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Transcript 17,545 words · 8 speakers
Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.
0:00 Speaker 00 Welcome to the 50th Hunger Games. Witness the beginning of the revolution. Hey Mitch, you've been trying to take down these games from the start. Filmed for IMAX. Make them remember you.
0:11 Speaker 01 The Hunger Games: Sunrise on the Reaping, November 20th, rated PG-13. LinkedIn is pretty amazing at helping you grow your small business. We cannot stop your new clients from emailing you at 3 a.m.
0:24 Speaker 01 We can help you sell, market, and hire in one place. We cannot help you be in three places at once.
0:32 Speaker 01 And while we can't help you organize your calendar, LinkedIn can help you land more clients so you have a calendar to organize. Grow your small business on LinkedIn. Learn more at LinkedIn.com/smallbusiness.
0:45 Caleb Hammer? To watch episodes of Financial Audit a week earlier, check us out on YouTube.
0:48 Speaker 03 How much you owe? Pretty sure it's like [BLEEP] thousand to one.
0:54 Speaker 03 And [BLEEP] that? Yeah, that's all. For [BLEEP] sake.
0:58 Speaker 01 Are you serious?
0:58 Speaker 03 Yeah.
0:59 Caleb Hammer? You didn't know this? That's an insane debt.
1:02 Speaker 03 I wasn't really thinking about it.
1:03 Caleb Hammer? Thoughts, comments, concerns?
1:11 Speaker 01 Hi, my name is Jenna, I'm 36.
1:13 Speaker 03 Hi, I'm Mark, I'm 36 and we're from San Antonio.
1:16 Speaker 01 And this is Financial Audit.
1:18 Caleb Hammer? You are real southern, aren't you?
1:21 Speaker 01 Yes.
1:21 Caleb Hammer? So you are, you are just full southern.
1:24 Speaker 01 That was Kentucky.
1:25 Caleb Hammer? Okay, well, I love having a couple on, this is super exciting. It's not everyday we get it, so let's just start a household out, you know, you're directly in front of me, so, Jenna, what do you do for a living, San Antonio?
1:37 Speaker 01 I work remotely, I'm in HR.
1:39 Caleb Hammer? Okay. How much you make?
1:42 Speaker 01 Uh, 50.
1:44 Caleb Hammer? Cool, and what about you, what do you do?
1:46 Speaker 03 I'm a mechanic, working on stuff.
1:48 Caleb Hammer? How much you make?
1:50 Speaker 03 Uh, 31, 50 an hour.
1:52 Caleb Hammer? Okay, oh, an hour, okay, cool.
1:54 Speaker 03 So I ain't know, I don't know it yet.
1:56 Caleb Hammer? What do you mean you don't know yet? Why? Is this just started?
1:59 Speaker 03 Yeah.
1:59 Caleb Hammer? You have paid time off?
2:01 Speaker 03 No.
2:02 Caleb Hammer? No paid time off?
2:03 Speaker 03 Mm-mm.
2:03 Caleb Hammer? So let's say you work, what are you gonna say, forty-nine weeks a year, fifty weeks a year? If we average this out forty hours a week?
2:11 Speaker 03 Yeah, I don't know. Well, they're giving us two weeks off at the end of the year.
2:15 Caleb Hammer? Oh, okay.
2:16 Speaker 03 Usually that's that's something.
2:18 Caleb Hammer? But it's not paid?
2:19 Speaker 03 No, it's paid. Yeah, this time.
2:20 Caleb Hammer? That's paid. Okay, are we thinking forty?
2:23 Speaker 00 He works overtime a lot.
2:25 Speaker 03 Yeah.
2:25 Speaker 00 So for the most part, he's working overtime.
2:27 Speaker 03 Yeah, I work fifty-five, about fifty-five.
2:30 Caleb Hammer? How long have you been doing this job?
2:31 Speaker 03 Like, six months.
2:32 Speaker 00 May.
2:33 Caleb Hammer? Okay, we should kinda know what's coming in, right? What do you think average?
2:36 Speaker 03 As far as like weekly, I mean, that's about fifteen hundred bucks a week.
2:39 Caleb Hammer? It's a week? That hits your account?
2:41 Speaker 00 Yes.
2:41 Caleb Hammer? Okay, you get paid weekly?
2:43 Speaker 03 Yeah.
2:43 Caleb Hammer? Gotcha. So, pretty chill. If we average that out, fifty-two weeks. You know, seventy-eight thousand, okay, net, not bad at all. So about sixty-five.
2:54 Speaker 00 And my bring home after taxes and insurance and 401K and all those things is thirty-one and some change a month.
3:04 Caleb Hammer? Cool.
3:06 Caleb Hammer? So, we are looking at a household.
3:08 Speaker 00 There's more.
3:09 Caleb Hammer? Of nine thousand six hundred. What's this more?
3:11 Speaker 03 Uh, disability.
3:13 Caleb Hammer? For what?
3:14 Speaker 03 It's veteran disability.
3:15 Caleb Hammer? Oh, you served. Okay, what did you do?
3:17 Speaker 03 I was a mechanic there, too.
3:19 Caleb Hammer? Okay, cool.
3:19 Speaker 03 Worked on tanks.
3:20 Caleb Hammer? What branch?
3:21 Speaker 03 The Army.
3:22 Caleb Hammer? Very cool. And what comes in monthly for that?
3:26 Speaker 03 I think it's like twenty-three hundred.
3:27 Caleb Hammer? Okay. Now, basically, I will say this. Every single veteran that has ever been on this show has disabilities. This is very common. Can I ask what?
3:38 Speaker 03 Some is physical and the rest of it's PTSD.
3:41 Caleb Hammer? Okay. So, total, we have eleven thousand nine hundred that comes in on a monthly basis.
3:46 Speaker 00 And then I work for my dad.
3:49 Caleb Hammer? Which is confusing because, again, this is all sounding so good so far. I'm so happy. What are we? We're five minutes in. That's wonderful. Look at that, guys. We're having such a good time. This is so good. We're making so much money. I have no idea how we're in the, like, this is a fat stack. You, but we did a fat stack week where we had, like, the most paperwork in the show history. You belong in that week. So, all this income that is coming in, I'm like, how are we in this? So what's this extra income?
4:13 Speaker 00 So I work for my dad as well. I do his books and that's paid through an LLC. So that's ten ninety-nine. So that's four hundred dollars a week.
4:22 Caleb Hammer? Okay, so setting anything aside for taxes from that?
4:25 Speaker 00 No.
4:26 Caleb Hammer? Have you ever paid taxes on that?
4:28 Speaker 00 I have not prepaid taxes on this.
4:30 Caleb Hammer? Have you ever paid taxes on that?
4:32 Speaker 00 I, no. So, this is new as well.
4:35 Caleb Hammer? Okay.
4:36 Speaker 00 Our life drastically changed recently.
4:38 Caleb Hammer? Why, what?
4:39 Speaker 00 So he had a very high paying job and lost it in March.
4:45 Caleb Hammer? We have a high paying job. Now, what, what did we consider high paying?
4:48 Speaker 00 This was, he was like bringing home one sixty.
4:51 Caleb Hammer? I mean, that's delicious, but I'm gonna be, I know it sucks to take a step back. I really do. You do still make very good income, especially in kind of the cheaper major city of Texas, by the way. Out of all the major cities, you know, we're looking in the cheaper part. So, but okay. I mean, if you're trying to sustain your lifestyle and what happened when you're making thirty thousand dollars more, because you're probably, whoa, you're still probably making pretty darn close to a hundred thousand dollars before taxes. So, you know, net, you know, maybe like twenty thousand now are different. Yeah, if we, have you guys just not touched your lifestyles? The lifestyle just like?
5:24 Speaker 00 We eat. We remained.
5:26 Speaker 03 No, it's, it's changed. It's just, we're, we're taking care of stuff that when we were still in that lifestyle, just kind of stupid.
5:34 Speaker 00 A lot of our debt is like the, the promotional stuff, right? So, um, we're, yeah.
5:41 Caleb Hammer? Who falls for this? Who falls for the promotional stuff?
5:44 Speaker 00 We have never had to pay for the, the deferred interest stuff. We've always paid it.
5:52 Caleb Hammer? Minimum, to be clear.
5:53 Speaker 00 Yeah.
5:54 Caleb Hammer? That's a very basic minimum.
5:55 Speaker 00 Yeah, so, um, but yeah, we have a lot of those. We have a lot of this promotion.
6:01 Caleb Hammer? Yeah, but we also have two car payments added up are basically the same price as your mortgage.
6:08 Speaker 00 Yes.
6:09 Caleb Hammer? Which is the most insane thing I've ever seen in the history of today.
6:13 Speaker 00 Yeah.
6:14 Caleb Hammer? So.
6:16 Caleb Hammer? I don't think it's just the zero percent cards that we're sometimes good with.
6:19 Speaker 00 Right.
6:20 Caleb Hammer? But we continue to rack up forever. But the promotional things, who's signing up for this? There is a both of you? Is there usually one cause here?
6:27 Speaker 03 Some of them, if it's just medical or something like that.
6:30 Caleb Hammer? Medical?
6:31 Speaker 03 As far as.
6:31 Speaker 00 The big one is care credit that we have.
6:33 Caleb Hammer? And that's medical?
6:34 Speaker 00 Yes. So, um, he had his first back surgery at twenty five.
6:40 Caleb Hammer? Wow, twenty five?
6:42 Speaker 00 Yeah. And, um, they, the VA wants to do like a invasive surgery, like rods and everything. And I'm like, you're thirty six, we're not doing that. So we looked into QC Kinetic. And, um, we did that. It is very expensive.
6:59 Speaker 03 But it's not.
7:00 Caleb Hammer? Yeah, but why are you also against the surgery that the doctors recommend?
7:03 Speaker 03 Mobility.
7:04 Speaker 00 Mobility and his.
7:05 Caleb Hammer? It, it demobilizes you?
7:06 Speaker 00 Yes.
7:07 Caleb Hammer? For permanently or?
7:08 Speaker 03 No, but like, no, you're not bending over, you're not turning like.
7:12 Caleb Hammer? For how long?
7:13 Speaker 03 No, that's, that's gonna.
7:14 Caleb Hammer? Oh, that's forever?
7:15 Speaker 00 Yeah.
7:16 Caleb Hammer? Would that make it hard for your job?
7:18 Speaker 00 Impossible for his job.
7:19 Speaker 03 Yeah, that's not happening.
7:21 Caleb Hammer? Okay, so an extra four hundred comes in a week?
7:23 Speaker 00 Yes.
7:23 Caleb Hammer? But you haven't set anything aside for taxes?
7:25 Speaker 00 No.
7:25 Caleb Hammer? I mean, a tax bill will come.
7:27 Speaker 00 Yes, and I have, my last job was a ten ninety nine job.
7:31 Caleb Hammer? We're talking an extra twenty thousand eight hundred dollars a year. So even still, I mean, taxman might come and taxman might be like, you have an extra six thousand.
7:38 Speaker 00 And I do put that into an L L C.
7:40 Caleb Hammer? Did I, was there like substantial savings? I don't remember substantial savings.
7:44 Speaker 00 No, there's no savings.
7:45 Caleb Hammer? So what comes, so what happens?
7:46 Speaker 00 We rent through everything when he wants to.
7:48 Caleb Hammer? So what happens when this tax bill comes due?
7:51 Speaker 00 Yeah.
7:51 Caleb Hammer? Yeah.
7:52 Speaker 00 We're not prepared for that.
7:53 Caleb Hammer? Okay. But what I will include your income, I'm gonna set the thirty percent aside. What I will allow is two hundred eighty coming in a week, because you need to set thirty percent of that aside, okay?
8:05 Speaker 00 Okay.
8:05 Caleb Hammer? That is a basic minimum. You guys do not touch that money until thirty percent of it is set aside.
8:10 Speaker 00 Okay.
8:10 Caleb Hammer? At a minimum, obviously for this whole year. When did you start?
8:13 Speaker 00 That was in.
8:18 Speaker 00 July, probably.
8:19 Caleb Hammer? Okay, so for these last six months, I mean, you're gonna have to write a check.
8:22 Speaker 00 Yeah.
8:23 Caleb Hammer? Now, maybe one of your jobs or do you guys file jointly?
8:27 Speaker 00 Yes.
8:28 Caleb Hammer? Okay, maybe one of your jobs, maybe you're contributing a little too much to your tax file, then that'll make the burden a little less.
8:33 Speaker 00 He does take some out of his extra.
8:36 Caleb Hammer? Extra?
8:37 Speaker 00 Yeah, like.
8:37 Caleb Hammer? Why would you wanna do extra?
8:39 Speaker 00 But the previous job, he was taking extra out.
8:41 Caleb Hammer? But what about this?
8:42 Speaker 03 No.
8:43 Speaker 00 Not with this.
8:44 Caleb Hammer? So like standard deduction and then your.
8:47 Speaker 03 Yeah, no, that's it.
8:49 Speaker 00 Yeah, and then um, we do write a lot of stuff off with our taxes. Um.
8:55 Caleb Hammer? Hold on.
8:56 Speaker 00 Yeah.
8:57 Caleb Hammer? But the only thing that's your business is. The LLC, so what are you, what are you writing off and so what business?
9:03 Speaker 00 Our, we run our business as a consulting.
9:07 Caleb Hammer? What's your business?
9:08 Speaker 00 So.
9:09 Caleb Hammer? What, what, what business are you talking about?
9:11 Speaker 00 So I have an LLC and that's.
9:12 Caleb Hammer? Yes, yes, yes, but you, but that's the vast minority of your income.
9:16 Speaker 00 That's.
9:16 Caleb Hammer? And so you're bull.
9:18 Speaker 00 I mean, kind of, yeah.
9:20 Caleb Hammer? Yeah, so a little taste of what happens.
9:24 Speaker 00 Where we're putting, so like he does side jobs too on the side. So like anything that is paid in addition to like our regular W two's is put into the LLC.
9:36 Caleb Hammer? Okay, well, an extra fourteen thousand five hundred and sixty dollars a year after you set aside money for taxes, because you just don't wanna fuck yourself. Why fuck yourself when you don't have to fuck yourself? So we're bringing in an extra one thousand two hundred thirteen dollars, okay? Good, which again, good money, I'm happy, guys. So rather than that little taxing we talked about so far, positive story, great. The paperwork in front of me is not a positive story. So we know how much comes in now as a setting aside money for taxes, how much do you think was spent in the most recent month? What was spent? Money going out.
10:08 Speaker 03 Yeah, I don't really know, I'm sure we're over.
10:10 Caleb Hammer? What do you think? You had to guess, look at, you feel your lifestyle.
10:15 Speaker 03 Hmm, how much?
10:16 Caleb Hammer? And this includes.
10:17 Speaker 00 Including bills, everything, like what goes out.
10:22 Speaker 03 I mean, I'd probably say twelve thousand.
10:25 Caleb Hammer? Okay, so you'd say less than the thirteen thousand that comes in? What would you say?
10:31 Speaker 00 I know our bills alone is over ten.
10:34 Caleb Hammer? Just minimum bills?
10:35 Speaker 00 Bills.
10:36 Caleb Hammer? For good, okay, just like, why would we put ourselves in that position, guys? Okay, okay, so how much?
10:43 Speaker 00 I would say we probably spent twelve.
10:45 Caleb Hammer? So twelve, twelve, twelve, twelve.
10:47 Speaker 00 Twelve thirteen.
10:48 Caleb Hammer? Sixteen thousand, eight hundred forty-eight dollars and thirty-four cents. It's not even close, guys. This is a substantial, substantial difference. Thirteen thousand, one hundred thirteen comes in. Sixteen thousand, eight hundred forty-eight point three four goes out. It's an extra twenty-two percent of spending, an extra twenty-two percent spending.
11:11 Speaker 00 Okay.
11:12 Caleb Hammer? All of that, by the way, well, we're looking at six hundred ten thousand dollars of debt.
11:16 Speaker 00 Yeah.
11:18 Caleb Hammer? So we're spending twenty-two percent more than comes in on a great income. Well, we have multi-hundreds of thousands of dollars of debt. What is going on, guys? I know we had the little job loss thing, but with where we are today, what is going on? What am I looking at? Why are we self-confessed? Where your brain is, I would love to know where you think you are, because obviously you don't know your spending. It wasn't even close. So what is going on from your all brains?
11:47 Speaker 03 Well, I mean, it could just be miscommunicating too, as far as what we're talking about. Or as far as money or even getting spent.
11:55 Caleb Hammer? What do you mean miscommunicating? And what's the communicating? How does it?
11:58 Speaker 03 Well, I know it's not being talked about, you know, um, if it is ordering stuff or anything like that.
12:07 Caleb Hammer? What's not being talked about?
12:09 Speaker 00 Like if you're. He's talking about my spending.
12:11 Speaker 03 Yeah.
12:12 Caleb Hammer? Oh, like if you, if she buys something, it's just not even.
12:14 Speaker 00 Stuff, we just, yeah, like, we are not like one of those, like where we like, hey, can I purchase this?
12:21 Caleb Hammer? It's not even a hey, permission for every single purchase. It's more of a understanding where money's going, sitting down, looking at the budget, understanding where the money went and discuss where it went and what we need to address for the future month.
12:31 Speaker 00 That's.
12:31 Caleb Hammer? It's not an individual purchase.
12:33 Speaker 00 We.
12:34 Caleb Hammer? Wait, how can you not have that? You've never had, how long have you guys been married?
12:38 Speaker 03 Fifteen years.
12:39 Caleb Hammer? Good. Do we have any kids?
12:41 Speaker 00 One.
12:41 Caleb Hammer? Oh, age?
12:43 Speaker 00 Eleven.
12:43 Caleb Hammer? Okay, how are we setting up for their future right now with this that not very much? Do they have any kind of fun? Not that you need to, but do they have a college fund?
12:52 Speaker 00 Um, a very small one.
12:54 Caleb Hammer? What are we talking very small? What are, what are we saying?
12:56 Speaker 03 It may have a couple of grand. I think we thought more of the long term was long term thoughts is like, you know, as far as the investments, far as property. Uh, the house and stuff like.
13:08 Caleb Hammer? The house, well, the house still has a large mortgage and even still like as they go through things as. If we continue right now, again, debt is going up. So it's how we're able to sustain things, but we have seen throughout the history of. Humanity and debt and spending and even on this show, what we do, we overspend. You get to those limits, you hit those limits and all of a sudden payments start going through. Sometimes that ends up being mortgage. Maybe take that mortgage payment to put it on the back of your mortgage. But eventually that option starts to run out, then you get a foreclosure notice. Then, uh oh kid, no more house, no more asset to be able to pass down if that is the main goal of that. So ourselves in all these other, other categories could be preventing us from being able to pass on what we actually want to.
13:53 Caleb Hammer? And of course that two thousand is going to grow to like four thousand by the time they go off to college if it's properly invested. So. Okay, they have a quarter of a semester covered, you know.
14:04 Speaker 00 Unless she's gonna be like a doctor or a lawyer or something where she has to have a college degree.
14:11 Speaker 03 No, and we, we've never really thought about it as far as college. I didn't, I mean, I win.
14:15 Caleb Hammer? Okay, it's just a setup account for them in general.
14:18 Speaker 03 Yeah.
14:18 Caleb Hammer? Okay, for her in general. So, uh, that's fine.
14:21 Speaker 00 Trade school, like we're all about like the trades, right?
14:24 Caleb Hammer? Sure, whatever you want.
14:25 Speaker 00 He.
14:26 Caleb Hammer? Well, what does she want? She's eleven, you don't.
14:28 Speaker 00 Right, she's eleven. She still wants to be a singer, like.
14:32 Caleb Hammer? Okay, well, even still, this is whatever you want to set it for. Not that you are required to, but you know, most wants to set up for something.
14:41 Speaker 00 Yeah.
14:42 Caleb Hammer? Really putting that back in, you guys have such a strong income where you could be setting up substantially if you really wanted to. But you can't, if we're spending twenty two percent more.
14:49 Speaker 00 Right.
14:49 Caleb Hammer? Then comes in our very strong income. Cause net, you guys are still looking, I mean. Thirteen thousand, one hundred thirteen times that by twelve net, we're bringing in a hundred and fifty seven thousand? That's insane. That's incredible. That's delicious. I would have taken that.
15:07 Speaker 04 Witness the beginning of the revolution.
15:09 Speaker 05 Hey Mitch, you've been trying to take down these games from Star.
15:12 Speaker 04 Film for IMAX.
15:13 Speaker 05 Make them remember you.
15:16 Speaker 04 The Hunger Games: Sunrise on the Reaping, November 20th, rated PG-13.
15:20 Caleb Hammer? Every single year of my life and been living on the top of the world. That's incredible. Do we not realize how incredible that is? That's like incredible.
15:31 Speaker 03 I mean, we know it's good.
15:32 Speaker 00 Yeah.
15:33 Caleb Hammer? But good. Your net is double the median household income in the United States. Your net is double the median gross household.
15:41 Speaker 00 And I guess it's just hard for me to fathom like, I mean, like I understand, like we are definitely spending more, way more than we should. It's mind blowing to me how people are surviving on, you know, 30,000, 40,000.
15:56 Caleb Hammer? Thing is, people can survive.
15:59 Speaker 00 Yeah.
15:59 Caleb Hammer? If they track their [BLEEP]. It gets hard, it gets scrappy, they take sacrifices, absolutely. I'm not even saying it's like, yeah, yeah, yeah, great living. I'm not even saying that, but people are able to survive.
16:09 Speaker 00 Right.
16:10 Caleb Hammer? Because they actually sacrificing their budget. So why have you guys not communicated at all? Why have we had these conversations in a decade and a half? Running a small business? I get it. Paying bills can feel like death. Endless paperwork, late fees. I've been there, but that all changed when I found the sponsor of today's video, Melio, a tool that takes the pain out of paying vendors. What really sold me? You can even use your credit card to pay vendors who don't accept credit cards for a 2.9% fee. And that means maximizing cash flow, grabbing rewards and avoiding those nasty late fees. And the setup is super easy. You can pay bills, schedule payments and even send payments internationally, all from your phone or desktop. Melio syncs seamlessly with QuickBooks, so you're not wasting time on double data entry.
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17:23 Speaker 03 Well, I think it's more, I mean, most of my jobs, I've been gone or I'm on the road a lot.
17:27 Caleb Hammer? Okay.
17:27 Speaker 03 And so I just kind of left it with her. And then, cause I transfer, I transfer money out that, you know, what I spend or whatever, whatever the weekly deal is. Uh, and then after that, I don't really.
17:40 Caleb Hammer? Are, do you have no desire to be informed of your financial position of the household?
17:44 Speaker 03 I do, it's just a lot going on at those times. Yeah.
17:48 Speaker 00 When things get bad or things get tight.
17:50 Caleb Hammer? How do you even know when things are getting bad or tight without looking and being?
17:52 Speaker 03 Well, then, cause then she'll come and tell me like, oh.
17:55 Caleb Hammer? Who knows? So how do you manage it? He puts it in your hands. So what does it look like from your end?
17:58 Speaker 00 Um, I pay the bills and then what's left is like our surviving money at this point.
18:05 Caleb Hammer? Surviving, but there's nothing left.
18:07 Speaker 00 There's nothing left now. And so in March, whenever he lost his job, that's whenever he actually started seeing the numbers and seeing what was going out and what we needed to bring in in order to just keep everything afloat and not damage our credit and not lose anything. And so whenever I run out of robbing Peter to pay Paul, whenever I run out of Peters to rob.
18:35 Caleb Hammer? Very.
18:36 Speaker 00 Then I'm like, hey, things are really hard. I need, I need another opinion. I need another set of eyes. What are we gonna do?
18:43 Caleb Hammer? You guys need to be in this together.
18:44 Speaker 03 Right.
18:45 Caleb Hammer? And that just means like, even if you are busy on the road, you gotta step in, have a little call, you know? The, I'm literally just talking once a month, even for a couple of hours, you know?
18:53 Speaker 00 Yeah.
18:53 Caleb Hammer? Really just for a couple of months. Obviously we're gonna put you guys through all our classes. Take them together. Go through the quizzes together. Learn how to budget together. Learn how to invest together. Learn how to pay off debt together. You guys get them for free. Do them. They're all 15% off for y'all right now bundled together. But you guys get them for free. Please take advantage of them. Cause we have people that come on the follow up channel, the financial audit follow up channel all the time. And even if people have made progress or haven't made progress, oh, no one takes them who get them for free. Cause like, you need to have the drive and the people that purchase them, they have the drive to take it. But I don't know. Some of the people aren't taking it. It's becoming really disappointing, but over 10,000 people have purchased and taken them. So please take them. Do this together. You guys are a partnership. Self assessed. We're about to jump into the first, the best buy card, but self assessed. I'm gonna go three, two, one, go.
19:37 Caleb Hammer? And on go, I want you guys to give me at the exact same time. You, where you think your household financial score is. Zero being the absolute worst that exists in the entire world. 10 being the absolute best that exists in the entire world. Three, two, one.
19:51 Speaker 00 Three.
19:52 Caleb Hammer? Okay. Pretty close. Two to three.
19:56 Caleb Hammer? You were just talking about I have to endlessly borrow Paul, Peter, those biblical names.
20:01 Speaker 00 Our only, our only saving grace, I feel like is our house.
20:06 Caleb Hammer? Sure. So you think that's boosting you there? Okay. And it actually might. I would be more inclined to go with your two. Because of the real estate, but everything else is really taking it down. We will see where it is.
20:17 Speaker 00 Question, because you think that it's a two because of the real estate, is that because of the type of real estate that we have? And you feel like it's not a necessity or?
20:25 Caleb Hammer? I don't know what kind of real estate you have. I'm just assuming if you're zero and four of the five, four of the five categories. Like even if you have a great real estate score, it's only gonna, yeah, cuz again, you're saying that you're endlessly borrowing until you can no longer borrow. And we're getting closer to no longer borrow. So I don't think.
20:41 Speaker 00 So it's not, whenever I say robbing Peter to pay Paul, I'm not taking out more loans to pay other.
20:46 Caleb Hammer? I know, but these balances are going up. Like the best buy, for example, eight hundred nine to two thousand eight hundred seventy two.
20:52 Speaker 03 So be pushing one.
20:53 Speaker 00 So that is actually his mom's washer machine that we just put on there.
20:57 Caleb Hammer? What? Why would you put your mom's on there? What's happening?
21:01 Speaker 00 We have a lot of like, as you like to call it incest debt.
21:06 Caleb Hammer? Incest. Do I call it that?
21:08 Speaker 00 Yes, you have.
21:09 Caleb Hammer? I say a lot of weird things. I have such a way with the English language. I don't even know what I say half the time.
21:14 Speaker 00 So, um, we have ten acres and my sister became a single mom a couple of years ago. And we, she was living in Colorado by herself and we said, just move back. So we took out a construction loan to convert a, a storage building into a tiny home for her. And we put it on the front of our property.
21:34 Caleb Hammer? Bed? I don't know. It's in your guys' house. What?
21:39 Speaker 00 I have, we have a three bedroom house and at the time, his mom was still living with us.
21:46 Caleb Hammer? But, but, but why are we buying a washing machine for the mom?
21:49 Speaker 00 So now mom lives back in Texas and she just moved on to our property.
21:54 Speaker 03 I think that was more of putting on a card. I'm not real sure. I didn't even know that we did that.
21:58 Caleb Hammer? You didn't even know?
21:59 Speaker 03 No. Don't give me that. I didn't know it was on the card.
22:02 Caleb Hammer? Well, why didn't he know? Why are we talking?
22:03 Speaker 00 He does know.
22:06 Speaker 00 I'm sorry.
22:07 Caleb Hammer? Nope, it is Mark. His name is Mark.
22:10 Speaker 00 Mark also has.
22:12 Caleb Hammer? His name is Mark.
22:16 Speaker 00 Mark also has a really bad habit of halfway being invested in these conversations because it's a financial conversation, right?
22:26 Caleb Hammer? That's a heavy.
22:26 Speaker 00 So because he doesn't have that interest of like being involved in this, whenever we talk about things like this, it's like, or even if he's just like in the room while his mom and I are having this conversation, it's like a half, like it's in one of your.
22:41 Caleb Hammer? Is that even a choice?
22:42 Speaker 03 How, how can you? I don't, yeah, I'm.
22:44 Speaker 00 Cause you said the same thing.
22:45 Speaker 03 Sometimes I'm sure, but, but, but I don't remember, um, well, I don't remember that either.
22:50 Caleb Hammer? But do you have the choice to only be half invested in these conversations for your household though?
22:54 Speaker 03 No.
22:55 Caleb Hammer? So why would you say you're half invested? What does this look like from your end?
22:59 Speaker 00 It's just been easier.
23:05 Speaker 03 It's just, yeah, it's been easier. So I mean, it's just kind of lazy on me, but, uh, like I said, some of that stuff I don't remember.
23:12 Caleb Hammer? You guys are drowning. We really just don't have the, uh, like ability to be lazy.
23:17 Speaker 00 We don't pay for that. She pays for it.
23:20 Caleb Hammer? Yeah, but it's on your credit and she has to pay you.
23:22 Speaker 00 So she, she goes online directly and.
23:24 Caleb Hammer? Okay, what happens if, uh?
23:25 Speaker 00 Yeah.
23:26 Speaker 03 Yeah.
23:27 Speaker 00 Then she has a life insurance policy that is written to him.
23:30 Caleb Hammer? Okay.
23:31 Speaker 00 Yeah.
23:32 Caleb Hammer? Okay.
23:33 Speaker 00 Now, if.
23:34 Caleb Hammer? Still risky, could miss a payment, dings your score.
23:37 Speaker 00 Yeah. Now, if my dad, who pays the loan for my sister goes, then.
23:45 Caleb Hammer? What is this, is that loan here?
23:46 Speaker 00 Yes.
23:47 Caleb Hammer? Oh, for sake, well, this is all a big mess. Okay, so this best buy, which I guess is mom. Well, first of all, there's already eight hundred nine dollars on there. So was that all mom as well?
23:56 Speaker 00 No, no, no, that was, I don't even, honestly, I don't.
23:59 Caleb Hammer? So we're at two thousand eight hundred seventy-two dollars and fifty-four cents. There is interest accruing two dollars and fifty-five cents. I'm sure that's the older pages again. You talked about at the beginning how.
24:08 Speaker 00 That way there's interest on it.
24:09 Caleb Hammer? Oh yeah, and there it is. Cause you talked about at the beginning how, oh, we're interest free.
24:14 Speaker 00 Well, I've already paid the, okay, I need to look at it.
24:18 Caleb Hammer? Yeah, you need to like look at the accounts once a month.
24:21 Speaker 00 Yeah.
24:22 Caleb Hammer? At, at a minimum.
24:23 Speaker 00 Probably like, like a five dollar balance.
24:26 Caleb Hammer? The order that these episodes come out are weird, but I literally just filmed an episode yesterday with, uh, uh, one half of a relationship and they also thought that like no interest is accruing. He was missing payments and interest is accruing.
24:38 Speaker 00 Yeah.
24:39 Caleb Hammer? You just literally have to look.
24:40 Speaker 00 Yeah.
24:41 Caleb Hammer? It's as simple as look, guys. You are the one in charge of the finances, whatever. That is the relationship that you guys and you're half into the finance. Okay, okay, we can throw these things around. Sure, sure, sure.
24:50 Speaker 00 Right.
24:51 Caleb Hammer? Why don't you look at the very least as the one who has been determined by both of you to look at the finances?
24:58 Speaker 00 I'm usually pretty good about looking.
24:59 Caleb Hammer? Okay, but you didn't even know interest was accruing on this card.
25:02 Speaker 00 Yeah. How much interest is accruing?
25:05 Caleb Hammer? Two dollars fifty five cents is probably the previous balance, not the new stuff. Your new purchase was probably zero percent. But that past stuff is accruing interest.
25:12 Speaker 00 Got it.
25:13 Caleb Hammer? I'm assuming now, let's take a look at it. Again, now your minimum payment and these are gonna get chunky. We're starting with the minimum one, but we're gonna add like a thousand billion of them. Thirty two dollars and thirty eight cents. We're gonna be here until tomorrow morning, probably. Oh, okay. Yeah, twenty one dollars of interest this year so far. So interest is accruing on a monthly basis. All year. So far.
25:34 Speaker 00 Okay.
25:35 Caleb Hammer? Yeah. And that interest that is accruing is on a hundred and forty five dollars, something that we could wipe out like that with your income.
25:43 Speaker 00 Yeah.
25:44 Caleb Hammer? Like that.
25:45 Speaker 00 And normally, like.
25:47 Caleb Hammer? Normally, this has been a year.
25:48 Speaker 00 Yeah, yeah, I don't know.
25:50 Caleb Hammer? No, no, no, no, there's no normal. It's been a year.
25:52 Speaker 00 Yeah.
25:53 Caleb Hammer? Like normally would happen within this year. We are the second to last month of the year.
25:58 Speaker 00 Yeah.
25:59 Caleb Hammer? No.
26:00 Speaker 00 I need to find out what it is. Is it still accruing?
26:04 Caleb Hammer? Yes. Every month, two fifty five, and you've accrued this year twenty one dollars ninety seven cents. Is that the biggest thing in the world in terms of monetary impact? You're not even close, but it shows. It demonstrates that you do not know a single thing about your finances, even though you are the one that has been self crowned and crowned by him to be in charge of the finances, but we didn't even know all year interest is accruing on a card when taking a look at a statement takes five seconds.
26:30 Speaker 00 Yeah.
26:30 Caleb Hammer? That top of the statement takes five seconds.
26:32 Speaker 00 Honestly, I don't even look at statements. I just go online and look at the promotional purchase thing. So that's where I'm.
26:39 Caleb Hammer? And look where that led us. Okay, I mean, one of the interest free things is gonna end in literally, oh, two of them are gonna end in basically a month.
26:48 Speaker 00 Yeah.
26:49 Caleb Hammer? Okay, the deferred interest on those so far are approaching three hundred fifty dollars.
26:54 Speaker 00 Yes.
26:55 Caleb Hammer? So we have to pay a total of about three hundred fifty dollars as well is what the balance is about the same amount of interest as accrued as the balance. So it'll double if we don't pay in a month and a half. We are spending 22% more than we make. Sure, you could open up a new debt, you could transfer this to another debt. There are things like that, and that might be what you do. But if worse came to worse, in what world would you guys be able to pay this with your current lifestyle? None. None. And how you guys have made it so far, I have no idea. Also, you had fees of $2 this year so far on this card.
27:29 Speaker 00 Okay.
27:30 Caleb Hammer? Crazy monetary impact to you? No, but just more demonstration of you don't know what's going on. Also, I forgot to say, guys, if you want your hammer financial score, it's fun, it's free, link in the description below, check it out. And then come on down here to Austin, Texas. Are you guys having fun so far? Getting a little yell, a little verbal punching, but you know, we get their, you know, we get the permission for it. And then you guys get to come hang out with Lindsay and Jake. They'll take care of you. They're lovely people, aren't they?
27:54 Speaker 03 They are.
27:55 Caleb Hammer? Well, yeah, yeah, yeah. Well, I guess you probably didn't really see Jake yet, but Lindsay, she's great. And then Jake exists as well. So, yeah, go to Calebhammer.com slash apply. Come hang out with us.
28:09 Caleb Hammer? Okay, and then two more deferred, and that's gonna go for one until 2026, one until mid next year. Okay.
28:19 Caleb Hammer? They're all sitting at about 29% interest when they hit, including the one that is already hitting. Huh?
28:25 Speaker 00 I said, yeah, yeah. Plus, because I was saying plus the deferred, because it like.
28:30 Caleb Hammer? Yeah. Oh, yeah. Okay, American Express Gold Card. How do you guys share these or look at these cards? Because there are many accounts, many cards. How are we doing them together? And what does this look like?
28:42 Speaker 00 So, like, what do you mean? Like, what is, like?
28:46 Caleb Hammer? Is there like a my card, a your card, and our card?
28:49 Speaker 00 We, we use them all together.
28:50 Caleb Hammer? So you all have like access? Okay.
28:52 Speaker 00 Yeah.
28:54 Caleb Hammer? Okay, American Gold Card.
28:57 Caleb Hammer? I'm here.
28:58 Speaker 00 Yeah, that one.
29:00 Caleb Hammer? Getting crazy, $3,107.91, and then a minimum of the payment of $99. Again, stacking, stacking quick.
29:08 Speaker 00 So that one is the one that before he lost his job, we were using that to pay our bills and then pay the full balance. And we were paying the full balance every single month religiously, and then.
29:20 Caleb Hammer? Yeah, but you should have been able to do that for about six more months because you would have had a six month emergency fund like adults. Hmm.
29:25 Speaker 00 Yeah.
29:26 Caleb Hammer? So where was our emergency fund?
29:28 Speaker 00 We had about a three month emergency fund.
29:30 Caleb Hammer? And?
29:31 Speaker 00 And it got emergencied.
29:33 Caleb Hammer? And then you had to start using this card without being able to pay back?
29:36 Speaker 00 No, no, no. We, no. That, that card was.
29:41 Caleb Hammer? Other cards?
29:42 Speaker 00 That, no, we didn't use other cards. We had.
29:45 Caleb Hammer? How long were you in between no job and job?
29:47 Speaker 00 April, well, March was like the middle of March.
29:49 Speaker 03 Yeah, I started in May.
29:50 Speaker 00 April, May, so two months.
29:52 Caleb Hammer? Okay, so that six month emergency fund covered you and then probably a little bit of unemployment?
29:56 Speaker 00 He got no unemployment.
29:57 Caleb Hammer? No. Well, how long were you on your previous job?
29:59 Speaker 03 I did some side work too, you know, that kind of helped us feed that.
30:02 Speaker 00 And then I started my job in April.
30:04 Caleb Hammer? Well, guess what, guys? Interests accruing on this, did you know that?
30:07 Speaker 00 Yes, I do know that.
30:07 Caleb Hammer? Then why are we allowing this? Why are we existing in this instead of what you could do is pay it off if we did not have those?
30:14 Speaker 00 Because I was paying, I was focusing on my care credit to get that paid before the promotional balance hit.
30:20 Caleb Hammer? Of care credit?
30:21 Speaker 00 Yes.
30:22 Caleb Hammer? When does that end?
30:23 Speaker 00 That, November twenty second.
30:26 Caleb Hammer? Okay, in a week, less than a week.
30:27 Speaker 00 And I think.
30:28 Caleb Hammer? Just about.
30:29 Speaker 00 It was like three hundred dollars. No, no, no, I'm sorry.
30:32 Caleb Hammer? Three hundred dollars, this should be nothing for you guys. It's not an insignificant amount of money, but for you guys, it's nothing.
30:37 Speaker 00 Three, six, seven, eight hundred dollars.
30:39 Caleb Hammer? Still easy for you guys.
30:41 Speaker 00 We have been paying like nine hundred and something dollars a month for that card to get it, to.
30:46 Caleb Hammer? Since?
30:47 Speaker 00 To get smart. Well, it was his back and then.
30:51 Caleb Hammer? Why are you guys waiting until the last minute? Again, you guys had the ability.
30:53 Speaker 00 We were paying like our regular payment, like to the non, or the promotional purchase payment, right?
30:58 Caleb Hammer? Yeah.
30:59 Speaker 00 Divided by twelve.
31:00 Caleb Hammer? A month, you guys could have done more if you wanted to.
31:02 Speaker 00 We, whenever he lost his job, then we paid like the minimum card payment on it while he lost his job. And then now we were like catching up. Um.
31:15 Caleb Hammer? Okay.
31:16 Speaker 00 And there are, and then like we use it for the vet and for the dentist because then he had a crown and then.
31:23 Caleb Hammer? Oh, yeah, oh, yeah.
31:24 Speaker 00 And then our daughter had cavities.
31:25 Caleb Hammer? Okay, okay, okay. All right.
31:28 Speaker 00 Care card is a big one.
31:29 Caleb Hammer? Okay. Interest charged this year's safari and that's at ten percent.
31:33 Speaker 00 Yes.
31:34 Caleb Hammer? Low for credit cards, but not good. Uh, opposite of low, what the for Bronco that has you ran all.
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31:56 Caleb Hammer? Over it? Bronco man, okay.
31:58 Speaker 03 Well, I mean.
32:01 Caleb Hammer? Well, you're apparently obsessed with getting an insane debt.
32:04 Speaker 03 Well, the truck would have put us in debt too.
32:07 Caleb Hammer? What?
32:08 Speaker 03 So I got rid of a truck and a motorcycle and got the Bronco.
32:12 Caleb Hammer? What were those? Cause this isn't even close to good compared to most people that come on this show. Come on, this balance is crazy. Look at this, guys. We are at sixty-six thousand, two hundred and ninety-five dollars and twenty-eight cents. And that's considered good after a truck and a motorcycle? What were we looking at before?
32:28 Speaker 03 No, it was still, no, it was still bad, but it was just how much money we were putting into the old truck.
32:34 Speaker 00 The truck was a two thousand and six. It had like three hundred thousand miles on it and we needed to put.
32:39 Speaker 03 Just put like ten grand in it.
32:41 Caleb Hammer? You just got this car?
32:42 Speaker 00 No, no, the old truck.
32:44 Caleb Hammer? No, you just got this car?
32:45 Speaker 00 We just got that. This was, okay, this was like our.
32:49 Caleb Hammer? The payment's over a thousand dollars a month, over a thousand dollars a month for a Ford Bronco. Everyone has one. They're every other car.
32:58 Speaker 03 Everybody's got a Tesla too.
33:00 Caleb Hammer? Yeah, and it goes faster than yours.
33:03 Speaker 03 Yeah.
33:05 Caleb Hammer? People will hate me for that in the comment section, by the way.
33:10 Caleb Hammer? But.
33:11 Speaker 00 So to us, this was kind of like a saving grace. And I know that that sounds awful.
33:17 Caleb Hammer? A thousand dollars off, go ahead.
33:19 Speaker 00 So the motorcycle, we were spending over seven hundred dollars a month for it to sit in the shop and collect dust, right?
33:28 Caleb Hammer? Get rid of it. This doesn't have to, this wasn't equal.
33:31 Speaker 00 We tried selling it.
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34:21 Speaker 00 So we got rid of the 2006 truck and the, and the motorcycle to try to, we used the truck to try to eat up some of the negative equity from the motorcycle. And we traded in to get this because the truck was gonna cost, we'd already put 10 grand into the truck at that point.
34:39 Caleb Hammer? Crazy too, cuz you could've got a $10,000 car.
34:43 Speaker 00 How, what would we have done with the negative equity?
34:46 Caleb Hammer? Well, well, how much was that negative equity?
34:48 Speaker 03 We were negative almost 14.
34:50 Speaker 00 Yeah, like 13 and some.
34:53 Caleb Hammer? Yeah, I mean.
34:54 Speaker 00 It was a $30,000 bike.
34:55 Caleb Hammer? Again, I would rather have a 24,000 dollar loan than a 66,000. Of course, you'd be dramatically negative, but what's the value of this right now? Do we know? Six months later?
35:03 Speaker 00 I don't know what the value is. I have not even looked cuz I know that we're upside down on it.
35:08 Caleb Hammer? By chance? The equity, the value of this car?
35:12 Speaker 00 I know we're upside down on it because sticker price, we paid over what the sticker price is on it.
35:18 Caleb Hammer? Really?
35:19 Speaker 00 Yes.
35:19 Caleb Hammer? What was the sticker?
35:21 Speaker 00 I think the stickers on those are like 64.
35:24 Caleb Hammer? I mean, there's so many different kind of versions you could get, but I was interested in a Bronco. I get it.
35:31 Caleb Hammer? Yeah, I mean, they're okay.
35:32 Speaker 00 They're, it's a, like, they're a very smooth ride.
35:35 Caleb Hammer? Over 8% interest rate. That's crazy. When does this mature? What, what, when, how long is this? How long is this loan?
35:43 Speaker 00 Is it a five-year loan?
35:44 Caleb Hammer? Say, come on, guys.
35:47 Speaker 00 You're not even to my truck yet.
35:49 Caleb Hammer? No, I'm not, and I've seen it, and I know how bad it is. This whole thing is crazy. Again, both of your car payments combined are basically, they're a mortgage for depreciating assets that require money to put into it to keep it going, keep it alive.
36:04 Caleb Hammer? Why does it get laid off again, man? What happens if more medical things happen and you can't work? What if you're required to get that surgery? Then you can't do the things anymore and you guys have multi thousands of dollars of car payments?
36:16 Speaker 03 Yeah.
36:17 Caleb Hammer? What do we do? What a risky position to put ourselves in, especially with an eleven year old kid relying on us.
36:22 Speaker 03 Mm hmm.
36:23 Caleb Hammer? There is no reason to put our household in such a risky position. You did not need a new car.
36:29 Speaker 00 So we were told that we could only roll that much negative equity into a new car, that they would not do it into a
36:35 Caleb Hammer? Yeah, but maybe we could have borrowed a personal loan to take care of the negative equity in the other car. There's options that we can talk about. You're probably only talking to the dealers.
36:45 Speaker 00 I didn't think about a personal
36:47 Caleb Hammer? Were we only talking to the car dealers about this?
36:49 Speaker 03 Yeah.
36:50 Caleb Hammer? Well, they're not gonna have your best
36:51 Speaker 03 Also, we weren't really thinking about taking A smaller loan to pay off whatever the negative is and figure
36:58 Speaker 00 Which I think we could have.
37:00 Caleb Hammer? Well, wait, you guys were considering this? Why didn't we do that instead of?
37:03 Speaker 00 No, we didn't actually think about it on this. But I don't think that it would have been possible because of my, our other personal loans. Because I have the
37:12 Caleb Hammer? What's your credit score? I mean, you qualified debt to income ratio for a sixty six thousand dollar car loan, so.
37:18 Speaker 03 Yeah, I think seven, seven twenty.
37:20 Caleb Hammer? I think I'm sure we could get, and it may have been a shit loan, but twelve thousand dollars, we could have worked the payoff really quick. Instead of all of a sudden not having a thousand dollar a month payment on over eight percent interest, sixty six thousand two hundred ninety five dollar depreciating asset.
37:35 Caleb Hammer? Oh, for fuck's sake, okay.
37:39 Caleb Hammer? I just don't understand. This is such a beyond want. I'm not saying you should have kept that car. I'm not saying you should have kept putting money in that truck. Actually, I would have said no. That does not equal this. That does not equal required to do this.
37:52 Speaker 00 We also felt very rushed in what
37:55 Caleb Hammer? Why?
37:55 Speaker 00 In our decision because he had lost his job and then was
38:00 Caleb Hammer? Wait, was this while the job was lost?
38:02 Speaker 00 This was, no, this was right after he went back to work. So at his old job, he had a work truck, so that's why the old truck just sat there. He didn't need it. And so then Whenever he lost his job, lost the work truck, then started the new job, he was having to drive the old truck to and from work. And it was just, it was not reliable anymore. And so we were like,
38:27 Caleb Hammer? Let's play a game. The game is called Guess the Value of This Car. What would you guess?
38:39 Caleb Hammer? You're pretty close, forty six thousand. That's crazy. We're already under twenty.
38:46 Caleb Hammer? We ourselves with this. We really.
38:49 Speaker 00 We knew going into this.
38:51 Caleb Hammer? With a reminder, no savings. We're allowing ourselves to have this kind of debt. We don't have any savings for good. What a scary situation to put our household in for no reason. It was honestly a, let's be honest, incredibly immature person, purchase. That was a childish purchase. You wanted it and that's what you got. They got what you wanted.
39:13 Speaker 00 What would you?
39:13 Caleb Hammer? This is American ass it gets. What I already said possibly, you know, that personal loan to cover the negative that you're in that other one. Then a ten thousand hour loan on a ten thousand hour car that you got permission to take to a dealership to get the confirmation that this is gonna last for a couple to a few years safely, reliably, without you putting a lot of money into it.
39:36 Caleb Hammer? It's okay to get a second opinion though, isn't it?
39:38 Speaker 03 Yeah, sometimes.
39:41 Caleb Hammer? Listen, if you're confident enough, that's great, but look where it got us. Okay, let's keep going. Synchrony, great, that's always great. Oh, this is care credit?
39:55 Caleb Hammer? You did make a decent payment to it, but the balance is higher than you. The balance is seven thousand two hundred forty two.
40:06 Caleb Hammer? Wait, why did I think it was lower? Okay, that's huge. That's ridiculous. Okay.
40:11 Speaker 00 I think now it's like six.
40:14 Caleb Hammer? I'm gonna go with the balance here, so that's what we have your full situation. Seven thousand two hundred forty two dollars with a, this minimum monthly payment. Come on, add this to your last one. Two hundred thirty six dollars, two hundred thirty six dollars.
40:30 Caleb Hammer? For interest until.
40:33 Caleb Hammer? Oh, you were telling me about the balance that goes to in a month, two months, that's at 300. Okay. Okay. Have fees like crazy. Fees this year, losing a lot of money.
40:51 Caleb Hammer? Some of the chunky ones are ending in 2025, and we have one 2026.
40:59 Caleb Hammer? It's aggressive. We gotta get aggressive. Gotta get aggressive.
41:04 Caleb Hammer? Deferred interest. You guys have gotten lucky so far with your spending habits. How much money is going places? We gotta.
41:10 Speaker 03 Yeah.
41:11 Caleb Hammer? You have to get lucky. Oh, Disney card is accruing a lot of interest.
41:15 Speaker 00 Yes.
41:16 Caleb Hammer? So what is up with this? Why do we have 2,410 to Disney?
41:20 Speaker 00 It's just a Chase card. It's like a generic.
41:23 Caleb Hammer? Sure. What's going on?
41:25 Speaker 00 Groceries, gas, like.
41:27 Caleb Hammer? Why is it going on debt? It's accruing interest. Why? Why are we paying interest on groceries, guys? $41.68 of interest?
41:40 Caleb Hammer? Any answer?
41:41 Speaker 03 I wasn't really sure.
41:41 Caleb Hammer? Come on, guys.
41:42 Speaker 03 We were even using that card, but, um.
41:48 Speaker 00 I don't know the last time I used it.
41:50 Speaker 03 Yeah, cuz I don't, I don't have any credit cards. Well, like, I don't carry any, I don't really use any.
41:56 Caleb Hammer? So this is all you?
41:59 Speaker 03 Well, I guess it's however she's moving something, but I, yeah, I don't.
42:03 Caleb Hammer? But you're the one that's in charge of the finances.
42:06 Speaker 00 And.
42:07 Caleb Hammer? So what is going on here?
42:08 Speaker 00 Anything related to the house and anything.
42:11 Caleb Hammer? Hold on. If he was in charge of the finances, would this be more mature looking?
42:15 Speaker 03 Yeah, I'm not. I mean, I, I, well, I don't know. I mean, it probably could be.
42:18 Speaker 00 Cuz he's done taquitos on credit cards before. Like.
42:24 Speaker 03 That's a long time ago.
42:27 Caleb Hammer? Okay.
42:30 Caleb Hammer? I don't know. You guys are not credit card people. I just wouldn't have credit cards. You're not utilizing them correct. If we have a properly funded emergency fund, we wouldn't have needed that care credit.
42:41 Caleb Hammer? We wouldn't need to have this debt. We wouldn't be freaking out where we are today. We wouldn't be spending 22% higher than our income today. You guys are not credit card people. They're dangerous for you. They're not a tool. They're making money off of you. I would not have these if I were you guys. Oh, guys, guess what? You own seventy-five dollars in rewards. You've lost four hundred thirty dollars in interest.
43:05 Speaker 00 I don't even look at the rewards, honestly.
43:07 Caleb Hammer? And what's the point? Why have a credit card? No, I have a credit card.
43:10 Speaker 00 For emergency purposes.
43:11 Caleb Hammer? That's not emergencies. Emergency funds. Emergency funds. Guys, six months of living expenses, whatever's required to survive, six months stacked up, put in a savings account you cannot touch, doesn't go to fund. Come on, we don't do credit card emergencies. You guys are too far into life for that. You are well into adulthood. You have a child. You guys own property. You guys are doing all these things, have great jobs. We are not in the place of using credit cards for emergencies. That is not your guys' future. Come on. Do we even know about emergency funds?
43:47 Speaker 00 I mean.
43:48 Speaker 03 Yeah.
43:48 Speaker 00 I thought it was supposed to be a three-month emergency fund. I didn't really.
43:51 Caleb Hammer? That was the, oh, that was the original, but we see that three months doesn't always get us places. So that's why I say six. I don't even accept that three anymore. But, okay, you heard that. You've heard of three. Oh, why are we doing credit cards for emergencies then? You guys make money, good money.
44:06 Speaker 03 Yeah, they're just being stupid, not really paying attention to what, what we're doing.
44:11 Speaker 00 That's my sister's.
44:13 Caleb Hammer? But why do I have it?
44:15 Speaker 00 Because it's in my name. So are the cabinets that are in her house, and she makes the payment to that.
44:22 Caleb Hammer? Into, wait, into whose house? Did I mishear that?
44:25 Speaker 00 In her tiny house, the tiny house that we put in the front of the.
44:27 Caleb Hammer? Does she still live there? No. Yes? She gonna live there forever?
44:31 Speaker 00 I'm assuming. I, I don't know.
44:34 Speaker 03 Yeah.
44:34 Speaker 00 Whatever, whatever she chooses. That's what she wants to do.
44:38 Caleb Hammer? Right next to you guys?
44:38 Speaker 00 No, it's like in the front of the property.
44:41 Caleb Hammer? How many acres?
44:42 Speaker 00 Ten.
44:43 Caleb Hammer? Okay. It's just dust. Down in San Antonio?
44:49 Caleb Hammer? Yeah.
44:51 Speaker 03 We got some mesquite tree.
44:53 Speaker 00 Yeah.
44:53 Speaker 03 We got one oak tree.
44:55 Speaker 00 We and she lives right next to the one oak tree on the property.
44:58 Caleb Hammer? Good for her. Chop it down to build your cabinets.
45:03 Caleb Hammer? Okay, so Ikea.
45:04 Speaker 00 Yeah.
45:05 Caleb Hammer? That's all I'm gonna say.
45:05 Speaker 00 Yeah.
45:06 Caleb Hammer? We're at, oh, she was it just, no, okay, so one thousand six hundred sixty eight dollars and twenty two cents. The forty eight dollar minimum payment. And she is paying that on the site, she paying you guys?
45:19 Speaker 00 She puts money into the account that it auto drafts.
45:22 Caleb Hammer? And again, what if?
45:25 Speaker 00 Yeah.
45:25 Caleb Hammer? Uh huh. Brand new debt, congratulations.
45:30 Caleb Hammer? Oh, it's deferred, until when?
45:34 Speaker 00 The Ikea is not deferred. That must be something else, because that is not Ikea.
45:38 Caleb Hammer? Another account?
45:39 Speaker 00 That's not Ikea.
45:39 Caleb Hammer? Is this, is this?
45:41 Speaker 00 Ikea is, it's got interest.
45:43 Caleb Hammer? Oh, and oh, it's accruing interest?
45:45 Speaker 00 Yes.
45:45 Caleb Hammer? Sorry, that's, that's what I was seeing.
45:46 Speaker 00 Okay.
45:47 Caleb Hammer? Then that's okay, we're okay with that.
45:49 Speaker 00 I mean.
45:50 Caleb Hammer? We're okay with that being our name, something that's accruing interest.
45:52 Speaker 00 Yeah.
45:53 Caleb Hammer? What does she do? What, what, what is, what type of life is she trying to live? I guess it doesn't matter, I don't know.
45:57 Speaker 00 She's a single mom, she's a vet tech. Um, and does not have any help from dad, dad was like.
46:08 Caleb Hammer? Okay.
46:08 Speaker 00 Nothing to do with the baby, so.
46:11 Caleb Hammer? You guys built the house?
46:12 Speaker 03 Well, it was like a, yeah.
46:14 Speaker 00 It was a, it's a storage building.
46:17 Speaker 03 By forty, and then we did.
46:19 Caleb Hammer? You insulated, you AC, heated, you plumbed. That's expensive, and you guys paid for this.
46:26 Speaker 00 And we did the work ourselves.
46:27 Caleb Hammer? How much was this?
46:29 Speaker 03 Yeah, I think the loan was like thirty something.
46:31 Speaker 00 No, it was twenty.
46:32 Caleb Hammer? Please, is that in this document pile?
46:34 Speaker 00 Yes.
46:34 Caleb Hammer? Fuck. When was this done? Oh, shit.
46:38 Speaker 00 Years ago?
46:38 Caleb Hammer? Come on!
46:43 Caleb Hammer? When did you guys buy this land?
46:46 Speaker 00 2021, November 2021. And this is the house that we're gonna die in.
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48:10 Speaker 00 Like, this is it. Like, we are never moving again.
48:13 Caleb Hammer? Why?
48:14 Speaker 03 Well, I mean, we like it.
48:15 Caleb Hammer? That's fine.
48:16 Speaker 00 I love where we're at. We have a killer interest rate.
48:20 Caleb Hammer? Okay, well, that's fine. That's okay, sure. Uh, what is Love Sack?
48:26 Speaker 03 Where you make love on a sack.
48:27 Caleb Hammer? No. It's a-
48:31 Speaker 04 Witness the beginning of the revolution.
48:33 Speaker 05 Hey Mitch, you've been trying to take down these games from Star.
48:36 Speaker 04 Filmed for IMAX.
48:37 Speaker 05 Make them remember you.
48:40 Speaker 04 The Hunger Games: Sunrise on the Leaping, November 20th, rated PG-13.
48:44 Speaker 03 Uh, it's a couch.
48:46 Caleb Hammer? This is a couch? A $3,159 interest rate on a couch? What's a square footage of a three-bed?
48:53 Speaker 00 It's 2000s, just over 21.
48:56 Caleb Hammer? Okay.
48:57 Speaker 00 So-
48:57 Caleb Hammer? We needed a $3,000 couch for it?
49:01 Speaker 03 Well, I think that part was more of a the versatility plus the lifetime kind of stuff you did on it.
49:07 Speaker 00 And again, there's the incest of money in that one, too.
49:12 Caleb Hammer? What?
49:13 Speaker 00 Um, so our version, our part of the couch is just about paid off. Um, my sister.
49:22 Caleb Hammer? My sister, is it in her place?
49:24 Speaker 00 The, this is my other sister and yes.
49:27 Caleb Hammer? What is happening? Where is she?
49:28 Speaker 00 She lives in Houston and she put her couch on the card and his mom also put.
49:35 Caleb Hammer? You guys gotta stop. You guys gotta stop. Listen. She can take out a credit card if she wants to. Stop putting the risk in your corner. You have a kid.
49:48 Caleb Hammer? I have no problem with helping, even if you want to gift that amount of money, but stop having someone else's debt on you. This is the third time now.
49:57 Caleb Hammer? And we're only six documents in, so half so far.
50:00 Speaker 00 Yeah, I think the only other thing that's left is the loan that's.
50:07 Caleb Hammer? What? There's something else.
50:08 Speaker 00 Mixing of, so there's the Ikea card, there's the, the smart financial, the love sack is split between.
50:18 Caleb Hammer? I want all of them. I want all of them to connect with our financial advisors, the one we use, Domain Money. Everyone gets a free session. Everyone in the audience gets a free session with the financial advisors. I want you to connect them with them.
50:30 Speaker 00 Okay.
50:30 Caleb Hammer? And have them sit down with them because they have to be able to manage their own finances instead of being on your name.
50:36 Speaker 00 Okay.
50:36 Caleb Hammer? This is horrible. This is wild. Okay? When is the interest free period end? Twenty twenty seven for one, twenty twenty six for one?
50:47 Caleb Hammer? My gosh, I don't want the payment a hundred nine.
50:52 Caleb Hammer? Again, what happens if, we don't know. Having that conversation about everything now because everything's all tied up and mingled. Lowe's, this is for building the house.
51:01 Speaker 00 That's for our washer.
51:03 Caleb Hammer? Oh, good, because we finance every purchase in our life, every purchase. So a purchase that is not financed in your life, this is crazy, guys. What are we doing? Fees, fees like crazy. We're getting fees on a monthly basis. What are we doing? Seven hundred and ninety-three dollars and seventy-four cents with a fifty-three dollar minimum payment, ninety-six cents. Why, why does everything have to be financed? What is our philosophy here?
51:28 Speaker 03 Oh, I don't know. I guess I've never really thought about it. And then when the time comes when we need it, we don't have any money.
51:34 Caleb Hammer? Cause everything's financed, making your minimum payment is a billion dollars a month, meaning you have no money.
51:39 Speaker 03 Yeah.
51:40 Caleb Hammer? You're deferring your entire life.
51:42 Speaker 00 Yeah.
51:43 Caleb Hammer? And guess what? There wasn't that much in retirement, was there?
51:45 Speaker 00 No.
51:45 Caleb Hammer? I never seen anything significant. So you're not even, you're deferring your retirement as well. How are you guys gonna be able to retire? You're gonna have a paid off house if you do this correctly and don't stop, sure. Okay, but there's still property taxes, there are utilities, there are insurance, there is food, there is whatever's going on with any other part of your family, because we know you guys are deeply mingled there. And then there's the kid as well. So what are you guys gonna do when there's no retirement, but everything's financed in the world? I can be able to pay for anything, there'll be nothing. You'll have a disability, but that's pretty much it.
52:13 Speaker 03 Yeah.
52:13 Caleb Hammer? And we can't, that's not, let's not call that retirement.
52:16 Speaker 00 No.
52:18 Caleb Hammer? What's accruing interest? Literally.
52:23 Caleb Hammer? I don't know. What was, what was the fee?
52:25 Speaker 00 The fee is probably a late fee or something.
52:27 Caleb Hammer? Late fee, guys, how are we having late fees? Do you even know there's late fees? You guys aren't paying bills on time.
52:32 Speaker 03 Hmm. I mean, I I think it hasn't been that many we've had lately.
52:38 Caleb Hammer? Many that have, where are you guys like that? You don't care about that. You don't care.
52:43 Speaker 03 Well, I know some of it we put on, um, like auto draft and then
52:49 Caleb Hammer? Yeah.
52:50 Speaker 03 cancel a card and then didn't think about who, what we had on our call and so
52:55 Caleb Hammer? Okay, what about this one, though? This isn't canceled.
52:59 Speaker 00 I don't.
52:59 Caleb Hammer? We seem so unbothered that we're
53:01 Speaker 00 I don't, I, I just assume that it's a late fee, um, and if it, cause I can't remember when these statements were either, so.
53:09 Caleb Hammer? Payment security. I, you've had three hundred and twelve dollars of fees this year so far. That's essentially their version of interest on this card.
53:17 Speaker 00 Yeah.
53:18 Caleb Hammer? So just very sure they're gonna get you with monthly fees.
53:21 Speaker 00 How do we find where the monthly fees are?
53:24 Caleb Hammer? I'm pretty sure that's just what's baked in.
53:25 Speaker 03 Yeah.
53:26 Speaker 00 Oh.
53:27 Speaker 03 I know that.
53:27 Caleb Hammer? Yeah, I know that. So I would pay off this card immediately. You're getting destroyed.
53:33 Speaker 00 That's
53:34 Caleb Hammer? Okay, what am I looking at here?
53:35 Speaker 00 Okay, so that's one of the smart financials. So that's a loan.
53:37 Caleb Hammer? Um, for?
53:40 Caleb Hammer? One of? For sake.
53:43 Speaker 00 So one is a our water well. Um, and that balance should be that one. That's it. That's the water well.
53:54 Caleb Hammer? Okay, we got a water well. If nine percent. You guys cash flow nothing in your lives. Minimum to be having a three hundred seventy five dollars. This is getting crazy.
54:04 Speaker 00 Twenty two thousand dollar.
54:07 Speaker 03 Than getting city water brought to where we're at, because that was over forty grand.
54:11 Speaker 00 Yeah.
54:11 Speaker 03 Just to get city.
54:12 Caleb Hammer? I'm not saying don't do this. I'm just saying you guys. Everything you guys make. And I don't think it's I really don't think you guys understand how well you guys do. You guys do insanely well. But you're living like you are not doing well. Well, no, you guys are spending like you guys live incredibly well, but you guys have made yourself in a position where you do not live well, even though you. Yeah, well, yes, that's what I was saying.
54:37 Speaker 00 Yeah.
54:38 Caleb Hammer? So what was our plan? This just allow the nine percent interest to ride out for eternity?
54:43 Speaker 03 I mean, at least till we can pay. I don't know. We have not really had any breathing room, so we're just doing what we can.
54:49 Caleb Hammer? Fun fact that nine percent interest at eight point nine percent interest, by the way, the investing app that I use, Mumu, the partner of this channel, one of my favorite things, literally, you put money in their account and for the first three months, you get that amount of interest on your money. That's like a thing you get to take advantage of, but it's that you guys are just making money for banks. You guys are banks best customer. You're giving them everything. I own some stocks and banks. I'm sure throughout my S and P five hundred distributions. You guys are making me a lot of money. Thank you. Thank you for fucking up.
55:25 Speaker 00 That's the construction, though.
55:26 Caleb Hammer? Oh, this is the construction. So this is the tiny house. When we're saying tiny house, what are we talking?
55:31 Speaker 00 Like it's a sixteen by forty.
55:33 Speaker 03 No exact square.
55:34 Speaker 00 So that's like six hundred square feet.
55:37 Caleb Hammer? And it's her and a kid?
55:39 Speaker 00 We.
55:39 Caleb Hammer? Is there any separations?
55:41 Speaker 03 No, it's got two bedrooms, bathroom, kitchen.
55:45 Caleb Hammer? Whoa, can't even picture.
55:46 Speaker 00 I'll show you pictures later. I'm actually really proud because we did it like I'm proud of how it turned out.
55:52 Caleb Hammer? Sure.
55:52 Speaker 00 We did it all ourselves.
55:53 Caleb Hammer? Well, I wish you could have done it with your money.
55:56 Speaker 00 Right.
55:58 Caleb Hammer? Oh, it's worse. It's a little 11% interest. You know, so if this, if we're considering this building a home, he just took out a 11% mortgage.
56:05 Speaker 00 Yeah. So.
56:08 Caleb Hammer? What's the payment usually?
56:10 Speaker 00 Oh, four something, four something.
56:13 Caleb Hammer? I'm gonna put four fifty.
56:15 Speaker 00 And we don't pay that. We don't pay for that.
56:17 Caleb Hammer? She pays for this.
56:18 Speaker 00 Yes.
56:19 Caleb Hammer? Kenny, start marking these.
56:22 Caleb Hammer? Okay, okay. Well, she pays for it or pays you guys?
56:26 Speaker 00 Um, it goes into the bank where it drafts from. So it comes out of my.
56:30 Caleb Hammer? You really have a lot of trust in everyone and I appreciate it. They're family. But you have, it almost sounds like nothing wrong has ever happened in relationships with you guys.
56:41 Caleb Hammer? Okay. And with that reaction, then I don't know how you're putting this amount of trust in people then. Cause you. You've allowed so much to go so wrong and destroy you guys.
56:52 Speaker 00 Yeah. And I think that that's kind of like our, where our downfall is, is that we just want to give everybody the benefit of the doubt. We want to like help as many people as we can. And no, and that I guess that is kind of where like the.
57:08 Speaker 03 That is the downfall.
57:10 Speaker 00 But I, I think that's where the connection is of us. I guess knowing that we're in a better, like we make better money than most people because we're able to do things like this for other people, but it's putting us in a bad situation if something happens to them.
57:31 Caleb Hammer? This is very scary, guys. This is very scary. Tractor supply. You guys have everything. You guys have everything. Oh, tractor supply. Sure. Why not? What we do?
57:46 Speaker 00 Our fence.
57:47 Caleb Hammer? Great. Four hundred eighty seven dollars. You got dogs or something? Are you just trying to keep? You guys have a horse.
57:55 Speaker 00 Yes.
57:55 Caleb Hammer? You ever do anything with it?
57:56 Speaker 00 Yeah. He's a pleasure horse. He like, I don't like. I don't like, like perform or anything like I don't like.
58:08 Speaker 03 We're close to Mexico. We're not in Mexico.
58:10 Speaker 00 Oh my God. That's what they call them. You call it a pleasure horse. Like it's not, you're not like running.
58:20 Caleb Hammer? That phrase. Stop saying these things. Stop.
58:26 Caleb Hammer? You're making Lindsay die.
58:30 Caleb Hammer? You're killing her.
58:33 Caleb Hammer? Okay, your minimum payment is twenty nine dollars on this.
58:37 Caleb Hammer? Glad you guys are at least pleasant people. Makes it easier to go through this for what it's worth.
58:43 Caleb Hammer? What? This is. I just don't. You have a horse?
58:47 Speaker 00 I have.
58:48 Caleb Hammer? How much was the horse?
58:49 Speaker 00 Uh, we paid five thousand for him.
58:52 Caleb Hammer? How much is a horse upkeep?
58:54 Speaker 03 Oh.
58:56 Caleb Hammer? So we gotta put them in the budget. We gotta put that in the budget, the horse. Part of me thinks it would be fun to like own land.
59:03 Speaker 00 Like it is a ton of work.
59:04 Caleb Hammer? I'm sure, but a part of, well, like I.
59:07 Speaker 00 A ton of work.
59:09 Caleb Hammer? Right. But let's be honest, I mean.
59:13 Speaker 00 Okay.
59:14 Caleb Hammer? If I ever, if I ever own.
59:15 Speaker 00 You wanna come for the weekend and just test it out? You are more than welcome. We will feed you.
59:20 Caleb Hammer? What I'm saying here is if I ever own land, the hard work would not be done by me. But like, like being, I love cows and love horses, but like, I also feel like I'd be over in a weekend.
59:32 Speaker 00 Oh, yeah.
59:32 Caleb Hammer? That's my issue.
59:34 Speaker 00 I mean, we have a fence that we've got to finish in the front. So I mean, if you want to come for the weekend.
59:39 Caleb Hammer? Oh, they want me to clarify that I'd be paying people to do the work, obviously. I don't know what they were thinking. I don't think that's how anyone else, or I hope not. I don't know. The, the, the comment section always take everything bad anyway, but whatever. Oh, yeah. All right. Okay. Let's, let's just go on.
59:56 Speaker 00 Okay, now you're into.
59:56 Caleb Hammer? What is this? Oh, this is you. This is you. This is no, this is your car. It has to be.
1:00:03 Speaker 00 That's my truck.
1:00:04 Caleb Hammer? Why do you need a truck?
1:00:06 Speaker 00 I have a horse.
1:00:07 Caleb Hammer? What do you do with a horse?
1:00:08 Speaker 00 You have to take him to the vet. You have to take him to go get his feet done. You gotta take him to go get his dental.
1:00:12 Caleb Hammer? They don't do that there?
1:00:13 Speaker 00 I mean, you can have somebody come out to the house, but it's more.
1:00:16 Caleb Hammer? You have a seventy thousand dollar loan so that you can take the.
1:00:21 Caleb Hammer? Horse to the vet.
1:00:22 Speaker 00 Mm hmm. And I mean, I mean, we need a truck for.
1:00:25 Speaker 03 Yeah, I mean, we've used it for trailer. Of course, we don't have those trailers now, except for the horse trailer.
1:00:29 Speaker 00 We have the horse trailer.
1:00:30 Speaker 03 Um.
1:00:31 Caleb Hammer? Guys, this is no reason to have this kind of debt for you. Uh, even still get like you've get you, you, you've, you weren't trying to find any excuse to have this truck. You could have had a cheaper truck sitting on standby for that specific thing. And then you could have had just a sedan all for yourself and it would have been fine or a midsize SUV and you would have been okay. You do not need a seventy thousand dollar truck to carry a horse a couple of times a year, right? How oftentimes are you taking the horse places?
1:00:58 Speaker 00 Like every three to six weeks.
1:01:01 Caleb Hammer? Uh huh. Okay. Probably could have had a bull little truck.
1:01:06 Caleb Hammer? Not little, but a bull.
1:01:07 Speaker 00 What kind of little truck?
1:01:09 Caleb Hammer? A bull truck.
1:01:11 Speaker 00 I mean.
1:01:12 Caleb Hammer? You didn't need a seventy thousand dollar. Loan.
1:01:16 Speaker 00 I mean.
1:01:17 Caleb Hammer? Or get rid of the horse because obviously you can't afford it. Fuck's sake. I'm trying not to say that, but.
1:01:22 Speaker 00 I have tried to sell him.
1:01:24 Caleb Hammer? The, so the horse.
1:01:25 Speaker 00 Yeah.
1:01:28 Caleb Hammer? That sounds, he's a pet, right?
1:01:31 Speaker 00 Uh, yes, it's like a different level of a it's, it's, it's not the same. It's not like a dog.
1:01:39 Caleb Hammer? Why not? I would if I had a cow, I would. I love cows.
1:01:42 Speaker 03 Well, if you get like a little mini Highland or something.
1:01:44 Caleb Hammer? Well, or no, no, I just like cows.
1:01:46 Speaker 00 Do you know how gross cows are?
1:01:48 Caleb Hammer? Yeah, but I like them. Do you know how gross dogs and cats are?
1:01:51 Speaker 03 Yeah, I would.
1:01:53 Caleb Hammer? Exactly. That's what I'm saying.
1:01:57 Speaker 00 Um, but no, like you don't look at a horse.
1:02:00 Caleb Hammer? Why'd you try to sell it?
1:02:02 Speaker 03 Cause it's getting too damn expensive.
1:02:04 Speaker 00 And I, and I wanted to.
1:02:07 Caleb Hammer? Why is no one bought?
1:02:09 Speaker 00 Uh, cause he has a.
1:02:11 Caleb Hammer? The cell, get rid of it.
1:02:12 Speaker 00 Yeah, he's got like a something going on with.
1:02:15 Caleb Hammer? Okay, you can't afford it. So why not just go, go free? As long as someone does transportation, well, do a little bit of money because you make sure they put you because you got, I'm going to treat it like a normal pet. Make sure they do have an adoption fee so that you know they have money to take care of it.
1:02:31 Speaker 00 Right.
1:02:32 Caleb Hammer? That's pretty much it. So they have a little bit of, you know, you know, they're not just gonna
1:02:37 Speaker 00 Yeah.
1:02:37 Caleb Hammer? But even still, this is crazy, guys. Obviously, you can't afford this. You need to get rid of this truck or something. I don't even know. What's the, do we know the value of this truck?
1:02:45 Speaker 00 You would know that one better than me.
1:02:46 Speaker 03 No, but
1:02:47 Caleb Hammer? Yeah, let's pull the value, Jake.
1:02:48 Speaker 03 It would be probably in the forties.
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1:04:28 Speaker 00 Yeah, I've had the truck for a while.
1:04:29 Caleb Hammer? Fifty three thousand, how long have you had it?
1:04:31 Speaker 00 Uh, two and a half years?
1:04:34 Caleb Hammer? Fifty three thousand nine hundred sixteen dollars and fifty four cents. What's the minimum? It has to be a crazy minimum.
1:04:39 Speaker 00 It's over a thousand dollars.
1:04:40 Caleb Hammer? For sake, two, two, two, we.
1:04:44 Speaker 00 It's like one thousand sixty three dollars.
1:04:51 Caleb Hammer? Yeah, it's a thousand fifty eight, but we have two over one thousand dollar car payments. That's crazy. I don't understand the life you guys are living. Oh, it's worth twenty nine thousand. Congratulations.
1:05:03 Speaker 03 Nice.
1:05:03 Caleb Hammer? That's horrifically disgusting. That's private value. It's not even trading. That's disgusting. Do you not realize how disgusting that is?
1:05:11 Speaker 03 That's pretty bad.
1:05:13 Caleb Hammer? It's a truck. I mean, trucks will fuck you the most because everyone will go get a hundred thousand dollar truck that'll be worth twenty the next day. If there's a vehicle people are willing to overspend on, it's trucks.
1:05:26 Caleb Hammer? For a workaholic job.
1:05:30 Caleb Hammer? Alta, the only living thing that sees you on a daily basis is a oak tree. Why are we spending three hundred sixteen dollars on an Alta card that we can't afford probably?
1:05:40 Speaker 00 Um, I use it and usually I pay it off like the same month or like right after the statement comes out.
1:05:48 Caleb Hammer? This is normally paid off?
1:05:49 Speaker 00 Yes, and actually that is.
1:05:50 Caleb Hammer? So one card, one card that is actually used, uh, relatively responsibly. Not true though, because you spent three hundred sixty dollars. That should have gone towards debt.
1:06:00 Speaker 00 Yeah, so I buy all of, I buy like all of my stuff all at one time, like probably every, how, every eight to nine months I use that card. And I put all of my stuff in one time and then I have rosacea really bad, so I have to be like very careful. Like I can't just go to the drugstore.
1:06:20 Caleb Hammer? That's different.
1:06:21 Speaker 00 Yeah, I can't just go to the drugstore and like.
1:06:24 Caleb Hammer? Okay, I'm getting it, but if it was a monthly fee, that would, it was a monthly charge. That's where I would be freaking out. Okay. Valero, we have a Valero card. I happen to have this on the show.
1:06:35 Speaker 00 You've never had a gas card?
1:06:37 Caleb Hammer? Gas card and a Valero card. Seven hundred and forty dollars is owed on this. Is this normally paid off? No.
1:06:43 Speaker 00 No.
1:06:43 Caleb Hammer? No. Oh, eighteen dollars fifty six cents of interest. Good, good. Yeah, let's pay interest on our gas. Come on, guys. Like, I don't even know what to say anymore. Like, you've just accepted this very clearly. Like, you've just, it's just life. You know, it's just like life. It's not that you guys don't care, but it's like almost no concern anymore because you've just accepted it.
1:07:05 Speaker 00 It's been like it for, like this for so long that it's just like
1:07:08 Caleb Hammer? How long?
1:07:09 Speaker 00 Our norm.
1:07:10 Caleb Hammer? Why do this?
1:07:13 Speaker 00 Because we got, like, got ourselves into the hole and then can't get out of it, I guess?
1:07:17 Caleb Hammer? Home?
1:07:19 Speaker 00 Got ourselves into the hole.
1:07:22 Speaker 00 That's our mortgage.
1:07:24 Caleb Hammer? You're right, the rate is graded two point five. I mean, that's, that's wonderful. What I don't like is
1:07:32 Caleb Hammer? it's still like a half a million almost, which, okay, whatever, whatever. I mean, it's, it's the two thousand six hundred eighty seven dollar payment on top of your two thousand dollars of car payments on top of whatever else is about to be added up, guys.
1:07:47 Caleb Hammer? We owe four hundred forty three thousand seven hundred seventy three dollars and fifty seven cents. Okay? The minimum monthly payment of, again, two thousand six hundred eighty seven dollars thirty eight cents.
1:08:02 Caleb Hammer? But we love the interest rate. Oh, I accidentally put, we'll take a look at that in a second. That was a 401k.
1:08:09 Caleb Hammer? Oh, is that all the debt? Have we reached debt?
1:08:11 Speaker 00 That's it.
1:08:12 Caleb Hammer? Well done. Why is there so, so much paper? Okay.
1:08:14 Speaker 00 Those are all the bank statements.
1:08:15 Caleb Hammer? Goodie. Why do we have so many different banks?
1:08:17 Speaker 00 Um, so we have a, like, a checking account that we use for our bills, where just bill money stays in there. And then we have a spending account. And then we have an account that was with his, or still is with his mom, where like our mortgage and stuff went into it and our insurance. Because his mom lived with us for seven years.
1:08:37 Caleb Hammer? You guys are complicating everything.
1:08:38 Speaker 00 So his mom lived with us for seven years, so the mortgage was already and just coming out of that account. So rather than being, I was just being lazy and I just didn't move it over to the bill account.
1:08:48 Caleb Hammer? Lazy in this. This story, lots of laziness has led us to this.
1:08:51 Speaker 00 So one of the accounts is ju, it's a family checking that has his mom on it, has the mortgage and the car insurance coming out of it.
1:08:58 Speaker 03 One had tools, uh, like work stuff.
1:09:02 Speaker 06 Priceline Negotiator. It's me, the Priceline Negotiator. We don't need the jingle twice.
1:09:11 Speaker 06 Stop it. This is about vacation inflation and how Priceline Negot-
1:09:14 Speaker 07 Negotiates amazing deals on hotels, flights and rental cars. Yeah, but I didn't mention that you can save up to sixty percent off hotels in the Priceline app. Fine. No one deals more deals than.
1:09:29 Speaker 07 Please stop. Touche. Priceline.
1:09:32 Speaker 03 And then now I just use it for my day to day.
1:09:35 Caleb Hammer? A note was written by Lindsay that you new tools are your fetish. Like that is the literal note.
1:09:41 Speaker 03 It's not, it's not a fetish, but.
1:09:43 Caleb Hammer? According to Lindsay.
1:09:45 Speaker 03 Buy as, buy as I go, what's necessary. Some of it's not.
1:09:49 Caleb Hammer? Necessary for.
1:09:50 Speaker 03 Work.
1:09:52 Speaker 03 Oh yeah, I guess me.
1:09:54 Speaker 00 Like.
1:09:56 Speaker 03 Oh, I mean, like certain socket sets or, or the wrenches that I'm using, the scanner that I bought. Uh, which that one was quite a bit too, but.
1:10:08 Caleb Hammer? How much hammer pegging is going on?
1:10:10 Speaker 03 How much what?
1:10:12 Speaker 00 It's called turning wrenches.
1:10:14 Caleb Hammer? They don't know what that means. I'm gonna allow that to slide then.
1:10:18 Speaker 00 Am I missing it?
1:10:19 Caleb Hammer? Yeah.
1:10:20 Speaker 00 Oh, okay.
1:10:21 Caleb Hammer? That's okay.
1:10:23 Caleb Hammer? Okay.
1:10:25 Caleb Hammer? How much you spend on tools, you know? For the fun.
1:10:29 Speaker 03 It's not fun, but.
1:10:30 Caleb Hammer? Oh, come on. For your own personal ones, not required for work.
1:10:35 Speaker 03 I don't have any as personal use. This is all like work stuff that I use.
1:10:39 Caleb Hammer? How many new tools do you need constantly?
1:10:41 Speaker 03 I mean, things change all the time.
1:10:43 Caleb Hammer? Okay, so how much you spending on tools?
1:10:45 Speaker 03 Change, well, I mean, I think.
1:10:46 Caleb Hammer? Why is it your work covering this? Oh, you're wait, what?
1:10:49 Speaker 00 So mechanics, they don't.
1:10:51 Speaker 03 Yeah, mechanic, they don't do that.
1:10:53 Caleb Hammer? What? The truck shows up, the special little truck?
1:10:55 Speaker 03 Mm hmm.
1:10:56 Caleb Hammer? And they offer you like fifty percent interest?
1:10:58 Speaker 03 It's, I think it's like eighteen point nine.
1:11:00 Caleb Hammer? Yeah, it's crazy.
1:11:01 Speaker 03 Yeah. Um.
1:11:04 Caleb Hammer? How much you owe? Wait, do you owe?
1:11:06 Speaker 03 Yeah.
1:11:07 Caleb Hammer? Wait, so that is a debt. How much you owe?
1:11:11 Speaker 03 Pretty sure it's like twenty two thousand to one.
1:11:16 Caleb Hammer? And debt and tool debt?
1:11:18 Speaker 03 Yeah.
1:11:19 Caleb Hammer? For fuck's sake.
1:11:20 Speaker 03 That was all everything that's recent.
1:11:22 Speaker 00 Are you being serious?
1:11:23 Speaker 03 Yeah.
1:11:24 Caleb Hammer? You didn't know this? That's an insane debt.
1:11:27 Speaker 00 I thought it was like.
1:11:29 Speaker 03 Well, the other one's almost paid off. It's like twenty three hundred on a different truck.
1:11:34 Caleb Hammer? There's more?
1:11:35 Speaker 03 Yeah.
1:11:36 Caleb Hammer? When I asked if that's all the debt, why'd you not tell me?
1:11:39 Speaker 03 I wasn't really thinking about it.
1:11:42 Caleb Hammer? I need you to think about it.
1:11:45 Speaker 03 I don't know. I sometimes I think about it different just because I mean that stuff that I,
1:11:51 Speaker 03 you know, I use every day at work. I'm using.
1:11:54 Caleb Hammer? Oh, for fuck's sake, your minimum payment is six hundred seventy dollars a month.
1:11:57 Speaker 03 Yeah.
1:11:59 Caleb Hammer? Thoughts, comments, concerns?
1:12:00 Speaker 00 Yeah, I didn't know about that.
1:12:05 Caleb Hammer? But see, also see.
1:12:06 Speaker 00 Wait, is that why, like, we got, like, all the Snap-on stuff?
1:12:10 Speaker 03 Mm-hmm.
1:12:11 Caleb Hammer? She knows a lot, not so a lot about it, though. It's like, again, this doesn't even matter. It's just an other.
1:12:17 Speaker 00 What am I, like, what am I gonna say to him about buying stuff whenever I'm?
1:12:22 Caleb Hammer? Well, yeah, and I'm not, I'm not, it's not like I want you to go crazy or anything, but it's just your reaction. It's just, it almost seems like because we've stacked so much, it's another little pebble in the bucket. Doesn't even matter. Like, why not throw it all in? Let's just get more debt. Feels like this is where we are. Or debt just no longer has any impact on you because you guys have just lived debt, debt, debt, that I need to take debt away from you guys because it means nothing. You don't understand the repercussions behind it, the fees and interest that you're paying.
1:12:52 Speaker 03 Yeah.
1:12:53 Caleb Hammer? So it's only eighteen percent. Your minimum payment's six seventy. Great.
1:13:00 Caleb Hammer? Is there any other debts he's not telling me about?
1:13:05 Caleb Hammer? Have we made it?
1:13:06 Speaker 03 Yeah, I don't, I don't think there's anything else.
1:13:09 Caleb Hammer? Okay.
1:13:14 Caleb Hammer? Got lucky. They didn't even, like, feed me that information, I don't think. I, uh, I looked down at just Lindsay's funny note all the way down. That's crazy.
1:13:26 Speaker 00 Yeah, I, I mean, like, I knew that there was a bill of, I mean, obviously, I knew there was a bill that was coming out every month because I look at the bank. I'm the one that looks at the bank, but I didn't realize it was like that.
1:13:40 Caleb Hammer? Yeah, you guys have overdrafted this year, by the way. Overdrafting or making net over a hundred fifty thousand hours a year? That's insane. That is insane.
1:13:53 Speaker 03 When was that?
1:13:54 Caleb Hammer? Oh, huh?
1:13:55 Speaker 03 When was it?
1:13:55 Caleb Hammer? I don't know when it was, some point this year, it doesn't say.
1:13:59 Caleb Hammer? But I do know that, uh, this past month, we were getting McDonald's and Prime Video and Prime Video, so we're renting things. Afterpay, we're afterpaying, so there is more.
1:14:08 Speaker 00 Yeah, those are our.
1:14:12 Caleb Hammer? You guys make money. Everything does not have to be a minimum monthly payment. I'm surprised you're not financing the McDonald's and movie rental. TikTok, sixty dollars on TikTok?
1:14:22 Speaker 03 Yeah, I don't know.
1:14:25 Speaker 00 It's like leggings or something.
1:14:28 Caleb Hammer? What are we, why are we buying on TikTok shop? It's all just like.
1:14:33 Speaker 00 They sucker.
1:14:34 Caleb Hammer? We don't need, don't go into the TikTok shop part, don't swipe left.
1:14:39 Speaker 03 I don't trust it because I think it's all Chinese.
1:14:42 Caleb Hammer? You know what? How did I know you were gonna say that?
1:14:48 Speaker 00 What do you think the stuff from Amazon comes from too?
1:14:51 Speaker 03 Well, that's why I pick certain things. Well, I don't order a lot off of Amazon either.
1:14:55 Speaker 00 Where do you think your hat came from?
1:14:57 Speaker 03 You know, I'm.
1:15:00 Speaker 03 I'm not curious though.
1:15:01 Speaker 00 Probably made in China.
1:15:02 Caleb Hammer? Oh, you're.
1:15:02 Speaker 00 From a gas station.
1:15:03 Caleb Hammer? You're bald.
1:15:04 Speaker 00 He's very bald.
1:15:05 Speaker 03 I'm not bald. I shaved it bald.
1:15:09 Caleb Hammer? Okay, Starbucks. News.
1:15:14 Caleb Hammer? What? No, no, no, news.
1:15:15 Speaker 00 I was like, whoa.
1:15:18 Speaker 03 You do it sucks, I don't know nothing about that.
1:15:20 Caleb Hammer? News Express.
1:15:23 Speaker 00 That's probably a gas station. That's a gas station.
1:15:26 Caleb Hammer? You stop inside and got something? It's five dollars. Yeah, I know you weren't getting five dollars of gas. What are you stopping in and getting?
1:15:31 Speaker 03 What's a News Express?
1:15:32 Speaker 00 It's one of the gas stations, I'm sure.
1:15:34 Caleb Hammer? Someone's stopping in and getting something for five dollars and twenty nine cents, guys.
1:15:37 Speaker 00 Oh, no, that was the airport. That was the airport.
1:15:41 Caleb Hammer? Okay.
1:15:41 Speaker 00 Yeah, um, I, whenever I moved his mom.
1:15:44 Caleb Hammer? Lyft ride? I know for a fact you guys live in the middle of nowhere.
1:15:47 Speaker 00 What account you're looking at? And this account is me, um, going to move his mom. And all of that was reimbursed to us.
1:15:56 Caleb Hammer? Everything. McDonald's, Starbucks, Starbucks, Starbucks, DoorDash, uh, liquor store?
1:16:00 Speaker 00 Yep.
1:16:01 Caleb Hammer? Why are we getting liquor store for a move? DoorDash? All this DoorDash?
1:16:05 Speaker 00 Cause I need beer after I done moved everything across state lines.
1:16:09 Caleb Hammer? And you reimbursed?
1:16:10 Speaker 00 But yes, I was, she reimbursed me for all that.
1:16:13 Caleb Hammer? Oh, fifty movie rentals, TikTok shop and other TikTok shop, ninety six dollars?
1:16:17 Speaker 00 Stuff now.
1:16:17 Caleb Hammer? This is the same account.
1:16:18 Speaker 00 Yeah.
1:16:19 Caleb Hammer? Okay, she's getting more TikTok shop. That communist stuff.
1:16:23 Speaker 03 Yeah.
1:16:28 Caleb Hammer? Amazon, Chili's, Pack and Stack, and Amazon, was on.
1:16:33 Speaker 00 Amazon.
1:16:35 Caleb Hammer? Okay, and another checking account. Subscription, Country Corner.
1:16:41 Speaker 00 That's gas station.
1:16:43 Speaker 03 Yeah.
1:16:44 Caleb Hammer? Country Corner spelled with a K because I bet there's a lot of triple K's out there. David, reason over.
1:16:51 Speaker 00 That's the tool guy.
1:16:53 Caleb Hammer? The tool guy? Oh, it is Matt Co.
1:16:56 Speaker 03 Yeah, that's the one that's almost, well, I say almost, but that's like the twenty two hundred, I think, or twenty three.
1:17:01 Caleb Hammer? Zelling out twenty bucks and there's more Matt Co.
1:17:07 Caleb Hammer? Wild, there's still so much paper. Zelling out two hundred fifty, PayPal out ten, selling out eighty two, where's this all going? Zelling out another two hundred fifty?
1:17:18 Speaker 00 The two fifty is whenever he lost his job, my mom gave us a forty five hundred dollar loan.
1:17:25 Caleb Hammer? Oh, guys.
1:17:25 Speaker 00 Pay some.
1:17:27 Caleb Hammer? Emergency fund, not having an emergency fund is an emergency. Sake.
1:17:35 Speaker 00 Um, so that I pay my mom five hundred dollars a month and she'll be paid off in March. March.
1:17:43 Caleb Hammer? PayPal, Apple bill.
1:17:47 Caleb Hammer? Well, how much is left? Again, that is a debt. You didn't tell me how much is left?
1:17:50 Speaker 00 Um.
1:17:51 Caleb Hammer? To mom?
1:17:52 Speaker 00 I would have to do math. That's math.
1:17:53 Caleb Hammer? Come on, math. Quick math.
1:17:55 Speaker 03 Yeah, I don't, I don't.
1:17:56 Speaker 00 Okay, so.
1:17:57 Caleb Hammer? Zoom zoom math.
1:17:58 Speaker 00 Forty-five hundred dollars. She pays it off, or pay it off in March. Pay five hundred dollars a month.
1:18:05 Speaker 03 Hmm.
1:18:06 Speaker 00 So.
1:18:06 Caleb Hammer? Oh, there's an extra checking account that I don't even have? His allowance? You give him an allowance checking account?
1:18:12 Speaker 00 So we, yes.
1:18:14 Speaker 03 Well, I have it, but I pulled it out just so, you know, I can keep track of whatever.
1:18:19 Caleb Hammer? Oh, you guys sit down. Listen, if everything was in one account, you guys might just have to put everything in one account of my credit card spending.
1:18:27 Speaker 00 Well.
1:18:27 Caleb Hammer? And then track it all at the end of the damn month.
1:18:30 Speaker 00 His account he uses for like his debt and he smokes cigarettes and.
1:18:37 Caleb Hammer? Oh, don't be getting cancer. You're doing every tobacco variant.
1:18:41 Speaker 00 And the, and buys his beer and.
1:18:47 Caleb Hammer? Um.
1:18:48 Speaker 00 That's on his account. Some, some of it.
1:18:51 Caleb Hammer? I can't put that in the budget, man.
1:18:53 Speaker 03 Hmm.
1:18:53 Caleb Hammer? I can't put, like, you dying an early death before your kid even graduates college or whatever they do? I can't put that in the budget. How much are we spending on a monthly basis on all these?
1:19:05 Speaker 03 Well, that's the what I'm spending is not just that. It's also the food that I use while I'm working.
1:19:09 Caleb Hammer? But how much are we spending on all that?
1:19:11 Speaker 00 On tobacco.
1:19:13 Caleb Hammer? Different tobaccos.
1:19:14 Speaker 00 Just tobacco products.
1:19:15 Caleb Hammer? Nicotine.
1:19:15 Speaker 00 Or nicotine products.
1:19:19 Speaker 00 Well, a can of dip now is nine dollars. One can.
1:19:23 Caleb Hammer? How long does it take to go through a can? I.
1:19:25 Speaker 00 Like a day?
1:19:26 Speaker 03 A day or two. Just depends.
1:19:29 Speaker 00 I didn't know how much it was until like.
1:19:32 Speaker 03 I'd probably say like two hundred.
1:19:36 Speaker 00 Two hundred dollars a month?
1:19:37 Speaker 03 Yeah.
1:19:38 Speaker 00 On, okay.
1:19:41 Caleb Hammer? Okay, cause I I don't know what to do with it. Sixty-five dollars in this account. I don't know. It's just transferring a couple of things. Okay. Oh, for fuck's sake. Oh, my gosh, more. Twelve dollars in this account. Price Chevrolet. Outlaw Bar and Grill. Oh, there's still so much spending. Go win in the gas station. Got some bullshit. Amazon. Ah, Travel Center, Travel Center.
1:20:06 Speaker 00 That's gas station.
1:20:07 Caleb Hammer? Okay. Tractor Supply. Good. The credit card's not enough.
1:20:12 Speaker 00 That's dog food.
1:20:13 Caleb Hammer? Oh, lots of water delivery?
1:20:16 Speaker 00 Yes. So our well water is
1:20:20 Caleb Hammer? The thing that we're in debt for.
1:20:21 Speaker 00 It's not drinking water. Like, you cannot drink it. It tastes like ocean water.
1:20:26 Caleb Hammer? Salty?
1:20:27 Speaker 00 Yes. It's su- it's like super minerally. Um, and whenever we first moved out there, we had multiple companies come out and test the water and they're like, there's nothing, like a water softener is not gonna do anything. Reverse osmosis won't do anything. So.
1:20:40 Speaker 03 Yeah, so pretty much, Rob, I mean, we're stuck paying the well that you can't, I mean, can't really do a whole lot with. Like, you can't drink it. And then we'll have to try to get city water.
1:20:51 Speaker 00 Eventually, one day.
1:20:54 Speaker 00 But that'll be like
1:20:54 Caleb Hammer? So you still have to do that?
1:20:56 Speaker 03 Oh, we just keep doing what we're doing.
1:20:59 Caleb Hammer? But you were like, but when we talked about that well that you said, so we didn't have to do city water?
1:21:04 Speaker 00 So we did.
1:21:04 Caleb Hammer? But I said you have to.
1:21:06 Speaker 03 Yeah, but we weren't knowing the well.
1:21:07 Speaker 00 We didn't know the water there was so crappy.
1:21:11 Caleb Hammer? Backyard, one hundred eighteen dollars.
1:21:16 Speaker 00 Oh, God.
1:21:16 Caleb Hammer? What is that?
1:21:17 Speaker 03 I'm trying to think.
1:21:18 Caleb Hammer? What's backyard? A hundred eighteen dollars?
1:21:19 Speaker 03 That's that restaurant.
1:21:20 Caleb Hammer? Oh, there's still so much more! Amazon, McDonald's, Amazon. RMD, Amazon, Amazon, nails by Brittany. Again, the only thing that sees you alive is the tree. Price Chevrolet, Amazon. Huh?
1:21:38 Speaker 00 I see him.
1:21:39 Caleb Hammer? Wear gloves. Subway, ATM withdrawal $400, would that go?
1:21:45 Speaker 00 What is it?
1:21:45 Caleb Hammer? ATM withdrawal $400.
1:21:48 Speaker 00 Um, we had some damage to one of the windows on the house, so we paid a guy to come fix it. And then the AC was leaking.
1:21:56 Caleb Hammer? Um. Is this house gonna survive? My goodness, Amazon, ancestry.com, so you lost all your personal data. Amazon, more ancestry.com, great, Amazon, nails by Brittany, she came in twice, she's doing those nails endlessly, she's obsessed with them. Brittany's always needing to be in there and grinding on nails. More pressure, what is this thing? It's like $9 pressure.
1:22:23 Caleb Hammer? Guys, we don't live in a place with snow, and I know it's a little dusty, but it's not that dusty. Okay, come on, I've been down to San Antonio a billion times, uh, three times.
1:22:33 Caleb Hammer? Like, it wasn't that dusty, it wasn't that different than Austin.
1:22:36 Speaker 00 No, it's very dusty where we're at.
1:22:38 Caleb Hammer? Okay.
1:22:39 Speaker 00 Yeah.
1:22:39 Caleb Hammer? And the very rural.
1:22:40 Speaker 00 Yes.
1:22:42 Caleb Hammer? $1,700, oh, this is the bad part, you know what? We went through a lot of debt and it's all bad. And you guys are mingling a lot with the family and it's all bad.
1:22:52 Speaker 07 It's me, the.
1:22:56 Speaker 07 We don't need the jingle twice. Stop it. This is about vacation inflation and how Priceline negotiates amazing deals on hotels, flights and rental cars.
1:23:07 Speaker 07 Yeah, but I didn't mention that you can save up to 60% off hotels on the Priceline app.
1:23:13 Speaker 07 Fine, no one deals more deals than. Please stop. Touche.
1:23:20 Speaker 07 Priceline.
1:23:20 Caleb Hammer? This is the scariest part.
1:23:22 Speaker 00 So that's from my brand new job.
1:23:25 Caleb Hammer? Total, both retirement accounts were at $4,000. Rounded up. $4,000 to our name in retirement.
1:23:33 Speaker 00 Yeah.
1:23:34 Caleb Hammer? How are you guys gonna survive? How are you gonna do anything? You guys, with the paid off house and everything, and if you guys live minimal, off the grid, whatever, you guys probably need at least a million bucks to survive.
1:23:45 Speaker 03 Yeah.
1:23:47 Caleb Hammer? Without draining your portfolio. You could go less, but you'll drain it by the time you before you croak or you know, at the time you croak essentially.
1:23:58 Speaker 03 Yeah, I don't really have idea what we're gonna do.
1:24:01 Caleb Hammer? I'm gonna put reliability from the family. So we have the that smart two is taken care of by.
1:24:08 Speaker 00 Mm hmm.
1:24:09 Caleb Hammer? You know.
1:24:09 Speaker 00 Sister.
1:24:10 Caleb Hammer? What else was taken care of?
1:24:11 Speaker 00 Part of the love sack.
1:24:13 Caleb Hammer? The best buy was taken care of.
1:24:14 Speaker 00 And the but yeah, part of the best buy.
1:24:16 Caleb Hammer? Sack, how much of the love sack of the minimum?
1:24:18 Speaker 00 Um.
1:24:19 Caleb Hammer? Forty eight's minimum.
1:24:21 Speaker 00 She pays. So, okay, but the numbers that you wrote down, though, those are like the statement minimum balances. And that's not what we pay. We pay over like we pay the promotional to pay it off.
1:24:33 Caleb Hammer? I don't care. I'm doing your budgets.
1:24:35 Speaker 00 So.
1:24:36 Caleb Hammer? And that's not even a hundred percent true on everything. So that's not true.
1:24:39 Speaker 00 I pay a hundred and thirty eight dollars a month.
1:24:41 Caleb Hammer? I don't care. I want to know the you your minimum.
1:24:44 Speaker 00 My minimum is a hundred and thirty eight dollars.
1:24:46 Caleb Hammer? A love sack.
1:24:47 Speaker 00 Yes.
1:24:48 Caleb Hammer? The minimum on the card's a hundred nine. That can't be true.
1:24:50 Speaker 00 Because if we pay a hundred.
1:24:52 Caleb Hammer? No, what is your minimum monthly payment required?
1:24:58 Speaker 00 I pay a hundred.
1:24:59 Caleb Hammer? No, your minimum monthly payment required.
1:25:01 Speaker 00 I think that is what's required for it to pay off in time.
1:25:04 Caleb Hammer? How are you not understanding this? Your minimum required on a monthly basis. So you don't get a late fee or missed payment.
1:25:10 Speaker 00 Oh, I don't know.
1:25:11 Caleb Hammer? What do you think a minimum?
1:25:12 Speaker 00 I don't know because I don't because if I pay.
1:25:15 Caleb Hammer? I'm writing that one off because it's mostly taken care of by them.
1:25:18 Speaker 00 Yeah.
1:25:19 Caleb Hammer? That's not good that we don't know that. So that's actually kind of crazy.
1:25:25 Caleb Hammer? I don't even think I've ever encountered that of not knowing what a minimum monthly payment is.
1:25:30 Speaker 00 Well, because I pay way over.
1:25:32 Caleb Hammer? That's not the question, though. Okay, your income is thirteen thousand, one hundred thirty three. Well, you add up all these debt payments and take me a second here.
1:25:45 Caleb Hammer? You guys went to trade school?
1:25:47 Speaker 00 He did.
1:25:48 Speaker 03 I did, yeah.
1:25:48 Caleb Hammer? Very cool. What, did you do anything?
1:25:50 Speaker 00 No.
1:25:51 Caleb Hammer? That's okay. Not much I can do to help you guys. Maybe we'll give someone an audience, a course career certification. Uh. Yeah, if you guys want to comment about course careers, Black Friday sale right now, a lot of things are fifty percent off, do like a comment like, Black Friday course career sales or something, and I'll gift one of you a course careers certification since they don't need it.
1:26:18 Caleb Hammer? Or you can give it to your sister. We can do both.
1:26:20 Speaker 00 How do you not have a bottle of water so that you don't?
1:26:23 Caleb Hammer? It's right next to me.
1:26:24 Speaker 00 Parched.
1:26:25 Caleb Hammer? It's right next to me, but I feel pretty okay. I usually chug right before coming in.
1:26:30 Speaker 00 Cause your mouth gets so dry talking so much.
1:26:32 Caleb Hammer? Yeah.
1:26:36 Caleb Hammer? Okay. Oh, my gosh. Minimum monthly payments, three thousand eight hundred thirty-eight dollars, not including your mortgage and ninety-two cents. Minimum monthly debt payments, that's insanity.
1:26:51 Caleb Hammer? That's crazy. That's crazy. And then your mortgage?
1:26:55 Speaker 00 Twenty-seven.
1:26:57 Caleb Hammer? Yeah, twenty-eight, twenty, no, twenty-six, eighty-seven. Utilities?
1:27:03 Speaker 00 Um, electric bill's usually about four. I would say four hundred dollars is what I usually.
1:27:09 Caleb Hammer? Internet?
1:27:10 Speaker 00 One-twenty.
1:27:12 Caleb Hammer? Gas? Is there gas?
1:27:15 Speaker 00 Like gasoline to drive or like?
1:27:16 Caleb Hammer? Car, house?
1:27:17 Speaker 00 No, no, no.
1:27:18 Caleb Hammer? Okay, boom, boom, drive, drive, gasoline, both of you together?
1:27:21 Speaker 03 Uh, months.
1:27:23 Speaker 00 Two fifty for me.
1:27:24 Speaker 03 Yeah, probably in, yeah, three something.
1:27:27 Caleb Hammer? Whoa, two fifty and like three fifty?
1:27:30 Speaker 03 Yeah.
1:27:31 Caleb Hammer? Ooh, okay. So we're gonna do six hundred there. Car insurances?
1:27:36 Speaker 00 Um.
1:27:40 Speaker 00 Four seventy. It just renewed.
1:27:43 Caleb Hammer? Phone bills?
1:27:45 Speaker 00 Um, say three hundred.
1:27:48 Caleb Hammer? Usually I would do helium, but you guys are very rude.
1:27:50 Speaker 00 Yeah, we, it's not even an option. I looked at the option. Whenever I've heard you say it before, I looked into it and it was not an option.
1:27:59 Caleb Hammer? TP fund, anything else to survive? Gonna do two hundred. Hmm, okay. Groceries or meal prepping a couple of times a week, that's it. Packing? Packing. Sandwiches, thermoses.
1:28:12 Speaker 00 Sandwiches.
1:28:13 Caleb Hammer? Yeah. We could do, we should be able to do eight hundred. Follow our meal plan.
1:28:18 Speaker 00 You have a meal plan?
1:28:20 Caleb Hammer? Yeah, it's in the budgeting program. Tweak it to your needs. Medical healthcare ongoing? Monthly basis?
1:28:25 Speaker 00 Um, so now that I have an HSA, we've been using that to pay for our medical medications.
1:28:29 Caleb Hammer? Is it ever gonna run out? You pre contribute to it, but do you overspend?
1:28:33 Speaker 00 I have not yet. Um, my company matches, so.
1:28:37 Caleb Hammer? We'll eat them still, but okay. Pet foods?
1:28:41 Speaker 00 Um, are we including the horse?
1:28:43 Caleb Hammer? Are we getting rid of the horse?
1:28:44 Speaker 00 I mean, probably not.
1:28:46 Caleb Hammer? Then yes.
1:28:47 Speaker 00 Um, say two hundred dollars a month.
1:28:51 Caleb Hammer? Oh, okay. What about horse maintenance on top of that?
1:28:55 Speaker 00 Uh, to.
1:28:58 Speaker 00 Trying to like average it would probably be. A hu- just say a hundred bucks a month.
1:29:04 Caleb Hammer? That's not that bad. I thought I was gonna, okay.
1:29:06 Speaker 00 No, no, no.
1:29:07 Caleb Hammer? No subscriptions, we're canceling them all.
1:29:10 Speaker 00 What all subscriptions?
1:29:11 Caleb Hammer? Every subscription. Every subscription.
1:29:14 Speaker 00 Well, we don't have TV.
1:29:16 Caleb Hammer? Good, use YouTube, it's free.
1:29:19 Speaker 00 Then there's ads.
1:29:21 Caleb Hammer? Yep, just like there is on TV. And you pay for TV, so.
1:29:25 Speaker 00 Well, I pay for like Netflix. We don't have like cable TV.
1:29:29 Caleb Hammer? Well, you got the ad free version.
1:29:31 Speaker 00 Yeah.
1:29:33 Caleb Hammer? You're canceling subscriptions, you're listening to ads when you can't afford to. Okay, so I mean, you guys can do this, and I, we already knew this.
1:29:40 Speaker 00 Is that off of like? What you were sa- like the minimum payment?
1:29:46 Caleb Hammer? Yes, but now we learn where we can put the rest of the money, because you have to make your minimum payments on everything anyway.
1:29:51 Speaker 00 Right.
1:29:52 Caleb Hammer? So this is what's required to survive at a minimum.
1:29:54 Speaker 00 Okay.
1:29:54 Caleb Hammer? And now we figure out what to do with the remaining money.
1:29:57 Speaker 00 And then you. I guess prioritize off of the promotional stuff and then like snowball it?
1:30:05 Caleb Hammer? Yeah.
1:30:06 Speaker 00 Okay.
1:30:07 Caleb Hammer? But this requires you guys actually not overspending. Right now you're overspending, so it doesn't even matter. You're going out to theater every second of your life and stopping at a gas station, getting bull. Three thousand three hundred ninety seven dollars is what you guys have left over. Come on! I'll even put, uh, that three ninety seven towards subscriptions, fun, bullshit, forever. There you go, okay?
1:30:23 Speaker 00 Okay.
1:30:23 Caleb Hammer? Okay, so now I have three thousand dollars left over on a monthly basis. Budget it out. With that. I mean, guys, this isn't the craziest thing in the world. I mean, you guys pulled on this yourself. Yes, prioritize the deferred interest ones first, so they're paid off by the before things hit. But again, okay.
1:30:44 Caleb Hammer? This really isn't crazy. And then I would snowball the lowest, uh, balance.
1:30:52 Speaker 00 Do you do the lowest balance or do you do the highest interest rate?
1:30:56 Caleb Hammer? I would do lowest balance for you guys to stay motivated.
1:30:59 Speaker 00 Okay.
1:31:00 Caleb Hammer? Just see more progress.
1:31:03 Caleb Hammer? No more tools. No more bull.
1:31:06 Speaker 03 Well, I think I'm pretty much said on it anyway.
1:31:08 Caleb Hammer? It's what everyone says.
1:31:10 Speaker 03 I guess that is what everybody says.
1:31:13 Speaker 03 Yeah.
1:31:16 Speaker 00 Hey, he did get a really cool, uh, snap on sign and a beach towel.
1:31:22 Caleb Hammer? Vehicles, bad debt, not including your mortgage, bad debt. We have a hundred seventy thousand dollars to pay off. That's an insane number. That's actually kind of crazy. Hundred and seventy, that's kind of insane.
1:31:35 Speaker 00 That's our annual salary.
1:31:36 Caleb Hammer? Months to pay off. Fifty six months. Yeah, that's bad debt. That's not even the mortgage. Fifty six months to pay off. Alright, so you guys can do this. It's gonna be a grind. But four and a half years, just over four and a half years. Let's call it five years after your fully funded emergency fund as well. You guys can get out of debt. You guys will run forever. And because of that, now you're in a five year hole. But by the time you guys are entering your forties, you'll be debt free. And that's fine. That was pretty similar to my parents, for what it's worth, and they're in a pretty good position now. You know, they were, they certainly through the twenties, thirties, kind of, you know, messed up, like going into the forties and everything, you know, turn things around. And that's okay, because they sacrificed in the late half of their thirties.
1:32:20 Caleb Hammer? You guys got bad.
1:32:22 Caleb Hammer? That bad. Hundred whatever thirty thousand dollars of bad debt is crazy. That's not something we see here. You guys are beyond lucky that you have an incredible household income to deal with it. In four and a half years for the amount you guys up your debt lives is not that bad of a sacrifice. It sucks, but I'm also giving you guys three hundred ninety seven dollars of fun. I usually can't give people fun money. But that helps you guys stay motivated throughout. Save it for a month and then all of a sudden go ahead and uh that gives you uh seven hundred dollars to blow and you know the next month if you you know set it aside. Set it aside for a few months, go on a little vacation, whatever you guys choose to do. That gives you Christmas, that gives you going out to eat, that gives you that fun money. Okay?
1:33:01 Speaker 00 Okay.
1:33:02 Caleb Hammer? But four and a half years is not the end of the world.
1:33:04 Speaker 03 Right.
1:33:05 Caleb Hammer? Go through the budget, Dean program, build out your budget. Here's our rough idea of where we think life would be.
1:33:11 Speaker 00 Okay.
1:33:12 Caleb Hammer? And as income goes up, as income does go up, that helps propel this.
1:33:16 Speaker 00 Yes.
1:33:17 Caleb Hammer? But you gotta attack those deferred interest ones first, pay them off.
1:33:20 Speaker 03 Yeah.
1:33:20 Speaker 00 So that's one of my questions is I want to like, how would you suggest prioritizing? Because I do have some deferreds that are like at the same time. They're like roughly at the same time.
1:33:33 Caleb Hammer? Well, with this three thousand dollars with where you are, your deferred interest balances weren't the craziest high ones.
1:33:39 Speaker 00 No, I mean care credit.
1:33:41 Caleb Hammer? Yeah, but care credit, a lot of that was like twenty twenty six as well. So with three thousand dollars a month and the balances I saw on the care credit, is deferred interest one should be killed before the deferred interest hits?
1:33:51 Speaker 00 Okay.
1:33:51 Caleb Hammer? So prioritize the dates.
1:33:52 Speaker 00 Okay.
1:33:53 Caleb Hammer? And then after that, just smallest balances.
1:33:55 Speaker 00 Because I do know care credit, we were paying like a thousand dollars a month to care credit the last for a while and so.
1:34:04 Caleb Hammer? Yeah.
1:34:05 Speaker 00 Now it's dropped down to where our promotional purchase is like three something. So we have that extra wiggle room there to be able to put into the different promotional purchases.
1:34:18 Caleb Hammer? Okay, so the only other thing is your truck, I mean your truck's honestly kind of can't really finesse that. The Bronco might be able to borrow the difference, get a cheaper car as well. That gives you a, that'll give you maybe like a $30,000 debt instead of a $66,000. That might be worth it temporarily. That honestly probably saves you about a year on here. And I'd rather go from four and a half to three and a half. Call it three after, you know, income goes up throughout the years.
1:34:46 Speaker 00 Okay.
1:34:47 Caleb Hammer? So that might be an option to consider as well. I would personally do it. I'd personally do that. So, all right, we'll connect you with the tools. We're going to talk in the post show. We're going to bring everyone into the post show and the YouTube membership. There's also a show where you guys can call in and talk to us live, by the way, about your finances or whatever drama or anything in your life. You can do that. You can talk to us and then it'll be fun. So make sure you guys join our YouTube membership. Link in the description below. Let's get your household time or financial score. You said two, you said three. So how many about you overspent? Zero out of 10 debt. $130,000 of debt. Come on, it's your annual income. I can't give you better than a one out of 10. Emergency fund, there was no savings, zero out of 10. Retirement's barely a start. One out of 10. Real estate, it's the only thing you have going for you. It is a big balance. Minimum payment's okay within your living situation.
1:35:30 Caleb Hammer? You're having to invest a lot into this water situation. You haven't figured that out. It's a bit weird and great interest rate, but it's okay. Seven out of 10.
1:35:38 Caleb Hammer? Hammer financial score for today, then we'll have a follow up on the financial audit follow up channel whenever you guys are ready. But for today, it rounds up to a two out of 10. Make sure you guys bundle all of our educational programs together for 15% off. That is what over 10,000 people have done and they've changed their lives. Now come join us in the financial audit post show.
1:36:01 Speaker 00 I did not know how much the tools are.
1:36:03 Caleb Hammer? Did you not communicate this to her?
1:36:05 Speaker 03 No, we talked, we talked about it. One of them.
1:36:07 Speaker 00 Just like we talked about the other stuff.
1:36:10 Caleb Hammer? Do you guys actually talk about anything money?
1:36:13 Speaker 03 Sometimes.
1:36:13 Caleb Hammer? What do you talk about? How does this go?
1:36:15 Speaker 00 When Caleb brought up financial [BLEEP] in your family, we all kind of gave each other a look. What's the tea there? And how are you so sure that you're not going to get burned again?
1:36:25 Caleb Hammer? To watch the financial audit post show, click the join button below.
1:36:31 Speaker 04 Witness the beginning of the revolution.
1:36:33 Speaker 05 Hey Mitch, you've been trying to take down these games from the start.
1:36:36 Speaker 04 Filmed for IMAX.
1:36:37 Speaker 05 Make them remember you.
1:36:40 Speaker 04 The Hunger Games: Sunrise on the Leaping, November 20th, rated PG-13.
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