EFFORTPOST Affable himbo tries starting a business, his train is currently on fire and about to explosively derail

Subreddit link in case of drama

Jose, 29, Dallas TX

Self-rated 4/10 financially and slowly declining

Career/Business stuff:

• Personal Trainer

• Started a gym

  • Signed lease a year ago

  • Opened 6-9 months

  • "All of it's debt" (did not save up money before starting)

  • One of his clients loaned him money to help get gym started

• Has his business/personal life merged, difficulty separating the two

• Bringing in 10k a month

  • "Now after expenses what does that look like" "Gonna be honest I haven't done the math" timestamp

  • "I am uhh slightly in the red"

  • "I would say right now it costs about 2 grand roughly" a month to run the business

  • Rent is 1600 a month, going to go up in July to 4'600

    • Was on a 6 month "baiters" lease? I didn't hear this part clearly

• Only employee is his girlfriend, she keeps about 60% commission

  • brings in 4'500 for the business? Not sure

  • "A lot of our finances are also intertwined"

• 0 cost on equipment besides a loan on a body scanner?

  • $160 a month

• Bought cleaning supplies in bulk and hasn't needed to buy more since then

• Electricity - 150, 200 a month

• Water currently included with the lease?

• Internet about $80

• Pandora subscription $10

• Insurances

  • Doesn't have them

• Business credit card debt

  • "Under a special program that they have" reduced interest, reduced monthly payment

  • "About 370"

• Personal Loan from the client

  • Lent 50k

  • Paying him 1360 a month but through an exchange of services? Trains him/wife 3 times a week

• Personal Loan

  • 170 monthly payment

• Has an LLC set up

  • Not currently funneling money through this before it gets to him

• Setting money aside for taxes? (this wasn't mentioned)

• Should be around 3000 dollars of profit but he doesn't know where it goes

• Currently struggling to hire a trainer, has two-three leads per month he's able to handle?

• No base pay for the new hire, 40% commission only for anyone interested

• Had a friend he set up a deal with for training at the gym and the bridge got burned for various reasons

  • deets timestamp

• Had another guy who put his two weeks in 3 weeks ago they've been looking for someone since then

• Plans to start doing youtube content to help promote the gym

Debts:

• Blue Cash Preferred Amex (Card 1) $4898:

  • $86 minimum payment, made $55 in purchases on this card

  • Doesn't know what those purchases on there, thought he had already canceled everything on this card

  • $33 interest charged (409 total so far this year)

  • On this card with his gf

• Blue Business Amex (Card 2) 12'691:

  • Business card

  • 371 minimum payment

  • $40 new purchases, $81.47 in interest charged, $1112 interest total for this year

  • 691 above credit limit

  • Thought he had canceled everything on it

  • Purchases at two record stores and disney+

• Inbody scanning machine thing

  • 63 month term

  • 36'260 total financed, has paid maybe 5000?

  • $100 monthly payment since May of last year

  • No interest

• Upstart Loan

  • Took it out because the lease was about to start and he didn't have the money for first month's rent (had already signed the lease)

    • Story and reasoning timestamp

  • 30% interest loan

  • Minimum monthly payment (he doesn't remember it) timestamp

Savings/Expense:

• Business checking:

  • $30 -> $1239

  • Lot of zelles in (clients), some zelles from himself into the account

  • Lots of Amazon purchases (at least 15 separate purchases)

    • Gym equipment

    • Some of his other purchases here: timestamp

    • PSN payment is on the business account

  • G-suite

  • $34 overdraft fee

  • Zelle payments timestamp

• Does not have any savings?

• Pays a $30 subscription to another gym

• His personal rent is going to decrease he thinks? Will go down to $675 starting June

• Does not currently have health insurance

• Car insurance $200

• Parents currently cover his phone bill?