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.
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 .
@@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.
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.
😂😂. 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.
His wife is going to ruin everything. The poor dweeb is calling it a side hustle cause he likes the sound of it and when he got off the phone he was still calling it a side hustle. But it’s not. And she’s already making him feel like a victim when he’s not. He’s a lucky young man. He should learn the biz like Dave says. And he should tell his greedy, bossy wife to put a sock in it
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.
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.
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.
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 🤦🏻
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.
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.
@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.
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.
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.
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
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.
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.
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
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.
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.
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 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.
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.
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 😏
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
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!
It is alwalys the wife she whispering in his ear yea your father rich babe were poor babe i need stuff and the kids need stuff man up babe your father taking advantage of you your running everything....... its alwalys the wife
I love how everyone in the comments is (rightfully) admonishing the caller for being young and ignorant. This is just a reminder that you were also likely ignorant at age 23. Part of growing up is figuring things out---often the hard way through firsthand experience.
@New-bw4kz: He has increased the gross revenue of his father's business by $40,000 annually. Doesn't sound like much of an "expense" to me. With that said, I agree he should probably go out on his own. And I wouldn't hesitate to do so locally. There's nothing unethical about being in the same business space as your father or other family member.
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.
Good points.. I think a lot of this is the wife who has no idea of what a family business is about and greedy for more. Creating seeds of discontent. Anna In Ohio
This would be like if Rachel Cruz would tell people that she “created her own side-hustle” as a financial advisor and commentator, and therefor she should be getting ALL the profits as an “independent contractor”. 🙄 Gen-Z, perfectly personified.
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.
Coming from someone that stumbled through managing businesses for successful others and thinking I knew what, when I knew nothing and then opening my own competing business in the same space and failing because I knew nothing of what really matters in small business as an owner, all of this advice resounds with me and I wish I was able to go back and ask even one of these questions before I failed miserably.
What he really needs to do is like Dave said, learn the rest of the business and then work with his father to potentially expand to another store. Then he can have everything he is asking for, but unfortunately that will take 10+ years, and he isn't willing to wait... He needs to focus on other aspects of his life, like why he feels that more money is going to make his family happier.
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.
Thanks so much!!! I hope everyone also stumbles across this video. What a wonderful way of putting a real problem into a seeable and helpful understanding
I can just hear this wife telling him that while he is making good money for a kid his age, HE is the important person in this business and he can do anything his Dad is doing and he really should be making a lot more money and now he is dissatisfied and wants a bigger piece of the pie. I love how Dave referred to her as "your sweet wife" when I suspect that is not even close to what he was really thinking about her. If I could speak to his sweet wife I think I would tell her, "If your husband making around $120,000 a year is not enough for you, how about YOU go out and get a job and add a bit to his salary." And then I think I would implore her to stop complaining to her husband and making him dissatisfied with what he's making. BTW, the average salary in America is just under $60,000 a year so her husband is making TWICE what the average American makes and for some reason to this entitled couple this is not enough. I dare say if he were to go off to another city where his family is not known and he can't draw on his father and grandfather's reputation, he would learn fairly quickly that his salary is nowhere near $120K a year.
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.
Unless I'm misunderstanding, he's making more like 180. Obviously it seems set up for him to take it over one day and that income will jump way up, it'll continue to go up in the meantime. I agree with Dave's advice there, go to your dad and say dad I really wanna feel more invested in really running this place rather than just being one of the guys who happens to also be your son.
His base salary is $65,000; he receives a bonus of $50,000, so Dave estimates he’s earned $115,000. This separate “side hustle” (it’s actually owned through his father’s second LLC) has brought in $40,000, which is currently sitting untouched.
Just skips over all the most important parts. Anything to not say you’re working off your dad I guess. Everything he stated was “his business” was his dads
I feel for this young man, I am somebody that was taught a service by my father and went out on his own to fund/finance the same type of business at his age. And let me tell you, I am broke all the time, and being in my mid 20s I wish I was in a position like this to be able to rake in tens of thousands of dollars with the security of someone else's funding. If he can sit in this position until he is 30 he will probably be a millionaire or close to it, and have more than enough resources to go in whatever route he chooses.
I think he may be underestimating the cost of going out on his own. His gross on his own might be higher but when he has to pay all the expenses, He may end up making a quite a bit less than he is now.
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.
This "kid" has a setup many would envy. He's getting too big for his britches & needs to slow his role. You work for your dad. Getting a couple of clients doesn't entitle you to anything. Your dad & his dad built the company to where it is today. You have the privilege to work there & as Dave stated you are standing on the shoulders of giants. Humble yourself you silly kid. Keep working. Learn the business & most likely you'll own it one day. But you're not entitled to the company at 23. You barely finished adolescence. Your desire to start your own company & siphon off clients from your dad's book of business is crooked & a terrible way to demonstrate being grateful to your dad who set you up in the business.
Yes!!! Cannot even imagine being 23 and brand new to a business and thinking my dad owes me more than $115k a year. That’s more than a lot of dual income/second job households make! His dad is more than generous
Maybe open another store with your dad in a few cities over after a couple of years. Keep the name with his experance. 1 day you might have 2 stores when he retires
I would wash the feet of my employer with tears to make 115k. And he tries to take credit for his father’s business. He needs a total attitude adjustment. I wonder if he will take Ramsey’s advice.
"My earnings depend on Business profits" Welcome to the Business *owners* World! "I work way more than any employee" Welcome to the Business *owners* World! "I don't decide what goes on" You will Son, you will. Your Father is doing the BEST for you.
Wow what a delusional child, he's been so grossly overpaid from such a young age he doesn't know any different. Dad should have kept him on a realistic pay scale or let him go figure it out working for someone else or 🤣 trying to run his own business. Kinda ironic his dad is paying him easily double average market wages and had only bought resentment. His WIFE shouldn't be helping on a regular basis though, it sounds as though her pay had been $0.00 and that may be a driving force as to why "they" feel the arrangement is unfair. Wife needs to butt out or daddy needs to give her a meaningful job and fair wage.
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.
@@PatrickLloyd- Who is this person guiding you and how can i reach he/she?
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.
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
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
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.
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
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?
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.
I really hope this kid reads these comments. He is so blessed and doesn’t realize it.
His wife is going to ruin everything. The poor dweeb is calling it a side hustle cause he likes the sound of it and when he got off the phone he was still calling it a side hustle. But it’s not. And she’s already making him feel like a victim when he’s not. He’s a lucky young man. He should learn the biz like Dave says. And he should tell his greedy, bossy wife to put a sock in 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.
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. 🤣
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.
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
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.
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.
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.
Son, you are an EMPLOYEE
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.
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.
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.
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.
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 😂
I'm glad you made this video, it reminds me of my transformation from a nobody to good home, $80k bi weekly and a good daughter full of of love
Hello!! how do you make such bi-weekly , sometimes I feel so down of myself because of low finance but I still believe God
This is what Daisy Clara does, she has changed my life.
Wow! I know Daisy Clara, and I have also had success...
Absolutely! I have heard stories of people who started with little or no knowledge but managed to emerge victorious thanks to Daisy Clara.
Please what’s her contact information?
"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.
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
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..
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.
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.
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.
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😂
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
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 😂
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.
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.
Insurance, maintenance, repairs, health coverage, deterioration, upgrades, training.
This poor young man has his wife in his ear 100 % feeding this ideas
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.
Ungrateful is what he is!
The wife is putting batteries in Junior’s back.
💯
No ,she is destroy a family's legacy
I’m stealing that.
He's clueless.
So were you at 23
@@robert1757did that comment hurt your feelings?
Hi can i know you more
That last 60 seconds was gold. He knows how to run a project, but hasnt learned how to create and run a business.
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.
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
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! 🤣✌🏻
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.
Two options 1) I want more...so start YOUR OWN business 2) Be patient, work up, take over the company when its your time.
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 😏
I would am begging for an opportunity like this and would absolutely love it
He doesn’t know how blessed he is
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!
Love Dave’s gentleness in telling the truth.
I loved Dave’s advice towards the end ! He let Jr. know exactly what it is 😂😂😂😂
Sounds like he feels “overworked”, yet started his own “side-hustle”. 🙄
At his father’s expense
@@New-bw4kzWith his fathers tools lol
Not a bright guy
“his own” side hustle more like lol
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
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.
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!
This guy is real bright! The wife is behind all this!
A possibility
It is alwalys the wife she whispering in his ear yea your father rich babe were poor babe i need stuff and the kids need stuff man up babe your father taking advantage of you your running everything....... its alwalys the wife
@@mjj8560 I agree. Anna In Ohio
I agree, creating seeds of discontent. Anna In Ohio
Yes. Def.
I love how everyone in the comments is (rightfully) admonishing the caller for being young and ignorant. This is just a reminder that you were also likely ignorant at age 23. Part of growing up is figuring things out---often the hard way through firsthand experience.
But not at his father’s expense! Clearly the wife is manipulating him. They should just go on in their own and at their own expense
@New-bw4kz: He has increased the gross revenue of his father's business by $40,000 annually. Doesn't sound like much of an "expense" to me. With that said, I agree he should probably go out on his own. And I wouldn't hesitate to do so locally. There's nothing unethical about being in the same business space as your father or other family member.
It's not at the father's expense, lol. The father didn't lose anything really.@@New-bw4kz
True but I never thought what my parents owned belonged to me. The entitlement is disappointing.
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.
Ok kid, move and start your own business. It’s a lot harder than what you think.
Bring more sales kid so you can get a raise!
What a twit. He is in for a rude does of reality if he starts his own business.
Good points.. I think a lot of this is the wife who has no idea of what a family business is about and greedy for more. Creating seeds of discontent. Anna In Ohio
Yep. Clearly married him for his daddy’s money now wants “her” share of it.
This would be like if Rachel Cruz would tell people that she “created her own side-hustle” as a financial advisor and commentator, and therefor she should be getting ALL the profits as an “independent contractor”. 🙄
Gen-Z, perfectly personified.
What do you have against gen z? Who hurt you?
@@LandonDean-zk4wn did you get your fellings hurt Z? 😂
It’s not gen Z it’s parents creating brats and they come from all age groups.
Gotta blame Gen z like a typical boomer 😂
@@LandonDean-zk4wn I’m Gen-X... we don’t get “hurt”, we get tougher and better. The only people Gen-Z hurts are Gen-Z.
Just listening to this kid tells me there’s more to this story than he is telling.
Guaranteed.
23 year old $120k per year and "I built up this reputation with our biggest customers....." 😮 The nerve...
I’d bet he was happy until the wife got in his ear.
Kid needed a reality check. Hopefully he gets it.
Most times, not all, having your family work in business doesn't go well for anybody.
I thought I was an exception with allowing my family to work for me. LOL now my family doesn’t talk to me 😢😂 shocker
That is so true seen too many people hire their family and regret it when they can't depend on them but hired just because they were family
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.
If i were the dad i would be very careful with this one. Greed,ungratefulness and a nasty wife is a bad combination.
“Stay in the oven and cook up a lil longer!!” 😂
This is a really good call, I love Dave and the guy is young just trying to figure it out all out, we all have things to learn. Really good guidance
Someone needs to call this boys dad and let him know how sneaky and resentful his son is being
Coming from someone that stumbled through managing businesses for successful others and thinking I knew what, when I knew nothing and then opening my own competing business in the same space and failing because I knew nothing of what really matters in small business as an owner, all of this advice resounds with me and I wish I was able to go back and ask even one of these questions before I failed miserably.
I would love to hear dad's side of the story!
What he really needs to do is like Dave said, learn the rest of the business and then work with his father to potentially expand to another store. Then he can have everything he is asking for, but unfortunately that will take 10+ years, and he isn't willing to wait...
He needs to focus on other aspects of his life, like why he feels that more money is going to make his family happier.
Great advice and perspective from dave
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.
Thanks so much!!!
I hope everyone also stumbles across this video.
What a wonderful way of putting a real problem into a seeable and helpful understanding
Bet his wife wants more money
Of course she does whos wife doesnt..
He saw all that profit his dad was getting and started having big ideas.
I can just hear this wife telling him that while he is making good money for a kid his age, HE is the important person in this business and he can do anything his Dad is doing and he really should be making a lot more money and now he is dissatisfied and wants a bigger piece of the pie. I love how Dave referred to her as "your sweet wife" when I suspect that is not even close to what he was really thinking about her.
If I could speak to his sweet wife I think I would tell her, "If your husband making around $120,000 a year is not enough for you, how about YOU go out and get a job and add a bit to his salary." And then I think I would implore her to stop complaining to her husband and making him dissatisfied with what he's making.
BTW, the average salary in America is just under $60,000 a year so her husband is making TWICE what the average American makes and for some reason to this entitled couple this is not enough. I dare say if he were to go off to another city where his family is not known and he can't draw on his father and grandfather's reputation, he would learn fairly quickly that his salary is nowhere near $120K a year.
New side hustle idea: work at McDonald’s and sell fries 🍟 and ice cream 🍦 from their machines from a newly formed LLC
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.
"Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times"
Love this level of knuckle headedness
Unless I'm misunderstanding, he's making more like 180. Obviously it seems set up for him to take it over one day and that income will jump way up, it'll continue to go up in the meantime. I agree with Dave's advice there, go to your dad and say dad I really wanna feel more invested in really running this place rather than just being one of the guys who happens to also be your son.
His base salary is $65,000; he receives a bonus of $50,000, so Dave estimates he’s earned $115,000. This separate “side hustle” (it’s actually owned through his father’s second LLC) has brought in $40,000, which is currently sitting untouched.
Dad needs to give this kid an official title. "Managerial Problem Creator".
😂😂😂😂😂😂
He makes awesome money for SC. What's the complaint.
Hes just being a Spoiled good ol boy
I never comment, but wow this was incredible.
Just skips over all the most important parts. Anything to not say you’re working off your dad I guess. Everything he stated was “his business” was his dads
Great answer, Papa Dave!!
I feel for this young man, I am somebody that was taught a service by my father and went out on his own to fund/finance the same type of business at his age. And let me tell you, I am broke all the time, and being in my mid 20s I wish I was in a position like this to be able to rake in tens of thousands of dollars with the security of someone else's funding. If he can sit in this position until he is 30 he will probably be a millionaire or close to it, and have more than enough resources to go in whatever route he chooses.
I think he may be underestimating the cost of going out on his own. His gross on his own might be higher but when he has to pay all the expenses, He may end up making a quite a bit less than he is now.
@@joepfeiler5911 Absolutely, the only one that understand what it takes to keep the company running is the founder.
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.
This "kid" has a setup many would envy. He's getting too big for his britches & needs to slow his role. You work for your dad. Getting a couple of clients doesn't entitle you to anything. Your dad & his dad built the company to where it is today. You have the privilege to work there & as Dave stated you are standing on the shoulders of giants. Humble yourself you silly kid. Keep working. Learn the business & most likely you'll own it one day. But you're not entitled to the company at 23. You barely finished adolescence. Your desire to start your own company & siphon off clients from your dad's book of business is crooked & a terrible way to demonstrate being grateful to your dad who set you up in the business.
Yes!!! Cannot even imagine being 23 and brand new to a business and thinking my dad owes me more than $115k a year. That’s more than a lot of dual income/second job households make! His dad is more than generous
My boss does profit sharing with us and it’s a blessing on top of a bonus at the end of the year 🙏 helps so much
Maybe open another store with your dad in a few cities over after a couple of years. Keep the name with his experance. 1 day you might have 2 stores when he retires
I can always feel when Dave is about to roast someone’s behind. His face says it all 😂
Right?! He just kept getting more and more upset…along with all the rest of us listening to this kid’s entitlement.
I would wash the feet of my employer with tears to make 115k. And he tries to take credit for his father’s business. He needs a total attitude adjustment. I wonder if he will take Ramsey’s advice.
Now that is some Sage like Sensei advice A++ Thank you Dave!!
The reputation matters the most and this is something he looked over since he’s been using his father reputation
"My earnings depend on Business profits"
Welcome to the Business *owners* World!
"I work way more than any employee"
Welcome to the Business *owners* World!
"I don't decide what goes on"
You will Son, you will.
Your Father is doing the BEST for you.
Wow what a delusional child, he's been so grossly overpaid from such a young age he doesn't know any different. Dad should have kept him on a realistic pay scale or let him go figure it out working for someone else or 🤣 trying to run his own business. Kinda ironic his dad is paying him easily double average market wages and had only bought resentment.
His WIFE shouldn't be helping on a regular basis though, it sounds as though her pay had been $0.00 and that may be a driving force as to why "they" feel the arrangement is unfair. Wife needs to butt out or daddy needs to give her a meaningful job and fair wage.