I Make $400,000 And Have Been Living Redneck Rich!
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- Опубліковано 27 вер 2024
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If you are curious this guy must own a concrete pump truck. That is the only job that fits his description of a sole-proprietor in concrete making $1800/day. He must have found a sweet spot in his area where there was a lot of demand.
I didnt know you can own one of those.
@@fuse911 why wouldn't you be able to own one?
@@xenn4985 i thought they were part of the construction company. I saw it as a part of the “tools and equipment” category. Why would they hire a 3rd party to do it for them? I dont know much about construction but i do own a business and i dont see why the construction companys dont have their own equipment
@@fuse911 because "construction companies" aren't some homogenous conglomerate rolling in cash.
Construction is broken up between many different types of contractors. Concrete, woodwork, paint, glass. These are all different companies that are hired by a general contractor who oversees the whole project.
@@xenn4985 makes sense. I just thought itd be more profitable for the company if they had their own stuff but youre right it gets expensive lol
Best comment I have ever heard on this show... " I ran out of stuff to buy" actually had Dave laughing
This dude earns 10x what I earn but I am debt and mortgage free
So you rent?
You are AWESOME! I"M DEBT FREEEEEE!
@@DLIX2DCLI no I own my house .
@@swagmasterswag12 I’m not poor I have everything I need. My point is this guy has 10x more income than me yet I own a house mortgage free and debt free. This guy needs to get his act together is my point
@@andielliott7721 feels good
I love this call! He is blessed and I love how he said he ran out of stuff to buy. I love Dave’s answer, to “feel the responsibility of this kind of money and also to be generous”. 🙏thank you.
Why does he have to be generous?
I hope this guy gets a good accountant and a good financial planner. I hope this guy gets some good people in his corner.
He needs to adopt the business savvy into his personal household savvy. What an inspiration! " If you think you CAN, you WILL "
I love when Dave hits that mute button.
Yea, that guy wasn’t practicing good podcast etiquette. Constantly mumbling and interrupting the host of the show degrades the quality of the show.
He always does that and I hate it. It's not polite to not say goodbye to the person, let them thank him, and then continue his thoughts.
One lesson I learned. When you find yourself fortunate enough to make a lot of money, save as much as humanly possible. People tend to assume they will always make that much money and adjust their living standards to meet their income. Give yourself a nest egg for when you have those down years, or you get laid off and need to take a lesser paying job.
He's gonna be "redneck poor" if he doesn't take care of his finances.
LOOL
😆😆😆 That was Funny!!!👍
Foreal
Something tells me he doesn't understand things like taxes, insurance, investments, and so forth.
🥱😭😭😭😭😭😭
“I ran out of things to buy”🤣🤣🤣🤣
No professional licensing fees, no vehicle maintenance costs, no business or vehicle insurance, etc,etc??
Where does he park the cement truck?
this is what I was thinking... their is always more to owning your business than just gas... PERHAPS he didn't think all this through yet... ??
on his property
Probably not insured.
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I stopped listening and taking financial advise from these UA-camrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice to take advantage and make profits.
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I work with Jennifer Lea Jenson, a licensed fiduciary. Simply look up the name. The information you need to work with a letter to schedule an appointment would be included.
thank you for sharing; I just looked up the broker you recommended on Google and was really impressed with her qualifications. I will immediately send her an email.
Nvda are for young ppl that can outlive their stocks. Not Everyone has luxury to wait their life away
Fuel and taxes aren't his only expenses, if they were that is still a lot of money, but I don't think he has as much money as he thinks he does, gross and take home are way different.
I agree. He seems oblivious as to how to be self-employed (with regards to expenses).
He may be a few thousand off but this guy did it right by paying off his equipment, by the sound of it I believe he’s a concrete pump operator… so yea he only pays for fuel and tax… ans insurance
@@MartinMartinez-mp1bw I have never met a concrete pump owner make 400k but good on him
He may run into IRS problems next year, but it doesnt matter. Being able to make that much money is very commendable. People dont realize that Daves callers need help “managing money.” Not “making money.”
Or he has workers that he pays under the table 🤔 something sounds off... No supply cost either?
Glad the dude never got to fully ask his question, he almost managed to do exactly what this show is intended for.
He said, "Honestly I ran out of things to buy." lol
lol which goes to say he checked off all the wants and needs now he's thinking ok i dont technically own these cars or this house yet lets do it. Goals.
Absurd statement...sounds like he needs to start being generous.
This guy is disciplined when it comes to paying off tools for his job but is sloppy with his car debt and play money. I don’t understand it
He just a working dude, don't know how to manage money.
That is why the title to the video includes, "living Redneck Rich".
Those tools make him money
Hope his wife gets on board with the finances and they work together to get them ship shape.
Yeah it’s strange that he knew enough to save up and buy his equipment cash when he WASN’T making bank, but now that he’s rolling he goes out and gets two car loans? Very confusing lol
So glad he bought his equipment with cash!
Not t many people percentage wise make what he makes ever! Well glad for him because he should have more choices that others.
He just keeps flexing “I make $400k a year” “ I make pretty good money now” “I make $1800 a day” I was waiting for him to tell me how much he makes a minute next 😂
I feel him. when you go from making 20K a year barely making ends meet to making huge money 400k-700k a year you want to tell everyone and write a book
$3.75 per minute on an hour day!
@@russiasvechenaya58agreed. I remember what it was like to make $14k in a year. Now that I make 10x that I want to shout it from the rooftops - not bragging, just genuinely can’t believe how lucky I am to be in such a high paying field. I wish it was normal to talk about money and incomes :/
I mean he's proud of the fact. If I went from the 115k a year to 400k a year I'd be acting similar. He doesn't seem like he's saying about this from an arrogant viewpoint but from an excited one.
This guy doesn’t fully understand his expenses. He’s got more than fuel, he’s got capital depreciation, maintenance, repairs…
Insurance
Exactly
Depreciation is a non-cash expense so would lower his taxable income (good), definitely can write-off the fuel, insurance, concrete acquisition costs, marketing….dude needs an accountant.
@@will9134 I agree the upside of some of this is he is probably overpaying taxes. The downside is he has no system for his capital costs
He is livng now not for the future hence the call.
"A good problem to have" haven't heard that in awhile 😂
'I ran out of things to buy' is my favorite 😅
Inspirational.. within a year and he’s making nearly 500K. Dope!!
Definitely!
How is he doing it as a one man business in concrete?
This guy didn't call in for help he wanted validation he couldn't contain himself inside without someone reaching over and saying good job from someone he respects which is dave in this instance
Jealous much
Can people who have money never talk about it?
He had a legitimate question. He’s never made that much before and didn’t exactly know how to handle it.
strongly disagree
@@johnmeehan7884 It's envy not jealousy.
He is most certainly facing doubts hence why he has called in. What he really needs is a presentation on finance so that he can start directing him self in the right direction.
Love the mentality, thanks Dave and Ken God bless Chris!!!
Just a little bit more discipline and this guy’s gonna be set for life. Get those cars paid off ASAP.
or sell and buy by the end of this year with 50% discount
Meh, I'm sure the interest is low. Focus on the mortgage.
Thanks for the wisdom Karac Ramsey 😅😅
Why do you think there will be an end of year discount
@@seanjean9677 em... repossession is booming from what I heard, people can't keep up with the payments after stimulus ran out
this is the longest dave went without muting someone
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STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,..
I very strongly encourage you to find a local financial planner or investment advisor you can trust as well as doing your own research. What might be a "good investment" for one person could be a terrible option for someone else just based on their situation and life goals. You definitely want o work with someone on your personal situation and don't just take blanket statement advice from a youtube video's comment section.
Dave is so funny when he gets mad about guys making tons of money and being terrible with it.
Don’t throw anything extra at your mortgage. Buy more real estate in great locations and rent them out.
🤨 Comments are little disappointing. Making this much money is commendable, don’t be so negative. Daves callers mostly call in because they need help “MANAGING MONEY,” its not always about “MAKING MONEY.” He makes 400k but only have 60k saved. He didn’t call to boast he called because he clearly sees he is doing something wrong, let him ask for help.
i didn't see too many bad ones. Yeah no this dude is doing better than most of us. His questions were reasonable and his debts are simple in his scenario.
@@chuckytherapper actually he's doing terrible. He thinks he's rich and he's going to end up severely in the red if he doesn't start keeping way better track of expenses. He thinks he has way more money to spend frivolously than he actually does. This is very obvious when he says "all I have for expense is gas". Anyone that's ever owned or managed a business knows this is impossible. I would bet about 70% of that $400k is going towards (or should be going towards) expenses. Sounds like he just pockets the money and spends it on fancy dinners instead. This will all blow up in his face before too long.
This guy likes to hear himself talk
Well the voice is delicately smooth and RICH.....
I think he called in just so he can say the term "redneck rich" over the air lol.
He said he makes 1800 a day that’s sick
it's hard work and i am pretty sure he bust his chop everyday to make this killing.
@@grantguy8933 not all hard working jobs pay like that lol
1800 wonder wat he does
When he said 1800 a day, i almost choked.
This is hard for me because I had to move to asia so I could pay off my student loans
Thankfully the cost of living is much lower
I make fifteen hundred a month.
I can't comprehend making eighteen hundred a day.
I'm so thankful that I can live there because I have everything I need
I should have my student that paid off in about 14 months
I've just ever seen that kind of money.
This guy is a stud he was living on beans and rice like the rest of us trying to save, live and pay bills. Wasn’t for him so he took a risk by opening a business now he’s a king only needing to worry about managing his money properly. 🤑 🎉
0:43 You can tell this gentleman at least casually listens to Dave (radio or UA-cam) because he started listing his debts quickly. Most people take a LONG time to a) get to what they are trying to say, only for b) Dave or team to ask the important background information that should have been provided in the first place!
I have heard of this before, but we always called it something other than "redneck" rich.
If this guy is not more Careful he will be like old NFL stars broke and wondering where all the money went.
And from the sounds of it, he will be owing some heavy back taxes that he didn't even know he was supposed to be paying by the time this is all said and done.
I have a couple of "rules" for finance- always expect the unexpected, and on a related note, don't assume that the income you're making today will be the same or more in the future. Also, Dave's comment about setting 20 million dollars as a goal seems pretty over the top. I think he could still do very well with a lot less than that.
Depreciation on his gear is going to kill him when it breaks and needs replacing. Need to accrue for that
$400k is probably his revenue.
I know a guy that runs a tractor that brags about making $100k a year, but I know his bookkeeper, and in reality, he makes less than minimum wage after all is said and done.
400k÷52=7700 per week. 7700÷5=1540 per day. 1800-fuel might be $1550 per day. His numbers add up to me. What did you see that I missed?
Insurance, maintenance, depreciation, etc
This guy shoulda payed cash for everything. He can get sick or injured. All this debt up front is crazy
I'd rather have a car loan and cash in the bank for an emergency.
At 7:21 Dave mutes caller lol Also, guess who just ordered Concrete supplies on Amazon!!! : o P
Living off 100k with a family will take discipline with this inflation.
Not at all.
400,000 as a single employee pumping concrete, I call BS.
Yea until his concrete pump breaks and there’s a $30k repair. Unfortunately seems like he’s doesn’t fully have the business/ finance mindset to run that business super efficiently. If I’m him I’m living on my old income of 50k and pocketing the 250k for a few years. After 3-4 years you got the cash to simply cruise with the business
Exactly… he’s a pump owner/operator
Thats the smart plan. He had his fun. time to save that money and learn how to keep and grow it. Problem is walker hayes got everybody out here goin to Applebee's and bein fancy like that lol.
Only expense is fuel and taxes? I gotta know more about this guys business model. (skeptical he knows what he is paying for)
I'm familiar with the industry and his numbers don't make a lot of sense. Maybe if he worked 80 hours a week and had some contractors working for him.
A Form Carpenter/Finisher can make 26 to 30 a hour, work easily 60 hours a week, and plus get at least 80 bucks a day in per diem. So imagine if they was working for themselves?
Business owners would be smart to work with a financial professional such as myself to setup employer retirement plan. There is a high cost to put it off, even for just a year.
Fuel is not the only thing he pays. How about insurance? His office rent?
Other Business expensive.
Dave's and him are mixing business and personal income.
Almost seems like hes not paying his taxes, and not accountung for any equipment repair/replacement expenses
Dave did not. He asked him three times
It sounds like a business that involves driving and he does it sole. Minimal overhead expenses
$400K is probably his gross sales. That's why he still has car debt and only $60K saved.
@@grod805 No. He asked how much he makes. Not how much is he paying himself.
Good for Chris man he's owning!
He forgot to tell you about the Drug problem
Shhhhhhhh
Honestly I ran out of stuff to buy .
I can tell then I rang Dave. Love it
This guy... Just pay your sht off, this is not rocket science. Not smart enough for this amount of money..
He's confusing cashflow with actual net income.
Yeah, to say he's confused is being nice.
@@jimhandler1129 LOL.. thanks I agree. Clearly the facts didn't add up here. I think they posted this call for fun.
@@johniii8147
I think the guy is saying he makes the money after taxes and fuel costs are deducted.
@@bighands69 I don't really think so. He's way overstating the income.
@@johniii8147
He did say that but in the heat of the call was getting distracted.
I have friends who lived on a reasonable amount (engineer - project manager) and when the tough times hit - as they always do - he was living "normal" and his family thrived.
His associates lived like they would earn the same amount and had failed to plan....houses up for sale, cars....it's predictable. Dave is right on this one.
Paying off debts is a positive habit - the calm of being able to ride out the storm is a gift. Been there fearing a washing machine breakdown...or car issue...once you have a safety net....oddly enough...things don't breakdown as often :) 😅
That is so true, when I was in debt and financially unstable things were always breaking or costing me money. Now that I am well off thanks to years of hard work and investing, I am looking for things to spend me money on...
Such an amazing woman omg every time I see her sit across from her ex I burst into tears remembering my love
I still don't see how you pay off 350k in 36 months. In New York, my net pay after all taxes are withheld, I save for retirement, and $100 per week for my children's college fund, my net pay is no more than 40% of my gross. It's impossible to get ahead in this environment.
sounds to me like a truck driver that GROSSES 400k a year and his net profit is an entirely different picture!
No. He may not be a truck driver but an owner of a concrete truck that does direct business with clients.
Just bc the business equipment is paid for doesn't mean it shouldn't be tracked. At some point the equipment will need to be used beyond its service life. If that's not accounted for... i call it recapturing the expense... then the day to buy newer equipment will hit you like a ton of bricks.
What about Insurance?
Maybe he pays them yearly.
He is businessman that probably deals in cash. He states that income is after taxes and fuel which are his two primary costs.
He probably spent the excess on living, retooling business and may even offer localized discounts on jobs.
What people do not understand is the guy probably works every spare hour he has.
The "red neck rich" is politically correct version of term most people know! Funny how that's ok.
I love it!!
“I make very good money.” It doesn’t matter how much you make it’s how much you save. 6OK in the bank? You should have a quarter of a million. Wake up buddy. You sound like you’re afraid of being wealthy so you blow it. Renew your mind.
He is not afraid. As he said he ran out of stuff to buy. He was being careless. I would kill my spouse if he acted like this ugh.
He started the business a year ago. He made about $400k before fuel and taxes. After taxes, he'd net about $270-$275k. He spent $150k on equipment and saved $60k. So, he's got about $60k-$65k left. And, he made a down payment on a house. How the heck could he have saved $250k? $400k is a lot of money, but after taxes it's not much more than the $250k you think he should have saved.
How does this guy only have 60k in savings with a 400k income
Don’t keep too much in savings. Bad return. Put it into assets and only keep enough for emergencies.
He just acquired a mortgage and other costs. He simply does not realize that he needs to educate himself on business finance.
The idea that he thinks he only needs to cover fuel costs shows how naive he really is.
If he has any equipment for his business he needs to put some money aside for parts and repairs because things break and wear out. I would keep the $60,000 in the bank and billed uo the savings more for emergencies.
When he said his only debt is taxes and fuel that already means he's gonna be redneck broke pretty quick. Easy come, easy go.
There a big difference between adjusted gross and net income when your self employed
Sounds like he drives a concrete truck, I hope he has a huge amount of insurance and a backup driver if he gets sick or injured and can’t drive. Plus maybe a backup truck just parked in case the main truck breaks down or at least an agreement to rent one.
I need to buy a concrete truck and start that business. What on earth is a concrete truck?
@@twincherry4958 It's one of those trucks with the big round cylinder on the back that spins around.
@@twincherry4958 it delivers concrete
Or a concrete pump operator…
Concrete pump business
Why did this guy even call, he knows what he needs to do. This is ridiculous.
He wants to know what debt to go for first.
He's in to flex
The obsession with the cars, I will never understand.
Do you have anything you really enjoy? Not hard to understand
The concrete business could crash and he could go out of business. He better pay everything off now.
You’re telling me we won’t use concrete to build anymore ?? 😂
@@adr8nalin92 dude thinks we're gonna go back to sticks and stones
You never know what could happen? Pay your things off. We call it "setting your stall out" in the U.K. Clear your debt as soon as you can first.
I run an excavators business there is up and downs fursure
I suspect he has a concrete truck and pump and works directly with contractors or homeowners.
this is a business and he's had a few good years,,,but anybody with a business knows the storm is coming...live on way less than you make and be prepared for the storm..if it never comes great !!
this guy is awesome!!
“I ran out of things to buy” (then I called Dave)! 🤩
start putting away 20K a year for repairs or replacement so you can buy the next truck when this one breaks down......or get a second truck and hire a sub to drive..(1099 not an employee) pay him 8-900 a day and keep the rest to keep building the business..... as you age could have 6 or so trucks with well paid subs and you could be a fill in.
1:16 -- worried about car debt without knowing the interest rate on said debt. He said his mortgage has 4.25% interest rate. My savings account is 5.25% interest rate. If his car is even lower at 2-3%, it makes zero sense at all to pay the car off any sooner.
Stop
This guy's awesome 😁
Ken is in shock
The huge red flag is how in the hell does one single man run 1800 dollars worth of concrete a day solo?!
You make $410k and your wife works for $55k? I would spoil my wife and make sure she never works a day in her life. I do it now as much as possible only making $100k
His mortgage is presumably less than what he can get in the market or even in a high yield savings account. I’d stockpile the cash, deduct the mortgage interest, and pay it off before the ARM kicks in at the 5 year mark. As for the cars, it would depend on the loan rates. If he is using one for business (driving it to write up quotes and whatnot), deduct the interest and again invest the money if it is less than 5% interest on the loan.
Dude’s making $400k and his wife makes $50k? Why is she working? They’ve got a 2yo. I mean if she WANTS to work, then okay, but… she sure don’t need to.
He will be swollening the red pill 💊 soon 🤣 in divorce court 😭
I agree!!! she needs to rasie that child, instead of a daycare worker. Matter of fact, his wife should be his accountant/bookeeper/reecptionist/secretary.
He wants her to have skin in the game.
So women only work if they need to vs if they want to.
@@sobeliever1638 Equality sir.
I'll just never understand how someone can make almost $2,000 a day and have debt.. i mean dang, want that $30,000 car? come back in 2 weeks with cash lol
I just want to know what he's doing...sounds like he's got a concrete pumping contractor just pumping concrete for various concrete contractors. Well done!!! So inspirational and Dave always have such practical advice.
It’s actually a good living for many people, it’s still living
Great job!!!!
This guy thinks the gravy train is never going to end.
Anyone else still think of the guitar riff when watching these lol
Incase you guys didn’t hear him the first few times, he makes very good money.
This is hilarious 😂
Redneck needs to make sure he is correctly structured. If sole proprietor, he should probably be a S-corp. Many items can legitimately be business expenses, substantially lowering his taxes
How is a one man business bringing in 400k in concrete. Seriously he has zero employees? Big front for meth. Huge even.
I wish we heard the full question, instead of the caller being constantly talked over, because I have a feeling he may have been asking whether to invest some and pay down his debts fast. 🤔
We make about 300,000 white collar and we have two houses paid for 2.4 million total and 2 million 401k. We don’t have fancy cars and buy everything. This guy should save and save and save. If he can’t work physically. He is a goner
Sounds like concrete is way overpriced if he's making that much as a sole proprietor.
Nope.
I’m a trucker I make north of a million dollars a year (I own 5 trucks I drive 1 and the rest have single otr drivers) I do really well but I don’t spend anything since I’ve only been out of debt for 2 years and I have no one I am tied to (kids wife girlfriend) I live in my truck
No way this guy only pays fuel for his "business". He already admitted that he bought equipment. You have to maintain them, pay for parts, insurance and much more. Not to mention the equipment itself should be expensed and depreciated over 1-7 years.
Exactly. The more he talks, the more obvious it is how clueless he actually is. He will be dirt poor in a year or two if he doesn't change his habits.
Other brother over there thinking, dayyummm concrete….. ? See ya
Live on 90k save 10k and pay everything off with the rest
How does he run a concrete business with no expenses? Who's buying the concrete? Insurance? I need to get some advice from this guy
The customer buys it....
Concrete pump operator…
AND he owns his pump
@@MartinMartinez-mp1bw So he bought a concrete truck or what? I need to know! lol
@@rodneylatham6202 there’s no telling how much equipment he bought with 300-400k, he could be running everything based off the customer, he said $1,800 per day, that’s his labor charge, and all of his own money except food fuel and tax.
You better get insurance in case you get hurt or you have a business interruption
... Still trying to figure out what the "good problem to have" this guy was calling with. $100k in car debt, $400k in house debt, and only have $60k in cash with a $450k income. He's in a good position to handle it all, but I'm not sure what the "good problem" is. Running out of stuff to buy?
🤣🤣🤣How to address his debts
Because he has income and knows full well that even if his business was cut in half through recessions he can still clear the whole lot.
His only cost is fuel?? No insurance and no maintenance?? That doesn’t sound right.