It Sounds Like You've Made A Mistake

The Ramsey Show Highlights

Ramsey Network

Investing, Self-improvement, Education, Business

4.5 • 842 Ratings

🗓️ 18 October 2023

⏱️ 6 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

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:06.3	Christy is in Phoenix. Hi, Christy. How are you? Good. How are you? Better than I deserve. What's up?
0:15.0	Well, my husband and I own a franchise. It's a restaurant. I don't really want to say the name but we have a business
0:24.1	on a pretty hefty business loan which so we owe 230 on the business and we have about that
0:33.8	exactly 230 equity in our home would you sell your home to pay off the business loan because the interest rate just keeps going up and up 230 equity in our home. Would you sell your home to pay off the business
0:38.2	loan? Because the interest rate just keeps going up and up and up and our payments are now.
0:43.2	We've owned this restaurant for three and a half years and we started paying $2,500 a month
0:48.8	and now we are at $4,500 a month because of the interest rate. Would you sell your house to pay off your business loan?
0:56.1	Are you making money?
0:58.7	Yes, we're making money, but...
1:01.5	How much?
1:04.1	What's your taxable income in 2023 going to be?
1:10.2	Like take-home? No, taxable income. What are you going to be? Like take homes?
1:11.3	No, taxable income.
1:12.6	What are you going to pay taxes on?
1:14.1	What's your tax return going to tell me you made?
1:16.3	The real profit of the real profit.
1:19.7	Maybe like $700,000.
1:21.7	Why don't you just pay it off?
1:25.9	You're going to pay taxes on $700,000 profit?
1:31.0	Maybe not, that may not profit.
1:33.2	That might be gross revenues.
	...

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