How Do We Get Out Of This $900,000 Worth Of Debt?

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[MrBrewman]

The higher the debt, the faster I click. 😂

[BarbellFinancial]

If you dig yourself a hole, don’t dig deeper. Just start climbing out.

[robloxvids]

The problem is 2 years into their plan the husband will spend another 300k to "expand the business." It'll never stop.

[ghjong]

I don't work with heavy machinery, but as an outsider that seems like something you really don't want to go cheap on, and is probably worth the debt cost. Every hour that machine is not working is costing you tens of thousands of dollars, to say nothing of safety.

[jimv]

Is it wrong that I feel pretty good about my life and money when some of these callers prove things could be A LOT WORSE than my current situation?

[mikezerker]

I went from a net worth of around -400k to +1.1 million in a span of 8 years thanks to Dave’s baby steps and self discipline! Now I tell all my friends/family/co-workers about his plan!

[tshandy]

I’d rather have her $900K in debt than the kind of debt many of Dave’s callers have - $80K for a garbage college degree + $30K in credit card debt.

[webfreakz]

"yeah it's definitely going to be changing, what's next?!" brutal 🤣

[FuzevSponge]

Pay $800k vs 600k with no warranties? Sounds like theyre in a good position to pay off the debt... Last thing they want is to save 200k to have their equipment break.

[JustinCase]

@2:35 Classic Papa "vee-hickles" drop! 😂 With two more to follow!

[hrajotte]

It's vitally important for a small business owner to not consider the entire business profit as personal income. Set a salary for yourself and employees, and bank the rest for business needs (retained earnings.)

[madkilla]

It’s amazing to me how many people call in for Dave’s advice and then continue to try and talk over his advice 😂

[Sable]

900k?! I’m getting the popcorn ready! Lol.

[carterwgtx]

Heavy logging is definitely a place where a good piece of equipment is worth gold. If it’s a critical thing, the cost of failure means zero revenue. These folks are probably a little fancier than needed, but they’re not in wild trouble or anything.

[carlys]

My family owns an auction company that sells heavy equipment. A lot of machines sold are in very good shape. Nothing wrong with buying used

[adamseidel]

This is a successful and profitable enterprise. Pay down the debt on capital in a way that maximizes the tax deductions through depreciation and continue forward in a balanced way. Pay it down faster if that gives major replacement risk benefits (I have no idea how long equipment like this is made to last). The business debt is highly manageable and takes care of itself.

The personal debt should he easy to clean up on no time. The mortgage is NO problem, clean those credit cards up in like two months and get into non-ridiculous cars and you’re doing very very well. There is no need to even go nuts here.

[scoobieamg]

"Yeah its definitely going to be changing!" 🤣🤣🤣🤣

[YoPhocFays]

At least a good chunk of it was business debt rather than consumer debt

[TRUCKERTV]

They got this, glad to hear they have cash flow.

[MoneyTalkwithMP]

"Yeah its changing" 😅 Dave making their financial decisions