He Went From Millionaire To Broke in 8 Years

The Ramsey Show Highlights

Ramsey Network

Business, Investing, Education, Self-improvement

4.5 • 839 Ratings

🗓️ 8 January 2026

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	In today's digital world, you need ID theft protection that actually works.
0:07.0	Protect yourself at Xander.com.
0:09.0	I kind of did what you probably did a long time ago.
0:13.0	I started a business and it was booming.
0:15.0	I made my first million in a couple of years.
0:18.0	And it just kind of went, it just my financial life just spiraled out of control.
0:25.2	And now I don't know if I should go bankrupt and figure out a way how to get back on track.
0:33.0	I haven't done any, any payroll taxes.
0:41.4	And I owe since 2017, 2018.
0:52.2	I also haven't filed taxes since I was in 2017, 2018, and credit cards. I have over $70,000 in credit card debt.
0:58.4	I have a commercial line of credit, which is another $30,000 that I owe the bank.
1:04.7	I took an SBA loan out, which is the emergency funding.
1:09.4	This is during the PPP time.
1:13.1	Sorry, I might have, it's the one for COVID.
1:18.3	Yeah, yeah.
1:18.8	I qualify for that because I didn't file my 2021 or 2020 taxes,
1:23.5	so I had to actually get a loan out to keep my employees on board with me. And that's 132,500 there.
1:32.6	So altogether, it's well over $350,000 in debt. Is your business still open?
1:41.6	It is. I just had to let go of all of my employees and I had to minimize all of my accounts.
1:49.0	Currently I think I have like four or five accounts that I drive to every single night.
1:55.0	My industry is janitorial business.
1:58.0	So yeah, it's tough.
	...

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