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Chapter 1: What is discussed at the start of this section?
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The phone number here is 888-825-5225. Robert is in Houston. Hey, Robert, how are you?
Hi, Robert. Hi, Dave. I'm doing good. How are you doing?
Better than I deserve, sir. What's up in your world?
Well, me and my wife are $250,000 in debt, basically, on our business. We were thinking on shut down our business because we've been so frustrated. We don't have enough sales and we kind of care because we basically we're borrowing money from my wife's father. And we're scared that if we close our business, we won't have any money for next month. What kind of business is it, Robert?
Well, we own a food trailer dealership, so basically my wife's father manufactures them, and we are just the dealership. We just sell them to the people that want to start their own business.
Okay. And who do you owe the $250,000 for?
So basically, $200,000 are for inventory, basically trailers that my father-in-law has built for us, and just we wouldn't be able to pay it back. And then the other $50,000 has been just $30,000 in car loan and $20,000 in personal and credit card debt.
Okay, so that's not business. That was just a car you couldn't afford.
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Chapter 2: How do I balance giving while living paycheck-to-paycheck?
So I'll say on profit, I'll probably be getting around $40,000 on the four trailers that I have basically on inventory.
Yeah, but let's pretend that we're just trying to get your father-in-law whole by selling the four trailers off, the two in production and the two on the lot, and he gets all of his money that way. You don't get any money out of those. And then you sell off the truck and you get a job. He's gotten out. You're out of the business. You're not making money in this business.
You're losing money, right? Yes, correct. So why would you keep doing it?
I think that me and my wife... It's the only thing that we've been doing.
Yeah, but you're not making money. Yeah. Whatever you've been doing that isn't working doesn't matter.
It's basically that theory of you're comfortable where you are because it's all you know. And even though it's not smart, it's just where you continue to stay because it's the only thing you know. Right, Robert? So it's the uncomfortable reality of... you're going to have to go learn and do something new in order to make money.
Because as we continue pushing on this, it's just— It may be worth sitting down with your father-in-law and asking him if he sees a better way to run your business. Because I don't know what you're doing wrong. I don't know if there's enough volume in food truck trailers or not. I don't know enough about that business. It doesn't sound like you're moving enough units to make a living, though.
Correct. Yeah. And just because he needs a dealer doesn't mean you need to be in business losing money. And just because you've only done this and you don't know how to do anything else yet doesn't mean you need to be in business losing money. You could be at FedEx stacking boxes and making more money than losing money and not have all this debt. Yeah.
And then figure out what you want to do from there. Well, right now, we wanted to get rid of our inventory. We were discussing that and just stop our business. And we wanted to also get rid of the truck because it's almost $1,000 per month.
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Chapter 3: Should I sell my house if my mortgage is 50% of my income?
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Monique is in Philadelphia. Hi, Monique. How are you?
Hi. How are you?
Better than I deserve. What's up?
Hi. So I'm new to Baby Steps 4, 5, and 6. I feel like it's taken me quite some time to get here. And so I'm super excited. However, I have a baby due next month. And doing Baby Steps 4... With the 15% of my retirement and everything, it seems really scary with upcoming expenses that I know will take effect once my maternity leave is up. So I guess I'm just looking.
I don't know if my mindset is wrong or my budget is incorrect, but I just need some encouragement or someone to walk me through. Are you going to be paid while you're on maternity leave, Monique? Yes.
Okay.
Yeah. But you're just talking about like after maternity leave, the daycare kicks in and whoa.
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Chapter 4: What should I do if I'm $250,000 in debt?
Good for you. Are you single?
I'm engaged.
Okay. When are you getting married?
February. We plan on getting married next year.
Why?
Why? So it's more so me. I was married before. But you have a baby. I'm sorry?
You have a baby. Yeah. I assume with him.
Yeah.
I mean, you kind of already made these decisions.
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Chapter 5: What financial advice is given for managing debt?
I mean, it's some version of put a ring on it, honey. I mean, you know, I mean...
Yeah, because I've said I don't just want a ring to do this.
No, I mean get married. That's my way of saying get married. I'm agreeing with you. Women have been saying not until we're married for as long as time has begun. And a few guys, but not as many.
I already own a business. I don't want to find a business partner.
Chapter 6: How can a clear relationship conversation impact finances?
I'm 39.
Yeah. So you're an established like adult person.
Yeah.
You're not in a needy position at all.
No, not at all. Do you think he will be the one you marry? I would love to marry him. He's a great guy. I just I'm not into like.
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Chapter 7: What strategies are suggested for selling a house?
Yeah. Mingling the finances.
Yeah, I agree.
And I've said it, and he's not— It's very dangerous.
I think you're just going to have to have a very clear, no child in the room, no music playing, no distraction, very clear, define the relationship conversation, and just— you know, here's what I think. I think I love you and I think I do want to spend my life with you.
I'm not going to, because I've worked so hard to get where we are and because this is inherited money, my grandmother would roll over in her grave. And it's just not wise right now. And I just don't feel the wisdom in this and I'm not going to do this out of order.
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Chapter 8: How can inheritance impact family relationships?
And so I'll be happy to look at a home together and even put my home involved or some of my money involved or whatever, because we're going to combine our lives together. When we're married. But until we're married, I'm not going to. And you just need to hear that. And if that's a deal breaker for you, then you need to think about that. Okay. I mean, you just got to kind of clarity, right?
I've tried to make it pretty clear, but, like, you know, he continues to, like, look at houses and consider my family. Well, you can go look at houses, but I'm not. It's like, yeah. What's his living situation? He has an apartment and cars and... 20 grand to put down on a house, which isn't much for a down payment these days. What does he make? He makes probably like 85 a year.
What do you make?
Probably 32 a year.
How old is he?
40.
Okay. All right. So you're the same age. That's good news.
And you're only making $32,000 a year, Haley. Is that what you said? Yeah. Have you combined your finances with him? I haven't combined anything. He has a place. But you're living on $32,000 a year in Portland with a kid? Yes. Okay, that's great.
It's amazing.
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