I Finally Had To Kick Someone Off Financial Audit

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0:44It was just the five of us. So this was all planned. What are you going to do? I will do whatever it takes to get my son back. I honestly didn't see this coming. These nice people killing each other. All Her Fault, a new series streaming now, only on Peacock. To watch episodes of Financial Audit a week earlier, check us out on YouTube. Another Harley Davidson? Is that my new one? I'm going to burn this place to the ground. I wrote it here, so I'm at least using it. It's to sell it. No. Why would I buy it just to sell it? No offense, but that's the end of this episode then. I don't want to get rid of one thing and now - This is not worth my time.

1:16And you're going to fit over me not wanting to get rid of a Harley? I'm not going to waste my time. I'm not going to waste their time. You're not wasting time. I'm wasting time if you're not willing to sacrifice anything in this conversation. So I'm done. This conversation's done. It's brand new. It's going to depreciate. Mute this mic. Mute this mic, please. My name is Evan. I'm from Stephenville, Texas. I'm 29 years old, and this is Financial Audit. Thanks for coming down to Austin. What do you do for a living up there? So I own a classic Mercedes shop. You own? Own. Business owner? Yep. Okay, this is exciting.

1:49Wow, how does the business do? So it's been pretty good. It's been open for about a year now, officially. I bought the shop in August last year. Started doing it January. You bought the shop? Bought the shop. So this isn't ground up from you, which is fine. It's totally okay. But buying a shop sounds expensive. Can be if you do it wrong. Was it? I mean, the shop was$160 ,000. Okay. That sounds crazy. I put down$15 ,000. How was the shop doing before you bought it? So, no, it was just an empty shop. Oh. It was an empty shop with some land and it was for sale. Okay. Okay. I thought you bought a pre-existing business.

2:27No, no, no. Okay. build it from the ground up there we go okay very cool okay now if it is so successful and all that stuff i mean i think there's there's a loan in here that's like 200 interest you know there's there's like some of the more wild debts that exist for people to take out where is that money coming from the success if not to pay off debt why is the debt being taken out why is there debt if this is a successful business well you gotta have debt to make money you gotta you gotta borrow money to make money that's how it is you have to borrow money to make money do you have 150 grand sitting in the bank right now do i yeah not do 99 percent taxes okay do 99 of the world have 150 grand sitting in the bank to just throw it into a business that may or may not work oh that's what you're saying upfront costs of the business yeah okay well there's nothing wrong with necessarily taking out like a small business loan there's some good opportunities again you have a 200 loan i don't think that's what we're talking about 200 i don't have one at 200 we'll go over it it's only a couple in but you also have just traditional credit cards and stuff that are sitting around 30 you have credit one which is sitting which gets monthly fees so you have to borrow money to make money one i borrowed no money to make this business to be okay but you don't have to borrow money to make money that's a that's a some experts will say otherwise so this business doesn't exist i'm not saying yours i'm saying you said you have to you said have to in my world yes have to as in there's literally no other option well let's see you're gonna love this i had no job and i took out the loan for the business so i could make more money i couldn't just make 150 grand appear no again i'm not against uh appropriate leverage in certain situations and it may have worked in your situation but you're saying you have to it's the only you have to borrow to make money yes i did you yes not everyone okay so let's not generalize it yes i had you said you have to that's what you said okay i'm going off of your words okay well for me yes i did have to borrow money maybe not everybody has to but that's maybe what one percent of the world like a small business loan yes we can do that but again there's credit one credit cards in here yes that's not before those are before okay yeah so that's not we have to borrow money type of debt again we could even even a personal loan like i the interest rates aren't fantastic but that's something we can potentially think about if needed to expand a certain area or different business loans there's you know i i take out as long as the interest rates make sense and the math makes sense i take out leverage on real estate but that's because you know that's often the best way to take advantage of real estate you get something that's at four hundred thousand dollars and if it's appreciating like six percent a year even though you have like eighty thousand dollars into it that forty thousand four hundred thousand is still what's appreciating at that six percent a year so there's lots of good ways to take advantage of leverage but again this is a big pile of stupid well yeah but a lot of that has only started before the shop it started before the shop but if it was successful why hasn't it been paid off who said i was successful you said it's been a successful shop well i haven't gone under so that's the value of the bills okay success is being able in my opinion success is being able to do what you love and enjoy doing it and being able to just live comfortably.

6:04Everyone would love to have a Ferrari or be able to travel the world, do whatever. Of course, everyone loves to do that. Big difference between owning a Ferrari and just literally not having credit one credit cards. No one in the world said, well, your definition that you just said right there isn't success. I would also define that as success, but you're saying living comfortably, you're having debt that you're not able to pay off. That's not living comfortably. Well, I am paying it off. It's just taking time. Maybe I should pay it off better. Yeah, it's going to take literal decades. Well, yeah, if I do minimum payments.

6:37Which is what oftentimes you do. Well, also spending on them. Well, maybe, but I haven't spent on them lately. I haven't spent on them lately. Incorrect. I have your most recent statements. You do, and I haven't spent on them lately. Well, what's lately? A year or three days? Lately? This is your most recent statement, so this would be lately. It's your only available proof that you can print off and show lately. It's the most recent thing, so that's lately. Okay, well, we'll see what it says, but I have not spent on them lately. I really haven't. I'll tell you what it says. All right. $41 is spending on the first credit card.

7:16First credit one? Mm-hmm. Okay. Yeah, you lately spent$41 on that credit card. There's only about 1 ,000 more credit cards to go through. There are. Yeah. so I'd say you did spend on why would you even say that I'm so confused you're combative okay this is interesting alright I'm just I don't get why why even say that though if that's just objectively not true I did not realize I did spend on it in the last month okay but there's also more cards you spent on we're not talking about the more we're talking about that one we're talking about credit cards in general buddy okay well you said credit one right okay credit cards you said credit one okay fine so we're hitting on the credit one even credit one you spent on okay so i spent so it doesn't matter okay regardless it is what it is it is what it is what it is so that's how we uh that's how we can't change history just focus on the future exactly but you're not focusing on the future because you're only making minimum payments and still spending on the cars that are accruing interest that you're not paying off so you're not focusing on the future so what so i haven't focused on those but i focus on other things what so my uh asima and my affirm i have focused on those i've made more payments on those my harbor freight i've made more on those yes i have a firm okay yeah cool you're you're easily triggered aren't you so am i it's okay uh so am i i get it i can get heated quickly i'm a competitive little boy in different things notice play me a game in mario kart and i'll be freaking out you probably would yeah that'd be interesting yeah we play them on the the member streams for those who are there but um okay well i need to know about your income do you even know now what comes into the business but after everything what are you able to withdraw from the business so that has actually been a a struggle for me to get it yes a successful business as you said i have oh to separate sorry to separate what comes in everything goes into my personal bank account right now i have not set up a business bank account yet because i just i don't know how to to be honest i haven't gone that far i haven't looked at you i know how to set up a business bank account but being able to separate everything and pay myself you have it deposited into the business checking account and then your business expenses come from the business checking account so what what's the confusing part there because i don't want to be dismissive of that i want to So I understand the whole point of putting the money into the business account.

9:51Yeah. And then paying myself at the end of the week or in the two weeks. Are you LLC? Yes. So that's more, you know, you're just acting as a pass through. But what the business account is doing there is essentially, this is really helping you keep the books by the end of the year. Helping you take advantage of different tax advantages. Understandable. Right off, deductions, all that good stuff. So, but for my actual income, it's really just whatever work gets completed throughout that month. That's my income. Yeah, yeah, yeah. So it varies. But you have expenses, no? i do yes okay so would you deduct those from the income so the revenue really what it is is if i get say ten thousand dollars for a job it goes straight in my bank account and then i pay my bills whether it's the company bills or my personal bills whoa what is this va benefits that's like nine thousand dollars it's twelve hundred dollars or nineteen hundred dollars a month every month the nine thousand was a uh uh back pay for them back paying me what is this is this disability yes there is not one veteran that has been on the show that does not have disability by the way so does every veteran in the world that you know have disability because as far as i know it's except for my grandfather for some reason but okay can i ask what happened for myself yeah just basic stuff hurt knee hurt back had you heard it hiking just typical stuff rather not get into all that yeah but you wouldn't get disability for hiking well just hurt legs hurt back yeah but from in the military yeah okay because when you say hiking i'm thinking you're just going outside ruck marches okay okay there we go if that's what you're wondering sure uh yeah i don't need i don't need details i was just curious hey i just become more and more curious because this is every single veteran on the show is on some form of disability yeah which totally down for if something happened yeah i'm not against that but it just it's making me more and more curious every single time i understand and i mean if we get on it it's probably because they have to go through a whole system it takes like six eight months most of the time they do their research see what did happen in the military and then sure they give it to you or they don't sure eight so 1800 bucks a month for that but there was some back pay okay zell in is zell from the business zell is from business okay 7614 i don't remember does it say from who uh sorry this is just total numbers but as we go through the accounts we can see but there was a total zelling in okay that was more than likely all income to the business to the business so you get paid through zell sell okay uh paypal and then cash don't paypal cash okay let's see yeah cash app 340 would that be business as well uh more likely not okay that's all but paypal is 2 ,696 yep that was then cash deposit was 4 ,500 yes okay and then there's a remote deposit of 166 or across the board?

12:35Could have been a check. For business? Yes. Or an ATM deposit of 16 bucks? I get... Lottery? You won the lottery? Yeah, I won a little bit of money. A little bit of money. How much did you put into it? I'm about broken even, if I'm being honest. I've put in about three. Better than most. Better than most. Okay, so I'm going to add up with this business income. Okay. Now, big question here. What was your start date of the business? August 14th of last year. Okay. How'd taxes go last year? I made$19 ,000. Did you file, though? Yes. I have a CPA that did it all for me. Good. Probably didn't owe too much, no?

13:16No. But this... It was$19 ,000. But this year, are you saving up the necessary money for the taxes? Because, again, I mean, that last month shows business revenue, if that is all accurate, of$14 ,976. Okay, so I'm not saving for taxes now to pay at the end of the year because all the money is being spent. Okay, if it's all being spent on business, you might be okay there. But is it all being spent on business and what the IRS will define as business expenses? More likely, no. Okay, well, then you don't have an excuse and the IRS is not going to be happy with that and they're going to come out.

14:01And I'll deal with that whenever I get there. When they show up with guns? Yeah. Well, I don't think they'll do that. But if they do, I'll fire back. Yeah, I don't think you're going to beat the ones with nukes. Okay. So business revenue. This is going to be... I'm excited for this conversation. This is interesting. You and me both. Why are you so excited? I'd like to see how this goes. $14 ,976.72. cents so i would want to see gosh probably at least because

14:37if we're taking into account different deductions and everything i mean it's probably safe to say 30 on a monthly basis so this last month i would have once seen would want to see you set aside about$4 ,493. Now, do you know how much was spent on the business last month? So the shop every month is$1 ,500. Okay. And then I have electrical, which comes out to about$300 a month. Okay. Internet,$130. I do have an employee. I pay him$6.50 a week. It's flat. Flat? Okay. Go out to eat every day. Take him out to eat for lunch. You just said you don't have money. Well, I do. To go out to eat. Which is more important than losing your business.

15:29Most people die if they don't eat. If, like... It's obvious. Was the VA disability for losing half a brain? I didn't have it whenever I went in. Huh? What? You know how to put meat between two slices of bread, buddy. You don't have to go out to eat every day. You don't, but it's nice to. But that's... Yeah, it's nice to. But you just said most people die if they don't eat. Don't be dumb. Don't be a dumb. You what? Have you never made a meal in your life? I've made multiple. OK, then you can bring them to work. OK, good. Now, legitimately, guys, I believe that you, everyone in your life, everyone around us can actually take control of their financial future and make their lives better.

16:10And we've spent over a year here creating tools to help make those goals a reality. Right now, our budgeting program and investing program are bundled together at a 15 % discount. and you get$100 in cash gifted to you right into your Moomoo account. There's honestly no time like the present to actually take control of your future. Don't wait. Don't let this opportunity pass you. $650 for the employee. I'm not going to count the eating out. What else? Tools,$200 a week through Snap-on. Is that a debt? It is a debt. It's a truck debt, though. It's not financed. Oh, it's through their special little thing.

16:49Yeah, just through the owner. Everyone always, every time on this show, that little truck pulls up, people are just like, here, take all my money forever. How am I supposed to work on cars if I don't have the tool to work on? Yeah, they always say you need this. And it's a tax write-off. Tools are a tax write-off. Listen, I'm going to count that against your business revenue in a second. I'm just trying to figure this out. What else, Ray Karin? I use my truck for work. Does that count? I use it to haul cars and pick up customers. Yeah, how much gas? uh oh diesel is probably well is the truck under owned by the business i haven't put under business name okay then i'm not gonna do that but just for general things here let's just and then we'll get into your personal finances but this will help me calculate essentially what's could be coming home on a monthly basis so two thousand seven hundred eighty dollars of expenses so about twelve thousand and it should be left over relatively and then you're going to set 30 inside of that 3 600 and you should have just about 8 537 dollars and 20 cents left on a monthly basis plus your va disability now that's based on this last month was this bet last month pretty normal a little slow actually this last okay then i'm going to do it to be conservative so i think we can then say about 10 337 okay okay let's just say that because you need some money aside for texas why risk losing your business it's understandable it is your business is your life right now right this is your baby you're growing it's great now good news is if i'm not mistaken and you're going to sit down with the cp and figure this out this is going to be your first full year business operations and you shouldn't face any late fees or any uh or penalties or any penalties for not doing quarterly because it's your first year.

18:37So you're pretty much going to have almost all next year to pay your taxes. I think. Confirm that with them. It's something we started to go through when we're building this business and it became a lot bigger than we thought, way quicker than we thought. And then we were like, oh, you had to figure it all out. But that's something you're going to have to worry about. So I'm not freaking out, but you're going to have to get the money to at least pay the taxes. And I would start setting that 30 % aside now. So I guess on that note, I do go to the comptroller website every month on the 19th I have it set.

19:08Okay. And I pull what taxes I made through my shop system and I make that payment for just what labor. Because I charge tax only on labor. Oh. And I pay that every month towards my taxes, if that makes sense. Through the comptroller. Through the Texas comptroller website. So just Texas taxes. Yes. Okay, well, federal is going to be your big boy anyway. Yes. Because Texas is relatively minimal. Okay. So, federal is, I mean, that's a scary one anyway. It is. It is. Okay. Just want to throw that out there. Well, that's okay. That's good to know. And honestly, that's probably calculated towards that anyway.

19:46So, I want to know, self-assess, where do you think your personal finances are? Zero to 10, zero being the absolute worst, 10 being the absolute best. Like me budgeting or just how much debt I have? Your entire financial picture across the board. I'd call it an eight. Okay. Eight being bad. You've seen the show, right? Yeah. Why do you think I'm here? I know, but you wouldn't think in any world you'd be considering an eight. You said eight being the best or 10 being the best. Oh, okay. No, two. I heard that reversed. Yeah, you did. No, I'm at a two. Okay. Okay. Much more reasonable. No, no. If you watch your Hammer Financial Score, link in the description below.

20:25It's free. And if you want to be on the show, go to calebhammer.com. slash apply. We'd be happy to have you down to Austin, Texas. Alright. Yeah, again, this credit one. We have a credit one. Yeah, credit one. I got three of them. Why did you open credit once? Because I didn't do my research and they approved me. Yeah, they approve anyone, basically. I learned. $686.61. The minimum fee payment of$35. But yeah, you spent. You told me you didn't, but you did. Okay. $8.25 of interest is accruing. It's for Clash of Clans? Oh, I do remember. Hold on, no, I remember that now. I don't even have that app anymore.

21:04And actually, so, yeah, I remember that now. I completely forgot. Yeah, I bought some kind of pack or something on Clash of Clans. Oh, fuck me. Yeah, yeah. I deleted the app like a week later, too. Yeah, because were you spending a lot on it? Actually, no, because I stopped playing the game. It got boring. Oh, fuck me. Two Clash of Clans. Yeah. And then it'll be Acrobat. using that for the business yes we want to go through this through the business though to help you when you're doing the books man plus it's not helping anyway because this is going on a car that you're not paying off that's a growing interest it's not like it's horrifically far from the entire correct uh credit limit on that card anyway what what is the limit on that one because we got three 950 on this one you know another thing about you not managing your finances right you not even being prepared for tax season next year and guess what we're entering q4 here in a second uh you have an employee and he depends on you and you this up and then your employees and it's your fault yes 100 so nonchalant what if you cared about you to be doing something You'd be a big boy right now.

22:20What am I doing here? I'm here. This is not. This is not. No, no, no, no, no, no, no. That is what every single person says to try to get out of any kind of pushback when they sit in that chair. No, you're here. That's what everyone comes here for is to go through their finances. I know. But you've done nothing this entire year to prepare for taxes. I have not. The way I do my taxes is I send my 12 bank statements to my CPA. He does my taxes and done. How much do you have in savings? It's not going to be done this year. Last year you didn't make anything. This month you made half of what you made last year.

22:51And it's a slow month. So it's going to be completely different. It's not I send my CPA and it's done. No, you're going to be writing a big check. So. With money you don't have. Yes. Money I don't have. I got. Right now I got about$3 ,000. And then your employees. Their livelihood. So he'll be taken care of. You have any kids? You have a spouse? Nope. Okay. Well, he'll be taken care of. With what? You don't have any money. What are you talking about? I'll get the money. I'll make the money. I'll work harder. Get the money. Not through the business. It'll be taken from you. Not really, because I'll just work and get everything paid off.

23:25I'll get the taxes paid. I'll work, take the money, and pay it. Okay, so at that point, what you're saying is telling the IRS after all, every avenue is already gone through that are essentially potentially penalty-free for being a first-year business, once that's all gone, then you start going into IRS debt, and you're saying you're going to pay that off? 25 % IRS debt. So it's going to put you in a deeper and deeper hole because you're going to start paying that. And to pay that, you're not going to be saving up for the next year's taxes. And then it just gets, man, you don't understand the danger of this.

23:58You really don't. Listen, I'm a new young, we're the same age. We're the same age, young business owners, young businesses that are both growing pretty quick. And we've both been successful. And this is awesome. I love this. This is great. But there are so many people out there that have completely thrown this away by f***ing up. It was one of the first things that once we were like, oh, this is a real business, we put money and time into figuring it out because it is necessary for the longevity of the business. And you're just f***ing around and that's scary. It is. And I have to agree, yes. I haven't dug into it as well as I should have.

24:39But, I don't know. I haven't been able to figure out what to do, the steps on how to build a business. Well, let's go through and let's figure it out, man. 29.24%. I mean, first thing to do on just your first personal thing as you're going through this, I need you to budget. Your business should have a budget. We don't have anything for business related stuff, at least at this time. But at least for now, we can get you in our budgeting class. Go through it. Take all the quizzes. Go through the education. Build your budget. Manage it. Go through the investing one as well. You get it for free by being a guest on the show.

25:14You guys can get it 15 discount bundled link in the description below but go through that it's and i got that it's been the biggest issue why i haven't been able to build a budget is i don't pay myself i just take what i have in the bank at the time to be able to pay my bills and everything every week is different some week one week i may just have enough to pay minimum other week i may do pretty well and that's whenever i try to buy some extra stuff buy more cars or be able to just pay some extra debt off yeah and we have a whole section dedicated to variable month budgets where months are just unpredictable so we we got you we got you but we'll go through this and then we'll also give a plan at the end of this but you know typically when figuring out your first budget and everything it takes hours so you know we're we're gonna kind of have like a makeshift budget and then um let's see things so this one's interesting this one is interesting so you got something and Akema, Akema?

26:10Asema. Asema. Asema. $2 ,649 is the purchase price, but the total you'll be paying is$6 ,304. Also known as essentially a 200 % interest rate. So Asema has a 100-day same-as-cash payoff. Where are you in that 100 days? So right now I owe$900, and I got two weeks, and that should be paid off by then. i'm not i've already used them four times every single time i've had it paid off i'm not going to be paying that interest that's stupid but i i'm going to be paying that off well you better man because this yeah literally if you don't make that payment 900 two weeks yeah two weeks 900 two weeks if i don't do that then i start taking on interest dude it's an aggressive interest and it's $125 a week.

26:59Yep. $121. But it's just crazy, man. But you still took this out and you took on the risk. So I am glad that you're close to paying it off. And if everything goes well, we should be doing that. But you still took this out. Yes. I had to get a set of tires. I had to get tires from my truck. I know, but even a credit card would have been better because what you put on yourself is if some job for some reason just dried it up for a couple weeks you would have been with a 200 interest and i never looked at it that way because my mindset was i'll have it paid off by the hundred of course that's how they get you and you're actually potentially most likely i'm going to say actually win this but you have put an immense risk over your head with this and i okay yeah i probably should look at it that way well that just makes me a little more afraid for the future all right guys i get it you need more financial audit.

27:55So we've decided now in our membership below, you get two exclusive, see nowhere else, uncensored financial audits. Oh, good. No way. Your couch hopping places. I like to stay at for the job. You're relying on bookings for a place to live. Yeah. Also three post shows a week for every financial audit you're seeing right here on YouTube in the post show. We have an extra 20 minutes for every single episode where we go into more drama that we didn't uncover in the original episode. We can't find you on Facebook. Did you block me on Facebook? No, no way. And then included in the membership every Tuesday, we have a member live stream where you come in, you hang out with us, we answer your questions and the whole crew gets together.

28:41We play games, we mess around and we chat with you. I have a pair of salmon shorts on that desk where I did a change in two right after this. So you dress like you're smoking a** for the first time when you go on a date? Yeah. Then there's always extra bonus things like, for example, an office tour. The team grew. We have to eat out of here now. So this was going to be the fun area. Now it's not. We upload hours and hours and hours of extra content just for you. And it helps support the growth of this channel and the growth of this business. Join the membership. link in the description below just you can't get into things like this man this again if we're talking about keeping your business surviving these are things if we start going down these uh paths that will your business man they'll you i got nothing to say on it i mean it it's i feel like that one's under control so far and i think it still will be but again take those out how many more times when's the time it's not under control when's the time something happens when's the time you you get injured or there's like an infestation at the shop or something and then businesses can't be done life happens things change life is crazy man medical emergency in the family and you have to travel you never know you never know harbor freight i love my tools yeah tools tools tools and more tools are you working to get tools are you getting tools to do work because it feels like the first a little bit of both yeah it's always in that industry man people are just more almost more obsessed with the tools than the work they they i do see that i do like my tools i try not to fun but it is i try not to go overboard and get like fifty thousand dollars in debt on tools but let's just have the business running and humming and taxes paid like i said i have to have tools to keep the business running yeah but come on every single tool you think that was the exact tool version model everything brand that you needed to get and there was nothing cheaper in the entire world if you're being realistic what you mean nothing cheaper i went to harbor freight it is cheaper it's the cheapest well you're going to snap on and get a set of wrenches for 500 i was gonna say but you have done the truck i have yes because they do have some better tools uh-huh i get better tools on snap but you've got a lot of every tool but confirm with me confirm with me right now 100 every single tool that you've gotten And every single tool is 100 % necessary.

31:13Yes. Okay. Yes. Listen, I'm not there. I don't see it. But we've had people just like you on this show. And that has never been the case. I'm going to take your word for it. I buy the tools as I need them. If I need that tool and it stops the job for today, I go that night, pick up the tool, and then come back and finish the job. Okay. I'm going to take your word for it. Because I'm just not there. There's no provable. but I mean tools are a requirement for the business you gotta have it but again most people get tools they don't need or more expensive than they need I'm not some people, I'm me and I get the tools that I need yeah you have three credit one cards and you take out 200 % interest rate loans so that's the person I trust with financial decisions yeah that is you you're right, other people do not do those things welcome to the show $69 purchases Also, reminder, you're saying you don't purchase on credit cards.

32:09Interest rate,$33.16. Minimum fee payment,$46. So why are we purchasing on a card that we can't pay off? I mean, I do pay on it. You don't pay off. I don't pay off, no, because I keep reusing it. Yes, my question was why. That was literally what I just said, and I asked why. Why do you do this thing? Oh, because I do this thing. What? I buy the tools so I can use them and then I pay them off as I go. If I buy a$100 tool. But why on a credit card that you cannot pay off that is accruing interest instead of your cash flowing like$15 ,000 a month? You can get a tool. So I try to buy with cash a lot of times, but like a toolbox.

32:54I'm not wanting to drop all that money at once. I'd rather just put on the credit card and pay it off. Yeah, but you're accruing at 30 % interest. So you're not getting the return even closer to your thinking by delaying it. Not even closer. You're losing 30%. I'm getting it to get a return. I'm not investing in it. Then what's the point? Pay it off at once then. If you're spreading it out, you're doing it to try to leverage some kind of return. That's why you would do it. It's not a return. It's a not dropping$1 ,000 on a toolbox at once. It's$250 a week or however I want to divide it up. Why not drop it off all at once?

33:24Maybe I don't have it. Okay. Well, that is different. I don't have the extra$1 ,000 to spend on it. Then again, you're not budgeting. you must not be budgeting in that case well we already know you're not but because you're not budgeting we know your business expenses are relatively low compared to your margins are good so you should be able to do that but you're doing stupid spending which is why you can't afford to do it in cash so you have to put it on a credit card so maybe we'll look at it that way i look at it as i needed a tool i put on the credit card and sometimes maybe i'll pay it off why are you here please for sake why are you sitting at this table why why not i mean i'm here i'm here to talk about the finances and go over my stuff right with what end goal to be debt free and have a successful business you're not listening to anything or the complicated airflow might be getting its way into your ear but you're not processing it you're a defensive little stone you're asking why why don't just spend a thousand dollars on a toolbox why do i put it on a credit card yes because i don't have a thousand dollars to spend on the toolbox at the time i get that and we just defined why because you don't budget even though your margins are good so i know that what else is there to explain no but you also said sometimes you just don't want to pay it all up front that was another reason you gave yes and because of that i want to know why then if you have the a thousand dollars then why would it make sense to lose 30 on it i don't know because i'd rather just keep the money in my pocket the harbor freight card is for harbor freight and i can use that thousand dollars elsewhere for maybe bills or gas or whatever i can't spend the the harbor freight credit card on gas but i can spend my thousand dollars harbor freight credit card destroy it burn it i don't care you don't know how to use credit cards you can only use a charge card people like you like a fizz card you guys you can't use a credit card you're not a credit person you can be someday after you prove it but you're not so don't give a shit about a harbor freight card or where you spend the money but either way the cash you're keeping in your pocket it's not gaining any value it's losing about three percent a year in inflation this is losing 10 times that by being on here so at no point does it matter so what's the point of a credit card if if i'm going to put a thousand dollars on a credit card good question and it's true i don't sometimes you get zero percent financing that's fun throw the money in the marketplace you get a better return on investment so they do do that on purchases over 599 dollars which was not this purchase and sometimes we have five percent cash back and there it is five percent cash back remind me what's the interest rate on this card 30 okay what's bigger obviously so okay there's no point but you just answered it i i don't know where we're getting at on it because what really you didn't understand that No, you asked what's the point of it, to have the card, to buy the tools.

36:14That's the point of it, period. But you just asked the benefit of the credit card, and we just determined for you there is not. No, I asked what was the benefit between a credit card, not this credit card. But, yeah, the same exact thing, cashbacks, 0 % financing. But it doesn't matter with the way you're using it because you're just allowing the interest to accrue. So whatever cashback you're getting is completely negated by many times. so i mean i pay more than what the minimum is you pay a little more than and then which is great but if i go in there on it but you spend on it if i go in there and spend 50 dollars i'll immediately make a 50 payment sometimes to wear sometimes sometimes yeah there it is it slipped out so you all know how seeing guests on the show spending their hard earned money on taquitos and overpriced takeout makes me feel so you shouldn't be doing it either but i get it you don't always have time to cook or feel like typical meal prepping can lack variety.

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37:48No excuses here. They've got something for everyone. And let's be real, a delicious meal that I didn't have to cook, that's a win. So stop wasting time and money. Head to factor75.com or click the link below and use code HAMMER50 to get 50 % off your first factor box and 20 % off your next month of orders. That's code HAMMER50 at factor75.com to get 50 % off your first factor box plus 20 % off your next month of orders. Trust me, factor meals are not only tasty, but also definitely worth giving it a try. No, I said sometimes because that's what it is. It's not all time. Well, you shouldn't be spending on there even if it's a sometimes anyway because that money should be going towards it without a purchase because your balance is in the thousands.

38:31If our balance is sitting over a thousand, then we should just be putting the money towards it regardless whether or not we're purchasing. You're just making it slower to pay off and you're losing 30 % a year on that 1 ,200. That's 30 % a year. That could be money in your pocket. That could be money in your business. That could be scaling your business. That could be hiring another employee to take on more business because it sounds like your business is taking on a lot of work. An employee could bring in more revenue. But instead, new tool on card. pay it off slower 30 gone all right so next you're a little aren't you so am i it's okay ebay ebay what are we doing on ebay my dude what are you well you're purchasing new old no no you're not sorry that was fees fees why were the fees basic card fees or oh well i don't know i've never had an ebay let's see I use that to buy parts for a Mercedes, new old stock parts that aren't available anymore.

39:32And I also get eBay money back. It just has fees. Payment security? Hold on. Is that to secure the purchase if it's not delivered? Or is this like a security thing for the card itself? They're baked in fees essentially? Because either way, you've had that hit basically every single month. That's like a monthly, you have an immediate$8.79 thing because that's happened. $86.66 this year so far on this card. $86 in the fees? This year, which means you're essentially getting that 877 every month. So even if it was 0%, you're still getting$8.79 hit every month. And yes, again, you did pay more than minimum.