Controlling Karen Exploits Cuck Husband | Financial Audit

26:00Like your brother needs to pay rent and we need to ask your mom to babysit for free. You talk for him a lot. I know, I'm sorry. I'm used to it. Do you feel like she just like talks for you? Because I want to hear your thoughts on it, but I feel like she just answers for you. I mean, yes, she does. Give me your thoughts. I want to hear your answer on this. Sorry, what was the question? See? Oh. Okay. All right. Yeah, so she didn't have a job or she hasn't had a job in a while. And so I felt like I wanted to give her a little bit of income. I was starting to make money myself. And I don't know. I just wasn't – I didn't get the full scope of how bad our debt was.

26:43Can I tell them what you told me that one time? Sure. No, no, no. Let mute Abraham Lincoln say it. Oh. Yeah. She was saying about how I told her we need to stop being so stingy with our money or something. Selfish. Word for word. I was like, I brought it up that we needed to reevaluate how we're supporting family members. I was wanting to help out my family members more. I was like, you don't understand. We're in debt. Bad. I need you to put your money toward our main finances. This was like end of 2023. What are you saying? What? Get to it. I'm sorry. What? What was that? He told me. He's like, I need to stop being selfish with our money.

27:33because I wanted him to charge his brother for living with us and stop paying his mom as much as he was paying her. He doesn't live with us anymore, but he lived with us for a year for free.

27:45Okay. All right. Sure. Sorry. I just don't. It's weird. It's weird. It's weird. You're a little domineering, aren't you? I don't mean to be. I am controlling, though. I try not to be controlling. I really do try not to. I feel like that usually impacts decisions around the household if we have one that's a bit controlling. Yeah, probably. This is huge for financial audit. For a year now, my team and I have worked with experts to create what I truly believe are the three best educational programs in the financial space online. We have our budgeting program where I teach you how to create, manage, and revolutionize your budget and control your money.

28:25And then there's the investing program where I teach you to define what investing profile applies to you and your life and then teach what specific investing strategies applies to you in that situation. And now finally, we have our debt program where I teach you the best ways to pay off debt, manage debt, and even take advantage of good debt. This has been a revolutionary project that we've been working on for over a year now. And just like over 10 ,000 people who've already taken our educational programs, you can now take advantage of all three of them bundled together at a 25 discount i've heard from thousands of people now who've taken these classes and they've literally changed their lives for the better and finally you can too at a more affordable price head to calebhammer.com or click the link in the description below you will not regret this but you're fully aligned you agree with everything that controlling mother chooses for the home yeah i mean there was a long time there where I wasn't working COVID hit I didn't have a job for two years I was staying at home and she was making all the money but she was also making a lot of big purchases and I would try to reel that back in but I felt like I didn't like I wasn't bringing in the money so I was having a hard time getting to the end of the sentence okay guys I'm going to move forward alright okay yes there's your IRS debt payment yes

30:01okay we have credit cards oh good credit cards for transactions so this one we pay off every month it's just we keep our subscriptions on there why do we have paid subscriptions if we literally owe money to the IRS and we have no money to retire what the f*** are we doing so we have Spotify good listen to ads use this platform we're on and then we have netflix for the kids good use this platform that we're on it's free same with disney plus use this platform lots of disney clips on here oh yeah i promise we don't have they're also kids they're dumb they don't know things they're just well the 14 year old i mean but he's probably watching youtube and yeah he only watches youtube but yeah exactly you know he has taste younger one like she is like i had to put a pin number on amazon prime because she Oh, good.

30:48Thanks. You'll see returns. Take away the f***ing happened. Yeah, well, it's on her TV, but you'll see returns on her thing from Prime because I have to, like, call them and be like, hey, I didn't buy this. Get rid of the smart damn TV, dude. My four-year-old did. Sounds like an investment to not spend money. She buys, like, Guitar Center. Cancel. Interviews. It's hilarious. But you set up a pin. I have a pin number, so she can't do it anymore. But she was buying Guitar Center over and over again because she likes to watch the Papa Roach interviews. It's her favorite band. I'm dead serious cancel these subscriptions cancel these subscriptions there is a beautiful free platform right here and the four year old doesn't know what the f*** is going on in the world she'll be fine she'll bitch, she'll whine and we'll trap her in a closet okay now Amazon her favorite thing so I think those are just those are the things we buy on Amazon that are groceries uh-huh cat food crave grain more cat food death wish coffee yeah so that's every other yeah it's really good it's every other month subscription for a five pound bag okay great alright city advantage platinum card now this is a thick boy yeah what is going on here is this the american airlines or the costco american airlines okay this one is uh i don't like this card it charges me 99 a year why is this here guys come on i'd like to have it closed before close it then before well i have a you mean pay off the balance yeah i want to pay it but i don't know i want to close it because they charge you 99 to have the card um yeah so close it yeah can you close it when you owe still typically yeah i will get it closed um i'll still have to If we have to balance, it doesn't go away.

32:43Yeah, I know. I just thought we had to have it paid off before we could close it. Typically not, but maybe. Okay. Why is this here, guys? We had it a long time ago when we were... We have family all over the country, and we used to use the flight miles. We haven't used them in over a year. That card's worthless to us. You haven't used it in a number of years? It's$1 ,000 from being maxed out. What the f*** are you talking about? I mean, no, I meant the flight miles. We haven't used those in over a year. Why is the balance so high? guys I don't care about the flames I don't care about this why is it where it is so we took a it was open in 2021 so a long time ago I don't think you know what that phrase means truth there's a$5 ,000 loan that we got on it because when I wrecked my car and we had to a loan like a separate yeah so it's separately interest it's like 12 % which is still stupid yeah so this sucks we did this you don't know what you're talking about there's a it's like a$5 ,000 like separate interest.

33:41It's like a pay-for plan. Yeah, yeah, yeah. It's a 27.74 % interest. Well, no, I'm sorry. The$2 ,000 one. It was originally$5 ,000. It's down to$2 ,000 now. There's two separate ones. So it's the$2 ,000. Yeah, that one. That was originally. 36 months. Yeah, it was originally$5 ,000. See flex. Mm-hmm. Own rate until paid in full. Hold on. Hold on. Hold on. Hold on.

34:11Okay. Charge the plan for$25. Interest charge on purchases$129. And charge the standard purchase was$1.37. Okay. So interest charging across the board like crazy. Again, we're at$8 ,125 with a$368 minimum payment. Not insignificant. Luckily, you guys make money. It takes 17 years to pay off the minimum payments the way you guys are doing it. Congratulations. we're going to be approaching 60 by the time this is paid off so we um we're always so close to the credit limit they've decreased it since then which is fair i would like to close it um but the five thousand dollars was so we could pay our taxes and title on our car when we wrecked it and had to get a new car and i should have you didn't have gap oh i did have gap and i put my money toward my down payment and then i forgot that i was going to need to pay the taxes and title separately don't roll it into the loan and so that was right well you did roll it into the loan you took out a 12 loan i know which is higher than your car interest rate loan yes so it would have been better to put it in your car alone yeah technically they just didn't put it in your car loan back then for that they wouldn't have it wrecking my car was a big setback because when was that i wrecked it in august of 22 the month i took my new job i totaled this was just two years ago yeah so it was a setback because we had a really great interest rate and a great payment and a great purchase price on my car and then now we have the same car for it and our insurance went up a lot and we have the same car with a higher interest rate and a higher payment because everything the price of everything went up like even a like i got my monies i got what i owed and then some back on that car and we put what we got back on my car as a down payment just to get it down close to what we paid on the first one all right all right we'll get to the car we'll get to the car wells fargo 1064.53 that's the car oh that's the minimum monthly yeah that's an insane minimum monthly what possible car is this it's a tesla tesla model what why for a thousand dollars a month?

36:24That's a Model Y? That's like a Model X type payment. It's the$1 ,100. It used to be$7 ,64 and we had a 2.4 % APR and then when I totaled it... Guys, the interest rates for these cars right now are 0%. I know. It makes me sick. It literally makes me sick because when we bought it, the price of the Model Y went up and then I had to get a performance to get it quicker. Why do you need it quicker? What are you talking about? It already goes quick. Well, back then, I waited eight months for my first Model Y. I was on the waiting list. Get another a car. Yeah, that's what I should have done. But I was I didn't want to go back.

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38:08People don't really understand. And all the car prices were going up. and at that time. But also, I don't give a, could you afford this? Does it really make sense? You're paying$1 ,000 a month. It was the same month I took my new job and I could afford my other car and it was the same month I took my new job. But it was$250 less a month with a lower interest rate. Yeah. And also, my insurance was$180 before and now it's$360. Why? Because I had a car accident and I told my Tesla. What was the accident? What happened? So I was getting off on an exit that had construction so it was a makeshift exit and both the barriers were on the white lines.

38:37So my car didn't even tell me that it was closed because it wasn't registering the white lines i just clipped the right side of my car when i was exiting that totaled it it like tore off the whole front tire why don't you look why do you need the car to tell you i'm no no just you know how tesla has those warning signs it'll beep at you if you get close to the white line i was just too close to why side it's just it was really narrow they had both concrete barriers on both lines i get that part why'd you hit it it was accident i'm a shitty driver then you shouldn't be driving. Glancing at that big, nice screen.

39:10No, right? No, it was like 6 in the morning. It was my very first trauma meeting that I was hosting, and I was nervous. You shouldn't be driving if you can't do that. I'm confused. There's a lot of people out there who know me who will not disagree with you that maybe I shouldn't be driving because I am a horrible driver. No, this is like an actual societal thing. No, I can drive. But I clipped the right front end of it, and that's what totaled it because it ripped off the tire. I clipped the front of the car and it just pulled the tire off I honestly thought that anyway it was total the insurance completely paid it off and then we had extra and then you he was like we should just buy a cash car and I'm like no what is your thoughts on this buddy I didn't want to get a Tesla in the first place I wanted to keep our paid off Equinox sounds great she traded it in got a tesla that was the first tesla cool wait why why why why you guys were in a disagreement with this why'd you lose because i don't know she was able to convince me that it was a good idea to get the original tesla how much did you yap at him for this convincing not that much are you sure no i was it because mama makes the money mama gets to spend the money i've always loved my job and i did not love my job at the time and so driving to work was literally a nightmare because i worked in the er as a nurse during covid and covid was still very big i know i know but i wanted to enjoy my drive to work and i've never not had a car payment i've always had car payments my whole life so we're gonna enjoy our drive to work because we get a car no like i was about to pay my equinox off yeah so i knew i could afford it and so i'm like if i'm the one driving to work i'm the one making the money like i would like to enjoy my drive to work i don't know how long the entire household okay okay yeah yep basically yeah that's great he didn't want it i did it was mean and then why'd you win though why did you get the win why did you get the win the i get the house award i don't know because we also know that the price of these cars have gone down i know so much we bought it the worst time they aren't really going down anymore but they they increased their ability to produce these more effectively they pushed out output there was more supply it was you know it is the best car i've ever owned I will say that.

41:30Model X is better. I could see that. I was joking. I don't know. At the time, I really just... We had already talked about getting a Tesla. He says he didn't want one, but we've been talking about it. What I was just trying to say is that it's worth$29 ,000, but you owe $45 ,000. I know. We looked at that because we were... Okay. So... Oh. She's thirsty. All the spending makes her thirsty. I know. Okay. I'd be thirsty if I couldn't. My mom used to tell me this thing that I'm broke because I want to be. Yeah. I mean, you wanted the Tesla. She's like, you're broke. There's nothing wrong with getting a Tesla or a car.

42:10And you guys honestly probably could. You guys are in a financial position where you could purchase a Model Y in cash today. Yeah. I used to live by this. I don't see life. I feel like a car payment is just part of life. And recently I've come to learn. You guys didn't have a car payment. What the fuck are you talking about? We still did. I paid it. So what I did is it had like two years left. And so what I did is I increased. What are you guys talking about? Because he told me there was a paid off car. It wasn't paid off. It was within a year. It was within a year. I increased our car payment to$900 a month for a year.

42:46Which is already insane. What is the term on this? It's I don't know. I think it's the five year one. 7 % not great. No. So my Equinox, I increased our car payment up to$900. and paid more on it. Okay. So to see if I could get, if that was something I could afford. Okay. I knew that the Tesla was going to be expensive. And I did that first. Could you afford it if you cut back on everything? Sure. Does it still make math? Is it good for the household? No, not necessarily. So that, I mean, there's different conversations. Makes everything harder. And then you accidentally bought$100 for autopilot that one time.

43:22A couple times, yeah. A couple times. What? How do you do that accidentally a couple times? What are you fucking talking about? I don't know. What are you talking about? Sometimes I do the autopilot. You saw that full self-driving? Are you talking about that? Yeah, that one. That's full self-driving. I did that in July for a month. How do you do... How do you accidentally... And in May. It wasn't an accident. I did autopilot in May. Guys, this conversation is irritating me. This conversation is starting to f***ing irritate me. For f***ing sake. City Double Cash. Are these all... Who? What? Who's...

43:51Are they both yours? Are they each other? What? Who? City Double Cash. What? Who? So he opened that one. Yeah, I opened that one. Okay, tell me about it because you're basically a couple thousand for max. Yeah, so I opened four balance transfer cards a couple months ago. Oh, okay. And we transfer balances off of. Okay, and what is that helping other than interest? Because you guys aren't changing behavior now for a single second. You're going to make your debt worse. Every time everyone does this in your guys' situation, the balance transfer, then the card that no longer has a balance, they build all the way back up again.

44:27you realize this right yeah that is exactly what happens hoping that's hoping doesn't get us there hoping doesn't get us to not spend money hoping is not a strategy what are we talking about we want to get a wake-up call so we can get our life together i'm not a magic pill i can help you understand your debt get a budget connect you with resources absolutely like for example i mean we're going to put you through the debt class the budgeting class the investing class which are by the way all bundled for 25 off right now you guys get to go through all that and you should together go through all the quizzes go through all the education you get that yeah what else you guys put in the action, not if it matters.

45:00You know, I go to school, I do all these things if I go to like a music class, not if it matters if I don't go home and practice. Okay. So this is a balance transfer. It already had$2 ,000 on it and then... No, there's just multiple balance transfers. Okay, minimum repayment$69. That's why it's maxed out. Yeah, there's like four balance transfer cards I think in there. Expires in... There's one And that expires in like 12 months and the rest are 15 to 18 months. Yeah, this looks closer to that 15, 18. And doing that. And then balance transfer fees, of course. My credit score from 730 to 600. Why would you want to do?

45:40Yeah, no. Yeah. Because of the utilization rate. You guys are not credit card people. You don't even know. I'm okay with. Fisk card is geared more towards college students. It's a debit card that helps build credit. And I recommend that to every guest. and you guys kind of can, but the rewards are geared more towards account students, so I don't know. Those are the kind of cards you need to use. You cannot use credit cards. Then close the f***ing accounts so you don't have access to them. You want to hope? Okay. Then f***ing close the account so you can't spend money on it. I locked all my cards back in January.

46:10Lock is not going to do anything. You can unlock them. Close them. Your credit score is already f***ing. I haven't unlocked them since January. But I did lock them in January. But I could, yes. You go out and accidentally buy full self-driving for a month. I've closed sounds so bad i've closed a few like some of the cards that we transferred onto here i've closed those like we had a target card i closed that one like it was that that was one of the transfers to one of these cool so you know how to do it then do it for all of them why not why haven't you i just thought i had to pay them off to close them so i will get them closed because i don't i agree with you i'm not a credit card person obviously if i got myself into this kind of mess okay we got costco yeah that one's bad yeah this one's so bad i don't even know gonna give this we were still using this one for a while and we were making guys this card is a doom yeah we used to spend a lot of money on groceries at costco and i'm like i don't think costco is good for us i think we because a lot of this food yeah it's insane it is insane is it even in like what is happening so actually it used to be much higher it used to be 20 something thousand like we stopped using it and started like we're trying to that that's our focus right now is that card but yeah that that one okay um 291 dollars of interest is accruing 471 minimum payment balance of 18 ,048 guys it's crazy insane stupid stupid all in costco spending yep well no you can buy that you can use that card anywhere i'm asking you guys no no i mean mostly we would spend like 800 every time i go to costco and how often would you go to costco we would go like twice a month i'm telling our grocery bill was out why i don't understand why what are you guys getting and using and we use that card a lot that didn't answer my question yeah we just you just dodged that i did um what are you guys getting i i kind of used to buy wine there which was bad we don't do that anymore i I don't buy wine there anymore.

48:07How much of a wine drunk are you? That's a lot of wine. How do you think we spent$20 ,000 in California? We just had a winery. Oh, for f***'s sake. Why are you living a millionaire life and you guys have$40 ,000 in retirement and more than that in debt? Yeah, that's a good question. That's a pretty darn good one. Yeah. I wish there was a good answer. Well, 25 years to pay off if we only do our minimum monthly payments. interest this year so far on just this card$3 ,200. Of course, if we add them all up, probably five, six,$7 ,000 at interest this year so far. Absolutely crazy insanity. That's bad.

48:49And we added our interest up for like a month one time when it is monthly and it's insane. It's like a car payment. Oh my gosh, guys. It just keeps going. Okay. Who's discovered it? It's his. What? Is that one of the balance transfers? Oh my gosh. Okay. So you're the balance transfer king. That's your thing. $10 ,287.37. The$206 minimum of payment, you're only doing the minimums. Okay. 0 % until February of a year from this upcoming trip, right? So we have some time there. But still, that's such a huge balance that that time is. Like if we followed snowball or avalanche method, either way it's just like, do we get to it by the time the interest free period runs?

49:43I don't know. Okay. Gaff rewards. So I use that when I buy my kids their clothes and I have it set to pay statement balances. I don't make, I pay. But do you trust yourself? I don't trust you to have a credit card. I don't. Especially since you've paid interest on this card this year so far. So obviously you do not pay it off in time all the time. Yeah, I, that's true. I switched it to Statement Balance early this year. Well, it's not up in early enough. Because when I first, like, I first have them all. Also had fees. Yeah, so I had it linked to auto pay off my debit card, and my debit card expired, and I didn't realize I was not auto paying that card, and I had to call them.

50:23I think they reversed it, but that's what that fee was. Is this PayPal paid off every time, too? Looks pretty close. Is that the MasterCard PayPal? Yeah. it's linked to our like I don't know you tell me our steam account yeah what are you guys steaming we're gamers we like to play video games okay great play the games you already have so my son will buy like expansions whenever he does chores around the house like that's what he wants to spend hello son mom and dad are never gonna be I tell him that I literally I'm like dude you're gonna get you tell him no he's a 14 year old yeah he so those are his purchases but he did give me cash he had cash from Christmas oh okay well that part It's not a first statement.

51:01As long as you put it right towards it. But you've got Steam games, then Microsoft, then Microsoft, then Microsoft, then Blizzard, and then Domino's. Blizzard. What's that? Domino's is not gaming. Blizzard would be me. Domino's is not gaming, but it was related to gaming. You get on Blizzard. Because we were playing Diablo when the new expansion came out, and I literally didn't want to cook. You just don't have money. Play what you already have. We have Diablo. I'm sure you guys have a vast library. That was his. Play it for a couple years. You're going to be working to get out of debt quicker.

51:29so I don't even like I only play when new seasons and expansions come out and I own it and I don't have to pay for anything I think you had to buy some coins to have like this guys stop I don't need a just like it's not a life story I'm sorry it's just like you don't have money don't spend it but that's why we went to Domino's cause cause we didn't have money mom didn't want to cook that day cause I wanted to play video games yeah are you a child I was that weekend. My 14-year-old called me a child because he was like, dude, I'm not playing video games right now. Like, all I want is. I'm losing hope here, guys.

52:08Yeah, it was bad. If our 14-year-old has to tell us. That's not a joke. No, it's not. It's not funny. That's not funny at all, guys.

52:20Oh, good. Good. Oh, my gosh. It really just. Let's just keep going. just keeps going American Express blue cash every day there it is that makes sense that's falling into what we're used to well okay we have$1 ,504 on here and 75 cents wonderful minimum monthly 40 and that's all we put towards it means it's going to take four years to pay off the way you're doing it now which means the interest is certainly going to start before then so I don't know did we have a plan What was the plan? I don't see anything indicating a possible plan within here other than the larger payment on that one credit card.

53:05This ends a year from now. Do we have a plan? Keep making larger payments on the high interest credit cards. Okay, so avalanche method. Yeah. At the rate we're doing so far, we get out of debt and... there's a pie chart here we get out of debt in 118 months so bad plan guys bad plan bad plan okay that's too many months that's too many months that's more months than I would like sorry I just threw something at your wife If only you were legally allowed to do that in the state of Texas. Wait, he's legally allowed to do that in the state of Texas?

54:02Amazon Synchrony card. So this one was another one that had my debit card connected to it that expired. And so I had two missed payments. But when I went to go call them and try to get them reversed because I never had a missed payment before it said on autoplay, they offered me 0 % if I closed the account. so I took it and I closed the account and took the 0%. Good. 0 % forever? Yes, until it's paid off. And they have a minimum monthly. So right now that's not our top priority because it's 0%. Me too. I was like, can my other cards do this? Because I missed two payments because of the... Yeah, I called all of our credit cards after that and none of them would even lower our interest rate.

54:44Well, it takes four years to pay off$44 a month. Oh, is this your Tesla breakdown? Mm-hmm. I see full self-driving on here. Yeah, we didn't add it to the thing. Like, it's just... We didn't pay extra for full self-driving. You're talking about right now? Why is it on here? It's capable, but we didn't pay extra for it. You got the performance brakes? We got the performance because it was still going to be... Because the other brakes aren't bad. Four or five months. Black oil, you got the premium interior. had to get the premium interior guys we got it exactly the way our other one was but the model P the model Y performance instead of the model Y long range so it was a thousand dollars alright we got the performance pedals yeah guys if it makes you feel we will not buy another car until that is paid off and we have cash to buy another car it's the only option but we're not going to how does this seriously continue you what bothers me though is that they you know tesla doesn't offer gap insurance when you buy your car from them you can get insurance through other insurance providers like i do have because i don't i've called don't get tesla insurance if that's the case no i have um i have state farm and they don't offer gap insurance okay and so if we have an accident now we're because our car literally is not worth well we know you're not able to drive with a wall next to you so that's True.

56:18Yes, exactly. Thank God that I can't drive at all. No, but if we had another car accident, like that's our only car. We only have one car. So he has a work van. But we know you're dramatically underwater. Yes. So I don't have gap insurance. Like I don't know where to get gap insurance because I've called State Farm. So Progressive will offer it, but I have to switch all my stuff to Progressive. And since I have an accident on my record, my have you worked with a broker? Yeah, I have a broker. And she she put it, plugged it in through all of the other places and they couldn't she couldn't give me a better rate than what i was getting at state farm rate but was she able to get you gap she could get me gap my monthly would go up no like it wasn't the gap that made it go up the gap was only like six dollars a month it was everything else because like state farm even though they're charging me an extra 150 a month because i had a car accident that was a total oh it's because you're car accident bull I had a car accident.

57:15We stayed with State Farm, but my rates are like$150 more than they used to be. Actually, they're way more than$150. The accident will fall off soon, but it'll show you on there that you're getting charged a premium$150 a month because you've had a car accident. I talked to them today on our way here. Wells Fargo says they do. They offer GAP insurance. So do I just need to call them and ask them? We took two seconds to Google it. I didn't know that. You guys have been around the technology of Google for a while now. I don't understand why no guest on this show is capable of literally finding out if something's true.

57:52I didn't know that Wells Fargo offered it. I didn't even hear anything you said, by the way. I'm sorry. My voice has drowned out your voice at this point. I was reading what they were typing to me because they were searching it so that we could correct your thing. So I can call Wells Fargo and ask to add gap insurance on. do some googles i don't know man dude all right cool what is this sofi mastercard that's a zero percent that he goes the balance transfer yeah that's the fourth one why are all the balance transfers him because all the credit cards were in my name and he had nothing open and he had a 750 credit score so he opened he just did it i came home from work and he's like hey i opened four balance transfer cards without you knowing yes because we do you you led me to believe that you communicate but now with the tesla and with this that is incorrect so why would you do this without her knowing my dude i well she was happy i did it it was but you did it without her knowing a big financial move i mean it's yeah it's kind of like when no no no no no no why would you do it without her knowing i feel like we we had discussed it previously and i just i just screenshot about 0 % credit cards.

59:07I'm like, yeah, I would never get approved for that right now. That's not an option for me. But D? But D? Why?

59:24Because... He wants us out of debt. He doesn't get us out of debt. You just move the debt and then you pay transfer fees on top of it. I know that there's less interest but usually most people just build the debt back on the card that now has zero balance. I don't care about that reason. I want to know why you did it without tucking. If you saw your high yield savings rate drop down, you need to keep listening. The Fed just started cutting rates with more expected to be on the way, potentially even dropping all the way back to zero. Even I got a notice from my bank about the cut. So if you see your savings rate already shrinking, it's time to take action.

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1:00:41So don't wait. The Fed's next rate cut decision is November 7th, and there's a good chance they'll cut it again. Check out Silo Markets using the link in the description below, and you'll get a 1 % bonus on your deposit. That means the 4.2 % treasury becomes over 5%. Take advantage of this last opportunity to lock it over 5 % in rates only with Silo at the link in the description below. Now let's jump back into the episode. That's not the first time either. What? What else? You opened that credit card, the Capital One credit card that you had, that we paid off with one of those, without me knowing, and the checking account, the savings account when you started working.

1:01:15Why? Why are you doing all these things?

1:01:20You're a man of few words. Doesn't mean you can't tell her anything. I don't know. That's not an answer, but guy, it's not an answer. What'd you think? You came home. Boom. Credit cards, 0 % transfer. I was just like, this is only going to work if we don't charge money to them. So they need to be, you need to set up auto pay right away. What'd you think about him doing it? Oh, I was, I was a little bit like taken back that you didn't ask me, but then also was kind of like, well, this will help us if we can make big payments on the other one. So it will help. It wasn't a bad thing. I actually called my mom and told her and talked to her about it too afterwards I was like hey like Nathan opened up some zero percent cards to transfer it at two he's like well she's like that's good if you don't recharge any finances tell mommy I guess I do talk to my mom a little bit I didn't she just doesn't know how much that we have but uh also it wasn't a bad thing I wasn't mad but I also was like it is only going to work if you don't use these cards and I think there's one card where when I went to go put in our, because I had logged in to enter all of our auto pay stuff and I'm like, what is that?

1:02:27Why are you using this card on not a transfer? I did do that one time. Yeah, you did. On that so far card. So, he like has a history of opening up things without it being a family decision. Okay. Which would lead me to believe that that is not going to not happen again in the future. It would lead you to believe that. I see how how do we prevent that that's not a good thing i don't know how to not prevent it just to not do it you remember the plane ticket to new york so the plane ticket to new york um that you got when after we decided that we weren't when this summer okay so like when we hit rock bottom in april may like he was supposed to fly to new york for his brother's bachelor party and we had decided that like that's not something we can do financially like he needs to tell his brother he can't go and then when he came out of our his gaming room to tell me that he talked to his brother it was to tell me that he bought a plane ticket instead what are you independent are you not married i am confused uh he only has one brother i didn't go to either one of my sister's bachelorette yeah i did say that that was his reason he has one brother no i don't i'm not against you going i'm against the fact that you do things without conversating about them ever we had a conversation the conversation was that it's probably financially smart that we don't do this do you not think you're married i'm confused i think i'm married why do you act like you're not financially does she have no say she have no interest or is it because she's so domineering that you want a little independence i don't know could be that i mean i i i do like to have control of situations but i also don't like i do care about what you need and want i just don't i was hoping he would answer not you but yeah i got some help to pay for it and so i just did it which is not something i'm cool with either yeah but everything combined buddy all the yeah i'm like sorry oh guys oh guys oh boy okay advantage whose student loan do we have so if it's 1 % it's mine I think advantage is me and then let Tim advantage is small what did you do this is an associate's degree good good good yes that's right that is right we have $2 ,427 what's your monthly payment it's like 20 something I'll say 25 because it is small it's a 1.86 % I would amend the monthly payment until it's paid off.

1:05:08Who has Nelnet? That would be me. What do you got? What did you do? Did you get this? You went to college? You went to trade school? What did you do? I went to college and did not complete a degree. That loan was essentially just to help me survive my early 20s, I guess. Oh, you didn't even use it for the school? No. Oh, dude. Okay. Okay. Monthly payment,$59. It's not crazy. $59.15. And then we owe$6 ,248.44. Okay. Interest rates, we're looking at three or four. So I would minimum payment until we pay off. And then on mine, it's two. It's broke down. I don't know why. There was only one. But it's$2 ,000 twice.

1:06:03what's your other minimum payment 20 it comes out to 59 total a month or 49 minus 59 yeah yours is 49 mine's 39 total a month but they're both about 2000 like every year when i would do my fafsa or whatever they would do a whole new loan so they're all low interest but they're just separated out i've always just paid the minimums because they're one so we own our home yes yes what is it worth do we know do we know yeah it's worth like anywhere from depends on what site you go on like 480 to 550 okay we have a great equity position we only owe 299 297 dollars and 91 cents wonderful the minimum payment of 2 514 dollars and 47 cents and that includes our like taxes and all the goodies it's your mortgage it's your full package yeah yeah i bet you at 2.5 percent i'd minimum monthly payment until it is paid off great equity position what did you guys put down for it?

1:07:00I think we put like$15 ,000 down. It wasn't quite 20%. You guys have just rode the market and it's been beautiful. Wonderful. We pulled it out when we bought that house. Yes, I know. Literally, it was the 401k. That we did that. We pulled it out. It was whatever. I moved back from Washington, so instead of rolling it in, we just took it out and used it to put down on our house. I then started my 401k over in 2020. I know. I did tell my mom. You're lucky it worked out. Yes. Because I pulled it out and then the market crashed. Yeah. Okay. Available balance,$6 ,900 in a checking account. That's great.

1:07:38Why do we have so much in there? We try to always keep enough in our checking account to pay. You have enough. All of our bills the next month. You have enough. Yeah. We don't like it to go. Yeah, I know. We. Okay. We just. Starbucks, Chick-fil-A, Raising Cane's, Blizzard, more Blizzard. That must be you. Zellin out 45. that's our lawn service our lawnmower broke it was cheap Amazon, Amazon, Costco Costco's groceries I know what Costco is guys I don't need this for every purchase I don't AMK RMB event Target, you never really know Mealy Q The Children something Express, Great American Amazon, Zellen out 45, Zellen out 50, Prime Video, Prime Video, Kincade's, Target, recurring car transaction, something$358.

1:08:41That's my insurance,$358. That's my car insurance. Target, Amazon, Culver's, Amazon, Starbucks, all this what we have, IRS debt, mind you. and we have to transfer our debt because we can't pay it. So let's go get Starbees. Amazon, Amazon, Amazon, Amazon. Those were the purchases my daughter made that we got refunded. Every single one. No, no. There's some bigger ones. I had to buy some stuff to make a pumpkin for work because we have to submit a decorated pumpkin. Have to? Have to. It's a part of our leadership. They gave you a budget then. No. You have to spend your own money. Well, you don't have to go all out on the pumpkin like I do, but it's a very intense competition.

1:09:26$4 ,000 SoFi savings. That's for taxes. We started it like this year. It's not even an emergency fund. It's to pay for taxes for the year. $43 ,000 in a retirement fund, mostly S &P 500, actually fully S &P 500. No, it's 50-50. Oh, okay, you're right. $35 ,000 to go fund and then S &P 500. Who is this? Me. Okay, so do you have nothing? I have nothing. Why? Well, I've had some gaps in my employment. Congratulations. Why weren't you investing while you didn't have the gaps? I guess that's on me because I guess I could have put money into a thing for you. Why can't he do it himself? He's not your child.

1:10:08Oh, I thought you said why he had gaps in my employment. I'm currently not investing in my retirement because of all of our bad debt. But you could save money on your taxes. So he's a 1099 employee. Uh-huh. He could save money on his taxes. I didn't know that. With a Roth IRA? His tax advantage retirement accounts, maybe a solo 401k. Oh, okay. Oh. Oh, total income, 10 ,500. That's what we agreed upon at the beginning in terms of not hitting our account. But what number of that is yours? probably$4 ,500. Wait, for income coming to our account? You make it, like, your minimum that you'll make if you work 40 hours is$1 ,000 a week.

1:11:01Yeah. Cool. Let's set$400 aside for taxes. So I put... No, no, no, no, no, no, no. Let's set$800 aside for taxes. Yeah, I put seven. We're setting seven. Seven. Probably not enough. Because you have to do direct deposit to get the APR in the SoFi account. We probably need to actually set aside $1 ,200 a month for taxes. Okay,$1 ,200. Cool. So real income then,$7 ,350 if you actually pay your taxes. And we know you guys don't like to, but maybe we should start doing that so we're not always f***ed. Okay, debt payments. Let's see. Non-mortgage. Oh, these are going to add up. Oh, my gosh. Tesla. This is crazy.

1:11:42Costco card. This stuff is wild. Discover it. these are huge so many cards guys what world are we living in okay not not even including mortgage our debt payment is two thousand five hundred ninety four dollars and sixty nine cents it's insane our mortgage okay two thousand five hundred fourteen dollars and seventy uh forty seven cents we already see the way that five is gone out of the seven three great what about utilities internet all that combined uh internet's 45 um water is electrics 275 water is i think water right now is 80 gas 45 maybe okay 45 phone bill So we, it was 2.05, but we have, I've called AT &T.

1:12:40I started looking at my bill marks. We have, so we had phones that we turned in. They gave us a case. Guys, what is your phone bill? 2.05. No, it's 1.45 now because I removed a bunch of things off of it. If your phone is paid off, I'd switch to helium, dude. 20 bucks per line, 15 bucks per line. Then do that. Same towers as T-Mobile. Gas, vroom, vroom, drive, drive. Well, we know you don't. What about yours? His is usually. Ta-da. 100. A month? Okay. Car insurance is? 358. For both. TP fund. Anything else you need to survive? This is also including just, you know, if you get pencils or stuff for school, for the kids, 200 bucks.

1:13:16Okay, necessary food. We could easily do. Pull the meal plan in our thing. Apply it to yourself. Tweak it to your needs. I mean, I think we're, like, the kids are good for school for the rest of the year. And then, like, we just got made a close. Calculating your food budget, please. Oh.

1:13:35we should be able to do a thousand. You're meal prepping a couple of times a week, guys, medical healthcare, co-pays, anything. We have a really good medical insurance. We just had to pay for, that's another thing that came out of our account recently was our daughter's surgery. It was like three 50, but that's very rare. Okay. But no ongoing co-pays, medication, stuff like that. $40 every three months for my, my ADHD medicine. Okay. We have Pat. So we have pet insurance. No, But our dog is 10. He's a great Dane. It's going to be hard to get pet insurance. Well, he's probably not going to make it past this year.

1:14:11What about cat? So the cat is a pretty young cat. I don't have pet insurance on him. I'd get pet insurance. I'm putting 35 there because it makes it easier once it gets to the situation of the Great Dane. Hopefully the Great Dane lives many, many, much longer. I would love him to get to 12. Absolutely. We lost our other Great Dane in 2022. 2022 was just a really rough year. I'm not going to lie. Like our other Great Dane died. And it cost us$1 ,000 to put him down. That's the absolute worst. I'm so sorry. Hopefully this one just lives a very long, safe, happy life. Yeah, well, they usually only live like 12 years.

1:14:44He's at 10. I would love him to live. Just keep going, guy. I would love to give him two more years. Yeah. Okay, 35 for the cat. And then next time you guys get pet insurance, it helps in those types of situations. Okay, pet food. So we buy our dogs food at Costco, and we roll it into our grocery budget because it's just 45 bucks, I think, for dog food. And then the cat stuff was already on here. We buy the canned food once a month, and then the dry foods every other month. Guys, pet food, how much a month? Like 100? 100. Okay, thank you. I'm sorry. All right. Gym? No, we have a gym in our house.

1:15:20Anything else? Then I need to put in your budget that I have not taken into account. we haven't had one of these in a second for you know high income earners but in order for you guys to survive because of where you got in yourself we actually need an extra uh

1:15:42142 dollars a month you guys are under so are you factoring in the 700 that i put into sofi every month into that because i make 3100 i bring home 3100 twice a month sometimes three it's like so i get 26 checks a year so i always bring home 6200 and he brings home i guess yeah no you're right i'm sorry no you're correct that's that math works because he brings home four so that's 10 for a reminder we are saying 1200 to set for taxes yeah gonna be taxes yeah no that's true So we're behind. I mean, I can always work a PRN job. You can. On the weekends. But we have a potential solution. I don't necessarily like this.

1:16:24If you do this, you're going to do it the exact perfect. It's not a good. You guys willing to sell your house? I mean, we would be open for it if it was like a way for us to be debt free. I don't necessarily want you guys to, but here's the thing. We've talked about it. Like, should we sell our house and pay off all of our debt and then rent for a little while? But then we'll never see a 2.5 % APR again. I know that's the hard part that sucks. One thing I'm potentially considering it is a movement of debt, but it potentially helps if you close all your cards. If I don't know if you'll qualify, I was thinking maybe home, a home equity.

1:17:01We've talked about that. I know. But again, it's just like the balance transfer. You still got to pay it off, but it is going to help your minimum payment go down. Plus, it's going to help your interest go down. The only way I'm going to allow you to do it if it's if you close all your credit cards. and you follow the budget. It's the only way to do it. If you sell the house, you will have enough money in the equity position if your valuation is correct to pay off your debt and still put a down payment down on the house. Your rate's going to be closer to about 6%. That sucks. 6 % is still historically okay.

1:17:26And if we did that, we would probably move to a cheaper area because Texas is expensive. Well, you guys would move? I don't know, maybe. That sounds more like her saying that. Yeah, it is totally me saying that. It's not him. His whole family's here. My family doesn't live here at all. okay you guys aren't aligned maybe we're not i don't know i thought we were but maybe we're not you're right or you can go get another job again go bring an extra thousand hours net a month and this takes a hundred and what was it 111 months to pay off and here says that that takes 10 years to pay off i don't know i think you guys have gotten yourself into such a hole you f***ed up so much that we either consolidate it through an equity thing which i I'm only willing to do if you guys fully follow the budget, demonstrate that you have the behavior to do this, that you aggressively pay that off.

1:18:19Aggressively pay that off. Because I don't like it if you guys still have your debt, still have access to it, and then you stay your spending. If you do it, you're just moving, you're making it worse. Or sell the house. I don't necessarily, if this is your guys' dream house, I don't want you to get rid of it. It's not our dream house. But I also don't know where we would live close to our. Well, you'll still have a chunky down payment. That's true. You'll have a chunky down payment. you'll get a house at a more expensive price it absolutely will feel like that but listen you're but you're wiping your debt would be smarter to rent and mind you your minimum monthly debt payments outside of your mortgage is more than your mortgage payment and you're wiping that yeah we've talked about it like we've we weren't i don't want you to we weren't sure but guess what you've put yourself in the situation where you're almost needing to or you can take or you can go make more money, work more in general, or get a better job, or you're going to pick up a lot more nursing at a second nursing place or something.

1:19:12I don't know. Yeah, I can do it. If you guys do that and bring an extra$3 ,000 a month, then we're talking about paying all this off in like three years. But you guys have to do that for three years. You can do that and keep the house if you guys want to. And you still need to go to fully fund a mortgage fund. Then you need to catch up on retirement minimum 25 % a month for both of you. Have your pay. I would shortcut this because, listen, people have a lot of emotional attachments to homes. For me, a home is a home is a home. I don't really care, so I'd sell it in a heartbeat. I have no emotional attachments.

1:19:44Yeah, but you might. The kids might. There's a whole family thing here. If I sell a home, it's just me. And my dogs, they don't care. They'll pee on any yard. There's more going here. But if you guys are able to and you really don't care, that might be the best option as a shortcut. You know, and we still get a substantial equity position in a home, but we get a higher rate and we're buying a more expensive home because home prices have gone up. Yeah. But that could be a win. And it's still, even if your mortgage payment's an extra$1 ,000 a month, you're still saving yourself$2 ,594 in minimum payments on debts, including IRS debt.

1:20:18Okay? Yeah, that one's a big one. So those are the options. That's kind of how I'd go. That's what I'd personally do. Again, consider that as a big family thing, because that's a big family impact. So have big conversations around that. If not, go bring an extra$3 ,000 a month. I know you guys can combine, but it's also more work, and it's also more childcare, and it's also, you know, there's things to think about. But there are options. Well, seasonal gigs are coming up in nursing, too. It's like at work weekends. Exactly. There are options, but they suck. And I'd personally rather do the house, but it is up to you guys.

1:20:49And if you do the equity, you're just moving it. Mind you, again, you're not actually making any progress. I don't want you to think you are, but you need to close all debt, and you need to follow the budget tightly. What are the interest rates on the home equity lines of credit right now? I've seen some 6 % to 7%, but I don't know what you guys would call for because your credit score is... So that's why I still like the sell option. Because our debt to income is really high. It really is. And your credit age is pretty low because you just opened up a bunch of credit cards. Okay, spending in a budget, you ever spent 0 out of 10 debt, you have IRS debt, 0 out of 10 emergency fund.

1:21:18That's tax money for next year, not an emergency fund. So 0 out of 10 retirement. There is retirement dramatically behind for 40. 40 with the income you make we would want to see you at at least uh club for your income we'd probably want you two to three two to three to four hundred okay so ten years ago no your retirement score is really bad two out of ten real estate this is where it's good this is what's good we have a great rate this is this is what's going to save you i mean it's an eight out of ten it's fantastic it's absolutely wonderful okay it's gonna be a hammer financial score two out of ten guys make sure to join us for the post show we're gonna try to convince her to call the mom and see if uh she'll finally confess how bad this whole situation is we'll bring in the producers we have a lot more to talk about that the producers know because they know your entire lives uh and make sure to check out the debt investing and budgeting course where you can really change your life like over 10 000 people have it's all bundled together cheapest price ever 25 % off i'll see you guys in the post show please tell me what you just told me into the mic into the mic into the mic we had an accident on our way here on the way here yes that's insane which really sucked because when i went to the concert in october i don't care you but you just got in a car crash yeah i do not care about a concert you got in a car crash okay let me tell this to watch the financial audit post show click the join button below.

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