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ℹ ABOUT THIS EPISODE

 In this episode, Wade and Stephen discuss the pitfalls of equipment addiction among contractors. They explore how unnecessary equipment purchases can lead to financial strain and bankruptcy, despite being asset-rich.

Through the story of one contractor who experienced bankruptcy, they provide insights on breaking the equipment buying cycle, weighing the benefits of renting versus buying, and building a strategic approach to managing equipment costs.

Tune in to learn how to keep more money in your pocket instead of having it tied up in depreciating assets.

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⌚️ In this episode:
00:17 Real-Life Consequences of Equipment Addiction
01:04 Understanding the True Costs of Equipment
01:59 The Psychological Rush of Buying Equipment
03:16 Economic Conditions and Equipment Value
03:55 Renting vs. Buying: A Financial Perspective
05:11 Strategic Planning for Equipment Purchases
11:39 The Profit First Approach
18:44 Creating a Recovery Plan for Equipment Addicts
21:10 Building Wealth Beyond Equipment

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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com