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The Ramsey Show Highlights

This Is Why You NEVER Build A Business On Debt

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 6 June 2024

⏱️ 10 minutes

🧾️ Download transcript

Summary

💵 Sign up for EveryDollar today - Create a free Budget! Did you miss the latest Ramsey Show episode? Don’t worry—we’ve got you covered! Get all the highlights you missed plus some of the best moments from the show. Watch entertaining calls, Dave Rants, guest interviews, and more! Next Steps 📞 Have a question for the show? Call 888-825-5225 Weekdays from 2-5pm ET or click here! Listen to more from Ramsey Network 🎙️ The Ramsey Show   🧠 The Dr. John Delony Show 🍸 Smart Money Happy Hour 💡 The Rachel Cruze Show 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership 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

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0:06.0

Well, recently I found out I was having a baby and got engaged and she has a daughter of her own from before we were together.

0:20.0

So I started getting serious.

0:22.0

I own a construction business.

0:23.5

I started getting serious about paying some stuff off.

0:25.5

The baby's kind of making me, you know, sweat a little bit because it ain't just me anymore.

0:29.3

Good for you.

0:29.8

I to take care of it.

0:30.8

Good man.

0:31.5

Well, I've had a construction business and had a ton of debt, had about 30 employees. We, you know, we're doing four to

0:39.5

five million dollars a year for about three years in revenue. And for 23, I thought, you know,

0:46.1

I was on my high horse, thought I was, you know, it, you know, and taking on a lot of debt.

0:52.1

And then things slowed up last year.

0:56.9

I had to lay off, continue to lay off more and more people.

0:59.5

And it kind of just snowballed down.

1:00.4

What was the debt for?

1:05.0

Oh, just random things like business loans.

1:10.9

A lot of it was equipment that I've currently liquidating most of it the best they can.

1:11.6

Okay.

1:13.1

How much debt have you got?

1:17.8

All together, including my personal, is $360,000. Honey, it's all personal.

1:18.8

You signed forever a bit of it.

...

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