"I Don't Think You Understand How Bad This Is"

About this Video

• Video Title: I Don't Think You Understand How Bad This Is
• Channel: The Ramsey Show Highlights
• Speakers: George (Host), Couple (Business Owners)
• Duration: 00:09:31

Introduction

This video features a couple who invested all their savings and took on significant debt to open an indoor baseball training facility. They discuss their dire financial situation with Dave Ramsey, revealing substantial losses despite a seemingly promising market. The video aims to highlight the couple's financial struggles and offer advice on how to navigate such a crisis.

Key Takeaways

• Significant Debt: The couple amassed $30,000 in credit card debt, utilized their 401k, and took out a $325,000 SBA loan for their business.
• Unprofitable Business: Despite generating around $18,000 monthly revenue, their $30,000 monthly lease payment results in substantial losses. They are essentially working for free.
• Lack of Strategic Planning: The couple lacked a comprehensive understanding of their expenses and didn't actively pursue all potential clients, relying on the assumption of a large market.
• Urgent Need for Action: The couple needs to immediately reassess their financial situation, prioritize debt repayment, and potentially consider selling business assets or closing the business to avoid further financial ruin.
• Recommendation for Action: Dave Ramsey urges the couple to create a detailed budget, identifying all debts and monthly expenses. He advises them to actively market to all potential clients, including little league, high school, and college teams. He also suggests considering closing the business and finding full-time employment if the business doesn't become profitable.