We’re $4.5 Million In Debt (I Had My Head Buried In The Sand)
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Let’s face it. How many of us watch these videos just to remind us that we have not completely effed up our own lives?
Yes! I made that comment on another video and people replied how horrible I was.
😂😂.
@@joycewright5386 I don’t know if we’re horrible or not but we’re not alone.
Absolutely 💯
😂😂 facts
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro investor?
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
imagine having a boss with 6 figures-worth of cars telling you he can't afford to pay you. What a failure.
But he doesn't own those cars 6 figure cars though - he's in $140K debt that can he can't pay off. He might as well be driving a rental.
@@mcw2553"sorry, I spent your paycheck on car payments and I'm still underwater"
@@mcw2553 Hows the employee supposed to know that, ya dingus. The wife didn't even know
@@mcw2553imagine it from the employee's point of view.... And who cares if the cars are paid off or not? He's making those payments, isn't he?
If you can’t make payroll, it’s time to call it quits on the business.
No payroll = no business, shut it down.
Right... the guy has millions of dollars in home and car and he cannot even pay his workers!! Unreal!!
Yes, unfortunately once you start getting other people involved and start messing with their livelihood then it’s time to call it quits. It’s no longer morally and ethically right to keep that business.
What are talking about? Just ask the King of Debt, Donnie. You don't have to pay people till they take you to court.
200 %
@@bettysmith4527
Lots of business owners like that out there. Bunch of broke users. And then of course they close the business and leave all the employees out to fend for themselves as they whine about “how hard life is” driving home in a luxury car to their luxury condo.
This is insane. There is no more discussion, sell this business and get a job sir. It failed.
It has not failed it has hit bumps in a road. Just the payment on the warehouse is 26k a month. But the warehouse over extended him.
@@cannednolan8194 if you are drowning in progressive debt to the point you can't make payroll, unless there is a turnaround within a month at most, the business has completely failed and needs to be sold. Breaking the law by not paying employees is not acceptable.
He made a HUGE mistake buying a warehouse that's probably way more than he needs. Luckily, they've got just enough equity in it where they can get through this by the skin of their teeth. Another couple hundred grand in debt, and they're bankrupt no question.
He needs to sell it and use the equity to clean up this mess, rent a warehouse that's no more than 20k a month, and move WAYYY down in BOTH their cars.
They can make it. It'll cost them that half million in equity they have in the warehouse post closing costs and stuff, but they'll get there.
Sell it to who? I think you meant, file for bankruptcy.
@@cannednolan8194bumps on the road ? The guy failed to pay his employees and still not sold his cars. It’s over, this guy is an employee
If the IRS is angry about delinquent taxes, I doubt the business is sustainable any longer...
🎯 also different levels of IRS tax ‘issues. ‘ Clearing 80 grand and not paying the appropriate income or business tax is one level. Taking in tax on behalf of government (state sales tax etc.) and NOT submitting it, is a whole other level.
The point where you shut a business down is the point where you can't make payroll. You can't have people you work for you if you aren't 100% sure you are going to be able to pay them for that work.
Facts. He would’ve had to have exhausted all the line of credit he would’ve had with the banks. His business must’ve been cooked at least a year ago.
Not being able to make payroll is definitely a bad sign for any company, however there are plenty of situations where that is only a temporary thing. The only way for that company to be able to make payroll again and get that back pay made up is to continue running the company. Shutting the company down is a 100% guarantee that payroll will never be made.
Of course that doesn’t mean that you should stick with a company with this problem. There are a lot of reasons why this could happen, from vendor issues to bad management.
@@barnabusdoyle4930 That's why you have to shut things down before you are unable to make payroll. You should always have enough cash on hand to pay the current month's payroll plus severances - ideally several month's. That way, if something goes wrong you can wind up the business in an orderly fashion. The way businesses usually ensure that is by having a revolving credit facility with a bank, but if you are like Dave and have a strong aversion to debt you can do it by holding cash reserves. If your business is large enough to be audited, this is something auditors will ensure you do as part of signing off your accounts on a going concern basis. You should still do it if you are a smaller firm, though.
Took me a while and rereading to know exactly what you said but very true
@@taylamayde I do tend to use a lot of double negatives!
Sell everything and get a studio apartment. You don't deserve all your expensive lifestyle. You survive on debt. House of cards has crumbled.
Jealous because you’re a loser that could never?
Think they were doing good before, the house worths 1.1 and first mortgage was down to 400k, they took another 400 for the warehouse
@@DynAmisch69 If you were listening you'd realise the caller is also a loser that could never but did anyway.
In many parts of California 1.1m IS an apartment or a very modest house.
One that he des not really own if he has 800k mortgages running.
Depending on when you bought it and with what interest you could be worse off selling the thing and renting.
I am not from the US but I though renting prices in California are wild.
A 1m house in Ontario is about average, expensive lifestyle idk
He committed financial infidelity by taking out mortgage without her knowledge
He couldn’t legally do that. She knew just didn’t care. A amazing submissive wife.
She would have had to signed for this
@@hiddenprofits216I wouldn't call her amazing
She didn't say she was unaware. It sounds like she did know, She was just going along with everything.
@@tduck828not if her name isn’t on the house
Rachel’s heart stopped for a moment when she heard 4 million 😭 mine too tbh
I was having a little trouble breathing hearing this, honestly!
I saw that!!! My inhale was deep 😂
It's absolute insanity having $140,000 worth of automobiles at the same time you owe over $100,000 on your credit cards, owe the IRS, owe your in-laws, and have a 2nd mortgage that you are behind on. Zero business sense here, which means zero chance of the business succeeding.
Not even just 0 business sense. It’s 0 sense in general. It’s common sense not to bury yourself even deeper in the hole you yourself dug
The business is done when you can't pay your employees
Yeah past done
Yep, he better hope physical harm doesn’t come his way.
@@JayWerx now why would you go and say a thing like that?
@@tamedromantic9924Because not paying employees puts their livelihoods at risk.
@@tamedromantic9924owners get shot cause of it more often then not
I am so proud of my husband. He asks me everytime he makes a financial decision even though he's a professional financial planner and i can't add up straight.
You are good team TOGETHER!
That's a keeper!
Communication. Bless 🙏🙏
He’s a keeper!!!!
Let him know not us! 😊
I love Rachel smiling at Dave doing his impression of her mom. It’s so wholesome how he speaks of her ❤
It sounds cringey but she seems to genuinely think it's funny so it's said out of love... I guess.
I love this
Imagine working for a boss that has a million-dollar home and over $100,000 worth of cars and he tells you he can't afford to pay you.
TWICE.
IN ONE MONTH.
I'd be so gone! Unfortunately, not everyone has that luxury.
He's "pushing through" while the people who are helping him live out his dreams suffer. If the business does survive, he's got got his dream job and they're still catching up from his poor management. He should be ashamed of himself.
Yeah that business isn't recovering with no employees.
Yea, this is ridiculous. On the flipside, if I was the boss, I could not in good conscience have these things while not paying. I would downsize first, before letting my people go without pay. Makes me wonder about these people's character, to be honest. Like, their employees all got bills to pay, too.
A mil house in CA is nothing..... their cars are the problem, and his management also
$1million house in CA is a $400k house in Texas.
1.1 million isn’t multi million
Living way above your needs and wants is the recipe for debt
I love watching these. They make me feel A LOT better about my financial situation.
Besides the 2 mortgages (house and ware house) they have almost $500k in debts:
Credit cards $120k
Personal loans - $115k
Property taxes- $100k
Car loan - $140k
and she said 3 years of unpaid income tax I think?
They got bout 500k in equity
All that in 6 years since they got married.
How do you amass 100k in property taxes, even in California? That's gotta be years. How has the city/state not come for them?
Apart from the moronic cars most of it could be due to the business..
I am guessing not only one 400k mortgage but also the personal loan and maybe credit cards are for the business.
Love these two together; you can see by the expression on Rachel’s face that she has so much compassion for this situation.
Her voice is shrill though....
They’re driving “ridiculous cars” now suddenly she wants to start asking questions 😂
Right?! 😂 the cars aren’t the only thing. Once he couldn’t make payroll, EVERYTHING became ridiculous.
Any man who has ever been the breadwinner knows exactly how this goes. Wife has no idea about the finances but keeps spending money like crazy. Every time you bring it up it starts a huge fight...so you stop bringing it up. You find ways to keep bankrolling the lavish lifestyle you guys are now accustomed to. Eventually, your house of cards falls and your wife takes the kids and leaves your broke @ss 🤣🤣
@@tommyjones6866 Good, Loser. 🤡
Lady your head is in the earth’s core.
FACTS!
😮💨😵💫
that made laugh
I believe his head is so far up his ass that he can see daylight!
I think it poking out of Australia lol
The wife is partly to blame too - she turned a blind eye to everything that is going on in her life by NOT checking her bank accounts and discussing the finances with her husband. You NEED to know where ALL your money is going and what’s COMING in at ALL times !! Don’t rely on your spouse to take care of the finances !! BOTH of YOU need to check in with one another !!
Yes, using equity from your home to use for a business warehouse is a huge problem.
Anyone else ever feel concerned for the family’s safety in situations like this?
You mean like the guy blowing everyone up due to stress?
I would be if she files for divorce
YES
@@paulk8473 that or an angry employee who hasn’t been paid for a month 😬
No
His imitation of his wife was hilarious. Seeing Rachel laugh shows that the imitation was on point 😂😂🤣
Caller: “4.5 million in debt”
Dave: stone cold
Rachel: may have pooped just a little
Her eyes wide opened lol
😂
Yeah Dave’s reaction took me by complete surprise 😂 I was more like Rachel
Look at Rachel's face at 17:21 when the lady says $4.5 million. I think her heart skipped a beat.
I think my heart skipped a beat too 😂😂😂
He needs to shut down the business. Any reasonable employee is looking for new work the second payroll can’t be done.
I have anxiety hearing the $4.5m debt
I don’t even like $4000
I can not imagine making $22k monthly payments 😮
I get scared of anything over 5k .. so 4.5 is not 🚫🚫
Why? Is it yours? Are you the one trying to live beyond your means?
This is the craziest call I've ever heard.
Being $4.5 million in debt means the wife can no longer afford to be a stay at home mom. It’s time to roll up her sleeves and get back into the outside job market. She seems pretty smart so since her husband can’t hack it, it’s time for her to take charge and move this train forward
When I was growing up, I was raised in an household where men work and women managed the home and finances. Most men know how to make a kill but we can't make it last through winter like eifet can. That's why it's important to get a wife and not a tramp who only knows how to spend money.
Crazy that a homeless guy is doing better then them.
Far from the truth! I would rather be in their situation vs homeless anyday
Or me making $60k a year. 😂
@@reese85Not me. That's too much stress.
Better *THAN* not then
@@BREEZYM6015 Boo hoo. Cut your spending and then come cry.
Doing the same thing and expecting a different outcome=insanity
Like me going to the gym and expecting to gain muscle mass when I'm as skinny as a rail. 😂
I hate this quote, because perseverance can be the right thing to do. It disregards that the doing action may not be flawed, and that other external factors may be at play influencing the outcome.
In this particular scenario however, it's definitely the wrong thing to continue.
@@TheOutsider840
So do I!
It doesn't apply in all cases.
If I save regularly I'll have wealth eventually.
Not insanity 🤔🤑
Kevin, what an insightful comment. I'm sure you are the first to think of something so profound.
@@ConnorJarahaha, no way kemosabe.
I used to work with small businesses on their tax issues in California. Starting and owning a business is supposed to be just that...business. But for people it tends to be very emotional. They tend to throw good money after bad hoping things get better. It is akin to chasing the loss in Vegas. There is a time to cut bait in order to preserve your personal assets. Smart people don't lose personal money when the business isn't doing well.
I do not envy folks trying to run a business in California
Psst--there are tons of businesses in California--most very successful.
I run a business in California. Pretty easy for me. I live within 50 miles of thousands of millionaires. Business is never slow...my clientele always have tons of disposable income. 10% more in taxes is nothing when my revenue is double what it would be in a red state.
Can you imagine living in a nasty trump loving red state (Mississippi, Tennessee) where half the people are living below the poverty line and hillbillies like Ramsey can only bray about “ the regulations”! Newsflash the “ regulations” are there to protect folk from predatory business practices and unregulated malfeasance from unscrupulous profit at all cost boobs!
@@tommyjones6866 Good for you. Seriously, always happy to see entrepreneurs flourishing. So do you think its strange that companies have fled Ca? HP, Tesla, Exxon, Schwab, and Chevron to name a few. Plus all the folks packing up and leaving ~400k net loss every year. Why do you think?
@@tommyjones6866Yep because millionaires only live in California lol
In LA they all look rich, yet they do not have 2 nickels to rub together.
So you would think
Exactly. That's the LA lifestyle 😂
I read that you need 2 million a year to live on and that was before inflation. So probably 3 or 4 now. I wouldn't want to live there. I drive an old vehicle and don't get work done. I never keep up with the Jones but my home is almost paid for and my credit card debt is 30.00.
suddenly my debt doesnt seem so bad anymore lmfao
if I found out even ONCE that my boss, who owns 6 figure cars and probably a mansion, can't afford to pay me my salary the first thing i'm telling him is when he'll sell the cars/mansion cause I'm getting my damn money no matter if I have to sell those cars MYSELF!
The cars yes you have a right to be upset but in all honesty a 1.2 million dollar house in california is probably 2500 sq ft. Not a mansion by any definition. I think he just stretched himself to thin with all these loans and making payments and it seems clearly he was trying to keep this afloat by hoping it would turn around.
You think 1.2m gets you a mansion in California?😂😂😂
I think Dave should have asked her to have her husband to call. I would have love to hear the type of business and if it could be saved.
Thats a great idea, its turn into a larger segment and we’d get alot out of it
4.5 million in debt. In this economy? Good luck trying to salvage -4.5 million overhead on that mom n pop business.
@@alexlopez5800 i think she said the warehouse they could sell is worth like 4m so its not that unrealistic to dig out of
This is another example of trying to keep up with the joneses for no reason.
I only want to keep up with the Jone’s net worth. If my neighbor has $1,000,000, I want to accumulate $2 million. I don’t care if I have to drive a 2008 Honda to do it.
You're right, keeping up with the Joneses is the root of financial instability. Don't be a slave people.
@@silentnot4812you will never be happy unfortunately in life. Nothing wrong with wanting more for yourself but it is wrong if it derives from envy.
@@silentnot4812 horrible mindset tbh
I stopped trying to keep up with the Joneses in 1990. 😂
If the business isn't profitable it isn't a business, it's an expensive hobby!
I am with Rachael on this one. His financial practices and incredibly irresponsible business decisions all feel incredibly deceitful towards the wife. The wife said "he's just so motivated" and that immediately set off alarm bells for me as someone who either believes or was assured that the husband managed finances well, and that he is a master of business. From the way she was talking, It kind of sounds like he decided that he was going to handle the family his finances long ago so that she could just stay at home and be a mom, so he purposefully left her out of most financial disclosure until he absolutely had to bring her in on it. Like, in my family, my mom handles the finances, but her and my dad had to come to agreement on any major purchases. Financial transparency is so important, to the point where even if one person is managing all the money, they need to have complete disclosure and veto power if something seems frivolous or irresponsible.
I couldn't imagine this being my life. I'd be selling everything, moving, and closing the business stat. What a frightening nightmare.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation
I feel Investors should exercise caution with their exposure and.exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or a licensed expert in order to navigate this recession and achieve potential high yields
In the 50's my Dad worked a modest job, Mom stayed at home and raised the kids, and they lived a nice middle class lifestyle including owning a home. Nowadays both I and my partner works and can barely afford to make ends meet. Soon the kids and family dog will need to work to keep this household going. It's the destruction of the American dream right before our eyes.
Tracy Britt Cool Consulting was my hope during the 'bear summer' last year. I made so many mistakes but also learned so much from it, and of course from Tracy.
To be in 4.5 million dollars in debt and not be some sort of celebrity is truly mind boggling. My question for the wife would be: How did she not know about this? Was there any signs of maybe living above means?
They have $4.5 million of debt, but that's mostly mortgages against over $5 million of real estate. That's not particularly extreme.
@@thomasdalton1508 Ohhh okay, I thought that was a lot. I’m not exactly the most educated on this stuff.
FYI - Some women let their husband's handle the finances. You can see why that's not usually a good idea.
@@deirdrekiely6187 It's fine to let your spouse handle the finances. You just need to stay informed about what they are doing so you can intervene when you need to.
@@deirdrekiely6187I had to get a separate checking account because my wife was spending above our means. Now I'm doing 1,000 times better financially. Letting the wife control the finances can be just as disastrous. 😂
Wow. This is one of those "my life ain't perfect, but boy it could be worse" calls. This guy sounds like an out of control spender and I don't think he'll change. Best of luck to this lady; she's going to need it.
in 1990 my wife threatened divorce if we did not move and buy an overpriced house. we went then, from net worth of 80000 to debt of 100000 after the move. She took off 8 years later, and 5 years later I was a millionaire. never let anyone destroy your finances.
I didn't become financially independent until I was in my late 40's, and I'm still in my 40's. In addition to having purchased my second home and earning money on a monthly basis through passive income, I've also achieved three out of five goals. I just hope this inspires someone to realize that it doesn't matter if you don't have any of these things yet, you can start today no matter your age. Change your future by investing! I made a rather big decision by investing in the financial market..
Investing in many sources of income that are independent of government paychecks is the prudent thing that everyone should be thinking about right now, especially given the global economic crisis. Good assets, and digital currencies are still good investments at this time.
To be honest, investing rightly today can save you a whole lot of stress in the nearest future.
This is superb! Information, as a noob it gets quite difficult to handle all of this, and staying informed is a major cause, how do you go about this are you a pro investor?
All thanks to Jaspreet Singh with his investment advice, at least I can afford a good home and also have to retire early.
As a beginner in this, it’s essential for you to have a mentor to keep you accountable.
Jaspreet Singh is also my trade analyst, he has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $320k in stocks. Currently, my portfolio is down by 15%. Wondering if they're any short term opportunities I can invest in
I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience
Reason I decided to work closely with an brokerage-adviser ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
Elisse Laparche Ewing is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I was in trouble, I had been for some time everyone I trusted to talk to about my dept issues strongly suggested file bankruptcy. I did not feel that was the good choice. I knew what I had to do, sell everything and payoff my overdue bills some bills were more than I had but I did negotiate a lump sum pay off. I had just enough to buy a used car I have my home yet but little else. Thank the good lord I woke up and took control of my bills and stopped ignoring them. I hope my story will help someone out there. 😊
The homeless person with $0 is in much better place than them.
Unfortunately yes
Rule #1 of any business should be don’t start a business unless you have enough money to get yourself out of any hole you get into if it fails. People treat businesses as the “lottery ticket out of the 9-5 world,” but don’t account for the risk that your business isn’t guaranteed to succeed. If you’re taking on debt to build a business that ultimately fails, you’re now in a *worse* position than when your started with nothing.
Ideally you should be able to cash flow all parts of your business without any debt. If you can’t, you simply can’t afford to do that business.
Bots are ruining the comment section 😢
What?! You're not a fan of the random, irrelevant comments about how someone is blessed, made tons of money, and are ready to help others... I love finding these comments with their 30+ replies XD
You are so beautiful 😍 😊
I'm retired at 27, went from Grass to Grace. This video here reminds me of my transformation from a nobody to good home, honest wife, $35k biweekly and a good daughter full of love ❤️
I'm highly inspired.
Please spill some sugar about the bi-weekly stuff you mentioned.
I raised 75k and Christina Ann Tucker is to be thanked. I got my self my dream car 🚗 just last weekend, My journey with her started after my best friend came back from New York and saw me suffering in dept then told me about her and how to change my life through her. Christina A. Tucker is the kind of person one needs in his or her life! I got a home, a good wife, and a beautiful daughter. Note!:: this is not a promotion but me trying to make a point that no matter what happens, always have faith and keep living!!
Wow 😱 I know her too
Miss Christina Ann Tucker is a remarkable individual whom has brought immense positivity and inspiration into my life.
I started with a miserly $1500. The results have been mind blowing I must say TBH!
< I know that woman(Christina Ann Tucker)
If you were born and raised in new York you'd know too, No doubt she is the one that helped you get where you are!!
I was 35 when I finally educated myself and started taking steps. I went from $176,000 in debt with zero savings or retirement to now, 2 years later, fully debt-free and over $1000,000 net worth. I know that doesn't SOUND like a lot, but I'm incredibly proud of it. Now I'm fast-tracking my wealth building (investing $400,000 annually) and don't owe a dime to anyone. It's a good feeling!
Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject. Thanks to Stacey Macken, the lady that changed my financial life.
I've seen different people talking about this Stacey Macken she must be very amazing for people to talk this good about her.
Honestly, I'm surprised that this mrs Stacey Macken is mentioned here, came across a testimony about her from one of the beneficiaries on the CNBC news, she seems to be doing extremely well
That woman has changed my life for good. I attended her investment class couple of weeks and she's the best when it comes for guidance
Stacey Macken is a retirement manager and investment/savings expert, in ranks with Cathie woods and Warren, has demonstrated expertise in investment strategies and has been involved in managing and providing financial guidance globally
These people are actually extremely lucky. They still have equity in two properties and they can sell literally everything and start over. You could not do this in any previous market crash especially 08.
They should learn to separate house and business. If your business fail, it should never affect where you stay. Pay off your house and never be tempted to cashout. Hope you do well
Exactly
One of Dave's best! Been married 46 years and that's how we do it too.
I wish Dave would have asked what kind of business this is.
Probably sneakers or something like that.
Crossfit probably lol. Or RE "flipper."
@@jsimmons9969I don’t know, but the husband felt the need to buy a warehouse. That’s a lot of space to fill there.
That’s what I wanted to know too. It seems it was successful in the beginning and that’s why he bought the warehouse. When business slowed, the lifestyle had to continue.
@@SoUnDMaN831 legal cannabis I bet
My husband and I were going to be in the same mess. We almost bought a new built for $2.8M during the pandemic, we even gave the earnest money but we dodged the bullet when the builder delayed getting the license from the county per our agreement date which allowed us to cancel and exit the contract and got our earnest money back. They later got the license and contacted us but we told the builder " Not Interested". I thank God everyday for saving us from this financial disaster🙏
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@Pelham04 However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.
@@Bestjudy001 Oh please I’d love that. Thanks!.
@@Pelham04 Clementina Abate Russo is her name.
Lookup with her name on the webpage.
She's talking millions while we're all thinking hundreds or less!!
$140,000 in car loans and he couldn't make payroll twice in one month? He needs to shut down the business and get a job working for someone with better business knowledge, experience, skills, and priorities than he possesses.
All of that omission is the same as lying in my opinion. I went thru something similar. He may not need to explain the day to day mechanics of his business but when he's bankrupting his family, she has a right to know those details.
Good golly! This is one of the scariest stories I have ever heard here!😱
I will agree 100% that when you have a great idea and have to explain it to someone else they can tell you all of the pitfalls. My wife and I do it it to each other all the time. We aren't mean we just point out all the things the other hasn't thought of in our "dream." It keeps us grounded.
Ahh, how nice it feels to be debt free in my small cheap 2-bedroom apartment. My goodness.
Surviving not living.
@@ernestogalvan143 And you think they are living? It is complete disassociation to be able to sleep at night. They are about to lose their house. There are people that live it up knowing they are going to end it all with a bullet. This could turn dark quickly for this family. foreclosure can cause despair
@@ST-rj8iu never said they were living. Only the commenter is surviving
@@ernestogalvan143how is the commenter surviving? They are debt free
4.5 million debt ?
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Gives the debt slaves a whole new meaning but what's most brilliant is one man's debt is another man's asset.
This biz model isn't working. Excited to launch my bouncy house business which is really going to take off.
Thanksgiving dinner is going to taste different this year.
it’s gonna taste like rice and beans 👌
No it won't. Folks like this never downgrade the lifestyle they think they deserve. Known a ton of them. They just file bankruptcy and carry on.
@@mysticquetzal87 I was hoping KFC.
If anyone suffered financially prior to 2020, they will likely suffer even more in this economy moving forward.
Exactly. Debt isn't the same in 2024 in comparison to 2020. Insane!
Great call. Thanks for the recommend from Dr. Cloud
I love how she wants to keep the million dollar house and 100,000 cars 😂. Ridiculous. You guys are broke lady.
Not paying your employees meanwhile you have $140k worth of cars. The million dollar house in LA is actually more understandable than the cars
I ran the numbers on this call. If he sells the warehouse for what she said it's worth and sells the cars for 100-140k and exits the business and uses the proceedes to clean up the remaining "small" loans from family and credit cards, then his mess can be mentally contained as an approximately 45-80k increase on their home's mortgage and the lost opportunity cost on time. If he cleans this up with a day job and works diligently toward true home ownership then his wife will forgive him.
The alternative is divorce and a way bigger mess for him.
"Overhead = Death" - Paul Jarvis
Men's egos always get the entire family in debt.
YUP. Keeping their wives in the dark until they are on the verge of total ruin.
Our egos are just fine when y’all can benefit from it…
@@deirdrekiely6187 And I bet he blames her for being the spender.
@@JayWerx it’s just the truth. Take it like a MAN.
@@alluringbliss4165hardly “always” but yes very often when it’s this type of crazy hidden debt / denial scenario it’s a man. Women have different pathologies of their own.
For the Newbie if you are actually trading in the crypto space and you don't have a sound mentor. Then you are certainly going to get liquidated in 90% of your trades. Yeah that's sad truth. I remember when i just got into crypto back in 2019 but later in 2020 i ended up selling it because i have lost alot trading all by myself without a guide. Got back into crypto early in 2024 with $20k and I'm up with $232k in a short period of time
I'm new to cryptocurrency and i don't understand how it really works. How can someone know the right approach to investing and making good profit from cryptocurrency investments?
As a beginner, what do i need to do? how can i invest, on which platform If you know any please share.
GREAT NWES!!started working with Christina back in April , and my financial goals have been clearer. It's like having a strategic partner for my money with a solid track record.
She is really a good investment advisor. I was privileged to attend some of her seminars. That is how i started my crypto investment
I've seen different people talking about this Christina jane she must be very amazing for people to talk this good about her.
She is so far down, her hair is poking through a field in China. 😂
Watching these videos makes me so happy I have no debt.
I still owe just under $200K on my mortgage but my house is worth over $400K.
Cars were bought with cash. Pay off my credit cards every month.
I live within my means.
Her husband should have called in to the show.
I wince at every call from a stay-at-home mom who's worried about finances. Staying home with children is fine until they start school. At that point, taking them to school and picking them up one minute after dismissal and being available for every single activity is a lifestyle decision.
If you can't meet payroll....that's a sign of the end. Also, it's a solid bet that if you can't make payroll, he probably stopped paying withholding and other payroll taxes before that. There are very few circumstances where a business can survive these things.
Once she mentioned all the cars, I knew this guy was blinded as a collector. His "looking cool" while driving will put her in the poor house.
Her husband sounds like Congress.
No one should forget this is, "The family" that people will see and be envious of. If only they knew it was a house of cards
Me and my wife took out an equity loan years ago on a house I owned before I met my wife. She had to sign paperwork in order for us to get the loan even though the house was in my name, because we were married. Not sure how this guy took out a second mortgage without her signing anything.
He didn’t
There. Right there.
It’s considered separate property in my state.
My wife and I. JEEZ man, learn proper English.
@@truthserum5310that’s more better. lol
When the banker is sleeping with the saleman ceo 😆
Sell the cars, sell the house and start paying off these debts, salvage what you can. Both will have to get jobs.
Moral lesson people should know how to handle your finance DON'T SPEND BEYOND YOUR MEANS
This call gave me High Anxiety.
I feel so sorry for her & her delusional husband.
As someone who also had a scary experience with money (not nearly this bad) just ALWAYS talk to your family about taking out a loan, mortgage, major purchase whatever.
Thank GOD I require proof of being debt free before dating me. :)
This callers husband is the definition of fake rich. Complete poverty.
Then she needs to get a job and sell the assets to pay off the employees!!! These people are crazy. OMG!!!
Imagine taking this person and a multimillionaire and together they’re broke
How did he get a Heloc without her signature?
Ramsey showed his experience by not reacting until he heard the numbers.
Owes $.88 (H) + $3.3 (WH) + $.12 (CC) + $.115 (PL) + $.1 (T) + $.14 (C) = $4.52 M. If sold H & WH for $1.1 + $4.1 and replaced the cars with 1/2 value $.7, = $5.9 M
So that gives them +$1.38 M before taxes and ready to start over. Not bad.
Really, they don't even need to sell the house, just selling the WH & trading out the cars at half value will more than cover all their debts plus likely make up for the missed payroll if they close the business.
I have no comment....I am in shock!!! WOW!!!😮😮😮.
Oh, no Dave. Two people who are thrifty are not redundant. They're a fortress.
Wow, this IS the most INSANE call I have ever heard on this show!!! I disagree with Dave, I think they need to sell ALL assets off, including the failing business and they both need to get two full time jobs and get out from underneath this!
I absolutely agree.