Dave Ramsey

Okay, so what I would do if I was in your situation is...

The business is able to run off of cash flow and run the budget and able to buy the things it needs to buy, and it still nets you guys 172.

So you're going to pay taxes on 172.

Because you've got 72 set up as your income, and then you've got 100 in profit.

Both of those are taxable events in any given calendar year that that occurs.

So I'm going to bring most, if not all, of that home, and I'm going to pay off this debt this year.

Live on the 72 and be debt-free.

If you're unwilling to do that for some reason, then you need to sell this stupid car.

Okay.

The car is not stupid.

The debt on it was stupid.

You bought a car that was completely outside the picture.

And the next time the business needs a piece of equipment, it needs to save up out of profits and pay cash for the equipment.

Yes.

OK, so the number of times I have seen people in the construction world buy equipment that they can't afford because they act like the rental fees are killing them.

And.

If the rental fees were literally $10,000 a month, that's $120,000 a year in rental fees.

I don't believe you.

I think your numbers are wrong.

I'm positive your numbers are wrong, but it doesn't cost $10,000 a month to rent a backhoe from the rental place because you don't need it every day, all day long.