Going 90k in debt while having a house and a successful business already bringing 80k+ makes me wonder what this business venture you want to start is.
Clarification on student loans (I'm a physician, very familiar with these): The ONLY student loans that stop accruing interest while in school are SUBSIDIZED Federal student loans. ALL OTHERS continue accruing interest.
Appreciate this comment. Attending school since July and for some reason I wasn’t aware of the type of loan I had. Will be paying down my interest during school now
Caleb, I gotta say you really are helping people. Some hit my car, unfortunately totaling it. Insurance isn't giving me much for it, and had just left my job the day before. Thankfully, after watching you I set aside enough money in an emergency fund and started a car fund, which now I have to use to get a new car and am starting a new job soon. Your videos and advice were the reason I had this money set aside, for something like this. I am lucky to have had enough money set aside to afford a new car and to keep myself afloat while between jobs. I have no idea what I would have done if I didn't save up that money. And yes, I am buying the new car in cash so no monthly payments, and will replenish what I spent with the income from my new job (pay increase as well woohoo!).
Please listen when it comes to cash flowing school... Holding off a year if you have to in order to stock pile the money. That way you won't have to work OR if your painting or side job decreases for what ever reason you won't have to go into debt to finish your schooling. If you can avoid student loan debt, TAKE THAT PATH!
Hopefully he is just spending this year building the business, hiring a second person, handing off clients to them for >10% cut while he goes through school. Now that would have been a creative solution to cash flow grad school.
Caleb always has the perfect mix of humor and seriousness in these. That’s what makes this niche flourish in my opinion. Commenting for the YT Algorithm Pt.42
I make 60 - 80 $ an hour but don't actually know how much I make at the same time and eat 5$ pizzas , I should go into debt and make less - This guy . None of it adds up :$
He’s doing really well for his age salary wise but he just doesn’t know how to use it properly! Might make a mistake or two along the way but he will learn, hopefully 😅
And Caleb is right, PT is not something to go into for money. I know multiple PT that are retiring and their multiple kids are passing on the family business.
Shoutout to fellow Ohioan! He is doing better than most at his age for sure. One thing that stood out to me is it would probably help him to have a separate business account/credit card to keep track of all his business expenses especially since he had many Home Depot purchases which some were personal some business
@@CalebHammer i actually really like your color scheme of your office. Its inspiring me to do mine the same way. The navy with off white trim looks so good.
Maybe I am mistaken but if he takes home 6-8k a month, but needs to save 30% of that for taxes, doesn’t he owe in the ballpark of 20-25 grand in February to the IRS since he doesn’t pay taxes throughout the year? Wouldn’t it be smarter to ensure he can go through tax season without issue before full sending his private student loans? I fully support talking to a tax expert on this one cause I just would hate for him to pay the loans only to owe the IRS money, he seems like a nice guy and don’t want to see him get burnt. Sorry if i misunderstood anything here and love the content keep it up!
If you watched until the end Caleb literally mentioned that he didn't take taxes into account for his current savings and was going to email him after..
Dude should open a business credit card through like chase. Do all your business spending there. BOOM statements are easy tracking. Home Depot also asks you to put in a job code everytime you use a business card there. So you can say like "Client Xyz"
Definitely get with a cpa, they can tell you how much you should pay quarterly in taxes so your tax liability is not as high or even a refund at the end of the year.
Also, you will need to start differentiating personal and business expenses. Because currently if I filed your return I would be hesitating deducting any business expenses since they run through your personal card. Open up a business debit card or document better. Especially since you are renovating your own house, an auditor would kill you right now..
You live in Toledo and don't go for Vito's? Inky's? Will say houses in Toledo are very affordable and making that money in Toledo he should be doing well. Very affordable city.
Wooo a fellow Ohio boy. Mortgage payment is 500 dollars with PMI meaning I put less than 20% down since it was a 3% interest rate so I could not advocate enough for the state of Ohio! And I’m in the NE area 2 hours+ from Toledo lol
I love how the 30+ year olds with no money, no job and hella debt get more grace then this young kid who’s doing so well for his age who’s getting shit for ordering Little Caesars 😂😂
because the 30 year old already took out the debt and is climbing their way out of it. Caleb is right, that if he cuts back on expenses to avoid $58k in loans that is the smart thing to do. Caleb even felt the house purchase was likely a mistake.
You can make bank with private clients. During the pandemic, a relative made Bank going into special need kids’ homes and doing PT, including mine, although we got the family discount :)
@@TheTruthiest taking advantage? Are you kidding?? We were grateful to have help. These practitioners - PT, OT, Speech had too much work and worked crazy hours to fulfill a major, major need. Some even went behind their contracts to help out personally with families. We were beyond desperate for help, and super grateful for any help we could afford to get. You must not have profoundly disabled children to make that comment after what us families went through the last few years, My daughter worked four years to take her first steps, and that was taken from her, and we are so grateful for those that stepped up to help. The regression in my kids and those we know were heinous, bordering on criminal.
I don't see why he would put off starting grad school... he doesn't owe the full bill the first day of grad school. I also feel like you didn't account for what he needs for his taxes... where is that money coming from?
I wish Sallie Mae would shut down!!! Ughhh but anyways this guy is definitely on the right track. I’m glad he’s going after this true passion instead of being at a job he hates but yes I agree, go to grad school DEBT FREE!! Cash flow it for sure!
You're giving advice as a 9-5 philosophy vs a business ownership. Setting side 30% for "taxation" - you're missing the power of business ownership. Especially early on - you should be MAXIMIZING your business investment on growing the business. Remember a very basic concept - at least where the tax laws stands for now - You are TAXED only on the profit. So, if you have legitimate business expenses - for instance your set aside is $30K for possible tax, at least that's the profit based on your accounting tool - such as QB - he could pay it to uncle sam or he can purchase $30K in new equipment or there things that will assist in his business. As he has business expense, his tax can be closer to ZERO. He shouldn't give up this business in order to go to Grad school - cause at least he has something that's cash flowing vs. chasing on possibilities. Especially with the next few years of recession possibilities - having consistent cash flow then just a degree w/o experience. Lastly, going to grad is becoming the 90% of the population vs. working towards the top 10%. He can utilize the cash flow of these businesses to pay-off all his debt and in 5-7 years - his 30 and beyonds can be golden! Many cash flow generating business/jobs are BORING! You're repeating that activity - 10, 1000, 100000X - cause guess what - YOU MAKE MONEY! So, don't be delusion that a grad degree will improve your cash generation - don't forget - you already got a bachelor degree - how does that degree have a direct impact on your cash flow? The advice - invest wisely in your business - reduce your tax exposure. Work Friday-Sunday - GRIND! Focus on school Monday-Thursday. Guess what's - what's what being young! Caleb - I've dropped in on your videos here and there. Like the flow, you as well, get yourself immersed in the power of business ownership - it's the only legitimate early vehicle that optimize your tax exposure - it's not if but when you will pay. And if you can push out taxes for 10, 30, 50 years into the future - how great is that? Having $30K for instance for 30 years....what could you do with that?
BTW - like your student loan payoff recommendation - I had $18K coming out of undergrad 30 some years ago. Took 1.5 years, stayed at home with my folks and paid it ALL off along with my first car. After that, haven't gotten any debt or loans - personal or business. Don't get the myth of the debt trap. Remember when he takes money out of the business - yes that becomes personal income and will be taxed. But if he has business profit - you can optimize your tax exposure by investing into items that will grow the business in 2023. But make sure those transaction occurs by December 31, 2022.
My question is what are you studying in exercise science that you could not access outside of college? I swear people will pay for anything that has the word degree behind it.
But wouldn’t it increase his employment opportunities? He said he focuses on high profile clients. Wouldn’t a client be more incentivized to recommend someone with the highest education over someone with a lower education? All physical results being equal.
@@ariannaarias1631 oh hell yeah, I’m an engineer, it takes me 2 and a half salaries to make 1000 dollars. Take into account I am literally in the top 20% earners in my country.
I am an Enrolled Agent and will offer anyone a free consult. If you get behind on your taxes, it is a HUGE pain to get caught up. And the IRS doesn't easily forgive taxes as those places make it seem on TV. Ohio is bad for taxes. Look me up on the internet for my contact info. Seem like a smart guy. You just need a bit of coaching/education. I do like that he is a hard worker, which is something I can't say for several guests.
Caleb seemed jealous and salty about this guy’s financial situation 😂 At 22, you’ve already been so successful and definitely have a great future ahead, just remember to stay humble.
