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advice on buying new equipment

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  • advice on buying new equipment

    Question: Mary and her husband are starting a small grass-cutting business. They've had early success and want to upgrade the equipment. How much should they spend?

    Dave Ramsey's answer: I started my business on a card table 15 years ago and have been running it debt-free ever since. We have lots of fine equipment and good stuff, but it didn't start that way. We'd make a little money and buy a little equipment. That's how we started because we didn't borrow money. Any time I'm buying equipment, I either buy high-tech equipment as a percentage of our worth, or I buy used and get a great bargain. In your world, that would be October or so, at the end of the season. Make due for the summer with what you've got, but start talking to equipment dealers. You can buy their castaways for little to nothing in the fall.



    go here :
    http://www.daveramsey.com/tdrs....rtRow=5
    and listen to the whole call (its the bottom one and click on listen to the call)

    what do you think. my goal is to stay out of debt!



    Rob
    Green Image Lawn & Landscape

    \"If you don't feel the same way about Friday nights as you do Sunday nights, then you are not doing the right thing.\"

  • #2
    Hi Rob,

    Good post..

    Are you applying these same principles?

    How much of what you see in the lawn care business is business owners buying more equipment than they can afford to just show off?
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    • #3
      I try to apply alot of his principles to my life. I don't want to be in "bad" debt.

      I think alot of it is a pride thing. We all see the guys with the nice truck and equipment and it hurts are pride when we dont have it. Oh well I am going to try to work my way up. Listening to Dave Ramsey and John Commuta changed my whole thinking on getting into debt. Which is the lifestyle for most people today.
      Rob
      Green Image Lawn & Landscape

      \"If you don't feel the same way about Friday nights as you do Sunday nights, then you are not doing the right thing.\"

      Comment


      • #4
        I am glad to see you are going for that direction.

        Let the others have monthly payments while you laugh all the way to the bank!

        What equipment do you see yourself needing this coming year and how do you feel you will go about getting it?
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        • #5
          what if you applied these principles to buying equipment:
          http://www.daveramsey.com/etc/lms/drive_free/player.cfm
          Rob
          Green Image Lawn & Landscape

          \"If you don't feel the same way about Friday nights as you do Sunday nights, then you are not doing the right thing.\"

          Comment


          • #6
            I thank you should take it step by step if you have to get a loan be sure to pay it off befor geting something new! I try to stay away from loans , it may take longer to get what you need but it's worth it in the end.

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            • #7
              Quote[/b] (Team Gopher @ Jan. 08 2008,10:33)]Let the others have monthly payments while you laugh all the way to the bank!
              Hey Rob do you rememver our phone call and a statment iI made about my equipment and truck? Read Steves quote it is very close to what we talked about.

              Steve it is funny how great minds think alike.

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              • #8
                Quote[/b] (FourSeasons @ Jan. 08 2008,10:24)]We'd make a little money and buy a little equipment. That's how we started because we didn't borrow money. Any time I'm buying equipment, I either buy high-tech equipment as a percentage of our worth, or I buy used and get a great bargain. In your world, that would be October or so, at the end of the season. Make due for the summer with what you've got, but start talking to equipment dealers. You can buy their castaways for little to nothing in the fall.
                Here is another thing we talked about. Funny how thing come together huh.

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                • #9
                  Tim-
                  Yeah, I found this later in the day after we talked.
                  Rob
                  Green Image Lawn & Landscape

                  \"If you don't feel the same way about Friday nights as you do Sunday nights, then you are not doing the right thing.\"

                  Comment


                  • #10
                    Hey Rob
                    I'm glad you brought this topic up because there are alot of good points to all of it that everyone starting business should understand.

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                    • #11
                      Yeah, Im just really against going into debt if at all possible.
                      That is the way most of America lives today. I believe that if you use certain planning and strategies you can avoid going into debt. If your wife can work with you on it of course. Some people can't help but just spend everything in THEIR bank account.
                      One of my goals is to work on having my money work for me. Not work for my money forever. I'm reading about investing right now to.
                      I just met with the guy that does welding for me tonight. He showed me his portfolio. In the 15 years that he has been investing he is now on paper worth $1 million.
                      Rob
                      Green Image Lawn & Landscape

                      \"If you don't feel the same way about Friday nights as you do Sunday nights, then you are not doing the right thing.\"

                      Comment


                      • #12
                        Quote[/b] ]I just met with the guy that does welding for me tonight. He showed me his portfolio. In the 15 years that he has been investing he is now on paper worth $1 million.
                        That is quite a meeting! How did that come about? Are you just friends with him or was he trying to sell you something?
                        - Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
                        Download your Free trial of Gopher Lawn Care Software.

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                        • #13
                          Quote[/b] ]That is quite a meeting! How did that come about? Are you just friends with him or was he trying to sell you something?
                          He does any welding for me that I need done. He likes to talk alot and I went to talk to him about doing some welding on my trailer and making a potting soil mixer for my friend that owns a nursery.
                          I don't know how we went from talking about welding to stocks. LOL

                          He's just a nice guy I guess. Thats kind of personal info I would think. He broke out his statement from Edward Jones and everything. But I want to start investing so it was kind of informative for me.
                          Rob
                          Green Image Lawn & Landscape

                          \"If you don't feel the same way about Friday nights as you do Sunday nights, then you are not doing the right thing.\"

                          Comment


                          • #14
                            Well that is fantastic! I hope he was inspiring and you find yourself invest very soon!

                            Good job!
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                            Download your Free trial of Gopher Lawn Care Software.

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                            • #15
                              Yeah I love Dave Ramsey, I have 3 of his books, but I have 5 kids and its sometimes hard to put his principles in place, but I'm working towards it, as a matter of fact I just went to my local pawn shop and bought a nice running SHindaiwa trimmer for $100, I could have went down and bought a brand new one and spent over $300, but I didn't.

                              http://www.daveramsey.com/

                              His total money makeover is well worth it, kinda the reason I decided to start this business as a second income and side job.

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