So many people: "I am an entrepeneur, I am my own boss"
Me: "You don't pay taxes and THINK you will get a refund, but you owe so much and can also have a penalty for not claiming zero income. You have no paid holidays. You have no paid sick days. You have no health benefits. You have no savings. You have no social security. You have no unemplyment insurance. You have no severance.
I'm not saying everybody has to work for someone else, but all of a sudden, you hit 45 and realize you have a big pile of debt, no savings and are ducking the government because you owe taxes. Most people can get by because they aren't paying their taxes. Getting your life destroyed by creditors and the government when you are 45 will destroy you for life. Plan better.
I'm self-employed, so I'll pitch in my 2 cents. He needs a separate checking account for the business, so he can easily track expenses and profits. Buying a used version of Quickbooks on ebay could be helpful. Figuring taxes or paying quarterly taxes could be a nightmare if everything is mixed together. There's also business taxes to pay each year- the State makes you pay taxes on business assets. I'd have a fire sale on the truck, land and camper, or I'd live in the camper on the land and just sell the truck.
Fun fact, you can waive a manufacturer warranty and save a lil bit of money if you never want to see a dealership other than to pick up a truck you ordered. Buying any vehicle new especially financing one is madness but I know it's common for vehicles that will live off in house fleet service or the like.
Do Americans not separate business and personal expenses? In the UK we generally have specific business accounts which an accountant goes over every year. (Some people do operate as 'sole trader' which is a little different)
26 comments
My bday is coming up next month, wanna help us get to 1,000,000 subscribers by then? 🥰
Just started watching these , do the quests get paid to come on ?
No amount to financial literacy will fix what’s wrong with this guy.
the worst investment you can make is a vehicle, an old beat up ford can pull a used mower just as good and mow just as well
dont you know how a buisness works? if they pay you a 100 to do a lawn you pay a kid 50 to mow it, you are nearly 50 and still doing the labor
I call bs on the $1000 a month on repairs
Why would anyone who is in debt,, ever think they were prepared to have a baby ?
Gotta have
So many people:
"I am an entrepeneur, I am my own boss"
Me:
"You don't pay taxes and THINK you will get a refund, but you owe so much and can also have a penalty for not claiming zero income. You have no paid holidays. You have no paid sick days. You have no health benefits. You have no savings. You have no social security. You have no unemplyment insurance. You have no severance.
I'm not saying everybody has to work for someone else, but all of a sudden, you hit 45 and realize you have a big pile of debt, no savings and are ducking the government because you owe taxes. Most people can get by because they aren't paying their taxes. Getting your life destroyed by creditors and the government when you are 45 will destroy you for life. Plan better.
Hard working bloke, well done
Anyone who habitually smacks his lips cannot be trusted.
Crazy that he thinks he needs that insane price tag truck!!! He will be out of debt just to buy a bigger truck😂😂😂
i make 64k a year and have way less debt than this dude and i dont understasnd why i still feel like im drowning
I like that you're doing this stuff but I hate how you talk to them. They are still people, show them some respect man.
does this channel post updates with past guests?
So he has a bumper pull trailer and a gooseneck? Make up your mind. One can do both, one cant.
I'm self-employed, so I'll pitch in my 2 cents. He needs a separate checking account for the business, so he can easily track expenses and profits. Buying a used version of Quickbooks on ebay could be helpful. Figuring taxes or paying quarterly taxes could be a nightmare if everything is mixed together. There's also business taxes to pay each year- the State makes you pay taxes on business assets.
I'd have a fire sale on the truck, land and camper, or I'd live in the camper on the land and just sell the truck.
I’m sorry did he say his truck is 65k? What in the fuck?
Bro is in a pretty nice house amount of debt
Im pretty sure most half tons haul over 7000 pounds, I seriously doubt he’s hauling any more than 7000 pounds anyway
Dude needs a set of oxen to pull that trailer!😂
Fun fact, you can waive a manufacturer warranty and save a lil bit of money if you never want to see a dealership other than to pick up a truck you ordered.
Buying any vehicle new especially financing one is madness but I know it's common for vehicles that will live off in house fleet service or the like.
You can get a non diesel heavy duty truck and do the same shit but for half the price and half the maintenance
I am 50. I have owned 6 cars plus 5 more for my wife in my life. IN TOTAL, I have not financed as much on vehicle loans as this guy on this 1 truck.
Do Americans not separate business and personal expenses? In the UK we generally have specific business accounts which an accountant goes over every year. (Some people do operate as 'sole trader' which is a little different)
..12.75😮
Watching all
These makes me realize how well I got my life together. Ppl are wild 😂