I Finally Had To Kick Someone Off Financial Audit
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To watch episodes of Financial Audit a week earlier, check us out on YouTube. Another Harley Davidson? Is that my new one? I'm gonna burn this place to the ground. I wrote it here, so I'm at least using it. It's to sell it. No! Why would I buy it just to sell it? No offense, but that's the end of this episode, then. I don't want to get rid of one thing, and now... This is not worth my...

over me not wanting to get rid of a Harley. I'm not going to waste my time. I'm not going to waste their time. You're not wasting time. I'm wasting time. If you're not willing to sacrifice anything in this conversation, so I'm done. This conversation is done. It's brand new. It's going to depreciate. My name is Evan. I'm from Stephenville, Texas. I'm 29 years old and this is Financial Audit.

Thanks for coming down to Austin. What do you do for a living up there? So I own a classic Mercedes shop. You own? Own. Business owner? Yep. Okay, this is exciting. Wow, how does the business do? So it's been pretty good. It's been open for about a year now, officially. I bought the shop in August last year. Started doing it January. You bought the shop? Bought the shop. So this isn't ground up from you, which is fine. It's totally okay, but...

Buying a shop sounds expensive. Can be if you do it wrong. Was it? I mean, the shop was $160,000. Okay, that sounds crazy. I put down $15,000. How was the shop doing before you bought it? So, no, it was just an empty shop. It was an empty shop with some land and it was for sale. Okay, I thought you bought a pre-existing business. No, no, no. Okay, I got it. There we go. Okay, very cool. Okay, now if it is...

So successful and all that stuff. I mean, I think there's, there's a loan in here. That's like 200% interest. You know, there's, there's like some of the more wild deaths that exist for people to take out.

Where is that money coming from the success if not to pay off debt? Why is the debt being taken out? Why is there debt if this is a successful business? Well, you got to have debt to make money. You got to borrow money to make money. That's how it is. You have to borrow money to make money. Do you have $150,000 sitting in the bank right now? Do I? Yeah.

Not in the world. Do 99% of the world have $150,000 sitting in the bank to just throw it into a business that may or may not work? Oh, that's what you're saying. Upfront costs to the business. Okay, well, there's nothing wrong with necessarily taking out a small business loan. There's some good opportunities. Again, you have a 200% loan.

I don't think that's what we're talking about. What loans 200%? I don't have one at 200. We'll go over it. It's only a couple in, but you also have just traditional credit cards and stuff that are sitting around 30%. You have credit one, which is sitting, which gets monthly fees. So you have to borrow money to make money. One, I brought no money to make this business to be clear. Okay. But you don't have to borrow money to make money. That's a, that's a, some experts will say otherwise. Yeah.

So this business doesn't exist. I'm not saying yours. I'm saying you said you have to. You said have to. In my world. Yes.

Have to, as in there's literally no other option. Well, let's see. You're going to love this. I had no job and I took out the loan for the business so I could make more money. I couldn't just make 150 grand a peer. No, again, I'm not against appropriate leverage in certain situations and it may have worked in your situation, but you're saying you have to. It's the only, you have to borrow to make money. Yes, I did.

You. Yes. Not everyone. Okay. So let's not generalize it. Yes. I had to borrow. You said you have to. That's what you said. Okay. I'm going off of your words. Well, for me, yes, I did have to borrow money. Maybe not everybody has to, but that's maybe what? 1% of the world? What did you borrow? Like a small business loan? Yes, we can do that. But again, there's credit one credit cards in here. Yes. Those are before. Those are before. Okay. Yeah. So that's not, we have to borrow money type of debt. Again, no.

We could even, even a personal loan. Like I, the interest rates aren't fantastic, but that's something that we can potentially think about if needed to expand a certain area or different business loans.

There's, you know, I take out as long as the interest rates make sense and the math makes sense. I take out leverage on real estate, but that's because, you know, that's often the best way to take advantage of real estate. You get something that's at $400,000 and if it's appreciating like 6% a year, even though you have like $80,000 into it, that $400,000 is still what's appreciating at that 6% a year. So there's lots of good ways to take advantage of leverage. But again,

This is a big pile of stupid. Well, yeah, but a lot of that has only started before the shop. It started before the shop. But if it was successful, why hasn't it been paid off? Who said I was successful? You said it's been a successful shop. Well, I haven't gone under.

So that's the value of success? Okay. Success is being able, in my opinion, success is being able to do what you love and enjoy doing it and being able to just live comfortably. Everyone would love to have a Ferrari or be able to travel the world, do whatever. Hold on. Of course, everyone loves to do that. Big difference between owning a Ferrari and just literally not having credit one credit cards.

No one in the world said what your definition that you just said right there isn't success. I would also define that as success. But you're saying living comfortably, you're having debt that you're not able to pay off. That's not living comfortably. Well, I am paying it off. It's just taking time. Maybe I should pay it off better. Yeah, it's going to take literal decades. Well, yeah, if I do minimum payments. Which is what oftentimes you do. While also spending on them.

Well, maybe, but I haven't spent on them lately. I haven't spent on them lately. Incorrect. I have your most recent statements. You do. And I haven't spent on them lately. Well, what's lately? A year or three days? Lately? This is your most recent statement. So this would be lately. It's your only like available proof that you can print off and show lately. It's the most recent thing. So that's lately. Okay. Well, we'll see what it says, but I have not spent on them lately. I really haven't.

I'll tell you what it says. All right. $41 is spending on the first credit card. Lately. Credit one? Mm-hmm. Okay. Yeah, you lately spent $41 on that credit card. There's only about 1,000 more credit cards to go through. There are. Yeah. So I'd say you did spend on... I don't remember. Why would you even say that? I'm so confused. I didn't remember it. You're combative. Okay, this is interesting. All right.

I'm just, I don't get why, why even say that though? If that's just objectively not true. I did not realize I did spend on it in the last month. Okay. But there's also more cards you spent on. We're not talking about the more we're talking about that one. We were talking about credit cards in general, buddy. Okay. Well, you said credit one, right? Okay. Credit cards. You said credit one. Okay, fine. Even credit one you spent on. Okay.

So I spent on credit one. So it doesn't matter. Okay, regardless, it is what it is. It is what it is? It is what it is. So that's how we live. You can't change history. Just focus on the future. Exactly, but you're not focusing on the future because you're only making minimum payments and still spending on the cars that are accruing interest that you're not paying off. So you're not focusing on the future. So I haven't focused on those, but I focused on other things. What?

So my, uh, SEMA and my firm, I have focused on those. I've made more payments on those. My Harbor freight. I've made more on those. Yes. I have a firm. Okay. Yeah. Cool. You're, you're easily triggered, aren't you? So my, that's okay.

So am I. I get it. I can get heated quickly. I'm a competitive little boy in different things. Play me a game in Mario Kart and I'll be freaking out. You probably would. Yeah. That'd be interesting. Yeah. We play them on the member streams for those who are there. But...

Okay. Well, I need to know about your income. Do you even know? Not what comes into the business, but after everything, what are you able to withdraw from the business? So that has actually been a struggle for me to get it separated. Yes, a successful business, as you said. I have... Oh, to separate. Sorry. To separate. What comes in, everything goes into my personal bank account right now. I have not set up a business bank account yet.

Because I just, I don't know how to, to be honest. I haven't gone that far. I haven't looked into it. You don't know how to. Well, I know how to set up a business bank account, but being able to separate everything and pay myself. You have it deposited into the business checking account. And then your business expenses come from the business checking account. So... What's the confusing part there? Because I don't want to be dismissive of that. I want to actually...

I understand the whole point of putting the money into the business account. Yeah. And then paying myself at the end of the week or in the two weeks. Are you LLC? Yes. So that's more, you know, you're just acting as a pass through, but what the business account is doing there is essentially, this is really helping you keep the books by the end of the year, helping you take advantage of different tax advantages. Understandable. Right off deductions, all that good stuff. So, but for my actual income, it's really just whatever work gets completed throughout that

month that's my income yeah yeah yeah but you have expenses now i do yes okay so would you deduct those from the income so in the revenue really what it is is if i get say ten thousand dollars for a job it goes straight in my bank account and then i pay my bills whether it's the company bills or my personal bills well what is this va benefits that's like nine thousand dollars it's twelve hundred dollars or nineteen hundred dollars a month every month

The $9,000 was a back pay for them back paying me. What is this? Is this disability? Yes. There is not one veteran that has been on the show that does not have disability, by the way. So does every veteran in the world that you know have disability? As far as I know, except for my grandfather for some reason. Okay. Can I ask what happened? For myself? Yeah. Just basic stuff. Hurt knee, hurt back. How'd you hurt it? Hiking. Just typical stuff.

rather not get into all that yeah but you wouldn't get disability for hiking well just hurt legs hurt back yeah but from in the military yeah oh okay because when you say hiking i'm thinking you're just going outside ruck marches okay okay there we go if that's what you're wondering sure uh yeah i don't need i don't need details i was just curious hey i just become more and more curious because this is f

Yeah. Yeah. Yeah.

So $1,800 a month for that, but there was some back pay. Okay, Zelle Inn. Is Zelle from the business? Zelle is from business. Okay, $7,614. I don't remember. Does it say from who? Sorry, this is just total numbers, but as we go through the accounts, we can see. But there was a total Zelle-ing Inn. Okay, that was more than likely all income to the business. To the business. So you get paid through Zelle. Zelle. Okay. PayPal. PayPal.

And then cash. Cash app, $340. Would that be business as well? More likely not. But PayPal is $2,696. And cash deposit is $4,500? Yes. And then there's a remote deposit of $166? Could have been a check. For business? Yes. ATM deposit of $16. Okay.

I get lottery. You won the lottery. Yeah. I won a little bit of money, a little bit of money. How much did you put into it? I'm about broken. Even being honest, I've put in about three, better than most, better than most. Okay. So I'm going to add up with this business income. Okay. Now, big question here. Well,

What was your start date of the business? August 14th of last year. Okay. How'd taxes go last year? I made $19,000. Did you file though? Yes. I have a CPA that did it all for me. Good. Probably didn't owe too much now. No. But this... It was $19,000. But this year, are you saving up the necessary money?

For the taxes? Because, again, I mean, that last month shows business revenue, if that is all accurate, of $14,976. Okay, so I'm not saving for taxes now to pay at the end of the year because all the money is being spent. Okay, if it's all being spent on business...

You might be okay there, but is it all being spent on business and what the IRS will define as business expenses? More likely, no. Okay, well then you don't have any excuse and the IRS is not going to be happy with that and they're going to come out to you. And I'll deal with that whenever I get there. When they show up with guns? Yeah. Well, I don't think they'll do that, but if they do, I'll fire back. Yeah, I don't think you're going to beat the ones with nukes. Okay, so business revenue. This is going to be...

I'm excited for this conversation. This is interesting. You and me both. Why are you so excited? I'd like to see how this goes. $14,976.72. So I would want to see, gosh, probably at least because if we're taking into account different deductions and everything, it's probably safe to say...

30% on a monthly basis. So this last month I would have want to see you set aside about $4,493. Now, do you know how much was spent on the business last month? So the shop every month is $1,500. Okay. And then I have electrical, which comes out to about $300 a month. Internet, $130. Okay.

Uh, I do have an employee. I pay him $6.50 a week. It's flat. Flat? Okay. Uh, go out to eat every day. Take him out to eat for lunch. You just said you don't have money. Well, I do. To go out to eat. Which is more important than losing your business. Most people die if they don't eat. It's obvious. Was the VA disability for losing half a brain? I didn't have it whenever I went in. Huh? What? You know...

How to put meat between two slices of bread, buddy. You don't have to go out to eat every day. You don't, but it's nice to. Yeah, it's nice to, but you just said most people die if they don't eat. Don't be dumb. Don't be a dumb f***er. Have you never made a meal in your life? I've made multiple meals in my life. Okay, then you can bring them to work. Okay. Good f***.

Now, legitimately, guys, I believe that you, everyone in your life, everyone around us can actually take control of their financial future and make their lives better. And we've spent over a year here creating tools to help make those goals a reality. Right now, our budgeting program and investing program are bundled together at a 15% discount. And you get $100 in cash gifted to you right into your MooMoo account.

There's honestly no time like the present to actually take control of your future. Don't wait. Don't let this opportunity pass you. $650 for the employee. I'm not going to count the eating out. What else? Tools, $200 a week through Snap-on. Is that a debt? It is a debt. It's a truck debt, though. It's not financed. It's through their special little thing. Yeah, just through the owner. Gosh, everyone always...

Every time on this show, that little truck pulls up. People are just like, here, take all my money forever. How am I supposed to work on cars if I don't have the tool to work on? Yeah, they always say you need this special, unique tool. Tools are a tax write-off. Listen, I'm going to count that against your business revenue in a second. I'm just trying to figure this out. What else are you carrying? I use my truck for work. Does that count? I use it to haul cars and pick up customers. Yeah, how much gas?

Uh, oh, diesel is probably... Well, is the truck owned by the business? I haven't put on your business name yet. Okay, then I'm not going to do that. But just for general things here, let's just... And then we'll get into your personal finances, but this will help me calculate essentially what could be coming home on a monthly basis. So $2,780 of expenses. So about...

12,196 ish should be left over relatively. And then you're going to set 30% inside of that.

$3,600. And you should have just about $8,537.20 left on a monthly basis, plus your VA disability. Now, that's based on this last month. Was this last month pretty normal? A little slow, actually, this last month. Okay, then I'm going to do it to be conservative. So I think we can then say about $10,337. Okay? Okay.

Let's just say that because you need some money aside for taxes. Why risk losing your business? I don't understand what it is. Your business is your life right now, right? This is your baby. You're growing it. It's great. Now, good news is if I'm not mistaken and you're going to sit down with the CPA and figure this out, this is going to be your first full year of business operations and you shouldn't face any late fees or any penalties or any penalties for not doing quarterly because it's your first year. So you're pretty much going to have almost all next year to pay your taxes. Okay.

I think confirm that with them. It's something we started to go through when we're building this business and it became a lot bigger than we thought, you know, way quicker than we thought. And then we were like, Oh, we had to figure it all out. But that's something you're gonna have to worry about. So I'm not freaking out, but you're gonna have to get the money to at least pay the taxes. And I would start setting that 30% aside now.

So I guess on that note, I do go to the comptroller website every month on the 19th. I have it set. Okay. And I pull what taxes I made through my shop system. And I make that payment for just what labor because I charge tax only on labor. Oh, and I pay that every month towards my taxes. If that makes sense. So it's a comptroller.

Through the Texas Comptroller website. So just Texas taxes? Yes. Okay, well, federal is going to be your big boy anyway. Yes. Because Texas is relatively minimal. Okay. So federal is... I mean, that's a scary one anyway. It is. It is. Okay. Just want to throw that out there. Well, that's okay. That's good to know. And honestly, that's probably calculated towards that anyway. So...

I want to know, self-assess, where do you think your personal finances are? Zero to ten, zero being the absolute worst, ten being the absolute best. Like me budgeting or just how much debt I have? Your entire financial picture across the board. I call it an eight. Okay. Eight being bad. You've seen the show, right? Yeah. Why do you think I'm here? I know, but you wouldn't think in any world you'd be considered an eight.

You said eight being the best or ten being the best? Ten being the best. Oh, okay. No, two. Oh. I heard that reversed. Yeah, you did. No, I'm at a two. Okay. Okay. Much more reasonable. No, no. If you want your Hammer Financial Score, link in the description below. It's free. And if you want to be on the show, go to calebhammer.com slash apply. We'd be happy to have you down to Austin, Texas. All right. Yeah, again, this credit one.

We have a credit one. I got three of them. Why did you open credit one? Because I didn't do my research and they approved me. Yeah, they'll approve anyone. I learned. $686.61. The minimum payment of $35. But yeah, you spent. You told me you didn't, but you did. $8.25 of interest is accruing. It's for Clash of Clans? Oh, I do remember. I don't even have that app anymore.

And actually, so, yeah, I remember that now. I completely forgot. Yeah, I bought some kind of pack or something on Clash of Clans. Oh, f*** me. Yeah, yeah. I deleted the app like a week later, too. Yeah, because were you spending a lot on it? Actually, no, because I stopped playing the game. It got boring.

Oh, f*** me. Two Clash of Clans. Yeah. And then Adobe Acrobat. Using that for the business? Yes, actually. We want to go through this through the business, though, to help you when you're doing the books, man. Got you. Plus, it's not helping anyway because this is going on a card that you're not paying off that's a growing interest. It's not like it's horrifically far from the entire credit limit on that card anyway. What is the limit on that one?

Because we got three. $950 on this one. You know, another thing about you not managing your finances right, you not even being prepared for tax season next year, and guess what? We're entering Q4 here in a second. You have an employee, and he depends on you. And you f*** this up, and then your employees f***, and it's your fault. Yes, 100%.

so nonchalant what if you cared about you to be doing something you'd be a big boy right now you'd be what am i doing here i'm here this is not this is not no no no no no no that is what every single person says to try to get out of any kind of pushback when they sit in that chair no you're here that's what everyone comes here for is to go through their finances i know but you've done nothing this entire year to prepare for taxes i have not

Uh, the way I do my taxes is I send my 12 bank statements to my CPA. He does my taxes and done. How much do you have in savings? It's not going to be done this year. Last year, you didn't make anything. This month, you made half of what you made last year and it's a slow month. So it's going to be completely different. It's not, I send my CPA and it's done. No, you're going to be writing a big check. So. With money you don't have. Yes. Money I don't have. I got, right now, I got about $3,000. And then your employees, their livelihood.

He'll be taken care of. You have any kids? You have a spouse? Nope. Okay. Well, he'll be taken care of with what? You don't have any money. What are you talking about? I'll get the money. I'll make the money. I'll work harder. Get the money. Not through the business. It'll be taken from you. Not really, because I'll just work and get everything paid off. I'll get the taxes paid. I'll work, take the money, and pay it. Okay, so at that point, what you're saying is telling the IRS after all, every avenue is already...

gone through that are essentially potentially penalty free for being a first year business once that's all gone then you start going into like irs debt and you're saying you're going to pay that off 25 irs debt so it's going to put you in a deeper deeper hole because you're going to start paying that and to pay that you're not going to be saving up for the next year's taxes and then it just gets man you don't understand the danger of this you really don't listen i'm a new young because we're the same age we're the same age young business owners young businesses they're

That are both growing pretty quick and we've both been successful. And this is awesome. I love this. This is great. But there are so many people out there that have completely thrown this away by...

It was one of the first things that once we were like, oh, this is a real business. We put money and time into figuring out because it is necessary for the longevity of the business. And you're just around and that's scary. It is. And I have to agree. Yes, I haven't dug into it as well as I should have. But I don't know. I haven't. I don't know. I haven't been able to figure out what to do, the steps on how to build a business. Well, let's go through and let's figure it out, man.

29.24%. I mean, first thing to do on just your first personal thing as you're going through this, I need you to budget. Your business should have a budget. We don't have anything for business-related stuff, at least at this time. But at least for now, we can get you in our budgeting class. Go through it. Take all the quizzes. Go through the education. Build your budget. Manage it. Go through the investing one as well. You get it for free by being a guest on the show. You guys can get it 15% discount bundled. Link in the description below. But go through that.

And I got that. It's been the biggest issue I haven't been able to build a budget is I don't pay myself. I just take what I have in the bank at the time to be able to pay my bills. And every week is different. One week, I may just have enough to pay minimum.

Other week I may do pretty well, and that's whenever I try to buy some extra stuff, buy more cars, or be able to just pay some extra debt off. Yeah, and we have a whole section dedicated to variable month budgets where months are just unpredictable. So we got you. We got you. But we'll go through this, and then we'll also give a plan at the end of this. But typically when figuring out your first budget and everything, it takes hours. So we're going to kind of have like a makeshift budget. So this one's interesting.

This one is interesting. So you got something, Akima. Akima? Asima. Asima. $2,649 is the purchase price. But the total you'll be paying is $6,304. Also known as essentially a 200% interest rate. So Asima has a 100-day same-as-cash payoff. Where are you in that 100 days? So right now I owe $900, and I got two weeks, and I'm actually, that should be paid off by then.

I've already used them four times. Every single time I've had it paid off, I'm not going to be paying that interest. That's stupid. But I'm going to be paying that off. Well, you better, man, because this, yeah. Literally, if you don't make that payment, $900, two weeks? Yeah, two weeks. $900, two weeks. If I don't do that, then I start taking on interest. Dude, it's an aggressive interest. And it's $125 a week. Yep, $121.26. $121.

But it's just crazy, man. But you still took this out and you took on the risk. So I am glad that you're close to paying it off. And, you know, if everything goes well, we should be doing that. But you still took this out. Yes. Which is immense. Huh? I had to get tires for my truck. I know. But even a credit card would have been better because what you put on yourself is if some job for some reason just dried up for a couple weeks, you would have been with

with a 200% interest. And I never looked at it that way because my mindset was I'll have it paid off by the 100 days. Of course. That's how they get you. And you're actually potentially, most likely I'm going to say, actually win this. But you have put an immense risk over your head with this. Okay. Yeah. I probably should have looked at it that way. Well, that just makes me a little more afraid for the future.

All right, guys, I get it. You need more financial audit. So we've decided now in our membership below, you get two exclusive, see nowhere else, uncensored financial audits. Oh, good. No way. Your couch? Hopping? Places I like stay at for the job. You're relying on bookings for a place to live? Yeah.

Also, three post shows a week for every financial audit you're seeing right here on YouTube. In the post show, we have an extra 20 minutes for every single episode where we go into more drama that we didn't uncover in the original episode. We can't find you on Facebook. Did you block me on Facebook?

No way. And then included in the membership, every Tuesday, we have a member live stream where you come in, you hang out with us, we answer your questions, and the whole crew gets together. We play games, we mess around, and we chat with you. I have a pair of salmon shorts on that desk, ready to change into right after this. So you dress like you've smoked no for the first time when you go on a date? Yeah. Yeah.

Then there's always extra bonus things like, for example, an office tour. The team grew. We have to get out of here now. So this was going to be the fun area. Now it's not. We upload hours and hours and hours of episodes.

extra content just for you and it helps support the growth of this channel and the growth of this business. Join the membership link in the description below. You can't get into things like this man. This again if we're talking about keeping your business surviving these are things if we start going down these paths that will f*** your business man.

The fuck you. I got nothing to say on it. I mean, it's, I feel like that one's under control. So far. And I think it still will be. But again, take those out. How many more times? When's the time it's not under control? When's the time something happens? When's the time you get injured or there's like an infestation at the shop or something and then businesses can't be done? Life happens. Things change. Dude, life is crazy, man. Medical emergency in the family and you have to travel. You never know. You never know.

Harbor Freight. Love my tools. Tools, tools, and more tools. Are you working to get tools or are you getting tools to do work? Because it feels like the first. A little bit of both. Yeah. It's always in that industry, man. People are just almost more obsessed with the tools than the work. I do see that. I do like my tools. It's fun. It is. I try not to go overboard and get...

like $50,000 in debt on tools. But let's just have the business running and humming and taxes paid. Like I said, I have to have the tools to keep the business running. Yeah, but come on. Every single tool, you think that was the exact tool, version, model, everything, brand that you needed to get and there was nothing cheaper in the entire world if you're being realistic. What do you mean nothing cheaper? I went to Harbor Freight. It is cheaper. It's the cheapest.

I could have gone to Snap-on and get a set of wrenches for $500. I was going to say, but you have done the truck. I have, yes. Because they do have some better tools. I get better tools on Snap-on, but a lot of the tools. But you've got every tool. But confirm with me. Confirm with me. Right now, 100%. Every single tool that you've got in every single tool is 100% necessary. Yes. Okay. Yes. Okay.

I, listen, I'm not there. I don't see it, but we've had people just like you on this show and that has never been the case. I'm going to take your word for it. It's, I buy the tools as I need them. If I need that tool and it stops the job for today, I go that night, pick up the tool and then come back and finish the job. Okay. Take, I'm going to take your word for it because I'm just not there. There's no provable, but. I mean, tools are a requirement for the business. You got to have it.

But again, most people get tools they don't need or more expensive than they need. Okay. I'm not some people. I'm me. And I get the tools that I need. Yeah. You have three credit one cards and you take out 200% interest rate loans. So that's the person I trust with financial decisions. Yeah. That is you. You're right. Other people do not do those things. Welcome to the show. $69 purchases. Also, reminder, you're saying you don't purchase on credit cards. Interest rate, $33.16. Minimum fee payment, $46.00.

So why are we purchasing on a card that we can't pay off? I mean, I do pay on it. You don't pay off. I don't pay off. No, because I keep reusing it. Yes, that was my question was why that was literally what I just said. And I asked why. Why do you do this thing? Oh, because I do this thing. Well, I buy the tools so I can use them and then I pay them off as I go.

If I buy a $100 tool. But why on a credit card that you cannot pay off that is accruing interest instead of your cash flowing like $15,000 a month? You can get a tool.

So I try to buy with cash a lot of times, but like a toolbox. I'm not wanting to drop all that money at once. I'd rather just put on the credit card and pay it off. Yeah, but you're accruing at 30% interest. So you're not getting the return even close that you're thinking by delaying it. Not even close. You're losing 30%. I'm not getting it to get a return. I'm not investing in it. Then what's the point? Pay it off at once then. If you're spreading it out, you're doing it to try to leverage some kind of return.

That's why you would do it. It's not a return. It's a not dropping $1,000 on a toolbox at once. It's $2.50 a week or however I want to divide it up. Why not drop it off all at once? Maybe I don't have it. Okay. Well, that is different. I don't have the extra $1,000 to spend on it. Then again, you're not budgeting. You must not be budgeting in that case. Well, we already know you're not. But because you're not budgeting, we know your business expenses are relatively low compared to your margins are good. So you should be able to do that. But you're doing stupid spending.

which is why you can't afford to do it in cash, so you have to put it on a credit card. So maybe we look at it that way. I look at it as I needed a tool, I put it on a credit card, and sometimes maybe I'll pay it off. Why the f*** are you here? Please. For f*** sake. Why are you sitting at this table? Why not? I mean, I'm here to talk about the finances and go over my stuff, right? With what end goal? To be debt-free.

And have a successful business. You're not listening to anything. Or the complicated airflow might be getting its way into your ear, but you're not processing it. You're a defensive little stone. You're asking why...

Why don't just spend $1,000 on a toolbox? Why do I put it on a credit card? Yes. Because I don't have the $1,000 to spend on the toolbox at the time. No, I get that. And we just defined why. Because you don't budget, even though your margins are good. So I know that. What else is there to explain? No, but you also said sometimes you just don't want to pay it all up front. That was another reason you gave. Yes. And because of that, I want to know why then, if you have the $1,000, then why would it make sense to lose 30% on it?

I don't know, because I'd rather just keep the money in my pocket. The Harbor Freight card is for Harbor Freight, and I can use that $1,000 elsewhere for maybe bills or gas or whatever. I can't spend the Harbor Freight credit card on gas, but I can spend my $1,000. Harbor Freight credit card, destroy it. Burn it. I don't care. You don't know how to use credit cards. You can only use a charge card, people like you, like a fizz card. You can't use a credit card. You're not a credit card person. You can be someday after you prove it, but you're not. So don't give a shit about it.

Harbor Freight card or where you spend the money. But either way, the cash you're keeping in your pocket, it's not gaining any value. It's losing about 3% a year in inflation. This is losing 10 times that by being on here. So at no point does it matter. So what's the point of a credit card? If I'm going to put $1,000 on a credit card. Good question. And it's up to, I don't...

Sometimes you get 0% financing. That's fun. Throw the money in the marketplace. You get a better return on investment. So they do do that on purchases over $599. Which was not this purchase. And sometimes... We have 5% cash back. And there it is. 5% cash back. Remind me. What's the interest rate on this card? 30. Okay. What's bigger? Obviously. So f*** you. Okay. There's no point. You just answered it.

I don't know where we're getting at on that because... What? Really? You didn't understand that. No, you asked what's the point of it. To have the card to buy the tools. That's the point of it. Period. But you just asked the benefit of the credit card and we just determined for you there is not. No, I asked what was the benefit between a credit card...

Not this credit card. But yeah, the same exact thing. Cashbacks represent financing. But it doesn't matter with the way you're using it because you're just allowing the interest to accrue. So whatever cashback you're getting is completely negated by many times. So, I mean, I pay more than what the minimum is. You pay a little more than that. Which is great, but you spend on it. If I go in there and spend $50, I'll immediately make a $50 payment sometimes.

Sometimes. There it is. It slipped out. So you all know how seeing guests on the show spending their hard earned money on taquitos and overpriced takeout makes me feel. So you shouldn't be doing it either. But I get it. You don't always have time to cook.

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If our balance is sitting over $1,000, then we should just be putting the money towards it regardless whether or not we're purchasing. You're just making it slower to pay off, and you're losing 30% a year on that $1,200. That's 30% a year. That could be money in your pocket. That could be money in your business. That could be scaling your business. That could be hiring another employee to take on more business because it sounds like your business is taking on a lot of work. An employee could bring in more revenue. But instead, new tool on card. Pay it off slower. 30%. Go on.

So next. You're a little c***y, aren't you? So am I. That's okay. eBay. eBay. What are we doing on eBay, my dude? What are you purchasing? New old stockparks. No, no, no. You're not. Sorry, that was fees. Fees? Why were there fees? Basic card fees or... Oh, well, I don't know. I've never had an eBay. Let's see.

I use that to buy parts for Mercedes, new old stock parts that aren't available anymore. And I also get eBay money back. It just says fees. Payment security? Hold on.

Is that to, like, secure the purchase if, like, it's not delivered? Or is this, like, a security thing for the card itself? They're baked in fees, essentially? Because either way, you've had that hit basically every single month. That's like a monthly, you have an immediate $8.79 thing because that's happened. $86.66 this year so far on this card.

$86 in the fees? This year, which means you're essentially getting that $8.77 every month. So even if it was 0%, you're still getting $8.79 hit every month. And yes, again, you did pay more than minimum, but the fees as credit cards is not making more sense. Plus, again, it's accruing $15.19 of interest, so you have to put extra money towards it or you're making no progress.

You're not getting any benefit from this card. I get eBay cash to buy more stuff on eBay. Is it more than 30% interest? Is it more than the extra fees added? That I don't know off the top of my head. No, is the answer or else they wouldn't be in business as a credit card. That makes sense. Oh my, okay. All right, all right.

Just imagine, man, investing this money back into your business, scaling it, investing this money in the S&P 500 in a Moo Moo brokerage or anything like that. I don't know how to do all that. And letting that grow. Do you not have any retirement? No. That's scary as well because one thing I'm really focusing on personally myself, businesses, they can go up quickly like yours and mine have done. Wonderful. We're very blessed. It's incredible. Thanks to all of you. Love you guys. Seriously. But...

It can also go in a moment. So you need to make sure you're just setting yourself up for success as well. So like investing or like investing? Yeah, I haven't looked into any of that. I don't know how to. We might talk about that. We might talk about that. Maybe we'll set you up with a financial advisor at Domain Money, one of our partners. Well, we'll figure that out. Okay. $30 minimum fee payment. Balance $538.47. Okay.

Again, fees and interest. But again, I am glad no one purchases this, but it's sitting at 29.24% interest rate. You should probably just get that paid off. You've spent $1,351.23 on this card this year. You've lost $73 in interest. Sorry, no, $88.53 in interest and $68.66 of fees on this card alone. That's one out of the many cards. $120. Yeah.

Discount tire. Tires for my trailer. 0%. Certainly can't pay for things without getting the store card for them. For what happens on this card? What do you mean what happens on that card? In the future. Oh, if I reuse it? I don't know what you're at. What do you mean what happens on this card? You just keep paying your minimum monthly payments. What happens? Is it a 0% for a certain amount of time? Well, they're always 0% for a certain amount of time.

hmm buddy it takes 18 months to pay off with the way you're doing it one month from next week back interest that has been accruing this entire time will hit this card okay so i didn't know that yeah yeah so they take the interest on the monthly balance and throw it all at once for the past however long it's been essentially yep in this case because luckily the balance isn't huge

The deferred interest is $61.38, but it is still money. And that is just an example of what we're going through. Again, you have so much more life to live. Imagine that happens on a much bigger balance and you just don't know. Should probably read the fine print. Or just know what credit card you're getting. I thought I was getting a 0% on whatever that was. I didn't know it was for, I guess, six months is what I'm going to assume. So $362.32. Yeah.

Minimum payment 30, but we did have to pay this. We need to do all of it. 175, right? Like twice now? You said it's in a month. Oh, it's in a month. You're right. We have to do the entire thing. Get it all. Okay. So that's going to be a big attack immediately out of the gate. Plus, we've had $30 of fees this year so far. Have you had a late payment or is that like the opening fee? I think it's opening fee. I haven't had a late payment because I have auto pay set up on it.

Okay. Here, credit one again. It's really... Credit one's almost as bad as you can get when it comes to credit cards. And I learned that after I opened them up...

Why are we opening credit cards? Let's go through that. Let's go back then. What were we doing? Why were we just opening credit cards? So during the time that I opened them, I didn't have the cash or cash flow. And I would open them to be able to just pay anything, whether it's fuel or bills or whatever. So I can just get a little bit extra money to be able to get through that tough time. Because I couldn't make the money magically show up, but I was able to get it. What were you doing for work? You said you were on a flight. This was during the...

last year whenever I had kind of started. So January of last year is whenever I left working entirely. Why? Because I wanted to do my own business. Why didn't you leave it when you were ready to start? Because I was ready to start. But you didn't start until mid-year. I bought the shop in August.

When you were working before then, it was, was it going to people's places? I had, I would do small jobs, mobile jobs, and I'd bought a ton of Mercedes parts, used parts and everything that are valuable. And I would resell them and make money that way. And during that time was whenever I'd open up the credit cards, because at some point I didn't have some of the extra money and I had to get by because I didn't actually have an income at all or a shop to make the money. Okay.

So from January to August, I was doing mobile work and parts. We just need to kill these, man. Again, just the way we're managing our money and the way we spend. We haven't gotten to your spending yet. But the way we spend, this is absolutely ridiculous when it comes to still having these cards that is accruing interest on a monthly basis. So again, $279.08 on here. Like a 30% interest rate. Yep. Then another credit one. This one, this balance is much bigger. $54 minimum monthly payment. And...

$1,064.41 balance. I don't think I've used that one though, have I? No, you didn't currently spend on this one. But there is $26.32 of interest accruing. There's also been a ton of fees and a ton of interest this year. So the minimum payment, yeah. I think I've paid more than the minimum payment earlier, right?

Yes, but, and that gets me to another confusing thing. We may as well talk about this. No one has, no debt payoff strategy is what you're doing. No one advocates from it, from at least anywhere that I've worked. What strategy? You're putting a little extra towards everything, a little extra, but that doesn't get you anywhere quick. Oh, it gets you there quicker than just paying minimum monthly payments and everything. Yes, but it doesn't get you there quicker than focusing on one debt. Right.

So take all the extra from others and put it all into one and make minimum on others. Exactly. Until that one's paid and then take that extra to another one. You said you watch the show. I'm not going to bully you for that because I want to teach you. But you said you were out there. Yes. Okay. I've learned a little. Take it all. And what I'd recommend for you, just for the discipline side, is probably just throw us your smallest debt and just keep doing that. Every single smallest debt. Would it be better to do it to the biggest debt since it's going to accrue more interest? Absolutely.

And then there's the avalanche method, which is throw it at the highest interest rate debt. Highest interest rate. Yep. And mathematically, that one still works more. It doesn't make sense to just attack the largest balance one because the largest balance one might have a really low interest rate. Then you're absolutely trying to hammer that one down while a small one with a high interest rate is just sitting there. So we either want to focus on the highest interest rate or the smallest balance. Whichever one is costing me more a month.

Well, no. To an extent. No. The highest interest rate, that's the avalanche. That mathematically technically does get you there a little quicker. It's not dramatic.

But more people find success with the snowball because you see more progress being made because you can knock out a small bounce quicker. And that's a psychological win. So even though it might take a month longer, you have a higher chance of completion. That makes sense. Okay. Prosper. Why are we not prospering with this? That one was just another credit card I opened for the same reason I opened the credit once. I've used it quite a bit more and I don't think I've used it lately.

But same situation as all the other credit cards. Paid a little bit extra. But the credit cards are kind of all in the same boat, if I'm being honest. Okay. Opened them about the same time for the same reason and in the same boat as I am today for all of them. All no purchases. Barely any credit available. Only a little more than the minimum fee payments put towards it. I did max that one out once.

minimum monthly now is $41 and it's currently sitting at $1,136.88 seven years to pay off doing the minimum or doing the payment you did last time it still takes three years to pay off that's a 31.24% interest rate yeah that's your worst yeah except for the 200% but we're going to take care of that

$222. Now, mind you, we have to take care of that $900 in two weeks, but we also need to take care of that $362 in four weeks. So now it's starting to stack up before any punishments hit. And that's where life happens, and that's why it's risky to take out because you didn't even know you had that back interest on that other card. And now we have two things we have to pay off instantly, which takes more money away from other things. And you accrued almost $500 in interest this year so far on there.

CJC Off-Road. What is this? Front-end parts from a truck. Okay. You owe $2,028.70. Yes. I can't tell what the minimum monthly payment is because you've made various amounts of payments. It's $130, if I'm not mistaken. Interest on this? I think it's about $30. $30? $30?

So we can get a third in 2003 to 2013 Ram 2500. 3500. Track bar. Track bar. And other items. And other items. I mean, those ball joints and a lot of other parts that I need. Gotta get your ball joints. Gotta keep the truck on the road so I can keep the business going. Right? I'm not against it. Everyone's gotta repair their vehicle. I'm not against it. I'm just against the 30% interest rate loan on it when you have okay cash flow.

seat geek do we need this to keep the truck on the road no but i don't work to live i live to work or i don't live to work i work to live yeah and i wanted to go see slipknot but you're doing neither of those right now i am living right there but you haven't paid for it yet well i just got them yeah but you haven't paid for it yet well no the living that we're doing that i want you to do from the successful business is paid for you're

You're working to live is literally true because you are working to pay for your past living. You are literally forced to pay for something that's already been purchased because you finance every world. Yeah. This is what we get. This is what everyone gets to do. This is what everyone gets to do when you do it successfully.

You know, I'm still not just an absolute blower of money. But one thing that's really exciting is I got to buy a friend a ticket to go to a football game in a few weeks at Texas versus Georgia. It's going to be like the biggest game in the regular season this year. Number one, number two. That's exciting. I get to do it because I've

I've made money make sense in life and I'm not financing it in a way where I need to keep the business going in order to pay for a past event. So the idea on this was I they were coming up in about a month.

And I wanted to get the tickets for myself and three of my friends to go see them because we didn't know when. Did you pay for them or did they pay back? I paid for them. Did they pay back? No, I didn't ask them to. That was not part of the deal. I paid for their tickets. It's not like we have a 200% interest rate loan just sitting there. Oh, that's different. But on this one. Kind of, not. Well, it's not for tickets. It's not for tickets, but it's sitting there and the ticket money could have paid it off. Could have, but. That's the point. That's what I just said. But then we couldn't go see Slipknot. Yeah, no.

I think Slipknot's desperate to continue to perform forever. Not really. They're selling out shows still, and they're still extremely popular. So I don't think they're desperate for much. Okay, not desperate, but they've been performing forever. So I think you could see them in a...

some other time maybe or maybe not or also maybe you didn't have to pay for the three friends i wanted to they're three of my best friends i know you wanted to that's why you did it yeah so i'm saying maybe you didn't have to maybe i didn't have to but then they probably couldn't go and i wanted them to go with me and it was a good way to do it you know a good way to do it this is what i've done if there's other events that other people can afford i say what can you put towards it and they put what they can put towards and then i'm cover the rest

Well, I got that, but I try not to do that if it's something that I want to give them. It was a surprise. It was a gift. And I was going to ask them. I'm not against the heart. I think you're confusing this conversation. I'm not against certain things you're doing in the business, not against keeping your truck on the road. I'm not against doing this and doing a gift thing for the friends. I'm not against any of that. I am against how you are doing it and when you are doing it. This does not make sense right now.

You have back interest accruing on a card. You have a 200% payday loan, essentially, that's going to hit if you don't pay it off in a couple weeks. You have all these ticking time bombs. You don't have a single penny saved for taxes, of which is likely going to be in the tens and tens of thousands of dollars that you do not have saved.

But you think that now is the time to splurge on Slipknot. It's just not. I'm not against that as a concept. I'm against you doing it now in this way. You didn't even pay for it. You financed it. I did. I figured I could make the monthly payments comfortably and be fine with that. Comfortably? You just said you have no money left over. Well, I make the money. I'll find a way to make the money.

I work harder, make more money. You're going to have to make a lot more money because, again, we found two ticking time bombs. Okay. I'll make more money then. I hope so. Yeah, that's the whole point. There is a certain point where you can only get pushed too far. I don't know what that point is. You haven't found it yet. No. You haven't found it, and that's okay. And I don't necessarily want you to find it. That's living to work, the thing you don't want. But you're pushing yourself to be forced to do it.

Okay. Concert was cool, though. Good. $1,493 and $135.77. Okay. That's the minimum monthly interest. About the same. 30%? Slipknot for 30%? I think that's... If I'm being honest, I don't know off the top of my head. Slipknot for 30%? It may not be 30%. I don't know if I'm being... I don't know the amount. I'm going to slip a knot around my neck after hearing that. I could find it out.

If you want me to, but I don't know. It's fine. It's not, but we're not going to spend time on that. I'm just estimating about $30,000 because the payoff there is if I do the minimum monthly payments. But if I go to pay it off today, it saves me on the interest, and it's a little bit less than what's shown on the schedule there. It's like $200 less, if I'm being honest. So whatever that interest is. Oh my, we're affirming Walmart? What?

Oh, yeah, that was a... Stop! I wanted a new TV. Yeah, you want a lot. You know what adults do? They don't do exactly what they want all the time. That's just called being a loser. I do what I want. Okay, then you're not going to exist in this world. You're not going to make it. Your business is going to close. Everything's going to go to shit.

Because that's what people that just live wants above all else happens to them. You say, nah, have you watched the show? You said yes. If you watched the last two and a half years of the show, you'd know that people that put their wants at the top lose it. Here's the thing. I will work for my wants. I will work to make sure that everything I want, I get. But we don't know where that point goes, and you don't know how long your business survives. We don't know, but I'm still going to get there. I'm going to do what I have to do to do it. Your poor little knees hurt from hiking. That could...

happen to a more extreme situation tomorrow and then you can't bend over to fix a car. Okay, it could, but still I'm going to do everything in my power to make sure that everything... Everything in your power? I don't give a shit about everything in your power. I could say I could do everything in my power. That doesn't f***ing matter. What happens is in the real... It does matter. No, no, no, no, no. What happens in the real world is something happens and then you can't regardless if everything in your power was attempted. I don't care if you put in the effort. I only care about the end result and if you get f***ed, that sucks. That ruins everything. There's a lot of ifs.

If I get or if I do good, if I work hard enough to get to that point, what's the difference? If I could die tomorrow, I could walk outside and die now. Or I could walk out and change everything and everything would be perfect. If it's a big word. Well, change everything based on what we're saying. Yes, please do. That'll change your life. But.

Can't live life off of ifs. No, it's not living off of the ifs. It is living off of risk mitigation. It is preventing yourself. I have a business emergency fund so that if revenue drives up for a couple months for some reason, you know, algo changes, who knows? We can survive. My employees can get paid. It is risk mitigation. You are allowing yourself if anything bad happens, your business is gone, your employee is fucked.

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the free money because i'll punch you it's and the fact that you don't see that terrifies me for you walking out i do see it i do see it it's just we look at it in different ways but you're people who look at it in my way tend to have a career and retirement in business that lasts for decades people that look at it your way show up on the show with mountains of credit card debt and no path forward what way seems to work the most amount of time i'd go that way personally

Walmart card, $988. Sorry, on a firm in 99 cents. Minimum monthly payment, $90.01. What's the interest rate? Probably $30. About. Great for a TV and a sound bar. So imagine you walk in, you get the TV and the sound bar, and there's a 30% tax on it. On top of the normal 8.5% tax. That's what you're paying. If I do the minimum monthly payment. Which is what you do. Sometimes. If...

Like I said, if... Every time on here. It's only been, what, two payments? Three. Okay. Oh, my f***, this continues. Thoroughbred performance? Turbo for the truck. Turbo went out. Okay. Do you need turbo? It's a diesel. It requires a turbo. Yes. Gotcha. Not a diesel man, personally. Understandable. I prefer the more convenience of never having to stop at a gas station. I wish I could do that. Yeah. Yeah.

Everyone will get there once they realize how fun it is to drive. I think they're cool. I'm assuming you're talking about EVs. I love them personally. I think the Cybertruck's awesome. Dude, it's so much fun to drive. It's not hauling the stuff that I haul, though. That's the biggest issue. I have a three-car trailer that weighs 30,000 pounds. Tesla ain't doing that. That's where diesel comes in. Maybe in the future, but not today. I'm not on the hauling game. Can't speak on it.

But the Tesla semis look pretty cool. Instead of sitting behind a semi trying to get to 60 miles per hour for like 10 years. Look at the Edison semi. Diesel generator powering electric batteries. Interesting. Being done in Canada. And it actually out towed the Tesla semi by 65,000 pounds. That's wild. And it gets better fuel mileage. And it can run red diesel.

Which is tax exempt. Is it flavored better? It's tax exempt. Okay. So because it's a generator, it's not an engine. That's cool though. So that's just a little piece of information. No, that's fine. I love it. I'm all into that.

Okay, so we're sitting at $1,098.36 on here. 30%, of course. $238.52 minimums due payment. Yes, one of the months of the four, you paid extra. Paid extra. These minimums and payments are stacking, and now I'm starting to understand why you don't have money left over, and you have to put things back together because you've only ever gone into debt ever. Yes.

What am I looking at? I mean, this is a credit report. What is this? Collection? Collection? You have collections. I think I have two. I have one small one that I have. Is this the small one, 711? That's the small one. I don't remember what it was for because it just says complete credit solutions. That's who it was sold to. Yeah, I don't remember who it was to. You don't remember? No, it was a while back.

But it's only been on your collections for like a year. Five months. As far as I can see. I'm not too sure. But I have. Well, how things are going to collections anyway, man. That was, yeah, bad decision making. And it's. What was the decision making? Not making the payments. Why? I didn't have the money at the time. So why don't you work a job in between?

My thought process is I don't want to work for $10 an hour when I can try to find a job that works better. So instead of me jumping over... I get the philosophy, but you just didn't pay your bills and it went into collection. So obviously that failed. I never not had a job for more than a month.

Since the day I graduated high school, I've been working, and I think a month has been the longest I've ever went without a job. Well, it wouldn't have gone into collections and missing a month. I don't know what the reasoning was. I didn't make the payments. It went into collections. Well, the fact that you don't know what the payment is. If I knew what it was originally for, I could probably elaborate on it more, but I don't remember what that collection was for.

Would it not knowing why you stopped making the payments make you a little more afraid for the future? Oh, it sucks. I agree. But, I mean, if I don't know, that is a whole different scenario than now. Now I am making my payments. Even though it's a minimal monthly payment, I'm still making the payment. I'm not letting it go to collections. What does Stanford Group and Associates do?

That one, what's the amount? Oh, this is also in question. That's the big one. $3,614? What was this for? I also don't remember. Oh, come on, man. That's a huge balance. You don't remember? I don't. I really don't. It may have been an AT&T account way back when that just recently went to it.

Because I shut down my AT&T card. Or not card. I'm not surprised you're taking out predatory loans to get it. Your credit must be shit. It wasn't the best for a while. It's gotten better. What's better? I screwed it up in the Marines. What's better? Where are you? I'm at a 675. It's not good, but it ain't. Did you go overseas? No. Never got to. Where are you stationed? Cherry Point, North Carolina. How's North Carolina? That's what I'd say too. Harley Davidson. Oh, so we're treating ourselves as well. Yeah. I like my toys.

I like my cars, my trucks, my bikes. So, like I said, work to live. Yeah, but you're really living that. Yeah. Literally. Yeah. Like, again, you're literally just working to pay off your...

past things that you spent on fun you're being forced to work you're not working for your future living well most people have automotive loans you want to be most people oh no because that's how you said that we started to have loans and because it's common it's okay not not that it's okay but it's not bad either yes it is not really yes it is what do you mean it's a 72 month loan are you stupid that's bad okay it's bad but it's a common thing to have okay so it's good

because it's a common thing to have so ground so what's the point of even saying that saying that what it's a common thing to have like that excuses it because i feel like it's a common thing it's everyone has auto what's the point of saying it's not a credit card it's an automotive loan for a vehicle a toy this one specifically i'd appreciate an asset yeah and that's good what because everyone has it just like everyone has a credit card

you know credit card balance because people most everyone doesn't have an emergency fund most everyone doesn't have a proper retirement fund those are all okay because most people have it i'm not saying you're gonna really make me say the bridge thing oh please don't because you know that's exactly where you're going though all right let's have a little more fun if everyone is sticking out there does that mean it's okay for you to do so that sounds extreme it does

That's the new version of boofing. Is it? Do you know about it? Because I certainly don't. It's what we do in Austin. Gotcha. That makes a lot more sense, actually. So I come in here on high energy. That explains why you, yeah. Okay. But again, it doesn't make any sense just because other people. Maybe that wasn't the best thing to say. Okay. But, okay. As long as you recognize it. I'll retract that statement. Okay. Just because everyone has it doesn't mean it's okay for me to have it.

But you want to be better than everyone, right? Yes. That's always not, not better than everyone in terms of like, I'm better than you, but in terms of just you doing better to be doing well. Yes. And getting that doesn't show the interest rate. That what's the, what's the balance on that one? 7,737. You don't want to know. You don't want to know. Tell me 27 may as well be a credit card that made as well. And when I bought that bike,

I thought I read the fine print and the interest, and I asked all the questions I was supposed to ask. What's my payment? And they told me it was supposed to be for three years. $257 a month for three years. That sounded great. And then after everything has been done, turns out it was for six years. Seven, buddy. Seven.

72 months? Oh, sorry, sorry, sorry, sorry. Yeah, I was reading months. That's definitely six. I was reading months. I was reading months. Okay. So I was under the impression it was a loan for three years because that's what I asked them for. And then... How much is this worth if you could sell it today? About four grand. About $3,700. Oh, kill me now. Yeah, $3,700. I'm going to be like everyone else who rides on a motorcycle and I'm going to go kill myself. Oh, that'd be fun. Wouldn't have to pay the debt anymore. Bank of Missouri credit card? What? Bank of Missouri credit card.

I don't know. It's at 217 bucks. I don't know anything of a Bank of Missouri unless it's named something else.

Well, that's what the producer looked up. Either way, you have a credit card, $217. Okay. $40 minimum to payment, probably 30%. Probably, it seems to be a recurring number here. Addicted to the 30%, it just doesn't make sense. You know when invested in the market, in the stock market in general, the best return you hope for is about 8% to 10% on a yearly basis. You're losing triple that. You are making them so much money. You want your money to be working for you, buddy.

You know, when it comes to the working to live, living to work thing, the best third status to get to is just allowing your money to work instead of you so that you can live. But you're doing the literal opposite. I would like to work to get there. I don't know how to make my money work for me because all I've ever done is work for the money. We'll talk about that. We need to talk about that. Does that say what it's to? No. Oh, that was another one. Oh, whoa, whoa, whoa, whoa.

No, we go to the next one. Hold on. What is this? Oh, me. So it's a separate one. What am I seeing here? What is this? Milestone? Maybe I'm stone milestone credit card. Oh my gosh. There is a milestone credit card. Yeah. This is so crazy. A lot of credit cards.

This is two days in a row, by the way. And I know the videos come out at different times, but you're just like breaking records. And I didn't, I don't know what's happening or is there something going around? This is insane. What's the minimum fee payment for that? Off the top of my head, I don't know. I do about 50 though. I'll say 50. Yeah. Okay. Care credit card. We have a care card.

Oh, okay. $362. $30 minimum monthly. Probably 30%. Please don't spend on it. I can't see. What is this? $3,719 for what? Luckily, it's about to fall off. Crap.

I'm not sure. What does it say? I'm not even going to put that one because that's going to fall off soon. But, gee, for f***'s sake. By the time we're done with this, you won't have gone to that anyway. A lot of this is probably previously accrued from... So is this one. My gosh, Snap. Snap on. Snap on? Wait, $3,000 there? No, that one was $1,100. Or, wait. No, $3,030, but you don't know your number. Cons. If you read, right there it says cons. Cons. That's not this one.

Give me one second. Snap-on credit right there. One second, one second. So cons is $3,130. Yeah, the cons is three. The snap-on, I've never had one at that high. This is what happens when you cannot provide statements. We have to screenshot your credit report and try to make it... I can't get into my cons statements. Try to make it readable. Okay, and then... I mean, all of these, they're like almost seven years, so... Most of those were done back in the military. Okay. And I haven't paid on them because I wanted them... Okay, why didn't you give us the Discover card?

Of $832. That is actually not mine. That's my grandfather's. He put me on way back when. That means you're on it, though. I don't pay it. But if he... He put me on to help me build credit. If he has a classic grandpa moment and no longer lives. Oh, he has it covered. Okay. I can promise you. Why is it not paid off then? Because he uses it every single month. He pays it off at the end of every single month. Then it's just reporting about the month then. Yes, that's all it is.

another harley davis is that my new one that's my new road i want to oh yeah i'm gonna burn this place to the ground no that's my it's outside too i wrote it here so i'm at least using it it's about brand new road glide that i bought two months ago it's not 27 percent interest and what's the interest rate on this that one is at 12 okay let's go see what 30 000 dollars to 12 percent looks like okay show me take me on a little tour of yeah let's go um

So what's the point of going into this deck? Because I guess it doesn't matter. You're gonna die. Well, that's all the end goal, right? Bike. Harley. You know, this is the first time I can say this in terms of the tours that we do, but I think it's pretty. Well, I appreciate it. I literally know nothing about bikes, so I have no idea. I understand why you don't at least wear a helmet. I probably should. I mean, it's got a nice 12.1 inch touchscreen with navigation.

I mean you're obnoxious every time you drive but I am not to everyone else no I'm not you're loud still I can promise you that I am not you're not loud? no it's hard to that's top factory exhaust wow that's a little loud yes but I have not changed it and I don't plan to

I like that. I hate the loud obnoxiousness. Did you recognize how you had to yowl? Okay, people are trying to just exist and then... You know why cities are loud? Because of vehicles. Not because of people. You can be in very populated cities... And the factories that build Tesla? And they can be really quiet. And the factories that build Tesla? What? And all the factories that build Tesla?

Have you been to the Tesla factory how loud it is? It's not just a vehicle. Is it in the middle of a city? Well, no. It's in his own city that he built. What the f*** are you talking about? I'm saying the only... I'm saying factories in general. Cool. They're not in the middle of a city. What factories are? Huh? Some factories are. Okay. This is what I'm saying. People are always like cities are loud. Cities are not loud.

The cars in the cities are loud. Only American. No, not people. Buddy, I'm getting a house in a very walkable, very nice area, very busy area. There's almost no cars. A ton of people. It's quiet. It's peaceful. You can hear the birds. You go downtown, it's loud because people are driving their Harleys through it. Well, everyone's just trying to exist. You make places unlivable. Thank you. You should hear my truck. No, thanks.

Why do you get this if you already have the other one that's underwater at 30%? So, my stepdad has been paying on the other one. He's been making the monthly payment. Does he have it? Which is why I bought the other one. And then, shortly after I bought the other one, he says he doesn't want to make the payment anymore. Well, I'll cross that out. Uh...

So I bought that one thinking that that other one has been covered and now it is not. I'm currently in the process of finding someone to take over the payment of the other one to mitigate that issue. Who's going to take it over?

Why would anyone want to take it over? They would want to sell it at the value of the car. Buy it at the value of the car. Some people will. $4,000. Some people will. I guess there are stupids out there. $655 minimum payment. I don't even want to continue this. It's so stupid. You know the answer to this? It's to sell it. No. Okay, then. Why would I buy it just to sell it? No offense, but that's the end of this episode then. Why?

It's like the most basic thing, basic sacrifice. If you're not willing to sell a vehicle that is not your primary transportation device, there is no point of us having this conversation. Not willing to sacrifice, there is nothing. I mean, I'm willing to sacrifice. I'm willing to make the payments. No, that's so dumb. Why would I want to sell something that I just bought? Because it was stupid. It's a minimum monthly payment that is $655. It is at 12% interest, so nothing you're doing is beating that.

Not beating what? The 12% interest? Yes. What do you mean nothing I'm doing is beating that? You're not getting a better return on your value in your money. Well, no, of course not. You don't whenever you buy something new. You take that risk whenever you buy it. There's plenty of new things that you can buy. Real estate. Not motorcycles, not cars. You're right, which is why I'm saying get rid of it. But why? Why don't I just make more money to be able to get it? That's what I would have supported. Make more money buying in cash.

That's what I would have supported. That would have been great. You're not willing to do this. We didn't even get to the spending. Guys, I'm sorry. That's it. If you're not willing to change, it is not worth our time. No, it's not that. I don't want to get rid of one thing. This is not worth our time. I don't want to get rid of one thing. This is not worth my time. And you're going to fit over me not wanting to get rid of a heart? This isn't for me. Really? I'm not going to waste my time. I'm not going to waste their time. You're not wasting time. I'm wasting time. If you're not willing to sacrifice anything,

thing in this conversation so i'm done this conversation is done we can film the post show for the members but this conversation is done the episode is done i'm not kidding there's no point okay i don't get it i really don't i don't give a if i try to sell it it's brand new it's gonna depreciate you just mike you just mike please i don't give a you just mike i'm i don't care i don't care hammer financial score you uh we'll do the post show the

We're going to do that because we have to do it for the members. And thank you for the members being here. But I'm not going to go through this. This is stupid as if you're not willing to make a sacrifice. Make sure to check out the budgeting and investing class. It's 15% off. Link in the description below. Your mic's muted. It doesn't matter. It's done. I'm not talking to them. I'm talking to you. There you go. It's done. Today on the Financial Audit Post Show. I'm pretty bummed out we didn't get to the spending in that because there was some crazy. There were two cars we didn't calculate as well, didn't he? So we're probably pretty close to $200,000.

My life. Yep. Okay. The debt ended up stacking up to $66,653.57. He quoted at like $120,000. Oh, kill my f***ing life. Yes. We can go through the spending now. To watch the Financial Audit Post Show, click the Join button below.