I'm $300,000 In Debt From My Dog-Training Business

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 1 April 2025

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by Xander Insurance. Compare rates from top-term life insurance companies in seconds at Xander.com.
0:10.0	So I'm 21 years old. I have a baby on the way.
0:13.6	Congratulations. When's it due?
0:16.9	July 14th.
0:18.2	Awesome, man. Good for you.
0:23.6	I have, thank you. I have my own business in pet care. I'm a dog trainer and I am $300,000 in debt. From what? My question is,
0:31.0	so my question is, do I focus on expanding the business, hiring, and trying to be able to make
0:36.9	the business self-running so I could be as present of a debt as possible or focus on paying off debts.
0:43.5	Is the debt business debt? Is it from you building this business? Is that where it came from?
0:47.5	Yes. Yes, that's where it came from. Most of it.
0:50.8	Explain. Why does it take $300,000 to train a dog?
0:54.0	Yeah.
0:55.6	So we started mobile, so I started the business when I was 19, doing it mobile, kept cost
1:01.5	loaded out of my truck.
1:03.8	And then as we expanded, we decided that we needed a facility.
1:08.3	So we rented and then kind of renovated a 4,000 square foot facility. So we rented and then like kind of renovated a 4,000 square foot facility. That was in
1:16.2	April of last year. So we, I took a home equity line of credit loan from my, from my dad, which I know
1:24.9	now from listening to you guys is a no-no. Just give me a quick synopsis.
1:29.6	If I bring my dog to you and say, I'm dropping my dog off, train him.
1:34.0	What does it cost me?
1:35.1	What do you cost for a service?
1:36.6	I'm just curious.
	...

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