I Sold My Car And Now I Miss My Debt

[Music] brought to you by the every dooll app start budgeting for free today I've got a question I've spent most of my life really really poor largely due to I graduated with software engineering degree at the time that Worldcom crashed and I paid my debt off and I've lived with little to no debt most of my life and finally in just the last few years I've started making some pretty good money uh real good money and uh no other real debt but I went and bought some fancy cars and now I've been listening to y'all for a couple years and I I decided to sell my 2024 Corvette off and I'm not going to lie I'm missing the payment I'm missing the car I'm missing the payment at what point does Building Wealth really start to take over that I'm going to enjoy this versus feeling Rich uh and what point can I maybe enjoy both I mean it's just kind of a shell shock to me uh to go from nothing to having something and now I'm driving a a $66,000 car cuz I sold my $90,000 Corvette and it's just kind of a shocker well let me go back for a second because I I'm just curious do you really miss your payments I get you I'm missing the 2024 but do you really miss that payment like that's real that's a real statement in your mind well it's more like you know I made that payment and I was saving money and I had no trouble saving money with it so it wasn't like I minded it so much you don't miss you don't miss shelling out that much money every month though oh no and and and real listening the listening to y'all and I'll be honest with you what what ended up being the nail and the coffin is when they jacked my my insurance over $600 a month and I went whoa yeah hell I mean it's the cost to replace that car and so that's an expensive car to replace sure so my question is why the slingshot giant pendulum swing to either I drive a $100,000 car with a payment or I drive a beater $6,000 car why no middle ground where you go all right if I save two grand a month in a year I'll have 24 Grand to spend on on a used Corvette and we're going to do that and that's what I'm working on right now so I mean I'm sitting back and building so I own a company so what my I'm in the baby steps if you want to call it as to I need a very large um emergency fund and I'm working on funding it so for the business or for your personal life let's separate the two both okay well personally I don't need I don't need much at all um I don't need much there but I need a very large I own a heating air electrical and plumbing company um you know we have about 600,000 $600,000 a year in overhead so I'm trying to build a a safety net up of you know in that $300,000 range how how long have you had that company about five years what's your growth rate right now um I've stalled it for the last couple years because I've not been hiring because I keep investing in the company um so what are you investing in when you say investing in the company I've kept this debt free so I mean I've got eight vehicles I need to grow three more um you know and I've kept it all on the the debt free side good for you each band takes 30 30 to 50,000 to set them each up so all right here's why I'm asking kind of where I'm at I love this Brandon here's why I'm asking you're only five years into this you're being super smart right now by cash flow in this my guess is in the not too distant future and and I want to go down this line here for George uh as well in the not too distant future you are going to now be able to hire and my guess is your profit margin is going to take a really nice bump at some point correct yes very nice my friend the reason I'm going through this is because I'm the Wall Street Journal George and Brandon came out I want to say last week or within the last 10 days and the in the front the the cover of the Wall Street Journal uh and I'm going to get the headline wrong but I'll paraphrase it was like the new millionaire class and it was talking about guys like you Brandon that are trades that are owning electrician firms or plumbing and you got HVAC Plumbing You Got The Whole Nine Yards there um I'm just telling you you hold the line you're going to be paying cash for $100,000 Corvette in the not too distant future by just giving yourself dividend payments you know that's true don't you I do I do I'm just kind of going through that with withdrawal and I'm like how long does it take to get that withdraw I mean it's I'm not gonna lie when you've been poor your whole life and all a sudden you get to play like you're rich for a little while it's fun I mean course nobody disputes that George wrote a whole book about that absolutely but you know driving the brand new car with the new leather smell and then going to your $6,000 beater you're like oh of course you're going to miss that and you'll get back there soon and the parameter is simple make sure that you pay cash for your cars and that the total value of all the vehicles in your personal World add up to no more than half of your annual income so what is your annual household income today oh about it varies a little but it's somewhere around 20% of my business so 180 to 240,000 it's amazing so let's call it 200k so the total value of all your vehicles need to add up to no more than 100K got it so what is your you said you have a wife no no I'm single okay you said we earlier so I wasn't sure you're single yeah I've got my son so when ier we probably I was probably thinking about taking care of him so if you had a $9,000 car we got no problem with that with your world but we got to pay cash for it and I think the discipline of going all right how do I save up 90 grand if that's what you want to do and by the way we don't recommend buying a brand new car until you're a baby steps millionaire you may be have you done the numbers on this I'm my net worth is all in the business basically I got a few other small Investments but I'm I'm around 6 to 700,000 amazing so you're what we call a Henry High earner not rich yet and you're going to be if you keep this going you don't inflate your lifestyle too much I see no reason why you couldn't save five grand a month out of your personal take-home pay and have 60 Grand to buy a great car a year from now very good I just started saving eight8 Grand so go I'm just I'm just two months into it yeah you're just you you've got that itch to go man I missed that car and I don't want to wait another eight or 10 or 12 months to save up for it but you know building anything takes time anything meaningful takes time the trivial is how you shortcut it and that's what you did with the payments you're going to get back to it in a way that doesn't hurt your financial life I I got a question for George uh hang on the line here Brandon I got a question for George I'm gonna put it to him here um I think he needs to get rid of the $6,000 car like to see him jump up a little bit yeah I mean how something sounds's enjoying yeah do you have some savings outside of the business to upgrade car well I I I I'm going do very quickly I mean I'm uh I blew everything getting rid of and so I didn't get rid of one car so you guys know I got rid of three I had two big trucks that had loans and then I got rid of so I blew about 40 40 Grand paying all these off that's part of the reason why I'm kind of having this withdrawal I took 40 Grand that i' saved up cash and took losses on all these vehicles when I'm going to be debt free and uh uh you know so I'm kind of going through that withdraw oh my nice trucks are gone and my savings account went to squel you know and I'm going now I'm going to build it back really I George I just think maybe I don't know what do you think yeah I mean if you've got he said he can save 8 Grand a month I mean if you're talking a 20 grand car in the meantime it's something that he likes for 20 to hold him over I like this plan and just upgrade incrementally as you have the cash and keep living on less than you make keep this business crushing you'll be there man but I'm not missing the debt payments we'll get you that nice car smell in no time and until then you can get those new car smell trees a good $200 detail will change your life on any car it'll make you feel it's brand new so you kind of fake yourself out exactly this is the ramsy show create your free every dooll budget today the simplest way to budget for your life