How Much Can I Charge Without Being Greedy?

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Опубликовано:

2 мар 2023

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Комментарии : 96

@ottosdad Год назад

20 years watching YT, and this is probably the most important vid I've seen!

@davidhoulden5791 Год назад

Most people have no idea what it costs to operate a business.

@raulgallardo5140 Год назад

100%

@genglandoh Год назад

The price you charge is fair because the customer always have the option to not buy or buy from someone else. This assumes you have competition and the customer has options, in other words a free market.

@plannerjoy Год назад

My husband and I own a small company that specializes i designing, fabricating and installing custom entry doors. We started the business 4 years ago with the same mindset “I want to be fair to the customer.” Fairly quickly I realized that offering what the customer considers a fair price will price us out of business. The costs associated with running a small manufacturing business that offers design and installation are substantial, not to mention the initial investment in lease, setting up the facility, investing in tools and equipment plus offering the specialized skill set. I would say the first skill when going into business is learning to price properly. Our prices have tripled in 4 years since we’ve gone through the school of hard knocks. Unfortunately we’re still paying for underpricing the jobs initially. Knowledge and clarity are power.

@kbrizy7490 Год назад

Amen

@Wynn96 Год назад

Dave makes a fantastic point about selling a service people appreciate. A month and a 1/2 ago I spent my last $80 to go to FPU. Since then my wife and I have paid off $7800 in debt. Dave's service has paid me back 100 fold already.

@dr_pinna543 Год назад

Hail yeah, get it Johnny!

@nickbehrooz596 Год назад

As a small business owner, I totally understand what he is asking, it’s run through my mind numerous times. I have found when you do your estimate, add your labor rate, add your materials, any other misc items that need to be accounted for, gas, you name it and mark-up anywhere from 1.4 to 1.7 and you’ll thrive if you’re good with your money.. i also like Rabbi Lapin saying business is a godly transaction, couldn’t agree more.

@Painfulwhale360 Год назад

Good idea. I might have to run some numbers on my product based business and see how your formula works for me.

@miketracy9256 Год назад

GREAT ADVICE DAVE. I WILL PLAN TO READ DANIEL LAPIN'S BOOK.

@thursday4267 Год назад

Solid information!

@MitchDore Год назад

Great clip!

@rossmcgreg6r642 Год назад

Thanks. Good advice.

@pedrorivera1892 Год назад

AMAZING CALL!

@David-bc4hh Год назад

People have no qualms paying retail for name brands day in and day out but will bark at an invoice from a skilled trade. I've learned not to bat an eye when it comes to billing. The market dictated my rate and it's more than fair

@raulgallardo5140 Год назад

This!

@cannednolan8194 8 месяцев назад

I do roadside. I’ve had customers that have paid $150 for a guy to unlock their car. I charge $40. Most are a 10 minute drive one way. I have most unlocked in under a minute. That’s why I charge $40. Industry standard is around $60. When people see how easy it is for me $40 can hurt but it’s reasonable. They don’t have the feeling after paying $150 for one minute of work.

@inmate0054 Год назад

Greed is gathering resources by unmoral means. And the hoarding thing. Just holding for no reason but your selfish desires

@mikepaulus4766 17 дней назад

All the business owners I know always tell the new business owner they just connected with the same thing, "Raise your prices."

@FranciscoGarcia-bf5rp Год назад

Dave, said like a pro. Your advice changed my life for $12. Looking back now I likely would have paid $12,000.

@HisLoveArmy Год назад

It's a great question

@richardm5540 Год назад

Is Dave Ramsey greedy? No he just loves you!

@woodysrockspyro6436 Год назад

You have to charge enough to make money... to do the book work. To do the taxes. To go back and warranty work. To have a down day or two. Then enough to upkeep and advance your business.

@keithrickson8522 Год назад

So, the moral of the story is to only work for rich people who are easy to please.

@joefunk76 Год назад

While I agree, on one hand, with where Dave is coming from, it’s easy to have the attitude of “I want to pay a dear price to express my appreciation for the great product/service I received” when the product/service is the among the best money can buy (because he can afford it), and any money spent doesn’t make even a dent on a dent in one’s net worth. When you’re worth hundreds of millions, every day expenses or even intermittent lavish ones are of no concern or consequence, even if the price is high, and even if the price is unreasonably high.

@kjrey9878 Год назад

This was a great one Dave! And it's true, by other's opinions I would be considered evil because I am long term investing in the stock market (for the first time) so my wife and I can actually enjoy life while seeing our two young boys grow and develop on their journey as young men. While others see it as me "profiting" off the fact that at this time many are struggling to survive. Other's opinions have never swayed my life decisions before, and they sure as heck won't work now. We're on our way, and in the words of Bishop T.D. Jakes, "what other people think of me is none of my business".

@weldinggirl 8 месяцев назад

I love T.D. Jakes

@kjrey9878 8 месяцев назад

@@weldinggirl Strongly agree!🙂

@christersmith5470 Год назад

People who associate success with greed often aren’t willing to make the sacrifices needed to succeed. They want to keep their current habits and still get the same success as someone who sacrificed for it.

@MichaelHasebroock Год назад

Great conversation here. I think the caller is also trying to figure out how to price his product and service.

@jkbc Год назад

how about when you invest in a greed company with a huge investment value? I am sure Dave also invest in there

@galegrazutis964 Год назад

Why on earth would you move from Switzerland to any where!???

@MH-Tesla Год назад

The right price is the price that makes both sides happy. It's not about... Hourly wage, % mark up, etc... It's ONLY about both sides being happy. If I make millions and the other side is super happy with what I provided, that's good business. It's not greed to make a huge profit. Also, if you make a huge profit, it won't be long before someone else competes with you.

@jeffreyrichardson Год назад

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@Bravo78631 Год назад

Caller went from highly stoked to an unmotivated yep fast lol

@that_heretic Год назад

Dave doesn't even try to actually answer his question. Makes sense. Dave does this all the time, he's more interested in ideology than facts. I'm really not sure why he's taken seriously.

@dr_pinna543 Год назад

@@that_heretic because he's helped millions with their financial peace.

@JESUSandPoker Год назад

I've been robbing casinos and feel kinda bad about it

@9liveslisa Год назад

Happy customers come back or refer you to others. Then you know you are doing it right. I'd also check out going rates in your area to give you a baseline.

@MedEd415 Год назад

He asked a great customer centered question. To take time and ask this means he cares for his customers and won’t rip them off.

@seanmathis1755 Год назад

Knowing your field, especially material cost and labor is definitely the start! When I quote jobs I try to make sure I get $6-800 in labor (8hr day) per day plus my materials for one man day. But I live in California. But you also need to be fair market price to get the job

@christersmith5470 Год назад

People pay more for experiences. If you just want a simple product, you go to a grocery store.

@sleepyafbro4276 Год назад

Dave’s bitchin’ but in a good way. Haha

@misstrice84 Год назад

I honestly started to miss callers asking Dave how he's doing. Also, to speak to the caller's question, people will pay for a great experience. That's why Disney can charge $4 for a bottle of water. It's not about the water or the plastic it comes in. It's about the whole experience.

@betitos11 Год назад

You should not install $2k dollar doors on a $2 million dollar house 🙄

@Buggu3 Год назад

He knows he over charging ppl, that y he guilty

@stevenporter863 Год назад

One problem with Dave's philosophy unless high end luxury: if an inflated price is okay because the customer has a lot of wealth - that would mean wealth means nothing since the goal post keeps moving out with each person's progress.

@johnmitchell2741 Год назад

you shouldn't have to ask dave that question

@CroisMoi 11 месяцев назад

People think you are better if you charge more. They like paying more. I don’t. But a lot of people do. You don’t go to the cheapest dentist, do you?

@KennedyIvy Год назад

The whole point of a business is to make money. Also if Ramsey team is reading this, can you unblock me from writing comments on the highlight channel. I will behave

@KennedyIvy Год назад

@@bocimino463 the ramsey crew are super block happy. Any joke and they will axe you.

@roolyfe Год назад

Capitalism is who you serve or who you screw!

@jeffdarleneriel5628 Год назад

Greed is a $7,500 to $11,000 paid annually to Ramsey to be a Smartvestor Pro. Greed is the 1% to 2% a Smartvestor Pro will charge you to put you in a mutual fund.

@zach2733 Год назад

You definitely recoup the money if you’re a Ramsey pro and then some. That’s chump change in that business and yes a financial advisor is going to charge you for his services go figure. Lol

@MrJumpingmaniac Год назад

Should dave advertise your business for free?

@GarbageGoober. 4 месяца назад

Considering that VOO will charge .03%, I totally agree. Paying a premium to have someone else manage your money in a manner that underperforms the market net of fees and expense ratios is taking advantage of those who aren’t financially literate. But I’m generally pro Dave outside of this one blemish.

@patti9339 Год назад

I’m reminded that most contractors do not have set fees. At least the ones I have dealt with. I know first hand that they can and do charge more when they’re in an expensive neighborhood. It’s all a racket. The cost should be the same to every customer no matter where they live or the contractor judging whether or not the customer has the income to pay more.

@Ink30 Год назад

I charge the same 400 an hr regardless

@patti9339 Год назад

@@Ink30 do you itemize that on your quotes?

@Ink30 Год назад

@@patti9339 I will charge per job or time and material it comes out the same and I don't upcharge for material I'm a plumber who is a small company

@patti9339 Год назад

@@Ink30 I’m glad you’re not my plumber because the one who worked on my boiler only charged me $75/hr. I sadly no longer have a boiler. I wish I had kept it. Much better heat than the gas furnace I have now. And even though it was 65 years old, it still worked and was cheaper to heat my house. I remember a company I called charged a flat fee of $550 to change the ball valve where the water comes into my house. He said the flat fee was because they didn’t know how long the water company would take to come out and turn off the water at the road. I bought the part myself ($25)Called the village water Dept to turn off my water and my brother fixed it for me. Took all of 45 mins. $525 saved.

@woodysrockspyro6436 Год назад

Not everytime. You must charge enough to service and warranty things. Some customers require more service. Charge accordingly.

@sirthecraftsman1998 8 месяцев назад

Simple answer , he's where he's at because one reason! He doesn't know anyone, Dave! He can not get around the people he wants to. And simply put, if you're not in the group, it's near impossible to get into. And second nobody gives a shit about the trades, all they care about is price and don't want to pay. He cannot get into the high end neighborhoods, he doesn't know anyone or have a connection. Dave you're a Multi million who is completely out of touch with reality

@jeffreyrichardson Год назад

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@stevenjustice105 Год назад

Credit cards are snakes....snakes are God's creation too....correct? Taking advantage of people who are distressed is kind of smary....in any business. Or as dave likes to call....I paying cash...I want a good deal. There is a line. Between getting a good deal and taking advantage of people.

@sandroaces Год назад

Simping

@sasukesuite1 Год назад

I think that’s why a lot of “smart” people don’t try to go into business. We realize that a lot of businesses are basically scams in terms of how much they profit and we don’t believe that people are stupid enough to buy into a product that has high margins. Yet they do every day. It also just feels immoral to take advantage of the stupidity of others. You really have to overcome morals to go into business.

@kbrizy7490 Год назад

It’s a very interesting thought. Definitely feel you.

@mattanderson9733 Год назад

This is a common view but not an indication of intelligence. On what basis is profit immoral when customers decide the value of the product is more than what it costs them? The cost of production doesn’t enter into it. There is no objective, intrinsic value to products. You won’t find products on sale very often for less than the cost of labor and materials. But who decides what an hour of labor is worth? Not some “smart” (but unwise) third party; rather, buyers and sellers freely contracting. And what kind of morality are you urging? Is profit itself intrinsically immoral? Or just “too much” profit? Who decides how much is too much?

@Buggu3 Год назад

Facts

@cowboyroper9442 Год назад

This sounds like you believe in communism. According to your philosophy, either you are self employed and scamming people or you work for someone who is scamming people, which makes you complicit. I am self employed. I provide a service to people. Obviously they consider my service worthy of their dollars. I am not compromising any morals. I’m helping people to have a better life.

@GarbageGoober. 4 месяца назад

@@mattanderson9733Well said. I often argue the same point. The price of a good is not determined by the cost of its inputs, but by the willingness to pay of the end user. Labor costs are actually dependent on what the finished goods/service sells for, not the other way around. So if you don’t think you’re making enough money at your job, it’s not the business owner screwing you, it’s actually the consumers!

@fauxbro1983 Год назад

Lol. Greed for lack of a better word is good

@philipgerry5228 Год назад

Greed is taking money without providing service: think government handouts.

@Xalser Год назад

Perspective is important. A high end custom door company is likely to have high net worth clientele that are willing to pay more for the luxury/optional door. The option to get quotes from AFFORDABLE handyman for simple needs of securing a basic door is still an option. It is important for consumers to be knowledgeable, getting multiple quotes for this reason.

@A.--. Год назад

Business is g-d's calling!!! I doubt an Orthodox Rabbi said that in the context of Greed vs profit. Ask Rabbi what he thinks of your "son of g-d, jesus?" LoL hippocracy. BtW why are you following Rabbi instead of Jesus?