In short
Podcast Notes: Financial Audit
Episode Title
Scumbag Husband Destroys Marriage With Secret Debt
Overview In this episode of Financial Audit, the host Caleb Hammer interviews a couple struggling with financial management and hidden debts. The episode provides insights into their income, expenditures, and the complexities of family finances.
Key Participants
- Caleb Hammer - Host
- Jenna - HR professional, making $50,000 annually
- Mark - Mechanic, hourly wages, with various jobs and additional income from veteran disability.
Income Breakdown
- Household Income: Approximately $11,900 monthly which includes:
- Mark's income: $31/hour, approximately $78,000 annually.
- Jenna's income: $50,000 annually.
- Veteran disability: Approximately $2,300/month.
Financial Situation
- Total Debt: Roughly $610,000 spread across various credit lines and loans.
- Overspending: Monthly expenses were reported at $16,848, significantly exceeding their income of $13,133.
- Debt Composition:
- Multiple credit cards with deferred interest.
- Significant car loans (combined payments close to mortgage levels).
- Medical expenses contributing to credit debt.
Discussion Highlights
- Communication Issues: Jenna and Mark lack effective communication about finances, leading to unmonitored spending and hidden debts. Mark admits to being inattentive to financial details.
- Debt Management: Caleb emphasizes the urgency of addressing deferred interest debts to avoid escalating financial burdens.
- Emergency Funds: The couple struggles with maintaining an emergency fund, relying instead on credit. They have no significant savings set aside, which Caleb deems critical for financial stability.
Key Takeaways
- Education on Finances: The couple is encouraged to leverage financial education resources, particularly budgeting and debt management classes offered by Caleb.
- Joint Accountability: Caleb stresses the importance of both partners being equally informed about their financial situation to avoid misunderstandings and hidden debts.
- Financial Score: The couple receives a 2 out of 10 on their financial score, highlighting the need for serious changes in their financial management approach.
Recommendations
- Set Aside Tax Money: Mark is advised to set aside at least 30% of his additional income for taxes to avoid unexpected liabilities.
- Focus on Essential Spending: The couple needs to reassess their lifestyle choices and cut unnecessary expenses.
- Establish an Emergency Fund: Establish a savings fund that can cover at least six months of expenses to provide a buffer against future job instability.
- Debt Snowball Method: Caleb suggests using the snowball method for paying down debts, focusing on smaller balances for motivation.
Closing Remarks The episode ends with encouragement for the couple to take action on their financial situation, emphasizing the importance of joint effort and transparency. Caleb invites listeners to join a follow-up discussion on the Financial Audit YouTube channel, reinforcing that financial education can lead to significant improvements in financial health and family well-being.
Links for Resources: [Caleb Hammer's Financial Programs](https://calebhammer.com/classpack/) - Various budgeting and investing programs available for discounted rates during promotional sales.
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The episode serves as a stark reminder of the importance of financial literacy, open communication in partnerships, and proactive debt management.
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:00To watch episodes of Financial Audit a week earlier, check us out on YouTube.
0:30We're from San Antonio. And this is Financial Audit. You are real Southern, aren't you? Yes. You are just full Southern. That was Kentucky. Okay. Well, I love having a couple on. This is super exciting. It's not every day we get it. So let's just start household out. You know, you're directly in front of me. So Jenna, what do you do for a living, San Antonio? I work remotely. I'm in HR. Okay. How much do you make? 50. Cool. And what about you? What do you do? I'm a mechanic working on stuff. How much do you make? $31.50 an hour. Okay. Oh, an hour. Okay, cool. So I don't know yet. What do you mean you don't know yet?
1:12Why? Is this just started? Yeah. You have paid time off? No. No paid time off? So let's say you work, what are you going to say, 49 weeks a year, 50 weeks a year? If we average this out 40 hours a week? I don't know. Well, they're giving us two weeks off at the end of the year. Oh, okay. Usually that's something. But it's not paid? No, it's paid. Yeah, this time. That's paid. Okay. Are we thinking 40 hours? He works overtime a lot. Yeah. So for the most part, he's working overtime. Yeah, I work 55. About 55. How long have you been doing this job? Like six months. Nice. Okay. We should kind of know what's coming in, right?
1:50What do you think average? Well, I mean, as far as like weekly, I mean, that's about$1 ,500 a week. It's a week. That hits your account? Yes. Okay. You get paid weekly? Yeah. Gotcha. So pretty chill. We average that out 52 weeks. You know,$78 ,000. Okay. Not bad at all. So about$65 ,000. And my bring home after taxes and insurance and 401k and all those things is$31 ,000 and some change a month. Cool. So we are looking at a household. There's more. Good. Of$9 ,600. What's this more? Disability. For what? It's veteran disability. Oh, you served. Okay, what did you do? I was a mechanic there, too.
2:34Okay, cool. I worked on tanks. What branch? Army. Very cool. And what comes in monthly for that? I think it's like$2 ,300. Okay. Now, basically, I will say this. Every single veteran that has ever been on this show has disability. This is very common. Can I ask what? some is physical and the rest of it's ptsd okay so total we have 11 900 that comes in on a monthly basis and then i work for my dad which is confusing because again this is all sounding so good so far i'm so happy what are we we're five minutes in yeah that's wonderful look at that guys we're having such a good time this is so good we're making so much money i have no idea how we're in the like this is a fat stack you but we did a fat stack week where we had like the most paperwork in the show history you belong in that week so all this income that is coming in i'm like how are we in this so what's this extra income so i work for my dad as well i do his books and that's paid through an llc so that's 1099 so that's 400 a week okay you're setting anything aside for taxes from that no have you ever paid taxes on that i have not prepaid taxes on this So have you ever paid taxes on that?
3:47I know. So this is new as well. Okay. Our life drastically changed recently. Why? So he had a very high paying job and lost it in March. So you have a high paying job. Now what, what did we consider? He was like bringing home one 60. I mean, that's delicious, but I'm going to be, I know it sucks to take a step back. I really do. You do still make really good. yes especially uh in kind of the cheaper major city of texas by the way out of all the major cities you know we're looking at the cheaper part so but okay i mean if you're trying to sustain your lifestyle and what happened when you're making thirty thousand dollars more because you're probably you're still probably making pretty darn close to a hundred thousand dollars before taxes so you know net you know maybe like twenty thousand dollar different yeah if we just if you guys just not touch your lifestyles the lifestyle just like we remained and no it's it's changed it's just we're taking care of stuff that when we were still in that lifestyle just kind of stupid a lot of our debt is like the the promotional stuff right so um we're who falls for this who falls for the promotional stuff we have never had to pay for the the deferred interest stuff we've always okay well that's a minimum to be clear yeah that's a very basic minimum yeah so um but yeah we have a lot of those we have a lot of this promotion yeah but we also have two car payments added up are basically the same price as your mortgage yes which is the most insane thing i've ever seen in the history of today yeah so i don't think it's just the zero percent cards that we're sometimes good with but we continue to rack up forever but the promotional things who's signing up for this there is a both of you is there usually one cause here some of them it's just medical or something like that medical as far as the big one is care credit that we have and that's medical yes so um he had his first back surgery at 25 and wow 25 yeah and um they the va wants to do like a invasive surgery like rods and everything and i'm like you're 36 we're not doing that so we looked into qc kinetic and um we did that it is very expensive but it's not yeah but why are you also against the surgery that the doctors are coming mobility and it demobilizes you permanently or no but like no you're not bending over you're not turning like for how long oh that's forever yeah would that make it hard for your job impossible for his job yeah that's not happening okay so an extra 400 comes in a week yes but you haven't set anything aside for taxes no i mean a tax bill will come yes and i have my last job was a 1099 job we're talking an extra 20 800 a year so even still i mean tax men might come and tax men might be like you owe an extra 6 000 and i do put that into it wait did i did i was there like substantial savings I don't remember substantial savings.
6:59No, there's no savings because we rent through everything. So what happens when this tax bill comes due? Yeah. Yeah. We're not prepared for that. Okay. But what I will include to your income, I'm going to set the 30 % aside. What I will allow is 280 coming in a week because you need to set 30 % of that aside, okay? Okay. That is a basic minimum. You guys do not touch that money until 30 % of it is set aside. Okay. At a minimum. Obviously, for this whole year, when did you start? That was in July, probably. Okay. So, for these last six months, I mean, you're going to have to write a check. Yeah.
7:38Now, maybe one of your jobs, do you guys file jointly? Yes. Okay. Maybe one of your jobs, maybe you're contributing a little too much to your tax file, and then that'll make the burden a little less. He does take some out of his extra. Extra? Yeah. Why would you want to do extra? But the previous job, he was taking extra out. But what about this? No. Not with this one. So like standard deduction and then you're. Yeah, that's it. Yeah. And then we do write a lot of stuff off with our taxes. Hold on. Yeah. But the only thing that's your business is the LLC. So what are you writing off? And so business.
8:19We run our business as a consulting firm. What's your business? So what business are you talking about? So I have an LLC and that's where. But you, but that's the vast minority of your income. So you're bullshitting. I mean, kind of. Yeah. Yeah. So a little taste of a little audit happens. We're putting, so like he does side jobs too on the side. So like anything that is paid in addition to like our regular W-2s is put into the LLC. Okay. Okay, well, an extra$14 ,560 a year after you set aside money for taxes because you just don't want to f*** yourself. Why f*** yourself when you don't have to f*** yourself?
8:58So we're bringing in an extra$1 ,213. Okay? Good. Which, again, good money. I'm happy, guys. Other than that little tax thing we talked about, so far, positive story. Great. The paperwork in front of me is not a positive story. So we know how much comes in now. As we're setting aside money for taxes, how much do you think was spent in the most recent month? What was spent? money going out I don't really know I'm sure we're over what do you think you feel your lifestyle and this includes debt payments as well everything like what goes out I mean I'd probably say 12 ,000 okay so you'd say less than the 13 ,000 that comes in what would you say I know our bills alone is over 10 just minimum bills bills for good okay just like why would we put ourselves in that position guys okay okay how much i would say we probably spent 12 12 12 12 12 12 13 16 848 dollars and 34 cents it's not even close guys this is a substantial substantial difference 13 113 comes in 16 848 0.34 goes out.
10:19It's an extra 22 % of spending. An extra 22 % spending. Okay. All that, by the way, well, we're looking at$610 ,000 of debt. Yeah. So we're spending 22 % more than comes in on a great income. Well, we have multi-hundreds of thousands of dollars of debt. What is going on, guys? I know we had the little job loss thing, but with where we are today, what is going on? What am I looking at? Why are we self-confessed? Where your brain is, I would love to know where you think you are, because obviously you don't know your spending. It wasn't even close. So what is going on from your all brains? I don't know.
11:03I mean, it could just be miscommunicating, too, as far as what we're talking about, or as far as money or even getting spent. What do you mean miscommunicating? What's the communicating? How does it look? I don't know it's not being talked about, you know, if it is ordering stuff or anything like that. What's not being talked about? He's talking about my spending. Oh, like if she buys something and it's just not even talking. We just, yeah. Like we are not like one of those like where we like, hey, can I purchase this? It's not even a hey permission for every single purchase. It's more of a understanding where money is going, sitting down, looking at the budget, to understand where the money went and discuss where it went and what we need to address for the future month it's not an individual purchase wait how can you not have that you've never had how long have you guys been married 15 years good do we have any kids one oh age 11 yeah okay how are we setting up for their future right now with this that not right now not do they have any kind of fun not that you need to but yes um a very small one what are we talking very small what are It may have a couple grand.
12:13Okay. I think we thought more of this long-term. Was long-term thoughts is like, you know, as far as the investments, as far as property, the house and stuff like that. The house still has a large mortgage. And even still, like, as they go through things, as if we continue right now, again, debt is going up. So it's how we're able to sustain things. but we have seen throughout the history of humanity and debt and spending. And even on this show, what we do, we overspend. You get to those limits. You hit those limits, and all of a sudden payments start going through. Sometimes that ends up being mortgage.
12:49Maybe you take that mortgage payment to put it on the back of your mortgage. But eventually that option starts to run out. Then you get a foreclosure notice. Then, uh-oh, kid, no more house, no more assets to be able to pass down if that is the main goal of that. So f***ing ourselves in all these other categories could be preventing us from being able to pass on what we actually want to. And of course, that$2 ,000 is going to grow to like$4 ,000 by the time they go off to college if it's properly invested. So, okay, they have a quarter of a semester covered, you know, a half of a semester. Unless she's going to be like a doctor or a lawyer or something where she has to have a college degree.
13:25She doesn't have to go to college. No, and we never really thought about it as far as college. I mean, I win. Oh, okay. It's just a set-up account for them in general. Yeah. Okay, for her in general. Yes, because like a trade school, like we're all about like the trades, right? Sure, whatever you want. Well, what does she want? She's 11. She still wants to be a singer. Sure, of course. Okay, well, even still, this is whatever you want to set up for. Not that you are required to, but you know, most wants to set up for something. Yeah, and really put in the back. And you guys have such a strong income where you could be setting up substantially if you really wanted to.
14:01But you can't if we're spending 22 % more. Right. Incomes that aren't a very strong income. Because net, you guys are still looking. I mean, 13 ,113 times that by 12. Net, we're bringing in 157 ,000. That's insane. That's incredible. That's delicious. I would have taken that every single year of my life and been living on the top of the world. That's incredible. Do we not realize how incredible that is? That's, like, incredible. I mean, we know it's good. That's double the median. Yeah. It could. Your net is double the median household income in the United States. Your net is double the median gross household.
14:41And I guess it's just hard for me to fathom. I mean, I understand. We are definitely spending way more than we should. It's mind-blowing to me how people are surviving on$30 ,000,$40 ,000. The thing is, people can survive if they track their s**t. It gets hard. It gets scrappy. they take sacrifices absolutely i'm not even saying it's like yay yay yay great living i'm not even saying that but people are able to survive right because they actually sacrifice in the budget so why have you guys not communicated at all why have we had these conversations in a decade and a half running a small business i get it paying bills can feel like death endless paperwork late fees i've been there but that all changed when i found the sponsor of today's video melio a tool that takes the pain out of paying vendors what really sold me you can even use your credit card to pay vendors who don't accept credit cards for a 2.9 % fee.
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16:19Trust me, it'll change the way you handle your business payments. Start for free now. Well, I think it's more, I mean, most of my jobs I've been gone or I'm on the road a lot. And so I just kind of left it with her. And then because I transfer money out that, you know, what I spend or whatever, whatever the weekly deal is. And then after that, I don't really. Do you have no desire to be informed of your financial position of the household? Well, I mean, I do. It was just a lot going on at those times. When things get bad or things get tight. How do you even know when things are getting bad or tight without looking and being.
16:52Well, then because then she'll come and tell me like, oh. So how do you manage it? He puts it in your hand. So what does it look like from your end? I pay the bills and then what's left is like our surviving money at this point. Surviving? But there's nothing left. There's nothing left now. And so in March, whenever he lost his job, that's whenever he actually started seeing the numbers and seeing what was going out and what we needed to bring in in order to just keep everything afloat and not damage our credit and not lose anything. and so whenever I run out of robbing Peter to pay Paul, whenever I run out of Peter to rob, then I'm like, hey, things are really hard.
17:38I need another opinion. I need another set of eyes. What are we going to do? You guys need to be in this together. Right. And that just means like even if you are busy on the road, you got to step in and have a little call, you know. I'm literally just talking once a month even for a couple hours, you know. Yeah. Really just for a couple months. Obviously, we're going to put you guys through all our classes. Take them together. Go through the quizzes together. Learn how to budget together. Learn how to invest together. Learn how to pay off debt together. You guys get them for free. Do them. They're all 15 % off for you all right now bundled together.
18:07But you guys get them for free. Please take advantage of them because we have people that come on the follow-up channel, the financial audit follow-up channel all the time. And even if people have made progress or haven't made progress, oh, no one takes them who get them for free because you need to have the drive. And the people that purchase them, they have the drive to take it. But I don't know. Some of the people aren't taking it. It's becoming really disappointing. but over 10 ,000 people have purchased and taken them. So please take them. Do this together. You guys are a partnership. Self-assessed.
18:32We're about to jump into the first, the Best Buy card, but self-assessed. I'm going to go 3, 2, 1, go. And on go, I want you guys to give me at the exact same time where you think your household financial score is. 0 being the absolute worst that exists in the entire world, 10 being the absolute best that exists in the entire world. 3, 2, 1. 3. Okay, pretty close. 2 to 3. you were just talking about how you have to endlessly borrow Paul, Peter, those biblical names. Our only saving grace, I feel like, is our house. Sure. So you think that's boosting you there? Okay. A little bit. And it actually might.
19:10I would be more inclined to go with your two because of the real estate, but everything else is really taking it down. We will see where it is. So question, because you think that it's a two because of the real estate, is that because of the type of real estate that we have and you feel like it's not a necessity or? I don't know what kind of real estate you have. Okay. I'm just assuming if you're zero in four of the five categories, like even if you have a great real estate score, it's only going to, yeah, because again, you're saying that you're endlessly borrowing until you can no longer borrow and we're getting closer to no longer borrow.
19:40So I don't think. So it's not, whenever I say robbing Peter to pay Paul, I'm not taking out more loans to pay other loans. I know, but these balances are going up. Like the Best Buy, for example,$809 to$2 ,872. So it'll be pushing one. So that is actually his mom's washer machine that we just put on there. What? Why would you put your mom's on there? What's happening? We have a lot of like, as you like to call it, incest debt. Do I call it that? Yes, you have. I say a lot of weird things. I have such a way with the English language. I don't even know what I say half the time. So we have 10 acres and my sister became a single mom a couple of years ago and she was living in Colorado by herself.
20:24We said, just move back. So we took out a construction loan to convert a storage building into a tiny home for her. She couldn't crash off bed? No. I wonder what this is in your guys' house. What? I have, we have a three bedroom house. And at the time, his mom was still living with us. But why are we buying a washing machine for the mom? So now mom lives back in Texas and she just moved on to our property. I think that was more of putting on the card. I'm not real sure. I didn't even know that we did that. You didn't even know? No. Don't give me that shit. I didn't know it was on the card. Well, why didn't he know?
21:02Why aren't we talking? He does know. I'm sorry. Nope, it is Mark. His name is Mark. Mark also has... His name is Mark. Mark also has a really bad habit of halfway being invested in these conversations because it's a financial conversation, right? That's a heavy... So because he doesn't have that interest of like being involved in this, whenever we talk about things like this, it's like, or even if he's just like in the room while his mom and I are having this conversation, it's like a half, like it's in one of your, I don't, yeah. Cause you said the same thing. But I don't remember. Well, I don't remember that.
21:50But do you have the choice to only be half invested in these conversations for your household though? No. So why would you say you're half invested? What does this look like from your end?
22:04It's just been easier. Yeah, it's been easier. So, I mean, she's kind of lazy on me. But like I said, some of that stuff I don't remember. You guys are drowning. We really just don't have the ability to be lazy. We don't pay for that. She pays for it. Yeah, but it's on your credit. And she has to pay you. So she goes online directly. okay what happens if yeah yeah then she has a life insurance policy that is written to him okay yeah okay now if still risky could miss a payment dings your score yeah now if my dad who pays the loan for my sister goes then what is this is that loan here yes oh for sake well this is all a big mess okay so this is best buy which i guess is mom well first of all Well, there's already$809 on there.
22:54So was that all mom as well? No, no, no. That was, I don't even, honestly, I don't even know what that is. So we're at$2 ,872.54. There is interest accruing$2.55. I'm sure that's the older pages. Again, you talked about at the beginning how we're. Wait, there's interest on it? Oh, yeah. And there it is. Because you talked about at the beginning how, oh, we're interest free. Well, I've already paid the. Okay. I need to look at it. Yeah. You need to look at the accounts once a month. Yeah. In a minimum. It's probably like a$5 balance. The order that these episodes come out are weird. But I literally just filmed an episode yesterday with one half of a relationship.
23:32And they also thought that no interest was accruing. He was missing payments and interest was accruing. You just literally have to look. It's as simple as look, guys. You are the one in charge of the finances. Whatever. That is the relationship that you guys and you're half into the finance. Okay. Okay. We can throw these things around. Sure, sure, sure. Right. why don't you look at the very least as the one who has been determined by both of you to look at the finances i'm usually pretty good about looking okay but you didn't even know interest was accruing on this card yeah how much interest is occurring two dollars fifty five cents it's probably the previous balance not the new stuff your new purchase was probably zero percent but that past stuff is accruing interest got it i'm assuming let's take a look at it again now your minimum repayment and these are going to get chunky we're starting with the minimal one but We're going to add like a thousand billion of them.
24:22$32.38. We're going to be here until tomorrow morning probably. Okay. Yeah. $21 of interest this year so far. So interest is accruing on a monthly basis. All year. So far. Okay. Yeah. And that interest that is accruing is on$145. Something that we could wipe out like that with your income. Yeah. Like that. And normally like. Normally this has been a year. Yeah. Yeah. Yeah, I don't know. No, no, no, no. There's no normal. It's been a year. Yeah. Like normally would happen within this year. We are the second to last month of the year. Yeah. No. I need to find out what it is. Is it still accruing?
25:05Yes. Every month,$2.55, and you've accrued this year$21.97. Is that the biggest thing in the world in terms of monetary impact? You're not even close. But it shows. It demonstrates that you do not know a single thing about your finances, even though you are the one that has been self-crowned and crowned by him to be in charge of the finances. But we didn't even know all year interest was growing on a card. When taking a look at a statement takes five seconds. That top of a statement takes five seconds. Honestly, I don't even look at statements. I just go online and look at the promotional purchase thing.
25:38So that's where I'm going. And look where that led us. Okay. I mean, one of the interest-free things is going to end in literally, oh, two of them are going to end in basically a month. Yeah. Okay. The deferred interest on those so far are approaching$350. Yes. So we have to pay a total of about$350 as well is what the balance is. About the same amount of interest is accrued as the balance. So it'll double if we don't pay in a month and a half. we are spending 22 percent more than we make sure you could open up a new debt you could transfer this to another debt there are things like that and that might be what you do but if worse came to worse in what world would you guys be able to pay this with your current lifestyle none none none and how you guys have made it so far i have no idea also you had fees of two dollars this year so far on this card okay crazy monetary impact you know but just more demonstration of you don't know what's going on also i forgot to say guys if you want your hammer financial score it's fun it's free link in the description below check it out and then come on down here to austin texas are you guys having fun so far getting a little yell a little verbal punching but you know we get their you know we get the permission for and then you guys get to come hang out with lindsey and jake they'll take care of you they're lovely people aren't they they are oh yeah yeah yeah well i guess you probably didn't really see jake yet but lindsey she's great and then jake exists as well.
27:01So yeah, go to Caleb hammer.com slash apply. Come hang out with us.
27:09Okay. And then, uh, two more deferred and that's going to go for one until 2026, one until mid next year. Okay. And I'll sit in at about 29 % interest when they hit, including the one that is already hitting. Huh? I said, yeah. Yeah. Okay. Plus, cause I was saying plus the deferred cause it like yeah oh yeah okay american express gold card how do you guys share these or look at these cards because there are many accounts many cards how are we doing them together and what does this look like so like what do you mean like what is like what is there like a my card a your card our card we use them all together so you all have like access okay yeah okay american gold card on here huge balance too 3 ,107 dollars and 91 cents and then a minimum of the payment of 99 dollars again stacking stacking quick so that one is the one that before he lost his job we were using that to pay our bills and then pay the full balance and we were paying the full balance every single month religiously and then yeah but you should have been able to do that for about 6 more months because you would have had a 6 month emergency fund like adults yeah so where was our emergency fund we had about a three-month emergency fund and and it got emergency and then you had to start using this card without being no no no no we no that that card was other cards no we didn't use other cards we had how long were you in between no job and job april well march was like the middle of yeah i started in april may so two months okay so that Six-month emergency fund covered you and then probably a little bit of unemployment.
28:56He got no unemployment. No. How long are you on your previous job? I did some side work, too, though, that kind of helped us feed that. And then I started my job in April. Well, guess what, guys? Interest is accruing on this. Did you know that? Yes, I do know that. Then why are we allowing this? Why are we existing in this instead of what you could do is pay it off if we did not have those? Because I was focusing on my care credit to get that paid before the promotional balance hit. Of care credit? Yes. When does that end? that November 22nd okay in a week less than a week just about it was like$300 no no no I'm sorry $300 that should be nothing for you guys it's not an insignificant amount of money but for you guys it's nothing $300 still easy for you guys we have been paying like$900 something a month for that card to get it well it was his back and then why are you guys waiting to the last minute again you guys had the ability we were paying like our regular payment like to the non or the promotional purchase payment right like divided by 12.
30:00you guys could have done more if you wanted to and then we whenever he lost his job then we paid like the minimum card payment on it while he lost his job and then now we were like catching up um okay and there are and then like we use it for the vet and for the dentist because then he had a crown and then my daughter had cavities okay okay all right care credit's a big one okay interest charge this year safari and that's at 10 yes low for credit cards but not good uh opposite of low what the for bronco that has you ran all over it bronco man okay well i mean well you're apparently obsessed with getting an insane debt well the truck would have put us in debt too what so i got rid of a truck and a motorcycle and got the bronco what were those because this isn't even close to good compared to most people that come on this show come on This balance is crazy.
31:03Look at this, guys. We are at$66 ,295.28. And that's considered good after a truck and a motorcycle? What were we looking at before? No, it was still bad, but it was just how much money we were putting into the old truck. The truck was a 2006. It had like 300 ,000 miles on it, and we needed to put... We already just put like 10 grand in it. You just got this car. No, no, no, the old truck. No, you just got this car. We just got that. Yeah. This was, okay, this was like our. The payment's over$1 ,000 a month. Over$1 ,000 a month for a Ford Bronco. Everyone has one. They're every other car. Everybody's got a Tesla too.
31:45Yeah, and it goes faster than yours. Yeah. People will hate me for that in the comment section, by the way.
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31:56So to us, this was kind of like a saving grace. and I know that that sounds awful. $2 ,000 a month. Go ahead. So the motorcycle, we were spending over$700 a month for it to sit in the shop and collect dust, right? Get rid of it. This doesn't have to... This wasn't equal. I don't understand. We tried selling it. You went from two to one. The motorcycle's inconsequential. Black Friday's starting today. Black Friday's starting today. All the way through December 6th, you get our entire educational class bundle for 33 % off. You also get 20 % off everything else, including merchandise. I've even added four new sections into our budgeting class, which is cementing it as the best budgeting program online.
32:41There's a reason why we have the lowest refund rate in the entire industry. Literally over 10 ,000 people have taken our educational services and they have changed their lives. And as an added bonus for this Black Friday couple of weeks sale, the first 250 people to purchase the bundle, we'll get access to a private live Q &A where I go over my entire financial strategies. Change your life today, 33 % off, 20 % off, depends on what you get. Check it out, links in the description below. So we got rid of the 2006 truck and the motorcycle to try to, we used the truck to try to eat up some of the negative equity from the motorcycle.
33:18And we traded in to get this because the truck was going to cost, we'd already put 10 grand into the truck at that point. That's crazy too because you could have got a$10 ,000 for a car. What would we have done with the negative equity? Well, how much was the negative equity? We were negative almost 14. Yeah, like 13 and some... Yeah. Yeah, I mean... It was a$30 ,000 bike. Again, I would rather have a$24 ,000 loan than a$66 ,000. Of course, you would be dramatically negative, but what's the value of this right now? Do we know? Six months later? I don't know what the value is. I have not even looked because I know that we're upside down on it.
33:52Do we have it? Which is? The equity, the value of this car? I know we're upside down on it because sticker price, we paid over what the sticker price is on it. Really? Yes. What was the sticker? I think the stickers on those are like 64. I mean, there's so many different kind of versions you can get, but. Yes. I was interested in a Bronco. I get it. They're so nice. Yeah. I mean, they're okay. It's like they're a very smooth ride. Over 8 % interest rate. That's crazy. When does this mature? How long is this? How long is this long? Is it a five-year long? For the fuck's sake. Come on. Guys. You're not even to my truck yet.
34:34No, I'm not. And I've seen it. And I know how bad it is. This whole thing is crazy. Again, both of your car payments combined are basically, they're a mortgage for depreciating assets. That require money to put into it to keep it going, keep it alive. What happens if it gets laid off again, man? What happens if more medical things happen and you can't work? What if you're required to get that surgery? Then you can't do the things anymore. And you guys have multi-thousands of dollars of car payments. What do we do? What a risky position to put ourselves in, especially with an 11-year-old kid relying on us.
35:08There is no reason to put our household in such a risky position. You did not need a new car. So we were told that we could only roll that much negative equity into a new car, that they would not do it into a used car. Yeah, but maybe we could have borrowed a personal loan to take care of the negative equity in the other car. There's options that we can talk about. You're probably only talking to the dealers. I didn't think about a personal loan. Were we only talking to the car dealers about this? Yeah. Well, they're not going to have your best interest at Harvard. We weren't really thinking about taking a smaller loan to pay off whatever the negative is.
35:43Which I think we could have. Wait, you guys were considering this? Why didn't we do that instead of 6-0? No, we didn't think about that. But I don't think that it would have been possible because of our other personal loans. Because I have the - What's your credit score? I mean, you have a qualified debt-to-income ratio for a$66 ,000 car loan, so. Yeah, I think he's like a 7-something. I think I'm sure we could get - And it may have been a shitty loan, but$12 ,000, we could have worked the payoff really quick instead of all of a sudden not having a$1 ,000 a month payment on over 8 % interest,$66 ,295 depreciating asset.
36:20Oh, for fuck's sake. Okay. I just don't understand. This is such a beyond want. I'm not saying you should have kept that car. I'm not saying you should have kept putting money in that truck. Actually, I would have said no. That does not equal this. That does not equal required to do this. We also felt very rushed in our decision. Because he had lost his job and then was - Wait, was this while the job was lost? This was right after he went back to work. So at his old job, he had a work truck. So that's why the old truck just sat there. He didn't need it. And so then whenever he lost his job, lost the work truck, then started the new job, he was having to drive the old truck to and from work.
37:05And it was not reliable anymore. And so we were like, we have to do something quickly. Let's play a game. The game is called Guess the Value of This Car. what would you guess
37:23you're pretty close 46 ,000 that's crazy we're already under 20 yep we f*** ourselves with this we really f***ed we knew going into this reminder no savings we're allowing ourselves to have this kind of debt and we don't have any savings for good what a scary situation to put our house in in for no reason it was honestly a let's be honest incredibly immature person purchase that was a childish purchase you wanted it and that's what you got they got what you wanted what would you do as american as it gets what i already said possibly you know that personal loan to cover the negative that you're in that other one then a 10 000 loan on a 10 000 car that you got permission to take to a dealership to get the confirmation that this is gonna last for a couple to a few years safely, reliably, without you putting a lot of money into it.
38:17Well, I wouldn't have taken it to a dealership. I would have just said, hey, babe, this is car. It's okay to get a second opinion, though, isn't it? Yeah, sometimes. I mean, I don't know. Listen, if you're confident enough, that's great, but look where it got us. Yeah. Okay, well, let's keep going. Synchrony, great. That's always great. Oh, this is care credit? Mm-hmm. You did make a decent payment to it. But the balance is higher than you. The balance is$7 ,242. Wait, why did I think it was lower? Okay, that's huge. Yeah. That's ridiculous. Okay. I think now it's like$6. I'm going to go with the balance here because that's what we have your full situation.
39:04$7 ,242 with this minimum repayment. Come on, add this to your last one. $236. $236 guys what are we doing deferred interest until oh you were telling me about the balance that goes to in a month two months that's at$300 okay okay you have fees like crazy fees this year losing a lot of money
39:35some of the chunky ones are ending in 2025 and we have one 2026. It's aggressive. We got to get aggressive. We got to get aggressive. It's deferred interest. You guys have gotten lucky so far with your spending habits. How much money is going places? We got to. Yeah. You have to get lucky. Oh, this Disney card is accruing a lot of interest. Yes. So what is up with this? Why do we have 2 ,410 to Disney? It's just a chase card. It's like a generic. Sure. What's going on? Groceries, gas. Why is it going on debt? It's accruing interest. Why? Why are we paying interest on groceries, guys? $41.68 of interest.
40:24Any answer? I wasn't really sure. Come on, guys. We were even using that card.
40:32I don't know the last time I used it. Yeah, because I don't have any credit cards. well like I don't carry any I don't really use any so I don't so some of it well I guess it's however she's moving something but I yeah I don't but you're the one that's in charge of the finances and so what is going on here anything related to the house and anything hold on if he was in charge of the finances would this be more mature looking yeah I'm not I mean well I don't know I I mean, it probably could be. Because he's done taquitos on credit cards before. Like. That's a long time ago. Okay. I don't know. You guys are not credit card people.
41:17I just wouldn't have credit cards. You're not utilizing them, correct? If we have a properly funded emergency fund, we wouldn't have needed that care credit. We wouldn't need to have this debt. We wouldn't be freaking out where we are today. We wouldn't be spending 22 % higher than our income today. You guys are not credit card people. They're dangerous for you. They're not a tool. They're making money off of you. I would not have these if I were you guys. Oh, guys, guess what? You owe$75 in rewards. You've lost$430 in interest. I don't even look at the rewards, honestly. And what's the point?
41:53Why have a credit card? No, why have a credit card? For emergency purposes. That's not emergencies. Emergency fund. Emergency fund. Guys, six months of living expenses, whatever is required to survive. Six months stacked up. Put in a savings account. You cannot touch. Doesn't go to fun. Come on. We don't do credit card emergencies. You guys are too far into life for that. You are well into adulthood. You have a child. You guys own property. You guys are doing all these things, have great jobs. We are not in the place of using credit cards for emergencies. That is not your guys' future. Come on.
42:29Do we even know about emergency funds? I mean, I thought it was supposed to be a three-month emergency fund. I didn't realize that was the original, but we see that three months doesn't always get us places. So that's why I say six. I don't even accept that three anymore. But okay, you heard that. You've heard of three. Why are we doing credit cards for emergencies then? You guys make money. Good money. Yeah, that's just being stupid and not really paying attention to what we're doing. That's my sister's. but why do I have it because it's in my name so are the cabinets that are in her house and she makes the payment to that wait into whose house did I mishear that in her tiny house the tiny house that we put in the front of the property does she still live there no yes she gonna live there forever I'm assuming I don't know whatever she chooses is it like right next to you guys no it's like in the front of the property how many acres 10 okay it's just dust down in san antonio basically yeah we got some mesquite tree yeah we got one oak tree we and she lives right next to the one oak tree on the property good for her she'd chop it down to build her cabinets okay so ikea yeah that's all i'm gonna say yeah We're at.
43:52Oh, was it just? No. Okay. So$1 ,668.22. The$48 minimum fee payment. And she is paying that on the site. She's paying you guys. She puts money into the account that it auto-drafts. And again, what if? Yeah. Uh-huh. Brand new debt. Congratulations. Oh, it's deferred. Until when? The Ikea is not deferred. That must be something else because that is not IKEA. Is this another account? That's not IKEA. Is this? IKEA, it's got interest. Oh, it's accruing interest. Yes. Sorry, that's what I was seeing. Okay. And that's okay. We're okay with that. I mean. We're okay with that being our own name. Something that's accruing interest.
44:37Yeah. What does she do? What type of life is she trying to live? I guess it doesn't matter. I don't know. She's a single mom. She's a vet tech. Okay. And does not have any help from dad. Dad was like, nothing to do with the baby. You guys built the house? Well, it was like a, yeah. It was a storage building. It's like a 16 by 40. And then we did. You insulated, you AC'd, you heated, you plumbed. That's expensive. And you guys paid for this. And we did the work ourselves. How much was this? I think the loan was like$20. I was like$30 something. No, it was$20. Please, is that in this document pile?
45:19Yes. Oh, God. When was this done? Oh, shit. Years ago? Come on. When did you guys buy this land? 2021. November 2021. And this is the house that we're going to die in. What's the deal with predicting the future of business? Inflation's up, then it's down. Rates are cut, then they're raised. It's like trying to follow the plot of a bad soap opera. If someone could just invent a business crystal ball already, that'd be wonderful. But until that happens, today's sponsor, NetSuite by Oracle, is the next best thing. Over 40 ,000 businesses have future-proofed their operations with the number one cloud ERP.
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46:34When looking at an ERP to step up my business management, I know NetSuite would be the choice for me. Want to stay ahead of the game? Download the free CFO's Guide to AI and Machine Learning at netsuite.com slash hammer. It's packed with insights to help your business stay ahead. Again, that's netsuite.com slash hammer. Thanks to NetSuite for sponsoring today's episode. Now, let's get back into it. Okay. Like, this is it. Like, we are never moving again. Why? That's fine. I love where we're at. We have a killer interest rate. um well that's fine that's okay sure uh what is love sack where you make love on a sack no it's a it's a couch this is a couch that's a three thousand one hundred fifty nine dollar interest rate on a couch what's your square footage of the three bed it's two thousand just over 21 okay so we needed a three thousand dollar couch for it well i think that part was more of a the versatility plus the lifetime kind of stuff you get on and again there's the incest of money in that one too what um so our version our part of the couch is just about paid off um my sister is it in her place the this is my other sister and yes.
47:56What is happening? Where is she? She lives in Houston and she put her couch on the card and his mom also put her couch You guys gotta stop. You guys gotta stop. Listen. She can take out a credit card if she wants to. Stop putting the risk in your corner you have a kid. I have no problem with helping even if you want to gift that amount of money. But stop having someone else's debt on you. This is the third time now. Yeah. And we're only six documents in. So half so far. Yeah. I think the only other thing that's left is the loan. That's. What? There's something else. Mixing. So there's the Ikea card.
48:41There's the, the smart financial. The love sack is split between. I want all of them. I want all of them to connect with our financial advisors. The one we use domain money. Everyone gets a free session. Everyone in the audience gets a free session with the financial advisors. I want you to connect them with them and have them sit down with them because they have to be able to manage their own finances instead of being on your name. Okay. This is horrible. This is wild. Okay. When does the interest-free period end? 2027 for one, 2026 for one. My gosh. Mineralty payment 109. Again, what happens if?
49:23We don't know. I'm having that conversation about everything now because everything's all tied up and mingled. Lowe's. This is for building the house? That's for our washer. Oh, good. Because we finance every purchase in our life. Every purchase. Is there a purchase that is not financed in your life? This is crazy, guys. What are we doing? Fees. Fees like crazy. We're getting fees on a monthly basis. What are we doing? $793.74 with a$53 minimum fee payment. 96 cents. Why? Why does everything have to be financed? What is our philosophy here? I don't know. I guess I've never really thought about it.
50:01And then when the time comes where we need it, we don't have any money. Because everything's financed, making your minimum fee payments a billion dollars a month, meaning you have no money. Yeah. You're deferring your entire life. Yeah. And guess what? There wasn't that much in retirement, was there? No. I don't remember seeing anything significant. So you're deferring your retirement as well. How are you guys going to be able to retire? You're going to have a paid off house if you do this correctly and don't. What's up? Sure. Okay, but there's still property taxes. There are utilities. There are insurance.
50:27There is food. There is whatever's going on with any other part of your family because we know you guys are deeply mingled there. And then there's the kid as well. So what are you guys going to do when there's no retirement but everything's financed in the world? You're not going to be able to pay for anything. There's going to be nothing. You'll have your disability, but that's pretty much it. Yeah. And we can't. Let's not call that retirement. No. What's accruing interest? Literally. I don't know. What was the fee? The fee is probably a late fee or something. Late fee, guys. How are we having late fees?
50:59Do you even know there's late fees? You guys aren't paying bills on time. I mean, I think it hasn't been that many we've had lately. Many of that have... Where are you guys like that? You don't care about that. You don't care. Well, I know some of it we put on like auto drafts and then we cancel a car. and then didn't think about what we had on our call. Okay, what about this one, though? This isn't canceled. We seem so unbothered that we're late. I just assume that it's a late fee. Because I can't remember when these statements were either. Payment security. You've had$312 of fees this year so far.
51:45That's essentially their version of interest on this card. Yeah. I'm pretty sure they're going to get you with monthly fees. How do we find where the monthly fees are? I'm pretty sure that's just what's baked in. Yeah. I didn't know that. Yeah, I didn't know that. I would pay off this card immediately. You're going to be destroyed. Okay, what am I looking at here? Okay, so that's one of the smart financials. So that's a loan. Four? One of? Oh, for f***'s sake. So one is our water well. and that balance should be that one. That's it. That's the water well. Okay, we got a water well at 9%. You guys cash flow nothing in your lives.
52:30Minimum$375. This is getting crazy in terms of the math. $22 ,000 water well. That's cheaper than getting city water brought to where we're at because that was over$40 ,000 just to get city water. I'm not saying don't do this. I'm just saying you guys finance everything. You guys make, and I don't think it's, I really don't think you guys understand how well you guys do. You guys do insanely well. But you're living like you are not doing well. Well, no, you guys are spending like you guys live incredibly well. But you guys have made yourself in a position where you do not live well even though you don't live well.
53:05Well, yes, that's what I was saying. Yeah. Okay. So what was our plan with this? Just allow the 9 % interest to ride out for eternity? I mean, at least until we can pay. I don't know. We've never really had any breathing room, so we're just doing what we can. Fun fact, that 9 % interest, that 8.9 % interest, by the way, the investing app that I use, MooMoo, the partner of this channel, one of my favorite things, literally you put money in their account, and for the first three months, you get that amount of interest on your money. That's like a thing you get to take advantage of. But it's that you guys are just making money for banks.
53:37You guys are banks' best customer. You're giving them everything. I own some stocks and banks, I'm sure, throughout my S &P 500 distributions. You guys are making me a lot of money. Thank you. Thank you for f***ing up.
53:54That's the construction loan. Oh, this is the construction loan. So this is the tiny house. When we're saying tiny house, what are we talking? Like, it's a 16 by 40. I don't know exact square footage. So that's like 600 square feet. And it's her and a kid? Mm-hmm. Is there any separations? Full open? No, it's got two bedrooms, bathroom, kitchen. Whoa, I can't even picture that. I'll show you pictures later. I'm actually really proud because we did it. I'm proud of how it turned out because we did it all ourselves. Well, I wish you could have done it with your money. Right. Oh, it's worse. It's an 11 % interest.
54:30So if we're considering this building a home, we just took out a 11 % mortgage. Yeah. All right. What's the payment usually? Oh, for something. For something. I'm going to put 450. And we don't pay that. We don't pay for that. She pays for this. Yes. Okay, I need to start marking these. Okay. Okay. Well, she pays for it or pays you guys? It goes into the bank where it drafts from. So it comes out of my mind. You really have a lot of trust in everyone. And I appreciate it. They're family. But you have. It almost sounds like nothing wrong has ever happened in relationships with you guys. ever okay and with that reaction then i don't know how you're putting this amount of trust in people then because you kind of are you've allowed so much to go so wrong and destroy you guys yeah and i think that that's kind of like our where our downfall is is that we just want to give everybody the benefit of the doubt we want to like help as many people as we can and no and And I guess that is kind of where like the.
55:38That is the downfall. But I think that's where the connection is of us, I guess, knowing that we're in a better. Like we make better money than most people because we're able to do things like this for other people. But it's putting us in a bad situation if something happens to them. This is very scary, guys. This is very scary. Tractor supply. You guys have everything. You guys have everything. Oh, tractor supply. Sure. Why not? What we do? Our fence. Great. $487. You got dogs or something? Or you're just trying to keep... You guys have a horse. Yes. You ever do anything with that? Yeah. He's a pleasure horse.
56:29Like, I don't like... Easy. I don't like, like, perform or anything. Like, I don't like... Easy. That's awesome. let's start we're close to Mexico we're not in Mexico oh my god that's what they call them you call it a pleasure horse like it's not you're not like running barrels on him can you stop saying that phrase stop saying these things stop you're making Lindsay die you're killing her okay your minimum fee payment is $29 on this glad you guys are the least pleasant people makes it easier to go through this for what it's worth what this is I just don't you have a horse how much was the horse we paid 5 ,000 for him how much is a horse upkeep oh so we gotta put that in the budget we gotta put that in the budget part of me thinks it would be fun to like own land it is a ton of work I'm sure but a part of Well, like a ton of work.
57:39Right. But let's be honest. I mean, OK, if I ever if I ever own you want to come. No, no, no. If I ever test it out, you are more than welcome. We will. What I'm saying here is if I ever own land, the hard work would not be done by me. But like I like being I love cows and love horses. But like I also feel like I'd be over in a weekend. Oh, yeah. That's my issue. I mean, we have a fence that we've got to finish in the front. So, I mean, if you want to come for the weekend. Oh, they want me to clarify that I'd be paying people to do the work. Obviously, I don't know what they were thinking. I don't think that's how anyone else.
58:17I hope not. I don't know. The comment section always take everything bad anyway, but whatever. Oh, yeah. All right. Okay. Let's just go on. Okay. Now you're into this. Oh, this is you. This is you. This is no. This is your car. It has to be. That's my truck. Why do you need a truck? I have a horse. What do you do with a horse? You have to take him to the vet. You have to take him to go get his feet done. You got to take him to go get his dental. They don't do that there. I mean, you can have somebody come out to the house. Okay, but to be clear, you have a$70 ,000 loan so that you can take the horse to the vet.
58:53And I mean, other things that you need a truck for. Yeah, I mean, we've used it for a trailer. Of course, we don't have those trailers now. Except for the horse trailer. We have the horse trailer. Guys, there's just no reason to have this kind of debt for you. Even still, you are trying to find any excuse to have this truck. You could have had a cheaper truck sitting on standby for that specific thing, and then you could have had just a sedan all for yourself, and it would have been fine, or a midsize SUV, and you would have been okay. You do not need a$70 ,000 truck to carry a horse a couple times a year.
59:25Right? How oftentimes are you taking the horse places? like every three to six weeks. Uh-huh. Okay. Probably could have had a bullsh** little truck. Not little, but a bullsh** truck. What kind of little truck for the horse? A bullsh** truck. I mean. You didn't need a$70 ,000 loan. Or get rid of the horse because obviously you can't afford it. Fuck's sake. I'm trying not to say that, but. I have tried to sell him. The horse. Yeah. that sounds he's a pet right uh yes it's like a different level of a it's it's it's not the same it's not like a dog like why not i would if i had a cow i would i love cows well if you get like a little mini highlander or something well or no no i just like cows do you know how gross cows are yeah but i like them do you know how gross dogs and cats are
1:00:24exactly that's what i'm saying um but no like you don't look at a horse why'd you try to sell it because getting too damn expensive and i and i wanted to why is no one bought uh because he has a the cell get rid of it yeah he's got like a something going on with okay you can't afford it So why not just go free? As long as someone does transportation, well, do a little bit of money because you make sure they put you because you got it. I'm going to treat it like a normal pet. Make sure they do have an adoption fee so that, you know, they have money to take care of it. Right. That's pretty much it.
1:01:03So they have a little bit of, you know, you know, they're not just going to around. Yeah. But even still, this is crazy, guys. Obviously, you can't afford this. You need to get rid of this truck or something. I don't even know. What's the do we know the value of this truck? you would know that one better than me. No, but I still... Yeah, let's pull the value, Jake. We'll be probably in the 40s. If you want to earn a$3 ,000 bonus, you need to keep listening. Silo is running an exclusive launch promotion just for you guys. Silo's like Robinhood, but for bonds. And they're doing the best sign-up bonus I've ever heard of.
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1:02:52Oh, okay. It went down from, it started at 70. Now it's it. Yeah, I've had the truck for a while. $53 ,000. How long have you had it? Two and a half years. $53 ,916.54. cents. What's the minimum? It has to be a crazy minimum. It's over$1 ,000. Oh, for f***s sake. Two? Two? Two? We... It's like$1 ,063.
1:03:21Yeah. It's$1 ,058. But we have two over$1 ,000 car payments. That's crazy. I don't understand the life you guys are living. Oh, it's worth$29 ,000. Congratulations. Nice. That's horrifically disgusting. That's private value it's not even trading that's disgusting do you not realize how disgusting that is that's pretty bad it's a truck i mean trucks will give them most because everyone will go get a hundred thousand dollar truck that'll be worth 20 the next day if there's a vehicle people are willing to overspend on its trucks for a workahoma job
1:04:00Ulta? The only living thing that sees you on a daily basis is an oak tree. why are we spending$360 on an ulti card that we can't afford probably I use it and usually I pay it off like the same month or before like right after the statement comes out so this is normally paid off so one card that is actually used relatively responsibly not true though because you spent$360 that should have gone towards debt so I buy all of my stuff all at one time. Probably every eight to nine months I use that card. And I put all my stuff in one time. I have rosacea really bad. So I have to be very careful. I can't just go to the drugstore.
1:04:49If it's a couple times a year, that's different. I can't just go to the drugstore and buy a red one. Okay, I'm getting it. But if it was a monthly fee, if it was a monthly charge, that's where I would be freaking out. Okay, Valero. We have a Valero card. I haven't had this on the show. You've never had a gas card? Gas card and a Valero card. $740 is owed on this. Is this normally paid off? No. No. No. Oh,$18.56 of interest. Good. Good. Yeah, let's pay interest on our gas. Come on, guys. I don't even know what to say anymore. You've just accepted this very clearly. This is just life. It's just life.
1:05:29life. It's not that you guys don't care, but it's like almost no concern anymore because you've just accepted it. It's been like it for like this for so long that it's just like how long norm. Why do this? Because we got like got ourself into the hole and then can't get out of it, I guess. Home got our whole hole. That's our mortgage. You're right. the rate is great at 2.5 i mean that's that's wonderful what i don't like is i mean it's still like a half a million almost which okay whatever whatever i mean it's the 2687 dollar payment on top of your 2000 dollars in car payments on top of whatever else is about to be added up, guys.
1:06:16It would yield$443 ,773.57. Okay. The minimum monthly payment of, again,$2 ,687.38. But we love the interest rate. Oh, I accidentally put... We'll take a look at that in a second. That was a 401k. Oh, is that all the debt? Have we reached debt? That's it. Well done. Why is there still so much paper? Okay. Those are all the bank statements. Goody. Why do we have so many different banks? So we have a checking account that we use for our bills, where just bill money stays in there. And then we have a spending account. And then we have an account that was with his or still is with his mom, where our mortgage and stuff went into it and our insurance.
1:07:05Because his mom lived with us for seven years. Why overcounts? You guys are complicating everything. So his mom lived with us for seven years, so the mortgage was already just coming out of that account. So rather than being, I was just being lazy, and I just didn't move it over to the account. So much lazy in this. This story, lots of laziness is less than this. So one of the accounts is just, it's a family checking that has his mom on it, has the mortgage and the car insurance coming out of it. One had tools like work stuff, and then now I just use it for my day-to-day stuff. A note was written by Lindsay that new tools are your fetish.
1:07:39Like, that is the literal note. It's not a fetish. According to Lindsay. Buy as I go what's necessary. Some of it's not, I guess. Necessary for? Work. Yeah, I guess me. Like? Oh, I mean, like certain socket sets or the wrenches that I'm using, the scanner that I bought which that one was quite a bit too. How much hammer pegging is going on? How much what? It's called turning wrenches. They don't know what that means. I'm going to allow that to slide then. Am I missing it? Yeah. Oh, okay. That's okay. Okay. How much do you spend on tools, you know? For the fun. It's not fun, but... Oh, come on.
1:08:31For your own personal ones, not required for work. I don't have any of those personal use. This is all, like, work stuff that I use. How many new tools do you need constantly? I mean, things change all the time. Okay, so how much do you spend in our tools? Well, I mean, I think. Why isn't your work covering this? Oh, wait, what's your job? Mechanics, they don't. Yeah, mechanics, they don't do that. What, the truck shows up, the special little truck? Mm-hmm. And they offer you, like, 50 % interest? I think it's, like, 18.9. Yeah, it's crazy. How much do you owe? Wait do you owe? Wait so that is a debt How much do you owe?
1:09:11Pretty sure it's like $22 ,000 to one In debt? In tool debt? For f***s sake That was all everything that's recent Are you being serious? You didn't know this? That's an insane debt I thought it was like Well, the other one's almost paid off. It's like$2 ,300 on a different truck. There's more? Yeah. When I asked if that's all the debt, why'd you not tell me? I wasn't really thinking about it. I need you to think about it. I don't know. Sometimes I think about it different just because, I mean, that's stuff that I, you know, I use every day at work. I'm using it. Oh, for f***ing sake, your minimum fee payments are$670 a month.
1:09:56Yeah. So thoughts, comments, concerns. Yeah, I didn't know about that. But see, also see, is that why like we got like all the snap on stuff? She knows a lot, nonchalant about it, though. It's like, again, this doesn't even matter. It's just an other. What am I going to say to him? It's not about that. Whenever I'm. Well, yeah, I'm not. I'm not. It's not like I want you to go crazy or anything. but it's just your reaction. It almost seems like because we've stacked so much, it's another little pebble in the bucket. It doesn't even matter. Like, why not? Throw it all in. Let's just get more debt.
1:10:39It feels like that's where we are. Or debt just no longer has any impact on you because you guys have just lived debt, debt, debt, that I need to take debt away from you guys because it means nothing. You don't understand the repercussions behind it or the fees and interest that you're paying. Yeah. So that's all at 18%. Your minimum fee payments, 670. Great.
1:11:00are there any other deaths he's not telling me about have we made it yeah i don't i don't think there's anything else okay
1:11:13got lucky they didn't even like feed me that information i don't think i uh i looked down at just lindsey's funny note all the way down that's crazy yeah i I mean, like, I knew that there was a bill. I mean, obviously, I knew there was a bill that was coming out every month because I look at the bank. I'm the one that looks at the bank. But I didn't realize it was like that. Yeah, you guys have overdrafted this year, by the way. Overdrafting or making net over 150 ,000 hours a year? That's insane. That is insane. When was that? Oh, huh? When was it? I don't know when it was. At some point this year.
1:11:57It doesn't say. No, it just shows. Okay. But I do know that this past month, we were getting McDonald's and Prime Video and Prime Video. So, we're renting things. Afterpay. We're afterpaying. So, there is more. Yeah. Those are our double clothes. You guys make money. Everything does not have to be a minimum monthly payment. I'm surprised you're not financing the McDonald's and movie rental. TikTok. $60 on TikTok. Yeah. I don't know what the fuck. but it's like leggings or something what are we why are we buying a tiktok shop it's all just like extra we don't need don't go into the tiktok shop part don't swipe left i don't trust it because i think it's all chinese you know what how did i know you were gonna say that what do you think the stuff from amazon comes from too well that's why i pick certain things I don't order a lot off of Amazon either.
1:12:55Where do you think your hat came from? You know what I'm saying. I don't know. I'm curious, though. Probably made in China. It came from a gas station. You're bald. He's very bald. I'm not bald. I shaved it bald. Okay, Starbucks. News. No, no, no. News. I was like, whoa, bro. I was like, you do it, so I don't know nothing about that. News Express. Gas something. That's probably a gas station. That's a gas station. You stop inside and gas something? It's$5. Yeah, I know you weren't getting$5 of gas. What are you stopping in and getting? What's a News Express? It's one of the gas stations, I'm sure.
1:13:33Someone's stopping in and getting something for$5.29, guys. Oh, no. That was the airport. That was the airport. Okay. Yeah. Whenever I moved his mom. Lift ride? I know for a fact you guys live in the middle of nowhere. Now I know what account you're looking at. And this account is me going to move his mom. And all of that was reimbursed to us. Everything. Yes. Donald's, Starbucks, Starbucks, Starbucks, DoorDash, liquor store. Yep. Why are we getting liquor store for a move? DoorDash? All this DoorDash? Because I need beer after I done moved everything across state lines. And you're reimbursed.
1:14:10But yes, she reimbursed me for all that. Oh, 50 movie rentals, TikTok shop, and other TikTok shop,$96? Now that stuff, no. This is the same account. Okay. She's getting more TikTok shop. That communist stuff. Yeah.
1:14:28Amazon Chili's Pack and Snack and Amazon. Amazon. Okay. And another checking account. Subscription Country Corner. That's gas station. Yeah. Yeah. Country Corner spelled with a K because I bet there's a lot of triple K's out there. David, reason over. That's the tool guy. The tool guy? Oh, it is Matt Coe. Yeah, that's the one that's almost, well, I say almost, but that's like the$2 ,200, I think, or$23. Zon out$20, and there's more Matt Coe. It's wild. There's still so much paper. Zon out$250? PayPaling out$10, selling out$82. Where's this all going? Selling out another$250. So the$250 is whenever he lost his job, my mom gave us a$4 ,500 loan to pay some stuff.
1:15:27Emergency fund. Not having an emergency fund is an emergency. For fuck's sake. So I pay my mom$500 a month, and she'll be paid off in March. March. PayPal Apple bill How much is left? Again that is a debt You didn't tell me how much is left? To mom? That's math Come on math Quick math Yeah I don't Okay so Zoom zoom math $4 ,500 She pays it off Or I pay it off in March Pay$500 a month Oh there's an extra checking account that I don't even have His allowance Once you give them an allowance checking account. So we. Yes. Well, I have it, but I pulled it out just so, you know, I can keep track of whatever.
1:16:19Oh, you guys sit down. Listen, if everything was in one account, you guys might just have to put everything in one account on a credit card spending. Well, track it all at the end of the damn month. His account he uses for like his death and he smokes cigarettes and don't be getting cancer. You're doing every tobacco variant. He does it all. And buys his beer.
1:16:47That's on his account. Some of it. I can't put that in the budget, man. I can't put you dying an early death before your kid even graduates college or whatever they do. I can't put that in the budget. How much are we spending on a monthly basis on all these? Well, what I'm spending is not just that. It's also the food that I use while I'm working. But how much are we spending on all that? Tobacco. Just tobacco products. Nicotine. Or nicotine products. Well, a can of dip now is$9. One can. How long does it take to go through a can? Like a day. A day or two. It just depends. I didn't know how much it was until like two days ago.
1:17:32I'd probably say like$200. $200 a month? Yeah. On... Okay. Okay. I don't know what to do with it. $65 in this account. I don't know. It's just transferring a couple things. Okay. Oh, for fuck's sake. Oh, my gosh. More. $12 in this account. Price Chevrolet. Outlaw Bar and Grill. Oh, there's still so much spending. Go went in a gas station. Got some bullsh**. Amazon. Travel Center. Travel Center. That's gas station. Yeah. Okay. tractor supply good the credit card's not enough that's dog food oh lots of water delivery yes so our well water is the thing that we're in debt for it's not drinking water like you cannot drink it it tastes like ocean water salty yes it's it's like super minerally um and whenever we first moved out there we had multiple companies come out and test the water and they're like, there's nothing.
1:18:36A water softener is not going to do anything. Reverse osmosis won't do anything. Yeah, so pretty much we're stuck paying the well that you can't really do a whole lot with. You can't drink it. And then we'll have to try to get city water. Eventually, one day. So you still have to do that. So we just keep doing what we're doing. But you were like, but when we talked about that well day, you said, so we didn't have to do city water. City water would be more expensive. but I said you have to. Yeah, but we weren't knowing the well. We didn't know the water there was so crappy. Backyard,$118. Oh, God.
1:19:16What is that? I'm trying to think. What's Backyard,$118? That's that restaurant. Oh, there's still so much more. Amazon, McDonald's, Amazon, RMD, Amazon, Amazon, Nails by Britney. Again, the only thing that sees you alive is the tree. Price Chevrolet. Amazon. I see him. Wear gloves. Subway. ATM would draw$400. Where'd that go? What is it? ATM would draw$400. We had some damage to one of the windows on the house, so we paid a guy to come fix it, and then the AC was leaking. Is this house going to survive? My goodness. Amazon, Ancestry.com, so you lost all your personal data. Amazon. More Ancestry.com.
1:20:07Great. Amazon. Nails by Brittany. She came in twice. She's doing those nails endlessly. She's obsessed with them. Brittany's always needing to be in there and grind it on nails. More price Chevrolet. What is this thing? It's like$9.00 price Chevrolet. It charges constantly. Guys, we don't live in a place with snow. And I know it's a little dusty, but it's not that dusty. It's dusty. Okay, come on. I've been down to San Antonio a billion times. Three times. Like, it wasn't that dusty. It wasn't that different than Austin. No, it's very dusty where we're at. Okay. Yeah. And the very rural. Yes. $1 ,700.
1:20:43Oh, this is the bad part. You know what? Yes. We went through a lot of debt, and it's all bad. And you guys are mingling a lot with the family, and it's all bad. This is the scariest part. So that's from my brand new job. Total both retirement accounts were at$4 ,000. Rounded up. $4 ,000 to our name in retirement. Yeah. How are you guys going to survive? How are you going to do anything? You guys, with the paid off house and everything, and if you guys live minimal, off the grid, whatever, you guys probably need at least a million bucks to survive. Yeah. Without draining your portfolio. You can go less, but you'll drain it by the time you, before you croak.
1:21:23Well, you know, at the time you croak, essentially. Yeah, I don't really have an idea what we're going to do. I'm going to put reliability from the family. So we have that smart two is taken care of by, you know. Sister. What else was taken care of? Part of the love sack. The best buy was taken care of. Yeah, part of the best buy. Love sack. How much of the love sack? Of the minimum. 48th minimum. She pays. So, okay. But the numbers that you wrote down, though, those are like the statement minimum balances. And that's not what we pay. We pay over, like we pay the promotional to pay off. I don't care.
1:22:04I'm doing your budget. And that's not even 100 % true on everything. So that's not true. I pay$138 a month. I don't care. I want to know your minimum. My minimum is$138. On Love Sack? Yes. The minimum on the card is$109. That can't be true. Because if we pay$109, then it's not going to be paid off. No, what is your minimum monthly payment required? I pay$138. No, your minimum monthly payment required. I think that is what's required for it to pay off in time. How are you not understanding this? Your minimum required on a monthly basis so you don't get a late fee or a missed payment. Oh, I don't know.
1:22:41What do you think a minimum? I don't know because I don't. Because if I pay. I'm writing that one off because it's mostly taken care of by them. Yeah. That's not good that we don't know that. That's actually kind of crazy. I don't even think I've ever encountered that. of not knowing what a minimum monthly payment is? Well, because I pay way over the monthly payment. That's not the question, though. Yeah. Okay, your income is$13 ,133. Well, you add up all these debt payments. It'll take me a second here.
1:23:15You guys went to trade school? He did. I did, yeah. Very cool. Did you do anything? No. That's okay. Not much I can do to help you guys. Maybe we'll give someone an audience a course career certification.
1:23:31Yeah, if you guys want to comment about course careers Black Friday sale right now, a lot of things are 50 % off. Do like a comment like Black Friday course career sales or something, and I'll gift one of you a course careers certification since they don't need it. Or you can give it to your sister. We can do both. How do you not have a bottle of water so that you don't get all parched? It's right next to me. It's right next to me. But I feel pretty okay. I usually chug right before coming in. Because your mouth gets so dry talking so much. Yeah. Okay. Oh, my gosh. Minimum monthly payments. $3 ,838, not including your mortgage and 92 cents.
1:24:16Minimum monthly debt payments. That's insanity. That's crazy. That's crazy. And then your mortgage. 27. 28. 20. No. I think it's 26. 26. 87. Utilities? Electric bills, usually about four. I would say$400 is what I usually. Internet? 120. Gas? Is there gas? Like gasoline to drive or like. House? No, no, no. Okay, vroom, vroom, drive, drive, gasoline, both of you together? I would say$250 for me. Yeah, I'm probably in, yeah, three something. $250 and like$350? Yeah. Oof, okay. So we're going to do$600 there. Car insurances?
1:25:10$470. It just renewed. Phone bills? Say$300. Usually I would do helium, but you guys are very rule. Yeah, it's not even an option. I looked at the option. Whenever I've heard you say it before, I looked into it, and it was not an option. TP, find anything else to survive. Going to do 200. Okay. Groceries or meal prepping a couple times a week. That's it. Packing. Packing. Sandwiches. Thermoses. Sandwiches. Yeah. We could do. We should be able to do 800. Follow our meal plan. You have a meal plan? Yeah, it's in the budgeting program. Tweak it to your needs. Oh, okay. Medical health care ongoing?
1:25:53Monthly basis? So now that I have an HSA, we've been using that to pay for our medical medications. Is it ever going to run out? You pretty contribute to it, but do you overspend? I have not yet. My company matches. We'll eat them still. Okay. Pet foods? Are we including the horse? Are we getting rid of the horse? I mean, probably not. Then yes? Say$200 a month. Oh, okay. What about horse maintenance on top of that?
1:26:27I'm trying to average it. It would probably be just, say,$100 a month. That's not that bad. Yeah. I thought I was going to. Okay. No, no, no. No subscriptions. We're canceling them all. Oh. What all subscriptions do we have? Every subscription. Every subscription. Well, we don't have TV. Good. Use YouTube. It's free. Then there's ads. Yep. Just like there is on TV. And you pay for TV. Well, I pay for, like, Netflix. We don't have, like, cable TV. Well, you got the ad-free version. Yeah. You're canceling subscriptions. You're listening to ads when you can't afford to f*** live. Okay. So, I mean, you guys can f***ing do this.
1:27:09And we already knew this. Is that off of, like, what you were saying? Like, the minimum payment? Yes. But now we learn where we can put the rest of the money. Because you have to make your minimum payments on everything anyway. Right. So this is what's required to survive at a minimum. Okay. And now we figure out what to do with the remaining money. And then you, I guess, prioritize off of the promotional stuff and then, like, snowball it? Yeah. Okay. But this requires you guys actually not overspending. Right now you're overspending, so it doesn't even matter. You're going out to eat every second of your life and stopping at a gas station and getting bullsh**.
1:27:44$3 ,397 is what you guys have left over. Come on. I'll even put that$397 towards subscriptions, fun, bullshit, whatever. There you go, okay? Okay. Okay, so now you have$3 ,000 left over on a monthly basis. Budget it out. With that, I mean, guys, this isn't the craziest thing in the world. I mean, you guys pulled on this yourself. Yes, prioritize the deferred interest once first, so they're paid off before things hit. But again, okay. This really isn't crazy. And then I would snowball the lowest balance. Do you do the lowest balance or do you do the highest interest rate first? I would do lowest balance for you guys to stay motivated.
1:28:29Okay. You'll see more progress. No more tools. No more bulls**t tools, at least. Well, I think I'm pretty much set on it anyway. That's what everyone says. I guess that is what everybody says. Yeah. Yeah. Hey, he did get a really cool snap-on sign and a beach towel. Because of your vehicles, bad debt, not including your mortgage, bad debt. We have$170 ,000 to pay off. That's an insane number. That's actually kind of crazy. $170 ,000, that's kind of insane. That's our annual salary. 56 months to pay off. 56 months to pay off. Yeah, and that's bad debt. That's not even the mortgage. 56 months to pay off.
1:29:14All right, so you guys can do this. It's going to be a grind. But four and a half years, just over four and a half years, let's call it five years after your fully funded emergency fund as well, you guys can get out of debt. You guys will run forever. And because of that, now you're in a five-year hole. But by the time you guys are entering your 40s, you'll be debt-free. And that's fine. That was pretty similar to my parents for what it's worth, and they're in a pretty good position now. You know, they were certainly through the 20s, 30s kind of, you know, messed up, but going into the 40s and everything, you know, turn things around, and that's okay because they sacrificed in the later half of their 30s.
1:29:49You guys f***ed up bad. F***ed up bad. 100, whatever, $30 ,000 of bad debt is crazy. That's not something we see here. You guys are beyond lucky that you have an incredible household income to deal with it. In four and a half years for the amount you guys f***ed up your debt lives is not that bad of a sacrifice. It sucks, but I'm also giving you guys$397 of fun. I usually can't give people fun money. That helps you guys stay motivated throughout. Save it for a month and then all of a sudden go ahead and that gives you $700 to blow the next month. Set it aside. Set it aside for a few months, go on a little vacation.
1:30:25Whatever you guys choose to do. That gives you Christmas. That gives you going out to eat. That gives you that fun money. But four and a half years is not the end of the world. Go through the budget team program. Build out your budget. Here's our rough idea of where we think life would be. Okay. And as income goes up, as income does go up, that helps propel this. Yes. But you got to attack those deferred interest ones first. Pay them off. Yeah. So that's one of my questions is I want to, like, how would you suggest prioritizing? Because I do have some deferreds that are, like, at the same time.
1:31:01They're, like, roughly at the same time. Well, with the$3 ,000, with where you are, your deferred interest balances weren't the craziest high ones. I mean, care credit. Yeah, but Care Credit, a lot of that was like 2026 as well. So with 3 ,000 hours a month and the balances I saw on the Care Credit, is deferred interest one should be killed before the deferred interest hits. Okay. So prioritize the dates. Okay. And then after that, just the smallest balances. Because I do know, Care Credit, we were paying like$1 ,000 a month to Care Credit the last, for a while. And so. Yeah. Now it's dropped down to where our promotional purchase is like three something.
1:31:40so we have that extra wiggle room there to be able to put into the different promotional purchases okay so the only other thing is your truck i mean your truck's honestly kind of can't really finesse that the bronco might be able to borrow the difference get a cheaper car as well that gives you a maybe that'll give you maybe like a thirty thousand dollar debt instead of a sixty six thousand that might be worth it temporarily that honestly probably saves you about a year on here. And I'd rather go from four and a half to three and a half. Call it three after, you know, income goes up throughout the years.
1:32:16Okay. So that might be an option to consider as well. I would personally do it. I'd personally do that. So, all right, we'll connect you with the tools. We're going to talk in the post show. We're going to bring everyone into the post show and the YouTube membership. There's also a show where you guys can call in and talk to us live, by the way, about your finances or whatever drama or anything in your life. You can do that. You can talk to us and then it'll be fun. So make sure you guys join our YouTube membership. Link in the description below. Let's get your household time or financial score.
1:32:41You said two, you said three. Spend your budget. You overspend. Zero out of ten. Debt. $130 ,000 of debt. Come on, it's your annual income. I can't give you better than a one out of ten. Emergency fund. There was no savings. Zero out of ten. Retirement's barely a start. One out of ten. Real estate. It's the only thing you have going for you. It is a big balance. Minimum of the payments. Okay. Within your living situation. You're having to invest a lot into this water situation. You're having to figure that out. It's a bit weird and great interest rate, but it's okay. Seven out of 10. Hammer financial score for today.
1:33:10Then we'll have a follow-up on the financial audit follow-up channel whenever you guys are ready. But for today, it rounds up to a two out of 10. Make sure you guys bundle all of our educational programs together for 15 % off. That is what over 10 ,000 people have done and they've changed their lives. Now come join us in the financial audit post show. You didn't know how much the totals were. I did not know how much the totals were. Did you not communicate this to her? No, we talked about it. One of them I traded. Just like we talked about the other stuff. Do you guys actually talk about anything money?
1:33:42Sometimes. What do you talk about? How does this go? When Caleb brought up financial a** in your family, we all kind of gave each other a look. Yeah. What's the tea there? And how are you so sure that you're not going to get burned again? To watch the financial audit post show, click the join button below.
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