➡ Dan from I Allegedly warns that people are increasingly borrowing money to pay off their debts, which is a dangerous trend. He highlights that many are taking out hardship loans from their retirement accounts, which can lead to significant tax implications. He also discusses the issue of merchant cash advances, where businesses borrow against their future credit card sales, often leading to further debt. Dan advises people to budget, pay off their debts, and avoid borrowing as much as possible to prevent financial ruin.
➡ This summer, vacations might become more expensive due to rising hotel and airfare costs, potentially doubling due to increased jet fuel prices. The high costs are partly due to conflicts with Iran and increased gas prices. Additionally, businesses may face fines for misplaced shopping carts, and the Obama Library is seeking volunteers despite the high salary of its manager. Lastly, the author mentions a private channel, iAllegedly Live, and a free grant book available for subscribers.

Hey, it’s Dan. Welcome back to I Allegedly. We’ve got a good one for you today because people are not paying off their debts anymore. They’re borrowing themselves to oblivion. And as we walk down in the Huntington Beach Pier, we’re going to discuss all this and discuss how it’s getting worse for everybody. For individuals, for businesses, for everybody. Please like this video, subscribe to my channel, and today we have a sponsor chapter. But let’s get right into it. First things first. We have seen retirement accounts grow in 2025. Isn’t that great? It’s fantastic. The only thing that’s growing also in another direction that’s bad is the number of people that are using what they call hardship withdrawals to borrow against their 401k and IRAs.

Now, this has grown. Normally this is like you’ve got an illness. You’ve got to pay for something. You have, you know, it’s just not, hey, I feel like, you know, paying my rent, so I want to use a hardship claim. The problem with it is people are doing ridiculous things like that to pay their bills. They’re borrowing from their future and doing that today. It is horrible. You do not want to do this. I’m telling you, the best thing that you can do is get a budget. Get a budget and stick to it. Get rid of debt.

Pay off your credit cards. Pay off your cars. Pay off everything. Now, the problem with these hardship loans that people are taking is people think, oh, it’s no big deal. I’ll solve this problem later. Well, you have a tax implication when you do that. If you do it and you’re too young and not of age and every retirement account is different, you know, from 59 and a half to 62, the problem with this is that people go out and they take this money and they just don’t think about the implications for it. And I’ve had so many people write me, whenever I talk about this, they write me in and say, Dan, gosh, have I regretted this.

We had such a huge tax problem because we thought we were going to get a huge tax refund and ended up owing at the end of the year. Now, the next thing that is a huge problem is people that are taking merchant cash advances. And one thing that I did is came down here to eat at my favorite restaurant down here at the Surfer’s Own and had a nice meal and talked to everybody. But as I drove here, had a family member call me and say, hey, is this legal what this guy did? And what he did was he had a corporation and built up a bunch of debt with it, was in business, was what everybody thought he was successful.

Then a year ago, this guy goes out and shuts the corporation down, stays in the same building, didn’t move, didn’t change his location, basically kept the phone number too, which I don’t know how you could do that one, and basically called himself a new company. And then everybody and their brother that he owed money to was suing him and then set up credit lines with new suppliers and said, oh, you know, this is a new company. Oh, wait, the phone’s ringing at the same place. He didn’t move. So he’s going to have a problem with this.

But what this guy did was he went out and got himself a merchant cash advance. And a friend of mine that does business lending, I sent this to him in Florida this morning and said, have you heard about this? And the problem with it is that people go out based on what you do with your credit card sales every year. And I’ve done this before. Let’s say you do, you know, a couple hundred thousand dollars in credit cards. You can go to these merchant card companies and you can get an advance on your credit card sales.

Sounds easy enough. The only problem is you then pay a percentage back. When you swipe the card, they get a percentage back every transaction. You can have as little as 10%. I’ve seen it go as high as 30%. Now, I did this for expansion when we were doing a roadshow program and I wanted to do something and I needed a chunk of cash and I didn’t want to go to a traditional bank and I did this. And I said, okay, I’ll pay this back at 30%. And the decision that we had to make in the company was if I did this, please understand if I take a thousand dollars in, we’re only getting 700 dollars.

Can we live with that? And we did it and then every month we would write an additional check to get rid of that payment. And we did that and paid it off. But what this guy did was he’s getting sued by everybody. And the problem with this is that people think things are going to turn around. They’re not going to turn around right now. This is going to be the norm right now. You’re going to see more and more people that are going to have difficulty selling what they had no problem selling 60 days ago.

You’re going to see businesses that are traditionally busy in the springtime not get busy. That’s going to happen right now. So, everybody has the best of intentions, but the problem is people are borrowing themselves into oblivion and they’re not paying off their debt right now. They’re borrowing themselves to do massive implications to fix this month’s rent. They’re not doing it to move their life forward. You know, I put together the grant guide. Free Grant Guide. Go to FreeGrantGuide.com. I put together that because so many people are having difficulties. Guys, you read my email stream.

I get people that write every month that have difficulty. And you have to understand you’re not alone. You’re not the only one going through this. But in your business, you’ve got to trim your cost. You have to work on getting more business from the existing clientele that you have. Everybody that you’ve sold to in the past, those are your cheerleaders. Those are the people you need to squeeze money out of and get more sales. You should do as much advertising as you can without spending any money. That’s where people, you know, fail. That’s one thing I was super good at and am good at with the consultant.

But, God, we’re in such a heatwave right now. The sun’s freezing, and it’s hot here in California. It’s just beautiful. Surf’s up. Everybody’s out surfing. It’s just really, really nice. But this is something that you don’t have to do. I’m telling you, work things out with people. Tell people that you don’t have the money. Honesty is the best policy. I had a friend whose, her and her boyfriend, they both lost their jobs within about five days of each other at different companies. And they were overextended, and they said, listen, do we want to stay living in this apartment? And they lived in one of those high-rises in Long Beach.

And they said, yeah. So they went to the landlord and told him, listen, here’s how we’re getting money coming in. Here’s what we can pay. And had total communication. They got to the point that they were three months behind, but they were giving the landlord money every month. And they let them stay there and worked it out. And only because they had communication. Now, does this work all the time? Of course not. Landlords want their money. They’re not interested in story time. They don’t, you have a problem? We don’t care. That’s your problem.

We don’t have problems. Pay your rent. Waves are huge right now. So nobody wants to hear about that. You have to go out and do what you can do to make it work and to pay your bills. There’s a lot more to cover on this video, by the way. Look at these massive waves. Let’s talk about our sponsor, Chapter. One thing that we don’t talk a lot about is Medicare and your future healthcare. But you should. You should think about it a lot. If you are turning 65 this year or you’re already Medicare age, you should look at this great company called Chapter.

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The average person that uses Chapter saves $1,100 a year. Check it out today, guys. It’s a great service, but so many of you have signed up for it, and I think it’s great, but check out Chapter today. Again, even if you’re not on Medicare but you’re going to turn 65, you want to get these questions answered, contact Chapter today. Now, I am at the Huntington Beach Pier. This is where they have the OP Pro Surf Contest every summer, but the waves are just massive out here. It’s just beautiful. Now, this summer, people may not be able to go on vacation because your vacation could double in price, the cost of hotels and especially the cost of airfare.

You know, with the shutdown right now for DHS, my son got the brilliant idea when he left Houston. He went to the World Baseball Classic with his buddies and watched some games and flew home, and he’s like, hey, I’m really freaked out, and his sister who travels all the time got him convinced, if you think you need to be there, you know, two hours early, I’d be there more. He got there four hours early, and he said, I’m so glad because TSA took forever to get through, forever. Now, this summer, you have the possibility that airfare could double, could go 100% because of jet fuel prices.

That’s insane, guys. That is unbelievable to think about because I’ve seen airfare over double right now. I have a business trip next week, and I was going to buy the ticket, and I didn’t, and then it was, you know, almost $1,000. Now, I was so mad and cleared my cash on the computer and relooked and got the thing for about $700 cheaper than it was before, which is still outrageous, guys. It was a criminal act to pay that much money, but you got to do what you got to do. So, you know, all this problem with Iran, the conflict, and, you know, the promise that they’re going to be able to go out and get cheaper airfare, I think, is ridiculous.

One, I mean, things usually go up really fast and go down really slow. Have you noticed that? One thing that I like to do is look, I like to get deals on gas, and when I buy gas, I like this morning, I felt like I got a deal at $5.50 a gallon for my premium gas. I was like, that is crazy. So, AAA is talking about this is going to be the most expensive summer ever, ever for gas, and we’ve seen the largest percentage of gas going up ever, you know, and again, every time gas spikes, if you notice, it just goes up super fast and then trickles down.

We have all these different taxes here that make it, so it’s just outrageous, but look at these. You know? So, a few things. Please don’t forget that we have the private channel, iAllegedly Live, last chance to get the free grant book, $99 value, you’re getting it for free, and a lot of people that have gotten it have said that they’ve already gotten it. One person already got free benefits to help them pay some bills, because I thought it was fantastic, and don’t forget we have iAllegedly Live, which is the private channel, and a couple things to finish this video, which just goes to the ridiculousness of everything, and that I’ve got to thank Dr.

Marvin for both of these, he’s a star, but first things first is you’ve got, you know, you get shopping carts left out at shopping centers, and now they want to find people for misplacing the shopping carts. I know what you’re thinking, if I misplace my shopping cart, they’re going to find me $100, good luck with that. No, what they’re finding people, they’re finding the businesses. If they find the Walmart shopping cart in Ontario, Canada, they will find the business $100 for every shopping cart that’s out of the area.

Now, the problem with it is you get all the homeless guys out there that are doing crazy things, and with that, you know, we’re supposed to hold these businesses responsible. There’s a few people on TikTok that do something that’s absolutely hilarious, and that is they go out and they sit there and block people and throw pies on their cars. Hey, is that your shopping cart? Yeah. You’re going to put it back? No, it’s fine where it’s at, and then they’ll throw a pie in the guy’s car. And again, I know, what would you do if somebody did that to you? Okay, you’d have a little bit of a problem.

So, as we sit down and as we try to survive right now, I’m going to end it with this final story, which is ridiculous, and they’re working on the restaurant up here, so I’m going to go the other direction. Think about this. The Obama Library is about to open. Valerie Jarrett works for him, and she runs the library. Her salary is $740,000 a year. Yeah, $740,000 a year to run that library. And what is the Obama Library doing? They’re looking for 100 people to go out and work their unpaid. You can volunteer.

You can work at the Obama Library, for free. When Valerie Jarrett’s making $740,000 a year, what do you draw it along? What do you sit there and say, you know what? This is too much. It’s too much money for somebody to make, and you can’t pay any minimum wage to do this. Now, he’s going to get volunteered, because it’s Obama, and he’s got his fans, and every president’s going to get their followers that would go out and support them. But come on. You can’t pay a minimum wage. By the way, that thing looks like the tower in a president’s tower.

It looks like a prison tower to me. And I’m blown away at how beautiful these waves are today. Really are nice. So please hit the Like button. If you want to get a hold of me, it is hellowattiolegily.com. Make sure on the email list, because one is going out today, and I want to make sure you’re part of that. Okay? Like, subscribe, and if you have any questions, hellowattiolegily.com. Onward and upward, guys. I will see you very soon. [tr:trw].

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