The Ramsey Show Highlights I'm $800,000 In Debt And Don't Know Where To Start
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Sep 9, 2025 Dive into the gripping journey of overcoming $800,000 debt from a failed construction business. Hear about the toll of poor management choices and the complexities of juggling multiple properties while dealing with lifestyle-related expenses. The discussion emphasizes personal growth, accountability, and the vital steps toward financial recovery. Get practical tips for budgeting and generating income, all delivered with real-life stories that illustrate the challenges of debt and the path to a more stable future.
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From Big Gains To Massive Debt
- The caller describes making close to $2M over 10 years then losing large sums and accumulating about $800k in consumer and business debt.
- He attributes losses to bad investments, subcontractor failures, borrowed cards to cover work, and a bankrupt partner company.
Get Income And Stop Buying Things
- Dave tells him to stop coasting and get income immediately by working hard and fixing the business basics.
- He instructs no more vacations, no purchases, and to focus on profitable bidding and supervising jobs.
Get Licensed And Bid For Profit
- Dave advises the caller to get his own license and use his current license to work legally while studying for the full one.
- He emphasizes bidding jobs at a profit margin and supervising crews to stop losses and theft.