. And hopefully he'll listen
Becoming debt free after an adult lifetime of debt will give you a feeling of freedom you haven't experienced since childhood.
Hmmm..I suppose that's why people become nostalgic. In this country adulting means taking on debt. People want the freedom they experienced in youth.
This dude is living the life, the life of debt !!!!!
That part!!!!
I Hit 110k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started last month 2024. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. thanks to Brooke Grace Miller for helping me achieve this
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm surprised that you just mentioned and recommended Brooke Miller, I met her at a conference in 2018 and we have been working together ever since.
The very first time we tried, we invested $1000 and after a week, we received $5500. That really helped us a lot to pay up our bills.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
“Deliveries and things” 😂
😂😂😂
This guy is living the opposite of the way I want to live my life. I never made more than 85K and in many years less. I just retired at 60 and have 1.3 million in my IRA, no debt and a paid off house. I live a peaceful life and live, learn and do whatever I want. This guy's chaos would give me the opposite of peace
everyday millionaire. love it
Great job!
The caller is a prime example of "more money = more problems". If all that income doesn't bring peace to your life, and actually increases stress, then what's the point?
@@alberttang6955It’s definitely not the income that’s bringing this man chaos and stress. It’s the heavy debt.
When he gets serious about paying it down and develops some financial discipline he will become a very wealthy man. Frankly having financial discipline is the easy part especially when you make good money. The hard part is building a tremendously successful highly scalable business which he’s done in spades. He just needs to stop self sabotaging with these stupid loans.
I think the caller is coming to that conclusion now. He has grown his business and been very successful business wise but can't enjoy it even with the material positions and he is having to work flat out to clear his debt.
They could also Downsize on house , nobody needs or uses a 2 million dollar home it’s just decoration
A $2million dollar home by me is 3000 sqft... Long Island NY.
@@Darlhim89 same in Los Angeles
Where I live, a $2 million home is a mansion.
@@jimroscovius my house is 1450sqft on a 40x100 (foot not acre) plot of land. It’s currently valued at $850,000.
@@Darlhim89ok but he lives in dallas not NY
Hey, I want to start investing but don't know where to begin. Any advice or contacts for help?
It's wise to seek professional guidance when building a strong financial portfolio due to its complexity.
Talking to an expert like Anna duke to reshape your portfolio is a smart move.
Investing $15,000 and received $174,000
YES!!! That's exactly her name (Mrs Anna) so many people have
recommended highly about her and am
just starting with her 😊 from United States
Please who is this Mrs Anna
This sounds so good andI would like to
be a party to this, is there any wayl can
speak with her?
The avg. American is having a tough time, I know I am not alone. There are others in same position as me. By certain statistics: 22% of americans have no retirement savings. 64% are worried that they will not have money in latter years while 47% of adults who are not yet retired think they have to work part-time in retirement. How can I best grow the 100k I have saved seperately outside retirement access which of course had depleted over the years?
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
‘’Marisa Michelle Litwinsky’’ is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Thank you for this tip , I must say Marisa, appears to be quite knowledgeable. After coming across her webpage, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
I have been debt free for a year it is the best feeling ever
Let's not forget that this man used plenty of debt to get into this cash flow position.
Yes, but now he’s calling for help to start clearing off debt. It’s always the first thing people should do when opening business. Pay that loan that helped them rose up. Then start getting more comfortable.
@@truckerstar24 that's correct
Exactly 💯🎯
How big is a $1.9 million house in Texas? I’m sure they can get a mansion in Texas for less than that.
Gotta be unreal
In Long Island NY by me, its 3000sqft. In texas, 15,000sqft probably.
Depends entirely on the area. If they’re sending their kids to a good school district like plano, you’re not getting a mansion for that price. A nice house for sure but not a mansion
It's even bigger than $1.9m. There's the $200k HELOC and if he's lived there for several years he will likely have $500k or even more in equity. We're talking about a $2.6m house, maybe even more.
@@Darlhim89 In Michigan it's 25,000 sqft
You're $4,000,000 in debt, ok baby step 1, first you need to do is set up a $1,000 emergency fund lol.
😂😂😂😂
Get an accountant because I have a feeling that the coffee shop isn’t bringing in that money. Also if you aren’t paying taxes, the net income is 2/3 of that
So nice to see a call with Dave once again
I'd love to have a BMW M4 comp deliver me coffee! Where is this place at?
I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying it’s ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $200k gains with months, I'm really just confused at this point.
Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge
Reason I decided to work closely with an brokerage-adviser ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.
How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
Elisse Laparche Ewing is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
Not to throw stones but why the need for 4 delivery vehicles for a chain of brick & mortar coffee shops ? Can you downsize to 2 delivery vehicles or one ?
because they are using them as personal vehicles
Hes a consultant? He needs consulting!!! 😂😂😂
1.9 mill mortgage....
Isn't it crazy?
And here I thought my $10,000 in debt was astronomical
My 2k seems insurmountable i cant wait to have it gone
From the outside, all of their friends are so impressed with these people .... If they only knew what a train wreck they are!
They aren’t really that much of train wreck they are paying their loans off in 2.5 years and then will probably make millions of dollars a year
@@drexelspivey872 well they wont make millions. Theyll make 750k.
@@drexelspivey872 Yeah if all he says is true about their income, they're doing just fine. In 5 years if they pay it all off they'll be swimming in it.
@@drexelspivey872 Then why did they end $4 million in the red if they are so successful? Something is wrong somewhere
@@montecarlo4294They can gross $4M but after they pay their employees, buy all of the supplies, coffee, syrups, creamers etc. Pay the rent, utility & repair bills, buy equipment, taxes etc. they end up with 15% (profit margin) of the $4M, which is $600K. I worked at a popular fast food restaurant (McD). One night one of the managers showed me a print out of the earnings & expenses for one month. The sales was $80K, employees wages was $40K. They bought the food for $20K. After paying utility bills and other expenses they netted around $10K out of $80K in sales. Which is 12.5% profit.
One minute in and giggling at hearing ve-hi-cles about six times.
A rule of thumb … don’t spend what you don’t have !!!! Simple math peeps 🐥
"we thought we were being smart".
People making a little money always seem to make the same mistakes. Instead of building up a reserve when the profit is rolling in, they spend upto their income, then when that isn't enough, they borrow! Stop buying expensive cars, that aren't needed and depreciate immediately and substantially, stop buying stupid designer fashion clothes and other trinkets. When you do buy stuff, try to make it things that retain value, or that are actual investments. Some of the richest people live very frugally, almost like they're poor. Fortunately I think this guy has learned in time to avoid serious problems and hopefully he and his family will now move to a prosperous and secure future.
A car is simplyy a method to get from Point A to Point B
Its about the journey 😅
@@BorderlineBored If a passenger were blindfolded , would they really notice the difference ?.
Abby Joseph Cohen hooked me up with a late-stage fund that got me in on private shares of some hot companies before they hit the market or blew up. Those investments totally paid off when the companies went public and their stocks shot up. Now, I’m stoked because I’m heading into retirement with almost a million bucks in my portfolio.
The thing is people often doubt the prospects of financial advisors like Abby Joseph Cohen in business/markets today. Well it gives me more time to get ahead while they stew in their own pity and doubts as they childishly complain about those spreading the word
Same here, I got to know about Abby Joseph Cohen Services on here in 2020. Since then I've paid off 160,000 USD of debt. Now I'm working on building an emergency fund. I didn't even have a savings account three years ago.
How can i reach this Abby Joseph Cohen, if you don't mind me asking?
@@DennisSoklovWell her name is 'ABBY JOSEPH COHEN SERVICES'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9,000 in an IRA and $40,000 in my portfolio with CFA, Abby Joseph Cohen. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, she was able to scale this quickly to $150,000.
Dave, he is not going to make it only with the $250k income, just his mortgage is probably $20k per month. Sell the stupid house and the cars !
The employees run the coffee shops. They do practically nothing there.
You don’t know that. He said his wife was a busy gal. She could be in the business.
Typical rank and file response. You have no idea.
Can’t believe this guy can’t figure this out on his own. They make enough money their debt. I imagine they live an exuberant lifestyle..
With very expensive cars. Sigh...
They were all ready living an exuberant lifestyle that they couldn't pay with paychecks that's why they resorted to credit cards and loans!
WIFE.... His wife seems to be into spending
Smart people know to appreciate advice from smarter people.
@@analyticalchick3064Finally someone said it. I had been scrolling through comments to find someone who also noticed what I noticed.
Debt is always good especially in real estate. Just ask me
Bought an expensive house, has 4 cars, owns 11 coffee shops, a full time job, and flipping houses.
Dude seriously needs to slow down. There's no point in fast tracking trying to be a millionaire if you are multi millions in debt.
He’s all over the place.
The IRS is going to love the vehicles. 😊
My goodness, what kind of Cars did he buy to deliver Coffee? Porsches? That's insane!!! I wouldn't be able to sleep at night!
Dave gives such great business advice. I really like listening to him.
Dude is a revenue machine...but a spending nightmare..Makes close to a million a year and can't pay his taxes or buy a car for cash....Too many irons in the fire. Jack of all trades, master of none...He lives like a big shot business baller but can't rub two nickels together.... It is like the old NY real estate big shot joke.." one mogul tells the other mogul "Good news: we can get the Empire State building for 100 million... But bad news, we have to come up with $500 dollars cash. The other says, 'darn so close'.."
Brilliant joke!
I'm laughing so hard I'm crying.
"I'm practically a millionaire and I'm in debt up to my eyeballs."
😂😂😂😂😂
Average 68 thousands dollars per vehicle just to deliver coffee? All you need are a few 2010 Honda civics under 8k.
He can't be seen in a Honda. Bet he and his wife both have Range Rovers.
@penguin12902 Are they delivering the coffee themselves? They have employees. They can still drive their expensive cars but please only buy cheap cars for your employees.
@@jeanlenor1858 Dude I'm not excusing their behavior, just taking a guess as to how someone spends $120k on vehicles.
@@penguin12902 They can still drive expensive cars. They still can have 2 cheap cars for delivering coffee.
I think it’s was an excuse, they just bought all the cars for personal use but put it under business for tax purposes.
All those vehicles and a little coffee shop, buddy definitely has a side piece working there and using one of those vehicles as her own.
“Stop that”
“Yes sir”
Damn bro had no objections 😂
250.000 on cars
280.000 "flip house"
...what the hell.... all whats wrong with the us in a nutshell....
I think would challenge alittle bit being able to pay a near 2 million mortgage on a $250,000 salary. We didn’t hear terms but that’s I’m assuming the numbers become fairly tight at that point
I feel like this is classic American thinking: my salary=my wealth. And then one day that person wakes up realizing that they have a huge salary and negative net worth. This mentality is what needs to change.
Totally agree!
Thats a good plan Dave
textbook case of, Mo’ Money Mo’ Problems
"You never met a debt you didn't like" 🤣🤣😭😭
As successful as the caller is, why couldn't he figure this out himself. He's very successful in a business way, and he's got 11 coffee shop's. A fulltime job with a handsome income and he wants to know where he went wrong ? Why couldn't he have just stopped where he was at instead of going overboard and spending and spending. Im surprised he didnt throw in credit card debt ! People who make very high incomes always have some kind of "stupid line" they cross before they have to call Dave Ramsey. This guy makes crazy good money from many sources. Get it together man !
Building businesses and financial discipline are different skills sets. The aggressive risk taking entrepreneurial spirit is also what got him into trouble with high debts.
All this man needs to do is make some tweaks and rein things in and he will be a very wealthy man in 10 years. This guy will be fine. I’m way more worried about the person who calls in with a 50k household income, 100k in debt and a family of 4 to take care. Sure that person has a debt problem but also a significant lack of income problem and it’s WAY easier to lower your spending than it is to increase your income.
Hunter needs to get a CFO. Can't manage money, needs a professional in there every day. Too much waste, sucking too much money out of the business. Manage like a Fortune 500 company not a hobby. Sell the flip house and the personal vehicles. I can tell you that these SBA loans are collagenized with real estate. You are paying about $400,000 per year on interest alone.
Yep, the first thing that should go are the expensive Cars....He's living way beyond his means
I wonder if the coffee shops are a franchise or independent.
Correction: IRS First, she may also be required to take a salary for working in the business, then retained earnings, then SBA, just a thought
He missed the heloc also
Dollar General, your table is ready. 😂
only in 2024 can people make 750,000 a year and be millions in debt lol...obviously this guy can be debt free they just want more than they have which is consistent whether you make a million a year or 20k a year..
Who is in better position, this guy or me? I have no stress job, no debt, just one condo, paid off, old paid off car and 85k a year I make. No Credit Card debt. I go to vacations, invest little bit. I don't know, I think I'm in better position.
without knowing your net worth and his net worth, you are right, you dont know who is better.Since you have no good debt, probably worse, much worse.
@@DrSchor Well, 250k saved. No kids, no wife. Maybe 200k in home equity. 50k 401k. And some stocks, crypto etc around 40k.
@@nebojsa1976based on your profile name, you are about 48. If this is the case you are desperately behind on your retirement savings. You should try to save about 45K a year to be able to retire by 65.
You’re better off
It’s not about who’s better off now. It’s about who’s better off when they are near retirement. His loans are $4 mil. His business is crash flowing $500k/year in profits. If he uses everything penny of that cash slow to pay back the business loans, he would own that business outright in less than 10 years. It’s kind of like people paying off a 10 year mortgage. He can use his $250k/year full time job as his regular income. In 12 years, he would be much better off than you and will retire with more than you. All his has to do is cut back on his personal expenses, like the expensive house and cars. He can own all of those in 12-13 years, take better vacation than you, own a better house than you, and have a better quality of life when he gets older
As a rule, its never a bad time to buy these two things. Real estate and stocks. Buy low and sell high
Easier said than done
You can't solve money problems with more money if there's no mindset change.
Crypto is risky as many would say but I think the actual risk in Crypto is not investing, buying the capitulation isn't a tough call, but it is a very tough call to figure out what to do aside holding. I remember when I just got into crypto back in 2019 but later in 2020 I ended up selling it because I was dumb and I didn't understand it. I studied and learned and now I know how it works. Got back into crypto early in 2023 with 10k and I’m up with 128k in a short period of time
I'm new to cryptocurrency and don't understand how it really works. how Can someone know the right approach to investing and making good profits from cryptocurrency investments?
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
As a beginner investor, it’s essential for you to have a mentor to keep you accountable. Myself, I’m guided by Alex Gomez. A widely known crypto consultant
I'm surprised that this name is being mentioned here, I stumbled upon one of his clients testimonies on CNBC news last week...
I started working with Alex Gomez back in June, and my financial goals have never been clearer. It’s like having a strategic partner for my money with a solid track record.
Dave doesn't seem to understand taxes. 750k income - 250k debt is not 500k left. 750k income is - 40% tax before you even start anywhere.
Well the 500k is probably taxed as corporate profit...don't know what that would be. But yes, probably 200k for taxes
I wish they taught investing at school level. There is so much advantage to doing this!
My biggest regret is that I started so late. And still not good at it, I think at this point i need help
@@Helen-fv9xp luck plays a part, especially in the short term. I noticed that when results remain consistent, it indicates something more than just luck. research was the challenge until It led to Julie Ann Lerch, a fund manager. her strategy made sense, it contributed to growing 950k into this and counting
I wish I could have retired in my 50's. I'm 65 now, I started investing late . After some research, I found a strategy that helped. I'm pleased to say I'm retiring with at least $2 million.
@@EbrahamAljalil It’s worth noting that luck often plays the significant role in some cases, sometimes even more than the resources involved. Without it, its challenging
@@Helen-fv9xp luck plays a part, especially in the short term. I noticed that when results remain consistent, it indicates something more than just luck. research was the challenge until It led to Julie Ann Lerch, a fund manager. her strategy made sense, it contributed to growing 950k into this and counting
@@Helen-fv9xp That’s a common concern. Have you considered speaking to someone?I was in the same situation until I met Julie Ann Lerch, a fund manager. She really helped clarify my strategy. She suggested creating a diversified portfolio with 60% in stocks for growth, 30% in bonds for stability, and 10% in cash for liquidity. This mix helped me feel more secure.
So many feel real estate and businesses are passive income. They aren’t. I stick with stocks, ETFs, etc
Stop wasting money on flipping houses. There you go - that's part of your busy life you don't have to worry about anymore. You also don't have the anxiety of making sure the houses sell, dealing with the taxation and sales fees etc. Get rid of your silly cars and pay cash for a good quality used cheaper one.
Focus on the consultancy and the coffee shops. Eventually sell the coffee shop business for $AreYouSerious. Do the consulting on the side. Semi-retire.
Man I gotta start making more money.
Imagine not spending money on cars that depreciate with loans that attract intrest, and clearing all you're debts inc the mortgage. Then once all that is done how much cash you're going to accumulate really quickly.... How Exciting is that...
10 coffeeshops owed $4m. each shop owed $400,000, its not worth $400,000 p piece
You didn't listen very fair. Half of that 4 mil is on their house mortgage
Substitute coffee beans for rice and beans, beans, and rice for higher margins.
-Dave Ramsey
"THE DOUG" says I LOVE YOUR COMMENT !!!! LOL !!!!
Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years
Bro is 4m in debt and still richer than me 💀 Damn
Dave: *stop that*
Hunter: *yes sir*
I’m here for the veeheecle comments 😂
Rookie number. Got to compete with Congress. 😅
Well, I believe this is just common sense. You don't need to ask someone how to do this. Just sit down for a couple of hours, concentrate on your numbers, and the answer is right infront of you. Why would you need advice on a situation like this? You bring a net of 750k a year and you are not sure how you are going to pay your debt?
I cant cope with vee-hii-cules 😂
Interesting that Dave is encouraging this guy to open more expensive coffee stores but at the same time tell people to drink coffee at home.
Good gracious! THAT IS NUTS!
Downsize the coffee shops 🏬 and the house 🏠 and downsize the cars 🚙
I cant even relate to making this kind of money had to move on from this video and couldn't even finish it🤦♂
If you are 4 million in debt you have a major financial problem… how did it get so high without you paying it ?
In the plan Dave gave him taxes was left out. If making 750k would taxes be around 280k?
Ppl are forgetting that he only makes this income cause of loans let that sink in your average ppl work 40 years to become a millionaire this dude making 1.5 in 2 years cause of loans
3.5M paying 100 employees? At most he's paying 30% in payroll. That's about 10k/year per employee. Is he paying these people under the table?
All part timers except a manager at each store. Has to be🤷🏽♀️
Yea this all sounds like some bullshit story just looking for free PR being on this guy's channel. No way in hell you got 11 shops with 100 employees on payroll and you only banking 500k a year. Either you lying or two thirds of your employees work for free.
@@Whoareyoucallingit’s profit, he’s making 500,000$ profit from the business…
There comes a point in money making where you should stop taking loans and use cash for everything and $750,000 a year is WAAAYY passed that point.
Why does Dave always ignore tax, he said he makes 750k a year, im assuming thats without tax right
Every body tries to write their personal transportation on their business accounts 🤫🤫
750k salary would be perfect for me and I have ZERO debt!
Oh ,You ain't even getting Beans and Rice, It's Water Only
I feel like people like him just call to feel good about themselves. Their dept to income ratio is nothing crazy...
Sir, do you REALLY NEED All of those cars???
Take a shot every time they say V-Hicle