Why Shouldn't I Use a Credit Card For My Business If It's Saving Me Money?

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Why Shouldn't I Use a Credit Card For My Business If It's Saving Me Money?
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Опубликовано:

1 июн 2021

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Комментарии : 453

@hollyb6885 3 года назад

Ignore Dave on this. You’re doing the right thing. Don’t overspend. Pay off the balance every month. I’ve done it for years. I’ve never paid any fees or interest and used the cash back for myself.

@robertvoyten4858 3 года назад

This is terrible advice. The kid is living off his cash back, while putting all his money back into the business. Dave needs to adjust his advice for stupid v smart people. This kid is clearly smart, and he’s taking advantage of a company that takes advantage of stupid people. Keep doing what you’re doing bud

@Sloimer 3 года назад

It’s very stupid advice. Segments like this make me cringe.

@michaelromero3216 3 года назад

The Ramsey show is straight comedy lol.

@LifeofKairo 3 года назад

Exactly! He could also retain a few months of earnings in a business emergency fund in case sales struggle and then ignore Dave's advice completely.

@hkmamacmd428 3 года назад

yeah, Ramsey has definitely fallen off in regards of advice. He needs to retire and end this show or give it to Anthony because the cohosts aren't it

@abrahamflores2566 3 года назад

@@robnos9901 in dozens of other millionaires books. Dave Ramsey is not the only millionaire in the world you know?

@jacobrogers2214 3 года назад

I normally like Dave but this is an anecdotal response to something that is actually working. The kid is clearly clever and he’s not floating money he doesn’t have. He’s just pushing it through a card.

@snowboarddan5899 3 года назад

That’s exactly what I thought he’s taking the money that they gave him and paying off the card right away just to get the extra free money

@jarrettpierce5626 3 года назад

@@snowboarddan5899 yeah i really dont see why id turn down 2K a month

@riverdaletales8457 3 года назад

I don’t if I were the kid I would keep doing what I’m doing but once it goes wrong I stop putting it on the card.

@snowboarddan5899 3 года назад

@@riverdaletales8457 what could go wrong? He’s collecting the 40k first before spending it on card. Or that’s how I understood. Then he just pays off right away with that money and gets 2k for the cash back

@justinacase2623 3 года назад

@@snowboarddan5899 He does not have the cash! Or else he would use it!

@benhollingsworth4378 3 года назад

dave basically has no real argument here. thats the problem with applying set rules to every situation. if he is only charging the card when customers buy things, he will always be able to pay off the card every month.

@usmc9249 3 года назад

I agree with you, but what Dave is teaching is a general philosophy . . . "Money (in general) is 80% behavior and 20% math". He (Dave) can't argue the math part . . . but, that's not his argument. If you apply the general 80/20 rule to everything money, you will eventually end up on top. It's simple to understand his answer when you "get" the philosophy.

@notandyvee 3 года назад

Also, customers can return items, chargebacls, and fraud returns. There's no way he never gets returns.

@Scarface_445 3 дня назад

@@notandyveeThis risk exists even with no CC. He is paying the card out right, in both cases he is left with inventory and no cash.

@CalebHammerComposer 3 года назад

“Nobody has ever become a millionaire from cash back” this is stupid. It’s not about that. It’s about the mindset of taking advantage of every opportunity. This guy is making $24k a year in cash back. Keep going dude 💪🏼

@GarbageGoober. 3 года назад

That money can’t be taxed either!

@abrahamflores2566 3 года назад

Actually if you put the cash back in mutual funds you could become a millionaire in 40 plus years but depends on the numbers

@CalebHammerComposer 3 года назад

@@abrahamflores2566 True!

@stevenporter863 3 года назад

Nobody said cash back is about becoming a millionaire. Where did Dave ever get that idea?

@djmazz1100 3 года назад

Dave’s wrong! I’m sure lots of millionaires have used this or similar schemes!

@Sloimer 3 года назад

They’re giving him $2k/month as an incentive to use the card…..lol. Not complicated.

@perotal 3 года назад

He is making purchases he will make anyway. His customers put the order in first, then he buys the product

@Sloimer 3 года назад

@@perotal I know. It’s stupid advice.

@jackroberto6753 3 года назад

@@perotal this may sound crazy but what if the buyer didn't claim and pay for the product. Hope this lad is selling long shelf life products.

@matthewschuyler3195 3 года назад

@@jackroberto6753 the kid is doing dropshipping, the customer orders the product and sends you the money before anything else is done. The only thing you have to worry about is refunds or charge backs, but those only account for a small amount of transactions, so your profit on other transactions cover it.

@freebird7284 3 года назад

@@jackroberto6753 what if 50 people didn't pay quick enough

@physicswithmrv4246 3 года назад

Bad advice on this one! Keep doing what you doing with the $2k cash back BUT have an emergency fund for your business.

@physicswithmrv4246 3 года назад

@@nchinth You can find a Physics Related video on my main channel MathwithMrV, check it out!

@1jesus2music3duke 3 года назад

“No company gives away money for fun. What are they getting from you?” “Nothing. They’re getting it all from the people who DO NOT pay.” This is the worst part of the Ramsey show by far.

@67micber 3 года назад

And he doesn't recognize that they are paid for by the merchant something called interchange.

@samuelyork5265 3 года назад

They also take a cut from the vendor anyways, so they don’t even need to collect interest from you to be profitable.

@Lon1001 3 года назад

Plus they also make a ton in transaction fees from these vendors.

@MrTmenzo 3 года назад

Cashback is funded from transaction fees

@James-vj5hz 3 года назад

Cash back debit cards are a thing. Funded from transaction fees. Just use that instead.

@dickygouw 3 года назад

I think he should been calling Graham Stephan instead

@justinacase2623 3 года назад

Exactly, call the guy who is staying in debt. Cash is King, all others....Jokers.

@mcgamer4474 3 года назад

Graham needs to react to this video. I know its short but he should go through a bunch of ramsey videos and give his thoughts

@23liltuck 3 года назад

Literally the worst advice I've ever heard...if you would normally purchase in cash, but instead you purchase on the card and immediately pay it back with the cash you would have purchased, there's no risk.

@ignitetheinferno1858 3 года назад

There’s been pretty bad ones as of late. Like a few weeks back they tore into a caller about being willing to walk away from his marriage when the caller had clearly stated he needed advice on how to handle his wife being so neck-deep into MLM that she would choose it over her family. Or the one where they were basically tearing down a boyfriend that didn’t want to move with his girlfriend when he had a job and she was wanting to move somewhere when she didn’t have a job lined up, as if they were a married couple and he was an unsupportive husband.

@jameslastname9171 3 года назад

Well, until there’s that one time you don’t immediately pay it off.

@23liltuck 3 года назад

@@ignitetheinferno1858 I saw that one. I thought it was just me who noticed how bad some of them have been

@vab710 3 года назад

I honestly think this a great idea from this lad! What was disappointing was the lack of reasoning from Dave in this particular case. The guy can just stop purchasing stuff if the demand goes down. This is unnecessary bias IMO.

@YadraVoat 3 года назад

Yeah it's bizarre, as though Dave didn't even hear the scenario correctly. Dave should have asked what the profit ratio on the business is, so as to calculate whether the caller can still live off of the profits from the business if the sales diminish (thus diminishing the cash-back each month).

@vab710 3 года назад

@@YadraVoat you are spot on there ! Ever considered sitting beside/instead of Dave on that chair? 😉😅

@oc6617 3 года назад

@@YadraVoat I'm pretty sure Dave's brain shutoff the moment he heard "drop shipping". Lots of older folks don't know what that is.

@Deezle_Gaming 3 года назад

Typical response from Dave, he will never concede that cards can be good when used properly. It goes against his entire brand.

@GarbageGoober. 3 года назад

I love when Dave says “no millionaire ever made all their money on cash back”. By that logic no one should ever use coupons either. It’s not about the tool, it’s how you use it. This kid is doing the right thing.

@abrahamflores2566 3 года назад

@@robnos9901 except the short term loan pays you back and saves you money that you otherwise had already.

@teamtakeover7317 3 года назад

This is easily the dumbest comparison I've ever heard cash back and coupons are not even slightly the same. You go into debt for one and the other is a discount without debt. WOW

@jackroberto6753 3 года назад

@@abrahamflores2566 However, that assumes that everything goes as plan.

@srdjr6760 3 года назад

If the guy invested that 2k per month for 20 years with a 10% return: 1.4 million dollars...BOOM!

@dingdongdidlias2048 3 года назад

@@jackroberto6753 No, it does not assume everything goes to plan. He has the money sitting in a bank account.

@colebaker25 3 года назад

Risky investment on a long term asset = unwise. Streamlining accounts payable and getting a discount on your purchases = wise

@TR0LLREIGN 3 года назад

Exactly! Dave's advice is equivalent to not optimising your taxes and paying more than you should.

@LifeofKairo 3 года назад

Not quite a good comparison to Dave's real estate experience as the caller is paying off his debt in full every month! Also, he only takes on new debt when he makes a new sale.

@abrahamflores2566 3 года назад

Exactly, its like someone being in a car accident driving 150MPH and then writes a book about how all cars are dangerous...

@hraharahra 3 года назад

@@abrahamflores2566 no, it's like someone driving 300 kph with motorcycle on the road, firs time, second time, third time and nothing happened. Then something goes wrong and you lose everything.

@abrahamflores2566 3 года назад

@@hraharahra true! And then blames the motorcycle for making him drive 300kph....

@bubba11793 3 года назад

Can someone show me a video where Ramsey's sidekick disagrees with him? I was hoping this dude would call him out. I do essentially the same thing as Jason, just pulling in less money per month.

@dexterm1285 3 года назад

They get fired.

@Michael-vf2mw 3 года назад

@@dexterm1285 Sometimes you just gotta bite that bullet when your boss is an idiot.

@rolio9775 3 года назад

@@Michael-vf2mw 😂 😂 😂 we've all been there at some point.

@gdavho8778 3 года назад

You would almost think the cash back money was coming out of Dave's own pocket!

@same.7939 3 года назад

Right?! Smh.

@JohnathanHendrix 3 года назад

Jason should continue doing what he is doing.

@stevenporter863 3 года назад

Dave is so closed minded-he didn't even let the caller finish and he doesn't know anything about the caller before he yelled his opinion. Dave may have to realize everyone isn't as risk adverse as him and not everyone is a 20-something with their bank note about to get called (or fill in the black). Side bar: nobody said cash back is about becoming a millionaire. If money is on the ground and you are going in that direction anyway it is dumb not to puck it up?

@JohnathanHendrix 3 года назад

@@stevenporter863 completely agree.

@hihaters2004 3 года назад

I agree Dave is outdated

@sglacf 3 года назад

@@hihaters2004 Dave may be outdated but he's a billionare

@wittyusername9544 3 года назад

@@hihaters2004 debt is outdated

@TheosThoughts 3 года назад

No idea what the objection is here, sounds like a 10/10 move

@Matt-gf4gd 3 года назад

Seriously. I wish I was in the position to do this.

@garys.1415 3 года назад

One of the very few weaknesses in Dave's plan. It's already paid for by the customer. He's getting free money. It's literally the opposite of putting it on a CC. lol He's basically in the same position as a bank. He's getting paid a little over 4% a month to order for his customers... plus his profit. It's a "no brainer".

@danluzurriaga6035 3 года назад

It' OK to take the 2K. The kids sounds smart.

@y.martel842 3 года назад

@@robnos9901 you have no idea if this guy is a millionaire or not

@marcusrick3928 3 года назад

@@robnos9901 why should anyone have to listen to what you say? With your logic, you clearly aren’t a millionaire if you are on RU-vid commenting mid day 😂😂 not to mention, you don’t need to be a millionaire to have good ideas.

@y.martel842 3 года назад

@@robnos9901 why wouldnt a millionaire be on youtube in the middle of a wednesday?

@marcusrick3928 3 года назад

@@y.martel842 exactly! Man is acting like millionaires don’t go on RU-vid 😂😂😂

@daprinceomar 3 года назад

@@robnos9901 well i am and i agree with Wutsas statement.

@dbfan9042 3 года назад

Dave is 1000% wrong here. Just completely ridiculously wrong.

@tristandueck6077 3 года назад

This is hilarious, how can Dave be so naive.

@YadraVoat 3 года назад

It's bizarre. It's as though Dave misheard the question.

@tylerwest3820 3 года назад

He isn’t he is just so entrenched in his message he cannot waver even when he is wrong. His entire brand relies on it.

@justinacase2623 3 года назад

Tristan, cause he understands risk VS reward. Most kiddos don't.

@valesans 3 года назад

THE KID IS ACTUALLY RIGHT

@blackworldtraveler3711 3 года назад

Time will tell.

@sheldenmixon2354 3 года назад

100%

@jalenjackson8572 3 года назад

In the same industry and do the exact same thing as him, the money to pay the card off is there before making the purchase, just using the card to get the cash back because it’s basically a discount on the product.

@ProfessorMikee 3 года назад

Jason you keep doing you man, this was horrible advice

@tmusa2002 3 года назад

I agree. I guess he could just make sure he has a few months of business expenses saved just in case something strange happens....?

@joshquatch2170 3 года назад

Much agreed, except when he said "You don't have to be young to be arrogant." That was spot on and we just witnessed it right there, Ramsey assumed he was buying first then being paid, got corrected that it was the other way around, yet arrogantly decided to still give the same advice.

@joshquatch2170 3 года назад

@@tmusa2002 I agree there too, incase sales go down or living expenses go up, ideally it would be best to not reinvest all of his profit, but if he already has payment for what he is gonna put on the card he isn't gonna end up on the hook for $40k when he already has it.

@manman464 3 года назад

He is telling the man to turn down free 2000 bucks per month, that is stupid

@TR0LLREIGN 3 года назад

Yes. And he says that "no millionaire made money on cashback ever". That's flat out a lie. I personally know millionaires who use these kinds of tactics ALL THE TIME. They play with the system, including banks, taxes, etc. And here is the important bit: I'm not talking about the kind of millionaires who live their whole lives poor then retire with $1 million in their 401k. I am talking millionaires in their 40s.

@robertspencer5219 3 года назад

When the music stops there won't be a chair for him

@anthonykence9954 3 года назад

Dave is wrong he is playing it right for the business. He getting 2k back every month. And paying off the cc off monthly. It's a great financial deal.

@ohmyboop3172 3 года назад

This dude has it figured out, Dave is totally in the wrong on this one. He’s getting $2k in free cash and Dave is telling him to stop taking free money smh.

@YadraVoat 3 года назад

I get the feeling Dave is so used to hearing people who borrow money he misunderstood what he was hearing from this caller. 🤦‍♂️

@justinacase2623 3 года назад

You misunderstood what the caller said. He is using debt to run his biz, not cash!

@blissfuldissolution5202 3 года назад

@@justinacase2623 Go watch the video again...

@justinacase2623 3 года назад

@@blissfuldissolution5202 No thanks, if I wanted to hear from a broke joke I would watch Graham's channel.

@blissfuldissolution5202 3 года назад

@@justinacase2623 Where do you see me mentioning Graham? Are you ok?

@Wisdomsaves 3 года назад

This should be good

@koreypaul6698 3 года назад

👀🍿

@fleurelise997 3 года назад

Thought the exact same thing 🤣🤣🤣

@jesusisking2673 3 года назад

Yup

@dr.bradshaw 3 года назад

Dave is wrong here and he’s talking over this guy because he’s scared that he’s finally wrong and doesn’t want to admit it. This dude has a good system going. Keep it up

@joshquatch2170 3 года назад

Exactly he never even asked him how much profit he was making per month. If he had that number he could have given some legit advice on how much of that to save and how much to reinvest into his business. It's one thing if he was buying $40k a month and then waiting for customers to pay, then Ramsey's response would be appropriate, but he isn't, he is getting paid first, then buying with his card and paying the card off with cash already paid to him. It seems he right off that bat assumed it was the other way around and when corrected still ran with what he was about to say. "You dont have to be young to be arrogant" is the most accurate advice he gave here.

@James-vj5hz 3 года назад

There are cash back debit cards. Just use that instead.

@dr.bradshaw 3 года назад

@@James-vj5hz that would require him to have a large sum of money in his account though.

@justinacase2623 3 года назад

@@dr.bradshaw Dave, just proved he was broke. He is kiting money.

@piebert1 3 года назад

Idk if you know what cash kiting means. It is a type of fraud that is not taking place here.

@MetalMike56 3 года назад

Jason is right!!! Dinosaur Dave needs to get with the times.

@Michael-vf2mw 3 года назад

It has nothing to do with "the times". Just has to do with being able to use very rudimentary reasoning. Dave is downright irrational sometimes.

@piersoncauwels3594 3 года назад

Horrible advice. This makes 24k a year worth of sense to keep doing it.

@reneritchiegiveaway1330 3 года назад

Made

@reneritchiegiveaway1330 3 года назад

With

@reneritchiegiveaway1330 3 года назад

Just a

@reneritchiegiveaway1330 3 года назад

1500

@reneritchiegiveaway1330 3 года назад

@marietaylor5174 3 года назад

I'm willing to play with snakes in this case!!!

@bigman8130 3 года назад

Keep it PG please. Kids are on this site

@devinhawkins249 3 года назад

@@bigman8130 how is that not PG?

@khakibog2835 3 года назад

He still has the money from his business to fall back on. I think he mentioned that he invest the money that he makes from his business. He’s not borrowing money that he can’t afford. And it’s not like he’s impulse buying at the grocery store. This is the first time where I feel like Dave is wrong

@justinacase2623 3 года назад

Nope, the caller is floating his biz on that card, or else he would pay cash.

@mattschorr4117 3 года назад

This is where Dave’s bias shows. Free money is so rare, take it. As long as he doesn’t spend money he doesn’t have, it doesn’t matter.

@landscaper4193 3 года назад

Dave your logic makes zero sense. If he pays off card each month. That’s 100 percent free money.

@tmusa2002 3 года назад

My brother-in-law does the same thing with a carpet laying business. All expenses go through the CC. He pays the balance off every month and collects travel points and regularly goes on free cruises.

@TechWithSean 3 года назад

Dave is wrong 😂

@adrianocosta6760 3 года назад

Funny how Davi screams over the person to make his argument, very adult.

@teamtakeover7317 3 года назад

Unpopular fact is when someone is saying something stupid sometimes you need to talk over them. Not everyone's snowflake voice needs to be heard.

@adrianocosta6760 3 года назад

@@teamtakeover7317 you must be a genius with this argument. Or just an old in debt boomer. Davi's sophisticated financial advice after cutting off the kid was - "you are playing with snakes"... WOW I am impressed but NOT

@MR3DDev 3 года назад

@@teamtakeover7317 if you need to talk over someone then your argument is the wrong one.

@ashd9942 3 года назад

@@teamtakeover7317 If you feel the need to talk over someone it’s because your argument is weak.

@sglacf 3 года назад

This is his show, don't like it don't watch it. Calls like these is what makes this show watchable

@Michael-vf2mw 3 года назад

I'm really disappointed in John on this one. Not only the fact that he just went along with Dave's stupid advice, but how he actually joined in on the condescending ridicule of the guy's youth. Clearly this "youth" who didn't "perceive risk", was the smartest person in this conversation.

@LaDeeDah 3 года назад

John sucks... you're just realizing this

@muckymucks 3 года назад

No Ramsey personality disagrees with Dave publicly EVER. If they want to continue working with him they gotta regurgitate the Ramsey rules. I don’t for a minute believe they agree with Dave on everything but that’s the compromise they make for a paycheck.

@TR0LLREIGN 3 года назад

@@muckymucks Yeah and they talk about how happy they are and that they can do what they love doing now. What they love doing is regurgitating an old narcissist's view points (on a show called "The Dave Ramsey Show" or just Ramsey show), for money. Lol, it's a sad thing to love doing.

@Michael-vf2mw 3 года назад

@@LaDeeDah Yup. Haven't watched that many videos with him.

@LaDeeDah 3 года назад

@@Michael-vf2mw I try, but I honestly cant believe he is a personality on this show and that he is a doctor. It blows my mind.

@robertparsons313 3 года назад

This is where Ramsey-ism becomes a religion.

@torystrong 3 года назад

Horrible advice

@getschwifty7413 3 года назад

This makes me want to stop watching Dave... terrible advice. He tries to compare his own shortfalls to others and does a terrible job. Just makes him very biased.

@SlippinJimmy007 3 года назад

Dave is a joke

@etiennedegaulle3817 3 года назад

Remember that the Ramsey Show is edutainment. He seems to be good at spouting a one size fits all approach to getting out of / avoiding debt. This caller went way over Dave's head. Also remember, Dave made his money in real estate and selling conferences/books. He is not a financial advisor.

@Raistlinsdragonclaw 3 года назад

Yaakov, bye. Dave is speaking truth.

@MikeThePike316 3 года назад

@@etiennedegaulle3817 - You speak as though building wealth and being good with money is multifaceted. You don't need to do a bunch of complex stuff. Just live on less than you make and don't go into debt. If you wanna do otherwise, do it.

@getschwifty7413 3 года назад

@@MikeThePike316 would you not agree that there are many facets to finding a good income? Are there not many facets of choosing what we spend money on? Isn’t “living on less than you make” different for each individual? Dave is telling this guy to make less money by the way.... Without suggestions of cutting any expenses

@Teijen1 3 года назад

Mr. Ramsey, you should make a foot switch for when you mute the caller, it’s incredibly distracting because it’s a clear message to everyone that you don’t care about anything else they have to say. It comes across rude to the average viewer.

@justinacase2623 3 года назад

There are other channels , get to stepping.

@jacobhholt 3 года назад

On a month to month bases, if you borrow what you know you can pay off immediately, why not get 3%-5% back? I don't get It. Feels no different than playing stocks.

@koreypaul6698 3 года назад

Because it won't make you a millionaire therefore you shouldn't do it...lol! Makes no sense Dave.

@altruisticlemur 3 года назад

This is terrible advice Dave.

@rory644 3 года назад

Ramsey is clueless in this situation

@ashtonrooks7899 3 года назад

What does the cc company get out of the deal? Transaction fees paid by caller's supplier for one

@ddfamf88 3 года назад

Yeah, I’m not sure I can agree with Dave on this.

@YadraVoat 3 года назад

Yeah, he's answering some other scenario, not the one being presented by this caller.

@dennis12345 3 года назад

Worse advice to date. "Don't take the free money".

@mikeleibs4536 3 года назад

I do a similar thing with selling that this guy does... this is the only topic I don't agree with that Dave Ramsey teaches.

@YadraVoat 3 года назад

Does Dave actually teach that about this? It sounded like he was trying to answer a scenario other than the one the caller presented. The caller *is* paying for the business as he goes, only placing an order from the wholesaler once the customer places an order from him.

@harryallenpearce89 3 года назад

$40k emergency fund sitting in a high yield savings account in case life happens. Problem solved, and saving money.

@GarbageGoober. 3 года назад

I keep mine in short term corporate bond etfs. Either that or a high yield will do.

@TWV 3 года назад

This is the worst advice I’ve heard from Dave, kid continue doing what you have already done that got you to where you are today. Dave has completely lost it

@heroshyma69 3 года назад

Cmon Dave! This kid is doing a great job. Even John was a little confused about Dave's responses. And John, cmon man. It's ok to have your own opinion even if it doesn't align with Dave's. Again, this kid is doing well. He's taking advantage of the system.

@devinhawkins249 3 года назад

John would not disagree with his boss on live radio lol.

@samuelyork5265 3 года назад

It’s ok for him to have his own opinion as long as he already has his next job lined up. 😂

@mattcollins4550 3 года назад

Dave has a history of causing people to be fired who don't agree in lock step with him. I know from personal experience.

@Michael-vf2mw 3 года назад

@@mattcollins4550 Did you work for Dave?

@igot5onit423 3 года назад

@@Michael-vf2mw hints personal experience

@MR3DDev 3 года назад

Dave doesn't understand that you can use points or cash back without being in debt. This kid called the wrong show. Dave think everyone has zero will and you will fall into a debt pit.

@dickygouw 3 года назад

Yep he should been calling graham stephan instead

@LawnMowerFan 3 года назад

Hope the caller looks at this comment section. Seems like a very smart kid

@Black_Jesus3005 3 года назад

I want to see Jason from Houston TX update in a couple years

@1998Disturbed 3 года назад

I think John had the better point on this about how he did this for awhile and it was all good until his transmission went out and spiraled down. I think most of the people in the comments miss the human factor where one mistake or miscalculation can lead to rationalizing your way into a hole.

@piebert1 3 года назад

John had a plan and didn't follow it. Also it was a bad plan. He didn't have the cash when he spent it. The kid's sounds like he has the cash when he spends it. Different plan and a good one. You have to stick to the plan and if you have the constitution to make and stick to the plan there should be no issues.

@to6955 3 года назад

Dave is old and advice out of date.

@StephanDavisson 9 месяцев назад

Dave is right. It’s not risk free. Using “other people’s money” always increases your risk. Here are a couple of examples I’ve seen happen the last few years. 1. Inventory purchased on credit gets stuck sitting off the coast of California on a freighter boat and orders are cancelled because the seller cannot fill the orders. 2. Large order gets cancelled, seller has to refund money and gets stuck paying for the inventory (Which he didn’t have the money to pay for). These were both customers of my business. One is still is in business, the other one folded.

@IcedSky24 3 года назад

Rare case where the caller should continue to use the CC. He is making 2K a month with minimal risk and cash reserves make it even less risky.

@Michael-vf2mw 3 года назад

2K in non-taxable income, no less.

@DreGamer 3 года назад

Most of the commenters here and callers of the show won’t be in as much debt as Dave was. So it’s difficult for so many to understand why Dave is so passionate about being debt free.

@liam3071 3 года назад

C'mon Dave! Don't bash his business because you don't understand it, you have a 0% chance of bankruptcy with dropshipping because if people don't buy, you don't spend! This kid should keep doing what he's doing, 2k/month in cashback by taking advantage of an idiot trap is genius!

@israelmondragon6195 3 года назад

Why is the like higher then the dislike this is terrible advice

@kuryanthomas1438 3 года назад

he seems to be doing very well for himself at only age 19

@etiennedegaulle3817 3 года назад

Dave should be listening to THIS guy for advice. He's obviously much more knowledgeable than Dave was at that age.

@hp9792 3 года назад

Sorry but Dave is out of touch with this caller. He isn’t risking anything! The customer has to buy the item first, then the caller uses a CC to order the item and complete the transaction. Dave’s example is not even comparable to this. Dave had a loan first and then used rent to pay the debt.

@daprinceomar 3 года назад

DUDE its FREE money if hes paying them back monthly with no interest. So whats the problem here? it becomes a problem when he cant pay off the card. I agree to have a 40k emergency fund in place. but in the mean time utilize the FREE MONEY he is getting to save up and grow his business.

@teamtakeover7317 3 года назад

How is the money free? Did you miss the part where he has to charge 40000 to get it?

@daprinceomar 3 года назад

@@teamtakeover7317 u miss the part he has the money to pay it off to?

@pierrekid86 3 года назад

@@teamtakeover7317 not sure you are understanding how drop shipping works

@Raistlinsdragonclaw 3 года назад

He should be paying himself if this was a real company. I dont buy, "i put everything back in the company". Without rewards how would he pay himself?

@jarrettpierce5626 3 года назад

dr john has never disagreed with Dave...EVER

@arthrodea 3 года назад

Dr John knows not to bite the hand that feeds him.

@farazahmed08 3 года назад

Sometimes I don’t understand Dave lol.

@joshquatch2170 3 года назад

The only thing to understand here is when he said, "You dont have to be young to be arrogant." He made an assumption because he talked over the caller, got corrected and his arrogant ego caused him to keep running with it anyway.

@Nathen 2 года назад

SO good. Thank you for this.

@bennastuart4790 3 года назад

This is a clear example, if it wasn't already clear, as good as Dave has been for so many his advice doesn't always meet the mark he thinks it does. Sometimes you just have it wrong and I would love to see a day when he admits to that. I can't see anything wrong with this current set up because the kid only pays with the cc what has already been ordered and payed for. Where is the down side? This is why it is important to do what works for you. Dave has a lot of good information but let's be clear he doesn't have all the information. Keep doing what you're doing kid.

@christrout9902 3 года назад

TERRIBLE ADVICE FROM RAMSEY. FOLLOW RAMSEY IF YOURE POOR OR STRUGGLING TO GET OUT OF THE HOLE, BUT LEAVE HIS ADVICE THE MOMENT YOURE DOING WELL FOR YOURSELF.

@greencase 3 года назад

Out of touch. Shame on dr

@Jjmoore221121 2 года назад

You can tell the cohost is like, “uhhhh”

@justjordan4995 3 года назад

Honestly Dave is wrong about this one

@darthenx2585 3 года назад

I think what they are trying to say.... I This plan works if you have no other life surprises. So the plan should be to build up a large large emergency fund and keep doing what he is doing to grow thr business

@devinhawkins249 3 года назад

What? Dave doesn't know what he's talking about on this one... sorry lol.

@NextGenEvs 3 года назад

This advice is so bad it should be illegal. There is no risk here. Just upside.

@Ratherniche 3 года назад

The advice is bad yet there is some risk, it's just that this guy has most of it covered in the way he buys inventory. Still agree the advice is *very* bad though.

@unusyousuf9506 3 года назад

have these guys never heard of cashback??

@tomcarrow 3 года назад

I understand Dave has to say this. If Dave says “this is okay because you’re smart with it” someone who isn’t smart but thinks they are will try it and wind up in a mess. So he has to protect his image and product.

@abrahamflores2566 3 года назад

True but at the same time its not being transparent and teaching people to be responsible. Basically he is saying " just say as I do and ignore math"

@fellowneurodivergent 3 года назад

Free money thooooo

@ruskie8103 2 года назад

Dave really missed the ball on this one. Why on earth would you use a debit card for your purchases when you could get an extra $2000 each month? You arent going into debt if you make sure that you never spend more than you have in the bank

@SeanBaker 3 года назад

This should be good. 👀

@pitbullboxing5 3 года назад

I used my CCs and maxed them out into AMC stock. Now I’m a millionaire. Lmbo. This guy Ramsey is an old timer.

@korbyn49 3 года назад

The Ramsey Principles are about mitigating ALL risk therefore this violates those principles. However as far as risk goes this is about the lowest risk activity you could possibly do.

@oseiwalker7154 3 года назад

Does Dave not know what drop shipping is?

@kristianscirone771 3 года назад

The point Dave is trying to make is: if for some reason, sales go down or completely stop, he does not get that $2000 cash back. Which will then put him with no income or a drastically low amount of income. Since he’s “living off” the $2000, this will severely hinder him. SMH.

@jimmymcgill6778 2 года назад

If his sales go down, he has nothing to buy, so he has nothing to put on the card.

@CaseyBurnsInvesting 3 года назад

There are no pitfalls.

@mrskrobs 3 года назад

Something doesn't add up...if he's able to buy 40k in cash every month why would an extra 2k even matter?

@piebert1 3 года назад

His revenue is 40k a month. His profits are likely much less. If it is 10% then it is 4k and making 2k more is increasing your profits by 50% at that point. Why wouldn't you? Particularly if that 2k lets you keep 2k a month in the busness to grow the business. Maybe next year His revenue can get up to 50k a month because of his investments.

@grant_painter 17 часов назад

5:30 If he used the reimbursement check to pay off his credit card bill, then who's to say he wouldn't have just used credit card debt to pay for his transmission? 🤔

@evalina98000 3 года назад

"Financial Jenga" I like dat Grandpa Dave. 👍🏽 Mo bettah for da younger generation den stack of cards 🤣

@joshquatch2170 3 года назад

The only solid thing he said here was, "You don't have to be young to be arrogant." And he just proved it right here, he made a false assumption because he was cutting Jason off, started to give advice that didn't apply to his situation, Jason corrected his misunderstanding, then he arrogantly continued to give the same advice that doesn't apply to Jason's situation. Legit advice = try to take as much living expenses out of your profits so you are not relying on the cashback, invest the rest, keep charging if paid first, collect and save the cashback, once you have a nice amount saved up say a few months to a year of living expenses, then start putting future cashback from there into your business.

@drjtyson 3 года назад

This is so hard to watch

@brianw.4147 3 года назад

only way its a bad idea if a lot of customers demand refunds after he's already ordered and shipped their order

@Deezle_Gaming 3 года назад

Embarrassing that they would even post this. Dave never gave a reason.

@Scarface_445 3 дня назад

5:48 Different. In Dave and John’s example $$ was borrowed to then support the “business” in order to run. If you don’t have business you can’t pay the debt. The caller’s exmaple is different. CF from Customer in, CF from CC is used to pay, instantly customer CF is used to pay done the debt. You made the 2%. On one example borrowing is necessary in the other it takes 2 days to make that 2%. And yes no millionaire ever said “I made all my money by borrowing on my CC”. Cause who tf says that, but I guarantee they used other revelovers or even Business CC’s but do not attribute their wealth to it. The fact is tho, many used these things, and do indeed grow bussiness or themselves to millions, indirectly by leveraging these items. So no, they do not attribute it debt, but indeed required it to grow.

@tjm7699 3 года назад

2001 advice on a 2021 situation.

@seugene7040 3 года назад

Dave should be in prison for making such a dumb comment

@jimmymcgill6778 10 месяцев назад

There's no risk. There's no inventory. He get's paid before it gets shipped out.

@masonlevit1044 3 года назад

Anyone here to know the card? 2k with 50k purchases is ~4% cash back. Most unlimited cards are 1.5-2% back. Btw, caller should continue to do what he does.