@@user-s4k9s399 No one is against him wanting to do better and leaving the business. It's a hard world out there, it only looked so easy because everything was handed to him. If he does strike it out on his own, he'll quickly realize it isn't easy to get sales, run the logistic side of things and also managing your costs.
@@user-s4k9s399The son is taking advantage of his dad and expect ing more. The son could absolutely go do his own thing if he could afford to rent or buy his own shop a shop, machinery & equipment, benefits, marketing, & administrative software…which he is currently mooching from his dad and whining about it.
After 30+ years of management I have learned some truths. One is that the people who loudly claim themselves to be "The hardest working person here." or "I do the work of 2 to 3+ people." are one of two types of employees. 1. Horrible, lazy, Dunning Kreuger examples. or 2. A level performers that cost you multiple B and A level performers via turnover due to their attitudes and cancerous work environment. Weak managers rely on those cancerous A players and strong managers take the hit and get rid of them. Long term benefits of weeding them out are worth it. Even if you work 7 days a week for a bit.
Most kids who were born with a silver spoon honestly do not know what they have, not everyone has the financial foundation they were born into and yet they throw it all away by being wasteful and entitled. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments.Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .
Investments are the roots of financial security; the deeper they grow, the stronger your future will be. If you're new to investing or don't have much time, it's best to get advice from an expert. Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.
That makes sense. I’ve been using a financial market expert for two years now and I own a six-figure diversified portfolio from investing in stocks. I want to diversify more this year, though.
Sophie Lynn Carrabus is the licensed advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I've worked for my dad my entire adult life. i make 6 figure a year at 36 years old and I'm doing fine on that and I'll take over the business next year when my dad retires. I would never think about going behind my dad's back after all he's done for me.
This 23yr old was you only YOU had the patience without the greed and entitlement. Hopefully the 23yr old and his wife listened to Dave who I normally don't agree with.
The only reason the “side hustle” has such a big profit ($30k out of $40k revenue) is because the father’s business is paying all the upfront costs. If the caller had to pay for the machine out of his pocket, the profit would be much less, maybe even zero.
If you run the payback period calculation it would probably take him 5+ years to get the money back out of it. So really he’d be losing money for several years
Rachellharrison- imagine if he had to lease the equipment he was using for his" side" Hustle." He's a young man learning the business, I think Dad should bring him inside a little bit to show him what it costs to have that machine on site. To show him the maintenance cost to show him the rent and all that other things. It would help if the son had an understanding as to the cost of running an actual business
@@LedCODprductions I’d like to see him look into the cost of the machine, and see what he would have to do to get a loan to purchase it. Would he make any profit at all if he did so?
This new generation does not realise how much pain and hard work it took to make his grand fathers company reputation which has set a gold standard for today .
The side hustle was made possible by a machine that the father already had in the shop AND the 2nd machine the father bought for the product. There is absolutely no reason this kid should be getting even half of the revenue of this side hustle until that machine has been paid off. Seems like this kid is getting a huge leg up by the father and crying about it.
You are correct. I just left a company that’s on the 3rd generation and it’s on its on last leg. The last generation refuse to let go and pass the torch.
You're nuts if you think entitled rich kids is some new phenomenon. It has nothing to do with the generation. This behavior has always existed from rich kids.
His father has given this kid a very comfortable position and a golden opportunity. The greed of this kid is going to mess all that up. He should learn all aspects of the business, so that when dad is ready to retire he can run it properly.
Typical third generation business sense. A business that can last three generations is amazingly rare, but usually the best to deal with. This kid is going to blow the whole thing. Probably why dad hasn't gotten him on board more, and wants to keep him at the bottom for a while! Lol!
I get that we usually don’t appreciate what we have when we’re young, but I hear calls like this and wish I had been born into a successful family business! That’s such a great salary for his age, and he’s gonna blow it with greed. He doesn’t realize how good he has it. Show me one business owner who knew how hard running a business was when they started up.
What is wrong with this kid!? He's making a hundred k per year at 23. He has no concept of the reality of life. He wants to have his own company he needs to leave his dad's job and go work his own company. Then he will learn to respect his dad.
This young man needs a reality check. He is making 120k a year off his father’s business, and he wants more than that. You can’t have any experience when you’re barely in your 20s. He has this job and this income because his dad, and he has no self awareness or gratitude for his situation.
Also... he's forgetting one major thing... he will INHERIT the business! It will be his some day. He needs patience and discipline to live within his means, in the meantime.
Boom I just heard my point listening to this.. the fathers name.. let this kid open his own business with the money he saved. First month he will struggle to pay bills.
As a sixty year old man having grown up in a family business my father started (1976 textiles in the south) I have so much compassion for this 23 year old idiot. I butted heads with my father from 18 until 28 years old over direction, work hours, pay, etc. just like he's going thru. Thank God my dad rest his soul, didn't kill me and bury my snotty nosed body in the landfill behind the building. It's so emblematic of the usual struggle of a second generation family business to see this dynamic. A father who's probably been a boy absent from child rearing as the young man grows up because he's killing himself working long hours. Grows a successful business and becomes super involved day to day with a son he's never spent a lot of time with growing up. Now as his business is reaping the success he's chased for so long, that he's envisioned bringing his son into who will see where he's been all this time and why he wasn't at every ballgame. Or maybe he was annoyed at night at the chaos of young people running thru the house when he just wanted to sit down and decompress before collapsing into sleep just to do it all over the next day. Now the son is in the father's life. He wants to be the son's mentor and confidant but instead gets the brush off and betrayal off his own son. I was that betrayer of my father. I did all those same things. Undermining his authority on the job site. Taking his position for granted and minimizing his years of sacrifice for me and all our family. My advice to my younger self and to this young man is to stop. Stop letting your wife puff up your ego. Stop expecting to live like your father and accept some instruction by a man that loves you and wants you to succeed. Not just in business but in life. In marriage in being a father yourself and not taking into the same pitfalls he may have. Your father in spite of his faults appears to be a honorable man. Hope a Christian man too. You are so young. Slow down and be realistic. You are in a perfect position. Great pay given your age and experience. Safe to make a few mistakes without too much danger of catastrophic failure and financial ruin. Take advantage of the knowledge your father is offering and the reputation of two generations of family. If you have to move out on your own to try yourself this early then move away. And not down the street. An hour at least better two hours. If you make it you've still got the family relationships to enjoy. If it doesn't work out you've still got the support of a father who can help you rebuild. Good luck. And pray about this with your family!!
Beautifully written reply sir. I hope your sixties are your best years ever. You deserve it man, despite your ire with your father in your youth. We all gotta learn, and usually the hard way.
@jimmymcgill6778 He is getting paid $115k to $120k yearly. Isn't that enough? If he doesn't think it is, then he can have a proper logical discussion with the father stating facts as to why he deserves more pay, and not just decide to open a competing business down the street.
I worked for my dad for 6 years, he taught me his trade.He made me work for the first 2 years at minimum wage and to get any sort of raise i would have to show absolute dedication and sacrifice for his business. Never got Christmas bonus’. I feel forever indebted to this man now at 26 yrs old for teaching me his craft and the sacrifice that goes into being a tradesman and a good father that most people don’t understand. This boy should respect his dad learn everything he has to offer.
😂😂. Not to be rude but this dude has a strong case if he decided to sue his former high school for the gross negligence shown by allowing him to graduate.
To be fair did you have any clue how complicated and difficult it was when you started that business. The only way to really understand something like that is to do it.
The stupid kid said he uses his dad’s cnc machine.. thise machines are hundreds of thousands of dollars and you need a building to keep it in.. he could have another shoo do that work for him but there goes his profit.. A spoiled brat.. 23 years whining aboit making $120,000 smdh!
I have had that conversation with I can't tell you how many people. They don't understand business cost, taxes, marketing, payroll, inventory, rent, power or the value of being in business a while and word of mouth, history, and salesmanship. Not to mention getting stiffed on payment. They just see the invoice the customers get and think I did the work so if I had my own business I would get all of the bill not just my wage for the job.
6 years since I left on my own, it's definitely something you can't ever put down. Don't start a business unless you're 100% experienced in that industry. Too many kids say they want to start a business with limited experience.
That wife is nothing but trouble, my wife would never encourage me to screw over my father just to make more money when he’s the one who taught me the trade and it’s his machines and tools I’m using 🤦🏻
Dividends from the stock market encouraged me to begin investing. What matters, in my opinion, is that if you invest and make additional money in addition to dividends, you will be able to live off of dividends without selling. It implies that you can provide that benefit for your children, giving them a head start in life. I've invested more than $600,000 in dividend stocks throughout the years; I'm currently buying more today and will continue to do so until the price falls even further.
Hearing from an experienced investor who has survived the crisis and prospered is always comforting. It could be worrisome when your portfolio goes from green to red, but if you have invested in strong firms, you should just keep growing them and stick to your goal.
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The kid is 23 and making $120,000 per year and probably in line to own the company some day. If I were his dad and heard saw this video he'd be looking for a job. What a punk.
Yep, let him try working out here,.there are some of us who never made that type of money and would kill for that opportunity. His gf is gonna mess things up for him. She needs to close her d mouth.
@@jeffreybouche3817 at 23 i was making like 40k a year working my tail off. I make what he makes now at 30 at my main place of employment before my real side hustle. It was an absolute grind to get here. Kid doesn't realize how lucky he is. Only thing I am going to inherit from my father is a massive pile of garbage to clean up after he passes, in his free rent cab-over camper he has lived in for the last 15 years.
My father died when I was 26 and I had to take over the family business. It was extremely stressful and changed my life forever. I'd give anything to have had my dad longer. This guy really needs to think about that. He doesn't appreciate the opportunity he's been lucky enough to be born into and he should respect his father by working as hard as possible to make his life easier. Don't take tomorrow for granted because there may not be one.
Investors should be willing to take risks with their exposure 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
I don't think I need a finance advisor. I can manage my own money and investments. I don't want to pay someone else to tell me what to do with my hard-earned cash.
I used to think like you. I thought I knew enough about finance and investing to handle everything myself. But then I realized that I was spending too much time and energy on researching, analyzing, and monitoring my finances. I was also overwhelmed by the amount of information and options available. I decided to hire a finance advisor and it was one of the best decisions I ever made. They saved me a lot of time and money, and gave me peace of mind.
Thanks for the advice. The search for your coach was simple. I researched her well before arranging a call with her. Considering her resume, she appears knowledgeable.
A couple of things. I'm a boss' kid. The business was turned over to me when I was 50 because my dad was the "entrepreneur" and could not let go. Looking back, I am glad for the opportunities offered to me all along the way, thought it seemed to be agonizingly slow at the time. I took seminars to learn things my dad could not tell me (he did them intuitively). Things like production, when to buy new machinery, scheduling, hiring, firing, coaching. When I did move to the upstairs office full time, as CFO, I was flabbergasted to learn all about overhead, INSURANCE, federal required paperwork. In my industry, INSURANCE was our #2 cost after labor. Making decisions about how much of a cushion to have in case of recession, so you can keep skilled labor vs. laying off, etc. Running a business is VERY complex. I feel for his impatience, BUT he does not yet appreciate enough to move out on his own. He wants what his parents have, right now. He must "show himself faithful over time".
23 year old making more than double the median income as an installer wants to go against his family who is giving him that income for being an installer and has him lined up to take over the multimillion dollar business all in a few years time so he can make a couple grand more next year. That’s genuinely shameful
on top of that, using the company's machinery to build "his side hustle" i.e. a separate business line within the company. The CNC machine unlikely was bought to sit stagnant, it seems that he is just using it either in competition with the original plan for the machine or running it additional time but it any case he didn't just bootstrap more work from thin air, this is company CAPEX.
@@katemiller7874 For this to be a side hustle, he would have to pay Dad to use the equipment and premises, find his own new customers that would not have been Dad’s customers, and do this work on his own time, outside his work hours.
I am really glad Dave was so patient with him. That is what he needed to hear. I would’ve lost my cool and said he’s been watching too many of those TikTok videos saying the employees deserve all the revenue. He is doing fantastic and I’m sure he could negotiate a small raise with his father above an already incredible wage
I hear greed, this young man still needs some growing up to do. His lovely young wife needs to be happy with 115K a year. Even with a college education at age 23 would not have been to able to make that kind of money , he got educated at family business school & inherited a good work ethic from the his dad & grand daddy. So much I want to say but I just leave it as that. Money and greed will destroy this family.
The greed of people is astonishing. This kid is 23 and makes over 6 figures already and he wants MORE. He's even willing to go against his family in order to get more. Practice gratitude and eat some humble pie.
Agreed. the #1 question that Dave should've asked is the following "How much are the other "installers" making at the company?" because if he said anything under $80k (which has a very high chance of being true) then the conversation could've ended immediately and this guy needs to be grateful
I think he came up with the other business and does all the work on top of doing the work of 3 people for the main business’s. And his dad takes all the money from the cnc business. And he poorly articulated that that aggravates him
@@zachz699Define doing the work of 3 people. If 1 person can do the job consistently and effectively it’s not the job of 3 people. It’s the job of one good one. He also has the time to do this “side hustle” while on the clock and with the tools of dads business. So he’s expanded the business he works for with the cnc machine it owned and the extra machine his father purchased. That all adds up to being a good employee. Perhaps that justifies the 50k in bonus he receives annually. Now if the kid took his own money and purchased a cnc machine and this other piece of equipment, then did all the work outside of his time at his day job, and dad wanted to claim it as his that would be wrong. That’s not the case here. He’s simply a good employee. If that aggravates him he should quit.
Dave made an excellent point when he said not only is it the machinery but those customers buy from his father because of him and his reputation. Those customers that the kid has his eye on taking are not his to take,
It sounds like is doing a great job in his position. With that said, he clearly doesn’t understand how hard it is to start/own a business. I watched my dad start a business in my teenage years, and I can say that no matter how hard his employees work, he deserves 10xs more. Most people will never know the hours of labor, stress, and risk that he put into his business. If anyone wants to say his job is too easy to make what he does, they’re correct, but they don’t understand that he is currently on the receiving end of what was originally a very costly investment
His dad has probably tried to tell him but the guy won't listen cause it's his dad. He needed to hear it from another person. I'm glad Ramsay told him like it is
Im a CPA and this feels like so many conversations ive had with family owned businesses. Hard to get clear answers. No written agreement. Nobody agrees on who should do what and who owns what. Its miserable sometimes just to unravel it enough for tax purposes and almost always someone thinks they're getting screwed when they're not.
Telling the truth is not easy, but getting that truth and doing something with it is the real challenge. Respect for Dave for calling out the delusion, and best luck for young boy to understand this message and act accordingly
This guy is clueless but I feel he is manipulated by the wife. Go start your own business from scratch at your own expense and see how much you make and how much you have to work!
Exactly. Want a vacation? Good luck with that while you’re the whole show. It’s not ALL about dollars. There’s great stability with the grandfather’s company. What a case of young and naive.
Solid example of "you don't know what you don't know." I've taken over operations of my dad's commercial power washing company (which he spent 20 years of his life building from $0 to $1m). I may be (in my opinion) a better operator than him, but there's no chance in hell I could have done what he did. Starting from a "nobody" to becoming a trusted name in the B2B space is incredibly difficult.
im 27 now and bought my home at 23. just living alone has been more of a battle than anticipated. i have have gained the upmost respect to my mom for doing it mostly alone with 2 boys and giving us the "bronze" spoon. never paid a bill, played sports, received nice christmas gifts, late model first car. i couldnt imagine being able to manage all that among numerous unlisted things. ive always heard that those mid 20s beat you in and im certainly battered and far less optimistic, but i can certainly see a small light at the end of the tunnel. i truly hope his father can humble him before he potentially makes life multiple times more stained than necessary.
As a 23 year old i havent been this bad, luckily i learned a valuable lesson after losing my first 6 figure job. i believe younger men nowadays have to lose something to figure out how good they got it in some shape or form.
From 1976 to 1981 I worked in my fathers business. My dad let me make a big investment that moved us forward but I give all that profit back to the family business and my respect to my father who started that business. I think we need to know our place and I appreciate being invited into that wonderful experience that taught me all about success.
Dave hit the nail on the head! Respect and patience will carry you through…. A third generation business has survived some really rough down turns, and kept going! But, be willing to share your ideas and learn in the right ways with your father!
Kids is entitled, father gives him a 50k bonus for being his son, but not enough 😅, he should start his own, then he will learn what dad and grandpa had to do to win
So good I listened twice.. Dave completely nailed it. " Standing on the shoulders of giants" indeed. The guy has his wife in his wife in his ear bigging him up.Glad Dave showed him the light.
@4:43 he says, “It’s set up as a completely separate LLC; me and my wife run the whole thing.” This is a bit after he says the $40,000 is “just sitting there”. He’s being paid through his dad’s other LLC, but is his wife being paid anything for her efforts in this young guy’s side hustle (which the caller doesn’t own)? I wouldn’t work for free, and neither should she.
Yep. 120k isnt enough to feed her appetite for $$. She's telling him to cut out the "middleman" so she can have more money. He's going to compete against his family to make her happy. Dude needs to wake up. 120K IS NICE AF!
I love my dad but I got a good luck in the Army son we support you 100%. This kid gets a golden opportunity to make a nice living which he did NOT create, a future that is bright whether he sees it or not, and the chance to carry on a family legacy. He needs a reality check and I hope Dave said enough here to make him see it.
I am supposed to be a third generation company owner. My great grandfather built 3 companies and handed them down to my grandfather with the understanding that my grandfather would do the same and the companies would keep getting handed down to future generations. The companies paid for my grandfathers college, while paying his expenses while he attended college and a weekly paycheck for basically doing nothing but learning the trade. When he graduated college and took over, the companies paid cash for his 2 cars and a house and a vacation home. When it was time for him to start handing down the companies to his children, and start training his grandchildren, he sold them and retired, and moved to Florida where nobody would bother him and he could enjoy his money from the sale of the companies that he should have handed down. When he got old and senile, my mom went and got him and brought him back to the Northeast and cared for him for 10 years until he died. I am supposed to be running those companies and getting ready to retire at my age and train my kid to run those companies, but he made sure I didn't get the advantages he was given. I hope I never see that type of selfishness again i my life.
He doesn't understand that one day he will own that store but you have to learn everything about how to run it. Its more than just knowing how to do the installer job. Running a business is not easy. You won't be able to do outside work because you will be to busy doing phone, paperwork, schedules and if hiring payroll crap. That is a whole different thing.
Even I needed to hear this. I had to drop out of grad school (due to mental health issues) and I had an opinion that I deserve the best cause i have been academically on the brighter side. After wasting 10 months, sitting at home and trying thousands of side hustles/gigs I'm realizing that it is not much in the skill department but in the patience department that I lack.
Life is all about the long game! Easy come easy go I’m 28 and my generation is obsessed with instant everything but I am a long game guy and it’s a huge advantage if you can adapt that
I’m twenty three raised by a single mom and currently homeless this kid is 23 and gets 120,000 a year no life isn’t fair but the entitlement of some makes me sick
I’m in the process of learning all the ins and outs of the business my dad built. At this point I can comfortably run everything without him allowing him to really have the opportunity to enjoy his retirement. He started me from the bottom. I’m still not making amazing money but I know I will. I handle all the money on top of everything else I do. He told me recently at some point he will have to integrate handing over the business to me completely and he is t sure when that will be, and a few other key notes. I flat out told him to enjoy it all for as long as he wants because he has more than earned it, and without the decades of unbelievably hard work and determination he’s put In, I would have nothing and be nothing
Reminds me of my sister, who joined my father's business right after college. She also was very eager to take over more responsibility, make more money, take the decisions and soon felt that it was all hers. However, she stayed, watched and learnt. She's now in her 40s, took over from my father who retired. All that patience paid off, she now make a mid 6 digit number per year and is doing great. Just have some patience.
My dad owns three large companies. I travelled when I was young and moved overseas, however I worked with my dad before I left, I was treated like every other employee. I was paid the same, no special perks, no benefits. I wouldn’t have wanted it any other way. I needed to work up. And that would have happened because of hard work, not because of nepotism.
For sure. Dave is right. I started a business from scratch 13 yrs ago. My mom and I own it but I’ve been the person running it from day 1. My brother is running the business my Dad started 38 yrs ago. I don’t envy my brother because I’ve grown my own business and he has to “fill” my dad’s shoes. Big pressure there! My dad is extraordinary!
So disrespectful to his father. Money is the root of all evil. Just enjoy being with your dad and providing for your family and quit looking for the next best thing
His grandfather and father enabled him to earn a living while spending his days with his father, and one day the business will probably be his. All he has to do is work hard and be decent. He doesn’t realize how much BS he is not having to deal with. He is at no risk of losing his job or not getting promotions due to narcissists and office politics.
Dunning Kruger effect. Where people with a limited competence in a particular domain overestimate their abilities. It sounds like this kid is competent at his trade, and is then thinking he is a highly competent businessman. Two different, separate, skills. It is good that he is learning by ringing up Dave Ramsay. Hopefully he continues learning and improving his knowledge and business skills.
I saw a similar situation on my family farm. My gparents, my parents and siblings suffered immeasurably to clear wooded land into farmable fields beginning with mules. By the 5 gen it was drowning in debt with a lot of expensive equipment. When my brothers retired from farming they had an auction and sold off much of the equipment. My nephew who only knew how to farm with the massive equipment line that had sunk his father in debt and had to work with no AC tractors and older equipment more in keeping with profits earned from farm, not year to year credit drains. It was a massive wake-up call. The only reason the farm was left intact was the fact my parents had the Great Depression thinking that you don’t mortgage the farm for any reason and kept it in their names until their deaths. Suck it up and hope there’s more rain next year was the childhood I grew up in. Inherited wealth is seldom appreciated for what it took for there to even be anything to inherit.
This is why the younger generation needs a mentor who teaches about accountability. That boy ran circles to avoid the truth. And Mr. Ramsey put the right seasonings in that hot, humble pie he served that boy.
Dave is right. This young man needs to learn all the aspects of the business so he can see how blessed he is. He has no risk where he is now. There is so much more to that business. We had employees complaining about how little they were making while they made more than we did, and they didn’t have the stress of taxes, payroll, equipment, etc.
He has no idea how hard it is to start build clients, the up front cost. I started my own business 4 years ago in the trucking industry. Long story short had a bad mechanic that blew up my motor, shop didn’t want to take care of it had to sue, cost me 94k with repair down time and attorney/court fees. I was down to my last few thousand dollars up at night praying that I would make it and was so stressed I couldn’t sleep. I almost threw in the towel I was truly at my breaking point. A lot of stress and stuff he has no idea about. Save your money keep learning and if you want to go start you own than go do it in a couple more years when you more experienced. I think the young man can be successful but is completely blinded by the hand of cards he has been handed. It’s not always greener on the other side
Yes ppl do. I have a friend that had an internship at Barclays while at college. Started at 140k out right at 22 an investment banker. Yes in other parts of america maybe not but here in the ny tri state area ppl make six figures very early.
@@Enigma0612I agree I know plenty in the field of engineering, IT, not blue collar workers - not without an apprenticeship. Does he even have a college degree or know how to run a business?
What if your parents own a business, are struggling and I don't want more? I want less in life and want to be grateful for the things that I own. I don't want more. I almost died four times in my life and that is where I draw the line.
As a 20 year old tradesmen watching this was insanely mind boggling. His father teaching him and showing him how to operate a cnc machine automatically will have him being able to make 25+ hour now if he continued operating it and had 5 years experience he’d prolly be able to make high 30 an hour as a cnc machinist with the ability to work for any company anywhere in the country and make per diem and have paid travel and all.
I’m 22, inhering the family business with my 18 year old brother as my partner, probably within the next 5 years. I feel disconnected from the normalities of life. Never had a normal job. I say things that sometimes get the same reviews as these comments have for the 23 year old. How can I learn to be/feel/think connected? I don’t want to be ignorant to normality, it’s just hard when nothing has ever truly mattered. I’ll always be okay. I’ve always had a big cushion. Any guidance would be appreciated. I’m self-aware and not happy about it.
This is a great opportunity for this kid to learn how the business is run. I agree with Dave in that the caller should work on learning the business from his dad. The key thing is that if the caller learns how to not only maintain the business but grow it, then there is more opportunity for him to learn and potentially more profits that he can get as a bonus depending on the agreements made with his dad. And if his dad doesn't want to share any more profits, then it's a great opportunity to learn from his dad how exactly the business runs and how to grow that business, then when he's confident enough, maybe open a separate business far enough away that he's not a direct competitor with his dad's business.
Dave is spot on. He's 23 and making six figures. He has the innovative mind and hats off for that. He should own that and think more from his heart. This thing will be his one day.
If not for his dad handing him a job, he wouldn't make anywhere near six figures as a 23 year old. So he wants to bite the nepotism hand that feeds him 😏
If this guy was 45 and working with his dad 20+ years, I would kindof get him having this call (but the context would probably be different). But working for him 2 years and he's 23.... he has ALOT of lessons to learn. He's gonna leave his dad, make 30k a year on his own on a good day, and come crawling back and ask for his old job back that his dad gave away to someone less entitled. BUT. The son will have something valuable afterward: HUMILTY. And gratitude.
He was unable or unwilling to articulate with his small business was about. Dave had to ask a few questions to try to drag it out of him. When business owners are either evasive or just lack the skill to answer a direct question about something important to them, they’ve already lost me.
I’m 23, my grandpa started a company with me to help me get a head start and pays me generously. That being said if I acted like this kid, it would cost me a few teeth and my grandpa would cut our business off in a heart beat. Kids like this are why I have to work hard to shake the “Boss’s kid” stigma.
The way this caller says "exaaactly" every time Dave points out something obvious makes it sound like his ego is getting boosted that Dave, a fellow titan of business, is on the same page as him.
“I could be better on my own” he only has that opportunity bc of his daddy and still wants to compete with him wild. Id be so appreciative and i would genuinely feel complete with life and ready for a family, hes living perfect he needs to focus on a wife and home which he makes enough to own a home in just some years and start his own business
Hes paying his kid 120k at age 23 and the kid is fixing to compete against him because he feels like a victim
I wonder how much the other installers are paid? He might be encountering some resentment from the team because he is favored as the bosses son.
It's the concept of "southern justice".
@@Laughter_in_da_rainwhat is southern justice?
I'd like to note he's not a kid, he's 23. He's a young man with the ability to make a choice. A kid doesn't get a choice.
@@ryunz9639
Passing down $$$ to your kids and not debt and welfare cum guzzlers
This kid is why boss's sons get bad reps. The entitlement is mindblowing.
But why? He's a grown man that wants more for himself. What's wrong with that? If he wants to leave his father's business, he has every right to.
@@user-s4k9s399 Do you have a family business that is two generations?
@@user-s4k9s399 yes, he is an adult. Yes, he has the right to leave. Yes, he is still entitled as hell. Yes, your comment is immensely stupid.
@@user-s4k9s399 No one is against him wanting to do better and leaving the business. It's a hard world out there, it only looked so easy because everything was handed to him. If he does strike it out on his own, he'll quickly realize it isn't easy to get sales, run the logistic side of things and also managing your costs.
@@user-s4k9s399The son is taking advantage of his dad and expect ing more. The son could absolutely go do his own thing if he could afford to rent or buy his own shop a shop, machinery & equipment, benefits, marketing, & administrative software…which he is currently mooching from his dad and whining about it.
So... he's so busy doing the work of "2 to 3 people" that he has time to set up a new project during work hours? Dave is right on this one.
what have you achieved in your life so far?
@@menoo-e9y xD
👍.😑😑.
After 30+ years of management I have learned some truths. One is that the people who loudly claim themselves to be "The hardest working person here." or "I do the work of 2 to 3+ people." are one of two types of employees. 1. Horrible, lazy, Dunning Kreuger examples. or 2. A level performers that cost you multiple B and A level performers via turnover due to their attitudes and cancerous work environment. Weak managers rely on those cancerous A players and strong managers take the hit and get rid of them. Long term benefits of weeding them out are worth it. Even if you work 7 days a week for a bit.
@menoo-e9y lol you feel attacked becuse ur entitled too. You just outed yourself.
Most kids who were born with a silver spoon honestly do not know what they have, not everyone has the financial foundation they were born into and yet they throw it all away by being wasteful and entitled. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments.Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life beause I invested early ahead this time .
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I've worked for my dad my entire adult life. i make 6 figure a year at 36 years old and I'm doing fine on that and I'll take over the business next year when my dad retires. I would never think about going behind my dad's back after all he's done for me.
😊
This 23yr old was you only YOU had the patience without the greed and entitlement. Hopefully the 23yr old and his wife listened to Dave who I normally don't agree with.
Nice ! Good luck, amazing dad
Exactly!
I wonder if his wife isn’t egging this on
The only reason the “side hustle” has such a big profit ($30k out of $40k revenue) is because the father’s business is paying all the upfront costs. If the caller had to pay for the machine out of his pocket, the profit would be much less, maybe even zero.
If you run the payback period calculation it would probably take him 5+ years to get the money back out of it. So really he’d be losing money for several years
Rachellharrison- imagine if he had to lease the equipment he was using for his" side" Hustle." He's a young man learning the business, I think Dad should bring him inside a little bit to show him what it costs to have that machine on site. To show him the maintenance cost to show him the rent and all that other things. It would help if the son had an understanding as to the cost of running an actual business
@@LedCODprductions I’d like to see him look into the cost of the machine, and see what he would have to do to get a loan to purchase it. Would he make any profit at all if he did so?
This new generation does not realise how much pain and hard work it took to make his grand fathers company reputation which has set a gold standard for today .
Exactly
Son, you are an EMPLOYEE
And should be grateful for it!
@@theresatyree3904agreed
A well paid employee.
The side hustle was made possible by a machine that the father already had in the shop AND the 2nd machine the father bought for the product. There is absolutely no reason this kid should be getting even half of the revenue of this side hustle until that machine has been paid off. Seems like this kid is getting a huge leg up by the father and crying about it.
Obviously his son is a very good employee when he earns this much. His father should consider writing over 49% on him now to keep his energy.
This demonstrates perfectly why they say wealth often only lasts 3 generations. Unfortunately.
You are correct. I just left a company that’s on the 3rd generation and it’s on its on last leg. The last generation refuse to let go and pass the torch.
Yes, I can see that.
The 3rd gen get too entitled, and Greedy.
It’s even laid out in books from 2000 years ago
Was coming to the comment section to mention this myself but you already did. It's so true.
First time hearing that. Quite believable. I can see that playing out 🤔 Thanks.
Dave said it perfectly, 100% spot on. Let it cook, don't rush the process. It's harder than you think.
10:49 You are 23 and make 115k AND YOU DO NOT LIVE IN CALI YOU ARE RICH SIR! The delusion and ego of these new generation is truly disturbing
You're nuts if you think entitled rich kids is some new phenomenon. It has nothing to do with the generation. This behavior has always existed from rich kids.
@@vivelajonnyEntitled kids have always existed. The scale of entitlement of kids these days is the most I've seen in my entire 50 year life.
115k isn’t rich either
@@apsureactsbut its definitely an enjoyable life style.
@@djtwister6997 for sure but you arent rich when you make under 6 figures after taxes lol
His father has given this kid a very comfortable position and a golden opportunity. The greed of this kid is going to mess all that up. He should learn all aspects of the business, so that when dad is ready to retire he can run it properly.
Typical third generation business sense. A business that can last three generations is amazingly rare, but usually the best to deal with. This kid is going to blow the whole thing. Probably why dad hasn't gotten him on board more, and wants to keep him at the bottom for a while! Lol!
I get that we usually don’t appreciate what we have when we’re young, but I hear calls like this and wish I had been born into a successful family business! That’s such a great salary for his age, and he’s gonna blow it with greed. He doesn’t realize how good he has it. Show me one business owner who knew how hard running a business was when they started up.
What is wrong with this kid!? He's making a hundred k per year at 23. He has no concept of the reality of life. He wants to have his own company he needs to leave his dad's job and go work his own company. Then he will learn to respect his dad.
9/10 times its the wife in his ear
Very true
I really hope this kid reads these comments. He is so blessed and doesn’t realize it.
Just to Have A Dad and A Grandfather To love and support you .
"He'll be back in 10 years, tail between his legs"
He also needs to listen to the other callers on this channel to get a reality check.
yep!
If he has that opinion now he’s not gonna change it later he’s just an evil son period
If he has that opinion now he’s not gonna change it later he’s just an evil son period
This young man needs a reality check. He is making 120k a year off his father’s business, and he wants more than that. You can’t have any experience when you’re barely in your 20s. He has this job and this income because his dad, and he has no self awareness or gratitude for his situation.
@@parks105
The kid is probably in debt with credit card bills too. 🤣
Also... he's forgetting one major thing... he will INHERIT the business! It will be his some day. He needs patience and discipline to live within his means, in the meantime.
Boom I just heard my point listening to this.. the fathers name.. let this kid open his own business with the money he saved. First month he will struggle to pay bills.
And if the son wasn't doing this job for 120K his dad would hire someone else doing the very same thing the kid is doing and dad would pay him 80K
Maybe the wife is making his head? Like he says in the video, its his wife´s idea he pulls the rug underneath his father.
As a sixty year old man having grown up in a family business my father started (1976 textiles in the south) I have so much compassion for this 23 year old idiot.
I butted heads with my father from 18 until 28 years old over direction, work hours, pay, etc. just like he's going thru. Thank God my dad rest his soul, didn't kill me and bury my snotty nosed body in the landfill behind the building.
It's so emblematic of the usual struggle of a second generation family business to see this dynamic. A father who's probably been a boy absent from child rearing as the young man grows up because he's killing himself working long hours. Grows a successful business and becomes super involved day to day with a son he's never spent a lot of time with growing up. Now as his business is reaping the success he's chased for so long, that he's envisioned bringing his son into who will see where he's been all this time and why he wasn't at every ballgame. Or maybe he was annoyed at night at the chaos of young people running thru the house when he just wanted to sit down and decompress before collapsing into sleep just to do it all over the next day. Now the son is in the father's life. He wants to be the son's mentor and confidant but instead gets the brush off and betrayal off his own son.
I was that betrayer of my father. I did all those same things. Undermining his authority on the job site. Taking his position for granted and minimizing his years of sacrifice for me and all our family.
My advice to my younger self and to this young man is to stop. Stop letting your wife puff up your ego. Stop expecting to live like your father and accept some instruction by a man that loves you and wants you to succeed. Not just in business but in life. In marriage in being a father yourself and not taking into the same pitfalls he may have. Your father in spite of his faults appears to be a honorable man. Hope a Christian man too. You are so young. Slow down and be realistic. You are in a perfect position. Great pay given your age and experience. Safe to make a few mistakes without too much danger of catastrophic failure and financial ruin. Take advantage of the knowledge your father is offering and the reputation of two generations of family.
If you have to move out on your own to try yourself this early then move away. And not down the street. An hour at least better two hours. If you make it you've still got the family relationships to enjoy. If it doesn't work out you've still got the support of a father who can help you rebuild.
Good luck. And pray about this with your family!!
Great advice!
THE WIFE love this
Beautifully written reply sir. I hope your sixties are your best years ever. You deserve it man, despite your ire with your father in your youth. We all gotta learn, and usually the hard way.
SO if you did the job of 3 people, and not paid for it properly. You wouldn't complain?
@jimmymcgill6778 He is getting paid $115k to $120k yearly. Isn't that enough? If he doesn't think it is, then he can have a proper logical discussion with the father stating facts as to why he deserves more pay, and not just decide to open a competing business down the street.
I worked for my dad for 6 years, he taught me his trade.He made me work for the first 2 years at minimum wage and to get any sort of raise i would have to show absolute dedication and sacrifice for his business. Never got Christmas bonus’. I feel forever indebted to this man now at 26 yrs old for teaching me his craft and the sacrifice that goes into being a tradesman and a good father that most people don’t understand. This boy should respect his dad learn everything he has to offer.
My dad set up the LLC, my dad bought the machinery, I do the work during my normal working hours at my dad's company but it is my side hustle
😂😂. Not to be rude but this dude has a strong case if he decided to sue his former high school for the gross negligence shown by allowing him to graduate.
Yes, and his grandfather and father spent decades building the reputation and goodwill of the business.
@@janise01 Don’t give him any ideas. He could sue his dad, too, for raising him so poorly. He is a total and complete spoiled airhead.
Boy is getting Greedy!!!!
@@janise01 this dude has a strong case of entitlement.
We just started a business and this kid has no clue how complicated and difficult it is to get started, much less established.
To be fair did you have any clue how complicated and difficult it was when you started that business. The only way to really understand something like that is to do it.
The stupid kid said he uses his dad’s cnc machine.. thise machines are hundreds of thousands of dollars and you need a building to keep it in.. he could have another shoo do that work for him but there goes his profit..
A spoiled brat.. 23 years whining aboit making $120,000 smdh!
We are in year 2 of our business, it is incredible difficult and time consuming.
I have had that conversation with I can't tell you how many people. They don't understand business cost, taxes, marketing, payroll, inventory, rent, power or the value of being in business a while and word of mouth, history, and salesmanship. Not to mention getting stiffed on payment. They just see the invoice the customers get and think I did the work so if I had my own business I would get all of the bill not just my wage for the job.
6 years since I left on my own, it's definitely something you can't ever put down. Don't start a business unless you're 100% experienced in that industry. Too many kids say they want to start a business with limited experience.
That wife is nothing but trouble, my wife would never encourage me to screw over my father just to make more money when he’s the one who taught me the trade and it’s his machines and tools I’m using 🤦🏻
Well said
It is because she probably knows nothing about how the business they run operates if she did she wouldn't even think about anything like that
Both of them are very greedy and dirty. People are ungrateful and think their success is due to themselves.
The wife is probably pushing the bad idea. Tale as old as time...
Right who's his wife??
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The kid is 23 and making $120,000 per year and probably in line to own the company some day. If I were his dad and heard saw this video he'd be looking for a job. What a punk.
Absolutely
Oh yeah I’m humble his ass real quick and show him how hard life can be without that opportunity
Yep, let him try working out here,.there are some of us who never made that type of money and would kill for that opportunity. His gf is gonna mess things up for him. She needs to close her d mouth.
I’d fire the brat
@@jeffreybouche3817 at 23 i was making like 40k a year working my tail off. I make what he makes now at 30 at my main place of employment before my real side hustle. It was an absolute grind to get here. Kid doesn't realize how lucky he is. Only thing I am going to inherit from my father is a massive pile of garbage to clean up after he passes, in his free rent cab-over camper he has lived in for the last 15 years.
My father died when I was 26 and I had to take over the family business. It was extremely stressful and changed my life forever. I'd give anything to have had my dad longer. This guy really needs to think about that. He doesn't appreciate the opportunity he's been lucky enough to be born into and he should respect his father by working as hard as possible to make his life easier. Don't take tomorrow for granted because there may not be one.
So Sorry ,The vacuum is a Hard place to be.
I lost my dad at the same age. I agree 100%. He’s blessed with what he has.
"I'm doing the job of 2-3 people, but i still have time to make a new business on my dad's time and with his equipment and capital.
Bingo
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A couple of things. I'm a boss' kid. The business was turned over to me when I was 50 because my dad was the "entrepreneur" and could not let go. Looking back, I am glad for the opportunities offered to me all along the way, thought it seemed to be agonizingly slow at the time. I took seminars to learn things my dad could not tell me (he did them intuitively). Things like production, when to buy new machinery, scheduling, hiring, firing, coaching. When I did move to the upstairs office full time, as CFO, I was flabbergasted to learn all about overhead, INSURANCE, federal required paperwork. In my industry, INSURANCE was our #2 cost after labor. Making decisions about how much of a cushion to have in case of recession, so you can keep skilled labor vs. laying off, etc. Running a business is VERY complex. I feel for his impatience, BUT he does not yet appreciate enough to move out on his own. He wants what his parents have, right now. He must "show himself faithful over time".
23 year old making more than double the median income as an installer wants to go against his family who is giving him that income for being an installer and has him lined up to take over the multimillion dollar business all in a few years time so he can make a couple grand more next year. That’s genuinely shameful
and just plain dumb too!
Yeah his dad is giving him a solid living. This kid hasn't earned shit....
on top of that, using the company's machinery to build "his side hustle" i.e. a separate business line within the company. The CNC machine unlikely was bought to sit stagnant, it seems that he is just using it either in competition with the original plan for the machine or running it additional time but it any case he didn't just bootstrap more work from thin air, this is company CAPEX.
I had worse ideas at 23. I’m glad he was open enough to call Dave
time is tough and with inflation 120k is not a livable salary.
Kid does not know the definition of a side hustle.
The side hustle meme has gotten out of hand lol
The kid is doing the extra work for dad. Dad is reaping the benefits. It’s dad’s side hustle. Taking advantage of his son.
@@katemiller7874 The kid is 23 years old and making well over six figures, no one's taking advantage of him.
@@DIYAudioGuyplus he’s using dads equipment 🙂↔️ he’s getting paid fair more than fair tbh. 125K is perfect at that age
@@katemiller7874 For this to be a side hustle, he would have to pay Dad to use the equipment and premises, find his own new customers that would not have been Dad’s customers, and do this work on his own time, outside his work hours.
His wife is filling his head up with all these ideas... After his wife divorces him and takes the family business he will then realize this..
Exactly
The 🐈 is probably good, and he's blinded......
BINGO!!!
Sure go ahead and blame the woman. 🙄It's always her fault isn't it.
@@avigaielmeavemanuel1758most of the time it is yes. Cant handle facts?
I am really glad Dave was so patient with him. That is what he needed to hear. I would’ve lost my cool and said he’s been watching too many of those TikTok videos saying the employees deserve all the revenue. He is doing fantastic and I’m sure he could negotiate a small raise with his father above an already incredible wage
I hear greed, this young man still needs some growing up to do. His lovely young wife needs to be happy with 115K a year. Even with a college education at age 23 would not have been to able to make that kind of money , he got educated at family business school & inherited a good work ethic from the his dad & grand daddy. So much I want to say but I just leave it as that. Money and greed will destroy this family.
The greed of people is astonishing. This kid is 23 and makes over 6 figures already and he wants MORE. He's even willing to go against his family in order to get more. Practice gratitude and eat some humble pie.
Agreed. the #1 question that Dave should've asked is the following "How much are the other "installers" making at the company?"
because if he said anything under $80k (which has a very high chance of being true) then the conversation could've ended immediately and this guy needs to be grateful
@@GundogflyI’d guess it’s the 65k base pay he mentions.
Also, how many hours is he working. Big difference between 120k at 45 hrs/wk and 85/wk
I think he came up with the other business and does all the work on top of doing the work of 3 people for the main business’s. And his dad takes all the money from the cnc business. And he poorly articulated that that aggravates him
@@zachz699Define doing the work of 3 people. If 1 person can do the job consistently and effectively it’s not the job of 3 people. It’s the job of one good one. He also has the time to do this “side hustle” while on the clock and with the tools of dads business. So he’s expanded the business he works for with the cnc machine it owned and the extra machine his father purchased. That all adds up to being a good employee. Perhaps that justifies the 50k in bonus he receives annually.
Now if the kid took his own money and purchased a cnc machine and this other piece of equipment, then did all the work outside of his time at his day job, and dad wanted to claim it as his that would be wrong. That’s not the case here. He’s simply a good employee. If that aggravates him he should quit.
23 year old $120k per year and "I built up this reputation with our biggest customers....." 😮 The nerve...
he also mentions that , "they found him through his name, lmao".. he rather do his own thing than be 4th generation business owner...
@@GoldenWolfBeWiseHe would be 3rd generation, not 4th.
@@katydid917 you are correct.
@@katydid917 Oh 3rd generation, that changes everything
This is solid advice. Nice of Dave to be so patient with the young man.
I feel like this guy’s dad needs to call up Dave and thank him for setting him straight 😂
Dave made an excellent point when he said not only is it the machinery but those customers buy from his father because of him and his reputation. Those customers that the kid has his eye on taking are not his to take,
It sounds like is doing a great job in his position. With that said, he clearly doesn’t understand how hard it is to start/own a business. I watched my dad start a business in my teenage years, and I can say that no matter how hard his employees work, he deserves 10xs more. Most people will never know the hours of labor, stress, and risk that he put into his business. If anyone wants to say his job is too easy to make what he does, they’re correct, but they don’t understand that he is currently on the receiving end of what was originally a very costly investment
Any success this young man has was built off the platform his father and grandfather built. He is trying to own the success as his own.
He thinks he can do better than them with exactly what he knows right now. I don't think so. His drive is admirable, but he doesn't know crap.
First Gen makes the wealth. Second Gen maintains it. 3rd Gen loses it.
Or you have a bipolar who makes massive amounts of wealth and loses it at the same time lmao
His father should have had this conversation. Too many in America are completely deluded regarding how a company works.
His dad should just sell his business and retire before his daughter in law winds up ruining everybody’s life. As she sure will, greed greed greed
His dad has probably tried to tell him but the guy won't listen cause it's his dad. He needed to hear it from another person. I'm glad Ramsay told him like it is
That last 60 seconds was gold. He knows how to run a project, but hasnt learned how to create and run a business.
Im a CPA and this feels like so many conversations ive had with family owned businesses. Hard to get clear answers. No written agreement. Nobody agrees on who should do what and who owns what. Its miserable sometimes just to unravel it enough for tax purposes and almost always someone thinks they're getting screwed when they're not.
Telling the truth is not easy, but getting that truth and doing something with it is the real challenge.
Respect for Dave for calling out the delusion, and best luck for young boy to understand this message and act accordingly
DUDE! Rich kid problems! WAAA! MY DADDY ONLY PAYS ME $120k/yr! WAA! SMH...
Kid needs to see this to open his eyes
@@Contreras-z4e Yea. I wonder how much his Daddy paid for that CNC machine he's using.
😂😂😂LOLing hard asf!
Be reasonable. He's not making 120k/yr. He's only making 115k/yr. Poor kid. We need to start a GoFund me for him.😂😂😂😂😂.
This guy is clueless but I feel he is manipulated by the wife. Go start your own business from scratch at your own expense and see how much you make and how much you have to work!
Exactly. Want a vacation? Good luck with that while you’re the whole show. It’s not ALL about dollars. There’s great stability with the grandfather’s company. What a case of young and naive.
Solid example of "you don't know what you don't know."
I've taken over operations of my dad's commercial power washing company (which he spent 20 years of his life building from $0 to $1m). I may be (in my opinion) a better operator than him, but there's no chance in hell I could have done what he did. Starting from a "nobody" to becoming a trusted name in the B2B space is incredibly difficult.
im 27 now and bought my home at 23. just living alone has been more of a battle than anticipated. i have have gained the upmost respect to my mom for doing it mostly alone with 2 boys and giving us the "bronze" spoon. never paid a bill, played sports, received nice christmas gifts, late model first car. i couldnt imagine being able to manage all that among numerous unlisted things.
ive always heard that those mid 20s beat you in and im certainly battered and far less optimistic, but i can certainly see a small light at the end of the tunnel.
i truly hope his father can humble him before he potentially makes life multiple times more stained than necessary.
I hope this kid is listening. He just got great advice.
I would am begging for an opportunity like this and would absolutely love it
He doesn’t know how blessed he is
As a 23 year old i havent been this bad, luckily i learned a valuable lesson after losing my first 6 figure job. i believe younger men nowadays have to lose something to figure out how good they got it in some shape or form.
If he went to another city to start his business, he would have to invest capital for machinery. Get a building lease, etc. He’s forgetting all that.
I hope he does and sees reality. He's gonna crawl back to his dad, apologizing for it
Plus hire, train, and pay employees to do the manufacturing. And deal with personnel issues. What a moron.
Plus building a reputation from the ground up.
From 1976 to 1981 I worked in my fathers business. My dad let me make a big investment that moved us forward but I give all that profit back to the family business and my respect to my father who started that business. I think we need to know our place and I appreciate being invited into that wonderful experience that taught me all about success.
You should get credit for that idea 💡 and building the business in as well.
Dave hit the nail on the head! Respect and patience will carry you through…. A third generation business has survived some really rough down turns, and kept going! But, be willing to share your ideas and learn in the right ways with your father!
“better than I deserve” i like that
Love Dave’s gentleness in telling the truth.
The wife is going to destroy his relationship with the father. Greedy
Exactly. His dad is probably paying him the way he is, so the son and daughter-in-law will stay married.
She runs the side hustle with the husband and doesn’t get paid. Women’s unpaid labour.
@@heyyou9839the father is holding 30k so what if the machine he purchased and maintained cost 250k? Shouldn't they reimburse him for that first?
@@heyyou9839 your comment is Why You're Not Married
Wife is egging himm😂
Kids is entitled, father gives him a 50k bonus for being his son, but not enough 😅, he should start his own, then he will learn what dad and grandpa had to do to win
That’s an AMAZING bonus on top of a $65,000 salary. I’d be grateful if I received a $5,000 bonus at that salary level.
I can’t imagine making that much at 23! I was making $13 an hour at that age! And he has this just handed to him wow
So good I listened twice..
Dave completely nailed it.
" Standing on the shoulders of giants" indeed.
The guy has his wife in his wife in his ear bigging him up.Glad Dave showed him the light.
Right on point, Dave. I'm glad you reasoned with a bit of tough love, but it was sound and Solis business sense!
The kids wife is the root cause of his dissatisfaction. 100% she is naggingvhim about making more money.
He never said that or mentioned her at all. But you’ve decided to blame the woman. It’s ridiculous. The young man sounds ambitious.
I agree he kept saying my wife and I think.
@4:43 he says, “It’s set up as a completely separate LLC; me and my wife run the whole thing.” This is a bit after he says the $40,000 is “just sitting there”. He’s being paid through his dad’s other LLC, but is his wife being paid anything for her efforts in this young guy’s side hustle (which the caller doesn’t own)? I wouldn’t work for free, and neither should she.
@@2013auroraDid you listen to the call? He mentions her multiple times.
Well, that or he complains about it a lot at home and she is trying to be supportive.
This poor young man has his wife in his ear 100 % feeding this ideas
And I guarantee she probably does not work.
Yep. 120k isnt enough to feed her appetite for $$. She's telling him to cut out the "middleman" so she can have more money. He's going to compete against his family to make her happy. Dude needs to wake up. 120K IS NICE AF!
Exactly what came up to my mind
I love my dad but I got a good luck in the Army son we support you 100%. This kid gets a golden opportunity to make a nice living which he did NOT create, a future that is bright whether he sees it or not, and the chance to carry on a family legacy. He needs a reality check and I hope Dave said enough here to make him see it.
@@tewksburydriver8624
Yup same here. Hippy parents that didn't push me at all. They just said good luck son! 🤣✌🏻
I'm so impressed with how Dave handled this
I am supposed to be a third generation company owner.
My great grandfather built 3 companies and handed them down to my grandfather with the understanding that my grandfather would do the same and the companies would keep getting handed down to future generations. The companies paid for my grandfathers college, while paying his expenses while he attended college and a weekly paycheck for basically doing nothing but learning the trade. When he graduated college and took over, the companies paid cash for his 2 cars and a house and a vacation home. When it was time for him to start handing down the companies to his children, and start training his grandchildren, he sold them and retired, and moved to Florida where nobody would bother him and he could enjoy his money from the sale of the companies that he should have handed down. When he got old and senile, my mom went and got him and brought him back to the Northeast and cared for him for 10 years until he died.
I am supposed to be running those companies and getting ready to retire at my age and train my kid to run those companies, but he made sure I didn't get the advantages he was given.
I hope I never see that type of selfishness again i my life.
He doesn't understand that one day he will own that store but you have to learn everything about how to run it. Its more than just knowing how to do the installer job. Running a business is not easy. You won't be able to do outside work because you will be to busy doing phone, paperwork, schedules and if hiring payroll crap. That is a whole different thing.
I agree. And it's a generational thing where this age wants everything NOW.
The wife is putting batteries in Junior’s back.
💯
No ,she is destroy a family's legacy
I’m stealing that.
😂😂
I’m sure she doesn’t work. Probably goes around bragging that her and her husband own a business that makes 6 figures.
8:55 they only came to you first because you were the one standing in the store at that time, they didnt go to store because of you.
Excellent point!
Even I needed to hear this. I had to drop out of grad school (due to mental health issues) and I had an opinion that I deserve the best cause i have been academically on the brighter side.
After wasting 10 months, sitting at home and trying thousands of side hustles/gigs I'm realizing that it is not much in the skill department but in the patience department that I lack.
Life is all about the long game! Easy come easy go
I’m 28 and my generation is obsessed with instant everything but I am a long game guy and it’s a huge advantage if you can adapt that
I’m twenty three raised by a single mom and currently homeless this kid is 23 and gets 120,000 a year no life isn’t fair but the entitlement of some makes me sick
This kid uses a lot of words that he doesn't know what they mean.
He’s a twit. Under questioning, he completely reversed himself.
Exactly 😂
I’m in the process of learning all the ins and outs of the business my dad built. At this point I can comfortably run everything without him allowing him to really have the opportunity to enjoy his retirement. He started me from the bottom. I’m still not making amazing money but I know I will. I handle all the money on top of everything else I do. He told me recently at some point he will have to integrate handing over the business to me completely and he is t sure when that will be, and a few other key notes. I flat out told him to enjoy it all for as long as he wants because he has more than earned it, and without the decades of unbelievably hard work and determination he’s put In, I would have nothing and be nothing
You are in the minority and not entitled. You could help out that 23 year old. ❤
Ungrateful is what he is!
Reminds me of my sister, who joined my father's business right after college. She also was very eager to take over more responsibility, make more money, take the decisions and soon felt that it was all hers. However, she stayed, watched and learnt. She's now in her 40s, took over from my father who retired. All that patience paid off, she now make a mid 6 digit number per year and is doing great. Just have some patience.
My dad owns three large companies. I travelled when I was young and moved overseas, however I worked with my dad before I left, I was treated like every other employee. I was paid the same, no special perks, no benefits. I wouldn’t have wanted it any other way. I needed to work up. And that would have happened because of hard work, not because of nepotism.
For sure. Dave is right. I started a business from scratch 13 yrs ago. My mom and I own it but I’ve been the person running it from day 1. My brother is running the business my Dad started 38 yrs ago. I don’t envy my brother because I’ve grown my own business and he has to “fill” my dad’s shoes. Big pressure there! My dad is extraordinary!
“Stay in the oven and cook up a lil longer!!” 😂
So disrespectful to his father. Money is the root of all evil. Just enjoy being with your dad and providing for your family and quit looking for the next best thing
Not money. Its
"The love of money"
@ amen
Money is not the root of all evil…
His grandfather and father enabled him to earn a living while spending his days with his father, and one day the business will probably be his. All he has to do is work hard and be decent. He doesn’t realize how much BS he is not having to deal with. He is at no risk of losing his job or not getting promotions due to narcissists and office politics.
The LOVE of money is the root of all evil…1 Timothy 6:10.
Dunning Kruger effect. Where people with a limited competence in a particular domain overestimate their abilities. It sounds like this kid is competent at his trade, and is then thinking he is a highly competent businessman. Two different, separate, skills. It is good that he is learning by ringing up Dave Ramsay. Hopefully he continues learning and improving his knowledge and business skills.
This is where Dave shines and impresses.
I saw a similar situation on my family farm. My gparents, my parents and siblings suffered immeasurably to clear wooded land into farmable fields beginning with mules. By the 5 gen it was drowning in debt with a lot of expensive equipment. When my brothers retired from farming they had an auction and sold off much of the equipment. My nephew who only knew how to farm with the massive equipment line that had sunk his father in debt and had to work with no AC tractors and older equipment more in keeping with profits earned from farm, not year to year credit drains. It was a massive wake-up call. The only reason the farm was left intact was the fact my parents had the Great Depression thinking that you don’t mortgage the farm for any reason and kept it in their names until their deaths. Suck it up and hope there’s more rain next year was the childhood I grew up in. Inherited wealth is seldom appreciated for what it took for there to even be anything to inherit.
He's clueless.
So were you at 23
@@robert1757did that comment hurt your feelings?
Hi can i know you more
This is why the younger generation needs a mentor who teaches about accountability. That boy ran circles to avoid the truth. And Mr. Ramsey put the right seasonings in that hot, humble pie he served that boy.
Yeah dude think just because he shows up he deserves the whole pie
Dave is right. This young man needs to learn all the aspects of the business so he can see how blessed he is. He has no risk where he is now. There is so much more to that business. We had employees complaining about how little they were making while they made more than we did, and they didn’t have the stress of taxes, payroll, equipment, etc.
He has no idea how hard it is to start build clients, the up front cost. I started my own business 4 years ago in the trucking industry. Long story short had a bad mechanic that blew up my motor, shop didn’t want to take care of it had to sue, cost me 94k with repair down time and attorney/court fees. I was down to my last few thousand dollars up at night praying that I would make it and was so stressed I couldn’t sleep. I almost threw in the towel I was truly at my breaking point. A lot of stress and stuff he has no idea about. Save your money keep learning and if you want to go start you own than go do it in a couple more years when you more experienced. I think the young man can be successful but is completely blinded by the hand of cards he has been handed. It’s not always greener on the other side
I loved Dave’s advice towards the end ! He let Jr. know exactly what it is 😂😂😂😂
What is this kid complaining about? Nobody at 23 makes 6 figures straight out of college
If i was him i’d shut the hell up & be grateful
Ikr?
He's making triple what the average 26 year old makes. Like, bruh
Yes ppl do. I have a friend that had an internship at Barclays while at college. Started at 140k out right at 22 an investment banker. Yes in other parts of america maybe not but here in the ny tri state area ppl make six figures very early.
I think the wife is the problem
@@Enigma0612I agree I know plenty in the field of engineering, IT, not blue collar workers - not without an apprenticeship. Does he even have a college degree or know how to run a business?
I highly doubt he has a college degree.
Two options 1) I want more...so start YOUR OWN business 2) Be patient, work up, take over the company when its your time.
What if your parents own a business, are struggling and I don't want more? I want less in life and want to be grateful for the things that I own. I don't want more. I almost died four times in my life and that is where I draw the line.
@Outback69 that has nothing to do with this video, but hey, you do you.
As a 20 year old tradesmen watching this was insanely mind boggling. His father teaching him and showing him how to operate a cnc machine automatically will have him being able to make 25+ hour now if he continued operating it and had 5 years experience he’d prolly be able to make high 30 an hour as a cnc machinist with the ability to work for any company anywhere in the country and make per diem and have paid travel and all.
I’m 22, inhering the family business with my 18 year old brother as my partner, probably within the next 5 years. I feel disconnected from the normalities of life. Never had a normal job. I say things that sometimes get the same reviews as these comments have for the 23 year old. How can I learn to be/feel/think connected? I don’t want to be ignorant to normality, it’s just hard when nothing has ever truly mattered. I’ll always be okay. I’ve always had a big cushion. Any guidance would be appreciated. I’m self-aware and not happy about it.
This is a great opportunity for this kid to learn how the business is run. I agree with Dave in that the caller should work on learning the business from his dad. The key thing is that if the caller learns how to not only maintain the business but grow it, then there is more opportunity for him to learn and potentially more profits that he can get as a bonus depending on the agreements made with his dad. And if his dad doesn't want to share any more profits, then it's a great opportunity to learn from his dad how exactly the business runs and how to grow that business, then when he's confident enough, maybe open a separate business far enough away that he's not a direct competitor with his dad's business.
Experience: when the way someone says hi tells you so much that processing it gives you noticeable pause in just saying hi back. So real.
Dave is spot on. He's 23 and making six figures. He has the innovative mind and hats off for that. He should own that and think more from his heart. This thing will be his one day.
The dad has his kid running the side hustle 😂😂😂😂😂😂
He sounds like one of my employees who knows about 5% of what goes on during my day
I would love to hear dad's side of the story!
If not for his dad handing him a job, he wouldn't make anywhere near six figures as a 23 year old. So he wants to bite the nepotism hand that feeds him 😏
If this guy was 45 and working with his dad 20+ years, I would kindof get him having this call (but the context would probably be different). But working for him 2 years and he's 23.... he has ALOT of lessons to learn. He's gonna leave his dad, make 30k a year on his own on a good day, and come crawling back and ask for his old job back that his dad gave away to someone less entitled.
BUT. The son will have something valuable afterward: HUMILTY.
And gratitude.
He was unable or unwilling to articulate with his small business was about. Dave had to ask a few questions to try to drag it out of him. When business owners are either evasive or just lack the skill to answer a direct question about something important to them, they’ve already lost me.
I’m 23, my grandpa started a company with me to help me get a head start and pays me generously. That being said if I acted like this kid, it would cost me a few teeth and my grandpa would cut our business off in a heart beat. Kids like this are why I have to work hard to shake the “Boss’s kid” stigma.
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The way this caller says "exaaactly" every time Dave points out something obvious makes it sound like his ego is getting boosted that Dave, a fellow titan of business, is on the same page as him.
“I could be better on my own” he only has that opportunity bc of his daddy and still wants to compete with him wild. Id be so appreciative and i would genuinely feel complete with life and ready for a family, hes living perfect he needs to focus on a wife and home which he makes enough to own a home in just some years and start his own business
I like that he consults this show before making the wrong step.
Sounds like he feels “overworked”, yet started his own “side-hustle”. 🙄
At his father’s expense
@@New-bw4kzWith his fathers tools lol
“his own” side hustle more like lol