Ego-Maniac Thinks She Can Manifest Problems Away | Financial Audit

She's always "messing around", sleeping with personal trainers and finding men on TikTok to "mess around" with... the tea is piping hot, watch here: https://www.youtube.com/channel/UCLe_q9axMaeTbjN0hy1Z9xA/join *EOY* *SALE* Bundle my budgeting, debt + investing program for *33%* *off* : https://calebhammer.com/classpack/ *33%* *off* Important: The creator is a paid influencer and not affiliated with Moomoo Financial Inc. ("MFI") or its affiliates. Content outside of the moomoo ad has not been reviewed by MFI and reflects the influencer's own views. MFI does not endorse any strategies mentioned and is not responsible for the influencer's services. Click this link https://j.moomoo.com/Caleb to get up to 15 free stocks from moomoo U. S when you make a qualified deposit + earn 8.1% on uninvested cash for a limited time for new users!! Terms & Conditions Apply Download the CFO’s guide to AI and Machine Learning for FREE at https://netsuite.com/HAMMER Stop wasting time and start creating with Crayo! https://crayo.ai/?ref=HAMMER Enter my code HAMMER at checkout for 20% off! Only the first 100 people who use my link get the deal, so move fast!! ▶▶▶Watch this episode's *POST* *SHOW* + get *MORE* Financial Audit here: https://www.youtube.com/channel/UCLe_q9axMaeTbjN0hy1Z9xA/join ▶EDUCATION: 1) *EOY* *SALE* Bundle my budgeting, debt + investing program for *33%* *off* : https://calebhammer.com/classpack/ *33%* *off* 2) *EOY* *SALE* The best budgeting program online: https://calebhammer.com/budget *20%* *off* 3) *EOY* *SALE* Get my investing class and I’ll give you a $100 moomoo cash reward: https://calebhammer.com/investing *20%* *off* 4) *EOY* *SALE* Win with GOOD debt and get out of BAD debt correctly, learn in my debt program: https://calebhammer.com/formula *20%* *off* 5) Get your own free Hammer Financial Score: https://www.calebhammer.com _______________________ ▶RESOURCES 1) Checking & Savings: Get up to 4.60% APY, pay no account fees, and earn up to $300 when you sign up and set up direct deposits. Terms apply: https://creator.sofi.com/c/5535481/2068695/19219?adcampaignid=bank&adnetwork=brand *affiliate link 2) Important: The creator is a paid influencer and not affiliated with Moomoo Financial Inc. ("MFI") or its affiliates. Content outside of the moomoo ad has not been reviewed by MFI and reflects the influencer's own views. MFI does not endorse any strategies mentioned and is not responsible for the influencer's services. Click this link https://j.moomoo.com/Caleb to get up to 15 free stocks from moomoo U. S when you make a qualified deposit + earn 4.6% on uninvested cash + an additional 3.5% APY Coupon for 3 months for new users!! Terms & Conditions Apply 3) Get $20 from Acorns for free: sign up to get your bonus https://acorns.com/caleb 4) CourseCareers: Land a high-paying job with no experience or degree by going through an affordable online course: https://coursecareers.com/a/calebhammer 5) The credit building debit card: First 100,000 people to sign up for Fizz with code: HAMMER10 get $10: https://www.joinfizz.com/caleb (paid ad) 6) Advising: Book your free strategy session https://dmnmny.co/caleb to work with Adrianna or any of the other CFPs at Domain Money today! 7) Helium Mobile: save a ton on your phone bill, sign up and get 30 days of FREE trial when using promo code CALEB https://hellohelium.com/ 8) Online security: Protect your online privacy and security NOW and for free by following my link Aura: https://aura.com/hammer Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Caleb Hammer?

  To watch episodes of Financial Audit a week earlier, check us out on YouTube. They're not manifesting closings of houses.

• 0:06Speaker 01

  Why can't I manifest closings of houses?

• 0:08Caleb Hammer?

  That's not guaranteed.

• 0:09Speaker 01

  It is in my mind.

• 0:10Caleb Hammer?

  Are you able to comprehend what you literally just said?

• 0:13Speaker 01

  Technically, I don't spend out of my bank account. I only spend on credit cards.

• 0:17Caleb Hammer?

  You understand you have to pay the credit cards.

• 0:19Speaker 01

  Honestly, I just like to spend money.

• 0:21Caleb Hammer?

  I don't want to be in debt forever, so I don't look at my numbers. What the are you talking about? All of our education is bundled together for 15% off with a 30 day money back guarantee. Go to Calebhammer.com/bundle or click the link in the description or pinned comment below.

• 0:36Speaker 01

  Hi, my name's Rebecca. I'm 30 years old. I'm from Zanesville, Ohio, and this is a financial audit.

• 0:42Caleb Hammer?

  Is it cheap to live in Zanesville, Ohio?

• 0:47Speaker 01

  Uh, somewhat.

• 0:49Caleb Hammer?

  Okay, because I want to get to know you first a little bit more, but I mean, I just can't help but notice that in terms of income and spending, spending's over income. Yet, for some reason, even with high debt, high spending, you literally have two houses.

• 1:08Speaker 01

  I rent one of them, so I don't.

• 1:09Caleb Hammer?

  You rent one of them and yet you're still under. Okay, so Zanesville. Is it cheap to get a house in Zanesville? Do you rent it in Zanesville? Because that was a concern.

• 1:19Speaker 01

  I rent one in Zanesville and I live in one in Zanesville.

• 1:22Caleb Hammer?

  Okay.

• 1:23Speaker 01

  And I shop a lot and I spend.

• 1:25Caleb Hammer?

  Well, that's probably why we're in it. Okay.

• 1:28Speaker 01

  I like to buy new stuff for my houses.

• 1:30Caleb Hammer?

  Houses, the ones that you rent out?

• 1:32Speaker 01

  Yeah.

• 1:32Caleb Hammer?

  Okay. Well, let's get to know each other a little first. I just had to know that about Zanesville because seeing someone with two houses and even if one's rented, that should be even more of a reason for us to have more coming in than going out. But you have more going out, so I just had to know about Zanesville.

• 1:46Speaker 01

  Well, I don't charge the people who live in that house a lot to live there. They pretty much just pay the mortgage. So it's not like it's an actual income.

• 1:55Caleb Hammer?

  Okay. Okay, we'll talk about that. We'll talk about that. What do you do in Zanesville for a living?

• 1:59Speaker 01

  Um, I'm a realtor.

• 2:01Caleb Hammer?

  Uh huh.

• 2:02Speaker 01

  Yeah.

• 2:03Caleb Hammer?

  Right. So how much do you make?

• 2:05Speaker 01

  Um, zero unless I sell a house.

• 2:08Caleb Hammer?

  No shit. How much do you normally make?

• 2:10Speaker 01

  Um, I make around four to $10,000 a month.

• 2:15Caleb Hammer?

  Average. Come on, average it out. Take your, okay, what did you make this last 12 months?

• 2:19Speaker 01

  12 months. I make $50,000 a year.

• 2:24Caleb Hammer?

  Okay.

• 2:26Speaker 01

  It's different. I don't know. Some months I will have a lot, some months I won't have anything, so.

• 2:30Caleb Hammer?

  Yeah, but that equals more out to like four thousand two hundred a month.

• 2:34Speaker 01

  Well.

• 2:34Caleb Hammer?

  You said average five.

• 2:36Speaker 01

  Well, I now I'm bartending a little bit, so.

• 2:39Caleb Hammer?

  Because there wasn't enough coming in?

• 2:41Speaker 01

  Um, yeah, kind of.

• 2:43Caleb Hammer?

  Dang, okay. How long have you been a Realtor?

• 2:45Speaker 01

  Um, a year and a half.

• 2:46Caleb Hammer?

  What were you doing before that? Cause you're thirty, so you've been doing something.

• 2:49Speaker 01

  Um, bartending, I job hop a lot.

• 2:52Caleb Hammer?

  Did you go to college?

• 2:54Speaker 01

  Um, dropped out.

• 2:56Caleb Hammer?

  That's, yeah, me too. It's okay. So, just like the odd jobs and service-based jobs?

• 3:02Speaker 01

  So, I've been in pharmacies, I've been in hospitals, I've been in.

• 3:07Caleb Hammer?

  Yeah, but like what positions in them?

• 3:09Speaker 01

  I mean, everything.

• 3:10Caleb Hammer?

  If you're a doctor.

• 3:12Speaker 01

  No, um, mostly serving, um, pharmacy tech. I hated it.

• 3:18Caleb Hammer?

  What do you wanna do then? Cause all of a sudden that becomes a little, uh, extra concerning on top of what we've already, you know, discovered about the house thing is.

• 3:26Speaker 01

  Real estate is what I want to do ultimately.

• 3:29Caleb Hammer?

  It's okay. So it's what you want to do. But we've job top like crazy for the last decade of our life?

• 3:35Speaker 01

  Mm-hmm.

• 3:36Caleb Hammer?

  What's the longest you've held one down?

• 3:37Speaker 01

  Stay there.

• 3:38Caleb Hammer?

  I agree, but there's no stability or career traction either.

• 3:41Speaker 01

  Hmm, but I didn't know what I wanted to do, so I didn't do it.

• 3:44Caleb Hammer?

  When did you discover what you wanted to do?

• 3:46Speaker 01

  Um, when I was like twenty-eight, like two years ago, when I got my real estate license.

• 3:50Caleb Hammer?

  Okay. How's it been so far?

• 3:52Speaker 01

  Really good.

• 3:54Caleb Hammer?

  Yeah. Is that the right area to be in though for making fifty? But then again, if it's, if you're making fifty with a low cost of living area, it should be okay depending. Um, is this a single income household?

• 4:05Speaker 01

  Yes.

• 4:05Caleb Hammer?

  Any dependents?

• 4:06Speaker 01

  One.

• 4:07Caleb Hammer?

  What?

• 4:08Speaker 01

  A four-year-old.

• 4:09Caleb Hammer?

  Oh, okay. Four-year-old. Um, full custody?

• 4:13Speaker 01

  Yeah.

• 4:14Caleb Hammer?

  Child support?

• 4:15Speaker 01

  Um, yeah.

• 4:16Caleb Hammer?

  What comes in with that? That's income.

• 4:17Speaker 01

  It's like a hundred and eighty dollars every other week. But I don't spend it. I save it. So when my son.

• 4:24Caleb Hammer?

  Where does that go?

• 4:25Speaker 01

  It goes into an account for like.

• 4:27Caleb Hammer?

  Tax advantage?

• 4:28Speaker 01

  No, it's just, I haven't moved it around yet. It goes into whatever account they set up and then it's just been sitting there for my son.

• 4:35Caleb Hammer?

  Okay, I'm gonna say five thousand fifty. Now, with your Realting setup, how's the income getting paid out? You contracted under another, usually, cause usually they're independent Realtors, even at a brokerage.

• 4:48Speaker 01

  Yeah.

• 4:48Caleb Hammer?

  Okay. How are you prepping for taxes due very soon?

• 4:54Speaker 01

  Um, I have money set aside for taxes.

• 4:56Caleb Hammer?

  How much?

• 4:57Speaker 01

  Probably not enough, but.

• 4:58Caleb Hammer?

  That's not a number.

• 4:59Speaker 01

  Um, like five thousand.

• 5:01Caleb Hammer?

  Better than most people on the show. Did you pay taxes last year?

• 5:05Speaker 01

  Um, no.

• 5:07Caleb Hammer?

  What do you have money saving up for these next taxes, but you haven't paid last year's?

• 5:12Speaker 01

  I didn't have, I didn't have to pay last year. I was bartending last year. Like I just.

• 5:17Caleb Hammer?

  Did you file?

• 5:19Speaker 01

  Yeah.

• 5:19Caleb Hammer?

  Oh, so you paid your taxes.

• 5:21Speaker 01

  Okay, yeah.

• 5:22Caleb Hammer?

  That's different.

• 5:23Speaker 01

  I thought you meant, did I pay from real estate? No, I didn't pay from real estate.

• 5:27Caleb Hammer?

  Did you get paid in real estate?

• 5:28Speaker 01

  Yes.

• 5:28Caleb Hammer?

  Did you claim that income?

• 5:30Speaker 01

  Yes.

• 5:30Caleb Hammer?

  Okay.

• 5:31Speaker 01

  I had tax write offs, so between my bartending, yes, absolutely.

• 5:37Caleb Hammer?

  Was it professional?

• 5:38Speaker 01

  Yeah.

• 5:39Caleb Hammer?

  Okay.

• 5:40Speaker 01

  This year I don't want to do them professionally.

• 5:42Caleb Hammer?

  Why? You probably should. It gets a little complicated. It gets a little weird.

• 5:45Speaker 01

  I know. But I will. I'll do them professionally.

• 5:48Caleb Hammer?

  I mean, I'm sure yours are, aren't that crazy? Like, it's not gonna be that expensive.

• 5:52Speaker 01

  No, I mean, last year in real estate, I only made twenty thousand dollars. This year I've made more. But I was bartending full time last year.

• 6:02Caleb Hammer?

  Well, now part time. Wait, okay, wait. So what's coming in with the part time work? So again, I have five thousand from the real estate. Now, what do you do when you get a real estate check? What do you save?

• 6:13Speaker 01

  Um, I try to save twenty percent of the check.

• 6:16Caleb Hammer?

  Okay, should be okay, you know, but usual standard's about thirty.

• 6:21Speaker 01

  I don't always save twenty percent.

• 6:23Caleb Hammer?

  Then what the, what are you talking about?

• 6:26Speaker 01

  That's why I only have five thousand.

• 6:31Caleb Hammer?

  Okay. Why does it immediately, why is it unknown whether or not it is saved or spending?

• 6:40Speaker 01

  Well, I pay all my bills the first of the month. On the first, every single bill I pay comes out of my bank account. So if I need to pay the bill and I don't have it, then I use that.

• 6:51Caleb Hammer?

  How do you organize your money? How do you sit down? How do you think about your money? How's the money thought about?

• 6:56Speaker 01

  Um, it all goes into my bank account. I pay my bills and then I don't look at it again.

• 7:01Caleb Hammer?

  How do you pay your bills?

• 7:02Speaker 01

  Um, most of them are on auto pay for the first of the month and I make sure they come out. And then I have a book where I have every bill that I owe, wrote. And then I pay it and then I close the book and then I don't look at it again until the next.

• 7:17Caleb Hammer?

  You literally spent more money this last month than came in, so that does not make sense. That is not lining up with the literal reality of your situation.

• 7:25Speaker 01

  Yeah.

• 7:27Caleb Hammer?

  So what are you talking about?

• 7:29Speaker 01

  I mean.

• 7:29Caleb Hammer?

  Obviously, something is different there than you are expressing.

• 7:32Speaker 01

  No, it's not different. I pay all my bills.

• 7:35Caleb Hammer?

  Yeah, your bills, what do you mean by bills? Are you just talking about like the minimum monthly payments and things that are required?

• 7:40Speaker 01

  No, no. I've paid off my credit cards to a certain degree.

• 7:47Caleb Hammer?

  There's a couple of credit cards that get some payments and there's some credit cards that are getting.

• 7:52Speaker 01

  Kind of, but I'm working on it. It's not like I'm just not paying them. Everything gets a payment.

• 8:00Caleb Hammer?

  Yeah, like a minimum monthly. Is that what you're saying?

• 8:03Speaker 01

  A hundred dollars. Every card gets at least a hundred dollars.

• 8:07Caleb Hammer?

  Okay, if the bills are paid before we close the books, why? How? How are we spending more than is coming in? I'm trying to understand this from your perspective.

• 8:18Speaker 01

  Shop and I travel.

• 8:19Caleb Hammer?

  Okay, why isn't that tracked? Why are we tracking our bills but we're not tracking our spending?

• 8:24Speaker 01

  I don't know, um, because if I track it, then I probably won't do it anymore.

• 8:29Caleb Hammer?

  Isn't that a good thing? Isn't that what gets us to the best place? Real teams are very interesting profession and the fact that again, like you said at the beginning, you don't get paid unless you make a big sale. So if you're not doing anything or helping someone find a place as well. I know some of it with commission is kind of changed up recently, but either way, whatever. You don't get paid unless you get paid. It's not an ongoing bi-weekly payment. Okay, wonderful. With that, you would want to be basically debt free to have no risk hanging over your head as you're in a more risky job situation. You'd want to fully fund an emergency fund to be able to cover yourself, probably about 12 months, actually, as like a business owner, which you are your kind of own business.

• 9:08Speaker 01

  Yeah, but technically I don't spend out of my bank account. I only spend on credit cards.

• 9:16Caleb Hammer?

  You understand you have to pay the credit cards.

• 9:18Speaker 01

  Yeah, and I do. I pay them. So.

• 9:21Caleb Hammer?

  Not off.

• 9:21Speaker 01

  Uh, so in the beginning of the month, I track my monthly bills out of my bank account. And then I only spend on a credit card.

• 9:31Caleb Hammer?

  Yeah, but you don't put back on your credit card what you spend on it.

• 9:35Speaker 01

  I know.

• 9:35Caleb Hammer?

  So it's not, it doesn't work like, what is your philosophy on this?

• 9:39Speaker 01

  Well, I don't really have a philosophy.

• 9:40Caleb Hammer?

  Then tell me your reasoning, cause there you, there was at least, at least a half a thought that made you go into that.

• 9:46Speaker 01

  Because I thought that.

• 9:50Speaker 01

  Honestly, I just like to spend money. So.

• 9:52Caleb Hammer?

  I get it, but your reasoning behind the credit card versus the bank account.

• 9:58Speaker 01

  Well, they're rewards credit cards. And they don't all have interest. So.

• 10:03Caleb Hammer?

  A couple are interest free right now, yes.

• 10:06Speaker 01

  And they'll be paid off before the.

• 10:08Caleb Hammer?

  Says what? They're going up? What are you talking about? It's confident. There also is card accruing interest.

• 10:15Speaker 01

  But those don't have big balances.

• 10:18Caleb Hammer?

  But it's still accruing interest, showing that you are not able to manage paying off a card before interest starts accruing. Cause we have credit cards accruing interest.

• 10:27Speaker 01

  I just wanna spend on credit cards that I don't have to pay out of the bank account.

• 10:34Caleb Hammer?

  Oh my gosh. Yes, I, okay. Okay. Interesting. Interesting philosophy. When the bill comes, what do you do? Because I'm talking about the big bill, the interest hitting. You said it's gonna, you're gonna pay it off before.

• 10:48Speaker 01

  I'm gonna pay it off before.

• 10:49Caleb Hammer?

  What's the confidence behind that though? Because we haven't done that with the other one. So what's the confidence behind that?

• 10:53Speaker 01

  Because it was a new strategy I started, I guess. So. I decided. So I decided if I stop using my other credit cards and I just got a new credit card that was travel.

• 11:05Caleb Hammer?

  On this first one, you spent three hundred, or three thousand, three hundred dollars. I don't know what the you're talking about. Were you paying that off? If five thousand dollars is coming in and you have to set thirty percent aside for taxes?

• 11:14Speaker 01

  On my future closings. So.

• 11:17Caleb Hammer?

  You're banking on future closings.

• 11:19Speaker 01

  Yeah, I'm gonna have closings. I have clients.

• 11:22Caleb Hammer?

  That's not guaranteed.

• 11:24Speaker 01

  It is in my mind.

• 11:27Caleb Hammer?

  What? That's not how this works. You're not manifesting closings of houses.

• 11:32Speaker 01

  Why can't I manifest closings of houses?

• 11:33Caleb Hammer?

  No, no, no. You, it is not a guarantee that it, you will close. What if your client, you know, he saw the COVID prices or something? And you're, are we talking about the ones you're selling, right? Or, okay. So your site, your client saw the COVID pricing. It's like not even getting close towards that right now. Doesn't want to sell his house until rates go down. Maybe housing prices go back up so that he can get what he wants. Maybe he has a bottom that he's willing to sell the house for. And he doesn't get it. What does this suggest? You are going to get the closing. That is not a hundred percent guarantee. You're taking a big bet on that by accumulating just on the first card alone over $10,000. You'd have to make multiple months of hit that off, including paying your bills and two mortgages.

• 12:12Speaker 01

  That was from consolidating my other cards.

• 12:14Caleb Hammer?

  There's a lot of spending on here. There's a lot of spending on here. It is not just consolidation.

• 12:20Speaker 01

  Um, like 6,000 of it is consolidation.

• 12:22Caleb Hammer?

  I thought, so I don't give a, so a double, or half of it is consolidation, just about, and half is spending. That doesn't change the, how do we pay it off in time? If we do not get the closings, because you were putting yourself in such a risky position, essentially borrowing from your future self. But in a more extreme scenario, because usually when people borrow from their future self, they borrow from a paycheck that is more confident to come because they already have a job that is giving out that paycheck. On a consistent basis, but you're not, your paycheck isn't necessarily due with luck, but you'd also do have the client side of it. If your client is not willing to sell at a certain price, and who knows what the real estate market is and going to be, you don't really know.

• 13:05Caleb Hammer?

  You're putting a lot of risk on that.

• 13:07Speaker 01

  I, I live on hope and faith in a dream, I guess.

• 13:11Caleb Hammer?

  Yeah, and you have, and you have a ton of debt, so that's not working. What's your investment account like today? 30 years old?

• 13:18Speaker 01

  Um, like my 401k is probably like five for $10,000.

• 13:23Caleb Hammer?

  So you're behind for 30?

• 13:25Speaker 01

  Yeah.

• 13:26Caleb Hammer?

  Is the hope and dream working? You're behind?

• 13:29Speaker 01

  Not yet.

• 13:30Caleb Hammer?

  You have as much on one credit card as you have on your hopeful guessing high end of your retirement account.

• 13:37Speaker 01

  Yeah, it is. I mean.

• 13:40Caleb Hammer?

  Are you in the appropriate time to get a house? Of course, according to like Dave Ramsey, no. You know, but okay, whatever. I don't think he's correct on leverage for homes, but even still, we have all these thousands of dollars of credit card debt. Are you not expanding too quick? Not getting too close to the sun?

• 13:55Speaker 01

  I don't think I am.

• 13:58Caleb Hammer?

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• 15:23Speaker 01

  Because if you don't take risks, they're never going to pay off.

• 15:26Caleb Hammer?

  It's not about not taking risks, but there are different levels of risk. So risk to jump off a building, you have a 1% chance you might survive if it's like 10 stories. Why take the risk? Doesn't make sense just because you have a chance. Like, yes, there are risks. And technically, if you take out a 2% million-year mortgage, it is technically a risk, but it is still a low risk.

• 15:49Caleb Hammer?

  But it is still a risk, but taking out a 20% mortgage on a five year loan. That is, it's not equal just because it's a risk.

• 15:58Speaker 01

  Well, I'm, I think I'm doing good. Like, I don't think I'm doing bad.

• 16:03Caleb Hammer?

  Listen, you have more credit card debt than you have in retirement. I don't know what the you're talking about. You have a kid. You have a kid.

• 16:11Speaker 01

  I do have a kid. I have a four year old son.

• 16:13Caleb Hammer?

  And you said, yes, you told us and you set aside the child support. Okay, so we can't even, no, look, wait, okay, the part time, the part time work. How much comes in with that? We didn't get the full picture on income.

• 16:24Speaker 01

  Um, it's just seasonal. So it's just.

• 16:28Caleb Hammer?

  Seasonal bar seasonal?

• 16:30Speaker 01

  Yeah, it, it was just someone that I knew and they were like, hey, can you come help out? And I was like, yeah.

• 16:34Caleb Hammer?

  Are you still doing it?

• 16:35Speaker 01

  Um, yeah, one day a week.

• 16:38Caleb Hammer?

  How much do you?

• 16:39Speaker 01

  A hundred dollars a week, two to three hundred dollars.

• 16:41Caleb Hammer?

  A week?

• 16:43Speaker 01

  For like four hours.

• 16:44Caleb Hammer?

  A hundred percent.

• 16:45Speaker 01

  Yeah.

• 16:46Caleb Hammer?

  So we can bet on an extra eight hundred hours a month.

• 16:48Speaker 01

  Yeah.

• 16:48Caleb Hammer?

  A hundred percent ongoing.

• 16:50Speaker 01

  For the month of December, but not for like January or February.

• 16:53Caleb Hammer?

  Why not continue?

• 16:56Speaker 01

  Cause I don't want to bartend anymore. I don't like bartending, so I don't want to do it.

• 17:00Caleb Hammer?

  But you might need a part time job regardless. And it sounds like this bartending thing, three hundred bucks in a day is not bad.

• 17:05Speaker 01

  No, it's not bad. I just don't want to do it anymore.

• 17:07Caleb Hammer?

  Well, what's the want? Is there, is there something dangerous about it? Are you getting harassed? Is there anything bad?

• 17:11Speaker 01

  I mean, not at this job.

• 17:13Caleb Hammer?

  Okay, then I don't give a you might have to do it. Eight, an extra eight hundred bucks a month. Okay.

• 17:21Caleb Hammer?

  Not do that. Okay. So first of all, for the five thousand that comes in, uh, we're gonna set 20% aside is what you're doing. It's a decent start. Okay. Plus the, you said 500 in child support?

• 17:31Speaker 01

  One eighty every other week.

• 17:33Caleb Hammer?

  Oh, oh, oh, yeah.

• 17:35Speaker 01

  Something a month.

• 17:36Caleb Hammer?

  Okay, yep. Okay, and then?

• 17:41Speaker 01

  But I don't use the child support. It just sits there. So I don't count it as income.

• 17:44Caleb Hammer?

  But it is income. You could use it if you have time. I'm just trying to figure out what the income situation is. Plus eight hundred, which you're probably not claiming, cash tips, five thousand one hundred sixty. That's what comes in if you're actually doing your tax situation correctly. Okay, so that's your income. That's what we have to work with.

• 18:01Speaker 01

  Okay, yeah.

• 18:02Caleb Hammer?

  Yeah.

• 18:03Speaker 01

  Not terrible.

• 18:04Caleb Hammer?

  What comes in from the rental property?

• 18:05Speaker 01

  Uh, maybe like a hundred dollars a month.

• 18:08Caleb Hammer?

  What's your mortgage?

• 18:09Speaker 01

  Uh, my mortgage is like six something, six eighty.

• 18:12Caleb Hammer?

  You said it covered your mortgage!

• 18:14Speaker 01

  Yeah.

• 18:14Caleb Hammer?

  That covers a sixth of your fucking mortgage.

• 18:17Speaker 01

  No, they only pay like eight hundred and my mortgage is like six eighty.

• 18:23Caleb Hammer?

  You said a hundred comes in.

• 18:25Speaker 01

  Yeah.

• 18:25Caleb Hammer?

  You mean net?

• 18:26Speaker 01

  Yeah, I net a hundred.

• 18:27Caleb Hammer?

  So the rent is eight hundred?

• 18:28Speaker 01

  Yeah.

• 18:29Caleb Hammer?

  And mortgage is six fifty?

• 18:30Speaker 01

  Yeah.

• 18:30Caleb Hammer?

  Then you're setting three percent aside for future repairs and three percent aside for future vacancies at a minimum?

• 18:35Speaker 01

  Yeah, kind of, I guess. It sets in an account.

• 18:38Caleb Hammer?

  What? What does?

• 18:39Speaker 01

  The money that they pay. Like, I have a whole separate account for my rentals.

• 18:43Caleb Hammer?

  Do you spend it? Where does it go?

• 18:44Speaker 01

  No, it just sets in there.

• 18:45Caleb Hammer?

  How much is in there?

• 18:46Speaker 01

  Um, there's about two grand in there.

• 18:48Caleb Hammer?

  Over the course of how long?

• 18:49Speaker 01

  Just a year. Plus their deposits in there, so their deposit will have to go back.

• 18:53Caleb Hammer?

  That would cover a little, you know, that covers what, six, uh, uh, two and a half months? Almost three months of vacancy.

• 19:06Speaker 01

  Yeah.

• 19:07Caleb Hammer?

  It's not really good enough, but...

• 19:09Speaker 01

  I mean, I don't really ever plan on being naked.

• 19:11Caleb Hammer?

  Spending it.

• 19:12Speaker 01

  Yeah, I haven't really, I haven't had to spend anything on the house, like, they haven't needed anything.

• 19:18Caleb Hammer?

  How long have they been renting it?

• 19:19Speaker 01

  It'll be a year. It's about to be a year.

• 19:21Caleb Hammer?

  Yeah, okay. That's very basic. Even when they leave, you'll probably have to do some flippage, a little bit of paint.

• 19:26Speaker 01

  Well, it's family. Like, it's family that's living in there. So I told her if she wants to paint or do anything, like, she can do whatever she wants to it.

• 19:34Caleb Hammer?

  That's even more, that's even more expense than when they move out for you, is what I'm saying. That might drive down everything you've made from it, plus more.

• 19:41Speaker 01

  How? Like, how would that do that, though?

• 19:43Caleb Hammer?

  Cause paint costs money.

• 19:46Speaker 01

  But it's at their expense.

• 19:48Caleb Hammer?

  Money?

• 19:49Speaker 01

  Like, I'm not paying for it.

• 19:51Caleb Hammer?

  They would have to, no, back to basic condition for them to rent. They wouldn't have to replace the carpet of just normal, normal things. Of course, if they, like, caught it on fire, yeah, I'd take it from the security deposit to do it. But in terms of just, like, walking around and it gets some wear and tear, a lot of times you replace carpet per tenant, cause it's relatively cheap.

• 20:10Speaker 01

  Yeah. I mean, there's only one spot of carpet in the house. It's almost all hardwood floor.

• 20:14Caleb Hammer?

  Did you get a security deposit?

• 20:16Speaker 01

  Yeah.

• 20:16Caleb Hammer?

  How much?

• 20:17Speaker 01

  Eight hundred.

• 20:18Caleb Hammer?

  Okay, that wouldn't cover painting the whole house if you had to paint the whole house.

• 20:21Speaker 01

  It would. I bought the house and I flipped it, so I redid.

• 20:25Caleb Hammer?

  You did the full paint? You'd have enough time to go there and do all the paint?

• 20:28Speaker 01

  I mean, yeah.

• 20:29Caleb Hammer?

  Okay, you would essentially have to.

• 20:32Speaker 01

  Yeah. I mean, I did it when I bought it. I repainted the whole entire house. I redid all the floors. I redid the kitchen. I redid the bathroom.

• 20:39Caleb Hammer?

  Wait, how much money did you put into this house then?

• 20:41Speaker 01

  Um, I probably put about five to six grand in the house when I first bought it.

• 20:46Caleb Hammer?

  When did you first buy it?

• 20:47Speaker 01

  Two and a half years ago.

• 20:49Caleb Hammer?

  And it's only been renting for a year?

• 20:50Speaker 01

  Yeah, I lived in it for a while.

• 20:52Caleb Hammer?

  Oh, okay. Well, that part's okay.

• 20:55Caleb Hammer?

  Yeah, I'm curious to look more at this.

• 20:59Caleb Hammer?

  It's certainly not getting the cash on cash return that I look for when it comes to buying rental properties, but.

• 21:04Speaker 01

  It's definitely not, but.

• 21:06Caleb Hammer?

  Why are you doing it then?

• 21:07Speaker 01

  Um, family, helping family out.

• 21:10Caleb Hammer?

  I, I appreciate the helping hand. Why do they need it specifically?

• 21:16Speaker 01

  Um, because of their situation that they're in.

• 21:20Caleb Hammer?

  Yeah, is that, but do you get burdened forever because of that?

• 21:24Speaker 01

  I mean, not forever, but for a little bit.

• 21:27Caleb Hammer?

  Is there a timeline? Is there an exit strategy?

• 21:31Speaker 01

  Um, something we're gonna have to talk about in a couple of months when their lease is up.

• 21:36Caleb Hammer?

  Okay, what do you want to happen?

• 21:38Speaker 01

  Um, I'm gonna have to raise the rent.

• 21:40Caleb Hammer?

  Two?

• 21:41Speaker 01

  Probably a thousand.

• 21:42Caleb Hammer?

  Why do you have to?

• 21:43Speaker 01

  Um, to cover repairs and costs and to net off of it. I mean, that's one of the cheapest rentals.

• 21:51Caleb Hammer?

  Of course, absolutely. Absolutely. Let's see. Self-assess, where do you think your finances are today? Zero to ten?

• 21:58Speaker 01

  Um, five.

• 22:01Caleb Hammer?

  Five, middle of the road, halfway decent. Again, this first credit card is over ten thousand hours. We have two in a row that are just like that.

• 22:08Speaker 01

  But that's the.

• 22:09Caleb Hammer?

  Okay, wait, okay, okay, okay. Listen.

• 22:13Speaker 01

  Okay.

• 22:13Caleb Hammer?

  Five thousand, one hundred sixty, that's your income. How much did you spend last month? How much did you spend?

• 22:19Speaker 01

  I don't know.

• 22:21Caleb Hammer?

  How much did you spend? Go ahead. Best guess.

• 22:24Speaker 01

  Probably like five thousand.

• 22:26Caleb Hammer?

  Six thousand nine hundred twenty-nine. So you five out of ten. Come on.

• 22:30Speaker 01

  I spent six thousand dollars last.

• 22:32Caleb Hammer?

  No, you spent seven. You're only a few hundred under. No, less than a hundred under seven.

• 22:37Speaker 01

  Oh, my God. No way. I did not spend that much. That's no.

• 22:43Caleb Hammer?

  Did.

• 22:44Speaker 01

  No way. No way.

• 22:45Caleb Hammer?

  Here's your little. No, I'm not gonna show it to you yet. We'll get there. You spent a thousand dollars on fucking going out to eat.

• 22:55Speaker 01

  God, no, I did not.

• 22:57Caleb Hammer?

  This is what happens when you just put everything on a credit card instead of spending on it, even from a checking account, you probably wouldn't look anyway, but this is giving you even less opportunity to look. This is what happens when you don't track your shit.

• 23:09Caleb Hammer?

  Five out of ten. No. If you want your hammer financial score, it's free. Link in the description below. See where you are. See where you're you are in your financial health. And then if you want to come on the show here in Austin, Texas, it's a fun time. It's a good time. I'll give you some verbal punches and we'll connect you with the resources and get you on a plan. Go to Calebhammer.com slash apply. No, you have no idea what the you're talking about. Five out of ten. You didn't even know you spent two thousand hours more than comes in. You don't have enough saved up for taxes. I I I don't know. What's in your emergency fund? And you're behind in retirement. What's in your emergency fund?

• 23:40Speaker 01

  Probably five thousand. I have.

• 23:42Caleb Hammer?

  That's horribly risky for you. You should have a year at a minimum. And you have two mortgages to take care of and the the relationship's complicated with the people in your other house. It's family. It's weird.

• 23:57Caleb Hammer?

  So not really good. Take our budgeting class. Take it. You can use it for your business and for this. Take the debt class because it goes over how to utilize mortgage and leverages correctly. If you continue to do that in the future, take all the quizzes, take all the education. Take the investing class as well because you get all three of them. Take it. Go through the quizzes. At that point, we're looking at like ten hours of education across the board. Do it seriously because you're a part of all three of those things. And you need to learn about the risk because you don't understand risk yet. You need to learn how to really get that cash on cash return that you're trying to achieve while you're behind on investing. It's. Not looking good. I'll be honest. You put yourself, I think, in an over leveraged position,

• 24:39Caleb Hammer?

  potentially for you with no emergency fund. You guys get all the education, by the way, bundled at 15% off. Link in the description below, but make sure you go through that.

• 24:51Caleb Hammer?

  So this first card, we're looking at Chase Freedom and freedom is obviously what you are looking for. You are a part of that financial mindset, financial brain. I want freedom. I want the rental properties. I want the income coming in. It just funds my life, all this stuff, funds my extra spending, the spending that we don't track, spending that we don't know. Okay, cool. But you're getting no freedom from this card. And you said you got a consolidation here. Why were you in the debt in the first place? The 6,000 hours that you consolidated on here? Why? Why'd you have that debt?

• 25:22Speaker 01

  Because I'm repeating cycles.

• 25:24Caleb Hammer?

  No, what did you get into the debt for?

• 25:27Speaker 01

  I don't know what I bought.

• 25:28Caleb Hammer?

  When? How long?

• 25:29Speaker 01

  Um, the debt on those credit cards that I consolidated were for years.

• 25:33Caleb Hammer?

  Multiple?

• 25:34Speaker 01

  Yeah, two Capital One.

• 25:36Caleb Hammer?

  How is consolidating helping?

• 25:38Speaker 01

  Um, so my thought process was if I consolidate on a zero interest card and my Capital One cards were like 25% interest, I would not be paying interest on the debt.

• 25:50Caleb Hammer?

  Uh huh.

• 25:51Speaker 01

  So I was like, okay, I'll save myself money and then pay it all off before.

• 25:55Caleb Hammer?

  Except what happens with every single person that comes on the show, including starting to become you. What happens? What happens?

• 26:03Speaker 01

  They don't pay it off.

• 26:04Caleb Hammer?

  It's not just about that. You didn't change the behavior that got you in there in the first place. Stop tapping the table with your little nails. You spent 2,000 hours more than comes in. 2,000. If you do that, that has to be going somewhere. That has to be going on debt. And you clearly did not change your behavior. If you spent $2,000 more than comes in. So you build up the credit cards that you consolidated, or you make this one worse. And we know for a fact, you're making this one worse at a minimum. Because again, you said, when did you consolidate 6,000 hours on this card?

• 26:39Speaker 01

  Um, August.

• 26:41Caleb Hammer?

  August? Only a few months ago? So it went from 6,000 to 10,335?

• 26:49Speaker 01

  Yeah.

• 26:49Caleb Hammer?

  I'm you spending too, because I have pages of bull in here.

• 26:56Caleb Hammer?

  So how much is saved up for your kid?

• 26:59Speaker 01

  I think five grand.

• 27:01Caleb Hammer?

  Everything is five, five, five, five, five. Listen, you are behind on everything. I appreciate you starting on different things. You don't have enough for an emergency fund. You do not have enough for retirement. You do not have enough for your, uh, real estate fund in terms of for future repairs and vacancies. You do not have enough for the kid, depending on what you want to do, whether it's pay for different things in the future, uh, or give them a lump sum of money, whatever it is, you're just behind on everything. You're ju- you you contribute a little, you make a little thing here and there, then you offset it honestly by spending more on credit cards and pushing that can down the road. So really, can you afford to do those extra things? No, probably not. But you do all those things and then you think you're doing a good job and you think you're a five out of 10 because you technically have those funds, but they're all microcosms of where they should be in order to get to where you want them to be.

• 27:47Speaker 01

  But it's better than I was two years ago. So like I'm starting to get.

• 27:50Caleb Hammer?

  Okay, then two years ago was like nuclear apocalypse then. And I don't care. Now it's just Ebola. But it's still Ebola. It still sucks. Why would you want that? I don't care if it's better than two years. What did two years ago look like?

• 28:05Speaker 01

  Okay, let's go back farther than two.

• 28:07Caleb Hammer?

  Why?

• 28:08Speaker 01

  Because I.

• 28:09Caleb Hammer?

  This is story time. This is financial audit.

• 28:14Caleb Hammer?

  What, what, what, what?

• 28:16Speaker 01

  I mean, two years ago, I didn't have anything saved besides that support for child, like the child support account. Two years ago, I had zero, absolutely nothing, literally zero. So now I'm starting and now I'm getting my shit together.

• 28:31Caleb Hammer?

  You are not getting your shit together. Again, the only reason you have that money set aside is because the money that you spend is being put on future payments via credit card. Can I have the whiteboard? I think I need to whiteboard this. I need to wa- I need you to see this visually because I'm also having a hard time explaining this verbally and not visually. Okay, thank you. This is huge for financial audit. For a year now, my team and I have worked with experts to create what I truly believe are the three best educational programs in the financial. space online. We have our budgeting program where I teach you how to create, manage and revolutionize your budget and control your money. And then there's the investing program where I teach you to define

• 29:16Caleb Hammer?

  what investing profile applies to you and your life and then teach what specific investing strategies applies to you in that situation. And now finally, we have our debt program where I teach you the best ways to pay off debt, manage debt and even take advantage of good debt. This has been a revolutionary project that we've been working on for over a year now. And just like over 10,000 people who've already taken our educational programs, you can now take advantage of all three of them bundled together at a 15% discount. I've heard from thousands of people now who've taken these classes and they've literally changed their lives for the better.

• 29:53Caleb Hammer?

  And finally, you can too at a more affordable price. Head to Calebhammer.com or click the link in the description below. You will not regret this. That's Ms. Lindsay, everyone. I want to see some for our channel members who enjoy 10,000 hours of extra content and exclusive shows. I want to see some Lindsay emojis in that comment section. Okay, so here, this is your income, right?

• 30:22Caleb Hammer?

  Okay, so let's just call this your general expenses.

• 30:29Caleb Hammer?

  This is what you have. This is generous. Well, let's say this little square is what you are putting. No, this is generous. So let's say this square is what you this is generous because you don't just get to 5,000 with this big of a square. But let's say this square is what you're doing investing. Okay? These are your minimum monthly payments. This is your investing. But you also and spend another additional full-size square above your income on going out to eat another bowl. You're only able to do this investing because you're having access to credit cards right here. You wouldn't, you think you're in a good place because the square exists, but it wouldn't exist without the credit cards,

• 31:13Caleb Hammer?

  without you deferring your spending. If you're putting this on the money you actually have, you would have no money to put into the child's fund, into the business fund, into your retirement fund. The only reason you think you're doing okay is because of this, but it's only there because of this.

• 31:33Speaker 01

  Kind of like my safety net.

• 31:36Caleb Hammer?

  What safety net? What are you talking about?

• 31:38Speaker 01

  The credit card is like my safety net.

• 31:40Caleb Hammer?

  But it shouldn't be.

• 31:44Caleb Hammer?

  It's risky cuz it's gonna come back to bite you and you don't have enough. Let me see those Lindsay emojis on chat. Does that make sense?

• 31:51Speaker 01

  Yeah, it makes sense.

• 31:53Caleb Hammer?

  And that extra bubble on top is putting risk on your child's future too, because you're gonna wanna contributing to their little part of the square. So that they have a college fund or whatever you wanna do. It's up to you. You're not necessarily required to do that. But when those payments become due, that square is only gonna get larger after interest starts accruing. And you are gonna not be able to contribute to those other things. In fact, maybe you have to take from him. Maybe you have to take from the emergency fund. Or start pulling out of the house a little.

• 32:20Caleb Hammer?

  And again, on here, we had literally three thousand three hundred one dollars of purchases. Three thousand three hundred dollars of purchases.

• 32:29Speaker 01

  Well, it's Christmas time too.

• 32:30Caleb Hammer?

  Your Christmas. It's not. You're a few weeks away. Christmas time.

• 32:36Speaker 01

  So how are?

• 32:36Caleb Hammer?

  Thanksgiving time.

• 32:38Speaker 01

  That wasn't. Okay, I shop early.

• 32:40Caleb Hammer?

  You don't have money to shop. I don't get that. I think. Yes, I you can get gifts for your kid. We could do that and you can it's they're three. They're four. They barely know what's going on. They're just stumbling and through existence right now. They don't know what's happening in life, you know?

• 32:58Speaker 01

  He definitely knows what's happening.

• 32:59Caleb Hammer?

  In life, he doesn't. You can get him some bull toys and he would be happy.

• 33:04Speaker 01

  I got him a tent.

• 33:05Caleb Hammer?

  You could. Well, that's. Yes, that's what you did. I'm just saying for a four year old, you could get. Honestly, oh, for for kids, a lot of times for kids, saying as a, you know, a very successful parent myself. Uh, a lot of times for kids, though, sometimes it's just about opening, you know? If you just get them, you could get them dollar store toys, but if they can open a thousand things, I feel like they're having the best time, best Christmas ever. Not a big tent. It'll be cool. It'll create cool experiences, but you could do Christmas on the cheap. The $3,000 that you spent on there, that just even sitting in, uh, if I take that, let's pretend I put my child's fund in my Mu Mu investing app.

• 33:51Caleb Hammer?

  That gets 8% return on its money. Literally just putting it in there uninvested, it gets 8% on the money. That could go towards his future, but instead he's getting a tent. What happened? Why was a whoopsie? Were you guys together and then we were just like, oh, we're not together anymore?

• 34:10Speaker 01

  Kind of.

• 34:12Caleb Hammer?

  I asked two different things. What, which one was the answer?

• 34:15Speaker 01

  It was both. Both.

• 34:20Caleb Hammer?

  It was dating and a hookup?

• 34:21Speaker 01

  We met on Instagram. He was gonna be my personal trainer. Um, we became friends and um, I got pregnant six months later.

• 34:32Caleb Hammer?

  So the friendship uh, was very successful. It was a very fruity friendship.

• 34:37Speaker 01

  We were together for a year after I had him.

• 34:39Caleb Hammer?

  Okay.

• 34:39Speaker 01

  Um, and it just.

• 34:40Caleb Hammer?

  He gave you a, in his training, he gave you lots of stretches.

• 34:44Speaker 01

  You could say that, yeah. But now we're, now it's good. Like, we were together for a whole year and now we're really successful at co-parenting and.

• 34:53Caleb Hammer?

  That's good.

• 34:53Speaker 01

  A really good relationship.

• 34:55Caleb Hammer?

  I'm happy to hear that.

• 34:55Speaker 01

  Yeah.

• 34:56Caleb Hammer?

  Okay. Raising, what co-parenting? You said you have full custody.

• 34:59Speaker 01

  I do have full custody.

• 35:01Caleb Hammer?

  Okay.

• 35:02Speaker 01

  But he gets him like a couple of days a week or he, I mean, we don't have anything set up through the court. If he wants him, he'll text me and say, hey, can I have him this weekend? Or I'll text him and say, hey, I'm doing this. Can you um, keep here? Da, da, da, da, da.

• 35:16Caleb Hammer?

  Okay. Raising Canes.

• 35:18Speaker 01

  Yeah.

• 35:18Caleb Hammer?

  Wendy's. Tik Tok. Tik Tok. Are you kidding me? Sheen? And Timo makeup? TJ Maxx, American Eagle, frozen custard. This isn't debt consolidation. This isn't things helping our future. This is going out, you need raising canes, juice and smoothie. Seven Brew, Little Caesar's Taco Bell.

• 35:47Caleb Hammer?

  Uh, G D P de Juve, I don't know, it looks like a restaurant. Jimmy John's, Seven Brew, Dunkin', Dunkin', Peruvian Mexican Restaurant, Texas Roadhouse, Seven Brew, what the fuck is Seven Brew? You go there every second of your life.

• 36:02Speaker 01

  I live on coffee. I have to have a coffee to get today.

• 36:05Caleb Hammer?

  Okay, great, brew it at home. Wonderful, you figured it out.

• 36:08Speaker 01

  It's not the same.

• 36:09Caleb Hammer?

  Uh, no, you're right, it's better, you get good beans, and it's still cheaper.

• 36:13Speaker 01

  But then I have to buy something to brew it.

• 36:16Caleb Hammer?

  And it's cheaper.

• 36:19Speaker 01

  I need convenience sometimes.

• 36:21Caleb Hammer?

  It's convenient, set it to brew before you wake up. Even a Keurig is cheaper and it's beyond convenience. What are you talking about? You're having to stand in a line and pull out a wallet. The fuck do you think convenience is?

• 36:31Speaker 01

  Seven Brew, you literally just drive through, you pull up, you order, you drive through.

• 36:35Caleb Hammer?

  Behind a car.

• 36:36Speaker 01

  Two seconds, no, like it literally takes two seconds.

• 36:38Caleb Hammer?

  Okay, you know it takes zero seconds? You wake up and the coffee's already brewed, because you set up the night previous.

• 36:45Speaker 01

  So, no, no, I want to drive through.

• 36:49Caleb Hammer?

  Hey, how about you wanna fucking retire or be successful in some way whatsoever? Listen, you, you are in the mindset, I, this is very clear from the way you've kinda talked about what you wanna fucking do, is that you want to be in that, not necessarily fire, but financial independence in general. You wanna have that, like, what's your plan with these houses? You're, you're, you're, you're in the real estate world, you're starting to think about, you already have two houses, what's your grand vision here?

• 37:14Speaker 01

  Um, I would like to be able to do real estate part-time and just make money from my investment properties.

• 37:22Caleb Hammer?

  But instead, going to coffee every second of our life and shoving it down our throat is more important? I'm not an anti-Starbucks person, anti-go-get-coffee, you literally have debt destroying you, don't have an emergency fund, and nothing to cover this house if anything were to go wrong.

• 37:39Speaker 01

  I don't plan on anything going wrong.

• 37:41Caleb Hammer?

  Nope. What do you think an emergency is? Oh my, are you kidding me? No one does. No one plans on their car breaking down. What are you talking about? Do you plan on, people planning on getting cancer? What are you talking about? You're not going to get to that level of the independence you want if you're blowing it all. And it's not just about the Seven Brew Coffee Place. Again, it's the Pulp Smoothie, Fairy Tale Film, Ohio. Marshalls sushi.

• 38:06Speaker 01

  Are for work. Some of them might get reimbursed.

• 38:08Caleb Hammer?

  Sushi reimbursed through the business?

• 38:11Speaker 01

  Yeah.

• 38:11Caleb Hammer?

  The, the, your brokerage?

• 38:12Speaker 01

  Yes, like the fairy tale.

• 38:14Caleb Hammer?

  Well, that one. Okay, great. Fairy tale. Great. One out of the a thousand we talked about.

• 38:18Speaker 01

  Some of the food too.

• 38:19Caleb Hammer?

  Marshalls sushi, Seven Brew, Central Pike Coffee, Olive Garden, Tim Hortons. I do miss Tim Hortons. Seven Brew, Lobby, Hobby Lobby, Wendy's, Seven Brew, Panda Express, Seven Brew, Bush Concessions, Juice and Smoothie, Coffee Cup, Longhorn Steakhouse. Dude, you're going out to eat every second of your life. Every day you are going and getting coffee. You're getting coffee every day and you're going out to eat every day. Thousand dollars a month. A fifth of your income going out to eat, a fifth of your income is going down to something that is not even lasting more than five minutes. Seven Brew, Longhorn Steakhouse, Bath Time.

• 39:04Speaker 01

  I didn't think I was spending that much.

• 39:05Caleb Hammer?

  Well, guess what you are. So congratulations. What? I don't, well, it doesn't matter what you think you are. That's the point. That's what I'm trying to say. Dunham's, Seven Brew, sushi, Texas Door House, Wendy's, Olive Garden, Coffee House, Seven Brew, Seven Brew, Hobby Lobby, Seven Brew. You're going clothes shopping every four seconds, every four seconds. Want a little sweater?

• 39:32Speaker 01

  I don't like to wear the same thing twice.

• 39:34Caleb Hammer?

  Are you kidding me? But you want to live off a sustainable income through rent, rental real estate? Yet you would rather not wear the same thing to, not wear the same, what are you talking about? Every outfit that I've worn on the show until I got this brand new sweater. I've worn the same outfit for like two and a half years. Cause who gives a, I care about the priorities in life.

• 39:59Speaker 01

  It's a bad habit and I don't like to wear the same thing twice and

• 40:03Caleb Hammer?

  What do you do with your clothes?

• 40:05Speaker 01

  Um, I give them to my siblings and we kind of like rotate clothes. So like

• 40:10Caleb Hammer?

  You seriously buy an outfit once and you pass it along?

• 40:12Speaker 01

  I mean, I don't necessarily just wear it once, but I don't want to wear something and then if I get pictures in it or like I go to an event and I wear something, I won't wear it again. So like my grandpa's funeral, the dress I wore, I won't wear that ever again.

• 40:29Caleb Hammer?

  Well, that's that, well, that's that.

• 40:31Speaker 01

  But it's the same concept for everything.

• 40:33Caleb Hammer?

  That, but not that. That is not a wedding dress. That is not a funeral dress. That's an event thing. That, this is not an event thing.

• 40:41Speaker 01

  But if I get pictures done, so if I get headshots done in an outfit, I won't wear that in another headshot.

• 40:46Caleb Hammer?

  But what about your damn future? The future that you desire? Which one's more important? That or having a wet shirt twice?

• 40:52Speaker 01

  I mean, my future is more important.

• 40:54Caleb Hammer?

  Then prioritize it. This spending on here is insane. Again, literally, we went through this. This was all bullshit. $3,300. You're willing to spend $3,300 on bullshit.

• 41:08Caleb Hammer?

  Longhorn Steakhouse, Door Dashing, Bob Vang, Seven Brew, Frozen Custard, Seven Brew, KFC. And then you had your consolidation fee in here, which was not cheap, $128.

• 41:24Caleb Hammer?

  And no, it wasn't $6,000. You fucking liar. It was $4,200. So less than half of this card was consolidation. Don't fucking lie. Don't come to the table and lie. We don't get, we don't get to the other end of you are bullshit. You do not get to a place of progress if you're bullshit.

• 41:42Speaker 01

  Does it say it was only $4,000?

• 41:43Caleb Hammer?

  Yes, $4,200.

• 41:45Speaker 01

  When was the date?

• 41:48Speaker 01

  What was the date of that 4,000?

• 41:50Caleb Hammer?

  I don't know, but I do know that this expires in less than a year from now.

• 41:57Caleb Hammer?

  Which means with this $10,300 in the

• 42:03Caleb Hammer?

  You've got about nine months to pay it off, really? You've got to put $1,444 towards it without spending on it. I know you put a little money towards the card, but you spent more. What's the deal with predicting the future of business? Inflation's up, then it's down. Rates are cut, then they're raised. It's like trying to follow the plot of a bad soap opera. If someone could just invent a business crystal ball already, that'd be wonderful. But until that happens, today's sponsor, NetSuite by Oracle, is the next best thing. Over 40,000 businesses have future-proofed their operations with the number one cloud ERP. NetSuite combines accounting, financial management, inventory, and HR all into one seamless platform.

• 42:48Caleb Hammer?

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• 43:31Caleb Hammer?

  Again, that's netsuite.com/hammer. Thanks to NetSuite for sponsoring today's episode. Now, let's get back into it. If you just do the minimum monthly payment on this card, it takes 22 years to pay off. You have to go aggressive. What?

• 43:54Caleb Hammer?

  What?

• 43:55Speaker 01

  I feel like I could pay it off.

• 43:57Caleb Hammer?

  Then why aren't you?

• 44:00Speaker 01

  Because I just like to spend money. It's like my guilt, like if I'm having a bad day or if I'm doing something like I just.

• 44:07Caleb Hammer?

  I like to spend money too. Wonderful. Great. Cool.

• 44:09Speaker 01

  How do I, how do I come back?

• 44:10Caleb Hammer?

  You prioritize. You act like an adult. You budget. What are you talking about? You actually know what you spend on. You didn't even know you're spending more. You didn't even know that you're spending more than you make. You didn't even know how much you spent on food. You didn't even know how much you spent on outfits.

• 44:23Caleb Hammer?

  It's literally just tracking it. It's the most basic thing you do at the end of the month. Again, you'll go through the class, but still. You just prioritize. I like spending money too, but I decide, hey, I'm not gonna get whatever this toy is or something that is fun. Because I have goals that I am trying to hit. I would rather have more money in the business because I wanna grow the business. I would rather do that because that's my priority. You recognize your priorities and what do you have to cut to get there? What sacrifice do you have to take? You don't get somewhere without taking sacrifices. If everything was like that, the life would be the easiest thing in the world. There'd be no problems, but that's not the world we live in. So you have to make choices and the choices are right now, even though yes, you do wanna hit those goals.

• 45:03Caleb Hammer?

  You want to go get coffee and new clothes every day more than you wanna hit those goals. Those are your top priority goals. Because that's what your actions are saying. That is where your money is going. That's what you're going out every day and doing.

• 45:22Speaker 01

  That was heavy.

• 45:24Speaker 01

  Seven.

• 45:25Caleb Hammer?

  As long as it's actually going through, that's all that matters. Alright, Huntington.

• 45:31Caleb Hammer?

  Cash advance.

• 45:33Speaker 01

  I've never taken a cash advance.

• 45:35Caleb Hammer?

  But it's under cash advances. There was this, well, well, okay, what, what happened on this card? Tell me what happened on this damn card. You say you pay off the cards and there's no interest. This is, this is, this is the whole thing. This is the whole thing of interest.

• 45:49Speaker 01

  I don't have a Huntington credit card, so that's must be like my line of credit. So I took out a line of credit on my first house.

• 45:58Caleb Hammer?

  On your first house? What? For what? What did you do? For what? Not for the renovations?

• 46:04Speaker 01

  I don't remember.

• 46:06Caleb Hammer?

  No, you have to remember.

• 46:07Speaker 01

  I think it was to pay off uh credit card debt.

• 46:11Caleb Hammer?

  But it's, then your credit cards went up. Again, you need not change the behavior. You need to stop taking shortcuts. It's for some, I, I encourage that consolidation if you take care of it first, your behavior.

• 46:26Speaker 01

  I guess I don't remember consolidating multiple times. I think I just blackout when I spend some time.

• 46:31Caleb Hammer?

  You don't remember, this is.

• 46:32Speaker 01

  No, I think I blackout. I blackout when it's like.

• 46:34Caleb Hammer?

  Lady, this is at eleven thousand seven dollars. You can't just forget eleven thousand seven dollars. Something accruing fif- a hundred fifteen dollars in interest a month. That is not something we just forget.

• 46:48Speaker 01

  Yeah, it was like a year and a half ago that I took it out.

• 46:52Caleb Hammer?

  Yeah, but I still get it. It's under fifteen. I know.

• 46:55Speaker 01

  I mean, I pay every month.

• 46:56Caleb Hammer?

  Yeah, cuz you have a setup on auto pay. But you're not trying to make any towards progress towards that. Any return on your investment in this house is not better than the thirteen point nine percent interest on here. It is not, real estate does not do that. Real estate is great for tax advantages. It's good for long term. You get a little bit of growth. The rent goes up eventually, you know, depending on what you choose to do as a owner and landlord. But you're not getting better than that on an annual basis averaged out. So you would prioritize paying this down. That's why I'm against you having this extra house or anything until this is down. I'm not the, oh, you really have to be a hundred percent debt free and buy a house with cash. I'm not like that, but you gotta make the math make sense. The math ain't making sense right here.

• 47:38Speaker 01

  It was.

• 47:39Caleb Hammer?

  It's not.

• 47:40Speaker 01

  Not now.

• 47:41Caleb Hammer?

  Well, now's what matters. Cuz you could get rid of the house. You could pay for it, maybe, according to you. We'll see. I need to take a look at it. So this is a personal loan. Or it's a line of credit?

• 47:52Speaker 01

  It's a line of credit.

• 47:53Caleb Hammer?

  Based on the house?

• 47:53Speaker 01

  Yeah.

• 47:57Caleb Hammer?

  Okay.

• 47:59Caleb Hammer?

  Okay, so you owe eleven thousand, you took it out a year and a half ago, it's at eleven thousand seven dollars and nine cents, minimum monthly payment.

• 48:08Speaker 01

  I think when I took it out, it was like sixteen when I took it out.

• 48:13Caleb Hammer?

  It's a hundred fifteen dollars seventy-three cents, it's gonna take forever to pay off. What, that's gonna take forever to pay off? Wait a minute. Wait, wait, wait, the minimum. They want you to never pay this off. Your minimum monthly payment is as much as the interest. This never gets paid off without paying extra.

• 48:33Speaker 01

  I do pay extra.

• 48:34Caleb Hammer?

  Yeah, you paid a couple dollars extra. But essentially, but the minimum, that's the same, that's crazy. They never want you to pay this off. Oh, for fuck's sake.

• 48:48Speaker 01

  I mean, I'm going to pay it off though, but...

• 48:51Caleb Hammer?

  Nah, I, sure, I appreciate the confidence. That's not how the world works, it's not, you don't just say something and it happens. It's not how it works, you gotta put in the action.

• 49:04Caleb Hammer?

  You've paid off credit cards, sure, cuz you've consolidated them, taken out lines of credit, you've never put in the action to actually pay it off. Oh my gosh, you've actually never, you actually haven't accomplished anything. You haven't. Again, with the block analogy, you're just putting it all on credit cards, so really, you weren't actually putting anything extra towards investing. All the interest rate is killing all those investments, by the way, it's not even close, it's not even comparable, you're losing. You didn't pay off credit cards, you consolidated and took out cash against your house. You haven't made progress, you're not being successful, you're not, you're having the, the, um, just like...

• 49:40Caleb Hammer?

  I don't know.

• 49:44Caleb Hammer?

  Like the mirage of success.

• 49:46Speaker 01

  I think I'm being successful. In my head, I'm successful.

• 49:50Caleb Hammer?

  Of course, but you're not, you're not, money-wise, you're not. Like, it's not making it out in the end. You also can't manage credit cards, again, cuz of this other one, here's this other one as well.

• 50:03Caleb Hammer?

  This is a fees. I see fees sixty dollars this year, so that's making it go up. In general, if you're just doing them in a monthly. But again, here's another credit card where interest is accruing. You actually paid a decent chunk of payment towards it. You could have paid it off. Then you chose not to by putting an extra two hundred fifty-four dollars on it. And allowing fourteen dollars and fifty-three cents of interest to accrue. Like, why? You could pay this off and you're not. You're allowing interest to, you're allowing interest to happen. Why? Cause it is so choice. It is so choice.

• 50:32Speaker 01

  I was just choosing what card to pay. So I was just paying like different cards and I didn't pay that one.

• 50:38Caleb Hammer?

  What do you mean? You did pay. You just didn't pay it off.

• 50:41Speaker 01

  Completely.

• 50:42Caleb Hammer?

  But why? Why allow interest to? Why allow interest to accrue?

• 50:53Caleb Hammer?

  Okay. I'll ask it a different way. Why'd you decide to put it in the other places instead of this?

• 50:59Speaker 01

  Um, I was paying them based on how much interest was accruing. So if it was a higher interest card, I would pay that balance.

• 51:07Caleb Hammer?

  So avalanche, but why in that case, the debt payment strategy doesn't make sense?

• 51:12Speaker 01

  Because I keep spending.

• 51:14Caleb Hammer?

  Yeah, cause you keep spending. Well, no, not only just because you don't keep spending, but you still put more than the minimum to payment on this. If you were trying to take care of the highest interest first, all your money would go towards them and just minimum to payment on everything else. But you're still putting more than the minimum on everything we've seen so far, but of course you're gonna spend and get it all anyway. But that's not how the avalanche or debt snowball method works.

• 51:34Speaker 01

  I guess I was trying to combine them.

• 51:35Caleb Hammer?

  Well, no, you weren't, because neither of them do what you're doing. So you're anti combining them. You're doing the opposite of what they both say. So I don't know what the you're talking about. No. You're trying your own method. You're trying Rebecca plus.

• 51:51Speaker 01

  Yeah, and it was working for a while, but it's.

• 51:54Caleb Hammer?

  Incorrect. No, it wasn't. Your debt's only gone up. You consolidate. You have the perception of it working. It is not. Uh huh, but it is not. I need you to know it is not. You cannot say that it is. You, I can't allow you to think that.

• 52:14Caleb Hammer?

  $487.49 with a $25 minimum monthly payment. $14.59, 53 cents of interest is occurring. You're not a credit card person. What the resources we'll set you up with will get you the FIS card, which is the debit card that builds credit. Cause I assume you care about the credit part so that you can leverage. What's your credit?

• 52:34Speaker 01

  My credit score?

• 52:35Caleb Hammer?

  Yes, the thing we're talking about. It's fine. Yeah, yeah, yeah. It's pretty good. It's pretty good. But you're not a credit card person. You don't know how to use these. So use the FIS card. I'm also gonna get you a, if you're gonna run your own business like this. Take the, go through the account, accounting certification through Course Careers. Usually most people use it to like boost their resumes and to get better incomes. But you need to do it for the educational part specifically. So you can manage your damn business and accountant life. Take their accounting one for you. Okay?

• 53:03Speaker 01

  All right.

• 53:04Caleb Hammer?

  Well, okay, first of all, what's Mont, Monat, Monat Global Corp?

• 53:09Speaker 01

  Um, that was hair products, but it, it was.

• 53:14Caleb Hammer?

  Your hair looks fine.

• 53:15Speaker 01

  Well, now it does, but it was set up to bill monthly, but I canceled it. I didn't know, like, I didn't know.

• 53:21Caleb Hammer?

  Yeah, but $150 for that?

• 53:23Speaker 01

  No, I returned all that stuff because.

• 53:25Caleb Hammer?

  I don't see it.

• 53:26Speaker 01

  Well, it's not there yet.

• 53:28Caleb Hammer?

  And then Papa John's and Primal Queen.

• 53:32Speaker 01

  Primal Queen is a supplement that I take.

• 53:34Caleb Hammer?

  How often? 52 bucks is a lot.

• 53:36Speaker 01

  It's a whole month. It's like.

• 53:38Caleb Hammer?

  What are you supplementing? That's a lot for a month.

• 53:40Speaker 01

  Beef organs.

• 53:43Speaker 01

  So like it's.

• 53:43Caleb Hammer?

  Do you not have organs?

• 53:45Speaker 01

  No, I do have organs, obviously, but. No, they like grind them up and it's supposed to be really good.

• 53:53Caleb Hammer?

  You need additional iron? Like, what are you struggling with?

• 53:56Speaker 01

  Yes.

• 53:56Caleb Hammer?

  Take irons and things for like $5.

• 53:59Speaker 01

  I'd like to do stuff more holistically than.

• 54:02Caleb Hammer?

  No, you like to spend money you don't have.

• 54:05Speaker 01

  No.

• 54:06Caleb Hammer?

  You literally do. You spent $2,000 more than you brought in. What the fuck are you talking about?

• 54:11Speaker 01

  Okay, I like.

• 54:11Caleb Hammer?

  You already go to fuck burger shops every day of your life. Every day you go to fast food, you are getting beef.

• 54:19Speaker 01

  Yeah, but that's not real.

• 54:21Caleb Hammer?

  Well, it is.

• 54:23Speaker 01

  Not really.

• 54:24Caleb Hammer?

  Yes, it is meat. What are you talking about? Maybe you're not getting the specific nutrition you're looking at, but you can't say it's not real meat.

• 54:31Speaker 01

  Yeah, I'm not getting the nutrition that I need.

• 54:33Caleb Hammer?

  I get it. Do you have to go about it a stupid expensive way? Because I know you could do it in a cheaper way.

• 54:37Speaker 01

  Yeah, I mean, no, I don't need to, but I do. And I don't know.

• 54:41Caleb Hammer?

  What are you trying to be Liver Queen? What is happening?

• 54:43Speaker 01

  Maybe. One day. I don't know. Maybe I want to.

• 54:47Caleb Hammer?

  What, you want your second kid to come out with a beard?

• 54:51Speaker 01

  Maybe.

• 54:52Caleb Hammer?

  Twenty-three point nine-nine percent interest rate on this.

• 54:58Caleb Hammer?

  Like, I don't know why would you would allow a balance to just sit on there? Or the way you're doing it is super confusing anyway. Almost three hundred dollars of interest accruing this year so far.

• 55:09Speaker 01

  Yeah, I don't look at that, though. Like, that's what, that's why I thought I was being successful, because I guess I didn't look at that stuff.

• 55:15Caleb Hammer?

  No fucking shit.

• 55:19Caleb Hammer?

  Why not look?

• 55:20Speaker 01

  Because now I have a son in a future.

• 55:23Caleb Hammer?

  I've had a son for four years. Why aren't you looking? Now I have a son?

• 55:29Speaker 01

  No.

• 55:29Caleb Hammer?

  No, four years ago's a bit. Life changes a lot in four years.

• 55:34Speaker 01

  It does. And the first couple of years, I didn't quite.

• 55:37Caleb Hammer?

  Why aren't you looking at your numbers now?

• 55:40Speaker 01

  Because I don't want to be in debt forever. So I'm trying to get out of it.

• 55:47Caleb Hammer?

  Does that, are we able to comprehend what you literally just said?

• 55:51Speaker 01

  Yeah, I don't want to be in debt.

• 55:52Caleb Hammer?

  I don't want to be in debt forever, so I don't look at my numbers. What the are you talking about? How does that make sense? How does, how does A get to B in that scenario? Or B to A?

• 56:04Speaker 01

  They jumped across the road.

• 56:06Caleb Hammer?

  No, how did?

• 56:08Speaker 01

  I don't know. I didn't look at it before, and I'm looking at it now.

• 56:11Caleb Hammer?

  No, you're not. You spent two thousand more than you brought in, and you did not know that. You spent a thousand dollars on fast food, you did not know that. No, you are not. This is not considering looking at it now, me showing you. Why are you not looking? Okay, you want to get out of debt. How does not looking at your numbers help you get out of debt? Please explain that philosophy, this grand wisdom.

• 56:31Speaker 01

  I don't know. It's kind of like the blind leading the blind type of thing.

• 56:33Caleb Hammer?

  But it just.

• 56:34Speaker 01

  If I didn't look at it, it wasn't existing, and then I would just pay and.

• 56:39Caleb Hammer?

  Just pay, you're not just paying though. Again, we have interest accruing on two accounts. The other one, you have to pay a hundred or a thousand one hundred fifty on a monthly basis, or else it will accrue interest.

• 56:52Speaker 01

  Yeah.

• 56:56Speaker 01

  I don't know. I guess I just need to.

• 56:59Caleb Hammer?

  I want, no, just, I'm just trying to get in your brain a little. When you're going about your life, you're thinking about your money. What do you think is preventing you from looking at your accounts? You are making an active choice, even if like super conscious or not. You are not looking. Why do you think, based on everything you know about yourself?

• 57:22Speaker 01

  Cause if I don't look at it, it doesn't exist.

• 57:24Caleb Hammer?

  But that's not true. You're seeing the consequences. And if you see, you're seeing the consequences regardless. Like your debt to income might be, you might have a good credit score, but you might not get approved for another piece of leverage if you want a third property or a second secondary property with your debt to income ratio. You might not get it.

• 57:43Speaker 01

  I didn't think it was that bad. I thought I was doing good.

• 57:46Caleb Hammer?

  And that's what happens when you don't look and then you can't hit your goal. So guess what? Not looking isn't working.

• 57:53Speaker 01

  It was for the moment, but now it's not.

• 57:55Caleb Hammer?

  When was it working? No, it wasn't. It was kicking the can down the road. You don't know what working is. This is what is so dangerous about your philosophy. This is what's so concerning about this conversation. Are you not getting that? Okay, so, uh, there's a five hundred sixty one dollar balance on this card. Do you pay this off every month? Cause it was paid off this time. Well, let me see. No, interest is accrued and fees. You've actually had a late payment on this card this year. So I'm just gonna put that debt down. Yeah, with a five hundred sixty one dollar balance. Now you probably, again, you paid this off last month. But again, you've had interest accrue this year and a late fee accrue this year. And again, is it necessary purchasing anyway?

• 58:37Caleb Hammer?

  First of all, what's the coaching? Let's start there. Is that, are you trying to get another coach?

• 58:41Speaker 01

  No.

• 58:42Caleb Hammer?

  Sorry, that was a trainer.

• 58:44Speaker 01

  That is like to.

• 58:46Caleb Hammer?

  Is that your version of dating? Going to find, do you find a nutritionist next?

• 58:49Speaker 01

  No, that is to help with my real estate business. Like I have a real estate coach who helps guide me through the business, like through transactions and all of that.

• 58:59Caleb Hammer?

  I'm okay with it on certain things like again. But what concerns me about coaching is I've just seen so many scams out there and it's so hard to wade through what's right and wrong. How much do you think you're really getting from this? Can you tell me?

• 59:11Speaker 01

  Um, I am getting a lot from that. I scanned through quite a few coaches and that's the first one I've ever bought.

• 59:18Caleb Hammer?

  Realtor, uh, Realtor com?

• 59:22Speaker 01

  That's to pay for leads, like to get, to get business.

• 59:26Caleb Hammer?

  Is that Realtor.com?

• 59:27Speaker 01

  Yes.

• 59:27Caleb Hammer?

  Is that what that is? Yeah, yeah, yeah. Okay, you're paying my friend's salary. That's fine. Huh.

• 59:34Speaker 01

  I mean, I've got a few closings from it. So like I do track some of my back business where that what I pay monthly has been paid off by what I get in. Um, so I am up on, I am up on that.

• 59:50Caleb Hammer?

  Well, that's a basic minimum requirement. Would it not be?

• 59:53Speaker 01

  Yeah. I mean, some people don't. There's a lot of people that-

• 59:55Caleb Hammer?

  Then they need to quit and find another career path.

• 59:58Speaker 01

  Yeah.

• 59:59Caleb Hammer?

  And then we went to Beesthetic and Amazon and App, we have an Apple bill or Apple payment, Hulu, uh, another Apple bill, Apple payment, Apple bill, Apple payment. What are you doing? What are all these, are these in-app purchases?

• 1:00:12Speaker 01

  No, that card is strictly just for reoccurring. Like that card I only use for if it's reoccurring every month. So every month-

• 1:00:20Caleb Hammer?

  Is it FitnessTrainersMeat.com?

• 1:00:22Speaker 01

  No, it's like BB aesthetic and so that's-

• 1:00:26Caleb Hammer?

  BB aesthetic?

• 1:00:27Speaker 01

  BB aesthetic is where I get my lips done at.

• 1:00:30Caleb Hammer?

  Your what?

• 1:00:31Speaker 01

  My lips.

• 1:00:32Caleb Hammer?

  Your lips what?

• 1:00:33Speaker 01

  Get my lips done, like lip injections.

• 1:00:35Caleb Hammer?

  So, cool. Yeah, that's more important than your kid's future.

• 1:00:37Speaker 01

  Apple, Apple is like my Canva and stuff I use for my business. So those, everything on there besides BB aesthetic is really like tax write offs.

• 1:00:45Caleb Hammer?

  You just walk by every gym, just duck face, oh, the windows looking in, hoping a trainer's just like-

• 1:00:50Speaker 01

  I don't even have a gym membership. So-

• 1:00:53Caleb Hammer?

  No, I know. You're hoping a trainer would come find you. That was the joke.

• 1:00:55Speaker 01

  Hmm, it wasn't funny.

• 1:00:56Caleb Hammer?

  Walking away, you're going, hmm.

• 1:00:58Speaker 01

  Yeah.

• 1:00:58Caleb Hammer?

  Duck face all the time. They look okay right now, but they always look so bad right after injection.

• 1:01:03Speaker 01

  I only get them done once a year. I don't do them religiously. Yeah, so it's-

• 1:01:09Caleb Hammer?

  Pull up your subscriptions, let me see.

• 1:01:12Speaker 01

  Like, I mean, I just-

• 1:01:13Caleb Hammer?

  You not know how to pull up your subscriptions?

• 1:01:15Speaker 01

  No.

• 1:01:16Caleb Hammer?

  That's the concern. Just open your phone. I'll, I'll do it for you.

• 1:01:18Speaker 01

  Like in the settings?

• 1:01:20Caleb Hammer?

  I'll do it for you. Just open your phone.

• 1:01:24Caleb Hammer?

  It's a good picture. That's definitely a realtor picture. You look like a realtor. Every realtor looks exactly the same.

• 1:01:31Speaker 01

  That's kind of offensive.

• 1:01:33Caleb Hammer?

  No, it's true. Come on. Blonde hair, lots of makeup.

• 1:01:36Speaker 01

  A lot of makeup and blonde hair, that does not make you a realtor.

• 1:01:40Caleb Hammer?

  Look at every brokerage and then, oh, look at every realtor show. And buying New York, buying LA.

• 1:01:48Speaker 01

  Buying Zanesville.

• 1:01:49Caleb Hammer?

  See? Okay. No, you have one, two, three, four, five, six subscriptions on here. So you don't even know. Apple Music, Canva, CapCut, Lens AI. I didn't know people paid for that. I thought that was like a fun, one-time thing that everyone did for a second. Lively Cycle Period Tracker. Doesn't the Apple, uh, isn't that free in the health?

• 1:02:08Speaker 01

  No, I don't know. So two of them should not be active because I've canceled them.

• 1:02:15Speaker 01

  I don't know how the li- like I-

• 1:02:17Caleb Hammer?

  They're all set up for renewal.

• 1:02:18Speaker 01

  No, no, they're not. Let me see.

• 1:02:20Caleb Hammer?

  No, they literally are. And then also QuickBooks Self-employed. What you have canceled was Meta Verified on Facebook and Lose It Premium. That is what you canceled. But all these are active and ready to redo. So there you go. See? And this is why. You didn't know how to look at subscriptions. We looked at it.

• 1:02:36Speaker 01

  Yeah. The, these are not going to renew because they are canceled.

• 1:02:44Speaker 01

  It paid for a whole year.

• 1:02:45Caleb Hammer?

  No, no, it's not. You have to, I don't know if you know this, you have to-

• 1:02:49Speaker 01

  You probably don't.

• 1:02:50Caleb Hammer?

  Push the, cancel subscription button to cancel it.

• 1:02:55Speaker 01

  Can't, cancel it then because I thought I already did.

• 1:02:59Caleb Hammer?

  There you go. It's canceled. You're not knowing how to push buttons kind of person.

• 1:03:04Speaker 01

  I didn't even know how to look at my subscriptions.

• 1:03:07Caleb Hammer?

  Well, I've, you just literally have to click on subscriptions.

• 1:03:10Speaker 01

  Yeah.

• 1:03:10Caleb Hammer?

  Why would we learn something? Good. You've had more subscriptions than you thought and they're all the bullshit that you thought you canceled. Great. Okay. And this is at a 27.74% interest. So let's see, this other card again, it was paid off. Uh, because it was only $25 balance, but then you put $280 on it. Let's see. No interest has accrued on this card. So this one I'm going to count as paid off every month. And it was cold, cold, cold because we can't wear an outfit.

• 1:03:36Caleb Hammer?

  Okay, so I'm not gonna include that in the debt. And I better not cuz it's a thirty one point two four percent interest. Hey, what the fuck am I gonna hear? What is this? What is this eighteen thousand from Park National Bank?

• 1:03:47Speaker 01

  That's my car note.

• 1:03:49Caleb Hammer?

  There's a car in? Oh, there's a car. Of course, there's a car. You're a realtor. You gotta show up in a nice little car else you're gonna think whatever. I don't care. What? What? What? What is it?

• 1:03:59Speaker 01

  Uh, it's not. It's just a car.

• 1:04:01Caleb Hammer?

  What's the car?

• 1:04:02Speaker 01

  It's a Honda Civic.

• 1:04:04Caleb Hammer?

  Year?

• 1:04:05Speaker 01

  Twenty twenty.

• 1:04:05Caleb Hammer?

  Miles?

• 1:04:06Speaker 01

  Um, it's up to a hundred and twenty thousand now. Good. Now it's fixed, so it's good.

• 1:04:13Caleb Hammer?

  From what? What happened?

• 1:04:14Speaker 01

  I hit a deer.

• 1:04:15Caleb Hammer?

  Don't.

• 1:04:15Speaker 01

  Well, a deer hit me. I didn't hit a deer.

• 1:04:17Caleb Hammer?

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• 1:05:00Caleb Hammer?

  When I was just starting and didn't have an editing team to help, especially with short form, Crayo would have been the perfect tool. I've tested Crayo myself, and let me tell you, this thing saves hours. Goodbye to tequito time wasters and late nights editing. Hello to extra uploads. So stop wasting time and start creating with Crayo. Use my code HAMMER at checkout for twenty percent off, but only the first one hundred people who use my link get the deal, so move fast. Head to the link in the description and check out Crayo today. Like I said, only the first hundred users who use code HAMMER get twenty percent off. Take advantage of the deal today because I know you have better things to do than stress over subtitles. Eighteen thousand nine hundred sixty one dollars. What's your minimum monthly payment?

• 1:05:42Speaker 01

  Um, it's like four seventy, but I pay five.

• 1:05:45Caleb Hammer?

  I don't care. I just want minimum four seventy. What's your interest?

• 1:05:49Speaker 01

  I don't.

• 1:05:50Caleb Hammer?

  Come on, what's your interest?

• 1:05:52Speaker 01

  I don't know what my interest is.

• 1:05:53Caleb Hammer?

  Pull up your credit karma for me. Why couldn't you pull a statement like we've requested?

• 1:05:57Speaker 01

  I did. That is the, that's the statement I got.

• 1:05:59Caleb Hammer?

  That's not a statement. This is taking a screenshot of credit karma. Do you not know what a word statement is?

• 1:06:05Speaker 01

  That's what I got.

• 1:06:06Caleb Hammer?

  No, this isn't a statement. Do you know what, know what the word statement means? You literally took a screenshot of your credit karma.

• 1:06:15Speaker 01

  I don't know.

• 1:06:15Caleb Hammer?

  Lady, how have you survived? How do you have two homes?

• 1:06:19Speaker 01

  My car is on auto pay.

• 1:06:20Caleb Hammer?

  That's fine. I'm just saying requested a statement. Four seventy-nine is the official monthly payment. That's what's in here. Started at thirty thousand. How long's the term? Can you tell me that?

• 1:06:32Speaker 01

  My car is seven years.

• 1:06:34Caleb Hammer?

  Okay, well, you're three years in. Come on.

• 1:06:38Speaker 01

  Uh, it's up. I don't know how to find the percentage.

• 1:06:41Caleb Hammer?

  You couldn't figure out how to cancel subscriptions either, so I will do this myself.

• 1:06:46Speaker 01

  When I got it, I thought it was like eight percent. I, but.

• 1:06:50Caleb Hammer?

  Oh, this is in loans to track. Wait, what are you saying? How are you taking pictures of credit karma? But I'm not seeing things in here.

• 1:06:56Speaker 01

  I just downloaded my report.

• 1:06:58Caleb Hammer?

  Uh, credit just really bad, but that's okay. Also, hi.

• 1:07:05Caleb Hammer?

  High inquiries, counts.

• 1:07:10Caleb Hammer?

  I don't like the old version of credit karma for some reason. This is really weird. Uh, okay. And it's Park National. That's your car. Let's see. Four seventy-nine, seventy-five months, and knows it's a fixed rate.

• 1:07:27Caleb Hammer?

  It's not giving me. Why couldn't you log into your fucking payment portal?

• 1:07:31Speaker 01

  Log into it.

• 1:07:33Caleb Hammer?

  What do you mean you can't log into it? You could have called. They would have sent you a statement with Park National. So we don't even know the damn interest on here. Great. That's gonna help us when we come up with a strategy.

• 1:07:41Speaker 01

  It's like eight percent.

• 1:07:42Caleb Hammer?

  That's horrible. That's what the stock market averages. Up years, down years combined across the board.

• 1:07:49Speaker 01

  It's, it's not more than eight percent. It's lower than eight percent because I remember when I went and bought it, they were trying.

• 1:07:54Caleb Hammer?

  Okay, what is this seventy-eight thousand one hundred seventy-six?

• 1:07:57Speaker 01

  On what?

• 1:07:59Caleb Hammer?

  A debt.

• 1:08:03Caleb Hammer?

  You kidding me? You don't owe 79,000?

• 1:08:06Speaker 01

  That's my first house.

• 1:08:07Caleb Hammer?

  What a cheap house. How much was the house?

• 1:08:09Speaker 01

  Um, when I bought it, it was like 85,000. I told you, I flipped it.

• 1:08:15Caleb Hammer?

  Well, it's a town I've never heard of. That's why. And I'm from the neighboring state. My gosh, that's crazy.

• 1:08:19Speaker 01

  I got it really cheap because I did work to it. And now it's worth like 170 or 180,000.

• 1:08:24Caleb Hammer?

  Have you had that appraised?

• 1:08:25Speaker 01

  Yes.

• 1:08:26Caleb Hammer?

  Really?

• 1:08:26Speaker 01

  Yes.

• 1:08:27Caleb Hammer?

  Okay. When did you have it appraised?

• 1:08:29Speaker 01

  Um, it was appraised before I took out.

• 1:08:32Caleb Hammer?

  When did you get it appraised?

• 1:08:34Speaker 01

  The year and a half ago when I did the line of credit.

• 1:08:37Caleb Hammer?

  Your house value has gone down since then?

• 1:08:38Speaker 01

  No, it has not.

• 1:08:39Caleb Hammer?

  It definitely has.

• 1:08:40Speaker 01

  The house across the street literally just sold, like, I do comparisons on it in case I want to sell it. So I know I could at least sell it for 160, 100%.

• 1:08:49Caleb Hammer?

  I'll take your word on it. I'd be really surprised if that is the only market in the United States that has stayed stable for a year and a half. But okay, monthly payment?

• 1:08:59Speaker 01

  620, 650. It's like 650 on that house.

• 1:09:02Caleb Hammer?

  Well, I'm happy with the equity position. Dude, even if you sold it for 125, it's still good.

• 1:09:06Speaker 01

  Yeah. So. I mean, I would not sell it for 125 because the goal is if I want to sell it, it would pay everything else off.

• 1:09:16Caleb Hammer?

  But don't do that. Have we not learned from the consolidation? If you do not change your behavior first, your debt just gets worse again. You need to correct your mistakes and only then can you take a shortcut. Do not take a shortcut until you correct your behavior. You're gonna fuck yourself and then you're not gonna have any equity in the home anyway. So you'll pay off all your debt with this, then you'll blow through the money, then your debt will go up, and then you'll have nothing to pay it off with.

• 1:09:37Speaker 01

  Right.

• 1:09:37Caleb Hammer?

  So don't. Okay, what is this, uh, 10,000? Is that the thing we already looked at?

• 1:09:43Speaker 01

  Yeah, that's the line of credit.

• 1:09:48Caleb Hammer?

  Mr. Cooper.

• 1:09:49Speaker 01

  That's my current house.

• 1:09:51Caleb Hammer?

  Gosh, it's so cheap there. My gosh. 142,000. That's basically a down payment in Austin.

• 1:09:57Speaker 01

  I mean, I put a large down payment on it.

• 1:09:59Caleb Hammer?

  What's a large?

• 1:10:00Speaker 01

  About 10,000 dollars. That's large for our area.

• 1:10:04Caleb Hammer?

  I know, I know. It's a crazy area. It's a very good, like, wow, guys, if you wanna get a house, go there. Apparently. I don't know what the job market is. Usually cost of living is associated with that, and so is all this, but whatever. Okay, house and your monthly payment there is a thousand one hundred eighty-six dollars and thirty-five cents. How's the rental market? Not that I trust you, but.

• 1:10:28Speaker 01

  It's decent. Um, a lot of people are renting. Rent is anywhere from eight hundred to twelve hundred, depending on what side of town you're in.

• 1:10:37Caleb Hammer?

  But also depending on the fucking house and square footage and rooms and beds. Like, what are you talking about? That's such a general thing.

• 1:10:43Speaker 01

  Yeah. I mean, my.

• 1:10:45Caleb Hammer?

  How are you saying it's eight hundred?

• 1:10:47Speaker 01

  Because my.

• 1:10:48Caleb Hammer?

  Are you talking about the median rent?

• 1:10:49Speaker 01

  Yeah.

• 1:10:49Caleb Hammer?

  Okay, but where does your house fall in the median?

• 1:10:52Speaker 01

  My house is a two-bedroom, one bathroom.

• 1:10:54Caleb Hammer?

  So smaller.

• 1:10:55Speaker 01

  It's tinier.

• 1:10:56Caleb Hammer?

  So probably the less, like six hundred. Maybe you're charging the adequate rent. I don't know.

• 1:11:00Speaker 01

  No, I'm not.

• 1:11:03Caleb Hammer?

  How do you know?

• 1:11:05Speaker 01

  Because I look at houses in deal with rent.

• 1:11:08Caleb Hammer?

  Oh, you're in like the fucking part.

• 1:11:10Speaker 01

  Yeah, kind of. That's why I said it depends on what side of town, because a two-bedroom on one side of town could rent for twelve hundred, but a two-bedroom on the other side of town.

• 1:11:20Caleb Hammer?

  What, three streets away? This is like five neighborhoods.

• 1:11:23Speaker 01

  No, it's definitely, it's bigger than that. You go across the bridge, the Y bridge. If you're on one side of the bridge, it's the nice part. If you're on the other side of the bridge, it's the not so nice part.

• 1:11:31Caleb Hammer?

  Which one's the nice and bad, east or west?

• 1:11:33Speaker 01

  Um, north and south.

• 1:11:34Caleb Hammer?

  North and south?

• 1:11:35Speaker 01

  I think, yeah, I think it's north.

• 1:11:36Caleb Hammer?

  You don't even know your own town. Your, your river goes north and south. So east and west.

• 1:11:41Speaker 01

  So east and west, so like.

• 1:11:42Caleb Hammer?

  You're the realtor of the town. You don't know directions?

• 1:11:45Speaker 01

  I don't know north, south, east and west. I don't know that.

• 1:11:48Caleb Hammer?

  And you need to tell people about areas of towns?

• 1:11:51Speaker 01

  No, that's why we have GPS. Put it in your GPS.

• 1:11:54Caleb Hammer?

  How you describe areas of towns to people is type it in your GPS. Okay, yeah, go on. What, what area is the bad side?

• 1:11:59Speaker 01

  So it would be the west.

• 1:12:01Caleb Hammer?

  You're on the east.

• 1:12:02Speaker 01

  I, my, uh, first house is on.

• 1:12:06Caleb Hammer?

  So maybe you can't charge as much as you think.

• 1:12:10Speaker 01

  That's why I'm charging eight hundred.

• 1:12:11Caleb Hammer?

  It's only twenty four thousand people in that town. A declining population, by the way, I wouldn't be buying rental properties in declining populations. It's literally gone down approximately five percent over the past couple of decades, five, ten percent. And it's continued its decline. And no offense to Appalachia in general, it's actually a very beautiful area and lots of great history and stuff. But not historically known for the best job markets. I wouldn't be so confident on the selling or rental of the thing. I understand you do comps and maybe the person just got lucky. Sometimes people get lucky in the selling of their house across the street. But come on, it's a declining populating area in a, the most impoverished area of the country, the Appalachians.

• 1:12:51Speaker 01

  But I mean, people still always need places to live.

• 1:12:54Caleb Hammer?

  Yes, but they buy them in opportunistic areas. And clearly, people do not need extra places to live there with a declining population.

• 1:13:04Speaker 01

  It says it's declining because I doesn't, I mean.

• 1:13:07Caleb Hammer?

  I don't give a about your feelings.

• 1:13:09Speaker 01

  I mean, I understand. But I don't feel like it is.

• 1:13:13Caleb Hammer?

  That doesn't matter. What do you, that's not how this works. How are you gonna get anywhere ever?

• 1:13:20Caleb Hammer?

  Feel? That's, that's how you're getting the value of your house.

• 1:13:23Speaker 01

  I mean, more houses have sold this year than in the past, like, three or four years in that area. Just since I've been in the business.

• 1:13:31Caleb Hammer?

  You know what happens when people buy houses?

• 1:13:36Caleb Hammer?

  You know what happens? I mean, these people are selling houses too. I wonder where they're going in a declining city.

• 1:13:41Speaker 01

  I mean, everyone that I've helped sell and then move, they've all moved.

• 1:13:46Caleb Hammer?

  And we all know anecdotal is the

• 1:13:51Caleb Hammer?

  basis for reality.

• 1:13:55Caleb Hammer?

  I don't know. I'm not saying don't live in the town you love in. It's just like all this confidence of the rent numbers and the value of the house. And when you're, and statistically.

• 1:14:07Caleb Hammer?

  The declining area of the country, like the definitive declining area of the country. So they never diversified when coal was as high as it was. They never diversified. And it's also really hard because in Appalachia, you cannot build, it does not have very good arable land. So that is very difficult. It's not like the breadbasket of America. It's not even close. Um, and because there is less flat line, it's also harder to build manufacturing in general. It's a very difficult area. You can't build server farms for more modern technology. It is very difficult, even if you're producing green technology. That's what a lot of people on like, uh, certain political ideologies like they're like, oh, it's invest in green energy to make up for the loss in coal production for there. But it's really hard to invest in that area because in order to build windmills

• 1:14:50Caleb Hammer?

  or, uh, solar factories, it requires a lot of land and they do not have the proper land in Appalachia. Just saying, it's just your overconfidence in an area that I actually find to be beautiful and love is still technically declining. We can talk about it in a rational and reasonable way.

• 1:15:06Caleb Hammer?

  You're also negative, uh, money and, uh, you had negative money. You had negative, you were under in your checking account.

• 1:15:14Speaker 01

  No.

• 1:15:15Caleb Hammer?

  Yes.

• 1:15:15Speaker 01

  That is a checking account that I opened when I was 16 and started working. That's connected to my parents' account. So I don't.

• 1:15:23Caleb Hammer?

  So they were negative?

• 1:15:24Speaker 01

  No, no, no, no, no. I don't keep money in that account. That account doesn't.

• 1:15:28Caleb Hammer?

  Right, at 58 cents.

• 1:15:29Speaker 01

  Yeah.

• 1:15:29Caleb Hammer?

  But why am I seeing lowest balance 100, negative 105 dollars?

• 1:15:33Speaker 01

  Because sometimes I set up like my auto pays and I don't, like, I don't remember they're going out. So I have to transfer money from one.

• 1:15:40Caleb Hammer?

  What is this 8,000 hours in this other one?

• 1:15:42Speaker 01

  Because that's the, that's my personal account. That's the account that I use.

• 1:15:45Caleb Hammer?

  Is this what you consider your emergency fund to five?

• 1:15:47Speaker 01

  No.

• 1:15:48Caleb Hammer?

  That's separate.

• 1:15:49Speaker 01

  Yes.

• 1:15:49Caleb Hammer?

  Why is it 8,000? If there's interest accruing on a card that is literally a couple hundred dollars, why would you have 8,000 hours in this checking account? It's so stupid.

• 1:15:59Speaker 01

  I don't know. I it I guess that's an emergency fund in my head.

• 1:16:02Caleb Hammer?

  What so where's the five thousand dollars then?

• 1:16:04Speaker 01

  In a different account.

• 1:16:06Caleb Hammer?

  But you called that your emergency fund. So why is there? Why is this your emergency fund?

• 1:16:10Speaker 01

  That's not my emergency.

• 1:16:11Caleb Hammer?

  You just said this is my emergency fund in my head.

• 1:16:13Speaker 01

  In my head, because I have two separate ones, because I don't.

• 1:16:16Caleb Hammer?

  Have two separate emergency funds.

• 1:16:17Speaker 01

  Because in the account that I don't touch, that's my emergency fund. That one is that I need if I needed money for anything.

• 1:16:26Caleb Hammer?

  Anything fun?

• 1:16:27Speaker 01

  Yeah, like if I wanted.

• 1:16:28Caleb Hammer?

  First of all, it's declining. I love the eight thousand dollars, but it went down from ten thousand five.

• 1:16:32Speaker 01

  Yeah.

• 1:16:32Caleb Hammer?

  So it looks like we had a couple of good months and it's supplementing our bad months.

• 1:16:35Speaker 01

  Those were, yeah, those were payments.

• 1:16:37Caleb Hammer?

  Yeah, that is a real turn. You you kind of have to do that a little. So I guess we can't really fully celebrate the eight thousand because it is going down and it goes down until we're able to replenish with the good months to supplement us to our bad months. That's just the uniqueness of your job. Uh, two Starbucks, even though and then two more Starbucks and a Venmo payment of ten dollars and we're paying fifty dollars, selling out thirty three dollars and Venmo payment of seventy five dollars. Not great. Eight thousand. How often do you get a commission check?

• 1:17:07Speaker 01

  Um, this year I've gotten twelve of them, so I average about one.

• 1:17:12Caleb Hammer?

  One a month?

• 1:17:13Speaker 01

  Well, thirteen.

• 1:17:14Caleb Hammer?

  And what are we? We're feeling about four thousand, five thousand per commission check?

• 1:17:18Speaker 01

  Mm hmm.

• 1:17:19Caleb Hammer?

  Okay.

• 1:17:21Caleb Hammer?

  Let's get your cost of living. Let's get what you need to survive.

• 1:17:26Caleb Hammer?

  And then we can determine what to actually do with this money. This is interesting. I'm kind of excited. We might have an opportunity to actually fix something. Okay, debt minimum two payments, one oh three, one oh five.

• 1:17:43Caleb Hammer?

  I'm gonna count your secondary debt payment or your second mortgage. The one you're not living in is a debt payment as well. So debt minimum two payments is a thousand three hundred ninety seven dollars and seventy three cents. What comes in, not including the rent. So what comes that you said they pay six hundred in rent?

• 1:18:01Speaker 01

  They pay eight.

• 1:18:02Caleb Hammer?

  Okay, so then what comes in is gonna be now five thousand. We need to set six percent. Oh, let's set ten percent aside. We need to set money aside for taxes.

• 1:18:16Caleb Hammer?

  So after tax, you're setting twenty percent aside for tax. We're gonna set thirty percent aside total for expenses and everything.

• 1:18:24Caleb Hammer?

  So we're gonna add an extra five sixty, so.

• 1:18:29Caleb Hammer?

  We're gonna call your income after you're properly setting aside for taxes and expenses. Five thousand, seven hundred, twenty.

• 1:18:35Speaker 01

  Okay.

• 1:18:36Caleb Hammer?

  And of course, your current mortgage is one thousand, one hundred, eighty-six and thirty-five cents. Are they taking care of utilities and everything and internet and all that good stuff on their house? Good. What about your utilities and internet? Gas, electric, internet, trash, blah, blah, blah?

• 1:18:50Speaker 01

  Um, it's really cheap. Uh, my gas is forty dollars. My electric, the last three months has been ninety.

• 1:18:58Caleb Hammer?

  Yep.

• 1:18:59Speaker 01

  Um, my trash is, my trash, water and sewer is all together and it's seventy.

• 1:19:05Caleb Hammer?

  Uh huh. Internet?

• 1:19:07Speaker 01

  Um, internet is forty.

• 1:19:09Caleb Hammer?

  Cool. Vroom, vroom, drive, drive, gas. So only five streets in the town, so can't be much.

• 1:19:14Speaker 01

  No, I spend a lot on gas.

• 1:19:15Caleb Hammer?

  Yeah, cuz you drive back and forth.

• 1:19:16Speaker 01

  I drive a lot. Yeah. Um, I would say five hundred a month on gas.

• 1:19:20Caleb Hammer?

  Car insurance?

• 1:19:22Speaker 01

  Five fifty-five a month.

• 1:19:25Caleb Hammer?

  The fuck? Cuz the rack?

• 1:19:27Speaker 01

  Cuz of, yeah, racks and speeding tickets. Yeah.

• 1:19:30Caleb Hammer?

  Tickets? You didn't have to take the quizzes to get it off your record?

• 1:19:33Speaker 01

  Yeah, I, no, wait. I don't even know what that, you can take quizzes to get speeding tickets off your record?

• 1:19:38Caleb Hammer?

  It's probably dependent by state and maybe Ohio doesn't have it, but most places, yeah, they're like, like your first ticket over the course of like a few years, like your first ticket in a few years, you, you, you get it, but they're like, here, pay a little bit more, but take this quiz.

• 1:19:53Speaker 01

  No, I've never been made aware of that.

• 1:19:55Caleb Hammer?

  Okay. Well, maybe not. Uh, groceries for you and the kid. The kid is off the nip cuz it's four. Yeah. Okay. So the kid has to eat.

• 1:20:05Caleb Hammer?

  We could do five hundred a month. TP fund, anything else you need to survive, throwing you and your kid in this, two hundred dollars. So anything he needs, anything you need, some months are gonna be lower, some months are higher, we're deferring some for higher months, depending, phone bill?

• 1:20:18Speaker 01

  Um, a hundred and ten.

• 1:20:20Caleb Hammer?

  That's a lot.

• 1:20:20Speaker 01

  It's a phone and a tablet.

• 1:20:23Caleb Hammer?

  Well, tablet.

• 1:20:24Speaker 01

  Like an iPad.

• 1:20:25Caleb Hammer?

  With service?

• 1:20:26Speaker 01

  With service.

• 1:20:28Caleb Hammer?

  It's not the worst. If you didn't have that, I would say do helium for fifteen bucks a month, but they don't do tablets as far as I know. Actually, they probably do.

• 1:20:37Speaker 01

  I mean, the tablet I use for work and then I let my son play on it sometimes, so.

• 1:20:41Caleb Hammer?

  Sure, he's an iPad kid. Every kid today.

• 1:20:44Speaker 01

  No.

• 1:20:45Caleb Hammer?

  Medical, healthcare?

• 1:20:46Speaker 01

  Um, no.

• 1:20:48Caleb Hammer?

  Nothing, no medications? Gym? For all the trainers? Okay. Pet insurance, do you have pets?

• 1:20:54Speaker 01

  I have a puppy.

• 1:20:55Caleb Hammer?

  A puppy? Okay, get him pet insurance immediately. We'll do forty bucks. How much for dog food on a monthly basis?

• 1:21:02Speaker 01

  Um, like seventy-five dollars for a bag.

• 1:21:07Caleb Hammer?

  One bag a month?

• 1:21:08Speaker 01

  Yeah.

• 1:21:08Caleb Hammer?

  Anything else that I'm not, that I have not put in your budget that needs to be in your budget?

• 1:21:12Speaker 01

  Um, if you're not including like the leads that I pay for, then that.

• 1:21:17Caleb Hammer?

  Yes, okay, business expenses, how much?

• 1:21:19Speaker 01

  Um.

• 1:21:19Caleb Hammer?

  Just give me everything.

• 1:21:20Speaker 01

  Three hundred a month. Three hundred a month.

• 1:21:23Caleb Hammer?

  Literally, if one thing goes wrong, this is all. About five thousand, one hundred, four dollars and eight cents. Unfortunately, there's not really no room for fun if we're gonna start paying off debt. But literally, if one income source, if they don't pay rent for a month, we're if they don't, you know? Cause you only have an extra six hundred fifteen, nine point nine two on a monthly basis. One thing goes wrong with one of the sources, the good father becomes a bad father and decides to flee to Mexico and doesn't pay anything, boom, gone, or he dies, or who knows? Um, they stop paying rent, or they move out, you have a hard time finding a tenant, hmm, you know? I want you to work on behaviorally paying this off, and I want you to keep that house for now. Let's try to pay it off while you can keep the house. The rental, okay?

• 1:22:10Caleb Hammer?

  What's the interest rate on that rental?

• 1:22:13Speaker 01

  Two point.

• 1:22:14Caleb Hammer?

  Love it, what about yours?

• 1:22:15Speaker 01

  My interest rate right now is a seven.

• 1:22:17Caleb Hammer?

  Okay, well, hopefully we refinance that when the rates are lower. Could probably get it for about six today, but you don't wanna refinance until you save about two percent. Uh, okay, so six hundred dollars, I'll certainly pay off that five hundred sixty-one on the first month, or capital one, first month, clicks over second month. That six hundred dollars is gonna go really difficult. What? Honestly.

• 1:22:39Caleb Hammer?

  Okay, so we have six hundred dollars. Literally unless you do not get the commission. Big commissions, it takes seventeen months to pay off the Chase Freedom Card. And remember, it starts to come in interest in nine months. I don't know, you you were so confident about being able to pay it off quick.

• 1:22:56Speaker 01

  Yeah.

• 1:22:56Caleb Hammer?

  Mathematically impossible. If you're properly saving, setting aside for expenses on the rental and your taxes.

• 1:23:03Speaker 01

  Yeah, that's ki- that was kind of my plan is like. I was just using that card, that's why all my expenses were on there, but realistically, like, looking at it now. Full picture, like, big circle, it doesn't make sense, but regardless. I want to pay that off before.

• 1:23:22Caleb Hammer?

  But how, but you can't math wise, it takes seventeen months.

• 1:23:26Speaker 01

  I guess I was kind of banking on selling like a house and then using that whole paycheck.

• 1:23:31Caleb Hammer?

  But don't you use, but that paycheck is calculated in our average income.

• 1:23:36Speaker 01

  Yeah, but I made it like a a goal for myself next year to sell like a certain amount of houses and like hit that goal.

• 1:23:42Caleb Hammer?

  And the and the goal is fine, and I hope you hit it, but I'm just going off of what we're making now, plus the bartending job that you don't like. And don't want to do starting in a couple of months, like, that's all included in this, and you're still not making it. And plus, there is complications with selling your second house, you're saying you're renting it to them cheaper to help them, so you can't sell the house if you want to help them.

• 1:24:01Speaker 01

  Right.

• 1:24:02Caleb Hammer?

  So that's not an option either.

• 1:24:08Caleb Hammer?

  So total, I mean sixteen months, this has to take a minimum five years to pay off all this debt, except for the houses, five years to pay off all the debt. Sound enough? I think you need a, uh, can you work more days doing the bartending?

• 1:24:23Speaker 01

  Um, if I went somewhere else, probably this wasn't like something I seeked out, they were just like, hey, we just need you for this day.

• 1:24:30Caleb Hammer?

  Ask. If you make an extra six hundred dollars, you you double this process. You can pro- you can pay off, uh, it's gonna be very close, but you'd get close to paying off that other card before interest hits. Is it deferred interest, you know?

• 1:24:45Speaker 01

  I honestly don't.

• 1:24:46Caleb Hammer?

  Well, we can look at it.

• 1:24:49Caleb Hammer?

  We'll look at it in between now and the post show. Talk about all the degenerate post show. The post show is always fun. You have to go get that other job. I hope your commissions go up. If your commissions go up, we can put it all towards the debt for the sake of you and your kid and your future. Wait, where is that kid's money?

• 1:25:07Speaker 01

  Um, in his child support account.

• 1:25:09Caleb Hammer?

  But what is that? Um, tell me what the account is.

• 1:25:13Speaker 01

  It's the state. It's just like a checking account.

• 1:25:15Caleb Hammer?

  You can take it out.

• 1:25:16Speaker 01

  Yeah, I can take it out.

• 1:25:17Caleb Hammer?

  Take that out. This will go further for his future. I promise. I promise. It's gonna get back plus more. Take that out. Take $4,000 from your $8,000 in your checking account.

• 1:25:31Caleb Hammer?

  Then a couple of months of work, then pay off the chase freedom. Actually, no, no, no. Take five, $4,000 from your account, $5,000 from the kid account, and a couple thousand from Europe, $1,000 from your separate side emergency fund. Pay off the Huntington card today. Huntington card today. Then Quicksilver and Capital One payoff in two months. Now you have an extra $160 left on a monthly basis that is moving you up from eight fifteen to, or from six fifteen to like eight fifty, eight sixty. Wonderful. Or sorry, sorry, sorry, sorry. Like seven fifty, seven sixty. But with that,

• 1:26:15Caleb Hammer?

  maybe an extra 2,000 from your emergency fund, bringing it down to only about 2,000. Hopefully making a little bit more, bringing in extra 600 by working either another shift or by getting more commission. You choose. Once the commission is supplementing it, you can take away from that. But with that, bringing that chase freedom down to 8,000

• 1:26:36Caleb Hammer?

  by having an extra $1,200 on a monthly basis. Yeah, you pay that off in time. You pay it off just in time. Just in time. Barely. It's gonna be close.

• 1:26:48Caleb Hammer?

  And from there, you start hitting that carcass, even if it's a 8%, that's bad. And that still is gonna take, it's gonna take about a year at that point. But I think you can do this in about two years from now, two years from now. If you tap the money you have now, the kids fund and your emergency fund, only leaving $2,000 in there for temporary basis. You hit it. And then you're bad debt free. And then from there, what I need you to do is whatever it costs to live, you're building a fully funded emergency fund for a year to supplement you because of your type of business. And then 20% to investing. And if you really want to contribute to the kid, we're doing 20% to investing for yourself so that you have a chance to survive in the future. You need to catch up on retirement. 50% on needs, I think you can do that in less.

• 1:27:34Caleb Hammer?

  But 20% to investing, 5% to your kids investing. Whatever your needs are, less than 30%, and then the rest towards fun. And I think you can have a lot of fun. But that's what we need to do to pay off the debt. I think that's the game plan.

• 1:27:49Speaker 01

  Okay. That makes sense.

• 1:27:52Caleb Hammer?

  Alright, so we'll have you on the follow-up channel throughout. Following up on this process, making sure you're sticking to it, answering any questions along the way. Guys, make sure to join our YouTube membership where you get access to the post-show and join the elite for the best value of a dollar, 10,000 hours of extra content and a call-in show where you can literally call in and ask your money questions or drama questions or whatever you want to ask and talk about. Super fun and a bunch of extra shows as well. Let's get your Hammer Financial Score. Hammer Financial Score, spending in a budget, overspent, 0 out of 10. Debt, you don't have collections and some of it's not the worst debt, but it's high for your income situation. So I'm gonna give it a 2 out of 10.

• 1:28:28Caleb Hammer?

  Let's give it a 3 out of 10. Emergency fund, you do have a starting, you need to use it, some of it right now. But you do have some of it, we're gonna call it about, for your living situation, a 3 out of 10 emergency fund. Retirement is behind, that's about a 3 out of 10 as well. Real estate, it's not bad. Interest rates, you know, okay on your house. Equity position's great on your second house, but you took a line of credit against that. Um, your house, what's your equity position in your current house?

• 1:28:54Speaker 01

  Honestly, I haven't looked it up, um, but I'm guessing.

• 1:28:59Caleb Hammer?

  I'm gonna give you a 7 out of 10 real estate.

• 1:29:01Speaker 01

  Yeah.

• 1:29:06Caleb Hammer?

  Hammer Financial Score 3.5 out of 10. Guys, join us in the post-show, it's gonna be fun. And don't forget, you can bundle all of our education, which is the best online, to take control of your finances, all at 15% off. I will see y'all in the post-show. Why are you always fucking sports trainers?

• 1:29:24Speaker 01

  I'm not always.

• 1:29:25Caleb Hammer?

  Mm-hmm.

• 1:29:26Speaker 01

  Yeah, sure. Well, TikTok is my dating app.

• 1:29:28Caleb Hammer?

  How do you date on TikTok?

• 1:29:30Speaker 01

  What do you mean?

• 1:29:31Caleb Hammer?

  How do we go from training to diddle-diddle?

• 1:29:33Speaker 01

  I mean, you meet people, you can meet people on TikTok.

• 1:29:35Caleb Hammer?

  Was it like, you're getting trained, then all of a sudden, whoops, I slipped?

• 1:29:38Speaker 01

  Why? So, it was...

• 1:29:41Caleb Hammer?

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