Taking On $100,000 In High Interest Business Debt | Financial Audit

my name is Bryce Cosi I'm 23 years old. from Columbus Ohio and this is financial. audit what do you do for a living in. Columbus Ohio so I own a rental. inflatable company so correct yeah I uh. I bought it March 1st of 2022. um the business has been around since I. think 2011. oh okay what made you go to. buy this company decide to so my mentor. owned it originally and as I was getting. out of the military I've always been. interested in entrepreneurship and he.

has a really successful Real Estate. Management Company it's like an. investment firm too a brokerage and um. he was kind of looking to step away from. it and so I figured it'd be a great. opportunity so we came together with the. seller finance deal and um yeah how's it. owners and Company at 23. it's uh it's. been a large learning curve but I'm. loving it loving it. so how's the business doing you've owned. it for almost a full year correct yeah. uh March 1st was my full year of owning.

it okay yeah. oh it is March wow. oh wow well congratulations on that. thank you did you have to buy the. company yeah so uh what we did was more. of like an asset acquisition. um I got the trade name so we kept the. book of business. um but I bought everything that the. business had and it's under a different. LLC but uh 100 seller financed uh I just. had to yeah I took out about ten. thousand dollars from my Roth IRA to.

kind of fund uh the initial couple of. months so state inspections things like. that. yep I didn't feel too great about it. either but if you're considering taking. ten thousand dollars out of your IRA. push the Subscribe button and that might. convince you not to do something like. that. um oh I mean hopefully it works I will. get into the money I I don't know. anything about the finances for this so. we will we will learn. how many employees do you manage so. right now they're all part-time I have. an admin.

um kind of like an assistant general. manager uh and currently three guys that. are on team and then at the peak of the. Season we get up to 12. um what's the peak of the Season uh. something yeah we start in April is when. we really pick up and then we'll start. dying down around what are these like. balloon bouncy houses yeah bounce houses. mostly yeah we do other rentals so other. party rentals so tables chairs. concessions things like that well I want. to get into this a little bit I want to. get into your finances too but I want to. hear from your perspective first how is. your personal finance situation.

you know I think it's uh for my age. category I think I'm doing okay. um I think you know there's always room. for improvement and uh you know I can. always be doing better well what does. that necessarily mean because to have. the average for our age category is. absolutely terrible so okay it could. still be terrible yeah. so. um. right now I just actually paid off all. the debt on the business so I bought the. entire business for 165 Grand okay it's.

not much yeah very very uh relatively a. good price actually. um. and just paid that off uh March 1st of. this year actually nice okay well let's. get into some of these business finance. before we touch your personal finance so. 160 000 purchase price. essentially right yeah what was the what. was like the loan length it was a 36. month term okay you just went early yeah. I I just I hate debt so interest on it.

yep seven and a half percent okay well. that's relatively yeah you did you did a. good choice so what are we bringing in. for revenue on a yearly basis on average. are we seeing growth if what does the. growth look like yeah so we've been. growing roughly 30 year over year and. this year's looking to be about the same. and uh we're multi-six figure Revenue I. just brought on some investors which is. how I helped pay down the debt okay well. that's different well how much how much. your company did you give up uh 20 about. 22 okay why'd you decide to do that help.

pay off the debt faster that was mostly. it yeah okay are they bringing any. expertise Yes actually the previous. owner wanted to convert some of the debt. into Equity at a new valuation oh okay. yeah so we did a 450 000 evaluation 450. what is the revenue what was the revenue. last year was. that was. my next question. and the evaluation again one more time. uh right now.

why'd he sell it for only. 160. his so his property management. company is doing fantastic and it's. taking up all of his time and so to. continue growth he really just wanted to. step away from it yeah but continued. growth without any ownership in it at. that time yeah so he just I think he was. just tired of it I think he wanted to. step away. probably could have got. a better deal on that probably I've. um I've bought 300 there was no. Management in place when I came in it.

was all him and he had a couple of. part-time employees so I've implemented. a lot of systems to kind of remove. myself from an active role in it well. now you're doing Revenue sharing right. of about. 25-ish percent oh yeah yeah what did you. bring home last year so I took home. about 55 000. so after the debt payments I made about. 45 000 in debt rights. um do you think that'll go down this. year now that you own 25 less but you.

are having 30 growth correct so how's. this gonna even out in your mind without. the debt payments as well. um. budgeting for roughly I think. conservatively 80 to 85 000 this year I. should be realistic yeah we'll call it. 80 just to be on the safer side okay. well I mean that's that's good what were. you doing before this so. um I was in the military until 2020. um I got out went into banking.

um I was a banker for a while then I was. kind of apprenticing under the previous. owner I was working at this job while. going to College full-time while banking. full-time so I was working 80. what was. there what was your position at this. company uh I worked all the way from you. know just a regular you know guy that. would set it up to the operations. manager and then I bought it. so very cool yeah very cool and how did. you end up in like his mentorship. position so I reached out to a friend of.

a friend of a family friend basically. and they said that they knew someone. that was in real estate because when I. was exiting the military I was trying to. like refine what I wanted to do with my. life and I knew I could use some. mentorship and so I was kind of asking. around I just read Rich Dad Poor Dad and. so I was asking around for anyone that. knew anyone that was involved in real. estate so um I eventually got the name. of uh kind of like my mentor and reached. out to him a bunch and he kind of blew. me off for a while but after like three.

four months of consistent reaching out. he's like okay you can work in my Bounce. House Company and then work for his real. estate company for a while as well. um and that's yeah very clear well. definitely a cool story uh let's get. into your personal finances now so we're. gonna go from about 55 000 a year uh. before debt payments right yep uh to. about eighty thousand dollars a year now. let us go ahead and take a look at some. things looks like you have a savings.

account. IRA. credit card. and checking so the checking started. about 2 000 then it ended up at 892. dollars. so what do you think all your money is. going at this point in your life. a lot of. food really. yeah what do you think that is uh you. know I when I was working 80 hours a. week or so.

um eating out was really like the the. best way for me to eat at that time. frame and that was kind of hard to. switch off as I've been slowly working. less hours so it's so hard to convert. off I've gotten a lot better of it at it. over the last month and a half so now. I'm spending like 60 bucks a week on. groceries gotcha uh yeah I see on here. Prime video Prime video Prime video. Microsoft something subscription FanDuel. yeah uh Disney plus Amazon. yeah then you.

you put out some money American Express. payment those 1500 for the money that. came in that's a that's a you know. halfway decent chunk. and then transferring to another. checking account yep so that's that. account that I transfer to is where my. rent and then my uh truck payments come. out of. truck payment trans correct I don't have. a statement for that. I looked at it yesterday I'm at about. call it 28 or 23 800. all right we'll. get there all right see I thought we.

were about to be a little more positive. for a second because as I scroll here. through here I did not see that. so yeah not too much here on the on this. uh primary checking account this is. mostly just paying off cards and stuff. right transferring and then some. subscriptions you have and movie rentals. maybe yep a lot of movie rentals my. girlfriend and I watch a lot of movies. okay. but your Marcus has a good amount of. money in here so we have 31 000 what is. the purpose of this to you so that to me.

um I was saving up to pay off the rest. of the debt in full. um I know a lot of people like to make. advanced payments. um but I I personally am much more. comfortable keeping a lot of cash on. hand it just gives you more options and. I knew it didn't like the interest. wasn't balancing out between my Marcus. account versus the interest I'm being. charged on my. um on my debt but I raised 100 000 on. that investment round that I just did. and then I paid off the rest of the the. rest of the debt with personal savings. so now I've only got like a grand left.

in personal savings which is terrible so. that's not. the reality of your savings no not right. now no I just use that to pay down their. the remainder of the debt. yes. a thousand that's. totally different again something that. is always positive for a second I mean. because I'm glad there's no debt on the. company that is a positive yeah I'm. giving up percentage of the company. though I mean we do have a buyback. option.

um between years three and five for me. so there's going to be some built-in. appreciation to the equity and I'm. planning on buying back the majority of. the investor that do they know that yes. he he wanted that built up I was gonna. say because they know it now. so uh okay okay let's Ira let's let's go. ahead and take a look so this is. actually uh halfway decent for a 23 year. old I think just getting started very. low personally but it is low but again.

23. I mean obviously we'd all want it higher. but I think starting at 23 you're at. eight thousand forty four dollars. okay S P 500. Arc huh. I have one I think one share of that. it's just like space Innovation okay. I think it's like a hundred dollars for. that share. um PE yep that's a uh that's mostly a. dividend. ETF oh so it's mostly in financial.

sectors uh utilities stable. you know. I think it's four percent dividend. four percent okay. okay so I mean in general yeah the the. Total distribution of what you own here. and the risk comfortable with me. eight thousand forty four when did you. start investing into this. um when I was about 19 or 20 actually. 20. so right at the bottom of the market.

when uh covet happened. um I thought it was a great opportunity. and so I opened up my Roth IRA and I. started investing what I could I that's. Roth based yeah oh very good uh now. you've never maxed it out then clearly I. had. um once 2021 yeah 2022. um obviously I was focused on paying off. the debt of the company um just because. it wouldn't make sense to do no not a. seven percent. okay so that makes sense. then we have the credit card as well.

so you do pay this off every month it. looks like yep because the car is your. debt situation correct you charges. though. 2424. yeah so a lot for your income yeah. uh that month I went to Vegas. um had a couple of comp nights at the. win and free flights uh then it was my. my birthday my buddy's girlfriend's. birthday and we made a big trip out of. it so a little wild there which is more.

important than paying off your truck. definitely not realistically no. um no no no. yeah so definitely uh you know Cafe. vegas.com. Lounge oh okay. ubering around London roosters and. Cinemark just yeah lots of lots of. spending money BJ's Restaurant oh well.

it's only 4 29 but you went to Meyer I. miss going to Meyer. Mario's great we only have HEB down here. which everyone in Texas loves but it's. nothing compared to Meyer I'm about to. get shot for that roosters again so yeah. Panda Express there's lots of places. that chipotle McDonald's just go out to. eat as you said a lot so this is already. stuffed flag now it's Chipotle. Chick-fil-A Buffalo Wild Wings rooster. shows up constantly in Panda Express and. Panda Express you must work out a lot or. have a high metabolism because it's you.

don't have the dad bod like I do. and beer kitchens pork chop my goodness. how long does this statement go Burger. King and all these different things. Starbucks couple Pages yeah Cinemark. Cinemark can't express this keeps going. Panda Express Chick-fil-A berries Bagels. get yourself okay fine they come into. the end son of Thurman and I did not. read them all I picked like half maybe a. third in Chipotle. but cool that's a lot yeah definitely 25. interest rate if you hold any debt so.

that would not be good yeah yeah I've. never never missed a payment on cards so. very good very good very happy to hear. that. all right and good credit score uh you. know not top line or anything but good. credit score at 734 740. so let's go ahead and pull it up it. looks like it's staying pretty flat. nothing crazy is happening but it'll. build over time as your credit ages yeah.

so I think that's the main thing holding. you back right now. and also yeah the diversity of accounts. looks like you do have a Chase credit. card too you just don't spend time I put. my gym membership on there okay maybe 37. bucks a month. all right so Toyota that's okay yeah. when did you get this thing oh man. so this was probably the worst uh thing. that I've done financially in my life. wow very embarrassing. um I bought it September of 2021. okay.

okay and what is it a Toyota it's a. F-150 oh yeah so okay. um I got it with the intention of buying. the company so we do have three vans. that we use but there's times where I. might have to pick up some of the. equipment from an event or drop off. equipment how often does that actually. happen yeah like relatively actually. it's it's probably once or twice a week. okay in what year is this car 2015. trucks are expensive and then you got. the gas with that yeah so 24 242 left on.

here as of the time of this statement. yep. yep 72 month term yeah monthly payment. of 508 dollars. and you're pulling some classic American. yeah average monthly payment. oh so you took out a total of thirty. thousand five hundred fourteen. what's your interest six percent yeah.

okay so it says six point one six yeah. so this is something we definitely would. want to pay off if it's you know six. yeah percent range but we're choosing. going to Vegas over this yeah I I didn't. know that I was going to be. um paying off the business that quickly. um so when you're in almost 200 000 of. debt you know it what does that matter. even more of a fire under your ass. yeah it's not military bro don't you got. discipline. you know what it's all about I'll.

remember in the military that's my. assumption yeah I mean. and even refinancing now I'm not gonna. be able to do much better even with your. credit score now because interest rates. suck yeah and it was a used vehicle. which is why I think the interest rate. was so high when I bought it what was. your credit score at the time I think. roughly the same really yeah but maybe. 728 7 30. it's interesting okay yeah um. and then you probably have relatively.

expensive Insurance on this uh it's. about 125 a month. not crazy. so priority for you is paying this off. yeah absolutely okay what have you what. have you done has anything started for. paying this off or is it like go time. start now yeah it's it's go time start. now. um now that I'm able to you know. actually pay myself a little bit more I. was only taking a draw of about two. grand a month from the actual business. and then the rest was going to savings. which is how I built up that you know.

thirty thousand yeah 2 500 has been on a. credit card yeah so I I was budgeting. about two grand for monthly spending. outside of rent and the truck payment so. I do make sixteen hundred dollars a. month. from a pension from the military. this is that forever forever correct. yeah so I I was medically discharged for. um a back injury I've got a picture of. it if you want to see it it's it's. pretty wild I think they really enjoy. the picture yeah but um pull it up let's.

see yeah feel free to email that to me. we'll put it on screen if it doesn't. demonetize this video it should but. warning potentially for those who are. icked pretty wicked looking. oh yeah no that shouldn't take anyone. but that's wild. whoa what happened yeah so I went into. the military with uh scoliosis. um it was very limited. um and then just from rucking uh. Airborne. um selection things like that uh my.

spine continued to compress and it. Advanced that scoliosis so well what. branch did you join army army okay what. did you do um I was a ranger in the 75th. Ranger regiment so we're a part of. Special Operations Command. um infantrymen and in regiment where you. stay where were you stationed Savannah. Georgia so Hunter Army Airfield you. never had to go overseas no okay and how. many years so I was in two years before. uh they caught that it had gotten worse.

and she is it was beyond how is it uh. it's so when I joined it was about 24. degrees curvature 30 degrees is the. um like within regulations so anything. passed they cut you off when they found. it uh it was at 37 degrees and now it's. roughly 52 dude is there I don't know. anything about it is there what can be. done spinal fusion but that would like. permanently lock my spine in place and. I'm trying to hold off on that until.

um. uh until it's kind of unbearable. that was 54 now oh it's it's painful. just right now yeah just like straight. up hurts yeah but I mean it's you get. used to it. when is he considered. it's considered severe after 45 degrees. of curvature but so they lock it into. place at what degree uh so they take. metal rods and they screw it to your. spine to straighten it and then they I.

think they take like bone marrow and. basically fuse the rest of your spine. together so it they try to get it under. 10 degrees of curvature I assume that's. a little expensive yeah not cheap yeah. how much do you know I think the. procedure is 175 000. yes I'm trying to put that off to you. and how is your insurance. um right now. uh through the VA so. not quite sure what that would. cover. quite honestly you haven't looked into. it uh not entirely no are you V well.

this is my ignorance a UVA forever how. long yeah so after you serve and if you. get an honorable discharge. you're considered a veteran so okay yeah. which means you get it first okay yeah. well that's cool and what was this uh. amount that you get on a monthly basis. from them 1600 okay. now no one would be able to live off of. that no most places in the country alone. so but it is. it's an extra something yeah I mean for.

two years of your time right yeah isn't. that pretty sick yeah I'm very grateful. for it. and what are you pulling from the. business now I assume this is the slow. season so correct yeah how are we. looking with that so we budget uh for. basically to carry into the next season. so we budgeted all the way up until May. but our season picks up in April so um. okay yeah business is covered in. expenses and owner's pay. um so I'm still just paying myself the. two grand just because oh it's just two.

grand so when can you because you said. eighty thousand dollars this year when. are you amping that up so that'll. probably I'll probably kick it up to. three grand and then we do distributions. um semi-annually so we'll do it uh in. July and then also January now are you. set up in a way where your taxes are. being withheld or no but I I'm just. putting that into a savings account that. I don't have access to because I didn't. see it not yet. um yeah so I had already paid taxes for. last year so I paid all the taxes that.

were due for last year's income and uh. this year. yeah I'll just be continuing to set it. aside in the savings account. but you haven't these last couple months. we're starting month number three yeah. so there'll be a little bit of catch up. probably about 30 I would do yeah I was. gonna do closer to 35. okay if you want. to uh I mean yeah maybe yikes okay so. when you when you amping it up again I. think you said so April April okay and.

what are you gonna be happening up to. um I'll do the draw of three grand and. then um I'll true up in July and then uh. true up in. um to how much January so if I'm paying. myself three grand that's 36 Grand a. year and then out of the 80 grand. you know that'll. you know about 40 about 44. are you sure. you're gonna get to 80 this year yeah. yeah okay that's that's very. conservative okay. so let's build your budget then and.

let's get out of here so uh get out of. your car dead I mean yeah so we're. bringing in right now only three. thousand six hundred dollars a month. correct. what's your run uh 11.25. okay it's a very expensive rent for your. income yeah why. because this wasn't like guaranteed and. stuff yeah the income yeah why'd you get. into such an expensive rent for your. situation um so before I owned the. business. um I was in uh bathroom remodeling sales.

as well. um I was doing about 10 grand a month in. that oh yeah so that was a much better. situation but then once I purchased the. business I stopped doing that well you. think this will be more lucrative over. time absolutely okay yeah I think so too. okay so that's your rent utilities uh. roughly 150 a month I only pay for. electric and water. groceries. that's we'll call it 300 a month how's. your car payment again uh I do 5 10 a. month is that the car payment it's like.

508. okay really moving the needle. then it was 125 for car insurance. correct what other monthly payments can. you think of that you are required to. pay. utilities groceries rent gas how much do. you think you spending I spend roughly. 150 a month on gas okay yeah owning a. car it's America's biggest tax. is he required to own one to live here. essentially yeah all right.

groceries your favorite front car. concerns gas. anything else you can think of. no I besides uh you know when I was. eating out a lot I really don't like to. spend money well there were like movie. rentals and PlayStations but those. aren't like required monthly payments. descriptions I have 30 a month total. okay but those probably aren't needs no. they're not all right dude so you're.

required minimum monthly payments right. now are 2 360 dollars a month also known. as. [Music]. 66 of your income. which you know your needs category. shouldn't surpass 50 percent so you're. you're 16 over. your needs category allotment then the. rest are just taken up with. who wants really at this point yeah so I.

mean you're just max your needs are too. high and your wants or two is high but. even still let's see so 2 360 divided by. your soon to be 4 600 a month. that's the your wants are still just or. your needs are still just slightly too. high at this point it's only 51 so. you're one percent over but yeah that's. scary anything gets added to the mix any. payments get in anything we potentially. forgot about in your required monthly.

payments you know sometimes I blank on. them on the spot. you know what are we doing all of a. sudden you're. this is your stretched right now you're. stretched and yet you're still having. all this fun on the side of going out to. eat like crazy and going to Vegas like. crazy yeah when you have a 6.16 interest. rate which you know compared to a lot of. other people on this show might not seem. like a lot but that's still still not. great yeah yeah because you're not. always guaranteed to beat that when. investing instead of paying enough early.

so it makes sense to pay that off early. so really when it comes down to this. those needs would have to be kept the. same for now because really nothing you. can do about it. if you do truly get up to 80 000 a year. I'm chill with that rent if it doesn't. happen for whatever reason I am gonna. just trust you but if it doesn't you. know might need to look at some cheaper. rent for a bit let's say it's a slower. year than expected for some reason and. again I don't think it will be but just.

always got to be cautious of course. businesses go up and down. maybe it's a I don't know but either way. whatever you're quickly increasing your. income by a thousand dollars so we. already have those needs categories. rented and you know we're adding an. extra thousand dollars to your overall. graph that you need. from there with one thousand dollars in. an emergency fund where you siphon off. money from the business you know that is. too risky for me I think business owners.

should have more of like a 12-month. emergency absolutely yeah and that's. what I personally do as a business owner. of this yeah now I am uh job shopping to. kind of hop back into the workforce I. know crazy look how many hours a week. are you working right now running a. business uh at the peak of the season. this year I'll be working about 10 hours. a week which is why yeah which is why. I'll be. um well I'm looking at hopping back into. the workforce or why do you have so many. part-time people why why aren't you.

doing some of the work 10 hours a week. your business. so if I can I'm my guys make anywhere. from 16 to 20 bucks an hour and so if I. can make more. elsewhere yeah but how many other jobs. could you do do you think. I was just planning on so there was a. couple of jobs. um one is basically it no of the people. that you hire who are not putting into. the business as much as someone who owns. the business how many of them do you. think you could do.

yourself probably two of the part-time. jobs okay so what are you gonna be. making in some position somewhere. I'm sorry so in one of the job shopping. positions that you're looking for what. are you going to be doing so it would be. 50k base salary at one that I was. already accepted on plus commission. what's the job it's a sales position uh. I would be fully remote it was good yeah. very nice yeah. and then another one that I was looking. at was working at a financial uh like an.

asset management company I know one of. the. uh Partners there who's the head Trader. um and I would be operations so. basically making sure that trades were. fulfilled and I'm assuming pay would be. about 60 Grand a year salary. um so nothing crazy but I think the. first one Vibes with. where you're going to be at a little. more flexible sales is usually a little. more flexible exactly you go out get the. work done yeah on remote but you know. you get the work done you make the money.

and if you do it you know no one's like. oh you left work one minute early today. oh my goodness you know it's all about. the results that you bring and that. might Vibe with the business ownership. because you might have busier weeks you. might have less busy weeks yeah some and. they they offered me the job um they. said that they had onboard me at the end. of March so. well really at this point with where. your income and mandatory expenses are I. want you to.

what we need you to have an emergency. fund but we also have this car situation. so I think it would make sense in your. situation. to quickly save up seven thousand five. hundred dollars yep that's three months. of your mandatory expenses saved up. because again your mandatory expenses. are quite High yeah and the reason I. want to do that before going hard on the. car is because you're in a unique. position where you're a business owner. and that's much more ebb Flow versus. exactly a salaried position or something. like that or even sales honestly at an.

established institution so when would. that job start. uh it would be the last week of March. okay uh it can take a little bit before. sales kind of startup yeah two months. yeah so I was basing uh basically just. off of the 50k base salary. then after tax taken out that's roughly. 3 300 a month yeah. so really at that point you should have. forty three hundred dollars a month. going to save up that much money yeah.

and that should take. about two and a half months to do. because during this time because it's an. emergency not to have an emergency fund. because you don't have maybe because the. interest rate on your car is rough and. it is. and you know that car will be a decade. old pretty soon yeah as well that which. is crazy to think but it's. you're just not spending money going out. to eat yep and if your girlfriend wants. to rent a movie she can rent a movie. that's fine if she wants you guys to go.

out there she can pay for you guys to go. out to eat but you're like all right I'm. just getting things to a point where. we're in a position that is safe and has. minimal risk so. two and a half two and a half months you. have that and then everything should be. going to pay off that car and that was. what 4 300 again which because of your. income situation. you're what will be your income. situation and we're working on lots of.

what-ifs right now yeah which I don't. like but either you were accepted into. this position anyway great but. so this is again with your new position. not even taking into account any. commission and just adding the thousand. dollars to your income which you said. you're going to be doing in April yep so. so with that. just over five and a half months. your truck would be paid off yeah so. that brings us. to eight months total from three month. emergency fund to having the truck paid.

off which I mean can you go that long. without having going out to eat going. out to Panda Express looking at this. credit card yep sure yeah you sure yeah. why why do you say that because why are. you so confident in that when when I was. really working towards buying the. business I was rarely ever eating out. um and well actually towards the end I. started eating out a little bit more. but I was very strict on my budget as. well I I'd saved up around 20 grand most.

of that was actually around 30. most of. that was in my Roth IRA at the point. um but yeah I've always been very strict. on my budget but this has been more of a. recent development since my income has. been a little bit strange for the last. year or so I hope so send it by another. six months and you'll have another two. twenty two thousand five hundred which. will get you to the total years worth of. an emergency fund for your current set. of needs yeah so. perfect yeah.

good point so that's over that's I mean. that's like a year and a quarter close. to a year and a half of just going going. hard to do all this yep I mean I want to. be confident in you there's nothing. that's showing me any doubt other than. you know in the statements I didn't see. any examples of you. you know. you saved up in your. mind and obviously that went towards. paying off the debt of the business okay. but there was we're just gonna go to. Vegas and have the time of our lives.

because I turned an age yeah everyone. turns in age once a year yeah like. should put your future over that. preferably and you're just running. movies like crazy and going out to you. like every day so. I just wish there was a little more. example of you being able to do this but. I still think with the discipline that. you have okay what about this back. situation what if that gets in the way. of you working and stuff like that so. that's also why I'm not so big on.

um. I'll be happy to step in for any of the. actual labor that's needed with my. business but these are actually. incredibly heavy they're around 250 to. 350 pounds which is why I'm trying to. remove myself from the the day-to-day. operations of it I have no problem you. know no that makes sense yeah so I'm. trying to make sure longevity wise I'm. I'm gonna be all right look into that. surgery thing maybe that is like the. goal before it gets too bad after you. have your six month emergency or 12. month emergency food after you have that.

after the car has paid off in like a. year and a quarter. maybe looking into what your benefits. cover when it comes to that okay and. then seeing what you would have to come. up with and where does that. align with the different goals because. a year and a quarter I wouldn't put. anything towards investing at that point. yeah you know you're in the best decade. of your life but when you are you're. maxing out your IRA every year yep. preferably Roth and. and then throwing things into brokerage.

and you could be getting things you can. open there's different kind of. retirement accounts that you can open. through the business as well so you can. take advantage of tax advantage. retirements as well that you can set up. through your business it'll just depend. on your situation and you know employees. and everything like that okay but I mean. you'll just meet with someone figure. that all out what works best for your. company because yeah once all this is. done we want you to put as much money. towards that as possible but we might be. balancing that with what do we need to.

come up with Wow come up with an order. to have that surgery because the. longevity and you actually being able to. experience life is important yeah. exactly. well that's my thoughts right now so. that's your budget broken down we'll. throw it on screen again and you'll be. out of debt. and have a fully funded business owner. emergency fund in a year and three. months ish right around there. I want to hear in your. from your standpoint what are you.

actually going to do knowing yourself. yeah uh I think that time frame is. pretty realistic. um not a Panda Express once in a year. and three months. yeah yeah. it would be maybe a Chipotle once a week. once a week that's a lot it is it is but. I think I think that's how I could. realistically do it it might push me. back to a year and four months instead. no I'm thinking if you're willing to. slip on that immediately before even.

walking out the door I'm thinking more. of almost two years okay. just being realistic seeing how other. people have walked away from this table. and doing things. I mean that's still great well the thing. that sucks about that is I want you to. start investing yeah and the longer you. delay you're missing more and more of. the years of the best decade of your. life for investing and a lot of people. you know some people comment it's. impossible to go cold turkey and just. not spend my phone you can have fun. without spending money and your. girlfriend can also spend money. um shared experiences as well yeah.

but what people don't understand is that. you're just missing time yeah. time is the best tool for wealth. building and you're losing it and you. lose it even more the longer and longer. you stretch this out by not willing to. sacrifice certain things temporarily and. then you can have as much Chipotle as. you want in a year and a quarter yeah. like. no that makes sense it opened up a. franchise or something if you want to I. don't even know but yeah I mean that's.

my thoughts on it but I'll let you in. what are your final thoughts no uh that. that sounds like a great plan. um. goal is to obviously make more than what. we're budgeting off of but you know it's. it's better to budget off of what's. you know conservative so. um. yeah that's that's the goal get it all. done. for Bryce and his hammer Financial score. I think it's fair to say his finances. are average decent okay that card debt.

is pretty bad I'm happy he got out of. that business that very quickly now. obviously that means he has a very low. emergency fund especially for an income. that could be very variable with his. overall business ownership so that puts. him in a riskier position for sure. there's a little bit of retirement for. 23. okay and I really want him to amp. that up going forward but for now. because of the deaths because of the. lack of emergency fund and behind well. starting to get behind on investing. because he has to pay off the debt. Hammer Financial score five and a half.

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