The Ramsey Show - App - Go Into a Business Because You Love It - Not Just To Make Money! (Hour 1)
Episode Date: April 7, 2021Debt, Investing, Home Buying Sign Up for a FREE trial of Ramsey+ TODAY: https://bit.ly/3rZTUAx Tools to get you started: Debt Calculator: https://bit.ly/2Q64HME Insurance Coverage Checkup: ...https://bit.ly/3sXwUn5 Complete Guide to Budgeting: https://bit.ly/3utmVXi Check out more Ramsey Network podcasts: https://bit.ly/3fHhbVE
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Live from the headquarters of Ramsey Solutions, broadcasting from the Dollar Car Rental Studios,
it's the Dave Ramsey Show.
The Ramsey Show, where debt is dumb, cash is king,
and the paid-off home mortgage has taken the place of the BMW as the status symbol of choice.
Christy Wright, Ramsey personality and number one best-selling author of the book Business Boutique,
is my co-host today as we take your questions about life and about money.
It is a free call at 888-825-5225.
That's 888-825-5225.
You jump in and we will talk.
Rachel is going to start off this hour.
She's in Washington, D.C.
Hi, Rachel.
How are you?
I'm good, Dave.
How are you?
Better than I deserve.
What's up?
So my question is, I have a rental home.
It used to be my home, and then I moved out when my husband passed away about almost five years ago.
And so it's been about three years I've been renting it.
So now I'm at a point where I'm trying to decide do I get rid of it or do I still keep it?
I owe about $338 on it.
It's worth about $525.
And where are you living?
I bought another home.
You bought another home. You bought another home.
Okay, all right, cool.
I did, yeah.
And how's your career going?
Well, right now, in October of 2019 or so, I started a business, a tax accounting for small businesses,
a type of business.
Not doing too well right now, kind of deciding to jump back into the workforce.
Okay.
Okay.
So that little bit of pinch on the income side makes you look at this rental?
Yes.
Yeah.
I think you can see why.
Because after all the smoke clears with the occasional vacancy and the occasional repair,
you're not making a ton on this thing.
Not really.
I mean, it's covering the mortgage and just a little bit over that, and that's about it.
Yeah, there's not much wiggle room in this deal.
So it just sounds like there's not a lot of reasons to keep it.
Yeah, I mean, I was kind of holding on to it for a second.
But, you know, it's a home that we shared with my husband but yeah at this point i'm at a crossroads a little bit well i understand
and you know part of that uh holding on to it went away when you rented it right
yeah i mean that that's like you know you're moving it from the home where we did life to now a business transaction.
But that gave you a little further time to put some distance between you and his passing, a little bit more healing, right?
Right, yeah, yeah.
Yeah, I mean, emotionally letting go of it today is different than it would have been four years ago.
Yeah, at the time, I wasn't ready.
Yeah.
I definitely wasn't ready yeah i definitely wasn't ready yeah
so christy i wonder how her business would be affected if she didn't have this strain
yeah i'm just thinking about just the progression even as as you're describing this rachel from like
you're saying five years ago and then now because even if you do sell it now it doesn't mean it's
going to be easy it's still you're still going to have that emotional pull it'll be easier than it
was five years ago but it's still not going to be easy. You're still going to have that emotional pull. It'll be easier than it was five years ago, but it's still not going to be easy.
But I just wonder what could be freed up if you did let it go.
What could be freed up in your emotions, in the headache of having to deal with it?
I mean, having a rental is not just free money coming in.
That's work on your part.
It's maintenance.
It's the dealing with the day-to-day of it. And so I think that while it might be difficult to walk through that to sell it, what would be on the other side would be worth it.
I mean, you have a couple hundred thousand dollars in your pocket.
I'm just wondering if your business might, if you took a little strain off of you and just leaned into that business,
if you can make that business turn the corner rather than head back into the workforce.
Sometimes stress and the weight of several things on you keep you from focusing on the
business, and I think there might be a release there.
So I'm definitely selling it.
I have no reasons on my list after talking to you to keep it.
You're going to be free.
I mean, there'll be some sadness, but it doesn't make you any money.
It's really, at the end of the day, from a financial standpoint, it's really not a blessing
at this point.
And having the actual money in the bank out of that equity would be.
And that would give you some options.
And stay on the line, Rachel, because I would love to send you my book, Business Boutique.
I cover a lot of different aspects of business in this book.
It's your plan to win, but it also might help you identify what's not working. Is it your pricing? Is it your customers? Is it your marketing? What hasn't
been working in your small business that you could, like Dave said, improve, fix, iterate,
to be able to make that thing work in this new season? So stay on the line and Kelly can send
that to you. Absolutely. Yeah. All right. Noah's with us in Fort Worth, Texas. Hi, Noah. How are you? Good. How are you, Dave?
Better than I deserve. How can we help?
Great. I am having a hard time trying to decide between saving up for a down payment on a house or investing.
I really want to start investing more into my retirement income.
Okay. You can do that.
Great. I am 23 years old. I just do that. Great.
So I am 23 years old.
I just finished Baby Step 3.
I really want to start investing more into my retirement
just because I see the potential outcome of that.
I really don't have housekeeper right now,
but I also want to have enough for a down payment.
And hopefully, I guess, if I ever wanted to get out.
Well, what are you making?
I make $70,000.
Good for you at 23.
What do you do?
Business intelligence.
Very good.
Yeah, and that's going to go nowhere but up from there.
Where are you living now?
I'm living at home right now, but I got an apartment.
I'm moving into it next month.
Okay, that's a good plan.
I think that's a really good first step
and if you're putting 15 of your income away and baby step four into retirement can you not save
towards the house above that no yeah i can and that was my original plan but i didn't know if
i should be setting because it's like almost an extra six thousand dollars a year i could be
saving for a house but you know well i mean and you know three, you'd have 18,000, you'd be 26 years old.
That's not the end of the world.
Or at any point, you want to dial back baby step four and do what we call baby step 3B,
which is a reduced or temporarily put on hold baby step four,
while you save aggressively for a down payment, more aggressively.
That'll be fine.
But you're making good money.
And here's the thing.
Three years from today, you're not going to be making $70,000 in business money and here's the thing uh three years from today
you're not gonna be making 70 000 in business intelligence that's exactly what i was gonna say
i was like you're gonna be making more so you're already gonna make that goal faster yeah i think
you can put 15 away and still have a house in two to three years and i think that's a fine plan
there's nothing wrong with that at all awesome thank you i really appreciate the help hey thanks
for the call we appreciate you joining us.
Open phones at 888-825-5225. So, Christy, when you're running a business or your own budget, projections are good.
Looking out in the future and projecting your numbers are good.
The first thing we tend to do is we tend to just take what we know today and extend that.
Yeah.
Linearly.
Assuming it's going to be the exact same.
Like in his case, he's going to make $70,000 for the next three years.
And you and I are looking at each other going, he's 23, he's making $70,000 already.
Right.
Business intelligence is a hot topic.
A lot of stuff happening with data right now.
It's one of the hottest career fields you could possibly get into in the tech world.
Right.
And if he's good at it and leans in, which he apparently is because he's already landing
stuff, then he, you know, it's very possible, folks, that he doubles his income in three
years.
Right.
Right.
And so you don't take your business income or your personal income and necessarily project
it on a line.
Like, I'm making, whatever I'm making now, I'm always going to make that.
It's very seldom you do that.
Now, some jobs you're in, you get cost of living raised and that's it.
But other positions you're in, wow, you can really be on a curve.
The same thing is true with your business, with a product line or anything else.
That's right.
This is The important than ever.
While some circumstances can't be controlled, there are items within your budget you can take charge of, such as your health care costs.
For nearly 40 years, Christian Health Care Ministries, or CHM, has provided a budget-friendly means of sharing for medical bills when our members need it.
Learn more by visiting chministries.org slash budget.
That's chministries.org.
Well, this week is National Financial Literacy Month.
Not this week, this month is.
And we always celebrate that by celebrating teachers. Because, Christy, you and i both know that teachers make the world go around the good ones yes the ones
that don't mail it in yes we can all look back in our past and go that teacher influenced me in that
area that teacher and i mean i can name five or six off the top of my head that had a big impact
some of the others don't even remember their name yep that's right but uh but they're all that
coaches teachers these kinds of people come across your life they they're life changers
yeah the good ones and so we want to honor the teachers we think you're awesome in the past year
you've pivoted you've prepared for all scenarios try to say stay safe and still love your kids and
teach your kids and make an impact on your kids on the students and that's why we're celebrating
educators with our teacher appreciation giveaway it's sponsored by mint mobile the affordable Thank you. It impacted the lives of over 5 million students. To say thanks, we're inviting teachers to enter our Teacher Appreciation Giveaway.
We're giving away amazing prizes like, for instance, the grand prize, $5,000 cash.
There's no purchase necessary.
You just got to sign up to be registered.
No need to sign up more than once because that puts you in the hat, puts your name in the hat.
And we're going to do a drawing among you amazing teachers.
You go to RamseySolutions.com slash teacher to enter.
The giveaway ends April the 30th.
Speaking of amazing teachers, we have Amy Burns from Centerburg, Ohio,
Centerburg High School, who is a teacher of our high school curriculum,
the Foundations in Personal Finance.
Hey, Amy, how are you?
I am fantastic. Thank you. And yourself?
Well, just the same. I'm honored to speak with you.
And I'm honored to be with you.
So you've been teaching for how many years overall?
This is my eighth year teaching. I'm a second career teacher.
Wow. Good for you.
Thank you.
And you've been teaching the Foundations in Personal Finance curriculum, I can't say it, for how long?
For about five years now.
Oh, so most of the time you've been teaching then.
Absolutely.
Wow. Very cool.
So what's the kids' reaction to this?
They are so excited, and mostly because most of our students recognize you and your face from their parents going
through Financial Peace University.
Okay.
Well, that can be good and that can be bad.
Depending.
Depending.
Tell me about the class.
When the students are asking questions, what's the initial response or what's the, the question,
the type of questions that they have when they first are getting, you know, introduced to this
curriculum? You know, it just runs the gamut. They're just, they're all over the board. It
depends on what year it is, what, you know, what time of the semester it is. But mostly those
students are wanting to know, like, what's one thing that they can cut out of their budget that
wouldn't make a huge change in their daily life um another one would be um you know i still have
some moments in their life that they can be very impulsive and what are some tips that they can get
out of you know get out of that habit yeah yeah that's that's. I'm curious, Amy. So I spoke to teenagers
when I first started at this company.
And one of the things I struggled with
in talking to teenagers
was that some of them, many of them,
didn't really have an interest
because money seemed like this far off topic.
You know, it seemed like that thing
I'll have to deal with later.
And they had the bank of mom and dad,
a 24-hour ATM.
So they didn't really have an incentive
to live on a budget.
How do you help them get motivated, excited, you know, about learning this right now before
they make all those mistakes?
Well, I have to say that I am very privileged to work in a school district where we don't
see that a lot.
We have very self-sufficient students here with families that encourage them to earn their way.
And so I get a very different atmosphere here.
But as far as that goes, my freshmen don't usually get the whole financial,
personal finance idea because they haven't had jobs yet. They're still coming out of middle
school. But once the kids get into to be sophomores and juniors and especially seniors,
they're starting to get jobs. They're starting to look at getting a car, etc., etc. So those
things are the kids that are sophomores, juniors, and seniors, they have a better grasp of what personal finance is and the importance of it.
They're working, yeah.
Yeah, exactly.
So in the five years you've been teaching this, what are your class sizes and how many people have gone through it?
Well, I'd like you to remember that we have less than 350 students in our school.
Oh, in the whole school.
In the whole school.
We're very small.
We're a rural school here in Ohio.
And I have had anywhere from about 15 to a full class of 25.
Wow.
Mm-hmm.
That's a lot.
Mm-hmm.
And within the next two years, I hear a rumor coming down the pike that Ohio will start requiring personal financial management as a graduation requirement.
Wow.
I hope so.
That's awesome.
I hope so, too.
Our guys in the education department are involved in the lobbying in a bunch of states.
A lot of states have made it mandatory.
And we get in there and talk to the legislatures as often as we can to let them know that yeah this is what the kids need and because all of us that are adults
you know we look back and we go why didn't they teach us this in school you know we say that also
that same routine and yet there's teachers like amy and 48 of the high schools that are doing this
so uh very cool thank you so. You're obviously a rock star.
We appreciate you teaching this.
Well, thank you.
We appreciate you taking a second to talk to us about it.
We're so proud to be associated with you, and I'm proud to have you out there.
So thank you.
Thank you.
Thank you for being one of those superstar teachers that doesn't mail it in,
that really does change lives.
So, you know, when you're teaching something,
and you and I have the same experience
as teachers we're teachers uh in a different vein in a sense but when we get somebody back five
years later that's exactly right and they say man i went to that seminar and it changed my life
that's right the information yeah changed my life sometimes they say you changed my life which is
not true i didn't or you didn't but what we were teaching them when they applied
it did right and that's what amy's doing and so you i can't imagine being a high school teacher
that has a 25 year old come back right what six seven eight years later and said you know when
you taught that you set me up to win with my new spouse and my new kid and yeah wow it's really
interesting too because i feel like especially in high school you could apply this to any time
in life but especially high school a lot of apply this to any time in life, but especially high school.
A lot of times those students that come in as freshmen and they leave as seniors, they're older and they're taller, but they're not acting all that different.
And the teacher, it would be easy to feel like, oh, I didn't make a difference in their life because I didn't see this huge transformation in these four years.
But the seeds that are planted, it's amazing how that continues to grow.
And they come back at 25 and you hear
these success stories. And I can think of, gosh, all the people that poured into me in high school,
from teachers to coaches, my young life leader, seeds they planted that now are coming to fruition.
You're seeing the fruit of that. But of course, when I left as a senior, they probably didn't
feel like, oh my gosh, I see a huge change in Christy Brown at the time. And so I hope that's an encouragement to teachers, coaches, those people that are teaching these classes.
Even if you don't see a huge transformation in your class or in those four years, the seeds you're planting are going to produce fruit later, and it matters.
Well, I mean, you were a Young Life leader, and you experienced the exact same thing from the leader perspective.
Rachel Cruz was a Young Life leader.
Daniel Ramsey, my son, was a young life leader.
And so, again, that's working ministry with teens.
But, I mean, you can get some kid who's just stuck on stupid.
I mean, they're just stuck on stupid.
And yet they're still hearing you.
And all of a sudden the stupid dislodges at some point and they turn a corner.
And you may not be around when that happens.
Right.
But you still planted the seeds in there that caused it to happen.
That's right.
Just actually this week, I was doing a Facebook and Instagram live,
walking through my devotional, and I held up my Bible.
I don't think I've ever shown it on camera.
And I said, this is the Bible that a friend gave me in high school.
And it was a friend that saw something in me that I didn't see in myself.
And I don't even know it was present at the time, but he saw something in me.
And I still treasure that Bible to this day,
just thinking of how far that Bible has brought me.
You didn't see it when I was a sophomore
or even a senior,
but you began to see it over time.
And sometimes we get those success stories
and sometimes we don't,
but it's just a good reminder
that those seeds continue to grow.
Yeah, yeah.
Oh, by the way,
the devotional is called Living True,
40 Days to Get Back to You. And you're going through it again on Instagram right now, right? Yeah, leading. Oh, by the way, the devotional is called Living True, 40 Days to Get Back to You.
And you're going through it again on Instagram right now, right?
Yeah, leading people through it in these 40 days after Easter when Jesus would have appeared to people on the earth.
It's been a fun journey so far.
And get your copy at christieright.com slash devotional or at ramsaysolutions.com.
And if they want to follow you, it's at Christi Wright.
At Christi B. Wright.
At Christi B. Wright.
On Instagram.
Christi B. Wright on Instagram.
Be sure you jump in there if you want to join her on that devotional process.
This is The Ramsey personality is my co-host today as we talk about your life and your money.
It's a free call at 888-825-5225.
Kendra is with us.
Kendra is in San Antonio, Texas.
Kendra, it says on my screen you are debt-free.
Congratulations.
Thank you, Dave.
I'm very happy to be making this phone call right now.
That's awesome.
How much have you paid off?
Well, I paid off $59,139 in about five years.
Good for you. And your range139 in about five years. Good for you.
And your range of income during that five years?
It ranged from about $32,000 to $52,000.
Wow.
What do you do for a living?
I'm an environmental scientist.
Okay.
Very good.
What kind of debt was the $59,000?
Well, I had about 38 of school loans and 21 of my car payment.
Okay.
All right.
So this was a struggle for you, wasn't it?
It was.
Yeah, I just kept working hard and putting as much as I could towards that.
I got a good chunk of change from some recent hail damage storm. So it made about 8K of cosmetic damage, and I put it towards my car loan instead.
And that cleaned it up the rest of the way, huh?
Oh, yeah, it definitely helped.
So it's got some dents, but I have it paid off, and that matters more to me.
That's the big next step.
Yeah, well done.
Well done.
Thank you.
So what do you tell people the key to getting out of debt is?
Well, just keep working hard and putting as much as you can afford to those loans and stay motivated.
I had a great support system.
My brother and his wife are debt-free.
They paid off a huge chunk.
They went through a financial piece, and they really helped me along the way.
I mean, you pay off $10,000 a year for five years, making $32,000.
That's impressive.
That's a marathon.
That's a long haul.
What was the hardest part um i guess just making sacrifices seeing that pair of uh
shoes that you really wanted and just said all control and just really putting everything
towards those loans yeah staying motivated that's good How's it feel now that you're there?
It feels incredible.
Was it worth the sacrifice?
Absolutely.
And I didn't think I'd be here at my age making this phone call right now.
How old are you?
I'm 28.
28 years old, and you did this over five years.
So you started when you were 23.
Yes, sir.
Wow. Very impressive. Very impressive very impressive thank you well done definitely helped me a lot so appreciate it so
your brother and sister-in-law were cheerleaders because they had been through financial peace
university who else was cheering you on uh definitely my mom and my dad so okay that's
good news she had good family support because sometimes family
goes you're crazy you're always gonna be in bed you know some people some people have family
they're losers right and uh you got you got winners that are encouraging you and lifting
you up that's very very cool well congratulations kendra well done thank you thank you we've got
a copy of rachel cruz's's latest New York Times bestseller.
It's called Know Yourself, Know Your Money.
Kelly will send that out to you to say thanks for being on and doing your debt-free scream.
I'm so proud of you.
You're a rock star.
Well done.
Thank you, Dave.
All right, Kendra in San Antonio, Texas, $59,000 paid off in five years, making $32,000 to $52,000.
Count it down.
Let's hear a debt-free scream.
Three, two, one.
I'm debt-free.
Yeah.
Woo-hoo.
That is how it works right there. is impressive over five years that's a long
time to sacrifice that's a long time to stay motivated that's a long time to stay focused like
two years is long but five years man that's impressive that she stuck with it that's awesome
and you know the good news when you're working this stuff and you're single is you don't have
anybody else into it the bad news is there's nobody there to kick your butt no accountability
yeah nobody there to encourage you when you're down.
And nobody to hold you in there.
And, I mean, she did that over five years.
And her only accountability and encouragement was her family walking with her.
But, I mean, it's easier to cheat when you're single.
Yes.
And to just give up on the plan.
You're like, oh, this is too hard.
I've done it for a period of time. I've made progress but gosh it's just i just want to buy the shoes like she
said and she just stuck with it that's just so awesome that's very well done very very well done
that is awesome stuff zach is with us zach is in rockford illinois hi zach welcome to the ramsey
show and thank you dave christy nice to be talking with you. How are you guys doing? Better than we deserve. What's up?
Well, I am on baby step two and I am debating on whether or not I should refinance my house or sell it and move back into an apartment so I don't have to worry about any home repairs.
Do you have home repairs you expect? Are there things, your maintenance issues right now?
So right now, not really anything like major. I mean, my furnace is about 15 years,
water heater's five. I just had to pay for a chimney flashing repair, but it's an older house.
So that's kind of where I'm currently debating. I mean, I've been in it for two years. If I would have taken Financial Peace University before I bought the home, I wouldn't have bought the home, but I took it four months after.
But now with the market... Why would you have not bought the home after Financial Peace? Because
of where you were in the baby steps or because it's a bad buy? Where I was in the baby steps,
it was actually a pretty decent buy at the current time. I'm saying, why would you have not bought the
home? You said if you took Financial Peace University first, you would not have bought it.
Did I understand you right? I wouldn't have bought it because I was in debt. Oh, I see.
He's in Baby Step 2, yeah. Yeah, okay. That's what I meant. Yeah, all right. Cool. All right,
so, but now you're out and you're working on the house, right? No, no, I'm still in Baby Step 2.
So I got $72,000 in student loans.
And with the market the way it is, I have $20,000 of equity in the house just because of the market.
So I'm trying to figure out if I should sell or refinance.
Why would you refinance?
So I am currently in a 30 year so um you know i would have did that differently back then but it's at 4.25 okay and after talking to mortgage broker
i could probably get a 2.8 to a three percent interest rate yeah if you're gonna stay in the
house you're gonna stay in the house get in touch with churchill mortgage and do a refi because you can you can get down under three
right now on a 15 year fixed while you're at it put it on a 15 um how old are you i am 27
and what do you make a year did you tell me already i have not i'm currently on pace for
60 to 65 so i'm in sales. How much is your house payment?
Right now, it's 646.
It wouldn't move a lot off of that because you're going to drop 2% down,
but you're going to kick from a 30 to a 15.
It'll move up a little, but not much.
Yeah, it's only about $100 more.
Yeah.
The house is the last thing we sell.
I'll sell your car in a heartbeat, your boat in a heartbeat,
your motorcycle in a heartbeat.
They're easier to get out of and into.
Moving is emotionally and financially very expensive.
It just takes up a lot of your head space to move.
And so it's the last thing I would do.
And I have a sense that you're just starting your financial peace journey.
Am I right?
I started about two years ago, but you guys were just mentioning the single part.
So I slowed down a little bit, but I re-kicked everything into gear.
I'm not throwing $2 thousand dollars a month towards debt
yeah um so are you are you asking about selling because you just want to make a big huge dent in
your debt like is that where the question's coming from yeah and just not having any stress with like
the repairs would be on the apartment complex i mean i did the math of you know also considering
the water bill and the electricity yeah well let let me tell you, over the scope of your life, you can do the math.
Renting does not keep up with owning.
Owning is better even with the chimney flashing, okay, over the scope of your life.
Now, in a short-term situation, sometimes owning will be more expensive than renting.
So I think you've just had a repair, and you've got a rejuvenated desire to get out.
And those two things are combining to push you to sell it.
I'm going to tell you to keep it for now.
In the spring next year, if you're still limping with this thing a little bit, you may want to sell it.
But I think you're going to refinance it and keep it. We'll see you next time. Christy Wright, Ramsey Personality, is my co-host today.
As we take your calls about your life and your money, open phones at 888-825-5225.
Mason is with us. Mason is in Lansing, Michigan. Hi, Mason.
How are you? Hey, Dave. How are you? Better than I deserve. What's up?
So, I'm 22 years old, and I'm
currently living at my parents' house, and I want to achieve financial
freedom through entrepreneurship or starting a
self-storage business,
and I have $5,000 saved up, and I don't know what to do with my next step.
A self-what business?
Storage?
Self-storage.
Self-storage.
Well, that's a bit of an expensive transaction, dude.
That's talking about buying a big piece of commercial real estate.
Probably not your first
step why i'm curious i'm curious based on why why that out of curiosity um i know uh a few people
in my family who have made who have had success in that um they're distant relatives so i don't
have a lot of contact with them but um i know that they have a decent
amount of money off of that oh it's a cash cow once you get it up and get it running it's a cash
cow but we're talking about you know whatever it takes a half million million dollars to get this
thing planted in the ground baby i mean this is no small step here that that's usually something
you would do after you've gotten something else going so your drive is just to make money right now um to practically yeah yeah so you said
entrepreneurship what are you thinking of there um i'm not sure i've looked into quite a few uh
different sections but i haven't landed like pinpointed myself in a direction yet. And so looking deeper for a deeper passion than just money and success, those things will come.
What are you passionate about?
What are you excited about?
What keeps you up at night?
Because, man, that's so fun.
I want to work on that.
I want to help these people.
I want to solve this problem.
That's the heart of entrepreneurship is solving problems and helping people.
What is that for you?
Well, I do like before I got onto that entrepreneurship uh trail i was a
mechanic and i love working on cars and helping out people that way
okay what have you been doing up to this point what kind of work um well like i said i was uh
i was a mechanic but due to covid i got laid, and I've been working at a local grocery store stocking shelves.
I make about $16 an hour.
I love your ambition.
As a serial entrepreneur myself, I started cutting grass when I was 12 years old,
had 27 yards to cut.
I've always had a P&L in my life.
And so I love what you're trying to do.
I love where your head's at.
Christy teaches men and women all over the world how to start and how to operate businesses
is what she does.
She's excellent at it.
And I think both of us are stepping back and going, let me ask you this.
Have you ever been someplace and a salesman was trying to sell you something
and it felt slimy yes like he was there trying to make a commission and didn't care about you
yes yeah that's what an entrepreneur is that starts a business just to make money. You smell bad.
And you don't mean for it to, Mason. It doesn't start out, you don't...
No, but you're in it for you instead of them. And so what you've got to figure out is there has to be a problem that you're looking for in the world that God puts you on the planet to solve that problem for people.
And it could be the most honest mechanic in the world,
and you end up owning 100 shops all over America with your name on them fixing cars 10 years from now.
I don't know.
It could be something else but somewhere there's a problem that when
you solve it for someone it clicks in your soul and makes you smile oh and i can make money not
i'll do anything to make money because let me tell you that that i'll do anything to make money is
what's driving the storage thing you had had no passion about that at all.
All you're running to do is get some money.
And we can hear it in your voice.
You're just trying to get some money.
And that's never going to work.
Business people who just try to get money smell bad.
And you're going to give up.
When things get hard, because they will get hard, you're going to give up,
because that's not enough to keep you going.
Let me give you a couple areas of your life to look at, Mason, as you explore this.
What are your strengths? These are things you're naturally good at.
What are your skills? Any education experience? The car mechanic would be an example of experience.
What stuff do you have? Do you have certain equipment you could use or a laptop or a certain
facility you can use for a business idea? What would you do socially just for fun? What would
you do as a hobby just because you love it, just because you enjoy it?
Look at your story, your backstory.
Is there something that, man, you had a really tough season of life or something you went through that that could inspire a passion for helping people?
My mom starting a bakery when I was six months old is part of my story.
That's my passion behind Business Boutique.
Look at your skills, your strengths, your stuff, your story, what you would do socially,
and look at some of these things you already have in you to try to dig out in mind for what is
something that is a business idea I could get excited about. And don't get overwhelmed by
there's only one idea. Just start with an idea that could work. Try some stuff and see what
works, but you need to be excited about it if you're going to stick with it for the long haul,
and if you're not going to feel salesy and desperate for money, which is what Dave was talking about.
So start with some of those.
I call them my S's.
These are my five S's.
Start with some of those S's and let that give you direction for maybe a business idea that you'd be more excited about than the storage right now and more cost effective, by the way.
Now, nothing smells quite as bad as a broke salesperson or a greedy salesperson. And when you open a business and you're all about what money you can extract
from the customer, that's the spirit you're operating in. And that's what you want to avoid.
And the problem is there's nothing evil about wanting to be ambitious and wanting to win and
going, I want to start a business. I'm going to go in the marketplace and succeed i want you to do all of that but what is the problem that you're going
to solve that we can't keep you from doing it once you get lit on fire i mean when i started doing
the very first thing i ever did with money was i was just counseling people at our church
as a ministry for free helping people that were in foreclosure stop a foreclosure helping them
get on a budget after we went broke i had a heart for hurting people right that were where sharon and i had been and i had the skills
to stop to help them right and i was doing it for free right uh you couldn't keep me from doing it
yeah and uh you know now it's a 350 million dollar business right you know and uh but it started with
that and that's also why i can't be canceled, because I won't stop.
I don't need someone's approval to do this.
I don't need someone's admiration to do this.
I don't even need their money to do this.
I'll just go do it.
You're going to do it anyway.
I'm just going to do it.
Yeah.
And what that does is it pierces through the darkness and pierces through the BS that is out there in business.
But the first time you hit a hard roadblock, like Christy said, folks out there running
a business, you quit.
Yeah.
If you're not, if your butt's not burning, if you ain't got this thing in your stomach
where you're just wired up, man, and you just can't be denied, I'm going, you know,
it's not about me being rich.
No.
That's a byproduct.
Yeah. And I think people miss it because they focus on what they get not on what they give business and life by the way is focusing on what
you give you give value solutions help to people i see this all the time dave at our events i'll
have someone come through my book signing line and they'll say i want to do what you do i want
to be a speaker and every time i'll say why because if if they don't have an answer of like
i want to help these people i want to solve these if if they don't have an answer of like i want to help
these people i want to solve these problems then they're in it for the spotlight they're in it for
the followers they're in it for the fame they want the admiration your audience will feel that you
can tell the difference between a speaker who walks on a stage and they're looking for what
they can get i can i get a laugh can i get a standing ovation versus the speaker that comes
on stage and says i want to give value i to give solutions, and it's the same in business.
If you are in it for what you can get,
your customers will feel it.
And if you're in it for what you can give,
your customers will feel it.
Our friend Ken Blanchard says,
profit is the applause that your customers give you.
Well done.
Well done.
That's what they're saying.
It's a byproduct of it.
Mason, that's a really good question. I'm so glad you called in to ask it.
And you probably got more than you bargained for.
But I predict good things in your future, sir. You're a sharp young man.
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