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Hi, I'm Madison. I'm 24 years old from Austin, Texas, and this is Financial Audit. So what do you do here for a living, 24 years old in Austin? I work for a fashion lifestyle brand based out of Austin, and I'm a part of their philanthropy team. Philanthropy team? Okay, what's your position in that? So I'm a philanthropy specialist. It's kind of like corporate
corporate CRS, if you're familiar, like corporate social responsibility. I tell people I give away my company's money and that's a small part of it. I pay out our philanthropic partners, do a lot of in-kind donations, help with like Change Roundup, help with raising funds. Must be nice to have a company that can just spend money on
that type of position. It's nice. Yeah. Okay. So what are we making this job? Make $57,000. Okay. How do we feel living on Austin in 57? I mean, I think it's, I'm doing well. I think I'm pretty good. I would obviously love more money. I'd love a raise. Sure. But I think I'm done. You think that's your overall issue? You know, I don't know. Great question. I think that
I think that I have a little debt, but it's fine. It's not that deep to me. So which is what everyone says when they come on the show. So why did you come on the show?
I've seen your show and kind of in the comments, people don't not ever... They want a normal, good person in a financial situation. Yes, comments love to feed off of each other. So I kind of feel like I'm probably one of the best that you've had on the show. So I'm here for that. Yeah. I don't think I'm in that much debt. I'm kind of like, oh, it's fine. It's not that deep. So everyone says, I swear. Okay. Okay.
Why to you does it feel like it's not that bad? See, and this is what...
Normal. That word normal drives me insane because what people don't realize is you go down the street and you just talk to a random person about their money, a normal person. So what you find is what you find on the show. And I think you're going to be included in that normal person. So you think you're just I mean, I think I'm I think I'm doing well. So but your income is OK. You're doing OK in your career. What are you looking to get out of the conversation then?
You know, so I'm going on a few trips in the future and I kind of would love to like help with budgeting for that. Maybe even my car. Do you have debt? Just, I have some debt. I have some debt. I have some student debt, some credit card bills. You've seen the show. Why the f*** would you go on vacation if you have debt? I mean, money's fake. Like I have to travel. I'm young, you know? You've seen the show and you actually say money's fake? Yeah, no, I know. I know. It's fine. It's fine. It's like a word. Yeah. Yeah. The f***? It's fine. Okay. Don't really...
know what to do with that so i'm curious you okay you seem like you think you're hot wonderful great but okay just hoping you're just natural defenses on camera natural defenses whatever you think you're hot why the you have all this debt we're about to go through then
You know, great question. Yeah. Yeah. I think. I'm pretty okay at being a host. I think from college, I had some money that I had, you know, some credit cards that I opened, put some college expenses on, like rent and stuff, you know, living, beer, money, alcohol, college, college things. Sure. So then, yeah, like graduation, all of that stuff I had to put on a credit card. So I think now I'm kind of just paying it off. But I don't think it's that like crazy. I don't think it's that deep.
But if you're doing so well, why would you have this much debt? I mean... Is this what people who are doing well have? I mean, I think everyone has a little debt. Sure, but it's about getting out of the debt. Right. No, I mean, yeah, it is. What would you give yourself? I want to know. Zero being the absolute worst finances ever. Ten being the absolute best finances ever. Where would you give yourself on that score? I think a seven. Is that too high for you? I just...
Okay. We're a little, you're a little in the air and I think we need to bring it down a little bit. Confidence is good. Yeah. I confidence. Yeah. You're right. People have a little thing. Normal people. You think you're that special person? Okay. I guess. Okay. Sorry. I don't, I don't want to be a, maybe I'm being a dick, but it's like a seven out of 10.
You think you're above the average person? Because the average would be five. What's a five? Okay. Well, no. What do you think average is out of ten? I mean... Yeah. Hmm? Yeah. A seven. If you want your financial score and you're not going to be dumb about it, it's free. And it's in the description below. Sorry. Okay. Okay.
I don't know. When I see people with like what seems to be a lot of pride, a lot of hubris, just like, oh, I'm the best of the best. I'm like, oh, this person. OK, great. Great. Fantastic. That's OK. That's OK. Let's go through your finances. Let's see how it actually looks. Yeah. Yeah. Let's do it. Discover it. Everyone's favorite little beginner credit card. OK. On here. A seven out of 10. What is a seven out of 10 have?
A balance of $3,638.17. That's what a 7 would have? Yeah, that's great. The $99 minimum monthly payment. Yeah. And $78.66 of interest accrued. Wait, how much? $78.66. Okay. You didn't know? Nope. How the f*** do you think you're good if you don't even know? What are you talking about? It's just there. It's kind of just there. Oh my f***. I'm gonna reach across this table. Okay, let's...
related to your take-home pay what came in via payroll was three thousand four hundred uh forty five dollars so this is more than a month's take-home pay so what you have just sitting here you put a little extra money towards it a little what's your idea behind putting a little extra towards it like 30 extra dollars what's your what's your concept there what's the what's the grand plan like what my minimum payment would be
So we're thinking like what I would pay. You put $30 extra towards it. I mean like 50 bucks. What? 150 if I put 50 extra dollars. You put, no, you put, you put $30 extra towards it. What's your plan there? Like what the interest is? What's your plan with this debt? You're, you're this high and mighty minimum payment. No, you're putting a little extra towards it. So what's the, do you even know what you're doing? So what's the, what's your idea? What's your concept? What's your plan? What are you doing? There is no plan.
If you think you're high and mighty and you're great and you're a normal person, make sure you apply. CalebHammer.com slash apply if you want to be here. Sorry. Sorry. Maybe I'm in a bad mood, but I don't know. Okay. Sorry. Go ahead. What's your plan? Pay it off. Pay my credit card off. I don't even know.
At least you're smiley about this. Are you happy? I mean, you just thrilled them with the debt? Pay it off. Pay it off how? What's the strategy that you were going in? Because you're this perfect person. You mean, I mean, I'm trying to do, I like side gigs. So I feel like, you know, work some extra side gigs. Is that where you're? No, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no
Then how are you this immaculate? Great question. I'll figure it out. I'll figure it out. I'll figure it out. I swear there's smiles on this show. I think people know how to get under my skin. It's a smile at that. Well, guess what? Congratulations. You have a cashback bonus of $12.70, even though $80. Charge and interest because you have a 25.24% interest rate. So that's great.
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Yeah, that's the sign of a financially healthy individual. See, look at this. Look at this graph. This right here, we'll put it on screen for all you folks.
This overall, look, you see this red right here? That's the cumulative interest that you'll be paying over time, which is your minimum monthly payments. Whereas going to principal is the blue. See how long it takes to actually start making progress in the principal? With you just putting this, even just this little extra, that's where I'm confused about your plan. It's just the low progress you're making.
Look how much more is going to interest in this first period of time. You don't start putting more towards principal until you're over halfway through this time. Month 25 or so is when more starts going to principal than interest. Yeah. So I need to pay more? Yeah. Start paying some more? You were paying. Oh, okay. I'll get to your strategy. I'll get to your strategy. Well, my thought process was if I pay more down on it, I would pay off the card sooner.
If I put more payment, more money into my monthly. Some actual logic. Yeah. That's nice. Yes. And that is true. So is it just a little by little extra, a little bit extra on all the cards? Yeah. Whatever I have available. I kind of just, there's no science in my head. I just kind of say, oh, okay.
The minimum payment's $100. I'm going to pay $175. Is that a cross the board against all the debts? Probably, yeah. It's all of them. It's all of them. I kind of just say, oh, okay. $175. What do you even have this one specifically, this debt, this Discover It? I think this was a college card. This was the beer. Yeah, and then I had it paid off, and then I opened it again, or I spent money on it. I think it was a shopping issue. When did you pay it off?
Maybe last year. But you're the above average person. Yeah. Where you racked up $3,638. Yeah. With your income, you could make such progress. Where's all the money going to right now? My car payments. My car payments. That's where my money, I feel like, is going towards. Okay. Well, I guess you have a small medical bill. Why haven't you paid the $124 above average finances? I just, I forgot about it. I'm not going to lie.
Because first they mail it to you and then I honestly, I'm surprised I still have it. Like I thought I lost it. And it's just one of those things I just, I genuinely just forget to pay it. Like I could pay it. I just genuinely forget. You are not responsible. Yeah. Okay. So you're recognizing that? I mean, I, yeah. I mean, I know that that's not smart. It's not the best idea.
To not pay a bill? Right, right. To not pay a bill. Yeah, it's not the best idea to not pay a bill. Okay. Federal Union. See, this is another massive balance. You said 26, right? That's all you are? 24. 24. Wow. I don't know, man. This is a lot of credit card debt to have at 24. Could be worse. Yeah, it could all be worse. You could be shooting heroin under a bridge. That doesn't mean this is good. Why do people have that concept? Why do people... Why? What...
I swear there's so many people just like yourself you just think because there are literally worse versions out there that it's just- it's so nonchalant. It's okay. Like who cares? It doesn't matter. Let's just put a little extra. Let's just bring a little extra. Because it's worse! Someone else has it worse! That is not a defense! Huh?
What am I doing with, uh? Okay. What the? Okay. You know, this is a conversational show. Yeah. This is where two people talk. Yeah, yeah, yeah, yeah, yeah. This is where we have a little conversation. No, got it. You got, okay. I think I am better than most people my age, though. Like, 24. You thought I was 26. I forgot your age for a second. Yeah. Like, you know, I'm not 26. I'm 24. So, like. You have, and we haven't even gotten all the way through it, a total debt of $68,183. Yes. Yes.
What is the average debt for someone 24 years old in the United States? I mean, I also don't like live under a bridge too. You know, I have a house. I live with roommates. You think the average person 24 lives under a bridge? People struggle to get a job. What are you talking about? Corporate, you know, it's hard to get a corporate job nowadays. 24 approximately in terms of where it is at a mean is...
People range from $45,000 to $65,000 of debt. You're worse than that. You're worse than that. So you're not above. You're above the average in terms of how much debt you have. What is $65,000? $45,000 to $65,000. $65,000 being the peak of where people are. You're close to $7,000. So yeah, you're above the average. You're right. Above the average of being... So what are you talking about? What the f*** are you talking about? Only by a little. Only by a little. Oh my f***. You're going to kill me. You're going to murder me. I'm going to...
I think a lot of it, too, is my student debt, which is like, you know. Yeah, which is what's calculated in this. So take some student debt. Shut the f*** up. Because the average of that with the student loans, the average student loan debt for a borrower is $30,000 to $40,000. Yeah. It doesn't make any sense. It just doesn't make any f*** sense. It's the dumbest thing I've ever heard.
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You have seriously. You probably need some water too. You've been heated. Might be good for you to like take a water break. Okay, shut the fuck up. What is this? What are we doing right here? What am I doing? You came on to show what a normal person's like and you're just like that? You're just like that? I want to make sure. I just want to extra, extra, extra, extra, extra make sure because we're here. We're doing all this. Are you taking this conversation seriously? Yeah.
What do you hope to get out of this? Obviously, I would love to pay my credit cards off. That's the main get rid of my credit card debt. That's my, you know, pay it off so I can have no debt. You even have a face that looks like it's about to slap me when you say that. My goodness. This is so interesting. It's okay. It's okay. It's okay. It's okay. So, yeah, this AMCO.
Before we got derailed into all of that, it was $6,486.03 with a minimum of the payment. This minimum of the payment is wild. $233. Now, this isn't a full statement. Could you bring up the app for me? Yes. Because actually the last payment you made was under your minimum. Can I grab my phone? Oh, it's not over here? No. Well, I think it was under the minimum. What was, does it say what I paid? Yeah, $200. Minimum is $233. I might have forgotten about it.
Forgot about what? The payment. No. It's through my hometown bank. So the app is... Oh, okay. The app sucks. Oh, great. I forget. I just forget. I really do forget. Say it on autopay. What are you talking about? You don't make that significant money. Yeah. Well, hold on. Now you have to go through a... Dude, you are not a credit card person. You cannot utilize credit cards. You do not know how to. If you really want to...
If you really want to be that above average person, I need you to chop up every credit card, close the accounts. If you're going to use a card, use the Fizz card. You can at least use it like a credit card and it affects your credit, but you have to pay it off every month. This is the app. So you still owe some more money. Oh, yeah. Yeah. You're paying under the minimum. Did I pay this month's?
Or last month's? Under the minimum. That's this month so far. Right. May. So, I mean, you still probably, I don't know when the statement time ends. I don't know. Due date the first. So you can still make the rest, but so far you're under for the month. You haven't paid your full this month. Good to know. You didn't know that.
You're telling me if you went home from here, from this conversation of which you are the normal good person, you literally would have missed the payment. Probably. Yes. That's insane. 100%. I would have missed it. You better be coming off the horse by now. My... Okay.
Care credit. Oh, great care credit. Everyone's favorite care credit. Well, first of all, the Amco. Let's go back to that for a second. How'd that get all the way up to nearly $7,000? Okay, now that I'm thinking, I think I transferred it from the Discover card, which isn't, yeah. So balance, and then you built your Discover all the way back up? Right, right. Okay, so you're obviously not a credit card person. How long have you had, when did you do this transfer? When was the transfer done?
Thank you.
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Yeah, 2022, yeah, that's two years. I think... Well, I'm just... So then on the Discover, what you said was incorrect. You said that was all student things. So what in the last few years got it up to $4,000? Probably just shopping, eating out. Is that what you do? What are your vices? I really do think that's what it is. Okay, because it's not your income. You're overspending dramatically. I don't know. I can't pinpoint exactly what, though, other than like...
concerts shopping things like that you do lots of concerts lots of shopping yeah i'm trying to thrift more now like to you know save some money instead of buying you know new so you know 3,445 hits the year count on a monthly basis right trying to stop sustainable right how much do you think you spend on a monthly basis trying to shop sustainable probably not probably 50 bucks like shopping on clothes no no spend in a month oh spending in a month in total with rent
everything everything literally everything going out maybe two grand 1500 ish so to be clear you think you bring in 4490 but you only spend 1500 across the board everywhere maybe maybe hold on oh no hold on no two grand two grand two grand ish ish okay total was 8742
That I spent? Four times what you thought. Have you ever made a budget in your life? No. Of course not. It's kind of just... I kind of just... How many times am I going to have to say that? Tell me now. Okay. So, obviously, just like anyone else who comes on the show, we're going to give you access to our budgeting class. It's the best you can get. You really need to go through it at this point. If you really want to get to the place that you think you already are, dude, you need to go through this. You need to learn how to actually manage your own budget and go through things. If we're...
So there's care credit. We're sitting at $1,647. I've almost paid it off, though, I feel like. Where was it? It was like $2,600, $2,700. Okay. That was last year. So over a year, you've done $1,000. I think that's really good, though. Is it? I felt like that was an accomplishment. I think your biggest flaw, to be completely honest, is you just, again, compare yourself to the average person. The average person's... I'm so mad.
I mean, I get really doesn't your perception of that being good is the fact that for you're right. The average person that actually might be considered good. The average person just absolutely sucks with money. Like, why? Why are we happy about that? How are we happy about being better? I'm happy that I just put $1,000 off. Sure. But you make $57,000. There's 57 of those $1,000 that you bring in on a yearly basis. Gross. Gross.
Not in that, but... I mean, I still paid $1,000 off. This was for my dog. He was going to die. No, and I've talked about... You know? I've talked about... Yes, you see. First of all, get pet insurance. I have it now. Okay, good. Don't worry. I say, yeah, my dogs are my f***ing life. If something bad were to happen to them and I literally had no money, yes, I would go into debt for them. But then, because the debt is bad...
I cut back on everything. Don't have fun. Don't have paid for fun. And I pay off that credit card immediately is what you do. And then you get a six month emergency fund. So the next time something like that happens, if pet insurance is a governor for whatever reason, or at least to pay the deductible, I then pull from the emergency fund instead of going into debt. Do you have an emergency fund? Do you have an emergency fund? How much is in savings? Not investing? Yeah. Yeah. That's hilarious. That's great. Yeah. Because you're above average. Right. Great. Awesome.
The average American savings account, the median American savings account is $5,300. What about a 24-year-old? I'm curious. Median savings account, $3,240. What did you say you were at again? $4. Yeah, that's a lot of money. So shut the fuck up with this comparing against other people. You want to start comparing against other people? Great. You're actually, so far, remember, your debt is higher, your savings is lower, you're doing worse than the average person. So I don't want this...
continuing to just drive your life because you're actually in a worse position. Maybe that's the cope that has gotten you to the point where you're like, you're able to sleep at night and all this is because you think you're okay, but you're not, you are not okay. This is a weight. That's a risk. That is hard. It holds a lot over your head. It makes it harder for you to go change careers. If you ever want to, it makes it harder to do anything. Okay.
Take care of credit. This was for the dog. Okay. And then you made $1,000. It's not like we can't celebrate that. But the fact that you think that is just like the most amazing thing ever. Like need to bring you down to the real world. If you think that's it so far, so far or at about $11,700 in debt. So yeah, $1,000 a year. You're going to take 12 years to pay off your debt.
yeah that's great that's fantastic that's so much progress working on it one day at a time i'm taking one day at a time yeah we are welcome okay welcome to life but your one day at a time is going and blowing money we haven't gotten to that part yet so
Okay. And now we have a basically 9% car debt, if I've calculated this correctly. 9%? You tell me for sure. Well, that's what we're calculating from your interest as accruing. Well, when did you get this car loan? August of 2023. So less than a year ago. So it actually might be a little higher overall. Sorry, I did not get you a care credit minimum monthly payment. I think it's $50. Okay. Yeah, that makes sense for...
Payment history. Sometimes you put a little less and then sometimes a little more. Okay, and then the car. What is this car? I have a 2023 RAV4. That's what all the commercials are. It's a good car. Is that what you needed for...
what your life is? I think my, well, my thought process was is, so I used to have a Buick Encore and I got into a wreck so I had to get a car. It wasn't like I wasn't, obviously I didn't, I wasn't ready to buy a car because I was like, I don't want to buy a car yet. I wanted to. And the insurance. I wanted to. And the insurance. Yeah, yeah, yeah.
Is what I pay? Or like I have insurance on it? Or the insurance cover. Oh, well. Just the remainder of the debt you had, anything to roll over. So I had gap insurance. So it covered my car. So it just kind of paid it off. It was like clean slate. So why is the only car we're able to get then? Well, it was, I wanted this car. There it is. Of course, that's what you wanted.
They're good cars. They're good cars. They are. I'm not against them. I'm not against them. We already went into the credit card type of debt you have. You only paid $1,000 of progress towards it. Why do you think that someone in your position, I want to know your actual logic behind this. Why do you think someone can get a $40,000 car? How much did you put down? How much did you put down? Two grand. Okay, so $40,000 car. My thought process was I'm going to get a car I want.
like a rav4 i wanted a rav4 forever it's more important than sure right and then i thought okay might as well just i just just kind of stumbled into getting a new one and then i thought it was 30 000 and then it ended up being like 30 for 38 how long have been rav4s been being made do you know years okay why not just get an older rav4 because i just wanted wanted wanted wanted do you know what the want means it wasn't a need you need to pay off the debt
But then I thought, okay, I could just make monthly payments on it. You even self-admitted towards me at me towards the beginning that it's this is what's eating all your money. Right. It is. The payment is high. So how do you think you only spend $1,400 a month if this plus rent is basically $1,400? You're right. You're right. I did my math wrong. Math is wrong. Math was wrong. Mental math is not my strongest.
What's the insurance payment on this thing? $193,000. I don't know how to get that lower. I've tried. I'm shopping the market. It's not that that's an aggressively massive thing. I feel like that's aggressive. That plus the... Texas is kind of expensive for car insurance. But, I mean, it's $832,003 a month. Right. But then my thought process too... Plus depreciation, plus maintenance, plus gas...
Your transportation bill is insane for your income. It probably takes almost a third of your take-home pay. Literally goes to the vehicle you drive to and from work, A to B. Who the f*** cares? You should have got a $10,000 car. A $10,000 car that you did not care that much about that would have gotten you A to B to be safe. That you got a mechanic approved would have lasted a few years, minimum.
That you wouldn't have to put much money into. And then you pay off all this debt and then that car debt and then save up a down payment for another car and have a fully funded emergency fund and catch up on retirement. And then that's when you are allowed to go get the dream car. This was way beyond your position of being able to afford it. Way beyond your position of being able to afford it.
My thought process, too, when I was getting the car was my rent in Austin is on the cheaper side. So I thought, okay, since my rent is a little cheaper, I could afford the car I want. That was kind of like my thought when I was looking for a car. Yes, absolutely. So why, again, are your wants more important than your needs? You keep bringing up want. I just, I wanted it. Yes, I know, but why? I mean, that's more. Oh, my. Can you answer a question? Sorry. I just.
That irritates me. Why are the wants in your life more important than your needs? Does this... I mean, obviously... So that doesn't feel like anything to you? That credit card debt? It must not. It's there. No, it's there. Then why was this want... Why did it bring more emotion in a positive way that completely...
overtook the negativity of the debt. My thought process is just pay it off. Just get it. But you're not. You're not. I mean, you're just... Well, how long is the loan? How long is the loan? The longest that you can do it. I'm pretty sure. What, 84 months or whatever? Yeah, or 72. Right? Is that another one? 72 months. It was used when you got it, right? Yeah, but it had...
Maybe 9,000 miles on it. They used it for like transportation. Yeah, the median used car payment. My dad works in B2B marketing. He came by my school for career day and said he was a big ROAS man. Then he told everyone how much he loved calculating his return on ad spend.
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So congratulations. Once again, you are above that. Oh, yeah. Oh, yeah. Average loan amount for a car is about $46,685 for a used car. So what are you above again? Oh, another thing. So you're either doing worse than everyone or you're falling behind everyone at the same time.
Every single statistic we look at... I'm so glad you said that thing at the beginning where you thought you're normal, you're doing better than everyone else. Because it's allowed me to just pull out this information, this important information. And I hope it's bringing you down to humble land because you are...
Not even comparable, dude. You're in a really bad position. And if I can't actually get you to know that by the end of this conversation, it's like, what are you actually going to do? Why are you ever going to take any time or effort to fix your life? You know, if you just think you're doing so good, so well. Again, here's the same chart for your car payment. I mean, just how much is going to interest and eventually principal, you know, starts taking over. But it just takes forever, dude. Yeah. It takes forever.
And then the student loan. So you went to school? Yes. Where'd you go to school? Texas A&M University. What did you go to school for? Marketing. You graduated? I did in May of 2021. Cool. Your highest rate here is 5%. This isn't the craziest thing in the world.
The lowest rate is 2.75. Most of them are sitting around 4.5, a little higher than I would like, but it's okay-ish for student loans. And again, you are getting an actual return on investment with your degree here. So this isn't like something that I'm absolutely appalled with. What's your minimum monthly payment here for student loans?
I haven't paid really any of it. I think I've kind of just paid $30 on it. Maybe $60 on two of them. Are you like in a deferment thing? I don't think so. I just kind of just haven't paid them. They're just on the back burner. How are you just not paying them? Are you paying your minimum? This is...
What the fuck are you talking about? But I don't, is interest, isn't, what, isn't it, doesn't it not affect your credit until like October of this year? I swear I saw that. Yeah, so you're doing that thing? Right. You're actually taking advantage of that. I can't believe anyone's actually taking advantage of it. It's a thing. You're right. But I'm still getting interest on them. Yes, the interest is accruing, but it's not going, you're not getting negatively punished on your credit or having anyone come after you. The credit was my thought. Yet. Yet. Yet.
Because, yes, in Biden's announcement, when student loans were resuming, there was a grace period of a year of not getting punished. Doesn't mean it's just not occurring. So you're just like, are you serious? I didn't know anyone actually did that because that's the stupidest choice anyone could ever make. Well, it's not the stupidest choice, but it's a pretty fucking stupid choice. I am doing that. I'm looking at someone who actually decided to do that. That is blowing my mind. I didn't think anyone would choose to do that. When I heard that, I was like, a dumb mother fucker is going to do this. And I've met that. Yeah. Hi. Hi.
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Oh, probably. Normally? Just like the default? Yeah. Oh, yeah. You've never applied for anything extra? No. I think I put my salary... Yeah. I looked into it, but it kind of is confusing. So I kind of just...
No, what? I was hoping... Well, I put what I make, my salary... To try to get income-based repayment? Yes. And I think I'm on that. But you're basically making $60,000. I wonder what your income-based repayment would be, though. Are you paying your minimum for that? But you're not even paying your minimum for that. I'm not paying anything. I would think... I'm paying no money, maybe $60. My thought would be about $250 if you're on standard for minimum. Oh, that's fat. Yeah, but it's basically your AMOCO loan and your...
a third of your rav4 loan so i mean 250 dollars and you sign up for that candy so i don't know what you're talking about but whatever okay so you don't know your minimum so i don't know what to put for a minimum can you log in and see your minimum you have mojila on your phone mojala mojala i feel like it's i just got an email from them actually no i wonder what that's they wanted my money oh i bet that's interesting
It's almost like you borrowed it. Oh, it just says my current due is $50. Oh, total due, $100. Here, let me log in if I can find the info. Oh, what is your life? It's really on the back burner. I'm glad you went to college. I'm glad you graduated. It does show that you have some kind of discipline. Hopefully that puts this... It's a different kind of discipline than actually having to sacrifice finances.
That's $50. Maybe I didn't put my money in. Okay, so you're in the save plan. Are you? Or income-driven repayment account adjustment. I feel like they need to update the website. It's kind of confusing. It's not. But your minimum is $50. So yes, you are on. Are you on IDR or save? Either way, it's $49.97 and you are past due because you're... I mean, that's insane.
That's insane. You get a nearly $700 car payment when you aren't paying your minimum $50 that you borrowed for school. Give me your logic there, dude. I think I was hoping that, you know, Daddy Biden would excuse it. So it's kind of still hoping that it
I'm hoping that it just eventually gets dismissed. What do you mean? It got blocked by the Supreme Court. How do you think that's going to happen then? I think I... Who's going to overrule the Supreme Court? I don't know. The super Supreme Court? I'm hoping. I'm praying. Well, they don't exist. I'm praying for that. I went to school on the Pail Grant, so I was going to be like debt free if it got passed. Oh, yeah. But then it didn't get passed. So now it's just... Well, there was no passing of anything. Well, it didn't get approved. I don't know. No, it got blocked. Got blocked. They said no. They said no. Right. Right.
And now it's time for you to say, yes, I will pay my debts like an adult. Yeah. Why don't you think you're responsible for this? I'm not saying I'm not responsible for it. But you're not putting any responsibility towards it. Yeah, I'm just kind of hoping that it goes. Maybe I get married. But it's not going to. My husband pays for it. I don't know.
That's also another thought process. Is that a hee-haw, hee-haw? I mean, kind of hoping. I'm just hoping, wishing. Maybe I'll marry rich. That's also my thought process. Ew, just gross. Because it's just kind of dumb. What? The debt, the college debt. I think it will just eventually get taken care of. How'd you get through college, honestly? Great question. Great question. I have a business degree. I ask myself that all the time. That's because you got the easiest degree. I literally got like a D in finance. Oh my gosh. Barely passed accounting. Man.
I'd say you need to go back to school, but I don't want you to go into more debt. If only my boys over at Course Cruise had a certification for not being a dumb finances. So is that it? Is that the end of your loans? You're under your debts? I think that's all of it. Okay, well now we can get into your spending statement. Oh, no, what is this? Oh, this is the AMCO. We already had that. But this is the checking account version. Wait a second. This is the credit card. Is this a different debt on here?
On the checking account? Is that a different debt? Oh, it's like $100. It's like a personal loan. You have a personal? Yeah, yeah, yeah. And you almost told me you're done with your debt? I forgot about that one too. What's the balance of the personal? $183. I paid some of that. It's updated. It's like $185. Oh, so it's just $183. $183. I can check. Why are you taking microloans from your bank? Again, I took this out a really long time ago.
so i i for what i i don't know come on no for what i cannot even put yourself back there and just maybe i owe 184 let me i don't even know when i opened this let me july of 2022 a lot of stuff happened in 2022 for me i don't know what i was i can't exactly pinpoint what i was doing yeah and it was a 1500 what is your credit score
Well, on my little bank website, it says $545. I think I just missed a payment, like, within the past few days. Oh, my God. I think that— You're insane, dude. I think this. But if I look at Discover, you know, they, like, vary for their credit score. It was fair. It was fair.
It was good at one point. Now it's fair. I think it might be bad. You actually take a word that it says next to it and that's how you associate? Oh my gosh, I'm going to die. That's crazy. I think it's like... I'm just trying to figure you out here because you've said wild things without you even knowing that you've said wild things. Because...
I at first I thought maybe it was just hubris. Just you just think you're on the top of the world. I think it's just actual ignorance. I just don't think you know anything about finances and that's OK. But it's usually better to admit it instead of pretending like you know everything. I mean, yeah, I'm admitting it now. This is probably not the best. It's not it's not good to have all of this debt. But at the same time.
I don't know what to do about it. I don't know what to do with you. Because that's f***ing insane. You're Venmoing out $27. You're Venmoing out $150. You went to a clothing store and spent $192. Mac and cheese restaurant. Amazon. Another restaurant. Red River Cafe. Red River Cafe. Going inside a store getting some bulls***.
quick little stop in get a snack get a drink amazon 149 dollars in amazon kill me now baked goods awesome then we're now 125 what are you venting out constantly what are you doing i think it's a lot of like a lot of a lot of friends getting married so it's about a lot of bachelorette trips what a lot of airbnbs for weddings oh yeah what am i supposed to do not go to the wedding
Not go to the bachelorette trip? It gets really complicated. Tell my best friend, sorry. Insomnia cookies. Yeah, I was drunk when I got that. Going at the Moody Center and getting some snacks. Who'd you see? Oh, Tyler Childress? I didn't pay for those tickets. Getting an Apple bill or subscription? Oh, that's for like the gigabytes. What's Hall Arts Tower?
Hall Arts Tower. What did I spend there? 20 bucks. I don't even know what that is. Hall Arts Tower. We couldn't figure it out either.
sp society raising canes amazon white rhino again amazon was 150 bucks i return a lot of the amazon okay there's hall house our hall arts tower again another 20 bucks paypal and out 175 dollars then we not 11 bucks then we're not 40 bucks then we're not 12 dollars this is insane it's just every second of your life tumble the chicken restaurant then we're not 12 dollars then we're not 20 dollars this is insane twin liquors glugging it down
Oh, selling off $400. What are you selling off $400 for? Is that more wedding shit? Wait, what was that for? I don't know what it was for. Oh, oh, oh.
That was for my mom, but she sent it back. She sent it back. It should be on there. Okay. Or no. No, that was for my brother. That was for my brother. He sent it back. They sent it back. Why? Why'd you give it to them and they sent it back? What the f*** are you doing? They're broke. They needed $400. You're broke! It's not disgusting to have a caring heart, but you're ruining your life. You're f***ing yourself. You're getting some clothing. You're spending $200.
$25.95 at Amazon. Another $7.78 at Amazon. Venueing out $68. Venueing out $92. Going to Bar Partners, the Lucky Duck restaurant. Two-step, a music festival. $37. $14. $32. $32.
$16 Red River Cafe Venue now $125 Venue now $38 your Venue now like it's a river of just money flowing from your account Lululemon you cannot afford Lululemon go to like Fabletics or something what are you doing you have credit card debt in a car you can't afford you literally just said you missed a payment Dutch Bros Amazon go inside a gas station getting some bowls Del Gato's a bakery Amazon Amazon Amazon
Sips and sweets. Another couple sweet treats, everyone, on this show. A lot of sweet treats. Wine and cheese shop. Whoa. Coffee shop. Amazon. Mesquite Creek. Which I think is a local clothing store. And then we went inside the store, got some bulls**t. 70 bucks. $3. $47. PayPal and out $5. Going inside, getting some bulls**t. Amazon. Dutch Bros.
I was a Dutch bro. This is insane. Addicted. We're addicted. I'm not anymore. You're addicted to everything. This spending is wild. I'm glad it wasn't going on credit cards. I will give you that so I can give you something. But this is...
insane spending. Venom went out $71, PayPal went out $10, and then Pool Burger, because great, let's get a pool burger. And then personal loans, it's 13% interest rate of stupidity, death of dumb. The one good thing, and it's because of the employer match, is your 401k. You contributed $8,000, but you're up to $14,000.
That is okay, but you have nothing in savings, which is an absolute scary disaster because it means something happens. You're either going into debt or you're pulling from your tax advantage 401k. Pull up your Amazon account. I want to see what the f*** you were buying. Okay, I share it with my family. So I'll tell you what's mine. Can you screen record? Yeah. I doubt you got a men's hoodie. Well, I did. That's mine. It was $20. You missed the payment. Shut the f*** up. It was $20. I've been wanting it for a while.
This plugs into something? I don't know. This looks like a microphone or a vibrator. I can't tell. I'm trying to make some user-generated content stuff to get some money. That's my thought process if I buy that. Some fluffy pink thing, a pink hat. Oh, I'm going to return those. That was for a derby party. Got a 64 gig Extreme Pro SanDisk? Yeah.
I got a camcorder camera. A banana tub? Baby shower gift. Oh my gosh. You also refund so much. You get so much and you refund so much. This is crazy. Just use it once. Return it. Wow. Interesting. Phone things. So many things for your phone. Squatty potties. Rug thing. Lots of shirts. So many shirts and sunglasses and just so much bullshit. So much bullshit.
This is crazy. Just look at this, guys, that we're just scrolling on screen. Just look at all this. This is, we're not even a few weeks ago, and then we're ordering all this just absolute. Reminder, you missed the payment, you animal. We're not getting this. No other producer thinks you're a dad for getting a camcorder. There was something else I wanted to look up. What else were we talking about? Talking about Amazon? Let me go through my Venmos. Venmo. That's what I wanted.
Yeah. Okay, here's my Venmo transactions. Those people owe me money. Every time you go back, it has to reload the whole thing. Batch food. This is going to be impossible to scroll through. Venmo is poorly made. This is so bad. Coffee. You're Venmoing your friends for coffee. Venmoing your friends for bullshit. $100 you gave her some ticket money. So I don't know what the fuck I'm talking about. Bachelor at party.
Transfer money into your Venmo. No, no, no. I was transferring out 17 bucks for flowers and sandwiches. Again, I see nothing bachelor party related. You're just getting even more steeper in there. Well, I don't. Linen drinks.
45 bucks. Oh, yeah. Lin Asian. That was an expensive one. Yeah, it was 45 bucks. You're just going out to eat every second of your... Only a few days ago. This is crazy. Brunch, 16 bucks. Girl, you just gotta stop eating. You just gotta stop going out. It's ridiculous. $87 for Yeehaw. Great. $93 for...
Arkansas. That's an Airbnb. Finally. A wedding. $43 for Friday happy hour. Oh, yeah. That was at De Nada. $8.50. I'm skipping so many. Hot Girl Summer. Hot Girl Summer. That was for dinner. Okay, I'm not going to go through all these because Venmo is terribly, terrible. And this is...
Oh, that platform's so bad. But you're just going out to eat every second of your life on your own statements and venerating people. It's absolutely insane. So don't say the vast majority of those bachelorette parties. How much do you have to spend on these? How many do you have? Three, four. Yeah, three. And how much do you have to spend? Well, one, I haven't bought a dress for yet. But the stay is free. So maybe like $200 for a dress. You're missing payments. And then the other ones, I'm just paying for like the bachelorette trips.
So and you haven't yet. No, how much would that be? I for sake what do you want going? Okay, so I'm going to Vegas for one of them But I thought I think I haven't booked the flight. So well, I was gonna figure that out You said you're traveling somewhere. Yeah, I'm going to Europe and you know, I guess well, that makes no sense Well, I'm going to see Taylor Swift. So it's like we're in London. Oh
Oh, my friends are going to the Edinburgh concert. Yeah. You can only see Taylor once international, you know? Gotta live it up. I hope to never see her international or ever. That's f***ing insane. Yeah. That's f***ing insane. Reminder, you have a $700 car payment, essentially. Yeah. Plus insurance. You're going to Europe. You're missing payments. You're going to Europe. The concert's expensive. Then you gotta fly there, which is gonna be what? Like 800 bucks. You know, just as much progress as we were so proud about on Christmas.
You were thrilled that you made $1,000 in progress on a fucking party garden. You're going to spend $800 on a fucking play. And then you got to eat. And then you got to fucking stay somewhere. We already paid for the concert, though. So that's kind of like free. Oh, good. Oh, good. The cheapest part. The cheapest part. It's not free. You're still fucking. It's in my head. You're going to kill me. You're going to ruin my entire existence. Shut the fuck up.
- Y'all gotta use my favorite high yield savings account where you can get up to 4.6% on your money plus FDIC insurance up to $2 million. You can also get up to $300 for signing up today. It's the personal high yield savings account that I use for my money. So don't let your money be losing money while it's just sitting there. Click on the link in the description below and get those bonuses. Literally net that went to debt was $524 or 6% of your spending. 6% of your spending went to your actual future.
Housing, 10.1% or $889. Transportation, $1,652 or 18.8%. Necessary food, are you kidding me? Groceries, are you absolutely kidding me? It was 2%. Where going out to eat was 2.4%, which is actually a lot higher because most of it was through Venmo. Unknown shopping, which I think is what includes the Venmo, was 8.6% of your spending or $754.56. Medical or healthcare, what the f*** happened here? 21.4% or $1,879.
What happened? I do not know. How do you not know? Medical or healthcare? That is what I said. I think the only thing I paid for would be like going to the doctor. A copay. Your fucking eye. My eye? $1,725 went to an eye doctor. Wait. How do you forget that? The contacts? No, wait. What? Was that a year's supply of contacts or something? Yeah. Wait, no. Not $1,000. $1,725? No, it was like $800. And I put it on a credit card. What credit card? Discover. I don't know the $1,700.
Two charges. Two charges? Yeah. Doubled up. My glasses were like $200. Warby Parker. I think maybe three. And I put those on a credit card too. Girl, you spent $1,725. Harbor Health, $35. Yeah, yeah. Harbor Health, $35. Gym, $119. Yeah. Gym. Yeah. That sounds right. Okay. Okay.
So the large purchases were... Yeah, Ben went out $1,131. And that... So that wasn't even the...
unknown shopping that was probably that's that was amazon was the unknown shopping so the other large purchases a lot of your eating out was going there so you probably spent closer to like uh 15 to 20 percent eating out absolutely insane petco 194 paypal and out 416 what's the paypal don't say it's just bachelor because i know you spent yes i paid that out yes
i okay you you read that i paid the 400 per i paypaled someone yeah 400 and then i got it back in zelle oh but then you zelled out 450 and you got it back right yeah but i don't know what that paypal would be though i did not expect this conversation to drive me as insane it is oh amico yeah yeah look here you go 887 there and 837 there oh this okay i paid rent
I pay... My rent is $8.87. When we were Googling it up, we found my doctor place. No, no, no. That $8.87 is my rent. And then I accidentally, like, didn't turn off the auto pay. Okay. So that's why there's $8.37. Okay. So May, I only paid $50 in rent. Your spending percentages are absolutely insane. Stupid. Okay.
So, $887,000. Is that your rent then? Mm-hmm. Okay, let's put that down for your rent. Let's build your budget. How do you feel the rent place being when you went to Texas A&M? It's hard. I mean, at this point, it's kind of, I just have to get over it. When your minimum monthly payments are $1,071. Mm-hmm. Ridiculous. It's a third of your take-home. It's crazy. Utilities? I'd say like $150,000. They kind of range based on- Internet?
That's all included in our utilities. Gas, broom, broom, drive, drive. 40 bucks? You don't. No, no, no. Depends if I'm driving home. Good thing we know for you. Yeah. If I'm just driving to work that month. 140. Oh. You almost said 40. Are you kidding me? Are you absolutely kidding me? Drive around four. No. Car insurance. What was that again? 193. Gym. What was the gym? 119. And do you go to the doctor every month?
doctor you you had that health 30 it was 35 did you go there every time i only go to yeah that's my copay 35 you go once a month no how i go when i i need to go back for like my i just got a new doctor so like i go like once so 119 in medical health care gym one once a year 35 okay okay renters insurance do what renters insurance no i don't have that you need it probably it would be a good idea it's technically legal for to not have a bug get it pen insurance
That comes out of my paycheck. Really? Yeah, I do it for my work. So I don't really know what I even take from that. Subscriptions and groceries, $300. Use the meal planning thing in our budgeting class or create your own. $300, you can easily do it. Toll paper, TP fund. This is anything else you need to survive. Anything else and you're going to nail it down again when you make your own budget. Practice it monthly. It's going to be $100. Phone. Zero. I'm still my parents for that.
That's great. When you get your own, do helium because it's $20 a month and that's so much easier. Can you go to a less expensive gym or your apartment gym? I don't have an apartment gym. I live in a house. Okay. Can you go to a less expensive gym? I think I'm going to cancel it. Until you're out of debt. Can you? Yeah. How much is Planet Fitness? I'm not going to Planet Fitness. How much is... I'm not going to any of those. No one. Just give me a decent gym price. No, give me just a decent gym price that's not Planet Fitness. In Austin... $40? Okay, $40 for gym.
Everyone here except for me goes to gyms. Everyone's gym's expensive. That's just awesome. 40 bucks. That's already so much better, though, than what you're doing. I think someone in the notes is trying to convince you to get a walking pad. Oh, I would love one of those. I obviously can't afford it, though. Okay. Total expenses.
Good news. That's if you live on your needs. Reminder, you spent way more than you brought in. $3,445 is what comes in. You actually have a chance to get out of debt and actually be an above average person if you put in the work. Do I have confidence from this conversation? Not necessarily, but let's pretend like I do. So, easy. First month.
Do you have any family or anything here? No. Okay. I want you to have some kind of emergency fund. First month, pay off the personal loan. Set everything else aside. Okay. And the quest. Set everything else aside. Second month, put everything else aside. Third month, honestly, probably put everything else aside. So do you like the monthly payments? Yeah, minimum monthly payments always. That's included in your budget that I already made. Okay.
So that's going to give you about $1,200 in savings after three months. You're putting everything aside, but you've also taken care of the personal loan request. Okay, we're starting month number four with like $1,200 in emergency savings, which won't even get you through a month, but it'll help you. If something bad were to happen. But I just can't have you sit not paying on this debt forever. You pay off in three months care credit. So now we're heading into month number seven. Okay.
what do we tackle the rav4 can we get a value on the rav4 we need then that's right always get the van you did oh he asked for it i just completely forgot i don't know what you're planning on doing with your student loans i would i don't know they i'd get on a traditional payment plan again because when you're not public student loan forgiveness obviously won't work for you yeah i don't work for i don't want to be a teacher so i've looked into how to sell the car
No. Why? I like it. Okay.
There it is. Guys, I tried. I literally did try. I think too. I don't know what to do. I did try. I mean, that was going to be a big part of it. That's by far your biggest debt. But I tried. Can I refinance it? That does nothing about the balance. Your interest rates are not absolutely insane for where rates are today. It's a bad rate, but that's not... That's... I mean, that was going to be a big part of it. You have an option to get out of debt, I think, in a couple of years and have a $500 emergency fund. Start contributing more to retirement. Start...
adding to things like brokerages like Moo Moo, do all these exciting things that would have been great in your life, but not even willing to sell the car, immediately shut down what's immediately going to be the biggest part of this conversation. Now you're going to spend years and years in debt. I don't think you're going to change your habits. I tried. I wanted to create a budget. I wanted to do something. That, that, that, nope, nope. We're going to, I,
I'm going to end it here. We're going to go into the post show. I'm going to take a moment. I'm going to walk into the other room. I'm going to cool down. They're going to get set up and then we'll come here and hopefully we'll have a good time. Hopefully you stop being a dumb and that'll be that. Amber financial score per, make sure to check out all the resources linked in the description below there. What I use or what he is on specific situations, including the best budgeting program and history of the internet.
Stick around for the post show. Today on the Financial Audit Post Show. I'm 24. Like, I might as well go to Europe while I'm young. What if I have kids? Like, I can't be going to Europe. Don't then if you don't want to. I'm trying to go to Europe now. I moved my early 20s. You guys funding this show right now, you are, I love you and I love you so much. And that is why I am doing this. But you have no idea how much I want to walk away. To watch the Financial Audit Post Show, click the join button below.