I Make $400,000 And Have Been Living Redneck Rich! 

Which industry is it?

@@twincherry4958 Construction, specifically concrete

@@rachelharrison7961 just drive the truck or what does he do?

He probably has a concrete pumping truck. $1800 a day sounds about right to hire a pump truck.

Aflac

I didnt know you can own one of those.

@@fuse911 why wouldn't you be able to own one?

@@xenn4985 i thought they were part of the construction company. I saw it as a part of the “tools and equipment” category. Why would they hire a 3rd party to do it for them? I dont know much about construction but i do own a business and i dont see why the construction companys dont have their own equipment

@@fuse911 because "construction companies" aren't some homogenous conglomerate rolling in cash. Construction is broken up between many different types of contractors. Concrete, woodwork, paint, glass. These are all different companies that are hired by a general contractor who oversees the whole project.

@@xenn4985 makes sense. I just thought itd be more profitable for the company if they had their own stuff but youre right it gets expensive lol

I stopped listening and taking financial advise from these RU-vidrs, because at the end of the day, I end up with a bunch of confusing stocks without knowing when to take profit, In reality, all I needed was professional advice to take advantage and make profits.

I agree, before the pandemic got real serious, I used to handle all my investment and I was pretty good at it, fast forward to post-pandemic and my-portfolio is steady in the red with profit rate down to the lowest, that's when I touched-base with a coach I saw featured on businessweek, who restructured my portfolio and over the last couple months, I've made over $850k from initially $210K

I work with Jennifer Lea Jenson, a licensed fiduciary. Simply look up the name. The information you need to work with a letter to schedule an appointment would be included.

thank you for sharing; I just looked up the broker you recommended on Google and was really impressed with her qualifications. I will immediately send her an email.

Nvda are for young ppl that can outlive their stocks. Not Everyone has luxury to wait their life away

I live in Oklahoma. People have no idea how common this is.

Easy come, easy go.

how common is it that people get hurt? especially in concrete pumping? its a pretty tough job

I think he just wanted to boast. I'd love to have his "problem".

You're absolutely right. He also sounds like he's scatter-brained and full of himself. Chortling and blowing up each word as he talks.

Why does he have to be generous?

LOOL

😆😆😆 That was Funny!!!👍

Foreal

Something tells me he doesn't understand things like taxes, insurance, investments, and so forth.

🥱😭😭😭😭😭😭

So you rent?

You are AWESOME! I"M DEBT FREEEEEE!

@@DLIX2DCLI no I own my house .

@@swagmasterswag12 I’m not poor I have everything I need. My point is this guy has 10x more income than me yet I own a house mortgage free and debt free. This guy needs to get his act together is my point

@@andielliott7721 feels good

She is a dancer.

If you do your husbands books you never get to retire. He can afford an accountant.

@@AngieMcdonald-fu9nh don’t you retire at least when he quits/ retires?

@@V.Hansen. you get no say in when he retires though. My father is still working at 76. He doesnt need to but it gives him purpose. Mum is furious and hates doing the books.

@@AngieMcdonald-fu9nh well she has say in when she retires. Let him find someone else to facilitate his purpose. Not her problem he is one dimensional

He just a working dude, don't know how to manage money.

That is why the title to the video includes, "living Redneck Rich".

Those tools make him money

Hope his wife gets on board with the finances and they work together to get them ship shape.

Yeah it’s strange that he knew enough to save up and buy his equipment cash when he WASN’T making bank, but now that he’s rolling he goes out and gets two car loans? Very confusing lol

A sole proprietorship doesn't require as much separation. Anything he doesn't have a deduction for is taxable income.

That’s good advice. A good accountant will make sure he has categories for needed spending. Not just a tax guy, but a real serious accountant

@@paulmvn5431 He most certainly needs to separate out the business from personal. He is on a crash course.

The first problem was paying off his business equipment (which can be used as depreciation and interest write off). If he had an accountant, he would be "making" $100k per year (or even less), but have much more discretionary income- because less of it would be going to Fed/State taxes. People have a hard time understanding how this is possible- but if he is going to claim $400k on his personal taxes as income, he is going to be paying through the nose in Fed/State taxes (probably close to $200k by the time he includes payroll taxes). He would be much better off paying himself a reasonable salary (say $100k), and paying a total of $35k in taxes- leaving himself an extra $165k for "business expenses"- home office, truck, cell phones, internet, disposable products, paper, printer, computer, cleaning supplies, IRA match, health insurance, etc. Then use the remaining $100k for equipment repairs/upgrades or pay a distribution to himself as needed and get that mortgage out of his way. Of course if he does all of this, he won't be able to brag about making "$400,000 per year". But his wallet would be a lot heavier and he would have more than $60k in his bank account.

The guy is a bonehead. Drunk on his own success, he'll be calling Dave back in 5-10 years complaining how he lost it all...

God bless him 😄

In Tennessee? No, they have great food there.

Hendersonville is right outside of Nashville I bet he's fancier than that 😁

🤣🤣🤣he can't manage his money making all that money and have a 60 grand car loan that's so smart .

Dang Troy. You must be phancier

Hi Ben! Is your business Platinum?

Yea, that guy wasn’t practicing good podcast etiquette. Constantly mumbling and interrupting the host of the show degrades the quality of the show.

He always does that and I hate it. It's not polite to not say goodbye to the person, let them thank him, and then continue his thoughts.

I liked that line too. 🤭

Loved the way he pronounced "buy!" 😅

lol which goes to say he checked off all the wants and needs now he's thinking ok i dont technically own these cars or this house yet lets do it. Goals.

Absurd statement...sounds like he needs to start being generous.

lol, no hes not. what are you talking about? his income massive compared to his debts

Yeah, what the heck? 400k cash flow and from the sounds of it >5% operating expenses

I get the feeling he has no idea how much his actual net profit is. He says all he has to pay for is fuel and tax. What about the raw materials for concrete? Insurance? Saving for truck repairs and eventual replacement in a business account?

​@westonhemperley5289 making 400k he should have money in the bank.

​@@blondy2061hbecause all he probably does is pump the concrete. It's probably already paid for

I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,

how do I get in touch with this consultant that assist??>>>>>>

STEPHANIE KOPP MEEKS, that's whom i work with look her

Thanks for these recommendations.....,,,..

I very strongly encourage you to find a local financial planner or investment advisor you can trust as well as doing your own research. What might be a "good investment" for one person could be a terrible option for someone else just based on their situation and life goals. You definitely want o work with someone on your personal situation and don't just take blanket statement advice from a youtube video's comment section.

For sure! Pay off that house assp

ARMs have caps, they aren’t balloons like in 08’, nothing to be scared of. Paying off a house with high inflation is rather silly

@@lpslancelot05 While they may have changed, a decline in income and a raise in interest rate can cause a real hardship. I've witnessed far too many people get burned on Arms thinking they could "always" refinance. Not true...

Me too. With that kind of money, pay it off today. And pay all other debts. Then you know buy low sell high? Id be buying right now with that kind of money.

That’s where I was baffled. It didn’t make sense that he owes money on his home and cars but not his work equipment. For me at least I would be paying off the house first and then the cars. I would have had the work equipment on loans instead.

Same 😂😂

Me too

Spending every dime you make as fast as you make it.

Its similar to hood rich

I agree. He seems oblivious as to how to be self-employed (with regards to expenses).

He may be a few thousand off but this guy did it right by paying off his equipment, by the sound of it I believe he’s a concrete pump operator… so yea he only pays for fuel and tax… ans insurance

@@MartinMartinez-mp1bw I have never met a concrete pump owner make 400k but good on him

He may run into IRS problems next year, but it doesnt matter. Being able to make that much money is very commendable. People dont realize that Daves callers need help “managing money.” Not “making money.”

Or he has workers that he pays under the table 🤔 something sounds off... No supply cost either?

Definitely!

How is he doing it as a one man business in concrete?

Concrete can get you retired in 10 yrs

'I ran out of things to buy' is my favorite 😅

this is what I was thinking... their is always more to owning your business than just gas... PERHAPS he didn't think all this through yet... ??

on his property

Probably not insured.

or sell and buy by the end of this year with 50% discount

Meh, I'm sure the interest is low. Focus on the mortgage.

Thanks for the wisdom Karac Ramsey 😅😅

Why do you think there will be an end of year discount

@@seanjean9677 em... repossession is booming from what I heard, people can't keep up with the payments after stimulus ran out

Jealous much

Can people who have money never talk about it? He had a legitimate question. He’s never made that much before and didn’t exactly know how to handle it.

strongly disagree

@@johnmeehan7884 It's envy not jealousy.

He is most certainly facing doubts hence why he has called in. What he really needs is a presentation on finance so that he can start directing him self in the right direction.

Financial security is great, but at the end of the day our lives are fleeting (you learn this when you or a member of your household gets terrible news from the doctor). It makes little sense to store up money and not live at all just so you can be rich when you're old. Balance is key (don't go crazy and dig a hole, but remember you don't even own your body at the end of the day and live a little).

Right… 😂

@@jpii8468 not live at all just so you can be rich when you're old. I would like to add that a lot of people will not have to worry about becoming old.

@@rcas350pilot8 No doubt.

Most people will spend more if they make more. It's all about managing your money well, with discipline.

I feel him. when you go from making 20K a year barely making ends meet to making huge money 400k-700k a year you want to tell everyone and write a book

$3.75 per minute on an hour day!

@@russiasvechenaya58agreed. I remember what it was like to make $14k in a year. Now that I make 10x that I want to shout it from the rooftops - not bragging, just genuinely can’t believe how lucky I am to be in such a high paying field. I wish it was normal to talk about money and incomes :/

I mean he's proud of the fact. If I went from the 115k a year to 400k a year I'd be acting similar. He doesn't seem like he's saying about this from an arrogant viewpoint but from an excited one.

Why would you need that much money? It's more trouble than it's worth.

​@@lindahigh6974to buy real estates

@@lindahigh6974 to get some booty every night for the rest of his life

He's not going to make $20M. Something will happen within a couple years and he'll be out of business and calling Dave with$500K in debt, IRS problems, and his wife leaving him.

i didn't see too many bad ones. Yeah no this dude is doing better than most of us. His questions were reasonable and his debts are simple in his scenario.

@@chuckytherapper actually he's doing terrible. He thinks he's rich and he's going to end up severely in the red if he doesn't start keeping way better track of expenses. He thinks he has way more money to spend frivolously than he actually does. This is very obvious when he says "all I have for expense is gas". Anyone that's ever owned or managed a business knows this is impossible. I would bet about 70% of that $400k is going towards (or should be going towards) expenses. Sounds like he just pockets the money and spends it on fancy dinners instead. This will all blow up in his face before too long.

Insurance

Exactly

Depreciation is a non-cash expense so would lower his taxable income (good), definitely can write-off the fuel, insurance, concrete acquisition costs, marketing….dude needs an accountant.

@@will9134 I agree the upside of some of this is he is probably overpaying taxes. The downside is he has no system for his capital costs

He is livng now not for the future hence the call.

Well the voice is delicately smooth and RICH.....

Exactly… he’s a pump owner/operator

Thats the smart plan. He had his fun. time to save that money and learn how to keep and grow it. Problem is walker hayes got everybody out here goin to Applebee's and bein fancy like that lol.

it's hard work and i am pretty sure he bust his chop everyday to make this killing.

@@grantguy8933 not all hard working jobs pay like that lol

1800 wonder wat he does

When he said 1800 a day, i almost choked.

This is hard for me because I had to move to asia so I could pay off my student loans Thankfully the cost of living is much lower I make fifteen hundred a month. I can't comprehend making eighteen hundred a day. I'm so thankful that I can live there because I have everything I need I should have my student that paid off in about 14 months I've just ever seen that kind of money.

I'd rather have a car loan and cash in the bank for an emergency.

Not at all.

And from the sounds of it, he will be owing some heavy back taxes that he didn't even know he was supposed to be paying by the time this is all said and done.

Almost seems like hes not paying his taxes, and not accountung for any equipment repair/replacement expenses

Dave did not. He asked him three times

It sounds like a business that involves driving and he does it sole. Minimal overhead expenses

$400K is probably his gross sales. That's why he still has car debt and only $60K saved.

@@grod805 No. He asked how much he makes. Not how much is he paying himself.