$1,000 Truck Payment With No Job

0:28This episode is brought to you by NBA on Prime. back. And FanDuel's got everything you need to play your game. From same game parlays to live betting. Right now, new customers bet$5 and get$300 in bonus bets if you win. 21 plus in president select states. 18 plus in Kentucky and Wyoming. Must be first online real money waging. $5 deposit required. Bonus issued is non-withdrawable bonus bets that expire seven days after receipt. Restrictions apply. See full terms at FanDuel.com slash sportsbook. Gambling problem? Call 1-800-GAMBLER. Taylor, 30, based out of Oklahoma City, this financial audit. What do you do in Oklahoma City for a living?

1:07I'm getting into the cannabis industry. Really? Yeah. In Oklahoma? Yeah. Oh, okay. Huge up there. I know it's a pretty conservative state. They're like pro cannabis? Yeah. They legalized it like three years ago, medical. So it's popping off there. Oh, okay. Very cool. So you're getting into the industry. What does that mean? So it's kind of hard because it's a lot of like you have to know people. And actually this past weekend I met a grower that needs trimmers. So just however you can get your foot in through the door. Like I was looking on Indeed, but there's so many. Like the market's oversaturated.

1:50Like everyone wants a job at the dispensaries and stuff. So when you mean getting into it, you're not in yet? No, not yet. Oh, what do you want to do? That's what I, I moved to Oklahoma for that. Specifically from, uh, from Austin. And yeah, yeah, here, you know, revisiting a little bit. Um, was it, uh, I went to California and try to do it out there from Austin, but I realized the cost of living was just not going to be feasible. And it was either, it was either Colorado or, um, Oklahoma because cost of living. interesting i did not picture oklahoma this is my ignorance to oh yeah industry it's so that's very interesting um what do you do now uh i just get va disability that's how i'm supporting myself oh wow how much does that bring in on a monthly basis uh 38 32 a month is that enough to live on in oklahoma city absolutely i got a house i got a brand new truck i got a harley like okay i'm just not well all that could be your good or bad depending on the situation it's not the best debt, you know, but like I have like after all my bills are covered, um, I have like roughly a$1 ,300 left over.

3:04Oh, okay. So Oklahoma City, relatively cheap. I got a three bed and two house for my mortgage is like 10, 10, 25 months. Oh, that's incredible. What's the purchase price of that? $140. Sounds like a down payment in Austin, but okay. That's incredible. You use the VA home loan for that too So that's what you see Hit your account on a monthly basis Is$38.32 And then right now my parents are living with me So they contribute$200 a week And then my mom gets Social Security So they give me half of that Which is like roughly$500 So$1 ,300 extra Whoa, why? Just because they're not In a position to Rent their own apartment because of things that they've done in the past.

3:53So it's just, it helps everyone out. It gives them a place to stay. I'm curious why the situation around you charging them versus helping to have a situation where they put all that money aside and then get their own place. Oh, and don't forget the subscribers. We're really trying to get to 500 ,000 subscribers, and every subscriber helps. Thank you so much to everyone who has subscribed so far. I told them don't pay me anything, and then they're like, they want to pay their share essentially what i'm doing is like that's why i just asked for 200 a week because it's like i don't want like he gets paid weekly and like even now he doesn't have a job so that i don't count that into the bills like my bills with the mortgage and all my high stuff comes out to like 32 a month well that's and then most of your yeah yeah well it's just food food and gas we're not going to dive deep into them at all because it's not their story it's your story but just for extra context what are their ages get that 60 close to 60 yeah now do you want them living with you forever no okay so i maybe it might be time to reject that money so they are able to get their own footing yeah that's kind of like what i was doing because i had a little bit saved up until a gas bill came i had to pay like over almost a grand to gas but my goal was to kind of set money aside to help them with that so they could have their own place And, of course, I'm coming into that conversation knowing pretty much nothing so far.

5:24But this is my instant. Before they moved with me, they were in a hotel for two months. Well, I'm glad you're being the supportive. Yeah. And then they lost that opportunity. So that's why they, from South Carolina to Oklahoma. From beaches to flat. Yep. All right. So before we dive into your overall financial situation, I want to hear from your perspective as honest as you can be. What is your personal finance situation? It's not that good. Like I have a good amount of money coming in. I really can manage everything. But I like the reason I got the Harley payment and the truck payment and now my my mortgage payments.

6:10I felt like I was spending that money and I didn't have a place to put it. and I was like just slowly letting it go every single day, like$50 a day or$30 a day on just whatever. And now I kind of feel like I'm putting it into something that I can actually see in a house. I bought a brand new truck that I expect to last me 10 years because I got it with 18 miles on it. So like, you know. But dad, right? Yeah. I kind of regret it, but then at the same time, I do look at it as like it's going to last me. Well, we'll look into that. Yeah, you're not going to like the interest rate at all. Can you lean in just a little bit?

6:57Yeah. Well, okay. Before we do that, I also want to know about your service history because you're getting benefits on a monthly basis. Then obviously you took advantage of the VA loan. What was that? I was in the Marine Corps, and I was a truck driver. Very cool. Where were you stationed? Okinawa, Camp Kinzer. Oh, cool. Yeah, spent my whole time over there and then had some situation happen with a staff sergeant, and then that helped me. A KFC tale in the pursuit of flavor. The holidays were tricky for the colonel. He loved people, but he also loved peace and quiet. So he cooked up KFC's$4.99 chicken pot pie.

7:41Warm, flaky, with savory sauce and vegetables. It's a tender, chicken-filled excuse to get some time to yourself and step away from decking the halls, whatever that means. The Colonel lived, so we could chicken. KFC's Chicken Pot Pie, the best$4.99 you'll spend this season. Prices and participation may vary. Supplies last. Taxes, tips, and fees extra. I've not helped, but that's the reason I'm on my disability right now. What? What happened? Well, I got assaulted by him. Oh, wow. He picked me up by my throat and took two guys to pull them off of me because I was late, like three minutes to base.

8:14Dude, I'm sorry. Yeah. And then, like, I was, like, holding on to that. Didn't really go to the VA because, you know, I'm so young. I don't look like, you know, anything happened. And when I was living in Austin, I actually got robbed at gunpoint. And, like, the dude was the same race. So it, like, sparked a whole bunch of, like, PTSD towards, like. Oh, as the officer? Yeah. Oh, no, he was my staff sergeant. Oh, sorry, sorry. No, you're a good higher rank guy. So, yeah, those two things kind of like led me to being like in the psych ward like four times. And like it just like I crumbled pretty much.

8:51I wasn't taking care of myself. Like I was 30 pounds heavier than I am now. And it's hard to focus on when, you know, when you got to make a living and stuff. And so now I'm able to like put my health first and like, you know, sleep's important. like you know that's something i was you know i was being a truck driver last job i had was a um a fuel hauler around here i would go and deliver at heb and stuff so okay but yeah that was that was my service how long ago was uh not the service but um you know the recovery through that and the stints in the psych ward um that was like 2018 2019 and then um that's part of the reason why i divorced my ex-wife because well she wasn't supportive she's like while i was in that she said if you are if you were the way you are right now when i married you i would have never married you and i'm in the psych ward and she's saying this and i'm just like ah all right so dude you've been through it yeah so it was just me and this little dog i took him to california and made a new life what's the pup's name lulu oh louie louie yeah i'm a big dog fan love it he's he's my number one man oh man okay that's i mean that's definitely um probably more of a traumatic experience than we've had on this show and i'm very sorry that you've been through all that and i feel like that has a lot to do with the finances it comes through Sure Well let's take a dive Shall we We have Navy Federal Check-In And Navy Federal Small We'll start with the check-in and what that looks like So previous balance 1789 Any balance 1437 5348 came in And I'm assuming that's all coming from the Disability and then also From your parents Nothing else comes in besides those?

10:52No Okay. Where is this going? We have Amazon purchases and PestSmart for the pup. Yeah, they're expensive. Zelda. Oh. No, that's Zelle money coming in. Okay. Yeah, and that makes sense from what we talked about. It's mostly just general spending and paying off credit cards. Really nothing crazy here. The checking is really just I hold the money and then I pay the credit cards off. I'm getting out of the credit card habit, though. I fell into that a little bit. So now I've been using my debit card more. What did you fall into? Just overspinning. Like I had a certain amount. I was like, I'm not going to spend over X amount.

11:32And would always be like, oh, yeah, you know, I'm hungry. Okay. Yeah. So really nothing crazy here. Just seeing where bills are going to. Navy Federal Small. Oh, this is a credit card. So, yeah, there's three credit cards. Oh, I see what you named it as. Small and big. Yeah, the big ones, that. March 2023. That one hurts. Okay, that's also a card. I want to, just before we get into the cards, do you have savings anywhere? No savings. No savings, but no student loans. Okay. But no emergency fund. No emergency fund. You do get the disability, and forgive my ignorance on it, I personally don't know, but is that just indefinite until death?

12:14Yes. Okay. Yeah, tax-free. Adjusted for inflation? Here and there? Yes. It used to be$35,$35 something until this past year. Okay. And then they increased about, it goes up with Social Security. So it kind of works as an emergency fund. I don't know if everyone would agree with saying it is that, but it can kind of work. I don't know, you know, because that's technically like if I was getting, you know, if I had a residual money coming every month. I think you can kind of subsidize, but we'll break in and see how things are looking. Okay. Because, I mean, that wouldn't cover a large thing. No.

12:50But that's why I picked Oklahoma for cheap living. That's true. Okay. So, well, let's take a look at the debt because there's nowhere else to go but debt, right? Yeah, just debt. Okay. Well, let's see. All right. Well,

13:10Navy, Federal, we're looking at a balance of$1 ,449 at the time of this statement. But what I don't like is you're trying to get out of debt, right? We're trying to get out of debt. You paid$25 for it. I mean, okay, so we're doing a minimum monthly payment. But why are we doing$253 of new spending? What's the purpose of that if we're trying to get out of debt? I ran out on other credit, and that was the last resort. Well, everything else has been maxed out? No. It was getting too close for comfort. Like the Navy Fed big, yeah, that's super close to maxed out. None of them are maxed out. I just don't like the balances on them.

13:54So, like, I spend depending on how much percentage of use it is. And then my credit went down like 60 points this past month because of the usage because it finally all hit. That's because I am very sympathetic of which I am of your past. And, you know, I respect you in different ways for what you've done. I'm still going to yell at you. I was nervous coming here. I'm making the dumbs. Ask her. I was super nervous. Don't be nervous. No, I'm lovable. I'm just a Panda Express boy over here. That's all. Well, let's see what the interest rate is on this. Because you lose$20 on interest. Yeah. Yeah.

14:36It looks like gas and a crumble thing. And little Caesars. Do we need to be doing great wall? and a, looks like an addiction of some kind. Do we need to be doing that when we're maxed out on different things and burgers? Tsk. CBS Interactive. Why do we care about CBS out of all things that exist and then a Microsoft subscription? 18 % Honestly, compared to where interest rates are right now, it's halfway okay, but that doesn't mean it's, I mean 18 % is absolutely terrible, but it's not 30%. I can't believe I even just said that. Okay. What scares me is that's the small one. Yeah. Navy Federal, large as it's called.

15:24Oh, yeah, there it is. $5 ,241.52. That is a thick boy with a minimum monthly payment of? Like$94. $105. $105 this month, okay. with$74.08 of interest being lost. You're trying to break into an industry, and I love that for you, but we're trying to do all this, but we're also having all this debt, and we're just, ah. I can immediately tell that. I wish you were just bringing in more money instead of trying to break into an industry while we were trying to get out of the disaster, and then we do the risk of trying to get into an... Why are we spending on here? What's the purpose? Yes, and BJ's Wholesale Club makes holiday hosting so easy, we called in the ultimate host to talk about it.

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16:49Paying through our car insurance through debt. And then also a pest thing. And another Microsoft subscription. And your ATD security is through here. I got a change. So we're debting it all. The 18 % insurance. I would budget those and put them over, though. But I just do a little more spending this month. State Farm Insurance, that's your car insurance? Mm-hmm. We may as well notate that now. And it's actually gone down. This next month, it's going to be$303, not the$392. Or$390-something. In the ADT, that's on a monthly basis? Yes. Is it the spooky area? You feel you need that versus Nest Cam?

17:34I mean, I got the system for free. Security is important, so I'm going to... Well, yeah. Yeah, but is it because$63 a month? Yeah, technically not because I'm paying that. All right. Let's see. Okay, Capital One. And the only reason I'm excited is because, I mean, we're looking at... I keep up with those. $336.90. What do you mean you keep up with those? Those are the ones I picked because they're the smallest balance, so it's easiest to pay off. Oh, you pay this off every month? Yes. Well, I have three of them, so some of them don't get paid off. Well, you didn't have any interest charged, but we were spending$336 here when we're trying to get out of debt.

18:17We're going to a Mexican restaurant in Tinker in China House. Some experience in credit report you paid for. How much was that? $24.99. instead of just getting your free credit, which you can get annually. I think I use Experian, so that might have been. I don't know why. Well, it costs$25. And Red Coyote Running and a Spotify subscription and other Experian credit report. What is this? $25. So it's$50 on a monthly basis. That shouldn't be that. I'm going to look into that. Yeah, look into that. I don't know what that is. I shouldn't have. But you're spending this money while we're trying to get out of those other debts.

18:55Now, we have another Capital One. This is a Walmart card. Great. but no there is interest charge on this one$12.39 of interest why you pretty much paid off the balance what's happening it might have been like a one of the times when I paid another one off fully and that one if you're not able to fully pay off a balance on a car no more spending on it I would in fact chop it up because you've demonstrated that you're not a credit card person and that's fine but pay it off I just don't fully get it And Veterans Canteen, Taco Bell, Gas. Okay, I understand Gas. And then McDonald's and Supercuts, Arby's, McDonald's, Supercuts.

19:36Okay, fine, because it's relatively cheap as far as Starbucks. $35, actually. No, go to Great Clips if you're going to. I tipped a 20, though. Oh, okay. Tinker. That's why I don't go to sit-down restaurants, because I always over-tip. No, you don't go to any restaurants. That's the, what is it, I rationalize fast food like that. No. Yeah, I know. Little Caesars. That's some cheap pizza. Yeah, but it's money you don't have, dude. It's literally money you do not have. Yeah. Because you're getting charged interest on here. It doesn't make sense at 30%. Pay this off. I'm not going to put this on your overall debt because you did pay off the previous month, but I'm confused.

20:18This isn't good, to be clear. Yeah. But I'm a little bit confused. And then there's a Capital One Quicksilver. Nothing happened here. Actually, no, you paid off of balance, but there was$52 purchases. So we're continuing going and purchasing on things. What did you do? What is this Tinker Mini thing? Oh, Tinker is on base. So it's either gas or it's like. Why are you still on base? No, I just go on base. They have a grocery store. You have to have a certain, it's tax-free. You can't go there unless you have a. No, you're still spending so much freaking money. What's the Tinker store? Well, it can either be gas on base.

20:54It can be the commissary, which is a grocery store, like their PX, which is like their department stores. So like you can get like clothing and towels and home goods stuff there. I don't have military star. Is this a credit card? Yeah, it's a credit card just for on base. Can't use it anywhere else. Oh, we already know you love to spend money on base. Yeah. It's maxed out This is maxed out? Yeah, it's$1 ,500 limit It's like$14 something Yeah, it's at$1438.92 Jeez, dude Okay With a Again, you did$20 of payments But we did$7 ,754 of purchases Why, dude? That was gas Cool But why are we doing it on a card That you're trying to pay off?

21:53It was like I'm already at the end of a lot, and the military star, I get discounted like 15 cents per gallon if I use their credit card on fuel. So I was like, why not? Like I'm already in a pickle right now. Yeah, that's for sure. That's how I'm feeling. I'm just$30. $16 of interest. It's wasting money. Yeah, you're saving this lovely few cents on gas, but you're losing 14.74 % in interest. Do you think that mathematically works in the end? I'm not sure. I'm not sure. That's how I rationalized credit cards to begin with. This Discover card. That was electricity. It was electricity for my new house.

22:47I had to pay$6 ,200 in electricity. when I first moved in. That's not what I was even dying about. The thing I'm dying about is the... Oh, the interest rate? No, the balance of$4 ,500... $4 ,634.64. My dude. It just doubled. No, it's almost doubled where we're at right now. The$92 purchase. Then we did the electric for$156.13. No interest charge, so it's interest-free right now. For I think like 14 more months Or 13 more months That'll come before you know it I'm not The$93 minimum purchase Minimum monthly payment Then yes it was But then what's also Blue Crew Because you went there Medical services Blue Chew Yeah Okay From yeah Extracurricular Keep me sane Oh huh No no no for their like penis pills.

23:50Bluetooth. Oh. It's on like Instagram and stuff. Yeah. Alright. Yeah, that one was over me. Yeah. Okay. They target added me, I guess. You said you have debts on these things, these cars, right? A car or a truck rather. What's the truck? 2022 Ram 1500. Yeah. A true American Oh yeah Southerner It is America's favorite thing to go get into car debt So What is the minimum monthly What's the debt amount I'll just pull it up No That's your payment Yeah Buddy This is It's a fourth of your freaking It's more than a fourth of your freaking take home pay Yeah going to a single one of the things you have to drive when did you possibly when did you get this when did you possibly get this like two months or two weeks after i got my house when was that november how'd you think this was a good idea who in the world did how how'd you think this It was a good idea.

25:06$51 ,536.14 a debt. So like I said before, I am looking to have this car for the next 10 years. So that's kind of why I rationalized it. It doesn't make financial sense at all. I know it doesn't. But before I drove this car, I had a 2015 Smart Car. and I just didn't Great, good guess Probably would have lasted a while $300 for a tire change so it was like I was it's just high maintenance cost on them How does$300 for a tire change every now and then equate to going into $1 ,100? Americans told Washington what they want lower costs yet Brandon Carr's FCC is considering a merger between TD station giants Nexstar and Tegna If approved, millions of Americans will pay even more to watch TV.

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26:46Yeah, I can't see the interest rate, but it's like 15%. Yeah. Anywhere around there is absolutely disgusting. So whether it's plus one, minus one, doesn't matter, honestly, at this point. All right. You said you have another thing? Yeah. A bike? A motorcycle? what year harley uh 2019 2019 harley what uh 883 iron 883 but 883 we still have a total dead amount on a toy of 10 000 when'd you get this i got that like death absolute death may or june okay of last year i've had this for a minute 259 68 minimum monthly payment And the interest is a little high on that But then same thing I got the house I think it's maybe I think it's like 12 I know it's over 10 though That's why Anything higher than 10 What's the loan length for this?

27:44I cannot see It should be I think 72 Pretty sure And what's the loan length on the truck? Same Dude It's brutal This is probably like $200 towards the debt Yeah there is It's a mortgage It's lower than my truck payment Of course Because cars are more important than a place to live in But I don't have to pay property tax Really because you're better I did not know that was a benefit Yeah my disability status Oklahoma specifically You should have got a place here because property taxes are pretty much the death. Really? You would have saved so much money. Yeah, I just saved like 700 bucks because they sent me the bill for it.

28:33So your mortgage amount is$30 ,000 higher than your average property value in your neighborhood? Not that that necessarily means the value of your house, but... Yeah, the house, like, it's increased significantly from when she... So the lady bought it in like 2015 for like 70 grand or like 74. And then everything's in that neighborhood has just gone up. And it's because I'm less than 10 minutes from Tinker Air Force Base. So I got the so it's like it's like an older person neighborhood that they're starting to renovate. And I might have overpaid on the house. But at the same time, when I closed on it, I didn't I didn't have to pay any money.

29:19and I actually got a check back for like$1 ,200 because I put$1 ,400 on earnest money. Gotcha. Interest? Like$6.75. Not thrilling. Yeah. $6.75. I kind of rushed into this because I wanted to snatch a good, like a decent interest rate. Yeah, of course. With my credit. That's the majority that you're paying right now. Is it just because there's the beginning of the loan? Mm-hmm. Is there any more debt, dude? No. All right. That's it. I know it's like$215 ,000 in debt. All right. You're basically losing in interest with all your debts on a monthly base somewhere around$1 ,900. In interest. On a monthly basis.

30:00Across everything. I'd like to have that in my pocket. Yeah. Wouldn't that be nice? So that's like... Big heavy hitters there are vehicles and then also the mortgage, obviously. Okay. Now, when I add up your bad debts, I am not going to include the mortgage. You have$74 ,671 of bad debt. Bad debt. Like, legitimately terrible debt. And then you have the mortgage on top of that, which the interest rate is not the worst. It's not the best. Yeah, that's an uncomfortably high number. Makes me disappointed in myself. Of course, that's compared to$45 ,984 you get from the VA on a yearly basis. So your bad debt is like$25 ,000 higher.

30:53Isn't that insane? It's that truck. I know. It is that truck. The main corporate. Probably going to have to sell that truck. It's been in the back of my mind. Why haven't you pulled the trigger? because I had to put money from the upside-down vehicle that I had before onto it, so I know it's upside-down. So I wouldn't get what I would have paid for it. Because that truck's probably worth like$45 ,000, so I'd probably lose$5 ,000,$6 ,000 right off the bat. I think that's going to be worth it in the long run with this interest rate and how long it's going to take. Yeah, no. But let's do the math.

31:35Your minimum monthly debt payments are$2 ,677. So you only have$1 ,000 left over on your minimum monthly debt payments. That's insane, dude. Agreed? Absolutely, yeah. Minimum monthly debt is 70%. 70 % of your take home. Not including what you get from your parents because, you know. Yeah, I wouldn't count that. And that's stopping too. Yeah, exactly. They're moving. Officially? Within the next four months. I just don't have a... Yeah. You can use it as bonus right now if that continues, which I wouldn't even continue to try to get them on their own feet. But if you do, use that as bonus to get towards things pretty quickly.

32:26Yeah, partially a good portion of the amount that they're giving me is supposed to be paying back the 6200 from the electric that I had to pay. Because, I mean, they saw me move in and like, oh, we want to help. And I was like, y 'all don't have to do that. And then they wanted to. They're my parents. And they're living there. Yeah. So you think your truck was worth like$42? Or what? Maybe. What are you thinking? What are you seeing? I don't. I'm seeing it all the way up to like$44. so it depends on if you see the model you got and stuff like that. It's the classic tradesman so honestly I don't even think it's worth $45.