I Owe $200,000 On A Failed Business

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 19 September 2023

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today's episode features Dave Ramsey & Jade Warshaw. The Ramsey Show Highlights is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel & Jade Warshaw. Part of the Ramsey Network. Delivered to you seven days a week. Budget for free with EveryDollar: Click Here Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:06.0	Carrie is with us in Tampa, Florida. Hi, Carrie. How are you?
0:09.0	Hi, Dave. Oh my goodness. It's an honor to be on your show.
0:13.0	Honored to have you. How can we help?
0:16.0	So I'm really just looking for debt advice. We are struggling to pay back an SBA loan, payments for my husband's franchise that is now closed.
0:30.1	Ouch.
0:32.0	Yeah.
0:32.9	So you borrowed how much on an SBA loan to buy a franchise?
0:37.8	It was a total of $223,000.
0:43.1	Okay.
0:43.9	What kind of franchise?
0:44.9	It was a moving company.
0:48.1	He kind of bought it at a premium because it was already in existence and we really
0:53.0	were under the impression it would be successful and unfortunately, I don't know if it was already in existence and we really were under the impression it would be successful
0:55.3	and unfortunately I don't know if it was just due to the market at the time but it was really
1:02.2	obvious after about a year that it was it was not going to be profitable anytime soon and so
1:08.6	he was made the decision to close it and And it was a big, it was a big risk
1:12.8	to begin with. But we decided to go ahead and just close it and move on. He does have a great
1:20.0	job now that he loves. Thank you. What does he make? About 70,000 now. What do you make?
1:26.8	I make 48,000.
1:29.7	Do you guys have any other debt?
1:32.5	We don't, well, we have a very small car loan remaining and our house payment.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Ramsey Network, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Ramsey Network and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.