Chapters
Shownotes Transcript
The IKEA Business Network is now open for small businesses and entrepreneurs. Join for free today to get access to interior design services to help you make the most of your workspace, employee well-being benefits to help you and your people grow, and amazing discounts on travel, insurance, and IKEA purchases, deliveries, and more. Take your small business to the next level when you sign up for the IKEA Business Network for free today by searching IKEA Business Network.
To watch episodes of Financial Audit a week earlier, check us out on YouTube. A couple hundred dollars to a couple thousand dollars. Not really gambling if you ask me. What do you mean that's not gambling? I don't always lose. Sometimes you win. Nat, you've lost, so you've lost. That's all your income with both your jobs. It can't be that bad. I know I need to stop. I don't lose every time. Are you serious? Are you going to f*** with me right now? What the f*** are you talking about? It's not the absolute worst. What are you talking about?
Welcome down from Minnesota, fellow Midwesterner. I'm glad I escaped and welcome to Escaping.
What do you do for a living up there in that barren, snowy wasteland of freezing? Yeah, I work weekends for Old Dutch Foods. So I stock shelves with products that are already there. Okay. How much do you make doing that job? Probably around 30 grand a year, maybe a little more. Just weekends? Yeah, no, it's a really good job. Okay. Wow. Yeah.
Okay. And is there another? Yeah, no. Then I work delivery driver for a pizza shop called Chanticleer. And I work like two to three days a week there. Okay. And what are we bringing in with that one? Probably around $20,000. A little more after tips. Why are we working more hours at the Dutch place?
Well, it's just a weekend job. So if I were to go full time, it'd be Monday through Friday. Yeah. But the pay would be less. How much? So I'd probably start at like for the month, just the Monday through Friday would pay about $42,000 a year at the minimum. Okay. Yeah.
But then once I, if I were to do that, I could get like a, my own route and then I could make up to maybe 60, 70,000 a year. Gotcha. And then the weekends on top of that. So another, so obviously we have some debt, we have some spending, but I want to ask you, give us me and the audience, it's a little background. What are we looking at here?
So a lot of my debt and stuff comes from my gambling. So I... 22? Yeah, well, I started when I was 15. How? Wait, how? Well, you know... You had a fake? No, the casinos just... You get to know which ones are tight with the security and which ones are not. The Minnesota accent is a powerful one. Oh, you betcha. I love it. I love it.
okay sorry yeah but anyways i was 15 i brought five dollars at the casino set at a blackjack table they allow that 15 year olds well no but they didn't check my id because i've always looked older okay but you don't look old well when i was younger i looked actually a similar haircut i guess so yeah if mine hung over a little bit more on the sides
Yeah, anyways, but I turned $5 into $200 at a blackjack table. And then ever since then, I've just kind of always wanted to keep trying to repeat that experience. You're into debt for the gambling? A lot of it. Because of the gambling? A lot. So what I would do is my American Express would allow me to send money, like Venmo money to my friends off of my card. And then I would just have them give me cash. Okay. So...
What does this gambling look like today? Um, kind of the same thing, but... How often are you gambling, and with how much, and what are you playing, and where, and why, and when, and what? Anything. I don't know. I like playing blackjack. I'll play it. I'll gamble on anything, anywhere. I mean, if I think I can make money, I'll bet money towards it. Okay, and how often?
Lately, it's been like maybe once every other week for like big time gambling trips where I'm going to be spending a couple hundred dollars to a couple thousand dollars. But a lot of times I'll... A thousand? Every other week? So like 4,000 bucks a month? I don't always lose. Sometimes you win. Yeah, but net, have you lost or won? Well, I've lost quite a bit. That's all your income. That's all your income with both your jobs.
If you lose it all net, have you lost more or won more? Lost more. Okay. So it's not about sometimes I win, sometimes I lose. Net, you've lost. So you've lost. I never claimed to be a good gambler. No, of course not. But that doesn't. But you spend. If it's really $2,000 a week, every other week. I mean, on the top end, it's not always that much. And I don't always lose all the money. But 52 divided by two. No, it is.
Okay. It's like 50 to... Okay. That's wild. So you're clearly addicted? Oh, yeah. Definitely can't get away from it. And like me and my buddies, even when I'm not going to the casinos and gambling, you know, the bigger chunks of money, like I feel like once a week we're hosting like poker nights where we buy in for, you know, 20, 40 bucks between 10 guys. Then we play like tournament style, like winner takes all or whatever.
But this addiction, it's obviously brought financial stress to your life and potentially other stressors. I don't know. What have you done to combat it or get help or do anything?
I mean, there was a while there. Last March till like August, I didn't gamble at all. Okay. Or besides maybe like, you know, the $20, $40 house games, which not really gambling if you ask me. What do you mean? What do you mean that's not gambling? Well, it's, you know, it's like going out to eat. It's like, oh, 20 bucks. You know, it's like going to see a movie. Yeah, but if you're addicted to going out to eat and then you go and get a cheaper meal out to eat, you still went out to eat. Yeah, I guess that's true.
So you never stopped? No, I guess not then. And then what made you get back into the high roller? I don't know. Just my buddies asked me to go one time and I just decided to. And then I kind of wanted to start keep going to the casinos again. So is your friend group a big gambling group? Very big gambling group. I mean, you know the end result of this, right? The end result of this is you probably can't be friends with them.
Which is so f***ing hard. It's so much easier to say than do because what are we without friends? You need a support system. You'd be bored. You'd feel lonely. But also they're dragging you down because if you want to get to a better place where you're not addicted to gambling and spending your entire f***ing yearly existence on it and every single cent you make, you'd need to get out of that situation. But like, how can you? It's hard. If you ever sought help...
I don't think really. I've asked my friends to not invite me to anything. But there's gamblers groups. I'm talking like... Oh, no. Nothing like... Why? I don't know. I always figured if I really wanted to, I could quit by myself. And? How's that gone? Not well at all. Okay. So that leads us to probably...
The other thing then. Good old Gamblers Anonymous? Yeah. Why not? I don't know. I suppose I probably should do that. Is the debt that we're looking at basically all because of the gambling or is there more here? I'd say it's probably a 50-50 split between gambling and then just going out to eat and drinking and just going on vacations.
And you were Venmoing from this card, this first card, you were Venmoing money to your friends and then they would give you the cash? I mean, they weren't all super supportive of it. But they did it. Like, I'd be, you know, down all of my cash from my bank account and then I would have to basically beg them. Do you have rent? Yeah. Have you ever missed rent? No. How? How? I feel like you're skirting the line.
Yeah. I don't know. There's been occasions where I'll take out a two-week loan from a buddy just to make... Two-week loan from a buddy? Just to make sure I don't miss a payment. Yeah, that should scream that you've reached... Like you're basically...
inches away from bottom if you're getting loans from your friends so you don't miss the payment so you don't become homeless yeah like how close are you to the bottom i'd say pretty damn close from that as of recently it's kind of been like well american express i used to have a 30 grand credit limit on that and just recently they cut me down or they
basically cut it down to like my 22,000. Did they really? Yeah. That's not reflected on here. So that happened after the statement. I think it came into effect like June 1st. Oh, okay. So let's talk about this. I want you to self assess a score for me real quick though. Your financial score, zero being the absolute worst, 10 being the absolute best. Where do you think you are on the score of finances? Zero. Okay. I'm not, I don't think anyone's super surprised based on what we've talked about so far.
But that's tragic because you are too young. You are too young for that, man. Too young to be throwing your life away for this. If you want your Hammer Financial Score, it's free in the description below. And if you have anything that you want to discuss with me on this show, definitely feel free to apply at calebhammer.com. Let's jump into the debt. This is insane. This card is insane.
The debt is basically your age on one card alone. Like that's ridiculous. Like you accumulated a thousand dollars of debt on this one card alone for every year of your existence. So Amex, we're sitting at...
$21,138.94. That's, sure, that's crazy. What's even crazier, the minimum monthly payment is $770.55. What hits your account that we could see on a monthly basis that we could see, and please correct me if I'm wrong. What's the mobile deposit? Tips? Or ATM deposits. Is that tips?
Okay. Yeah. Yeah. We had payroll 1,468. We had flash seats 1,500. So flash seats, that's me selling my season tickets and that's just the... Okay. What's the ATM deposits of 2,640? It could be me winning gambling. I'm not exactly sure. How much hits your account from your earnings on a monthly basis? Jobs earnings. Jobs earnings should be right around 5,000.
Or no, like four to 5,000, somewhere in there. It ranges with tips. - 5,500, 12, 54,000. That doesn't add up. You said 20,000 from one job, 30,000 from another job. That's $50,000. You're saying that you get 54,000. That makes zero sense.
Do you either not know your income or not know what hits your account? Which one? I don't know exactly. Well, my tips range a lot. Sometimes it's a small pizza shop, so sometimes I'll make $50 one night. One night I'll make $100. Three days a week, though? Yeah, and occasionally I'll work four days a week if they really need me, but mostly it's three days a week. How much can I trust? Because I can't see, by the way. Because, again, payroll, we had 1,000...
468 hits your account. We had a mobile deposit, $701. Again, maybe that's gambling. Venom went in, $257. ADM cash deposit, $2,640. You don't know what's gambling. You need to know what isn't. And then selling your season tickets. We'll talk about that as well. I don't know what hits your account. How certain are you on this $4,500 average? So I get paid monthly from Old Dutch. How certain are you on this $4,500 average?
I'm positive. Okay. Let's call it that then. Taking your word on that. The reason like, like I don't care if it's $4,000 or $5,000, but if we have a wrong number, the conversation we have at the end of this where we do a budget and we try to figure out systems can be completely thrown off. And I'm having to take your absolute word on that. Amex. Yeah. $717.55 minimum payment. Okay. What's going on here? You made a minimum payment. You purchased $1,533. That's...
Crazy! That's an insane number! You know why that's actually insane? Because here's your credit limit, not because they lowered your credit limit, because you don't know how to manage this! Would you like to join me in this conversation? Um, I don't know. What was the purchase? You don't even know what you purchased? Buddy, that's purchases that you had. Oh, purchases? I mean, it was probably just getting food and... So, they lowered your credit limit...
Because you can't manage this. The minimum monthly payment is absolutely insane for your income situation. What is it? Okay, $4,500 and the minimum monthly payment is $717. $717 divided by $4,500. 16% of your income goes to just one minimum monthly payment on one credit card and on one of your debts out of the many debts you have. Okay. So we decided to go purchase on it?
Bullsh** food? Which is what you're saying. We didn't even go through the purchases, but you're saying it's probably just me going and getting food nonchalant. You know, this is nothing. It's nothing. It doesn't matter. You think that's okay? You think that's acceptable? It's charging $511.28 in interest. That's okay? No. Then why the f*** are you doing it?
I don't know. I'm just trying to like because I don't have money on my other cards. So what am I supposed to do? Not go out to eat. What are you talking about? If you do not have money, you do not go to Mickey D's. I don't know where you went, but we'll look at that in a second. Does that not make sense? How does that not make sense? I mean, it does, but I just I don't know. I just I don't like to just sit in home, do nothing. It's just super hard for me. I don't know. Park.
Both of us could use a few more miles of walking a day. Yeah, I go out and do things, but... There you go. Mission solved. Problem solved. Mission accomplished.
As you know, this channel is all about making sure people stop making dumb, dumb decisions with their money and start to plan for their financial future. Well, today I want to take a moment to discuss my personal favorite investing app so you guys too can begin to plan for the future and get your money to start working for you. I'm talking about today's sponsor, Moomoo. Moomoo is the app I personally use to invest in the stock market and make my money grow. I'm like,
other apps that hit you with sneaky fees here and a sneaky fee there, MooMoo offers zero commissions on US stock ETFs and options.
that means no trading fees no contract fees on stock options no minimum deposit requirements and no account maintenance fees that means that you hold on to more of your money to keep working for you but wait there is more moomoo offers all of you beautiful people an incredible deal up to 15 free stocks just for making a qualified deposit that's right up
15 free stocks just for putting in some cash to get started. And if you're still hesitant about diving into the stock market, Moomoo offers a whopping 8.1% APY on your uninvested cash for the first 3 months as a new user. So even if you're not ready to invest right away, your money is still working hard for you. And why do I love Moomoo? Because it's not just about buying and selling stocks. Moomoo provides powerful insights and analysis tools that
help you make informed decisions. Whether you're a beginner, just learning the ropes or an experienced trader looking for advanced tools, Moomoo has got you covered. Plus Moomoo has an awesome learn section that they can transform you from a newbie to a confident investor.
They offer tons of resources to help you understand the market and make smart investment decisions. So what are you waiting for? Don't miss out on these amazing signup bonuses because they won't be here forever. Scan the QR code on screen or click the link in the description below to get started with MooMoo today and start planning for your financial future. Why do we have to stop at a fast food restaurant on the way? - I don't know, I get hungry. I don't want to eat what's at home. - Then why don't you buy better things for home?
Because it's just easier to eat out? I don't know. It is easier to eat out. So laziness. Would you define your life around laziness? Sure, I guess. Sure you guess. Yeah, I guess I'm lazy and... What do you think? We're finding it out. We're figuring it out. We're trying to diagnose it so we can try to come up with a plan.
All right, I guess then I'm lazy and I... You guess? I mean, I feel like you're just trying to make it. I am lazy. Okay. I would much rather go out and have somebody else make my food than me make it. Sure. I'd like to go out and do things with friends rather than sit at home and do nothing. That's fine. That doesn't mean you have to spend money, though. Yeah. I don't know. Hanging out with friends is not a bad thing. I'm not opposed to that by any means. Let's talk about laziness. Laziness is interesting because what happens with laziness? Well...
Your laziness of this, going out to eat, pushing this to the credit limit, it's going to go above the credit limit very soon because it's accruing $511 in interest every month. And it's actually going to start accruing even more than that because you started at $19,000 and it went up to $21,000. So you made the balance bigger because you were spending money on things we can't afford. So let's talk about laziness. You do that because you're lazy. What happens to a lazy person later in life? Well, then they're forced to either...
get or not be lazy anymore because you're gonna have to start earning more income because your minimum fee payments are going higher. Kicking the count down the road we're just building up more debt, more debt, more debt, more debt, more debts, building up more debt because we continue to be lazy then it catches up to us and then you have to pay for sh*t. You're paying for all the laziness now in the future which means you won't be able to be lazy in the future. You're making it hard for yourself maybe years down the road. Sure.
But you're making it hard for yourself. And someone that has an addiction, let's be honest, I'm not going to shame the addiction itself because that is a real thing that a lot of people fall into. A lot of people fall into nicotine. A lot of people fall into gambling. These are very real things. I'm not going to shame you for that. But as someone who deals with that, you having this thing coming down the road that you're going to have to deal with
is gonna make your fight of that addiction 10 times harder. Because if you have to deal with all these major responsibilities that you're just kicking down, kicking down, kicking down, kicking down forever, how are you gonna deal with that when you're trying to fight one of the hardest things ever? Addiction. You're ruining your potential of your future life. You are making a couple years down the road, maybe a decade down the road, sure, you're making that so much harder for yourself. Yeah, I'm...
I mean, that's what laziness does. Yeah. I don't doubt I need to make a change, but I just, it's really hard for me not to just go and spend money somewhere. Like all I'm doing is all I'm like, I'm, I'm working and I'm not at home for, you know, you know, six to 12 hours a day to like weekends. I'm out on the road.
almost 12 hours a day like i'm gonna have to go talking about road like so i'm weekend service i it's like a route so i do like you know you know 15 stores in a certain area so like when i'm out doing that i have to go get food somewhere so i and it's i don't have money on my this conversation so intense a thermos have you ever seen a thermos anywhere ever seen one of those yes i've seen that that's interesting what do they do
They keep food warm. Oh. Hmm. Is your car big enough to hold a thermos? It is big enough to hold a thermos. Oh, that's interesting. That's an interesting little tidbit. How's that? Is that an option? Yes, that is an option. Soup's good. I love me a soup. Yum, yum, yum. Sammy's. Coolers. Ice. Things you can put there. Fruit. Vegetables. You can get crazy. Be a weirdo. Put some milk in your cooler. Eat some cereal on the road. Be a freak.
I don't care. Saves you money. I'm a freak. I'd eat cereal on the road. Sure. Why not? All right. Well, I'll stop. You will stop. Yeah. I don't really have an option. I don't have the credit anymore. I think you can open up another line of credit, which is what I see a lot of people do on the show. So that's why I'm taking this very seriously. Because you're right. On here, you can't purchase anymore.
But you could find more predatory services. Amex isn't bad, but people in your situation where they have this behavioral issue that they just cannot stop going out to eat. All of a sudden credit one shows up in the mailbox and they're like, yeah, I'll take credit one. They start getting interest and fees. Yeah, I'll take the next credit one. I'll take the next credit one. I'll get the next predatory lender and the next predatory lender. Then I'll get the next payday loan. Then I'll get the next payday loan.
That's happened so many times on this show. That would be devastating for your life, and you're too young. You are too young. Am I getting old? Kill me now. You're too young to have a $21,138 balance that you're still accumulating that had its credit limit decreased because you don't know how to manage it with a $717 minimum fee payment with $511 of interest accruing. You are too young for that. I mean, it's not like I want to keep, you know,
spending the money and keep growing my debt and all that. Why do you think you haven't stopped? We've talked about laziness for sure. Have you recognized that laziness though before this conversation? Yeah, I would say I have recognized that laziness. So what have we done with that then when recognizing it? I don't know. I try to get myself motivated but I can usually... What motivates you?
Money. Money motivates me. Well, you're losing it all. You're negative. Negative net worth as far as I know. Yeah, I know. What motivates you about money? Because money is more of a tool.
I guess probably one of the reasons I get so far into debt is because I guess maybe it's not money that motivates me. It's what money buys that motivates me. So what is that for you? Vacations, nights out with friends. Life experiences. Yeah, life experiences. Okay. Yeah.
Well, you're now at the credit limit and you're losing your money with gambling as well. So that has all of a sudden limited what you care about. If that isn't enough for you to start turning things around, I really don't know what it is. Sometimes people have to hit rock bottom. Sometimes when we're looking at it from the outside, it's like, what more rock bottom is that? But people find a way. And I hope that's not what you have to experience first. I hope you can catch yourself on the way down. So the purchases in here...
record store thing or like an apple bill uh cub foods golf golf going and getting some booze going inside a gas station getting some bull animal draft house and i love myself an animal draft house don't get me wrong but again we're at the cap and it's accruing hundreds of dollars interest in the minimum payment it's almost a thousand dollars golf course you're at the golf course every second of your life liquor again do you drink a lot
I'm trying to quit, but... Well, that tells me you drink a lot. Yeah. Yeah. 22. Your life does not have to be this. Denny's? Oh, no. Tobacco and vape. $145? Okay. What is it? Yeah, so I'll just buy a disposable, and I like to have a disposable, and it's like a vape that comes with juice in it, and then I like to have a vape that I can refill. You're double fisting? Yeah. Yeah.
Shake my hand for a second. Hi, my name is Cam Hamner. Nice to meet you. I have an addictive personality just like you do. One thing I've learned because of this addictive personality is I don't get into things that are typically addictive for other people to get into because I know I'm going to get addicted into those things that I find very addictive for most people. What I need you to do as we're continuing throughout life, obviously, yes, you're combating this. You're trying to stop drinking and the vaping. That's a whole thing that you're going to have to figure out. And then the gambling, it's a whole thing you're going to have to figure out.
As we're going through this, you're four years into adulthood. We need to have some self-realization of your life. If you know you have an addictive personality, which from the outside is very clear to me, but, you know, I need you to figure that out. One thing I've learned that has helped me is I just stay away from that because I know I'll go down those lifestyles if I start jumping into them because I am a habit-ridden person. I am an addictive personality.
That is something that if you think that is you, I want you to recognize, potentially talk to a therapist about, but also try to stay away from those things. And if your friend group is pressuring you into those things because that's how they live their life every day of their life, it's not the right friend group for me, which again, I know is so hard because how do you not have friends? And it's so hard to get a friends as adults outside of college, outside of, you know, maybe potential work or something. It's hard. I know I'm asking the world.
uh what would you have me do then would you have me you know stop talking to like most of my friends and just keep around like is it one or two it's probably a i mean we're all basically friends with each other yeah it's like a maybe a group of like 20 of us what do you guys all do when you hang out uh well poker nights um going out drinking okay yeah going racing up in brainerd
We have a raceway up in Brainerd, and some of my buddies have, like, you know, a couple hundred thousand dollar cars that just fly. I mean, I'm okay with that one, unless it's sinking a lot of money into it, addictive for you. Well, but what we do up there is we just drink every night. Like, that's probably... It just sounds like it's just the friend group that is... It just sounds like this is not the friend group for you, and I know that's so f***ing hard. Yeah.
But if you're around that every day, I don't know what you're going to be so much harder to stop. Cup Foods, Dairy Clean's, Liquor Again, Twins Legend, McDonald's, Cub Foods, Alamo Draft House, Alamo Draft House, getting some coffee, going to the golf course, going to the golf course. Let me guess, we're drinking and smoking on the golf course.
uh portello's hot dogs china panda animal what the f**k animal draft house animal draft house i love animal draft house you've gone more than me this year mcdonald's oh continues what's holiday stations uh it's a gas station that's probably not gas with that price animal draft house dq dq portello's hot dogs got our chili dog looks like hotel booking company where the f**k going maxed out credit card
Um, well, I was gonna go to Vegas, but I've since canceled that trip. Thank f***. Why did you cancel? Because I didn't have money to go. That's certainly a reason. I would rather it be because you recognize you have a problem and Vegas is probably not the city for you. Yeah? No, I agree. I need you to go to a cabin in the f***ing mountains or something. Tanner's Brook Golf Course. Tanner's Brook Golf Course. Tanner's Brook Golf Course. You golf, you f***. You wake up. You f***. Go get some breakfast.
Then you hit the golf course. Then you see a movie at Alamo Draft House. Then you step into the liquor store and vape store, load up, and then gamble. It's like every day of your life. Not every day. I mean... Certainly one of those are at least every day. I feel like if you don't have fun every day with something, then I feel like you just can't live. Because again, this is like every day is at least something. Going to the bar, going to the bar, going to the golf course, going to the bar, golf course.
Going into a gas station, getting some bulls**t, possibly bar, bar, bar, bar! Oh, that's it. Thank goodness. Lost this year in interest so far is basically $2,000 just from one card. I mean, I could start, you know, just, I have a membership to a golf course, so I don't have to pay for golf all the time, but it's just another thing. Like, me and my buddies, we love going golfing, and... And I love that, too. Now, with the buddies who are going golfing again, it's just encouraging drinking, smoking. It's
So I just, I don't really want to get rid of my friends because if I get rid of my friends, I feel like I'm just going to stay at home and I'm going to like start doing like drugs or something. I don't know. I don't know. Like maybe I'll start smoking weed again. So yeah, I used to smoke a lot, but and then...
But I don't do it anymore. Good. No, I know. That's why I said it would be hard because I don't want anyone to feel like they're friendless and they're alone. And that might put you to a worse situation. That's why I'm so scared. But they're certainly enabling you and you're surrounded by all these addictions that you have and you can't escape. So finding friends is hard. Are you in college? Are my friends in college? Are you? No, I'm not in college. Okay. Are you friends with anyone at work?
I have a couple friends at work, but I don't hang out with anybody outside of work. Maybe Jorah. Yeah, I don't know. I'm just... I'm not going to get rid of my friends. Like, as much as, like, maybe they're a bad influence on me, the bottom line is I'm making my own choices. They're not forcing my hand here. Well, yeah, but you know you're making choices, though. I do, yeah. But...
It's not like I'm sitting here and I'm just spending money every single day as much as you might think it. You are spending money every single day. Everybody spends money every single day, but I'm not going out and just... Yeah, but sometimes on bills and utilities, you had at least one bullshit a day. Minimum. You can look at it. You have eyes. I see them. Go free. Three pages. Trust me. Every day can fit in three pages. What are you going to do differently if you're not going to get rid of them? Again, I'm not saying I want you to get rid of them. It's almost more like just like a thing that's...
being forced upon you as someone trying to get better so what are you gonna do differently then i i guess i'll stop hanging out with some of my friends but can you do that because it sounds like a big group i i can make it so i'm only hanging out with like two or three of them but what do you do if like once i was like oh my gosh darren's showing up today i'm not gonna hang out with darren's here
I don't know. If that's the way it goes, I probably shouldn't be friends with those people. That's not the kind of friends I want to have anyways. I don't know. It's a risky man. It's a risky man. I would certainly have you see a therapist. No, I don't see a therapist. I think that could be important to navigate those relationships. It's pretty good.
You're obviously not a credit card person, buddy. Just like anyone on the show, I'd recommend using the Fizz card. Charge card, gross credit. So you don't have to do it this way.
Also, have you ever budgeted in your life? No. Okay, that is clear. I need you to budget. We're going to make a rough budget at the end of this, but I need you to sit down on a monthly basis and budget. Figure out what you want your budget to look like, what you did wrong the previous month, what you need to adjust for the future month. So just like anyone else who comes on the show, we're putting you through our budgeting program. Go through the budgeting program. Take the education. Take the quizzes. Use our budgeting spreadsheet, all of that.
You can also take our investing program. You're obviously not ready for that yet, but you do get a free $100 for signing up, which is good. Thanks to our boys over at Moo Moo. Love those guys. But go through that shit. Learn. We're providing the resources for you for free for a reason. So please take advantage of that. Let's talk about the second card. Freedom card. Freedom to give. Bent over. Pegged by Chase. $5,124.15. $51 minimum fee payment. I don't know.
Thinking it's a minimum payment, it's not over the hundreds at that point. At this point. What do we have here? This one's a 0% interest, it seems. And you didn't put any new charges on it. Oh, well, you can. It's basically maxed out. But, uh, okay. So it's a 0%.
Yeah, so I took $5,000 from the Amex and opened that card just to put it on there for a 0% interest. Oh, so it's just a transfer from the Amex and then the Amex got re-maxed out again? See, this is why you're not a credit card person. I would rather you, until you're disciplined with finances, close these accounts, take away any access to credit because you just can't take advantage of it. You f***ing...
You build up a credit, then you use a consolidation or more of a transfer in your case, and then you just build it right back up again. It shows that you just can't manage it. And it's more bad for you than good. Yeah, I don't know. I mean, that card to me seemed like a great idea at the time. Which one? The freedom. Okay. But... But it didn't make a difference, though, because the money that you transferred from your Amex, you built right back up again. Yeah, well, I think the main reason I...
got the freedom one because that's back when i was on top of my card so like i transferred the five thousand your cards why'd you have to transfer money if you're on top of it well it was like at the beginning of it getting out of hand so i transferred it to zero percent five thousand not the beginning but then this card was empty when i did that like five thousand at the beginning when was this oh gosh like seven eight months ago i want to say 21 uh yeah five thousand dollar credit balance at 21 is not just the beginning of it getting bad
That means it's been bad for a second. That's a f***ing amount of money. Yeah, I think it was... That seems kind of like bulls*** to me. I mean, yeah, maybe I wasn't the most financially set person at that time, but it was certainly a lot better than it is right now. Like, it was...
you know probably 25 grand less than what i'm looking at right now you know people are going to call us twins in the comments below anytime anyone wears glasses they're like oh it's caleb's twin especially if they're white but we actually do have relatively similar hair where your hair you know use a little more curly in the front and similar haircut i don't have the earrings but uh she gets some earrings and uh we're both thick so there's gonna be so many twin comments so many twin comments
That's going to be crazy. Total fees, probably the transfer fee. Looks like you have about nine months until interest starts accruing this. I don't think you're going to have access to credit. You can't manage it. You're 22 and you can't. And I was your age when I started to get out of bad debt and then I learned to manage it. And then I've given myself access to credit cards because I like credit. I like credit scores. I like taking advantage of leverage. But right now it's taking advantage of you and you're not taking advantage of it.
I mean, I don't know. What? I don't know where I'm supposed to spend money then. How am I supposed to pay for a gas tank when I have... Checking account budget. But how am I supposed to pay these cards down and be able to fill up my car with gas and get groceries? Well, so far we're at a minimum monthly payment of $768. Yeah.
I do believe you said $4,500 comes in. So I think you can afford gas. I don't know. I mean, I got a lot of other payments, too. Like, you know, I got to pay rent. How much is your rent? $500. That's the cheapest rent I've ever heard in my life. Are you kidding me? Kill me now. Stick a gun to my head. That's dumb. That can't be an excuse. Then I have my car payment. We'll get to it. What other payments? Insurance. What's your car insurance?
$380. It's almost as much as a rent, okay. Great. And then, gosh, I don't know. Like, oh, I have season tickets to the Timberwolves. That's... What the f*** is a Timberwolf? A Timberwolf? It's a... Oh, who are they? What is the season ticket to? Basketball. Milwaukee? No, no, no. Minnesota. Minneapolis, yeah. Not a basketball fan? No? No. I like football. I like golf as well. All right. So we can vibe on the golf game.
But, yeah, I'm paying like $1,100 a month for those. Is that a professional team? Yeah. I've never heard of them in my life. But, again, you're right. We made it to the Western Conference Finals. That certainly means something to someone. But from Michigan, I would think I would at least know what Minnesota professional basketball team is. Okay, interesting. You have seasoned Texans to them? Yeah.
You can't afford that. How much is a season ticket? It's an investment. The fuck are you talking about? If you want to take your investing to the next level, my new investing course is still on sale until July 1st. We're offering the course for only $97, which is $50 off. You'll get over 55 lessons, the best budgeting spreadsheet, known demand, portfolio strategies, worksheets, retirement strategies, and I'll give you a $100 Moomoo cash reward when you sign up with Moomoo. Check out the link below for more. Stop
buying sweet treats people and start investing you know so I'll you know pay what 14 grand after the 12 monthly payments of about wait
What the are you talking about? It costs $14,000 a year? Yeah, so it's two seats in the club level. No. You... No. Yeah. That's wild. But here's the thing. That's wild. And I can see you're almost proud of it. I see it on your little face. But you can sell them for a profit. I made money last year. So you buy the tickets and then you sell them. So you don't even... I sell like half... $14,000? Do you know how much that is compared to your $50,000?
That's f***ing insane. Okay, so last year you made money. How are we doing this year so far? Isn't it the finals like right now or something? No, the finals are over. They just ended. Oh, how'd that go? We did not make it to the finals. No, no, no. Tell them the tickets. Selling the tickets. Oh, selling the tickets? I don't give a s*** if the team made it. I mean, it went well. I probably made like four or five grand in profit this year.
How many years have you done this? Last year was my first year doing it where I'm selling everything, but those were also seats up in the nosebleed, so I only paid about $1,700 for the whole season. And now we're doing $14,000? I figure I'll just make more money. You went from $1,700 to $14,000? That's a whole f***ing risk. For someone making $50,000 to $60,000 a year, that's so much money. That's so much risk. How'd you pay for it?
Uh, credit card. Oh, f***. What credit card? Uh, the next one. The Discover. Oh, f***. I actually thought you had two credit cards. I forgot you had a third one. I thought we were getting to the car payment. The Discover. Discover it! Everyone's favorite. Discover how to balloon a credit card balance on basketball tickets.
$2,747. That doesn't make sense. You said it costs $14,000. Well, but I pay in monthly payments of $1,100 a month. So you finance it and you pay your financing payments on a financed card? So the loan that the Timberwolves give you is free. They don't charge you. You can either pay it all at once or pay it in 12 months. But either way, you financed it and then the payments for the financing, you're using a credit card, which is financing. You're financing a financed payment. I guess I am.
Yes. Yes, you are. $82 minimum monthly payment, and there is interest accruing on this, so that payment ain't free. $24 of interest. Fees of $41! And then $2,825 of purchases. Kill me now. And have you made money from this so far? This. Not last season. No, because you don't get to sell your tickets until the season. When does the season start?
i believe it's like october or september around the same time football starts so until then you're paying two thousand eight hundred twenty five dollars a month until the fall yeah how are you paying for that let's say you even do make a profit cool how do you how do you pay for that because there's a three thousand eight hundred dollar limit on here how do you pay for that
well that's the discovers the card that i really try to attack with the payments okay i want to remind you how this part of the conversation started for a second because that actually just pissed me off now that i'm actually remembering it you said it's because of my bills i can't pay them i can't pay well yeah but i can't pay these credit cards off because of my bills what are your bills oh 500 for rent bennies for rent oh you know 300 for car insurance that's actually kind of an expensive car insurance almost as much as rent but you know we still have thousands of dollars to play with
You know what? Just finance $2,825 a month for season tickets of a game that doesn't start until late fall.
Now that's a bill. You're right. And that's a stupid bill for your situation because it's going to take you a long time. Even if you do make money, I don't know how you're, how are you paying for it until then? Well, I just, every, any payment I make on my credit card usually goes minimum payments. So then anything extra goes towards that one so that I can charge, charge the next month to it.
But what happens when you lose it in a gambling thing and you can't fully make the payment? You're obviously not fully making the payment because interest is accruing anyway, so you're not making the full payment. So it's still going to get bigger and bigger every month. What's happening here? There's no refunding this, is there? Uh, no. F*** me.
Can you sell these now just so you know you at least break even? This is so risky for your position. Listen, it's a hustle. I do get what you're saying. I'm not saying you're going to completely fail from that specifically of the hustle. But in your situation, you can't pay for this right now. You've put yourself in one of the most risky situations I've ever seen for purchases.
Well, I'm a gambler at heart. Yeah, you are. You certainly are. And that's not going to be an answer that I'm going to accept. Timberwolves. Tobacco. Bar and Grill. Portside Restaurant. Portside Restaurant. Portside Restaurant. McDoubles. Timberwolves. Animal Draft House. Timberwolves. Game Pass. Oh, $10. Okay. No, and then there's Game Pass $300.
$12. Is that yearly? Yeah. That's a year. It's expensive. Or it might be six months, but I think it's like $30 a month is what it game pass is. That's gone up to $30 a month? Okay, you can't afford it. Animal Draft House and Timberwolves again. Kill me now. Kill me now. That's a 30%. This harms me.
I mean, it can't be that bad. Are you f***ing serious? Are you going to f*** with me right now? What the f*** are you talking about? It's not the absolute worst. What are you talking about? Legitimately, what are you talking about? That is... What are you talking about? No. How do you... What do you mean? Buddy, do you not understand...
That you can't fully pay off that card. All the other cards are maxed out. You can't fully pay off that card. You said whatever extra I have, I've put towards it, but it's not even all of it. So you can't pay it off. And every month this is going to hit and hit and hit and hit until late fall when you can finally sell it. And until then, this balance just goes up and up and up and you're already close to maxing it out. So it's potentially only a couple of months away until it's maxed out. Then you won't be able to make the payment that you financed through the Timberwolves.
What do you mean it's not that bad? How do you possibly mean that? That's going to ruin me. What do you mean? I don't know. That's insane. I just think that if I can get through four or five months of just making these payments. But I don't think you can. I can, and I will. How? Mathematically, it's not looking great. It's not looking great, but I'm going to find a way.
I'm not going to lay down and die. I'm going to find a way to make the payment. What's your way? I don't know. I'm going to go get another job. Great plan. I don't know. I'm going to go get another job. I'm going to start working more. I'm going to start making more money. You're going to have to go work three jobs now just to be able to pull off this scheme?
You know, I mean, I should be working more than an average person with this debt. Should I not? You should, but you're not doing it for the debt. You're doing it so you can do this. Yeah, because when it comes time to start selling the tickets, I might make 30 grand this year. Oh, might was a very powerful word. That's an interesting word. Why don't you say it again? I might make 30 grand this year on the top end. Yeah, yeah. That's a your life is a gamble right now. And
I can't help that part very much, to be completely honest. I can help people budge. I can help people get out of that addiction of gambling. Everything, everything, everything, everything. There's not much I can do about that. And I'm going to wake up one day and see you under a bridge at 25, and that's going to break my heart. No. Because that's where you're going. You gamble everything. I don't think the season two kids are a gamble at all. You said the word might.
You said the word might. I was referencing might as in like talking about top end of how much I could make. I'm going to make money. You're the day trader who made $200 off $1,000 and then you're like, oh, so let me go ahead and do $14,000. Good luck. What's your car? 2024 Equinox. You have a 2024 car? Oh, no, it's $40,000.
Buddy, that's almost as much as your f***ing income. Yearly income. That's horrendous. Yeah, I need to lube my throat to swallow all this debt as well. I get it. $696.14 is your minimum monthly payment. That's an insane minimum monthly payment. That is more, that's $200 more than your rent. That's f***ing ridiculous. That is the most American thing I've ever seen in my life. Interest rate? 9%. So, not gonna beat it in the market. What do you think the car's worth?
35 000 yeah probably 23 000 is that what it's worth do you know or is probably we don't have your exact vin but that is what your car would be worth in decent condition good condition in good condition good condition right uh excellent condition excellent condition we quoted it at the base model though i didn't know what model you had it's it's the rs okay 27 000
$28,000? Either way, dramatically underwater. Well, I did roll in negative equity with that loan. Oh, you did? So I used to have a 2013 Ford SUV, a Ford Edge, and the engine blew up on that, and I still had about $8,000 on a loan. So I just ended up rolling in about $5,000 to $6,000 in negative equity into that loan. At 9%.
That's a huge minimum through payment. Why'd you get such an expensive car? It was just the easiest way to roll over the... It was a new car? You couldn't do that with a used car? Yeah, it was brand new. Yeah, yeah, yeah, yeah, yeah, I know that. You couldn't do that with a used car? I don't know. If I... I don't think so. Don't think I would have been able to...
Roll it over onto a used car. How much was your credit card debt when you decided to do this? Probably at like $10,000 to $15,000. Okay, and how much did you put down? I put $5,000 down, but it was on my credit card. I want to go take a nap. Do we have something fun for the post show to lighten us up, make us happy? You got jelly?
We have jelly beans. I don't know what the f*** that has to do with the post show, but maybe we can get happy because this is the literal opposite of happiness right now. There's $7 in this checking account. $7. We're gambling. We're putting down payments on credit cards. $7 in this checking account and we're f***ing financing Timberwolf tickets. Alright. Okay. Alright. Like, at this point, I don't even know what to do other than just react now. Like, that's just all this is. I'm just in horror. I'm in absolute stunned. I'm just...
Fenway now $40. ATM withdrawal of $980. Where the f*** did that go? Blackjack? Yep. Great. $7 on a checking account. $1,000 to Blackjack. Sounds great, guys. Southern account has $200 in it. $256. ATM withdrawal of $204. Where'd that go? Blackjack.
rejected discover payment because you didn't have enough money try to try to pay 1700 bucks when you had 224 remember when I was talking about how you might not be able to fully pay you might not you said you don't know you can't fully pay the Timberwolf thing every single month and I'm saying that balance is gonna continue to go up because you don't have enough money to pay it off well here's an example because that was the discover card you try to put more money to discover card and it bounced it was great
I'm going through it right now. I'm going through a mental breakdown. I feel it. Going to gas station. Oh, no. ATM patrol. $200. You want to bet on it? Where'd that go? Should I enable some betting? I'm betting that goes to gambling. Yeah. Okay. Passport. Passport. Sorry. I know. I'm, I'm, I know. My brain's on fire right now. I'm sorry. I might need to take a second to cool down.
ATM withdrawal $204 ATM withdrawal $204 ATM withdrawal $204 ATM withdrawal $204 buddy that's so much money that's so much money I mean you know like careful it's not like I don't lose every time I know I need to stop but I'm not that is the words of a gambler addict if I've ever heard them
That is the words of an addicted human being. If I've ever had one. I don't overdose on heroin every time, guys. It's okay. I mean, like, listen, I can't help with that. And I'm not going to hear it. I'm not going to listen to that. That's external withdrawal paid. Oh, it's a fee. Oh, because you were negative in your account. $414. Then you're negative in your account. $386.
We're overdrafting. We're overdrafting, guys. Guys, guys, we're overdrafting. Guys, hey, chat, we're overdrafting. Yeah, let's go gamble $1,000. We don't lose every time. So it's okay. It's okay when we're negative because we might win. Well, in that, you've lost. So I'd say you lost. That's all that matters. I just don't think you understand when I'm at the blackjack table, when you've lost 10 hands in a row, maybe this is the gambler's fallacy, but
I want to bet $10,000 on the next hand because it has to hit. Oh, yeah. Because you're addicted, which I'm not going to shame the addiction. There's nothing I can do about that. You need to go get out. I'm just trying to make you understand. You don't think I understand? I don't know.
Yes, it's like sunk cost. I get it. It's like that. When I'm on a constant streak of losing it, whatever. I'm like, ready to go. Just double down, triple down, quadruple down because I want to win. I want to be a winner. I get it. I don't have a gambling addiction, but I do have an addictive personality. I get it. I'm not going to shame the addiction, but I also don't know...
Much that I can say on it because it's literally you need to go get help therapy gambles anonymous get different friends There's different suggestions that i've thrown out that are the basic things but that require you going and doing it There's not much I can say about that. I don't think you're a heinous evil person for that I don't want you to think that I don't These finances i'll be honest. They are making me kind of die. So I know i'm I know I get a little Intense or something. I can barely do words right now. So I get it
I don't want you to think it's because of your gambling and addiction, though. I understand that that is less of a choice, but it is your choice to go seek help. And that's what I want you to go do. Okay. Especially while our retirement is $10.98. Yeah. Well, we're just not gambling in general because what this is is gambling your future.
we'll see that's you used to have 10 000 in there but at 20 what what when in 2021 2022 when you were 20 10 000 hours is incredible do you even know how incredible that is 10 000 hours at 20 in a retirement account that's insane that's well beyond your average person that's crazy
how is it ten dollars so what i did was i would invest like heavily in the margin so like only having like 30 40 percent of my own money there and then i was like all in on tesla and it was just happened to be one of the times it decided to shoot down like 60 oh you know as stocks do who would have thought
Yeah, let's pick one of the most volatile stocks. That's great. It's better than our entire portfolio. You didn't do meme stocks and stuff, did you? That's hot right now. That's right when I got in was during the GME. Oh, did you buy at the peak? I bought at $170, sold at $180, and then I bought at $330, and the whole stock market crashed on me, or GME did. GME did. Yeah.
If you're anything like me, you hate seeing a statement full of subscriptions on top of subscriptions on top of subscriptions every single month. It's like your money is getting drained by digital taquitos. They easily overtake your budget or get forgotten entirely.
Luckily, AppSumo is here to change the way we buy software online. AppSumo is a treasure chest for entrepreneurs, side hustlers, and small businesses looking to scale without being crushed by high software costs. You can access top-tier tools without the worry of sneaky reoccurring payments that can haunt your bank account.
AppSumo brings you exclusive deals on premium software at a fraction of the price. Y'all, we are talking lifetime deals. Pay once and you're done. No more watching your money disappear month after month on sneaky subscriptions you barely remember signing up for.
They handpick software tailored for your needs, so you're not wasting money on junk. For productivity, AI, and marketing tools, AppSumo has got you covered. And with top-rated customer support shown on Trustpilot, their team is always there to help you through the process.
For me, AppSumo has been a game changer. I found software through their deals that save businesses countless hours and hundreds to thousands of dollars every month. It's like having a financial audit wizard in your pocket. So if you're ready to ditch those digital taquitos and invest in tools that make a real difference, head over to the link in the description below and check out the latest deals. Trust me, your future self and your wallet will thank you. 2022, three, 2023 was a
for a year in the market or was it 2022? I don't remember this one because I just constantly invest in the other market. By the time 2023 came around, I literally didn't have like any money in investments anymore. Was it 10,000 that you put in or did you earn, did you get 10,000 from games? It's, um,
I put in at least eight grand. I'm not 100% sure. That's so much money. That's really good. Back then, that was before I had credit cards and everything. I was actually putting in like $200 every week. Wow. I was forcing myself to invest. It's incredible. Yeah.
I wish this wasn't the past that we were talking about. I do too. Oh, you could be in... You could be... Oh, man. The ride in the market these last, what, six, 12 months? It's been insane. You'd be making so much money. Just sitting in the S&P 500, you'd be making money. Gosh, I think he did this conversation. Somehow my phone fell on the floor. That's how intense this has been. Since October...
uh 2023 we've gone from 410 in the s&p 500 to 546 that's the time i'm filming this buddy when the market was going down all 2022 yeah that was the rough year once that got to its bottom it went from 357 to the 546 now oh man if that was just sitting in the market why is it at 10 now how do we get how do we get to 10 though um so like a lot of the
Basically, even though I'm in the stock market, I'm gambling. So I'm doing calls and puts, trying to guess the short term what's going to happen. No shocker, I'm not a genius on Wall Street, so I lose that money. Even the geniuses barely beat the overall market. Okay. Do we do this anymore?
No, now I just sit there and watch the $10 in the account. I don't even think it's invested. Have you learned your lesson? Because that would be the important thing here. $22, it's still okay to start fresh around now. Yeah. Even $25, I'm happy with that. $30, sure. So it's not like you don't feel like you've lost your life, but it's important. Did you learn your lesson? Yeah.
Yeah, I think I've learned my lesson, or I'm learning my lesson. I don't know. If I could just get back and really start focusing on my budget, not going out to eat. Okay, speaking of going out to eat, Noah just told me you're getting barbecue after this. Buddy, barbecue's expensive. Can't afford it. Can't afford it. You can't afford it. He asked me to give you travel reimbursement, but you said for the travel. You can't afford it. Where were you going to barbecue? Interstellar. Interstellar's good.
You can't. I got to eat something. Don't do that. Don't do that. We already had the thermos talk. I promised there's grocery stores in Austin. You know, cellars are going to cost you money. Like if you get the full experience there, it's going to cost you money. Barbecue is expensive. I don't know about across the country, but Texas barbecue is expensive because brisket is expensive. Beef ribs are expensive. You can't do that.
How long have you been here? We flew in yesterday. We flew in to San Antonio yesterday. How much money have you spent while here? Probably around $1,000. I went to the mothership last night. Who was performing last night? Joe Rogan and friends. Oh, yeah, it's a good show. Shane Gillis. Shane? Oh, it was awesome. It was in that show? Damn it. I don't regret it at all. He wasn't in my show. I had Joey Diaz.
And Tony and... Still a great show. Nah, it's a good show, but I f***ing love Gillis. But yeah, I... Kind of jealous. I wouldn't have done it if I were you because I don't know where you got that $800 from. $800? Well, the drinks there are quite expensive. Yeah, two drinks minimum. Well, they didn't really hold that. Minimum. Keyword. I'm sure you went well above. Yeah. Okay. Don't get barbecued.
You're going to make me want to go back and see the show because I want to see shooting. Is it bad that I'm like, I was planning on going there again tonight? Yeah. You got tickets again? No. Well, we did the standby line. And it actually worked? Yeah. We were there really early. An hour and a half before the show and then you don't get in until 30 minutes after. So we waited like two hours. So you didn't get the opener. Okay. That's fine. I mean, I just, I'm struggling here.
I mean, you, you want to make more money. Like what's your career plan? Like, cause you said my goal is to make more money and you might need to make more money to get out of debt. What's your career plan? It doesn't matter if you just drain it all down the drain, uh, gambling, but you know, what's your plan? Cause right now you're stocking shelves or whatever and pizza driving. Um, I'm looking into working old Dutch full time. Um, doing what? Just, well, this is my same weekend job, but just the Monday through Friday as well. Okay. Um,
um otherwise i've also been looking into just like working at cub foods which a grocery store up north working like uh overnights or something okay i'd be making what do you want to do if you want the grocery store life that's fine people make great careers there actually heb down here people actually make good careers there so that's fine it's typically not what you hear so i just want to make sure i don't know i
Like I've always worked in the food and retail industry. So it's like what I'm used to. I don't necessarily know if it's what I want to do. Totally fine. Listen, if you ever want to take a tech certification course through Course Careers, I'm happy to put you through that for free and see if you learn something else that you want to go through. That's fine. I guess I'll do your budget because I do every guest budget. I really don't think it matters here. I'm going to be honest because you have to deal with your addiction first.
Yes, you have major behavioral problems of spending money in food. But again, if you have that extra money, I think you're just going to gamble it anyway. So I don't think it's... And then you did the stupid thing with the seats. And you don't even seem to think that that's wrong or bad. So it's just like, I don't think this matters. But I'm going to do it for you anyway. $4,500 budget. Okay. Debt minimum monthly payments. Let's get this. $6.96 for the car. That one's obviously ridiculous. And $0.14. $0.14.
The Discover was $82.51 for the Freedom and $717.55 for the Amex. $1,546.69. Hey, how much for your rent is $500? Utilities? No utilities. Dude, you have the rent to f***ing dream. My goodness, Minneapolis is cheap apparently.
I'm like 45 minutes north of Minneapolis. Yeah, 45 minutes north of Austin is $1,200. Okay, whatever. Internet? No. Oh my gosh. Renters insurance? No. Live in the... Why? Why? You should. It's safe to get renters insurance. I'd get that. I'm going to budget $10 in for that. Gas. Vroom, vroom, drive, drive, skirt, skirt. Zoom, zoom. A month? Probably $250. Okay.
car insurance it was a big one 380 yeah i don't like that uh phone bill uh my parents pay for it good when you when you need to get your own do helium for 20 bucks a month trust me 100 bucks for your tp fund anything else you need to survive uh you further put those in different buckets when you do your own budget 300 hours for groceries is perfectly fine use our meal plan you adjust it for what you need but 300 is perfectly fine i promise you subscriptions and do you have any pets
um i do have a dog okay how much a month for food like nothing maybe he's a small doggy 20 yeah 20 i guess uh pet insurance oh gosh whatever that is probably 25 okay 20 anything gym um i'm on my parents gym okay medical health care prescriptions co-pays no
Okay, anything else I need to put in your budget that I did not? Well, there's the Timberwolves tickets, which are a monthly one. I don't know if you're... For the Timberwolves, buddy, you're at $3,126. You could pay off your debt in an insane amount of time. How much is the Timberwolves tickets? $1,100. That's the most ridiculous, stupid thing I've ever heard in my life. And now all of a sudden we're at $4,226, giving you only...
$4,703. Or, sorry, $273 a month. We had $1,373 a month, but you decided not to f*** that. Let's only have $273. The car, the car. You might be able to... It depends what your car is actually worth. I think you borrowed $23,000 potentially as a personal loan or a car loan or multiple. You sell this car. You...
Use $13,000 of that to pay it off, and then you go get a $10,000 car that you get a mechanic approved that it's going to last and be safe for a few years to come. That's a potential way to get out of that situation and make it easier. Then you owe $23,000 instead of $40,000. Interest rates are going to be higher. Minimum payment is going to be probably around the same, but it's a lot less debt to pay off. Yeah. The payment would be the same. So I'd be taking on a loan for $23,000? Yeah. Yeah.
and or multiple but yeah and then selling the car for the using the over and then yep ten thousand so essentially i'd trade forty thousand for twenty three thousand if you can get approved yes okay
which obviously that's a substantial dip. If you can get out of this ticket thing, I know you really do not want to, and you might make money. Yes. But you are putting yourself in such a precarious situation until then. It doesn't make sense. I'd get out of debt before you try those. That's essentially, let's pretend it's like owning a business. I don't want you to get out of debt, have a fully funded emergency fund before you do that anyway. So what I would do is I would try to sell that at just break even price. Now just,
Get out of it so you have the extra money to throw it towards the debt. Then pay off your Freedom and Discover card in the matter of just a few months and then grind away at the Amex. Well, shouldn't I wait on the Freedom until it hits interest occurring? Because that one's 0% right now. Yeah, so what you could do is in whatever debt payoff method you decide to do. Well, again, I'm kind of honestly rushing through this part right here because
I really don't think any of this matters unless you do the gambling thing. I don't think you're going to get rid of the tickets and you have to be willing to get rid of the car. So there's a lot of things that are mostly the gambling thing, but either way, sure. Yeah. Kill the discover card, start paying as much as you can towards the Amex at that point. And then when the freedom's coming up, wipe it off before it hits interest and then continue paying off the Amex. And then the $23,000 in personal loans that you have for the car, then you're debt free, have a fully funded emergency fund, start contributing 20 to 25% a month to retirement. Just,
I'm not going to tell you what to invest in. Take our investing class. Take our investing class. It gives you good ideas and explains lots of different investing strategies that professionals use. One thing I promise you is it's not single stock bullshit.
And meme stocks. Okay? I want you to be able to retire. That's what I would do. But I need you to go talk to a therapist now. I need you to potentially change friends. I need you to at least have a conversation with your friends saying you just can't do this anymore. You're destroying your life. And maybe they'll understand. If they don't, then they're not your friends to begin with. I need you to potentially go see... Go to a group for this gambling thing. Because, again, I mean, you took out $1,500 this last month for gambling. Minimum. And that's... Obviously, we just can't do that right now. I mean, you're going next...
I mean, in terms of your spending. So, again, you make, what, $4,500 net? But what went out total, including debt going up and what you're doing with the gambling and all this stuff, was $8,000. Like, that's a bit more than $4,500. Yeah. I don't know, man. That's what I need you to do.
If you don't actually put in the work to try to actually save yourself from your addictions, and I'm not the expert in that, I need you to, and we can connect you with resources, absolutely, but I need you to go pursue the actual help for yourself. And if you don't do that, I don't think there's an actual sustainable future here. And that breaks my heart.
you can live a great life it requires some sacrifice and you actually go in seeking that help and i hope you do and i hope as we do follow-ups you can come down here we can do virtual whatever it's up to you that we see substantial progress and that you're getting help with that other than that i don't know much else that i can do for you right now but it's definitely a telling story for many of the people that are watching it um let's get your hammer financial score you said a zero
The debt. The spending in a budget. I mean, it was $8,000 versus $4,500. Zero out of ten. The debt. The Timberwolves thing is absolutely stupid. Beyond risky with the car. No collections. No IRS debt. So it's a one out of ten. Emergency fund.
There's nothing in savings, correct? No. Zero out of 10 retirement, $10, zero out of 10 real estate. There's nothing zero out of 10 hammer financial score. I'll round up to be nice. 0.5 out of 10. Make sure to check out all the resources linked in the description below as they are what I use or would use in specific situations, including the best budgeting program and best investing program where you get a free a hundred dollars from Moomoo.
Gifted to me through you. Gifted to you through me through them. Whatever the f***. Doesn't matter. This episode's been wild. Let's go to the post show. Today on the Financial Audit Post Show. This is strawberry banana smoothie or dead fish. Oh, it's actually really bad. Oh, it's really bad.
This actually blows. All right. Darn shame. I can only win on a gamble. That's kind of tough. We're doing this with you to watch the financial audit post show. Click the join button below.