You’ve Got $1M In Debt!
The Ramsey Show Highlights
Ramsey Network
4.5 • 840 Ratings
🗓️ 23 September 2024
⏱️ 7 minutes
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| 0:00.0 | Brought to you by the Every Dollar app. |
| 0:04.3 | Start budgeting for free today. |
| 0:06.3 | The reason I'm calling is my wife's 31. |
| 0:09.0 | I'm 32. |
| 0:09.9 | We own an event rental company that does pretty well. |
| 0:15.2 | And three years ago, we purchased a commercial building and opened up a event venue. |
| 0:24.6 | The process of doing that, we went into debt about $900,000 after remodel. |
| 0:32.6 | Yep. |
| 0:33.6 | Sheesh. |
| 0:34.6 | After the remodel and then plus about another 150 to 200 to my in-laws. |
| 0:41.3 | For what? |
| 0:43.1 | For the remodel. |
| 0:45.5 | The commercial property was we had to do an extensive remodel on it to kind of make it how we wanted. |
| 0:51.8 | And the in-laws gave you the money for it? |
| 0:54.8 | For the extra. |
| 0:56.4 | So we got a million-dollar loan with, you know, |
| 1:00.3 | and then on top of that was about another 150 from the in-laws. |
| 1:04.8 | Okay. |
| 1:05.6 | And that was three years ago. |
| 1:07.4 | And it's going, it's going all right. |
| 1:09.8 | We're in year three, and it's starting |
| 1:11.2 | to pick up. When do you break even on all this? That's why I'm calling it. We're quickly finding out |
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