Pathetic Loser Borrows $450,000 To Date College Girls | Financial Audit
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To watch episodes of Financial Audit a week earlier, check us out on YouTube. I had an RDR8 and I lost it. Someone that has a lot of debt to pay off and is about to get a car repo because the payments are too high. You seem like someone that is trying to act rich. I try to sell it so that I can fund the business. So why aren't you paying? I mean, it was my first time doing it. And you allowed as a first time to borrow $230? What the f*** is happening?

I don't find it very funny. That's an insane amount of debt. This is a fucking mortgage. Hi, my name is Jose. I am 30 years old and I am based out of San Antonio. This is Financial Audit. Thanks for coming up from San Antonio. What do you do for a living? And I kind of have some information on that based on loans for businesses. But what do you do for a living? So I am a general manager at a roofing company.

Okay. And what do you make in this position? Base pay is $20,000 a year. But commissions wise, I made $176,000 last year. Okay. How do you get the commissions? Selling roofs, managing teams. Yeah. Just, you know, knowing how to sell, hyping people up, being a manager, getting overrides from the entire office. 20 hours a week you're working. Yeah.

I mean, I don't really keep track. I just do, I don't know, seven days a week, I guess, pretty much. Seven days a week. Yeah. Okay. Total income. I only have VA benefits coming in. Oh, so that's completely separate. I have no other income coming in, though. Oh, okay. Well, that would be my income for that. And then the VA would be the... Well, right. But I saw nothing else come in other than the VA in your statements.

My statements? I thought I told you guys the... I mean, I showed you my statements for the bank statements and everything, and all of that was on there. There was no payroll. How do you get paid? What do you get paid through? 1099. ADP. Through ADP? Yeah. By check? Physical? No, direct deposit. It's in the bank statements. Well, look. Yeah, it's in the bank statements. We didn't see them. Which bank? Bank of America. Okay. Yeah.

I'm taking an extra look right now, but we only had VA benefits of $3,700 coming in. So what did you serve? I was in the Army. Okay, and what are the benefits? So with 100% disability, you get... Why do you have 100% disability? I get panic attacks. I have knee issues, lower back issues, shoulder issues, you know. What do those other ones stem from?

I had some issues in the military. I had a man, you're better. But I mean, I wasn't expecting this. Really? Yeah, I wasn't expecting that. Okay. I ask about anything. So I want to know, because pretty almost every veteran that has come on the show has essentially some form of disability. It almost feels like, is there anyone that doesn't? So I didn't deploy, right? I didn't deploy. Mine came from, I'm just going to say abuse. Abuse.

Oh, shit. Yeah. I used to be 120 pounds when I was in the military. How heavy are you now? 200.

Oh, the f***ing bodybuilder now. So I got a lot bigger and I learned how to fight, all this other stuff. Oh, yeah, you could kick my a**. I would never. But essentially, at the time, I was a little bit under 120 pounds. So I was very easily taken advantage of. I'm sorry, that's horrible. I'll say that. No, that's horrible. It is what it is. It's fine. It's not. It's not fine, but...

I appreciate your honesty and that's f***ed up. And I'm glad you're getting help for that. It is what it is, honestly. It happens. Things happen. It is what it is. If I stay stuck there, then I don't move forward. Are we in therapy? I'm not in therapy. Well, no. Any reason? I try to avoid people as much as possible. I'm very antisocial. Even here, I'm just sitting here like...

you know like shaking and stuff for no reason like it's just it just comes from it that doesn't stop me from doing leadership skills when i need to and i can switch that i can like turn that on how many people do you work with this job about 15 20 it's a lot of people yeah okay no we only had uh so we had a online banking transfer from another checking account come in 3737 and that would be america yeah that would be the military we have nothing else

We've scoured and we've looked and we've controlled everything. There's no way. You got somebody that needs some glasses back there. I guess, and we all have them. We're nerds. If I pull up that same checking account, it'll say in the last 12 months this amount has been deposited in that same one. Okay, does it say deposited from where or just deposited in general? It just says deposited in general.

My producer almost wants me to pull... Well, he wants me to pull out the statement to shove it in your face because he spent so much time on it. But we'll get there. We'll get there. The thing that interests me the most is... I mean, we have a business loan. A business loan of $232,351. But you're working as a general manager, so...

Are you doing okay? You're picking at yourself. I'm good. I'm telling you. It's one of those things. I'm fine. I'm fine. Just keep going. Okay. I just want to make sure you're good. Yeah. $232,351. Yeah. So, yeah. Of a business loan. Yeah, business loan. It doesn't sound like you're working in this business. Um...

So truth be told, my issues got in the way of it. The issues that we discussed? Yeah. Okay. It got in the way of it and I found myself hiding at home a lot. Too much. Was it like...

Like a phobia, almost? Yeah. It's difficult. Whenever I need to get out of it, I can. But I would stay at home as much as possible and just stay away from all of it as much as I could, not realizing how bad things were getting. Because in the business side of things, you don't really see...

profit margin stuff for like three months down the line right so when you catch something it's kind of too late and then we try to fix something it'll still take another three months on top of that to try to fix it so it just became like a huge snowball effect that just kind of yeah so where is whatever that was now

Well, you know, I spent it trying to, you know, fix the business. Okay. So how was the money that you borrowed reinvested into the business? So that's a lot of money. $232,351. Yeah. Where did that go? What's the business?

What's the business? So the business is in construction. It's completely separate from my main job. That was done with a partner of mine. Really? So there's a partnership involved as well? Yes. He fronted the money for that business. So more money on top of the $232,000? Yeah. How much? He funded $70,000 up front of his own money. Why did you guys need...

So you weren't funding the construction through the orders of the construction project through the contracting projects. Yeah. I mean, I kept my main job completely separate from the business. No, I'm talking about in this business. If there was a project, did you guys charge nothing up front?

So because it sounds like you're just funding everything. So it's insurance work. So a lot of a lot of money was lost in the process from the sales managers not doing their job properly and me on top of that, not managing properly. And over how long were you over a spam of about a year?

A year? This much debt in a year? Yeah. So it's pretty bad. So essentially the... You're 61 days late. Yeah. And over. What are you doing? So with insurance... What the f*** is happening? I don't find it very funny. That's an insane amount of debt. This is a f***ing mortgage. It's a nervous laugh. It's a nervous laugh. Don't do it. It's a cop laugh. Okay. But this is a...

That's a mortgage, man. Yeah, for sure. So as many of you know, before I started this YouTube channel, before I started running this business, I was in a lot of debt. It was overwhelming. And it is one of the main reasons I started this channel to share information with people and tools that can genuinely help them find financial freedom or build businesses. For me, the most important thing was making a plan and creating a way to track my progress. So I did what many people do.

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So how it works is with insurance deals, let's say you have $10,000, right? Insurance will only give you about 20% of the entire thing up front. Now, grab that 10 and multiply it by two or three. In a project? Yeah, per project. Cost $200,000? No, no, no. It's like 20, right? Okay, then what the fuck?

I still don't understand the 230 allocated. Within 10 projects, you're at 200K. Within 10 projects. Well, you're doing 10 at the same time because if you're completing some of the other projects, you get the rest. That's not how it works, unfortunately. I wish that's how it works. Describe. So essentially how it works is you get paid...

uh a certain amount up front so it is you know if if the job is you know 20k sometimes they only give you 2k up front out of that 20 000 up front but you still have to yes two thousand out of twenty when you're done then what then after we're done then we have to tell the homeowner hey tell your insurance the job is done and then insurance you know we'll give you the rest well there you go you weren't doing 10 at the same time the problem is homeowners

stopped answering the phones or they would keep the tech. There has to be some legal ramifications you could pursue. There is. It's called insurance fraud and I have about 17 homeowners being sued at the moment. How are we funding that? Okay. Credit card. First of all,

That seems like a lot over the course of a year. And if it is so common that you've been able to stack up 17 in just the course of a year, then every contractor in the world would essentially be suing basically 17 homeowners a year for insurance fraud. Because that seems like a beyond significant amount unless you were just irresponsible and horrible at communication, which contractors are known for in general, the communication part, but

I don't know. It seems like you're well above the norm. Everyone else will be suffering this. There's a lot of contractors. There is a mix of a lot of things that went south. That's just one of the things that went south. I would probably bring up five other things. How much is OD right now?

$130,000. Okay, but that covers half of this. Yes. So what else then? So I had a manager that was pushing jobs through that were unprofitable and that were profitable so that he would hit his quotes, his monthly quotes, so that he would get bonuses. Bonuses from you? Yes. Yes.

From the company. Well, when did you start learning that? Because that's something you should be able to see if you're doing your books. Well, that's the thing. I mean, it was my first time doing it. So I wasn't doing very good. Like running a business like that. And you allowed as a first time to borrow 230? Well, not me, but the company that I can get the materials and stuff from. Oh, wait.

This is a loan to the materials company itself, like an internal loan? So essentially I have different loans. One, I have the SBA loan, right? So that's right there is like $130,000. Then I have the construction company that gives us our materials, which is like $230,000 on top of that. And then I have some other stuff as well that, you know.

Just adds to it. So this is all in material costs. It's $230,000. Yeah, it's all in material costs. That's all in material costs. And you guys were taking a lot at a loss so that he could hit his bonus quota. Yes, the problem was I wasn't realizing that. It has to be like half. Yeah. And then the other half they just weren't.

They were just committing insurance fraud? Yeah, so I have actually just had a couple people serve this week about it. So using four different sources from national insurance crime and a contracting research site in the field that you were in specifically and a law set as well, it's very uncommon that roofing contractors have to take illegal action against homeowners for this. Mm-hmm.

So there has to be more than they were just around. So, I mean, again, there's still more to it on top of that. So on top of this, our out-the-door expenses were $20,000 a month, like just to operate, just our operating expenses. When you look at a job, let's say $100K, our profit margins was really low, about 25%. Percent? Yeah, about 25% profit margins. Okay, well, I mean, when we're talking in the world of hundreds of thousands, though, it's not...

But remember, so let's say you have 20K just to break even, right? No, I understand. 100K, you're only going to get 25,000, but you only get, what was it, 20% of that 100K up front. Well, especially when you're completely mismanaging the finances and having bonus structures that don't make sense. So if after four months you collect 25K out of that 100K, but per month you have to spend 20,000 in expenses. Mm-hmm.

Yeah, you would need a lot of startup capital, but you did get $70,000 to start. No, that was just to get into business. Oh, it's almost like funding purchase orders. So it was a franchise. So it was a construction franchise. So I got funding.

Yeah. So they required me one. I had to get the SBA loan for 130K just to pay the franchise. And then we had to pay $70,000 up front just to get the franchise. And then on top of that, they wanted 6% monthly of our gross revenue of the gross on top of that.

So it was a very, very, very... How does any franchise survive that in this? That's the thing right now. Obviously, I can't disclose the specific companies or anything like that. But out of eight Texas branches, six have failed. And I'm one of them. And they were wondering why. And now they're being sued by a lot of other business owners. But you've transferred those skills. Yes.

I guess. Yes. And learning lessons. Yes, I definitely have for sure. I wouldn't have the knowledge that I know that I have now if I hadn't gone through that, which now I can go in the future and turn it into something else or redo it myself without having a franchise. All right. So materials two hundred thirty two thousand three hundred fifty one thousand dollars and three cents. What's the interest rate? Do you know? It's pretty high. It's like 12 percent.

12% on $232,000. Insane, dude. Looks like you owe like $10,000 a month. Yeah. But you just haven't paid that for 10 months. Now let's backtrack a little bit. Now let's say, let's make this worse, right? Oh, sure. Why not? Let's make this worse, right? Sure. So let's say we have reps that are selling and then you have a bad month.

Right. Let's say you need a break even at 20K profit a month. Right. So obviously you have in that in the construction industry. OK, construction industry. Let's say the reps are selling things. Right. But reps and just, you know, the office, the business itself isn't selling as much construction as it should to break even. Well, now next month you need to make.

you know, $26,000 in profit to cover the previous month's losses. Well, what happens when you have three months back to back and now you know for a fact... Yeah, it's a failing business. Exactly. Now you can't have...

What are you trying to say? What I'm trying to say is, you know, before you have to hit $150K a month in sales to break even and make some money. Well, if you have one bad month, now the next month you have to hit, you know, $175K. Obviously, and that's why a lot of businesses, they, again, need startup costs. It takes a while for it to be just, you know, month over month making profits. So there are months that are kind of like a loss leader almost. Yeah. For the sake of the business. Like, that's not uncommon. Yeah. So within the first year, we, you know.

Yeah, but you guys were funding it via horrendous debt. Yeah. And then you just couldn't keep up with your minimum monthly payments instead of like an investment into the company or taking on smaller scale projects to start instead of trying to start so big. It was one year and you had how many reps? About 15, about 15 per month usually. I think you just started too big. Yeah. You went into a business that required having...

Like almost hundreds of thousands of dollars coming in and out of it constantly with nothing and no ability to sustain that. Because even still, if you're doing a heavy investment month for whatever reason for, you know, big payouts in a couple months, okay, maybe you're taking a loss for that month. But a business that is coming in to be successful would have what is necessary to weather a year of like,

Solid losses. Yeah, so we did not and then just a horrendous bad death to start Okay, what do you think your financial situation is overall for you zero to ten ten being the best zero being the worst? Mmm Personal or business that I feel like you in general because this is still tied to you, right? That's the problem the problem I tied my personal so you personal guarantee so now it's affecting me

Yes, you.

Yeah, so I would probably say like a four, four out of ten, maybe five. And I'm only saying that just – In the middle. Just straight down the middle. I'm going to say middle because I'm good. A failed business that you still owe $232,000, 12% on, that you are behind nine to 12 months. Okay. Okay.

Great. If you want your Hammer Financial score, it's free. Link in the description below. Also, if you have interesting stories, for what it's worth, this is at least an interesting story, interesting financial situation that we don't get to take a look at often. So I really appreciate that. Feel free to apply to be on the show at calebhammer.com. And give the guests some love for being on here. Jose, you know, he's putting his shit out there. You know? Just kind of. That's really brave. So make sure you're giving the guests some love. Mm-hmm.

Why are we so late on this? Because technically, technically, you wouldn't have any money left over, really, but technically you are making enough to pay this. Well...

I kind of, well, we kind of panicked. Okay, wait. What was your equity position? So he put 70K down. He put 70K down. And I put zero down. I owned 80% of the business. He owned 20. Did you say 80? Okay. Yeah, 80. So I owned 80. He owed 20. But he didn't have to do anything besides pay those. Was he on any of the debts? No, he's not. Okay, so. Okay.

Does he feel morally responsible for any of the deaths, 20% of it? He doesn't feel morally responsible for any of it. Okay. Nor is he legally. He feels like he's entitled to his 70K back. Well, he's not. Probably. I mean, I understand he wants it back. I'd want it back. In my defense, you know, I lost a lot as well. What'd you lose? Well, you're in debt. I lost my... I had a second home that...

That I lost. A second home? Yeah, I had a second home. You had two homes? Yeah, I had two homes. But you couldn't fund a business. What was the value of the second home? It was his idea, not mine. What was his idea? His idea was he had a bunch of money sitting around. So he just wanted to invest. Yeah. He wanted to do something with it. He wanted to put it in this brick and mortar. Yeah. Okay. What was the second home worth?

And you had to foreclose that? Yeah. Oh, my. So I sold it to, well, I didn't get foreclosed. I sold it to try to fund the business, to try to help it. Oh, you didn't lose it then. But I understand. But I lost it in time. In your head. And then on top of that, I had. What did you sell it for? Equity wise, it was. What did you sell it for? I'm trying to remember. I can't remember. When was it? I don't know.

About a year ago. How do you not know what you sold it for? Okay, what did you walk away with? Fine. I didn't walk away with much. It was only like $40,000. Like $30,000 or $40,000. That's not horrendous. Okay. Well, how long did you own it? Two years. Okay, see, that's not horrendous. Yeah. Out of all of American history, walking away with $40,000 after all expenses and everything. And then I lost my car. I lost my other car that I had.

I had an Audi R8 and I lost it. I tried to sell it so that I could fund the business to help it. Audi R8. Is that an expensive watch? No, it's not. You seem like someone that is trying to act rich. An Audi R8? Yeah, I had an Audi R8. How much was that? What was the purchase price? It was...

It was 96. I'm going to punch you, and then you'd kick my ass. But come on. That's crazy. In what world were you able to afford that? Well, I was good before this. What was good? Before, like, my finances and stuff was good. Two homes. What's the second home? Was it a vacation home? No, it was in San Antonio as well. Like a rental? Yeah, and I rented it out. I rented it out by the room, so it increases profit margins by about 200%. Okay, well, you still walked away with the profit. Did you pay taxes on that? Yes, I did. Okay. But I owed taxes, which is why I owed a bunch of money, and then I...

Don't even get me started on like solar panels. Solar panels? On that home. What are you? Oh my. Yeah. So I had solar panels on that home. My profit was going to be about 75 or 70. And then I owed taxes. And then I owed like, apparently, whenever I signed for solar panels on that home, they put a lien on my property. You didn't know? I didn't know. They told me that they told me I didn't have a lien on the property. And I did. And I didn't find out until two years later. They didn't tell you there might be some legal shady shit.

Yes, I... But also you signed the contract. But then again, where you led it straight. I don't know. There's different things that you talk to a lawyer. Yeah. It was $90,000? Yes. 2023 Audi R8. No, no, no, no, no. It's 2023. It was a 2014 Audi R8. I was going to say, because that goes for $160,000. Gen 1.

You can see them all over the place, man. Yeah. So I was doing really good. Honestly, I was doing way better before I even took on this venture. And I highly, highly regret taking the venture. But at the same time, by taking the venture, I opened up like a lot of skills and stuff that I can use. The thing is, I actually love the idea of people that are entrepreneurial. I'm entrepreneurial. You're entrepreneurial. I love the idea of trying. It doesn't work. Try again.

You're hundreds of thousands of dollars into debt for that. This is following you along. This isn't you just trying something and then you can try the next thing. I don't care that you sold the car, sold the business. People do that in the business world, the fun business. Okay, that's you taking a sacrifice, sacrificing something, and you're reinvesting. You're hundreds of thousands of dollars. So, okay, we need to continue going through these documents. I want to hear, though, because obviously it failed. When did you determine it's failed? We're no longer going to borrow money to fund it.

Well, if I go – if I'm going to backtrack back in October. Again, more backtracking. Back in October. Yeah, back in – Of last year. Yeah, of last year. Back in October of last year, I saw a big downfall, I guess, of sales. We had three months back-to-back with really, really bad sales. Why? Why?

It's a mixture of a lot of things. It's a mixture of people were answering doors. We didn't have enough reps at the time. People weren't sticking with the... What was your cost to run the business at that time? A month? Same thing. $20,000. And then one of those months, we only did $20,000 in sales.

So like just one of those months alone. So three months back to back losses. Yeah. And then I took a loan. Which should not be the end of the business, by the way. Well, I took a loan. I took a loan. Is that the next loan? Yeah. So I took a $50,000 loan, which I already paid off. That's not the next one. Sorry, $25,000. $25,000 or $50,000. Okay. So that funds the month. So it funded us for a while. And then once January, February, March hit, we did really good. We did pretty good. Close to $200,000.

every one of those months. But all of that money was used to pay off the loan. That got us. Yeah, no, you locked yourself in that cycle. Again, that's why we don't scale a business to where it costs so much until we are ready to support that for a year of assuming no revenue. You need a full year's business emergency fund set aside. Yeah, we didn't have that. We just kind of. Yeah, I mean, no shit. Like raw dog. Yeah, and look what raw dog did. You got pregnant with debt. Like this is what happens, buddy. Pull out method, my man. Yep.

Oh, eventually you did. But I want to hear about that. What was the pull out of the business? When did you guys determine, okay, we're done?

Wait, wow. So we're talking January, February of this year was successful. This is so recent. Okay. And then? Well, the problem with that is, remember, to get the money back is it takes about three to four, sometimes even six months before you even see the profits. Sure. But you said you used that to pay towards the debt. Yeah. So we were neutral at that time. Well, neutral with the loan that I took on in October, and I'm still back in the same spot. Yeah. Yeah.

Okay, so go on. So from there, because I was so far behind in this construction business, I was so far behind on everything. I wasn't being able to pay anyone. They pretty much kicked me out of the business, of the franchise, the construction franchise, the franchise, the business itself. The business, the overarching business. Yes.

They probably usually in franchise agreements, there are legal rights where if, you know, based on performance, they can take over one of their partners. So I owed money to their partners and you're not supposed to fall behind. You owed money everywhere. Yeah. Well, I mean, that's a 230. That's that. That was their partner.

which is, you know, they're, they're construction material company was their partner. They're partnered with them. So they have people start the franchise and then buy from them. Yes. All their business thing. Yes. So because they were partnered with them, I think, I guess all McDonald's kind of does that in a way. So it's not,

It still sounds weird. Because they were partnered with them and we owed them money. And we owed way too much money and they knew we weren't going to be able to pay it back. They gave us the notice of, hey, you have 30 days to pay back $230,000 or we're shutting your branch down. Yeah. Why didn't you sell your first house? And I'm glad you didn't, I think. Well, that's my primary. My primary is protected. Yes. I'm just saying, why didn't you try to come up with the funding via...

Because at that point I knew it wasn't going to work out. Okay, good. Yeah. Yeah. Which that's fair. I'm glad you didn't get into like any kind of sunk loss type of mindset. Yeah. Okay. So what is this next one that is...

At current balance of $149,955. We're talking hundreds of thousands of dollars in debt here. Usually we're talking 10. That's the SBA loan. That was given directly to the franchise to open up the business. So this is the initial. So you started going in with that heavily. Yeah, SBA. And a lot of people do open with an SBA loan. A lot of people do. It's not uncommon. A lot of businesses, a lot of small businesses. But it's...

Yeah, so right off the bat with the SBA loan, right off the bat, I think it was like $2,000 something a month that we had to pay for that. But then I found out that it was like an increasing debt as well. That if we don't pay off, it would slowly start increasing in the amount of payments. You mean if you don't pay it off is what you said? Yeah. Oh, no. If you don't pay it off, it would go – No, so like –

So, for example, at first it was... So it starts lower and it goes higher. It starts lower and then it starts going higher. To give you a chance for the business to get off the ground. So it's an accelerated loan. Exactly. Okay. Well, it is $70,000 less than you took out. You took out $220,000. It is $149,000. Are you paying on this? I stopped paying on it because there's no business. So I stopped paying on it. Well, yeah, but it is money you owe. Yeah. Yeah.

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So why aren't you paying? I'm trying to figure out what the next move is and what I have to do. So right now I've been looking for jobs and things like that. On the personal side, obviously because business is no more. So right now I'm trying to get a different job that pays more, which I've had success with. Okay.

So you're trying to get a different job right now. Moving up from your 176, where are you going? So same thing in the roofing industry. And I have a couple of job offers already in mind that pay a lot more. What's a lot more? What are you going to make? Well, my base pay for this business was $20,000. And I have a couple offers for a $50,000 base. And then I have one for $80,000 base pay. Yeah, but how's the commission though? Because you're at 176 right now. The commission is way better. And it would be for a regional manager position. Wow.

Wow. Essentially overlooking all of Texas. Okay. Well, $2,232 a month. What's the interest rate on this? On which one? SBA. I'm not sure. I have no idea on that one. Neither am I. I just know the payments are like $2,000 a month or something. $2,232.91, yes. So you sold your car to pay for the business. Now, San Antonio, it's not necessarily a car, or it's not necessarily a public transportation city. You definitely got to have the cars around the highway.

Do you have a car? Yeah. So I have other, I mean, I have other cars. Other cars. Yeah. All this that you have cars. What do you have? Well, I have a, I have a car that's completely paid off. Um, I was advised not to sell it by my lawyer, so I'm not going to sell it. Um, I have a Porsche that's paid off. You talked to your, wait, yeah.

Wait, is that in the episode or what? Wait, what? Yeah. Yeah. So, so I have a car, right? That your lawyer told you not to tell me. No, no, no. Not to tell, not to tell you, not to sell it. Not like, not to sell it. Oh, why? He told me to hold it for a year in case I want to do, you know, bankruptcy. So he said, hold it for a year. Okay. Okay. So what, what Porsche, how much is it worth? So it's worth about 43 K. It's, it's nothing crazy. So it's a Porsche 2019 Cayman 718. Sure. Okay.

Okay. And then the one. Living like you're rich. And then the other one is a Tesla Model Y. But that one is, that one I definitely, definitely want to get rid of for sure. Do you owe on it? Yeah. I owe a lot on that one. I don't think I have a statement for that. Yeah. Yeah.

I believe I gave that to them. Or short of how much I owed and everything. So you're getting rid of this? What's your plan? 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. So the plan, I spoke to my lawyer and I told him what the plan was on it. And essentially for the 2023 Model Y, whenever it first came out, it was about 50, 53K. Yeah. And then Elon Musk kind of shot all of his prices down. Yes. And now the same exact car is like 30K.

So, so what I was planning on doing was because I use that for work and I use it for tax write offs because, you know, uh, electric. And then I just connected to my house so I can write off my electricity. Um,

Not all of your electricity. Well, you know what I'm trying to say. Okay. Essentially, get another one. Get another one. Literally the same thing, same year, even lower miles, except for $28,000, $30,000, and then let them take that other one. Let them take that other one? Yeah, let them take the... Repo? Yeah, repo that one.

What are you... Do you have any responsibility or, like, morals of borrowing in your life? Why? It's Tesla. It's fine. They'll be fine. They'll be all right. They'll be all right. They barely just started making a profit, like, a year ago. I mean, but even still, that's not what it's about. It's the fact that it just...

The way you're living life is just like you borrow debt, then you never pay it. It's just so weird. Well, I mean, I've never been in this position. I've never actually been in this position. But you are, and you're doing it still now. That's your action that you're going to do, get a $30,000 Model Y. Yeah. And even, by the way, I'm surprised your tax guy didn't recommend like a Model X or something because you get...

uh because it's a certain weight class that you get the write-off like a lot but yeah but the model x is also a lot more it is a lot more expensive so i don't want to do that because right now for the model y 23 with which the loan is 52k i pay 100 a month for model 3 the sorry the model y right that i got it in 23 so you have a loan you're gonna get a repo you're still gonna owe money on it though because they're gonna sell it you're gonna owe the difference yeah

I haven't gotten that far yet. What do you mean? That's a pretty important part of the process. I'm still thinking of what to do, right? Well, there you go. Either way, though, I still need to get rid of that Model Y and replace it with something else because I can't work in roofing with a Porsche. So I need to either get a truck... Why do you need to get rid of the Y, though? Because of how much it costs. It costs $800 a month. And on top of that, Elon purposely shut down the prices on the car. So...

How much is Odonis still? Like $50,000, $49,000. When did you get this? Last year. Oh, my God.

This has been a weird year for you. Yes, it has. So either I need to get a cheaper one or a cheaper older one or a truck instead. Why don't you sell your Porsche and pay it off? Because I can't sell my Porsche. Well, your lawyer just wants you to. Yeah, I can't sell it. I would, and I would do that, and I would split it into two lower cars or get a much cheaper car and then use the money to invest or pay something off or something. But he didn't recommend doing that. Oh, this is him.

Yeah, he didn't recommend doing that because of the situation I'm in. He said hold it for a full year. Oh, man. Okay. Let's see if this Tesla's in here. I don't think I saw it, but okay. They have an Amex business, platinum. New charge is $20,000. Wait, why? I thought the business was done.

No, I still have. So I have to close out quite a couple, you know, jobs and stuff. And obviously I don't want to screw any customers. When did you decide? I already asked this, but you did not answer. When did you decide the business was done? July. Okay. So basically right now. Yeah. July. Month ago. June or July. It was either June or July. One or two months ago. Okay. Wonderful. Yeah.

Well, you owe $5,983.87 on it. Interest rate's probably like 30%, right? I don't even know what the minimum is because...

It doesn't say. I'm not too worried about the credit cards because, like I said, we still have to collect quite a bit of money from customers. Yeah, have to collect. And some of them are willing to pay up and stuff. Okay. Yeah, that makes me so confident. Some of them are willing to pay. Well, yeah, that's why the other ones are getting sued, of course. Yeah, now, any kind of...

The legal process in the United States is kind of slow. Yeah. Unless they're just trying to like, oh, I got sued. Let me take care of this.

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When did you start suing? This month. At the beginning of this month. I just started sending demand letters. I have one that already said they're going to pay and they owe $16,000. And they already said they'll pay. But now they're giving me attitude and saying they want a judge to tell them to pay now because for whatever reason. Why don't they feel they owe you?

I have no idea. He's saying that he never got a copy of the contract, which is bullshit because whenever we sign a contract, you literally rip it and give them the copy. There you go. So you have the copy. Yeah, they have a copy of the contract. Well, you have a copy. Yeah, I also have a copy. As long as you have a copy, show it to the judge. And we've already showed it to them. And they're like, well, I didn't get anything. And I was like, well, that's bullshit because your name is right here and you signed here. So that's just, again, that's just one example out of like 20. Where does the money come in? Because again, we didn't have money come in. What do you mean where does the money come in?

You paid $14,000 to the $20,000 last time. Where does the money come in? Because we didn't have it within a month. Are you talking about where does the money come in? How do you get the money? From customers. How? Where does it deposit? And then you deposit it? Yeah. Why aren't we seeing anything? I don't know. It should be there. Everything should be on there. I'll give you all my personal and my business accounts. Oh, I know. Oh, I know.

It doesn't make sense for me to withhold anything. Is there another checking account? Because your Bank of America statements do not show deposits from external sources. There should be two Bank of America statements. There should be a personal one and there should be a business one. He's now triple checked it. Do we have two Bank of Americas? I might have to pull it up on my phone then so I can show you. Buddy old pal, I don't think you know your money at all.

Because this is a mess. I was going to say go through our budgeting course because you get it for free. And you probably should for your own life. But this business thing is beyond that because it's not a business budgeting course. It's a personal finance course. You should go through it. They're bundled at a lower price, by the way. Now 15% off. Check it out in the description. But this is a business thing. Why are we having Prime, Amazon? Okay. And, yeah, gas station. Going out to eat. Uber. More Prime. Uber.

Well, um...

That's also a long story. Well, tell it! Well, so...

So my girlfriend lives at home with me. So we live together. And I let her use the cards and stuff whenever we need it. This is a business card. Yes, but I lost the cards. I lost my card, my personal card. So I only had that one available. So we had to use that one. And it took a minute to get it back. That's the long story? Yeah, it's pretty much it.

And again, through here, it's hard to know. I do get it. When a business grows and you had 15 people, it's like it is hard to remember every subscription you have for the business. I actually yeah, I actually have no idea how many subscriptions are out there. So what am I? No, you're not tracking. No, I'm not tracking at all. Like because I realized a few months ago, we realized, oh, you know, over those last years, we've built so quickly. You know, we've just added these different business subscriptions. Now we have it all laid out and how much they cost, like all tracked.

Why haven't you taken the time? So my plan was to cancel all of my credit cards and just get new ones so that whatever is, you know, monthly subscribed just obviously cancel so that it can't be paid just because there's so much stuff out there in different accounts on different cards that I generally don't know what's on what card at this point. Oh, we counted nine subscriptions totaling $208.54 a month. $208.54 a month. Okay, that's not that bad.

It's not that bad, but you're in business debt and your business doesn't make any money. So I don't know what the fuck you're talking about. That's not that bad. Well, I have a recoup plan. Huh? I have a recoup plan. You know, get a job. Okay. And then I'll be- So far mission accomplished. I'm not seeing any progress. Well, I mean, I haven't started working yet. I'm still working on it. You know what I mean? What do you mean? You said you're making $100,000.

76 000 hours a month or a year oh yes yes what are you talking about sorry i i got distracted i was i was thinking about something else what were you thinking about um i was just trying to figure out like i was still on the conversation about the cards and i was still trying to figure out like what happened with the cards that's all okay i don't think you're a credit card person i'd use a charge card like the fizz card or business versions

And then, okay, here's American Express Gold. Okay, so the gold is my personal. Yeah, the gold would be my personal. That's the one that's... It's paid off, but Salon Studios, Sushi, Tea, Starbucks, Sushi Bar. For someone that has a lot of debt to pay off and is about to get a car repo because the payments are too high, spending a lot of money on bullshit. That would be my girl. That's not me.

Is Salon in there somewhere? Yeah. Yeah, that's my girl. What about the rest? Salon was one thing. And then I said, and then La Madeline and Regal Huebner, Instacart, Instacart, Subway. That's her. Well, first of all, this is your money and you're in this debt. What are you talking about? Why are you allowing this then?

Why isn't she spending her money? She's your girlfriend. She's not your wife. And I, okay, treat her. Sure. If you can afford it, but you can't, you have debt. So what are you doing? You're about to get a car repoed. So what the, what are you talking about? That fuck girl. It's not a valid thing. What do you mean? It's your money.

Yeah, that's true. No, you're right. No, you're right. So what is going on then? Why is this a thing? Well, I have the mentality that I'm going to come back from it pretty quickly. As far as the business stuff goes, no. I don't know. I need to figure it out. Then come back from what then? If not the thing. The personal side. The personal side. The personal side.

Personal side isn't crazy. Personal expenses, all that stuff. But first of all, a $800 car payment, you can afford that with your income. Yeah. So I don't know what the f*** you're talking about. Come back from what? Your debt, your business debt is the crazy thing. Yeah. So what are you coming back from? I guess I'm looking to...

I guess I'm looking just to reset everything and just start over, I guess, is what I want to do. I want to just, you know, wipe everything off and like have a plan. So bankruptcy. I don't know what to do. Yeah, I guess. Yeah, bankruptcy, I guess, would be the. But when? Because you're holding the Porsche for a year. So that's. But when's a year? A year would be next March.

So we're holding on to all this until bankruptcy next March, hoping that no one comes after us legally? Well, I've already been sued by one of the companies. And? And we have 30 days to at least respond to the lawsuit. When did you receive notice? About 15 days ago. And what's your plan in 15 days? I'm not sure. I got to get with my lawyer. Oh, my f***.

You've not been talking to your lawyer yet? Well, he's saying he's going to respond to it because they have to fix some stuff, which will get us an extension. So the goal, I believe, right now is to extend this out to a year before filing personal bankruptcy. The goal. Goal. Yeah. Okay. Oh, my gosh. It's so much. He went to Jinya, which is good ramen, but come on. And some kitchen and the mix and Urban Pickle. Exhale smoke. Exhale smoke. Smoking. Yeah. What are you smoking?

You know, just smoke. Stop. One, you can't afford it. Chick-fil-A, Subway. Men will do anything but go to therapy, right? Isn't that what they say? Anything before therapy. Yeah. I eat out a lot. That's my biggest thing for me. Charlie's Philly Steak. Well, first you...

Blamed it on her. No, no. So if you see Instacart, that's her. But food-wise, it's all me unless it's like Starbucks or some shit like that. Charlie's, Philly Steak, Chili's, Marshall's, Marshall's, Raising Cane's, Chick-fil-A, Glizzy Blue, Glizzy Brew. Wow. Okay. McDonald's, McDonald's, Chick-fil-A, Song Garden in Korea, Shake Shack. Oh, this just really keeps going for someone that's in. So we're done. I'm bouncing back and everything's going to be great. Sporting thing and Target. It's kind of hard to know if it's bullshit or what. Restaurant, restaurant.

gong cha raisin canes twin liquors umia embers wood fired something academy sports subway chick-fil-a crispy cream raisin canes chipotle first watch umia yeah i eat a lot yeah i eat a lot in general i think you can afford the car payment why do you want to repo this i get you feel like you're screwed a lot of people in the tesla world felt like they were screwed because

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because the prices got cut i think they're actually at the value of what the cars really are now because they ramped on production everything got more efficient so i understand what they did sucks for people but i get it so you can afford it i know i can afford it i know i can afford it but if i'm gonna do bankruptcy i might as well tackle a thousand seven hundred ninety one dollars on what going out to eat yeah so you can afford an 800 car payment so i know i can't three hundred hours a month in groceries you could eat off of i i

Probably spent close to $1,000 on groceries. Okay, well, you're being stupid. Yeah. Well, I also eat four to five times a day. Okay. Oh, bodybuilding. Okay, we could up you to like $500. I get what? We could up you to like $500 a month in groceries. You would just be aggressively meal prepping. Yeah. And then I eat out a lot on top of that. Yeah, no shit. That's what I'm calling out. Yeah, that is a lot. That's quite a bit. I honestly never keep track of it. I just kind of... Yeah, no...

But why are you saying you can't afford an $800 car payment? No, I'm saying I can afford it. But I'm saying if there's the option to get the same vehicle and pay $400 a month instead of $800. How are you going to get it after bankruptcy? What's your plan? I would get it before bankruptcy. The repo is still going to be under credit though. What's your plan to finance? Especially with where rates are at today. For financing, I would probably put a certain amount down. I'm not sure yet how much I would put down on it. How are you securing the financing, RepoMan?

Without it being a 25% interest rate loan. I'm not sure yet if Tesla, like if you owe money on one car on a Tesla, like I don't know if it affects both vehicles. If you have two vehicles through Tesla, I don't know if I can do that or not yet. Again, I'm still in the thinking stages of how to do this. But the goal is if I'm going to do bankruptcy anyways, then try to get a cheaper car or the same version. I get what you're saying. I'm trying to figure out how you're going to finance it.

I don't think Tesla would approve you with a repo. I haven't missed any call. I mean, I haven't missed any payments. You're about to get it repoed. Yes, but I haven't missed any payments yet. Yeah, right now you could probably get it. But you're going to get it repoed. Yes. After or before you get the car? After I get the car. Oh. Yeah, so I would get the new car first. You're kind of just, it's kind of gross. Yeah. It's like, I know there are things and ways to do things to manipulate the system, but

But that's all in place of meant more to help people that are in a situation they can't get out of. You are and you're just refusing to because what? And then you went to Mexico and got $1,300 of Botox and $180 teeth waning? Yeah.

Why? What? I do modeling and stuff, so it helps me. Where was that in the paychecks? Because again, nothing came in. So for example, no, sorry. So I have already done some modeling stuff and they paid in cash. But I have some other stuff coming up. Like for example, I have a shoot with a motorcycle company on September 6th. And you're going to make?

I mean, for that one, it's only like $600 for like three hours or something like that. But I have other stuff as well that I'm going to bill to that I'm pretty confident. Well, you better make a ton of money because you spent a ton of money on Botox and teeth whitening. Yeah, $1,300 can easily be made back within two jobs probably. Okay, but also Botox is something you have to continue to do. Yeah, once a year. Yeah. Where? What do you mean where? Where's your Botox? Here on the...

Right here and then right here. Why, did you have eye bags? Yeah. Okay. And then here to avoid the lines? Yeah. Remember, you frown right here. Yeah, give me a frown. Yeah.

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the free money because I'll punch you. So here in San Antonio, for example, the same thing would have cost $4,000 versus over there. No, I know, but you still spent the money. Yeah. Oh, great. Chase Sapphire Reserve. $3,727 on this. Again, I don't know the minimum monthly payments because you're sending us weird versions. I never make the monthly payments. I just pay it off in full. So I've never... I mean, you didn't pay off the business platinum in full. I can in about two weeks. This is...

This is just a show. Yes, it is. I agree. And you already have your plan in motion. So I don't know what we're doing here. If anything, it's just, this is a like example for the audience at this point, $3,725 out on this. What is it? It's a door dash. It's a door dash. It's an Instacart square Weebly. Okay. So website. Yeah. Why not put that on the business card? We'll put Amazon.

Streaming Bee, PlayStation Network, Papa John's, Cinema, Cinema, Netflix, Disney+, Carfax, Carfax, Nintendo, DoorDash, Cinema, Cinema, Amazon, Cinema, Cinema, Cinema,

What are all these small 54 cent cinema things? And then $7.99. So I pay for a Regal subscription. What is that? A 54 cents a day or something? No, so it's $20 a month. But if you essentially unlimited movies monthly, you pay $20 unlimited, right? What's the 57 cents? If you upgrade to an IMAX type of movie, then it's also free. So you go to IMAX once a week?

But if you do it like online, whenever you buy the ticket online, you have to pay the 54 cent fee. So you go into a movie a day. Not a day. That's basically you're going to a movie every other day. I mean, I get my money's worth. No, you do. Is there even enough movies in the theater? I go. I would say I go once a week. Honestly, I would say. OK, there were more than seven. Not in a week.

No, in this month. Oh, then. There were more than four is what I was trying to say. Oh, then yeah. There's some months that I go, that we go a lot. As in, you know, the month we're looking at. Because Cinema and DoorDash and Carfax, Regal. Oh, yeah. Cinema. Cinema. Law office is $7,500. Yeah. So retaining your lawyer, huh? Yeah. So I paid that up front. The $7,500.

Yeah. So that'll last a couple months probably. A few months maybe. No, that's for the whole thing. That's for everything already. Wait, bankruptcy? Yeah, for bankruptcy. This is a bankruptcy lawyer. Yes, that's paid in full already. You're already doing it. What are we doing? That's paid in full already. You've already decided. So why are you here? So I want a budget from my personal side to work with the $3,700 a month.

3,700? The military. So the military disability that I get, I want to have a budget to work with that. That's not how this works. It would be all your income. Well, the thing is with the- What's your mortgage? $1,400. Okay. About $1,400 or so. The thing is with my main job, I made a stupid decision and I quit my main job, which is why right now I'm getting another job, which I already have offers for. When did you quit? I probably quit at the beginning of this month, I think.

Why did you not tell me that when I asked what your job is? What are you? What is this? This is stupid. This is the stupidest conversation I've ever had. So I quit that at the beginning of this month. But again, I already have job offers lined up. I have four job offers lined up already. Yeah, accept one. And yeah, I am accepting one. I already accepted one, but I'm waiting on their actual paperwork, which I should get either today or tomorrow.

for that one. And then I would start working probably next month. But things that are so commission-based take a little bit to get off the ground and start getting big chunks of commission, building the relationships. Yeah, it would take, well, because this job pays way more than this current one. Yes. My base pay was $20,000. This one's going to be $80,000. So within two weeks, I would have my first paycheck of close to a little bit more than $3,000. I feel like you already have, nothing I do is going to do anything. You already have your shit.

You already know what your plan is. GoDaddy, DoorDash, Chase Travel. Great, $300. GoDaddy. I need help. GoDaddy. Are you buying websites every day? Can I see that one real quick? Can I see the whatever that one is? Oh, one was returned. I forget what it was. I forget what that one was. Peacock twice, premium and premium plus. Wow, great. Wonderful. And, oh, back to the cinema because we only go four times a month, guys.

GameStop? More GoDaddy. Great. Okay. Yeah, GameStop was my girl. She threw a fit. Okay, and here's a car. It's not a car statement. It's your credit report. It's what you sent. So you owe $47,813. That's an $800 minimum monthly payment, right? Mm-hmm. How was the other car paid off?

I was doing solar as a second job and then I made some good money from solar so I used it to pay off the car. And then you sold it to yourself? So what? And then you sold yourself solar? No, no, no. I didn't sell myself solar. No, I sold solar. Oh, are you being serious? But you bought it. You bought solar for your house. No, that was like two years ago. That's completely, completely. Are you saying you just did solar right now? So this year I started doing solar like as a side thing and I was able to make some good money off of it. So that's how I paid off that car.

Oh my gosh, I am getting so much information from a producer. You're paying for your girlfriend's gym, your gym, all subscriptions across the board, two phones. Still need to cancel another phone. You pay for your girlfriend's phone, monthly car washes, the theater subscription for you and your girlfriend. Does she not work? Why is... No, right now. Why are you paying for everything for your girlfriend? How long have you guys been dating? Three years. Okay. Okay.

Listen, I kind of get it, but it's almost like more of a stay-at-home-wife situation. Well, she does a lot for me. You're declaring bankruptcy. She does a ton for me. She keeps the house clean. She takes care of me very well. She does a lot of the cooking, all the cleaning. I mean, essentially, if we were married, she'd be a stay-at-home-wife, essentially, without the title, right? So is that what you guys are going for? Yeah, that's kind of what we're going for right now. But again, you're paying for all her stuff while you're in debt, and you guys aren't married, and you're about to go through bankruptcy.

Yeah. So right now, like currently she's looking for a job right now because she had a job. You want to buy your grandparents in Mexico an AC unit for $3,000? Yeah. So whenever I did the Botox. But you don't have money. You're going through bankruptcy. Well, let me tell you what happened. So whenever I went to Mexico, I was there for five days, right? I was there for five days.

And during the second day I was there, that's when I paid for my stuff. During the final day that I was there, the fourth – sorry, the fourth day, not the fifth day, their AC started being weird. Like it started getting really hot in the house. And I was like – and I told them, I was like, well, if the AC ever goes down like later this year, maybe in like three or four months, I can help you guys out. Yeah, you made a – promises you can't afford. But then the fifth day, it took a –

Like it literally. Yeah. You made a promise you shouldn't have. So then. So. Just be like. Wait. I over. I over talked. Yeah. So now they need help because the AC went out. And they can't afford anything. They definitely cannot afford that. Like that's a hard. No. But you're not. You know. 10. AC here is 10 grand. I know because I just had to pay that. And because my AC also took a shit this year. But over there it's 3,500 for a much bigger AC. But you know in Mexico. Yeah.

So they need help with that. So I'm trying to get with my aunt. And you just paid $300 to get a rooster cremated. What is your life? Yeah. Yeah. So that was my pet. I'm so confused. And he, yeah. You had a rooster pet? Yes. So I have chickens. I have my German Shepherd. I have my cat. And then I have, I had 13 chickens. Now I have 12. Okay. And then you lost a rooster and you cremated it? Yeah. So he, I raised him since he was this big. And his name was Kirby. And...

And he was as close to me as my dog is. He was nice. He was amazing. He was very nice to you? Beautiful, beautiful, beautiful pet. Amazing. He was nice to you? Super nice, super nice. You should boost yourself.

He was super nice. He would always, you know, take food to his girls or whatever. He, like, would refuse to eat without feeding everyone else first. Like, he would dance for me every single day. Every single day he would dance for me. How old did he live to? A year and a half. He lived a year and a half, yeah. What's the risk of lifespan? They're supposed to live a lot longer, but he got Marek's. What's that? It's, like, a very deadly disease. Like a...

bird related I'm sorry that sucks yeah and man I was torn apart and it's like and I know it cost a lot of money I know it was stupid but like I'm trying not to start crying because I'm about to start crying bro I get it pets pets are everything to me as well like you meant a lot to me right so I didn't want to you know I know that was stupid but like I had to pay the 200 it's not that that was stupid it's just that every single part of your life is just

Yeah, so that's the thing. It's the full picture. Yeah, to get the necropsy, which is this is I mean, I've had other chickens die before. Right. But it wasn't it wasn't they weren't him. Right. So I paid two hundred dollars for the necropsy. And then the the what's it called? The to get the ashes, the cremation and everything was like three hundred. So I paid I think it was like five hundred total for everything. So but, you know, even though that was expensive, I couldn't I couldn't say no to that.

because that that one really cut deep crazy so i'm over here trying not to cry on i got you no i

Good.

I get it. Pets are everything to me as well. I get it. Yeah, but aside from that,

I have a mess of a bunch of shit going on. How are you paying for the grandparents thing? I'm not yet until I get some more money from homeowners and stuff like that. I was going to say that's just to pay the debt. What if the judge forces you, though, since it's business debt, to anything that comes in for the business pass? Oh, it has to go to at least settling some of the debts. I'm not sure. I haven't gotten that for you. I don't know.

I don't know. I've never been in this situation. Well, then you can't pay if... Yeah. My lawyer said to just pay myself through the business as a W-2, and then he said that's fine to do it that way. But he said I can't take money directly out of the business, like straight up take it out and use it on crap. He said you can't do that. Right, right, right, right, right. But he said if I pay myself as a W-2 employee... As a W-2 employee... But how much? $3,500. That's all that's going to come through? What are you talking about?

But how much am I going to pay myself? Yeah. I mean, he said, I mean, there's not really a limit to how much I can pay myself, but obviously I'm not going to like... No, it can start getting weird from an IRS perspective. Yes, exactly. I'm not going to be dumb and, you know, pay myself 30K. Like, I'm not going to do that. You know, it's just whatever I need for, you know, different things. Yeah, yeah, yeah, yeah, yeah, yeah, yeah. No, it'd be more under. If you paid yourself less, that's where it starts looking weird if you're like an S-corp. But...

Oh, how is your business formed? LLC, partnership LLC. Can you W-2 yourself under an LLC? Yeah. If it's a partnership, yes. If it's a sole proprietor, then no. If it's a sole proprietor, then it's just yours and only you and you don't need to do W-2. But if it's more than one partner, then W-2. Or you can do 1099, but he specifically said do W-2. In general, you cannot issue a W-2 to yourself if you're an owner of an LLC that is taxed as a partnership LLC.

Well, the editor says, but again, I mean, your lawyer is not going to get you in legal trouble. Yeah. I would clarify. Okay. Again, if you're electing to be attacked as an S Corp.

You can have a reasonable salary, and that's what I was talking about before. But W-2s are typically issued to employees, not self-employed individuals, which is what an LLC acts as as a pass-through. So I'm not 100% sure, my man. I believe he said up to like 16. You can receive a schedule K1, which, yeah, obviously it's a share of a partner's income. Deduction, that's what I did when I had a co-owner, an investor, which I bought out, but...

So I would just clear because that may have been what you heard. I would clarify with your lawyer. I will clarify. But I believe he said between 60 and 70K is like up to a reasonable like pay yourself type thing through W-2. Like anything more than that is. Yeah, but everything I'm seeing here. And again, not a lawyer to be very clear. Yeah. Texas attorney? Yes, Texas.

He's in San Antonio. Yeah, I confirmed it with a different... Unless, again, you're S-Corp or C-Corporation, but I don't think you are. Unless he plans on changing it. I don't know. Unless he's going to tell me to... Okay. Just to pay yourself enough to pay for...

Oh, no, all those other things as well. How much money, again, do you expect to come in total? I mean, I still have about $100K probably. Well, I'm going to go very conservative here. I'm going to say $60K, $70K, $60K or $70K. Well, obviously, yes. W-2 would save you a lot of money on the tax side as well. I just had $15,000 come in literally like last week, and then I had another $3,000 come in yesterday. I'm just curious if the judge is going to make you use that kind of money. And that's what your lawyer is trying to get out of, and that's curious. Okay, whatever. Okay, okay, okay.

Well, you're already late on your Tesla. Your Tesla. First of all, your Tesla is $900 a month. It's $892. So you didn't even know that. But you've missed one tooth, two payments, two payments, two payments out of the entire year and a half that you had it. 72 month loan. Okay.

Buddy, I just don't think – I think you're going to be someone who just goes into debt their entire life. I really think so. I'm sorry. That's just how I'm viewing it. I mean I've never been in this position. It doesn't matter. You are right now. I don't give a shit. But you are right now. And you're going to get further into debt for your new Tesla after – well, not after going through bankruptcy. What would you recommend doing? If I need a truck or another car that's like whatever. I'm okay with the potential –

business type of bankruptcy yeah but you're going through personal yeah well what i don't want to dig myself into a into a bigger hole right so i want to figure out where my finances are i want to budget i want to figure out like what i need to do uh you know moving forward at least and come up with like a plan so that i'm not like overspending on a bunch of crap because obviously i have a problem yeah and you're not looking at chapter 11 for reorganization

You are closing your business, so seven could be a play. Oh, man. And you said all these apply under your name, too, not just the business name. So 13 could apply to you. Right? Chapter 13. And you can create repayment plans with that. But I don't...

I don't know. Well, I mean, just first step, my thing wouldn't be repo a debt just to get into the same car at a slightly lower thing. I get what you're trying to do. I just feel like... You think it's stupid to do it? No, my fear is with you, what you've tried to do is so many game, the systems that have allowed you to get in this position, that continuing down that road is going to end you up in a very dangerous position in general. I mean...

I get that the car is worth less than it's owed on it, but I'd work just to pay off the debt and maybe sell the other car. I mean, when the car is debt-free, I get that you paid more for it than it's worth now. When it's debt-free, it's debt-free. The car is the value of the car. It's the value of the car. I guess the thing that bothers me, it's not that it lost value by, like, oh, it's got old or a year past. No, I get it. I get it. It's that they purposely...

shot it down by like $20,000. It wasn't the $20,000. It's because it got more efficient and it got cheaper to build. It really did. And they were trying to also hit quarterly goals. But price cuts haven't really happened, at least major, there for a while now. It's much more stable because they've probably reached that price-effective area. Whatever. What is this other $10,095 UO? Home Design? Oh, that I think... Wait, $10,095? Synchrony? That's the AC I was telling you about.

Oh, the air conditioning you owe. You borrowed on it. Yeah, my AC. Did you try to clear that during bankruptcy? He said make the payments for the full year, and then we're going to file it for bankruptcy too. I'm not adding anything here. I'm sorry. I'm just going to... Okay, and then you owe $3,000 on something else and $4,000 on Aqua Finance. $3,000 on your checking account. You already have your plan. I'm not going to...

do anything here. $10,000 in savings. You have $10,000 in savings. Yes. So the problem... And you're gonna... So that... No, no, no. You don't understand. That's for the floor. That's an insurance payment. That's from insurance. Huh? So I had water damage because of the AC. It, you know...

everything up it broke my floor and that money right there is insurance money so insurance sent me a check for ten thousand but the floor cost thirteen thousand to fix but they only sent me ten so I have to save up that other three thousand so that I can fix my floor because my floor is like all from all the water damage right now so and then like six thousand dollars in acorns by the way if you use my acorns link you get twenty dollars instead of the five dollars if you signed up with someone else's link so go get that money

I don't know, man. You already have your plan. There's nothing I can do. I'm not going to budget on your $3,500 because you're about to get another job that makes more money anyway. So that's not how we would budget. That's not how we would teach you to budget in the budgeting program. You already have your plan. You already have your thing. This kind of feels... This was more of a... Compared to basically every episode, this was definitely more of a...

Putting your situation on display so other people could hear it out of interest and maybe learn from it. But there's nothing, honestly, I'm sorry, for you to walk away with. Mm-hmm.

You already have your thing. You've decided you're going through bank disrupts, so you're getting the repo. It's whatever. I mean, you've already decided. And you're putting your actions into place, and you're putting your money in different places to do that. So a really exciting thing that you guys should be thinking about is we now have all these extra things with our YouTube membership program. You can sign up for our post show. We talk about extra drama for the episode that we didn't have a chance to dive into. Why would I want more than one separate?

i don't even want one you don't them you just touch them why would i want to do that again because it's fun is that and it's wholesome how is caleb as a lover i would give a solid nine how do you get to a nine i just don't know how to answer that because i mean i just do i just do for the upper tier memberships all the people from the crew from over there they come together they make a crew cast and they talk about the behind the scenes content and how we do everything here i think he's a bit on the husky side personally

- Oh, that's brave. - Twice a month, we have a livestream with you guys and we hang out with you, we answer questions, we chat it up, we talk about the show. We just have a good time. - As far as what I understand Gooning is, I believe it's an endless edge, an edge without no end. It is an edge that never concludes. Actually, I don't know. Does Gooning conclude? - And then most exciting, right here at this table with even more pie charts, we have an exclusive uncensored ad

free financial audit episode for the top tier members that no one else gets to see anywhere else. Consider joining because ad rates are always up and down. We're trying to build something great here. And I wanted to make sure to provide the best content and the most amount of content that's ever been in a YouTube membership. Link in the description below. What do you think about the Tesla situation? What would I do there? Just keep it? Just keep it. And me. Well, if I was because that's just nine hundred dollars a month. I mean,

Well, that is a lot of money, but again, you can afford it according to you. The thing is, for me, it's more the behavior of it. It's the, you're always trying to better the system and some people can do this. It's like I take advantage of certain things in the system, but it has actually worked for me. You're getting worse and worse positions. Again, the, what I would do would affect the overall situation that you're

Already planning to do it. I would sell the other car, pay off the Tesla, then boom, you have the Tesla. The other one's a fun car anyway. It's not used for work. I agree with you. But again, you're not doing that because you want to go through bankruptcy and your lawyer's telling you not to do that.

So it's just... He's saying if I sold the Porsche because I paid it off this year, filing for bankruptcy so soon would cause red flags. Yeah, I could see that. And they would say like, hey, you were trying to hide money. Exactly. And because going through bankruptcy is what you want to do, that's obviously what I would do. We can't do. So there's... Sorry. It's not a thing. Yeah. This is... Keep us updated. It'll be an interesting thing to follow, but...

I'm sorry this conversation wasn't as beneficial to you as I'd like to see. Again, I was hoping I would get some kind of guidance on the personal side. What personal side? Where I'm overspending, where I'm dropping too much money. Yes, you're overspending. You're spending $1,500 a month on food and going out to eat. You spend $1,000 on groceries, you say. Again, we could do $500 for yourself. If you have to pay for your girlfriend's call, it's $700.

You can probably do $700, $800, you know, $700. On groceries? On groceries. What about eating out? Aggressively meal prepping. $0 on eating out. Okay. Until you're completely debt free because unless your bankruptcy clears everything, unless you're going to do that. I don't think that's how it works. Exactly. So you're still going to have to pay through debt and you're going to have to get a fully funded emergency fund and then you're going to have to, again, so it's just like nothing I say even matters because like you're just, what about going out to eat? Why would going out to eat be in your budget? It wouldn't be. That doesn't make sense.

So, yeah, that's it. One thing I am kind of happy to see is I like the trade you're in.

And I like that even now our partners at Course Careers, you can get certifications in the trades that you're doing. They're launching those this year. It's really cool to see. So I do like that. You could have a positive feature in front of you. You are set in your ways. You're set in your plan. Nothing I say is going to do anything. Like a build out of a budget doesn't matter because you just said, what about eating out? Why would eating out even be in your thing right now? Well, I'm sorry. I'm done. I'm sorry. Okay. I'm done.

This isn't beneficial. Honestly, it's feeling more like a waste of time. We're still going to do our post show for everyone to visit. I know there's much more drama stuff outside of the finances, and we'll bring that in when we're bringing in our producers. But spending a budget, I mean, you're overspending because you're not making anything because you left your job. Zero out of ten. Debt, come on. Do you owe the IRS anything? No. Really? Not that I'm aware of, no. Not that you're aware of. I bet you are. Zero out of ten. I had a talk to my tax guy, and he says I don't owe anything.

zero out of ten well i guess you haven't really been making money so yeah so like last year the business was like negative hundred something thousand like yeah so zero out of ten for debt though because you do have things just not even paying on emergency fund there is ten thousand there but it's meant to pay for the floor right zero out of ten retirement acorns has eight thousand yeah that's for retirement acorns dramatically behind for age

It's going to be a 2 out of 10. Real estate, you do owe a home you have leverage on it. What's your interest rate? 2.9. And your payment's 5? 1,400. I think it was like 1,400. Okay. You sold the house. How many years have you owned it? This one? I bought it in 21, so three years. Okay. What's your equity position in the home? 100,000. Okay, great. 7 out of 10 real estate. Do we count the military disability for anything, towards anything? Towards your income.

$3,700? Yeah, towards your income, but that's not a category because it's about managing your finances, not how much you're bringing in. Okay. Hammer Financial Score, 2 out of 10. Make sure to check out all the resources linked in the description below. They are what I use or would use in specific situations, including the budgeting and investing class, which are the best in the internet, which are now bundled at a 15% discount. Make sure to check that out. And now, join our membership and come watch the post show. An extra 20 minutes of drama.

Today on the Financial Audit Post Show. Why do you think you are someone that needs three cars? I consider myself very bougie. As in living above your means? I just like nice things. I don't know. I enjoy it. A Porsche, an Audi, a Tesla. I like standing out. I guess that's what I like to do. Bodybuilding, for example. I did that. You know what I mean? I was able to do that. I look like that. Yeah, but you worked for that. You're just borrowing for a car. To watch the Financial Audit Post Show, click the join button below.