Financial Infidelity EXPOSED Right Before Marriage | Financial Audit

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

• 0:00Speaker 00

  Honey, that flu keeping you up?

• 0:02Speaker 01

  Yeah, I don't got this.

• 0:04Speaker 00

  You need Nyquil Intense Flu.

• 0:06Speaker 02

  Undo your flu symptoms with Nyquil Intense Flu. The nighttime sniffling, aching, aching fever best leave with a flu medicine. You do got this. Uses directed, keep out of reach of children.

• 0:14Caleb Hammer?

  To watch episodes of Financial Audit a week earlier, check us out on YouTube. You know money's being put on the screen?

• 0:19Speaker 04

  I didn't know that.

• 0:19Caleb Hammer?

  Okay, so we are not communicating, guys?

• 0:22Speaker 04

  I was told it was-

• 0:23Caleb Hammer?

  It's a lie! Oh, so why are you telling her incorrect information then?

• 0:26Speaker 05

  I guess she didn't ask at the time.

• 0:28Caleb Hammer?

  She has to ask to know?

• 0:29Speaker 05

  I mean-

• 0:30Caleb Hammer?

  Well, are you okay with him spending on this?

• 0:32Speaker 04

  Um, no. If you don't have the money to buy stuff at the house, then it's my money.

• 0:35Caleb Hammer?

  The [bleep].

• 0:38Caleb Hammer?

  Download my new simpler budget app today and take control of your money once and for all.

• 0:45Speaker 04

  Hi, my name's Samantha and I'm 27 years old.

• 0:47Speaker 05

  Hi, my name's Todd and I'm 28 years old and we live in Kerrville, Texas.

• 0:51Speaker 04

  And this is Financial Audit.

• 0:54Caleb Hammer?

  Guys, thanks for coming over. I always love having a couple on. It's an exciting way to start the week here. The audience are seeing this on a Monday, so thank you. Uh, we'll, we'll start with you Samantha. What do you do in Kerrville for a living?

• 1:07Speaker 04

  I am an accountant.

• 1:08Caleb Hammer?

  Okay, cool. Well, that's a little confusing because the first thing on my plate and, you know, filling the endless bingo card of Financial Audit is an IRS bill. So I guess you didn't account your own money, sure.

• 1:23Speaker 04

  Well, that's not my bill.

• 1:25Caleb Hammer?

  What do you, huh?

• 1:26Speaker 04

  That's not my bill.

• 1:27Speaker 05

  Well, well-

• 1:27Caleb Hammer?

  Wait, are you guys married?

• 1:29Speaker 04

  Not yet.

• 1:29Speaker 05

  Not yet, no.

• 1:30Caleb Hammer?

  Oh, you guys are not married?

• 1:31Speaker 04

  No, not so damn-

• 1:32Caleb Hammer?

  Whoa, how long have we been together?

• 1:34Speaker 05

  Uh, over a year.

• 1:35Speaker 04

  Yeah, November made a year.

• 1:38Caleb Hammer?

  Are we engaged?

• 1:39Speaker 05

  Yeah, yeah, look at the ring.

• 1:40Caleb Hammer?

  Oh, okay, congratulations. When did that happen?

• 1:43Speaker 04

  August.

• 1:43Caleb Hammer?

  And when are we getting married?

• 1:45Speaker 04

  June.

• 1:46Caleb Hammer?

  Okay, interesting. So we're having a going into marriage conversation.

• 1:49Speaker 04

  Yes.

• 1:50Caleb Hammer?

  Very interesting. All right, what do you make doing accounting?

• 1:53Speaker 04

  Uh, 65 now, thousand.

• 1:56Caleb Hammer?

  Very good, okay. How does that stretch out there?

• 2:00Speaker 04

  Pretty-

• 2:00Caleb Hammer?

  I would think pretty well, yeah. Okay, Todd, what do you do?

• 2:03Speaker 05

  I'm a firefighter, paramedic.

• 2:05Caleb Hammer?

  Okay, what do you make?

• 2:07Speaker 05

  Um, you know-

• 2:07Caleb Hammer?

  You're shaking, guy. You nervous?

• 2:10Speaker 05

  Well, you know-

• 2:10Caleb Hammer?

  You run into fires.

• 2:12Speaker 05

  Yeah, I will, you know-

• 2:13Caleb Hammer?

  You just got a little fat nerd in front of you. I'm not, well, I'm not a fire.

• 2:16Speaker 05

  Yeah, well, you know, here- Either way, I my base pays about sixty eight grand and

• 2:24Caleb Hammer?

  Wow, okay.

• 2:25Speaker 05

  Last year I made about twenty thousand dollars in overtime, so.

• 2:28Caleb Hammer?

  Wow, okay, so really, are we expecting that pretty similar this year?

• 2:33Speaker 05

  No, not at all, the uh.

• 2:35Caleb Hammer?

  Oh, so closer to that sixty eight?

• 2:38Speaker 05

  Yeah, they they really took a chunk of our overtime.

• 2:41Caleb Hammer?

  Seventy five, oh.

• 2:41Speaker 04

  It's a good per total, yeah.

• 2:43Caleb Hammer?

  Well, what happened?

• 2:44Speaker 05

  Uh, you know, um, government things where they want to cut down on overtime.

• 2:49Caleb Hammer?

  Yeah, you sound like a Texan wearing, wearing.

• 2:53Speaker 05

  Yeah, goddamn government, take our money.

• 2:55Speaker 04

  Yeah, they they're fully staffed now.

• 2:57Caleb Hammer?

  Oh, so you were understaffed?

• 3:00Speaker 05

  Yeah, it's pretty nice.

• 3:02Caleb Hammer?

  Probably not for the community.

• 3:04Speaker 05

  Oh, no.

• 3:04Caleb Hammer?

  Who doesn't want their houses to burn down or to have a heart attack?

• 3:07Speaker 05

  There, we're just getting paid more.

• 3:09Speaker 04

  Yeah.

• 3:10Caleb Hammer?

  Okay, but this this would be a combined household income eventually, kind of ish right now of a hundred forty thousand dollars a year. Um, we're engaged, we're not married, so how are we doing finances right now? How does this work in the house? I assume we're at least bunking.

• 3:25Speaker 05

  Yeah, I would say so.

• 3:26Caleb Hammer?

  Okay, so how are we doing finances?

• 3:29Speaker 04

  So we have a joint bill pay account for our joint bills and then we each have a bill pay for.

• 3:34Caleb Hammer?

  You're jointed, okay.

• 3:35Speaker 04

  So that part we are jointed on, the rest we pay out of our own and then we buy house stuff with whatever's left over out of our.

• 3:42Caleb Hammer?

  House stuff, what's house?

• 3:44Speaker 04

  Oh, like building a house with our.

• 3:46Caleb Hammer?

  You're building a house?

• 3:48Speaker 04

  Yes, for ourselves.

• 3:49Speaker 05

  Yeah.

• 3:49Caleb Hammer?

  Please tell me you're not both on that yet.

• 3:51Speaker 05

  What do you mean?

• 3:52Speaker 04

  I'm not on, I'm not, the mortgage is under.

• 3:55Caleb Hammer?

  Been joint paying the bills? How long have we had this joint account?

• 3:59Speaker 04

  August.

• 4:00Speaker 05

  Yeah, August, don't say so.

• 4:01Caleb Hammer?

  So it's basically when engaged?

• 4:03Speaker 05

  Yeah, like we came back from all that and uh.

• 4:06Caleb Hammer?

  Wait, you've been together for a year, you've been engaged for six months, so you got engaged after six months?

• 4:10Speaker 05

  We got engaged eight months, probably.

• 4:12Caleb Hammer?

  Okay, okay, all right, so what am I looking at with such a strong income, household income? I have. This could be in fat stack week where this is, you know, and less paper.

• 4:25Speaker 05

  Yeah, I know. It's a, there's a lot of bills on there.

• 4:28Caleb Hammer?

  And we're building a house where we have all this? Well, how much is it costing to build a house? What are we building kind of house?

• 4:33Speaker 05

  Almost all the debt that we have, it really is mostly about building the house.

• 4:38Speaker 04

  Yeah.

• 4:39Caleb Hammer?

  Well, how much, what is this house?

• 4:41Speaker 04

  It's, I mean, the mortgage is eighty.

• 4:45Caleb Hammer?

  We already have the mortgage. Are you building or is it built?

• 4:48Speaker 04

  I'm sorry, land loan, the land loan. It is a land loan with a well.

• 4:52Caleb Hammer?

  It's not bad to own with a well. Okay.

• 4:56Speaker 04

  Yeah.

• 4:57Caleb Hammer?

  It's not bad to own land, obviously, but it just depends on what our entire financial situation is like. Okay, again, again, what is going on here? What am I, what are we looking at today?

• 5:07Speaker 05

  So for the most part, got the land loan, which was originally, I want to say a hundred and twenty seven thousand. Now it's down to eighty. So that's.

• 5:15Caleb Hammer?

  Took a sense.

• 5:17Speaker 05

  What?

• 5:17Caleb Hammer?

  Sense.

• 5:18Speaker 05

  Uh, four years ago.

• 5:19Caleb Hammer?

  Well, who got this land? Cause you guys didn't know each other.

• 5:22Speaker 04

  No, he did. It's only under his name.

• 5:24Caleb Hammer?

  So you bought this land a while ago. Four years ago?

• 5:27Speaker 05

  Four years ago.

• 5:28Caleb Hammer?

  Okay, you're twenty four. You took it alone for it. Cheap land out there? Sounds like it. What's the land size?

• 5:33Speaker 05

  Five acres.

• 5:34Caleb Hammer?

  Oh, yeah. Cheap land out there.

• 5:36Speaker 05

  Yeah, I mean.

• 5:37Caleb Hammer?

  At least for like central Texas, it's cheap land.

• 5:40Speaker 05

  Yeah, way cheaper than, you know, here, but for sure.

• 5:43Caleb Hammer?

  Okay. I mean, that's certainly potentially a good investment, depending on how we're doing things. But like with what I'm, what I'm trying to get towards more is how are you guys doing? Like, what do you guys look like today? What is happening here? The finances, we know you have a joint account, but what are we looking at? Because you guys are going into marriage. So what are we talking about?

• 6:07Speaker 04

  Well, we're trying to get the house done before the wedding. Um, we're doing it all ourselves and we're pretty much at the point where we're cash flowing everything that we need to do on the house.

• 6:16Caleb Hammer?

  We have IRS debt. We have debt. What cash flow? What do you mean we're cash flowing? Feel like we're just supporting ourselves because we have all the debt on our back.

• 6:23Speaker 05

  Those are just monthly payments, you know? I mean, there's still a good amount of money left over every month.

• 6:28Caleb Hammer?

  The IRS.

• 6:30Speaker 05

  Yeah, they, I could pay them, you know, monthly. It's a monthly bill.

• 6:33Caleb Hammer?

  Yeah, but usually there's pretty brutal interest with that. You really don't want to.

• 6:37Speaker 05

  I don't know about all that. It's like, what, eight percent?

• 6:40Caleb Hammer?

  That's not brutal. You wanna know what really pisses me off about when they tried to ban TikTok? You or I could go into any data brokers website right now and buy anyone's data for a few bucks. It's completely legal. Big companies with poor security are getting hacked every day. And your personal information is being sold on the dark web. So spammers, scammers and identity thieves can target you. And they face zero repercussions for it. If the government can ban TikTok, why won't they protect us from these similar practices? It's on us to protect ourselves. And that's why I use Aura, today's video sponsor. Aura keeps you safe online by doing all the hard work for me. It will identify data brokers who are selling my information and submit opt out requests on my behalf.

• 7:23Caleb Hammer?

  Give Aura just a few weeks and you'll stop seeing your information on these sites when you search yourself, which will lead to less spam. Aura will also continuously monitor the dark web and alert me if they find my personal information has been exposed. They're gonna let me know fast if anyone tries to use this information to access my credit or bank accounts. Plus, they'll give me up to $5 million in identity theft insurance should the worst case scenario happen. You can go to my link aura.com/hammer to try 14 days for free. That'll be enough time for Aura to find out if any of your personal data has been exposed. Something that's not beating the market or the housing market.

• 7:58Speaker 05

  What would you say that interest is on that?

• 8:00Speaker 04

  I honestly don't, I can't remember right now.

• 8:02Speaker 05

  Oh, what? I thought that was your job.

• 8:05Speaker 04

  Well, not that part.

• 8:06Caleb Hammer?

  Well, what do you mean?

• 8:07Speaker 04

  I do taxes.

• 8:10Speaker 04

  Look, he wasn't paying me. He didn't get me.

• 8:14Caleb Hammer?

  Are you aware of each other's finances?

• 8:15Speaker 04

  Oh, yeah, completely, yeah.

• 8:17Caleb Hammer?

  Doesn't sound like it. Okay, I would know the interest on the debts of my potential partner. Cause 4% versus 8% versus 16% is a huge difference. Wouldn't that be something we kinda wanna, okay. Are you sure, how informed are we? If that's considered informed on each other's financial situation, are we aligned on our spending? I'm trying to really get some insight into the coupleness.

• 8:41Speaker 05

  I would say that we're pretty aligned on it. The IRS deal, so we did a extension during tax season. She works a lot, so she didn't really have time to get to it during that. So we just filed an extension and then got it done. I don't know what the deadline is, August or something, August, September. So we filed it then.

• 9:00Speaker 04

  No, October, sorry.

• 9:02Caleb Hammer?

  Okay.

• 9:03Speaker 05

  Just been making, you know, regular payments on that since then, because I owed money.

• 9:08Caleb Hammer?

  Still feel like I'm not getting, maybe I'm not asking the question correct. I'm really just trying to understand like your, your, your guys' relationship with money with each other.

• 9:16Speaker 05

  Oh, well, all, anything that has to do with the house, we pay together. Is that what?

• 9:20Caleb Hammer?

  Just the house?

• 9:21Speaker 05

  Yeah, I mean, like land, the mortgage.

• 9:23Caleb Hammer?

  What about everything, which is, what about your guys', it's just communication with money, budgeting, anything at all?

• 9:29Speaker 05

  Every paycheck, we put a certain amount towards the joint account and then all the.

• 9:35Caleb Hammer?

  Towards the joint accounts?

• 9:37Speaker 05

  Well, into our joint account.

• 9:38Speaker 04

  Yeah.

• 9:39Caleb Hammer?

  Certain amount of money? So it doesn't all go into the joint account and then split from there?

• 9:43Speaker 05

  Oh, no.

• 9:43Caleb Hammer?

  Which is traditionally what I would do when we were married, but I mean, we're not yet. Well, so how does this work? So you guys get paid into your own accounts and then you put a little in the joint account? Where does the joint account go to? That just goes to pay for the house?

• 9:55Speaker 04

  So it goes to our house, you, and all of our utilities, um, to the credit cards.

• 9:59Caleb Hammer?

  Well, okay, okay. To the credit cards? You guys are, okay, sorry, continue.

• 10:05Speaker 04

  So, and then we each put enough in for the month to do fifty fifty, um, and then when they come.

• 10:11Caleb Hammer?

  Fifty fifty what?

• 10:12Speaker 04

  Of the total bills.

• 10:16Caleb Hammer?

  Okay.

• 10:17Speaker 04

  He pays fifty percent, I pay fifty percent.

• 10:18Caleb Hammer?

  So we're still viewing it and honestly might be correct as of now, maybe not the habit. We would be doing in the future of his and mine. We're still splitting it, even though we still have the account. It's not one big pile of money that is ours and then we allocate it, not depending on how much came in from each source.

• 10:37Speaker 04

  Yeah.

• 10:37Caleb Hammer?

  Why are you guys doing it this way? Again, you're not married yet, so I'm not like gonna necessarily even push for that. But where's the mindset on this?

• 10:44Speaker 04

  I would prefer not to have everything a hundred percent combined until until I'm on the loan for the land.

• 10:50Speaker 05

  Why is that the deal breaker?

• 10:52Speaker 04

  It's not a deal breaker, but I would like to have some equity in something if I'm gonna be putting.

• 10:56Caleb Hammer?

  What about equity into the marriage?

• 10:58Speaker 04

  Well, yeah.

• 10:59Caleb Hammer?

  Well, don't we trust the person we're spending?

• 11:01Speaker 04

  Well, absolutely, but he works kind of a scary job. So if something ever happened to him one day, I want to make sure that.

• 11:07Caleb Hammer?

  Well, no, no, I agree with that. I'm not against that concept, but why not be joint until that specifically?

• 11:15Speaker 04

  I think that's more you question.

• 11:17Speaker 05

  Well, I, I, I don't, I don't even really know. I mean, we're joint on a lot of things, right?

• 11:23Speaker 04

  Yeah, I mean, we don't have a way really that we choose to split up who's pays for what other than the main bills. I don't know if that makes sense, but um, he kind of wants his own thing. So if he buys something that I think is stupid, I can't say anything about it.

• 11:38Caleb Hammer?

  She can't say anything about it?

• 11:40Speaker 04

  Yeah.

• 11:40Speaker 05

  Yeah, I mean, like, you know, my own spending account would be pretty cool. I, I think it'd be.

• 11:44Caleb Hammer?

  Well, hold on, but how are we determining that? Because again, okay, no, how are we determining that?

• 11:48Speaker 05

  Well, I mean, when my check hits my account, right? So I say my, right, to indicate. Then I just put that money into the joint account and then I keep the rest for myself.

• 12:00Caleb Hammer?

  Versus joint?

• 12:02Speaker 05

  Um.

• 12:03Speaker 04

  We put eight hundred a month.

• 12:05Speaker 05

  Yeah, so I guess.

• 12:06Caleb Hammer?

  That's enough? Eight hundreds pennies for what you guys make?

• 12:11Speaker 04

  For each, I'm sorry, eight hundred.

• 12:12Caleb Hammer?

  Yeah, it's, you guys make, should make decently more than that. So that, the rest is going to fund?

• 12:19Caleb Hammer?

  So what is the point then? What are we talking about?

• 12:21Speaker 04

  I pay my car bill, my healthcare, um, insurance, things like that, out of my own account. So

• 12:27Caleb Hammer?

  Sure.

• 12:27Speaker 04

  There's all that. He has pretty much all of the same stuff. And then he has a couple other personal debts, which we both do, that we're not going to split because they're from before we got together.

• 12:36Caleb Hammer?

  Mm hmm.

• 12:37Speaker 04

  Um, so.

• 12:38Caleb Hammer?

  But we can't power pay them down together because we know, well, once we're married, because we know, even though technically.

• 12:48Caleb Hammer?

  Yeah, what's our concept? What's, what's your thoughts on that once you're married?

• 12:51Speaker 04

  I'm, I'm not opposed to combining.

• 12:53Caleb Hammer?

  We're not doing his, mine, mine, his?

• 12:55Speaker 04

  I'm not opposed to it.

• 12:56Speaker 05

  I mean, I, I think even, even in all of that, I'd still want my own spending account, you know?

• 13:02Caleb Hammer?

  Okay, so this, but this is more where my, my mindset would be, and I'm, I'm not necessarily opposed to what you're doing for what you're doing now. I'm just kind of preparing for the marriage situation. It would be okay, we're allocating of the group pile, a certain percent of money for fun. Is there a big fun thing we want to do together? How much does that cost? Okay, whatever, we set that aside for that. How much is left over? Okay, here you go, Mr. Todd. Take this, put it in your account. You can spend that money, but that's money that we're allocating as a household. That we're understanding, not, okay, after you put a little bit towards the necessities, you just go below all the household money. That is like, because it's what I aren't. It's, we're allocating it as a house and plus wouldn't, why would the, would you possibly have fun money when you have eight percent debt to the IRS?

• 13:47Caleb Hammer?

  It's one of the infinity stones of financial audit and you've collected it, which is not a good thing. So why would we even have fun spending in general when the IRS, the government, the ones with the guns, the ones who can, can, you know, take from your bank account without you even knowing?

• 14:00Speaker 05

  They're getting my, they're getting their money.

• 14:02Caleb Hammer?

  They're getting their money now, but they're also charging you eight percent, something that you are not beating on average in the overall stock market or housing market. And I know you're trying to get into it.

• 14:11Speaker 05

  I mean, it's, you know, it's a small amount of money. That give them money every month. I'm really not worried about that.

• 14:17Caleb Hammer?

  But what about the eight, eight percent interest part?

• 14:20Speaker 05

  I guess that's just, you know, I'm, I'm not really concerned about eight percent on one thousand bucks, you know?

• 14:27Caleb Hammer?

  Why? Over a thousand, but why?

• 14:30Speaker 05

  Uh, I, it's just, you know, it's pretty minor. I mean, what is that like?

• 14:34Caleb Hammer?

  But it's math, math, math. If you're gonna take that a thousand dollars, put it in the market, you're not gonna beat it. And IRS situations must be more risky. It's the principle of it. If you don't think that's that bad, what's gonna say you don't think it's that bad when it's 10,000 in some year?

• 14:46Speaker 05

  The problem is, is that I've had to owe the money damn near every time I do my taxes. So I just, you know?

• 14:52Caleb Hammer?

  Then why don't you have anything set up? Or why do you not have your deduction set up properly?

• 14:57Speaker 05

  Um, you know.

• 14:58Speaker 04

  We've discussed this. He's not. So the business that he had a Schedule C that resulted in that the tax due for the last.

• 15:05Caleb Hammer?

  What business was this?

• 15:06Speaker 04

  He, it was a tree business.

• 15:07Caleb Hammer?

  Are you done?

• 15:08Speaker 05

  Uh, well, building a house has become such a.

• 15:12Caleb Hammer?

  How long have you guys been building this house? What is this house? Is this like some ginormous mansion or is it a townhouse? What are we looking at?

• 15:19Speaker 05

  It's a, it's a, it's a regular old house, you know, twenty, twenty by thirty thousand square foot.

• 15:24Caleb Hammer?

  One thousand square feet and how long is this taking?

• 15:26Speaker 05

  A year.

• 15:27Speaker 04

  We're doing everything.

• 15:28Caleb Hammer?

  Why? Oh, you guys, this is you. Why?

• 15:32Speaker 04

  We're not gonna pay for something we can do ourselves.

• 15:34Caleb Hammer?

  I can, I, I mean, I vibe with that. I'm just trying to understand, like, where our time's being allocated, where our focus is, and focus isn't being paid off debt. Our focus is building the house. What you got, what are you guys living in right now? Where are you living? What is it?

• 15:47Speaker 04

  We're living in the house. We finished the bedroom and the bathroom. Um, and.

• 15:51Caleb Hammer?

  So you're living in an unfinished house?

• 15:53Speaker 04

  Yeah.

• 15:53Speaker 05

  Yeah.

• 15:54Caleb Hammer?

  Okay.

• 15:55Speaker 05

  I mean, the bedroom's done, bathroom's done.

• 15:57Speaker 04

  We've got AC, we've got running water.

• 15:59Speaker 05

  Running water, power.

• 16:01Speaker 04

  Yeah.

• 16:01Speaker 05

  You know?

• 16:02Caleb Hammer?

  Uh, okay. I mean, it's better than paying, I guess, an extra payment. It's the fact that you're right, eight percent of a thousand dollars is not gonna make or break your entire life. It's the, it's the no fear of the IRS that not understanding that eight percent is bad, that leads me to great, like, terror in terms of what this dude's okay with being in in the future, especially getting into a marriage, because all of a sudden you could become an anchor to someone else, an anchor to the boat of what you guys are trying to get to.

• 16:28Speaker 04

  I've made it very clear to him that we can't have.

• 16:30Caleb Hammer?

  And his opinion on this, as he obviously.

• 16:33Speaker 04

  He agrees, I think.

• 16:34Caleb Hammer?

  He agrees, then why the does he have this? His actions not aligning with the word I agree.

• 16:39Speaker 05

  This is a newer debt.

• 16:41Caleb Hammer?

  You say you get it every year.

• 16:42Speaker 05

  Well, yeah, that's a problem is I just, I've, I've changed. So one thing I will say, I have changed, um, my, uh, tax, how much money comes out of my taxes.

• 16:51Caleb Hammer?

  Yeah.

• 16:51Speaker 04

  On his W two.

• 16:52Caleb Hammer?

  So what is, what's up with this business?

• 16:54Speaker 05

  And then, so that was, that was a business. Um, so I stopped doing it a little under a year ago. And the main reason is because, you know, we were living in this little RV that was genuinely, it was a free RV. So that, that can circle that down to what it was. So it was a free RV. So it was a piece of junk.

• 17:13Caleb Hammer?

  Why were you guys living in that?

• 17:14Speaker 05

  Um, that's all I had, you know, it was, it was on the property, you know, it had power, but the, the shower was pretty junk. Um, either way, so I had to build a house and, uh, whenever I was off work.

• 17:28Caleb Hammer?

  Couldn't have, certainly couldn't have gotten an apartment.

• 17:30Speaker 05

  No, you know?

• 17:31Speaker 04

  I was living in an apartment whenever we first met and then in August.

• 17:34Speaker 05

  I mean, apartment would be like twelve hundred dollars a month, you know?

• 17:37Caleb Hammer?

  Well, I get that. Building a house costs tens of, tens of, tens of, tens of thousands of dollars.

• 17:41Speaker 05

  Yeah. I mean, you know, maybe like, but it's also equity.

• 17:44Caleb Hammer?

  Potentially.

• 17:46Speaker 05

  But, you know,

• 17:47Caleb Hammer?

  Not, not necessarily always.

• 17:50Speaker 05

  That would have been twelve hundred dollars.

• 17:51Caleb Hammer?

  You guys are building this from scratch. Who knows if someone wants the kind of house you're getting. At least if you're getting it from a traditional designer, they're building it in a traditional type of market.

• 17:58Speaker 04

  So my brother-in-law is a home inspector and he's come and checked it out and everything.

• 18:01Caleb Hammer?

  Home inspector means it's up to like, it's like the city isn't going to take it for you. That doesn't mean other people would want to buy it via your design and how you're choosing to build it. It's a thousand square foot house. That's usually not the kind of house that people are buying these days. That is like a classic American starter home, but that's not how people do it today. Not in America. America's like fifteen hundred or nothing.

• 18:20Speaker 05

  I mean, I'll go ahead and say that i- if we're going to talk about house design, the house is built to be added on to, and that's a goal after we pay.

• 18:28Caleb Hammer?

  Great. So it's a Lego set.

• 18:30Speaker 05

  Yeah, exactly.

• 18:31Caleb Hammer?

  Which is great for this building equity. Building equity is only a reality if you have an accident or borrow against it and with, with the bank value at it. I don't know. Okay. Okay. There we go. That helped. See, that helped me always establish kind of where our mind is. Um, okay. So the, the house has took too much time. So you stopped. What were you earning on that job?

• 18:55Speaker 05

  On the side job?

• 18:56Caleb Hammer?

  Yeah.

• 18:57Speaker 05

  Um, you know, that's kind of hard to say.

• 19:00Caleb Hammer?

  Well, you can pay taxes on it. So you should be able to say, cause you filed them.

• 19:04Speaker 05

  I mean, typically use maybe a couple more grand a month on top of my.

• 19:08Caleb Hammer?

  That's huge.

• 19:10Speaker 05

  Well, you know.

• 19:14Speaker 05

  It's pretty good, I guess.

• 19:16Caleb Hammer?

  Oh, yeah, a couple grand extra a month is pretty good when we have debt.

• 19:19Speaker 05

  But, yeah.

• 19:21Speaker 04

  It could be like he would get a job for two grand one month and then he wouldn't have a job for, you know, three or four.

• 19:27Caleb Hammer?

  Side hustles, I mean, that certainly happens in the world of small business, especially the side hustle variation. What hits your account on a monthly basis?

• 19:34Speaker 05

  Um, I think after health insurance and all that, it comes out to maybe thirty six hundred, maybe almost four thousand, but.

• 19:44Caleb Hammer?

  See, correct, you're.

• 19:45Speaker 05

  Eighteen hundred, so.

• 19:46Speaker 04

  Yeah, thirty six.

• 19:47Caleb Hammer?

  Thirty six, okay, what about you?

• 19:49Speaker 04

  Uh, forty four. Oh, sorry, I just got the raise, so, uh, forty eight, seventy. I was at sixty and I went up to sixty five.

• 19:56Caleb Hammer?

  Doesn't make any sense. If he makes sixty eight thousand dollars a year, why is it even less?

• 20:00Speaker 05

  That's my base without overtime.

• 20:02Caleb Hammer?

  But you're at sixty five. Why are you getting net a thousand more?

• 20:06Speaker 05

  Health insurance, I get child support taken.

• 20:08Caleb Hammer?

  Are you on his health insurance?

• 20:09Speaker 04

  No, not until June.

• 20:10Caleb Hammer?

  So, uh, so she's taking care of things. Oh, how much is the child support?

• 20:14Speaker 05

  Four hundred some dollars a month.

• 20:17Caleb Hammer?

  Okay, that puts a, that puts a dent in it a little more.

• 20:20Speaker 05

  His health insurance.

• 20:21Caleb Hammer?

  Was that post, is that pre paycheck hitting?

• 20:24Speaker 05

  Uh, yes, pre paycheck.

• 20:25Caleb Hammer?

  That makes more sense. Okay, what hits your account on a monthly basis?

• 20:28Speaker 04

  Forty eight.

• 20:29Caleb Hammer?

  Okay. Okay, things make more sense. Does the kid ever live with you guys?

• 20:33Speaker 05

  About half the time, a little under half.

• 20:37Caleb Hammer?

  You have to pay support with fifty percent custody?

• 20:39Speaker 05

  I don't make the laws in Texas.

• 20:41Speaker 04

  It's a situation, yeah.

• 20:43Caleb Hammer?

  Okay, any other kids?

• 20:45Speaker 05

  That's it.

• 20:46Caleb Hammer?

  Are we gonna have more kids?

• 20:47Speaker 05

  Yes.

• 20:48Caleb Hammer?

  Okay, well, this is obviously the massive stack we'd want to clear up before doing that.

• 20:54Caleb Hammer?

  Okay, so, income, yes, fifty five hit for you. Was it just an extra good month, extra paid month or something?

• 21:00Speaker 04

  Yeah, I got a bonus in December.

• 21:01Caleb Hammer?

  Good. Third, how often is that?

• 21:03Speaker 04

  Um, we usually get one right after tax season and then in December, so.

• 21:08Caleb Hammer?

  Okay, so pretty, so infrequently. Then you were thirty seven hundred, which is just about what you said, cool. So, at that point, you know, household after bonus, but normal household income is, we're sitting around the four hundred plus thirty six hundred, uh, eighty four hundred total. Good.

• 21:30Caleb Hammer?

  Great, wonderful. Good, good, good. And even with a little higher month of ninety-two-hundred, that's great. So how much did we spend as a house, guys, as a household? Uh, because we're aligned on money. We should know, we're, we're understanding where all the money's going. We know what's happening because we're aligned. This is what we've said. We understand each other's financial situation. This is, this is what we have said on this show. So how much went out?

• 21:52Caleb Hammer?

  Oh, we're guessing.

• 21:53Speaker 04

  Yeah.

• 21:54Caleb Hammer?

  Why are we guessing when we know our financial situation and know what's happening with the other person's finances and we're combined and we talk about it? Are we guessing?

• 22:00Speaker 05

  I mean, I, I honestly feel like we probably spent our whole paycheck.

• 22:04Caleb Hammer?

  That's interesting. Why are we guessing? Can you answer that question?

• 22:07Speaker 04

  Cause I don't look at his account.

• 22:09Caleb Hammer?

  You said you know what's going on with his finances.

• 22:12Speaker 04

  I know what he spends. I don't look at the ending balance every month.

• 22:15Speaker 05

  Yeah, I don't, I don't.

• 22:16Caleb Hammer?

  You guys aren't trying to practice budgeting as a household yet.

• 22:19Speaker 05

  I, I guess not, no.

• 22:20Speaker 04

  Well, I think, I think we're kind of at the point where.

• 22:22Caleb Hammer?

  You have a joint account. Why?

• 22:24Speaker 04

  Yeah, but I think we're at the point where, you know, if we, either of us has extra money, we're just gonna put it towards the house anyways. And house or groceries is pretty much.

• 22:33Caleb Hammer?

  Fun fact, no extra money. You spent ten thousand two hundred. What extra money? That's more spending than came in on a high month. Two thousand more than a normal month. Where's this extra money?

• 22:43Speaker 05

  I mean, you know.

• 22:45Speaker 04

  Insulation?

• 22:47Speaker 05

  Well, I mean, when it's on the house.

• 22:48Caleb Hammer?

  That's not extra money. You spent more than came in.

• 22:51Speaker 04

  Oh.

• 22:51Caleb Hammer?

  You don't have extra money.

• 22:53Speaker 04

  I mean, because we didn't spend as much the month before. I had extra money.

• 22:59Speaker 04

  Yeah, I didn't spend as much.

• 23:01Caleb Hammer?

  Is that true? Will I be able to prove that that is true?

• 23:03Speaker 04

  Yeah, I think I had a beginning, well, because I have a savings too, and both my savings and my checking had.

• 23:09Caleb Hammer?

  And you think it all goes to the house? That's what, that's where it all goes to?

• 23:13Speaker 04

  Not all of it, but that's where.

• 23:14Caleb Hammer?

  That's where our extra spending goes, guys.

• 23:16Speaker 05

  For sure.

• 23:17Caleb Hammer?

  How much do you think you spent going out to eat?

• 23:19Speaker 05

  Um, maybe three, four, five hundred?

• 23:22Caleb Hammer?

  Okay, yeah, yeah. Nine hundred eighteen dollars.

• 23:25Speaker 05

  Damn.

• 23:27Caleb Hammer?

  Yeah, that's our future.

• 23:28Speaker 05

  No. I mean, I believe that it's right there. I just.

• 23:31Caleb Hammer?

  Spent a thousand more than you made, two thousand more on a normal month. Spent almost a thousand dollars going out to eat.

• 23:37Speaker 05

  I honestly can't believe that.

• 23:38Speaker 04

  I honestly don't know where we ate out that much, but I mean.

• 23:41Caleb Hammer?

  Miss Lani's bullshit, things that don't matter. What do you think that is? Just extra little swipes, subscriptions, whatever. What do you think that is? Not subscriptions, but extra little swipes?

• 23:50Speaker 05

  Um, yeah.

• 23:51Caleb Hammer?

  Toys, things like that. What do you think?

• 23:52Speaker 05

  Probably gas station stuff.

• 23:53Caleb Hammer?

  Yeah, what do you think? How much?

• 23:55Speaker 05

  Three hundred bucks.

• 23:57Speaker 04

  I don't even know where to begin.

• 23:58Caleb Hammer?

  Because we know about each other's spending. We look at each other's spending. You said you didn't know the bounds, but I know what he sends his money on. No, you don't. You're not able to answer that question. Come on. Seven hundred forty-six dollars. So now combined, we're almost two thousand dollars.

• 24:11Speaker 05

  Is that combined for both of us?

• 24:13Caleb Hammer?

  It's combined across the board.

• 24:15Speaker 05

  Well, that makes a little bit more sense.

• 24:18Speaker 05

  But I mean, I'm not saying it's not a lot of money. It's definitely a lot of money.

• 24:20Speaker 04

  Oh, yeah, it's not money.

• 24:22Speaker 05

  So.

• 24:23Caleb Hammer?

  Mm-hmm.

• 24:23Speaker 05

  But it I I acknowledge that's a lot.

• 24:26Speaker 04

  I'm wondering what's in the miscellaneous.

• 24:27Speaker 05

  I I want to see how we got to nine hundred going out to eat, though, because I don't know how we could have possibly done that.

• 24:33Caleb Hammer?

  And guess what? Bright man over here, you know, special guy, sent us a twenty twenty-three statement.

• 24:40Speaker 05

  Hey.

• 24:40Caleb Hammer?

  For December, but you know what? We included it anyway. And the reason why we did is because when we looked at twenty twenty-four, it was basically exactly the same. Nothing changed. So this is a tendency. These are habits that are built out that are almost unmovable. It's basically the same exact thing it's been doing from fiance to before fiance for the barely even dating at that point.

• 25:08Speaker 04

  Yeah.

• 25:09Caleb Hammer?

  Before you leave this fucking, before you leave this place, Lindsay will work with you. Both of you get simpler budget, the budgeting app that I made on your phone, on your phone before you walk out this door. It's not an option. You get premium for free with all the classes and live classes, live sessions with the financial advisors that we do, all that good stuff. Do it. It'll at least tell you where the money's going because it auto connects. Don't be dumb about this, guys. You have to budget. You have to know what's happening. You have to know how much is going and how much is going in. You didn't know how much was going out. You didn't know where money went. You didn't even know how much went in on fast food. At least it'll tell you how much goes on fast food. You don't even know a number. You gave me a third of what actually happened. Come on. Download that shit. Use that shit.

• 25:54Caleb Hammer?

  It's simple. It's easy to use for a reason. We built it just for people like you. Okay, for people like me too. I don't want the over complicated. I just want to budget, budget, budgeting. It's a new year. We're all trying to budget. We're all trying to make it a little better. Trying to improve our life. A lot of people on the show, a lot of people out there that I've heard from, they try to start a budget. They can't stick to the budget. It's because it's all too damn complicated right now. You use any of the budgeting apps out there, it's crazy. It's hard to know what's even going on. It's impossible to set up and it's a chaos to manage. That's why, over this last year, I did the thing. I made a budgeting app for you guys. This does not need to be complicated. You're trying to take control of your life, so it should

• 26:37Caleb Hammer?

  be simple. It should be chill. It should be easy to set up and easy to manage. I've called it Simpler Budget, because that's all it is. It's your simpler budget. But we upped the ante with continued education and an ad-free version. In the premium version of Simpler Budget, you can track your spending, set goals and stick to a plan that actually works by connecting to all of your bank accounts automatically. No manual stuff here. There's actually weekly live sessions with financial professionals to answer your questions and keep you on track. They'll be teaching lessons and you can ask them things and they will actually help. There's also weekly mini classes, keeping you up to date and educated on every financial topic you need to improve

• 27:19Caleb Hammer?

  your life. Plus, for a limited time right now, you get access to our new budget-friendly cookbook with 55 money-saving recipes to eat well without overspending. And because I love you guys, and it's a new year, literally anyone who signs up for the month of January gets all of this, including premium, for free for a month. It's time to actually make a budget and stick to it for the first time ever. Let's take control of our 2025 and make this the best year ever. Download the Simpler Budget app today. A link in the description below. This budgeting app will change your life. You want to have kids. You want to have a family. You want to have goals.

• 28:01Caleb Hammer?

  Your household finances matter. Okay?

• 28:03Speaker 04

  Yeah.

• 28:04Caleb Hammer?

  Yeah? Alright. I'm gonna say three, two, one, go. On go, I want you guys to give me at the same exact time what you think your household financial score is headed into this marriage. A zero out of 10, zero being the absolute worst, 10 being the absolute best. Where do you think your household financial score is? In three, two, one?

• 28:25Speaker 04

  Three.

• 28:25Speaker 05

  Three.

• 28:26Caleb Hammer?

  Okay, we're aligned. So you think you're pretty close to average? You don't think you're at the bottom of the barrel? We owe the IRS money. Why aren't we at the like, oh, shit?

• 28:36Speaker 05

  Uh, you know, I feel like we live pretty comfortably for what it's worth.

• 28:40Caleb Hammer?

  On debt, spending more money than you make? Yeah, go ahead.

• 28:42Speaker 05

  Yeah, sure. But, um, at the end of the day, I mean, as far as the house going, we're almost done with that. So you know, we don't have to buy like insulation and drywall.

• 28:55Caleb Hammer?

  Guys, a thousand dollars going out to you, 750 dollars in miscellaneous, it is not about insulation.

• 29:00Speaker 04

  Yeah, but I mean, I think it pulls us up a little. He has a pretty good retirement. I know I don't have any, or pretty much any, so that's.

• 29:07Caleb Hammer?

  Well, that's bad.

• 29:07Speaker 04

  Yeah, that's dragging me down.

• 29:08Caleb Hammer?

  What's your pretty good retirement?

• 29:10Speaker 05

  TMRS.

• 29:11Speaker 04

  He's at?

• 29:11Caleb Hammer?

  Yeah, how much?

• 29:12Speaker 05

  Well, it's 20, but it doesn't get two to one until, until I get five years. I'm almost at five years.

• 29:18Caleb Hammer?

  He's, uh, he's a third of the way where he should be in two years. So no, you'd get a three out of 10 on just retirement alone.

• 29:25Speaker 05

  Six thousand, sixty thousand right now.

• 29:28Caleb Hammer?

  Better than you are, but yeah, when you have zero, everyone's doing better than you are. Alright guys, if you want your Hammer Financial Score, it's free. See where you stand in the world of your financial health. Go to CalebHammer.com. It's there. You can go to CalebHammer.com/apply specifically if you want to come on the show. Have you guys had a, you know, a good experience so far coming in, meeting some of the crew, talking to lovely Lindsay?

• 29:49Speaker 04

  Yeah, Lindsay's great.

• 29:49Caleb Hammer?

  Then you get beat up by me a little and all your onboarding videos and all that good stuff. Thank you for going through that entire process because we want, we want to braid you guys with information.

• 29:59Speaker 05

  I was definitely braiding with information.

• 30:01Caleb Hammer?

  Yeah, we need to make sure you guys know what you're getting into, okay? Like that mustache is getting exposed to a lot of people right now, so.

• 30:08Speaker 04

  He trimmed it for y'all, so.

• 30:09Caleb Hammer?

  Well, thank you. That's so kind of you. I wish you could have trimmed this IRS debt, which is the first debt we're gonna talk about.

• 30:15Speaker 05

  Damn, I, I thought we kinda went over it. Like, it's gotta get paid. That's.

• 30:18Caleb Hammer?

  Yeah, but we need, let's, let's book it in the. The the debt counter right now, one thousand three hundred eighty one dollars and sixty six cents. Okay, so this is eight percent. What's your minimum monthly?

• 30:31Speaker 05

  I paid two fifty on it.

• 30:33Caleb Hammer?

  What's your minimum monthly?

• 30:34Speaker 05

  They don't, that's a whole, that's a whole mess right there.

• 30:37Speaker 04

  We have not been able to get, he had his last one set up on a payment plan and they haven't cleared out that.

• 30:42Caleb Hammer?

  Last one?

• 30:43Speaker 04

  Yeah, for.

• 30:44Caleb Hammer?

  There's another one.

• 30:44Speaker 04

  For no, for twenty twenty three.

• 30:46Caleb Hammer?

  Is it done?

• 30:47Speaker 04

  Yes, that one's paid off.

• 30:48Caleb Hammer?

  Why are you always so behind on your debt? Okay.

• 30:50Speaker 04

  Um, he hasn't, they haven't cleared out that old payment plan yet and it's not letting him do a new one, so we need to get the IRS on the phone and get it figured out, but.

• 30:59Caleb Hammer?

  Why haven't you got on the IRS on the phone and figured it out?

• 31:01Speaker 04

  It, have you tried calling the IRS lately?

• 31:04Caleb Hammer?

  Oh, yeah.

• 31:04Speaker 04

  It's rough.

• 31:08Caleb Hammer?

  We've communicated well with the IRS to pay our business twenty twenty four taxes.

• 31:11Speaker 05

  But two hundred and fifty bucks is what I pay on it, and so it should be paid off in a few months.

• 31:16Speaker 04

  And then fun fact, I will, uh.

• 31:18Caleb Hammer?

  I'll do two fifty.

• 31:18Speaker 04

  I will owe the IRS.

• 31:19Caleb Hammer?

  The minimum was, you owe the IRS?

• 31:21Speaker 04

  A thousand dollars.

• 31:22Caleb Hammer?

  Now for why?

• 31:23Speaker 04

  Um, I got some bad advice about the, uh, advanced tax credit for the healthcare and I have to pay that back.

• 31:29Caleb Hammer?

  For the healthcare? You're, you're on the Affordable Care? Do you qualify for that?

• 31:33Speaker 04

  Well, initially, whenever I signed up for it, whenever I turned twenty six, I did.

• 31:37Caleb Hammer?

  So a year ago, what were you making at that time? So you're still on that? You still have your plan through that?

• 31:41Speaker 04

  Yes, and I.

• 31:42Caleb Hammer?

  So you have to pay a little extra then? Okay, and this is when taxes come due. Okay.

• 31:45Speaker 04

  Yes.

• 31:46Caleb Hammer?

  Okay.

• 31:46Speaker 04

  I drafted my return this morning.

• 31:47Caleb Hammer?

  Okay, so a thousand, well, well, okay, so a thousand for future taxes.

• 31:52Speaker 04

  Yeah.

• 31:55Caleb Hammer?

  Eight percent, not insignificant. Again, on average, your housing is not beating that.

• 32:02Caleb Hammer?

  The value of your land is not beating that on average. Obviously during the COVID boom, sure. Apple Card, who's Apple Card? Or is it both? Are you guys ever, are you guys joint on anything? Debt wise?

• 32:14Speaker 04

  No.

• 32:14Caleb Hammer?

  Okay, so you're.

• 32:16Speaker 04

  Um, are we?

• 32:18Speaker 05

  The AC maybe.

• 32:19Speaker 04

  No, the AC is on my.

• 32:20Caleb Hammer?

  I thought you guys told me you knew your finances together.

• 32:22Speaker 04

  I was thinking that, yeah, we were together on the AC loan, but we're not.

• 32:25Caleb Hammer?

  How often do you guys talk about money? Really? Come on.

• 32:28Speaker 04

  Almost really.

• 32:29Caleb Hammer?

  Okay, just not in a smart way? Cause you don't seem to know, like you're.

• 32:35Speaker 05

  I think the goal where, um, the goal we've had, or at least the goal I've had is just paying off the lower ones first. So this Apple credit card is actually one of the the next ones that we're gonna be or I'm gonna be tackling for sure because it is my debt. That one's pretty diabolical, honestly, because you can just press the button on the phone and it's done, you know?

• 32:58Caleb Hammer?

  Yeah.

• 32:59Speaker 05

  And I don't even have the card like I because I've tried to get away from it, but it's just so constant of it. It's constantly available. You can't really close it. Even if you lock it, it still lets you pay for it, you know?

• 33:13Caleb Hammer?

  It's stopping at a gas station, getting some bullshit.

• 33:15Speaker 05

  Oh, that was gas.

• 33:16Caleb Hammer?

  During getting some bullshit. Only $10 of gas, $10.23 of gas.

• 33:20Speaker 05

  Sometimes be like that.

• 33:21Caleb Hammer?

  But why? Why on a card that is this maxed out? This has to be close to it.

• 33:24Speaker 05

  Yep.

• 33:25Caleb Hammer?

  How long does this take to pay off doing minimum monthly payments, guys?

• 33:28Speaker 05

  It's gonna take.

• 33:29Caleb Hammer?

  How long does this take to pay off using minimum monthly payments, guys? That was the question, by the way.

• 33:35Speaker 04

  I'd say probably about eight or nine.

• 33:36Caleb Hammer?

  Thirteen.

• 33:38Speaker 05

  Yeah, no, I don't.

• 33:39Caleb Hammer?

  What is the limit on this card?

• 33:41Speaker 05

  2,500 bucks. That's that's the limit.

• 33:44Caleb Hammer?

  Okay, so we're like, we're like, we're like 60 bucks away, 60, 70 bucks away.

• 33:49Speaker 05

  Yeah.

• 33:49Caleb Hammer?

  Why keep it up there? I understand the paying minimums on some other well, we're paying a minimum on this, trying to pay off some smaller balances. I get that part. I get that part. Why are we putting money on this card? You know money's being put on this card?

• 34:04Speaker 04

  I didn't know that.

• 34:05Caleb Hammer?

  Okay, so we are not communicating, guys?

• 34:08Speaker 04

  I was told it was.

• 34:08Caleb Hammer?

  It's a lie. Oh, so why are you telling her incorrect information then?

• 34:12Speaker 05

  I guess she didn't ask at the time.

• 34:14Caleb Hammer?

  She has to ask to know. When we're communicating about finances, she's required to ask to know things.

• 34:20Speaker 05

  I mean.

• 34:22Caleb Hammer?

  This is how we're starting our communication before the marriage happens?

• 34:26Speaker 05

  Yeah, I mean, it it it she didn't, I mean, you know, it was a couple of times on there besides that.

• 34:34Caleb Hammer?

  Why doesn't she get to know unless she asks? That you guys are on the or what would you? Are you okay with him spending on this?

• 34:40Speaker 04

  Um, no, I mean.

• 34:42Caleb Hammer?

  So what are we doing then?

• 34:43Speaker 05

  I guess in my mind, that's my debt and it's my problem. So when it's.

• 34:47Caleb Hammer?

  Yeah, kind of.

• 34:49Speaker 04

  It is communal money, though, because if you don't have the money to buy stuff for the house, then it's my money. And then in that way it becomes joint.

• 34:55Speaker 05

  Right. All right. Well.

• 34:57Caleb Hammer?

  Plus, depending on how you guys do things, you could be responsible for it if you get. In the future. As an asset would have to be sold in order maybe settle.

• 35:07Speaker 05

  Right. Well.

• 35:10Speaker 05

  It's just, I mean, I don't want to have the debt, but it has been hard as heck to pay that thing off.

• 35:17Caleb Hammer?

  I don't want to have the debt, so let me spend money and make the debt worse. It's an interesting philosophy, interesting strategy, not what I've personally considered.

• 35:27Speaker 05

  Yeah, no, it's a.

• 35:32Speaker 05

  I don't know what really to say on that thing. The reason I spend on it is because it's always available, no matter what you do.

• 35:39Caleb Hammer?

  But it's sixty bucks, sixty bucks away.

• 35:42Speaker 05

  Yeah.

• 35:43Caleb Hammer?

  Sixty bucks and it's done. Want to max out a credit card in your, in your marriage?

• 35:47Speaker 04

  No, but I almost have one of my own, so.

• 35:52Caleb Hammer?

  Seventy-nine dollar minimum payment. It's all we put towards it. And yeah, this is, this is maybe gas, I guess, just a little bit of gas. What are you, what are you driving?

• 36:03Speaker 05

  Uh, I drive a Chevy 1500.

• 36:07Caleb Hammer?

  So it's like no gas?

• 36:09Speaker 05

  I mean, it got me to work that day, right?

• 36:11Caleb Hammer?

  And is that what we're doing? We're living day to day, over six, six, well, a hundred, hundred thousand dollars a year as a household? And we're just like, oh yeah, I made it to work, hundred forty thousand dollars a year as a household. I got to work. So those are the big goals we're striving towards. That's where we're happy and satisfied. Yeah, interest charged last year alone, six hundred sixty-nine dollars. Six hundred sixty-nine dollars, that could have gone towards insulation. I know you like your insulation.

• 36:36Speaker 05

  Yeah, I mean, honestly, that's kind of surprising. It's that low, to be honest with you, because.

• 36:41Caleb Hammer?

  And we're okay with that?

• 36:42Speaker 05

  I, I, I mean, I'm not okay with it.

• 36:44Caleb Hammer?

  Spending on it, so you are.

• 36:46Speaker 05

  But.

• 36:47Caleb Hammer?

  You're spending on it, so you are. Your actions are suggesting that you are okay with it.

• 36:52Speaker 05

  I, I think it's not, not the, you know, I, I want to get rid of it, but it is kind of a backup plan whenever I need money.

• 37:02Speaker 04

  You could sell one of the cars and maybe pay, maybe pay something off.

• 37:06Caleb Hammer?

  What is one of? Well, how many cars do we have?

• 37:08Speaker 05

  Well.

• 37:09Speaker 04

  Running?

• 37:10Caleb Hammer?

  Don't be one of these guys. You're one of those guys. You look like one of those guys. Of course you're one of those guys. You're in the hill country.

• 37:16Speaker 05

  Well, you know, they all ran when I bought them, you know?

• 37:19Caleb Hammer?

  Great. How many fucking piles of metal do we have?

• 37:21Speaker 04

  We have his car, my car, and we have three now running. So a Jeep bucket truck and a.

• 37:28Caleb Hammer?

  Well, well.

• 37:29Speaker 05

  I just sold the bucket truck for what it's worth.

• 37:31Caleb Hammer?

  For what?

• 37:32Speaker 05

  I mean, like two grand, you know?

• 37:35Speaker 04

  It's not running.

• 37:35Speaker 05

  It wasn't running and it's, it really is kind of a piece of shit.

• 37:39Caleb Hammer?

  Why do you have all this?

• 37:41Speaker 05

  Well, um, you know, the truck is a dump truck, um, that I built.

• 37:47Caleb Hammer?

  So dumped that you built?

• 37:49Speaker 05

  Yeah.

• 37:49Caleb Hammer?

  You built a dump truck for the tree?

• 37:51Speaker 04

  It's a Ford 2500.

• 37:53Caleb Hammer?

  Is it for the trees?

• 37:54Speaker 05

  Yeah, you know, dump like firewood and stuff or, uh, chips.

• 37:58Caleb Hammer?

  Chips?

• 37:59Speaker 05

  Yeah, wood chips.

• 38:01Caleb Hammer?

  Why are you dumping chips?

• 38:03Speaker 05

  Well, you know.

• 38:03Caleb Hammer?

  For the business?

• 38:04Speaker 05

  Yeah.

• 38:04Caleb Hammer?

  So for the business?

• 38:06Speaker 05

  Yeah, it was for the business. It was a necessary purchase. Um, and now it just doesn't run. Which is why I have the truck I have now. I didn't have any payments, but.

• 38:13Caleb Hammer?

  How much were you making off these chips?

• 38:16Speaker 05

  Um, I wasn't, I mean, that's just a way to get rid of them. Just a way to throw them in the trash.

• 38:19Caleb Hammer?

  Was this the business you were making 2,000 hours a month on?

• 38:22Speaker 05

  Yeah.

• 38:23Caleb Hammer?

  Okay.

• 38:23Speaker 05

  Yeah, no, that, so, and then.

• 38:25Caleb Hammer?

  So was that a part of the reason why you're not doing it anymore? Cause this isn't driving?

• 38:29Speaker 05

  No, it, it drove until after the end of the business.

• 38:31Caleb Hammer?

  But it's not now.

• 38:33Speaker 05

  But.

• 38:34Speaker 04

  I think if it was running, he would probably be still doing.

• 38:36Caleb Hammer?

  See, that's what I was asking. Why are you denying that, dude?

• 38:39Speaker 05

  Well, I mean, I don't know if I would still be doing it. I might sell like firewood still, but.

• 38:45Speaker 04

  Yeah.

• 38:46Caleb Hammer?

  What are you doing with firewood?

• 38:47Speaker 05

  Selling it.

• 38:48Speaker 04

  Well, after you cut it down.

• 38:49Caleb Hammer?

  So you cut down trees, but you would be have to be cutting down other people's trees for that, right? Or are you cutting down your own trees?

• 38:55Speaker 05

  No, it's other people's trees.

• 38:56Caleb Hammer?

  Okay, so you'd still have to be doing the business in order to do that firewood thing?

• 38:59Speaker 05

  Yeah, but at the end of the day, I, I stopped it so I could start working at my house. That was the whole thing.

• 39:04Caleb Hammer?

  Yes, no, I got.

• 39:07Caleb Hammer?

  Yes. Yes, yes, yes, yes, yes. Your lovely future wife thinks he would be doing that today if the truck ran, is what we're saying.

• 39:14Speaker 04

  He definitely still gets people calling or texting about it sometimes, asking him to do house or different trees, different places. And so I think he would, he's a hard time saying no, so I think he would still be doing it if.

• 39:24Speaker 05

  Yeah.

• 39:25Speaker 04

  If we had this.

• 39:27Caleb Hammer?

  That would be good for you guys. Obviously, okay. You're not credit card people. You're not?

• 39:33Speaker 05

  Nope.

• 39:33Caleb Hammer?

  Congratulations. You don't know how to use that. Use the Fizz card. It's a debt, it's a debit card, debit card that builds credit. So you can use the Fizz card. Wonderful. Okay, use that. And I'll also gift you an accounting certification so you can, you know, use that leverage and hopefully get a raise from Course Careers. And then we'll also get you guys to sit down with our therapist for three sessions for free at Sondra Mind. So you're going into this marriage healthy, please.

• 40:00Caleb Hammer?

  He's telling me you're open to therapy. Why'd you just look at him?

• 40:03Speaker 04

  Oh, I am.

• 40:04Speaker 05

  Oh, yeah.

• 40:05Speaker 04

  This was a recent conversation.

• 40:05Speaker 06

  You're gonna be a man tomorrow. I don't need to talk about my feelings. I got a Ford.

• 40:11Speaker 04

  He wasn't totally against it, but he said if if it was us together, he'd be more open to it, but nothing individual.

• 40:19Caleb Hammer?

  Well, did you suggest he should do individual?

• 40:22Speaker 04

  Well, I was just thinking, you know, in general, just to figure out where we are before we go into everything.

• 40:26Caleb Hammer?

  Yeah, why aren't you open?

• 40:28Speaker 05

  I mean, I just, I feel like if that was, I mean, we're.

• 40:32Speaker 04

  He feels like he doesn't need to talk to anyone.

• 40:34Speaker 06

  I'm a red faced man who lives in a country has a Ford. I'm a man. I wear camouflage.

• 40:42Speaker 05

  Look, I mean, I I'm fine with where I'm at mentally, you know, but I I don't think that's what we're here to talk about.

• 40:49Caleb Hammer?

  Feel free to feel free to use them. Not not necessarily. That's not everything in the world impacts finances.

• 40:55Speaker 05

  Right.

• 40:55Caleb Hammer?

  Like, everything comes back to finances. It's mental, it's relationships. So much impacts it. So you're right, we're here to talk about finances, but everything impacts it in a different way. Club therapy before marriage might be worth at least sitting down, talking some things out, mostly because it looks like your future wife would like that. Just why are you against it? That's the one I'm so curious.

• 41:18Speaker 05

  I'm not necessarily against it. I just don't.

• 41:19Speaker 06

  Was it a bit fruity for you?

• 41:22Speaker 05

  I wouldn't say that. Like, I'd be fine with, like, if we needed to do, like, a relationship deal, but.

• 41:26Caleb Hammer?

  You know, a lot of that stuff, you know, I'm not gonna on the therapy world.

• 41:33Caleb Hammer?

  Too much, but it's just like.

• 41:36Caleb Hammer?

  A lot of it's. It's you. Don't wait until there's something wrong. A lot of it is just healthy. It's just good. It's just another health to take care of. Reading's good for health. It helps, you know, statistically, you know, less people that read have a less likely chance of getting dementia. There's physical activity health. There's a lot of different health. This is mental health.

• 41:57Speaker 05

  Right.

• 41:57Caleb Hammer?

  It's good to take care of it. You want kids eventually. More.

• 42:01Speaker 05

  Yeah.

• 42:02Caleb Hammer?

  You're gonna be busting them out. So.

• 42:05Speaker 05

  Busting some out.

• 42:07Speaker 04

  Sounds like a lot.

• 42:08Caleb Hammer?

  Well, how many kids are you guys gonna have?

• 42:11Speaker 05

  Oh.

• 42:11Speaker 04

  I think one or two.

• 42:13Caleb Hammer?

  Okay, well, I'm just saying, you want to be in the best place necessary. Okay, what what is this? Who has the Discover it card?

• 42:18Speaker 04

  That's me.

• 42:19Caleb Hammer?

  Okay, you're right. You do have a card. It was it's a quadruple compared to the last card.

• 42:24Speaker 04

  Yep.

• 42:24Caleb Hammer?

  Okay, what do what do you do here? What's happening?

• 42:26Speaker 04

  So back last April, I decided it was gonna be a good idea to put LASIK on that card.

• 42:32Caleb Hammer?

  LASIK?

• 42:33Speaker 04

  So I.

• 42:33Caleb Hammer?

  On a card that is accruing interest?

• 42:35Speaker 04

  So I went and tried to get a personal loan and it was gonna be 23% interest.

• 42:40Caleb Hammer?

  They weren't having a borrowing through the place that did LASIK opportunity?

• 42:43Speaker 04

  Um, and then I tried to get care credit and it was gonna be a 26% interest. And yeah, I think that one's 19.

• 42:50Caleb Hammer?

  That's close. It's basically 17.

• 42:52Speaker 04

  Yeah.

• 42:52Caleb Hammer?

  But or 18, but still 18%. Yeah, I mean, sure, it's better than 28 doesn't mean it's good. It's crazy. So why was LASIK such a critical need that we couldn't try to save up for this? Because I know you guys use a lot of money for the house. So obviously, we have the ability to put money towards it. And LASIK, for a lot of people, I would love to hear you defend it, is not a medical 100% necessity. I would love it. Do I need it? No. Sometimes running a business can feel a lot like juggling flaming swords. You got inflation, interest rates, and supply chain headaches flying at you, all while trying to stay ahead of the competition. So how do you keep it all together without losing your shirt?

• 43:32Caleb Hammer?

  The answer is today's sponsor, NetSuite by Oracle, the world's number one cloud ERP system trusted by over 41,000 businesses. NetSuite combines all the tools you need, like accounting, financial management, inventory, HR into one powerful platform. No more wasting time piecing together a patchwork of apps and systems. And here's the kicker, with NetSuite, you're not just managing your business, you're running it smarter. You'll get real time insights, forecasting tools, and the ability to close your books in days instead of weeks. That's less time cleaning up the past and more time planning your next power move. Big or small, if your business brings in millions or hundreds of millions, NetSuite helps you tackle challenges head on and sees.

• 44:16Caleb Hammer?

  Opportunities before your competitors even notice. Want to take the stress out of managing your business? Download the CFO's Guide to AI and Machine Learning for free at netsuite.com/hammer. It's packed with insights to give your business an edge. Again, that's netsuite.com/hammer. Thanks to NetSuite for sponsoring today's video. Now, let's jump back into it.

• 44:36Speaker 04

  I decided that it was a necessity for me.

• 44:38Caleb Hammer?

  Okay, so it wasn't a necessity, correct?

• 44:39Speaker 04

  Because I, it cost me about $600 a year for my vision, between insurance and glasses, contacts, eye exam, all that. It was about $600 a year. And then I was terrible about taking out my contacts.

• 44:53Caleb Hammer?

  Yeah, the interest on the card was $1,290 last year. So, um, a net, I think, few.

• 45:01Speaker 04

  Yeah, it's pretty bad. Uh, yeah, and I, I'm okay with that because.

• 45:06Caleb Hammer?

  You're okay with that?

• 45:07Speaker 04

  Yeah, I mean, well, I'm picking it up now.

• 45:08Caleb Hammer?

  Your justification was it was $600 a year, but they did it halfway sick.

• 45:12Speaker 04

  But I was so bad about taking.

• 45:15Speaker 00

  Honey, that flu keeping you up?

• 45:16Speaker 01

  Yeah, I don't got this.

• 45:18Speaker 00

  You need NyQuil Intense Flu.

• 45:20Speaker 02

  Undo your flu symptoms with NyQuil Intense Flu. The nighttime sniffling, aching, aching fever, best leave with a flu medicine. You do got this. Users directed, keep out of reach of children.

• 45:28Speaker 04

  Out my contacts and.

• 45:30Caleb Hammer?

  Cool, wear glasses.

• 45:30Speaker 04

  And I could not wear, get, my glasses were going to be super expensive. I had to get the ones with astigmatism and.

• 45:36Caleb Hammer?

  I have the ones with astigmatism, it wasn't that expensive.

• 45:39Speaker 04

  Mine were going to be a lot. I think it's worth it.

• 45:41Caleb Hammer?

  What, what parts were going to be a lot?

• 45:43Speaker 04

  The lenses.

• 45:45Caleb Hammer?

  Through who?

• 45:46Speaker 04

  My vision center.

• 45:47Caleb Hammer?

  Why would you go through your vision center?

• 45:50Speaker 04

  Well, they were not through my, uh, insurance, but I only got like a hundred.

• 45:55Caleb Hammer?

  To get the frame, buddy, you can get glasses from like a million different places. There's a bunch of glasses options like crazy.

• 46:01Speaker 04

  But it was the lenses that were expensive and they only covered 150 anyways.

• 46:04Caleb Hammer?

  No, I'm, you think, do you think the place that measured your eyes are the ones that are creating the lenses to give to the places that you buy frames from?

• 46:14Speaker 04

  No, I know they send them off.

• 46:15Caleb Hammer?

  Send them, what do you mean, send them off?

• 46:17Speaker 04

  They don't make the lenses and the, what are you talking about?

• 46:20Caleb Hammer?

  What are you talking about? You could have used a budget friendly place, even Sam's Club.

• 46:26Speaker 04

  Okay, but still the lenses were going to be, or I'm sorry, I'm saying the lenses, I'm not meaning the lenses. I realize my error there. The, the, yeah, oh, am I saying the glass part?

• 46:37Caleb Hammer?

  The lenses. How, how many places did you price shop them?

• 46:41Speaker 04

  I looked at, I can't remember the two online, but I looked at two online. And I've gone to two different vision centers in our town and we only have like three, so.

• 46:51Speaker 04

  I am okay with the, I know it's a lot of interest, I'm okay.

• 46:55Caleb Hammer?

  I'm okay with you getting LASIK as well, highly encouraged, good job. That's not the thing we're fighting about. I'm just saying you have an eighteen percent debt on it with zero dollars invested in your future. And even if you did, even if you did, listen, I opened that, I opened my brokerage mu mu every single day. And I buy an S and P five hundred, guess what? It did great last year, but on average, it's doing ten percent. You're at a debt for LASIK, something you did in a hundred percent need for a medical emergency or necessity. You have that at eighteen percent. I am not against LASIK. I would encourage you to get LASIK. Good job. I would not be doing it at an eighteen percent debt because what? It cost me six hundred dollars a year for.

• 47:38Caleb Hammer?

  Fine, you get expensive glasses, expensive glasses. These were a couple hundred bucks. So let's say yours would have been about six hundred.

• 47:46Speaker 04

  Right, yeah.

• 47:48Caleb Hammer?

  Twelve hundred dollars a year in interest, a year on this.

• 47:53Speaker 04

  Yeah, but it was.

• 47:53Caleb Hammer?

  So you, your math is broken. It's simply broken. Does this not make any sense, guys? Are the numbers not adding up?

• 48:02Speaker 06

  The numbers, what? What are they saying?

• 48:07Speaker 04

  I don't, I don't feel bad about that debt. I know.

• 48:09Caleb Hammer?

  I'm not saying feel bad about the LASIK because the debt is absolutely stupid.

• 48:14Speaker 04

  And I, part of it was because of just headaches and everything and being bad about taking out my contacts.

• 48:19Caleb Hammer?

  And glasses.

• 48:20Speaker 04

  And glasses would give me headaches at night. I can't see at night with glasses.

• 48:24Caleb Hammer?

  You sleep with your eyes open?

• 48:25Speaker 04

  We're driving. Especially like in this time when it gets dark at four thirty.

• 48:30Caleb Hammer?

  See what you're saying.

• 48:30Speaker 04

  And I cannot see at night. It gives me headaches. I tried.

• 48:33Caleb Hammer?

  Glasses?

• 48:33Speaker 04

  Mm-hmm. Hair, like, it's awful. Um, and so I was wearing my contacts really bad, about taking them out. I was going into the eye doctor pretty consistently.

• 48:42Caleb Hammer?

  Okay, okay, okay.

• 48:43Speaker 04

  Because of dry eyes, things like that, potential infections, potential holes in the back of the eye. I went ahead and did Lasix, and so I don't regret that at all.

• 48:49Caleb Hammer?

  With the Lasix as well, the debt for it was horrendous.

• 48:52Speaker 04

  I am still okay with that percentage as opposed to potentially having to get eyes surgery later because.

• 48:57Caleb Hammer?

  And if I talked to your doctor, he would a hundred percent say everything that you just said. You're not just using it as a way to get out of this little pushback.

• 49:05Speaker 04

  No.

• 49:09Speaker 05

  I've never had to deal with any of that, but if I had to do it, I'd get Lasix.

• 49:13Caleb Hammer?

  No, but you know what she's dealt with. Is that a hundred percent accurate?

• 49:16Speaker 05

  Her doctor did say, hey, you should get Lasix for what it's worth.

• 49:19Caleb Hammer?

  You should get Lasix.

• 49:20Speaker 04

  Yeah.

• 49:20Speaker 05

  He did say that.

• 49:21Caleb Hammer?

  Okay.

• 49:21Speaker 05

  I'll, I'll go with that, but I would, I would get, I mean, if I had to pay a little bit of debt on there, I'd be fine with it for eyes.

• 49:28Caleb Hammer?

  I'm okay with a little bit of debt again. It's, it's, we're talking about the kind of debt.

• 49:32Speaker 04

  I really didn't want to go the credit card route with putting it on there, and I probably could have waited a little bit longer. Um, and it was also before we moved in together, and I was doing really good about paying it until we moved in, and then my extra money started going towards house.

• 49:46Caleb Hammer?

  A house that you work on and don't have any equity yet. That's stupid. That doesn't make any sense.

• 49:51Speaker 04

  Well, it was basically replacing my rent that I was paying in my apartment.

• 49:54Caleb Hammer?

  It was, but now you're not making the progress on the credit card that you said you were before, so that.

• 49:59Speaker 04

  Yeah.

• 50:00Caleb Hammer?

  So what, what are you talking about?

• 50:02Speaker 04

  Well, all of it. In my eyes, it was like all of my extra money needed to go to the house and I would just make.

• 50:06Caleb Hammer?

  Instead of an eighteen percent loan.

• 50:09Speaker 04

  Yeah.

• 50:09Caleb Hammer?

  On something that we all agree with that we're glad you got. But now we prioritize paying it off.

• 50:16Speaker 04

  I am trying to now. I haven't spent on it since October and.

• 50:20Caleb Hammer?

  You're fucking spending on the card? You were spending on the card?

• 50:23Speaker 04

  Yeah.

• 50:24Caleb Hammer?

  Oh, my. So it wasn't even just the, so it's just like, what am I, are you kidding me? That's completely different. You're spending on the card. Not anymore, you were. How much of this was LASIK for suspending of the nine thousand three hundred forty dollars and fifty cents?

• 50:40Speaker 04

  Fifty-five was LASIK.

• 50:42Caleb Hammer?

  Oh, my. So why are we talking about LASIK here, lady? Half of it's not. Half of it's bullshit probably. Fuck your LASIK. That's not even what it was.

• 50:53Speaker 04

  A few of those were.

• 50:54Caleb Hammer?

  Few of those double.

• 50:56Speaker 04

  No, a few of the charges on there were my CPA exams. I know I had put a few on there. And those are two hundred and sixty-ish.

• 51:03Caleb Hammer?

  Dude, you make so much money. Why would that purchase have to be on a fucking credit card? That is your money's mismanagement. You're trying to make it sound like, oh, because I need it for my career. It's okay. No, you should have been able to cash flow this because you're actually making money. And that just speaks to your financial mismanagement. You make money. It's not a get out of jail free card because it was something that was good. Same with the LASIK. You could have actually afforded this. Five thousand dollar thing. You could have. You make good money. You fuck off your money.

• 51:31Speaker 04

  I don't know. I'd call.

• 51:35Caleb Hammer?

  I would. I just saw a thousand dollars going out to eat and seven hundred fifty dollars in miscellaneous bullshit. So fuck off your fuck off your fuck off you.

• 51:43Speaker 05

  Yeah, I.

• 51:46Speaker 05

  I still, I mean. I didn't, I did not know it was up to nine thousand to be completely honest with you.

• 51:51Caleb Hammer?

  Oh, but we talk about our money every day, guys. Every day we sit down, we talk about our money. Huh?

• 51:58Speaker 04

  I thought he knew about it.

• 52:00Caleb Hammer?

  Well.

• 52:00Speaker 04

  He knew the LASIK was on it, um. And I thought we talked about it.

• 52:04Speaker 05

  I knew the LASIK was on it.

• 52:06Caleb Hammer?

  We apparently think we talk about a lot of things, but apparently we talk about uh, nothing.

• 52:11Caleb Hammer?

  Well, so far we've looked at, what?

• 52:14Speaker 05

  Two credit cards?

• 52:15Caleb Hammer?

  And you guys did not know the things we talked about, so. Yeah, sure. Be defensive about that. That's literally inaccurate.

• 52:29Speaker 05

  Yeah, I maybe I guess so.

• 52:33Caleb Hammer?

  Maybe I guess so. What, you think she's gonna beat you on the way home? What? You can't, you can't talk up and having a real opinion? You know I'm right. You didn't know the balance on this and she didn't know you're purchasing that other credit card. You don't know, guys.

• 52:47Speaker 05

  Yeah, I mean, I guess I don't, I really don't have room to talk on mine because, because I also have a shit credit card.

• 52:53Caleb Hammer?

  I'm just acknowledge the fact that you guys do not know as much about your personal finances as you suggested you did.

• 53:00Speaker 05

  No, you're, we, we don't, we don't.

• 53:03Caleb Hammer?

  He almost actually admitted it. Well, he did. He is more afraid of his wife, though. Future wife. Really? I don't know. He's pussyfooting like crazy. Okay, yeah, $1,200 in interest.

• 53:21Caleb Hammer?

  Not all for the LASIK. Did you see the moment in the conversation where after you explained it, I was about to accept that, okay, fine, now let's just deal with this card. It was for LASIK, sounded like it was medically necessary. Did you see where I got there? Yeah, yeah, you almost had me. And then half of it was spent on bullshit.

• 53:39Speaker 05

  We're almost there.

• 53:41Caleb Hammer?

  I know, but you led me to believe it was all for LASIK. It was misled.

• 53:45Speaker 04

  As you would say, you didn't ask.

• 53:47Caleb Hammer?

  Because that's how adults do things. Okay, so what is this? Oh, AC, AC loan. Good, so we're not cash flowing the house, like.

• 53:56Speaker 04

  That's the only thing we.

• 53:58Caleb Hammer?

  Pretty big thing. It's multi thousands of dollars. In fact, $3,526.24.

• 54:06Speaker 04

  That and the lumber. We didn't cash flow the lumber, but.

• 54:09Caleb Hammer?

  All our extra money is going to a house that we're cash flowing.

• 54:12Speaker 05

  Original frame.

• 54:13Speaker 04

  The original frame of the house.

• 54:14Caleb Hammer?

  I don't care what it is. It's not everything. You're not cash flowing this house. You're borrowing from multi parts of it.

• 54:20Speaker 04

  Now, we are cash flowing.

• 54:21Caleb Hammer?

  Oh, thank goodness.

• 54:22Speaker 05

  Yeah, I'd say the original frame.

• 54:24Caleb Hammer?

  Now we're cash flowing instead of paying for the debts that we used to start it.

• 54:28Speaker 04

  Our debts there a long time.

• 54:29Caleb Hammer?

  Minimum monthly payment. It's not what I'm considering.

• 54:32Speaker 05

  Paying. I don't know. When, when you're living in a house that you have to, that you can't.

• 54:38Caleb Hammer?

  You're living in two rooms.

• 54:39Speaker 05

  Yeah, exactly. Then you start just throwing all your money at something. Instead of paying on debt.

• 54:45Caleb Hammer?

  So what do I do when I know I would make bad behavior if I get into a situation? I don't get myself into that situation. It's an interesting philosophy. Can't use it as an excuse. You did it to yourselves. That doesn't all of a sudden justify. So again, I don't think I said a hundred eighty seven dollars is the minimum monthly payment on the last one. Minimum monthly payment on this one is two hundred twenty eight dollars and fifty nine cents. The nine point five percent interest. So now it's like not even competing with the S and P five hundred.

• 55:17Caleb Hammer?

  Sake. Certainly not on the land.

• 55:19Speaker 05

  I think that was the better interest rate we could get on it.

• 55:22Speaker 04

  Yeah.

• 55:23Caleb Hammer?

  That does not mean it's good. I have to get the guys out of your head.

• 55:28Speaker 05

  It's a hundred degrees in Texas.

• 55:30Speaker 04

  Yeah, what would I don't know.

• 55:31Caleb Hammer?

  You got yourself into this situation by choice.

• 55:34Speaker 05

  Sure, but I mean, it's gonna go into the full price of the house. You know, I mean, it's.

• 55:37Caleb Hammer?

  Yeah, that you get a cash flow at zero percent interest. Now you have something that's ten percent interest. Put multi thousands on it, then you pay multi hundreds extra.

• 55:45Speaker 05

  I don't know. I.

• 55:47Caleb Hammer?

  You don't know.

• 55:47Speaker 05

  It doesn't, it doesn't really add up when you look at it.

• 55:50Caleb Hammer?

  It is literally adding up.

• 55:52Speaker 05

  You need an A C. You need an A C to live around here.

• 55:56Caleb Hammer?

  By this situation you forced yourself and you're justifying it because you made a dumb decision.

• 56:00Speaker 05

  I don't know about a dumb decision.

• 56:02Caleb Hammer?

  A dumb decision because now you have a nine percent loan on it, plus another multi percent loan on it, plus not paying your taxes, plus not being ready for your future taxes. Plus having two max out credit cards. Yeah, I'd say stupid.

• 56:16Speaker 05

  I I can't agree with you that. It's I think, you know, renting an apartment and then trying to do all this would have been stupid.

• 56:22Caleb Hammer?

  That doesn't really make any sense. Uh, renting an apartment, you're not forced to make stupid financial choices to take out loans in order to deal with certain things of the apartment. When you live in the apartment, you have the landlord. When you live in the apartment, you can budget a little more accurately because you're not putting your extra money into these Lego pieces of a house. When you have an apartment, you have stability instead of this confusion that you have on.

• 56:43Speaker 04

  Twelve, thirteen, fourteen hundred dollars a month.

• 56:46Caleb Hammer?

  Oh, we're not going into equity. Is that what we're about to say?

• 56:48Speaker 05

  It's not going to.

• 56:49Caleb Hammer?

  Guess what? Your nine point five percent is going into equity for the fucking bank. What equity are you getting into your house? Two percent a year raised?

• 56:57Speaker 05

  At least it's my house.

• 56:58Caleb Hammer?

  Hoping that people are going to want to buy it.

• 57:01Speaker 05

  I'm not really worried if someone else is gonna buy it.

• 57:03Caleb Hammer?

  Then there's no point of the equity anyway, because then it's not even ever going to be realized. You don't even know what the equity is. Why are you caring about equity if you're never going to utilize it?

• 57:11Speaker 05

  I mean, it might, you know, at the end of the day, it's going to benefit me, or an apartment's just a place to live.

• 57:17Caleb Hammer?

  Apartment would have benefited your financial situation because you would-

• 57:20Speaker 04

  I don't know about that, especially-

• 57:21Speaker 05

  I don't know.

• 57:22Caleb Hammer?

  How much guys have you put into this house this last year?

• 57:25Speaker 05

  Um, maybe like thirty grand?

• 57:27Caleb Hammer?

  Okay.

• 57:28Speaker 04

  Yeah, thirty.

• 57:29Caleb Hammer?

  Yeah, an apartment would have benefited your financial situation.

• 57:31Speaker 05

  Yeah, I don't know about that one.

• 57:33Caleb Hammer?

  Are you guys stupid? Do you not know how math is working? If you spent twelve thousand dollars a year on rent versus thirty thousand of the house? Yes, you have an equity position, but you wouldn't be owing the IRS!

• 57:43Speaker 04

  Wow, I think we still owe the IRS.

• 57:44Caleb Hammer?

  You, the IRS comes first! They can take [BLEEP] with their guns!

• 57:49Speaker 05

  Yeah, they can take [BLEEP] after I don't pay for a while, but-

• 57:53Caleb Hammer?

  The money you're putting into the house is gaining three percent a year on average! You have the debt that is accruing nine point five percent that you could have paid off if you were spending half your money on living! It's dumb! We all want property ownership! I [BLEEP] have it in my Hammer Financial Score, property ownership! That's how much I care about it. People rag on me all the time for that, I don't give a [BLEEP]. But guess what? Obviously, I give a [BLEEP] about that! Doesn't mean if you're doing it in a dumb [BLEEP] way, it's good. Property does not equal always good, no matter what! You can still do it in a stupid way, you're doing it in a stupid way! You're putting yourselves in situations where you're justifying a nine point five interest thing in order to stay a little cool?

• 58:38Caleb Hammer?

  Yeah, when you're forced to justify that, yeah, you're doing it a little bit wrong!

• 58:42Speaker 05

  Yeah, I just-

• 58:44Caleb Hammer?

  Yeah, I just disagree, yet you're not able to use any logic to justify that.

• 58:48Speaker 05

  You're saying twelve thousand dollars a [BLEEP] in year?

• 58:52Caleb Hammer?

  Yeah.

• 58:52Speaker 05

  Twelve thousand dollars a [BLEEP] in year?

• 58:54Caleb Hammer?

  Yeah.

• 58:55Speaker 05

  That's like, goddamn, that, that's [BLEEP] in half the house of the year that we spent.

• 59:00Caleb Hammer?

  I get that, but it's not forcing you to put more money in other places. Also, you're taking care of your risk. You have so much risk on top of you. Debt equals risk, and you have a variety of debts, max out debts. That's that you're making no progress on other than minimum monthly payment debts.

• 59:16Caleb Hammer?

  I feel like I'm making progress on time. No good rebuttal to that. As someone who owns their home, let me tell you. You know how you feel when you try to pick a show that's on a streaming service and there are way too many options? That's house hunting with mortgages. Except picking the wrong choice signs you up for a world of headaches. But I've got some good news. Money.com has lined up its top mortgage options, just like your favorite playlist. They simplify the noise to help you actually figure out what mortgage options will work best for your situation. If you're a first time buyer, why wade through a swamp of lenders when you can get a clear path lain out for you? Money.com does the heavy lifting, comparing options in one place. So if you're tired of the mortgage maze and want a straight shot to your dream home, check out money.com's list at the link in the description below.

• 1:00:00Caleb Hammer?

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• 1:00:13Caleb Hammer?

  Fuck, Home Depot, yeah, it makes sense. So what part of the house is this for, guys?

• 1:00:18Speaker 05

  Yeah, so this is gonna be the most diabolical debt right here, but um.

• 1:00:22Caleb Hammer?

  Diabolical, hopefully.

• 1:00:23Speaker 05

  Yeah, now, so I use this, and I'm gonna go ahead and say I was recommended to use this.

• 1:00:30Caleb Hammer?

  By who?

• 1:00:31Speaker 05

  By a friend of mine.

• 1:00:32Caleb Hammer?

  Ah, yes.

• 1:00:33Speaker 05

  Yeah, so I'll get into that one. So I use that to get the original frame because you have to put it all up at one time. So it's just a frame.

• 1:00:44Speaker 05

  And uh.

• 1:00:44Caleb Hammer?

  It's just telling me you couldn't afford to do this project.

• 1:00:49Speaker 04

  I don't know, I don't really see what the difference in what we're doing, though, than someone going and taking out a $200,000 loan to buy a house.

• 1:00:56Caleb Hammer?

  I'll tell you exactly what it is.

• 1:00:57Speaker 04

  Okay, yes, Thomas.

• 1:00:58Caleb Hammer?

  I'll tell you exactly what it is. Someone does that, and they borrowed 5%. You're borrowing this at 30%?

• 1:01:06Speaker 05

  Yeah.

• 1:01:06Caleb Hammer?

  What the you think is different between 5 and 30? Come on, it's the dumbest thing I've ever heard. Go on, continue your story.

• 1:01:12Speaker 05

  So, yeah, I mean, there's 0% APR for six months. And when you sign up for it, you really think you're gonna get it in six months, and then you do.

• 1:01:19Caleb Hammer?

  Because we have to justify every single purchase we're ever doing, spending a thousand hours going out to eat, having to get AC, having to do all these other things, because we put ourselves in a situation that's uncomfortable, so we have to do extra things in order to make it comfortable. Go for it.

• 1:01:30Speaker 05

  So that's pretty much how I got there. I didn't pay um.

• 1:01:35Speaker 05

  I didn't, I didn't, I didn't even get close to paying it off for in six months.

• 1:01:39Caleb Hammer?

  Oh, interesting. How'd that happen? Oh, that's curious. We're all shocked. We're all stunned.

• 1:01:48Speaker 05

  Yeah, that was, uh, that was, yeah, I, I wouldn't recommend that to anyone to get a Home Depot credit card because you're not going to pay it off.

• 1:01:56Caleb Hammer?

  Yeah, it is how you are doing it. Uh, okay, $5,112.90, $188 minimum payment, $1800 of interest accrued last year, 30% interest rate. This is.

• 1:02:09Speaker 05

  Yeah, that one's disgusting. I, it's.

• 1:02:12Speaker 04

  Yeah, I.

• 1:02:13Caleb Hammer?

  We had to frame our new little house.

• 1:02:17Speaker 05

  Yeah.

• 1:02:18Caleb Hammer?

  Guys could have done this a good way. You could have gone on a home building mortgage. You could have just done this in a smart.

• 1:02:25Speaker 04

  I think, um, had this, had he had not started this before we got together, I think things would have gone a little bit differently. Um, but it did start, it started well before, um, and.

• 1:02:36Caleb Hammer?

  But how, you started this how many years ago? Cause you got the land for, but.

• 1:02:40Speaker 05

  Yeah, I got the land and I put a well on it, septic, electric, and then did the piers and then.

• 1:02:46Speaker 04

  He started the actual house about three months before we met. Um, so he already, yeah, he didn't do a package on the.

• 1:02:53Caleb Hammer?

  You know, we're allowed to change directions sometimes if our life changes and your life has changed.

• 1:02:58Speaker 05

  Yeah, this one.

• 1:02:59Caleb Hammer?

  That being said, she seems to be very supportive of this, so.

• 1:03:02Speaker 05

  I genuinely have no idea what I'm gonna do with this one because it's, I can't pay the minimum. It's.

• 1:03:07Caleb Hammer?

  Can't pay the minimum? What do you mean? It's $188.

• 1:03:08Speaker 05

  No, I can pay the minimum, but it's, it's, it just, it doesn't make a dent at all.

• 1:03:13Caleb Hammer?

  It makes a little, but yeah.

• 1:03:14Speaker 05

  It doesn't seem like.

• 1:03:15Caleb Hammer?

  It's gonna take a long time. How long do you think it takes to pay off?

• 1:03:17Speaker 05

  I think it's 20 years to pay this thing off.

• 1:03:19Caleb Hammer?

  It's just about 20 years.

• 1:03:20Speaker 05

  But it's like, I pay the minimum and it just keeps going over 5,000, even when I get it under, it just doesn't.

• 1:03:26Caleb Hammer?

  Oh, is 5,000 the limit?

• 1:03:27Speaker 05

  Yeah.

• 1:03:28Caleb Hammer?

  Yeah, you've, you had some fees last year. Yeah.

• 1:03:31Speaker 05

  I guess a home building loan might have been the way to go with that one. Uh,

• 1:03:35Speaker 04

  but here we are.

• 1:03:35Speaker 05

  At the time, it seemed like a good idea with a 0% APR for six months, but it just never came around to being, it, it fucked me. I mean, I, I can't grow much too much on that.

• 1:03:48Caleb Hammer?

  Let's keep looking. Okay, what do we got here? What is this? This looks like, okay, so this is another loan.

• 1:03:55Speaker 04

  I think this is your truck. The twelve.

• 1:03:57Caleb Hammer?

  Nine point two five percent. This is just a truck. What is this? It's twelve thousand eight hundred nineteen dollars and eighty six cents.

• 1:04:03Speaker 05

  I think that's the well loan. I believe that.

• 1:04:05Caleb Hammer?

  Oh my gosh, you didn't cash flow in any of this?

• 1:04:08Speaker 05

  Well, well, it's thirty grand.

• 1:04:10Caleb Hammer?

  Yes, but you're getting yourself into a position where you're forced to borrow. That is not necessarily a good thing. We do these big things that can be good when we're able to do them in a good way.

• 1:04:20Speaker 05

  I did get done the well. I'll, I'll say that.

• 1:04:23Caleb Hammer?

  All of this, man? None of this has been good so far.

• 1:04:27Speaker 05

  I actually paid half of it.

• 1:04:29Caleb Hammer?

  I see you're at twelve thousand eight hundred nineteen, but it's still at nine point two five percent.

• 1:04:35Speaker 05

  I originally was quoted twenty grand for a well, which is fair. And then this company ragged me around for like seven months saying, oh yeah, we'll get to it. We'll get to it. We'll get to it. And then COVID happened and they're like, oh yeah, now it's gonna be thirty grand. And I'm like, all right, you. So I went to another well company. And then they, they were the same price anyways. It was twenty nine. So I gave him ten grand and then.

• 1:05:00Caleb Hammer?

  Ah, fuck.

• 1:05:01Speaker 05

  So it was.

• 1:05:02Caleb Hammer?

  You gave him ten down.

• 1:05:04Speaker 05

  I gave him ten and then I got a loan for the rest.

• 1:05:06Caleb Hammer?

  So this is sitting, been sitting for about four years. Okay, maturity date's twenty twenty eighth. This is taking forever. Thousand four hundred hours of interest accrued last year. This is the well, okay? Your minimum monthly is four hundred sixty nine. Now this starts to stack. This starts to stack here, man.

• 1:05:27Caleb Hammer?

  That's where I start feeling the minimum payments. When you see a four hundred sixty nine dollar minimum payment on a well.

• 1:05:34Speaker 05

  Yeah, I mean.

• 1:05:36Caleb Hammer?

  Guess what? I'm, I'm gonna let you in on a little thing. You don't have to borrow twenty thousand dollars when you live in an apartment for water. Okay, now what is this ten thousand nine hundred eighty-two dollar loan?

• 1:05:47Speaker 05

  So that's my truck.

• 1:05:48Caleb Hammer?

  Okay, does this truck run?

• 1:05:50Speaker 05

  Yes, I don't, I don't owe on any of the things that don't run.

• 1:05:53Caleb Hammer?

  Thank, okay, what is the truck?

• 1:05:55Speaker 05

  It's a two thousand nine Chevy fifteen hundred.

• 1:05:58Caleb Hammer?

  Nine thousand two hundred dollars is what it's valued at, so a little underwater, but not dramatically. This is a couple thousand bucks essentially. But yeah, this again, the minimum monthly payments is where they start to stack up dramatically. Three hundred thirty-nine dollars and sixty-eight cents. That's ten percent interest. The ten percent, don't tell me this is, this is one of the better ones that we could have got.

• 1:06:20Speaker 05

  It is, I mean.

• 1:06:21Caleb Hammer?

  That doesn't mean it's good. When did you get this?

• 1:06:24Speaker 05

  Um.

• 1:06:25Speaker 04

  It's been a little over a year now.

• 1:06:26Caleb Hammer?

  Yeah, rates were not good.

• 1:06:27Speaker 04

  Yeah.

• 1:06:28Caleb Hammer?

  Why'd you have to go borrow for this? Okay, you know, this is the interesting thing is you guys have gotten yourself into the situation that we already know about where you're forced to borrow for all these different things, making your minimum to payments absolutely brutal. But the thing is, if you guys actually cash flowed some of the things, lived in an apartment, you would be buying this truck in cash. You'd be doing all these things and then you'd save for a couple of years, you'd do this house in cash. All this stuff, if you just did it properly, you're delaying the entire process and longevity of actually paying for it by a decade, if not more. This is brutal, man. Maturity date's twenty twenty-eight again.

• 1:06:57Speaker 05

  Gosh. Yeah, I mean, I had a cash flowed truck.

• 1:07:00Caleb Hammer?

  Um. It's the one that broke?

• 1:07:02Speaker 05

  Yeah, and they just keep.

• 1:07:03Caleb Hammer?

  Why didn't you have an emergency fund? A property without an emergency fund, that's.

• 1:07:08Speaker 04

  We've talked about this, he, yeah, we need to get.

• 1:07:11Caleb Hammer?

  I'm glad you guys have talked about it, why haven't you done anything?

• 1:07:13Speaker 04

  Well, I, I've started back up my savings. I have a decent amount, but.

• 1:07:16Caleb Hammer?

  What, what do you have?

• 1:07:17Speaker 04

  Well, no, I'm sorry, I did have a decent amount, um.

• 1:07:20Caleb Hammer?

  Where to go? What did you have?

• 1:07:22Speaker 04

  I was almost at fifteen thousand.

• 1:07:24Caleb Hammer?

  Oh, where to go?

• 1:07:25Speaker 04

  Most of it went to the house.

• 1:07:27Caleb Hammer?

  Ah? Because after the interest that accrues on all this, whatever equity position you had, I mean, it's just, it's, it'll be eaten up anyway. A lot of it through just the interest. Oh, guys, and you?

• 1:07:39Speaker 05

  Yeah, no, I don't have.

• 1:07:40Caleb Hammer?

  Oh, well, have you learned your lesson because you had to get another fucking truck and borrow ten percent for, okay. Great, I see another little special thing. Seventeen thousand this time. What is this seventeen thousand eight dollars and fifty cents?

• 1:07:51Speaker 04

  That's my car.

• 1:07:52Caleb Hammer?

  Oh, what kind of car do you have?

• 1:07:54Speaker 04

  Twenty eighteen Jeep Compass.

• 1:07:55Caleb Hammer?

  Oh, it's a Jeep.

• 1:07:58Speaker 04

  I like it.

• 1:07:59Caleb Hammer?

  You like it?

• 1:08:01Speaker 04

  Well, it's not a Jeep.

• 1:08:02Caleb Hammer?

  It's not insanely reliable for a long time.

• 1:08:05Speaker 04

  I think it's been pretty good. I've had, um.

• 1:08:06Caleb Hammer?

  Pretty good. You've had it since?

• 1:08:08Speaker 04

  I've had it for almost four years.

• 1:08:10Caleb Hammer?

  Okay. How many miles are on it?

• 1:08:12Speaker 04

  Seventy.

• 1:08:12Caleb Hammer?

  Yeah.

• 1:08:13Speaker 04

  I'm on, I know I'm under on it.

• 1:08:15Caleb Hammer?

  You're under on it by five thousand dollars. It's worth twelve.

• 1:08:19Caleb Hammer?

  At least it's at a four point seven five percent interest rate.

• 1:08:22Speaker 04

  Yeah.

• 1:08:22Caleb Hammer?

  That's the first like interest rate where I'm not vomiting at today. Four hundred sixty dollar minimum payment, though. There's, there's just the other stack and the pyramid. This is getting brutal at this point. These minimum monthly, this is rough.

• 1:08:34Speaker 04

  I forgot my, my whole savings did not go to the house. Half of it went to this car.

• 1:08:39Caleb Hammer?

  So before?

• 1:08:40Speaker 04

  Yeah.

• 1:08:41Caleb Hammer?

  And it's still underwater by five?

• 1:08:44Speaker 04

  Yeah.

• 1:08:45Caleb Hammer?

  Oh, oh, fuck.

• 1:08:49Speaker 04

  The my last car, the turbo went out on it and it was gonna be too expensive to.

• 1:08:54Caleb Hammer?

  Oh, after half your savings, it's still underwater by five. This is, man, you got this car four years ago. So you got this during the car fucking just crisis of price.

• 1:09:04Speaker 04

  Yeah.

• 1:09:05Caleb Hammer?

  Oh.

• 1:09:09Speaker 04

  Yeah, there was, I couldn't find any used cars that were reliable in our area. Um, this was the first one.

• 1:09:15Caleb Hammer?

  Twenty eight maturity. So you have an eight year loan on this thing.

• 1:09:19Speaker 04

  No, it was six.

• 1:09:22Speaker 04

  Three, okay, maybe I got it three years ago. Sorry.

• 1:09:28Speaker 04

  It was, it was absolutely a six year.

• 1:09:30Caleb Hammer?

  Okay.

• 1:09:30Speaker 04

  Which I know is really high, but it was.

• 1:09:32Caleb Hammer?

  Yeah, not great.

• 1:09:33Speaker 04

  Yeah, I am positive it was a six year though then.

• 1:09:35Caleb Hammer?

  You know the rule? You don't know the rule.

• 1:09:38Speaker 04

  Third of your income.

• 1:09:40Caleb Hammer?

  A third of your income?

• 1:09:41Speaker 04

  Don't go over a third.

• 1:09:42Caleb Hammer?

  For a car?

• 1:09:44Speaker 04

  That's what I've always heard.

• 1:09:45Caleb Hammer?

  Who told you that?

• 1:09:46Speaker 04

  Is that not what you've always heard too?

• 1:09:48Caleb Hammer?

  Who told you that possibly? It's the most American thing I've ever heard in my fucking life. Who told you that?

• 1:09:54Speaker 04

  I've heard it.

• 1:09:57Caleb Hammer?

  Brian about the money guys, that's who we trust, that's who we trust. They, they talk to the people that are a step beyond yours. Uh, you'll get there eventually, you know, we talked to the bottom dwellers of finances, the ones who are at the, you know, the zero to, zero to three financial score. They got the, the five to seven financial score. Uh, they say no longer than three year term. Yeah, you broke that by two. No more than eight percent of your gross income on a monthly basis and 20% down minimum. That's when a car loan is considered relatively affordable.

• 1:10:34Speaker 04

  I

• 1:10:34Caleb Hammer?

  Yeah, you broke that rule by multiple.

• 1:10:38Speaker 04

  Well, I'm gonna blame my parents on that one.

• 1:10:40Caleb Hammer?

  Well, yeah, don't listen to people that don't know anything and aren't good with money.

• 1:10:46Speaker 04

  Yeah.

• 1:10:47Caleb Hammer?

  It's usually, and it's another crazy philosophy. Student loans, that I sniff student loans on you.

• 1:10:52Speaker 04

  That's me.

• 1:10:53Caleb Hammer?

  So this is for the accounting degree?

• 1:10:55Speaker 04

  Uh, bachelor's and masters, yes.

• 1:10:57Caleb Hammer?

  Oh my gosh, thirty one thousand. It's a lot, it's

• 1:11:00Speaker 04

  It's, I'm in forbearance right now until March.

• 1:11:02Caleb Hammer?

  Why?

• 1:11:03Speaker 04

  I honestly have no idea and I've called them.

• 1:11:05Caleb Hammer?

  What were you in? What were you, were you into like a payment plug?

• 1:11:07Speaker 04

  Yeah, I was in the, uh,

• 1:11:09Caleb Hammer?

  PSFL?

• 1:11:09Speaker 04

  Yeah, they're the

• 1:11:11Caleb Hammer?

  Or save?

• 1:11:12Speaker 04

  Save, yes.

• 1:11:12Caleb Hammer?

  You were in save, it's cause it's being challenged in court, but guess what? I'm not a crystal ball person. It's not looking good though for the save, especially with the new administration. So you're likely gonna have, what was your minimum to payment previously?

• 1:11:23Speaker 04

  Hundred fifteen.

• 1:11:24Caleb Hammer?

  No, what about before save?

• 1:11:27Speaker 04

  I

• 1:11:28Caleb Hammer?

  Your minimum payment is gonna be about four hundred bucks.

• 1:11:30Speaker 04

  Um, so in March it restarts about, at about a hundred and then in November it goes up to three fifty.

• 1:11:36Caleb Hammer?

  I'll put it at a hundred for now. November, okay, I'll put it at a hundred for now. I think, um, I don't think things look good for this loan. I'll be honest.

• 1:11:46Speaker 04

  For the save?

• 1:11:46Caleb Hammer?

  Yeah.

• 1:11:48Speaker 04

  Yeah, um.

• 1:11:49Caleb Hammer?

  Things are looking good.

• 1:11:50Speaker 04

  Yeah, I don't

• 1:11:51Caleb Hammer?

  Let me see if there's been a status update. I haven't followed the news around that one specifically. I'm curious. It's still currently suspended on legal challenges, cause yeah, August twenty twenty four, Eighth Circuit Court of Appeals issued an injunction blocking the implementation of the safe plan. Then included provisions for lower monthly payments and interest and subsidies. United States Supreme Court declined to lift this injunction, leaving the plan on hold as litigation continues. Wow, that does not look good for you. Okay, I'd be prepared for something chunky.

• 1:12:20Speaker 04

  I wasn't gonna start.

• 1:12:21Caleb Hammer?

  Yeah, sorry, go ahead.

• 1:12:22Speaker 04

  I was gonna, I, my plan was, you know, assuming that I don't screw myself in other areas, but it's to put the three, the extra, so do two fifty basically into my savings. So that whenever November rolls around, I make sure that I have backup in there.

• 1:12:37Caleb Hammer?

  Backup, why don't you just budget properly once it's, I'm good with an emergency fund, but why not just?

• 1:12:41Speaker 04

  I want to be able to just pay the three fifty, four hundred, I think it was a little over three fifty. About it, I want to, um, but I want to have that just, just in case. So I'm gonna start acting like I need to pay three fifty now.

• 1:12:52Caleb Hammer?

  Okay, I see what you're saying.

• 1:12:53Speaker 04

  Yeah.

• 1:12:55Caleb Hammer?

  I would rather that extra three fifty go to a seventeen, eighteen percent credit card, but I see what you're saying. Well, we'll talk about that at the end. Okay, what is this, what is this now? This, this must be the lot loan.

• 1:13:06Speaker 05

  Yeah, this is a mortgage on.

• 1:13:08Caleb Hammer?

  The lot on the land.

• 1:13:09Speaker 04

  Yeah.

• 1:13:10Caleb Hammer?

  Okay, it's a five percent, so that's fine.

• 1:13:15Caleb Hammer?

  Eighty-two thousand, two hundred, two dollars and sixty-five cents. Minimum three payment, eight fifteen, not much to say there.

• 1:13:22Speaker 05

  The coins.

• 1:13:22Caleb Hammer?

  What is this?

• 1:13:23Speaker 05

  That's the coins.

• 1:13:24Caleb Hammer?

  Huh?

• 1:13:25Speaker 05

  McCoy's credit card, it's like.

• 1:13:26Caleb Hammer?

  It's a McCoy.

• 1:13:26Speaker 04

  Lumber.

• 1:13:28Speaker 05

  Oh, it was.

• 1:13:28Speaker 04

  It's a lumber store, it's not like just lumber.

• 1:13:30Speaker 05

  That was for plumbing.

• 1:13:34Caleb Hammer?

  What? I feel like I'm missing the first page of this, I may have this up, but I'm seeing a thousand seven hundred and sixty-eight dollars and sixty-six cents, okay, lumber.

• 1:13:46Speaker 05

  Was actually, uh, we can call it a hardware store, but.

• 1:13:50Caleb Hammer?

  Huge lumber. What is the minimum three payment on this?

• 1:13:53Speaker 05

  Pretty low, um, maybe eighty?

• 1:13:56Speaker 04

  Yeah.

• 1:13:56Caleb Hammer?

  Okay.

• 1:13:57Speaker 05

  That's one of those ones that, uh, it depends on what's the balance is.

• 1:14:02Caleb Hammer?

  Why so many fees? Two hundred and twenty-one dollars of fees last year, what are we doing? Were we late ever? Were we, oh, what was happening?

• 1:14:08Speaker 04

  Been late.

• 1:14:08Speaker 05

  I don't, honestly, I.

• 1:14:10Caleb Hammer?

  Would you honestly know? Based on this conversation so far, I think you would know.

• 1:14:13Speaker 04

  Uh, all of that is set up on auto draft.

• 1:14:15Caleb Hammer?

  Yeah, but what if there wasn't enough money in this account where it came from at the time we tried to draft?

• 1:14:19Speaker 04

  Checking and we, there's always money in there, I check that religiously.

• 1:14:21Caleb Hammer?

  Does this have a kind of fees added to it on a monthly basis?

• 1:14:25Speaker 05

  I don't.

• 1:14:25Caleb Hammer?

  Yeah, no, no, here we go, look, fees added this last month, twenty-two dollars.

• 1:14:30Caleb Hammer?

  Dude, this is a brutal card. That plus the interest, dude, this card's brutal.

• 1:14:38Caleb Hammer?

  The fee, payment, yeah, security fee, this is insane, dude. That's plus the thirty-four percent. Oh, okay, most of it's a thirty percent. Even so, there is a thirty-four percent option in there for a few bucks. This card is that is a card. Cindy, is there any other debt here?

• 1:14:57Speaker 05

  Uh, what do you mean, in my coins?

• 1:15:00Caleb Hammer?

  That you guys have?

• 1:15:01Speaker 04

  That's everything.

• 1:15:02Speaker 05

  I think it's Apple.

• 1:15:04Caleb Hammer?

  Okay, we're about to go into the checking account, guys. When you get home, it's not an option. Again, you're downloading the app before you leave here, the simpler budget app. When you get home, start taking the budgeting class together. Go through the classes, go through the quizzes. Take the debt class together. You guys utilize debt every single second of your life. Learn through the quizzes what is actually good debt and bad debt. I walk, I walk with you, holding your hand every step of the way.

• 1:15:30Speaker 07

  Imagine building an app with your name on it. With Base44, describe what you want and watch it take shape. You can plan, customize, and expand in any direction. From passion projects to enterprise-grade systems, everything is built in and ready to launch. No matter what you're building, any builder needs Base44. Go to base44.com.

• 1:15:59Caleb Hammer?

  And then take the investing one, because you're gonna eventually have to start investing, and we'll define your profile. Take all three classes. Please, together with the quizzes, everything, it has changed over ten thousand people's lives. You guys get it for fifteen percent off, wink, but come on. Uh, okay, KCFCU. Is this joint or who's this it?

• 1:16:18Speaker 05

  That would be mine.

• 1:16:19Caleb Hammer?

  Okay, Dr. Pepper, Dr. Pepper, Spotify, Dr. Pepper, Dr. Pepper, Dr. Pepper, Mexican, Bar and Grill, Mexican, Dr. Pepper, IHOP.

• 1:16:30Speaker 05

  IHOP.

• 1:16:32Caleb Hammer?

  Tavern, Dr. Pepper, Dr. Pepper, Mint, Dr. Pepper, Dr. Pepper.

• 1:16:42Speaker 05

  Oh, I'm sorry.

• 1:16:42Caleb Hammer?

  Venwing out money. Twin Peaks. Dude's looking at some tits.

• 1:16:47Speaker 05

  Dude, are you serious? Someone must have my car because I don't go to fucking IHOP.

• 1:16:51Speaker 04

  This isn't a joke.

• 1:16:52Caleb Hammer?

  This is, this, it's not a joke, but this is your statement from.

• 1:16:55Speaker 05

  I've never been to Happy Cow Bar and Grill.

• 1:16:57Caleb Hammer?

  Yes, you have.

• 1:16:57Speaker 05

  Oh, this is 2023.

• 1:16:58Caleb Hammer?

  Exactly. I was just gonna say, this is your 2023, but guess what? We had your 2024, we decided to keep this anyway because your spending is the exact same. Couple of different locations, but your spending is the exact same. And I know you'd be looking at them titties a year ago.

• 1:17:13Speaker 04

  Yeah.

• 1:17:15Caleb Hammer?

  Dr. Pepper, Dr. Pepper, Dr. Pepper. Yeah, this has not changed. Other than the titties, like the spending is the exact same today. Titties, or sorry, Dr. Pepper, Dr. Pepper, Dr. Pepper, Dr. Pepper, Dr. Pepper, Dr. Pepper. This is crazy, dude. Dr. Pepper, Dr. Pepper, Dr. Pepper.

• 1:17:28Speaker 04

  It is a problem.

• 1:17:29Caleb Hammer?

  Amazon, that was a year ago. I'll have to look at that. Uh, Dr. Pepper, Dr. Pepper, Applebell, Toucan, Jims, tacos, Dr. Pepper. Beer, beer, Dr. Pepper, overdraft fee. Hopefully that's different these days.

• 1:17:45Speaker 05

  Just being a king out there.

• 1:17:47Caleb Hammer?

  Yeah, Mexican, Toucan, Dr. Pepper, Dr. Pepper, Dr. Pepper, Blizzard. Uh, Ananen, Toucan, Jims, Mexican, Mexican. Dr. Pepper, Dr. Pepper, Dr. Pepper, Dr. Pepper, Whataburger, Dr. Pepper, Dr. Pepper, Hulu. Oh, Dos Amigos, Dr. Pepper. Okay, that was brutal.

• 1:18:07Speaker 05

  Yeah, that, it's, it's.

• 1:18:10Caleb Hammer?

  Crazy. And it's, it's, the reason we did that is just to show him that nothing has changed. Other than, yeah, they're not all going to boobs. But it is the same spending today. It was like literally the exact same. So the math did not change. It was like a few bucks or something. It's crazy, man.

• 1:18:26Speaker 04

  We've had discussions about the gas station.

• 1:18:29Caleb Hammer?

  Good. We had discussions. Why has nothing been done? Why have you not listened to your future wife? What's happening? Come on, Dr. Pepper.

• 1:18:35Speaker 05

  I have decreased the size of the Dr. Pepper.

• 1:18:38Caleb Hammer?

  Oh, the literal size.

• 1:18:40Speaker 04

  The literal size.

• 1:18:41Speaker 05

  The literal size. Now, the amount, nah, has not changed.

• 1:18:44Caleb Hammer?

  Why? It's not good for you either.

• 1:18:45Speaker 04

  Yeah, that's my biggest thing.

• 1:18:47Speaker 05

  Yeah. Well, I, I use it like an energy drink, really.

• 1:18:51Caleb Hammer?

  It's also not good for you. Why not brewing coffee at home on the cheap?

• 1:18:55Speaker 04

  We don't have a kitchen, so we don't have a coffee.

• 1:18:57Caleb Hammer?

  I guess that's still not an excuse. Set yourself up for great success with this house, obviously.

• 1:19:01Speaker 05

  I don't know. I just, you know, sweet treat, man. I can.

• 1:19:04Caleb Hammer?

  You're sweet treat. You're, dude.

• 1:19:05Speaker 04

  Two, three, four times a day.

• 1:19:07Caleb Hammer?

  What are you, a little teenage girl? I'm so confused.

• 1:19:11Speaker 05

  You know, midday Dr. Pepper, you know, get you going for the day.

• 1:19:16Caleb Hammer?

  Are you going to stop? What can we do to get him to stop? You know him. This is so much money, so much money. What can you do?

• 1:19:25Speaker 04

  I think we need to find an alternative energy source for him.

• 1:19:29Caleb Hammer?

  Yeah, brewing coffee. You have an outlet. You don't need a kitchen for a coffee maker.

• 1:19:34Speaker 04

  I mean.

• 1:19:34Caleb Hammer?

  Are you connected to the electricity?

• 1:19:36Speaker 05

  Yeah.

• 1:19:36Caleb Hammer?

  Congratulations. Make coffee for sake.

• 1:19:40Speaker 04

  I don't honestly know. I mean, I think it's just gonna be his willpower that's gonna make him stop cuz I don't know.

• 1:19:45Caleb Hammer?

  If you're not willing to stop for your wife or your future kids or for your own future, like, this conversation's done. It's Dr. Pepper, dude. We're not giving up the biggest things in the world here.

• 1:19:54Speaker 05

  Yeah.

• 1:19:55Caleb Hammer?

  Be a man!

• 1:19:57Speaker 05

  I could try coffee, but.

• 1:19:59Caleb Hammer?

  Do you like coffee?

• 1:20:00Speaker 05

  It's alright. You know, on ice. It's about the only way I like it.

• 1:20:03Speaker 04

  There's the little teenage girl thing again. Coffee and ice.

• 1:20:06Speaker 05

  Well, I don't put anything else in there. It's just black coffee and ice.

• 1:20:11Caleb Hammer?

  Ninety-five dollars ending balance on this Wells Fargo. Which one is this? Hobby Lobby, Sally Beauty, oh, Hobby Lobby, Mary Taco, Water Burger, Rockin' Rita's, Music Center, Texan Cooks. You also stop everywhere like crazy, so don't get on his ass about it. Get on each other's ass. Keep each other accountable. Cook food. Meal prep. Wait, how do you guys cook?

• 1:20:33Speaker 04

  Um, I cook on an air fryer and a microwave.

• 1:20:37Speaker 05

  We also have the little.

• 1:20:38Speaker 04

  Oh, and a single burner skillet.

• 1:20:41Caleb Hammer?

  I'm gonna call this Dr. Pepper feud. Stopping in and getting some bullshit chilies. Dr. Pepper, Raising Cane's, Dr. Pepper, Dr. Pepper, Russland Rob's, Hobby Lobby, Dr. Pepper, Dr. Pepper, Fredericksburg Brewery or something, Daily Donuts. Please don't. Dutch Bros, Chick-fil-A, Big Lots. Who the, those the Big Lots?

• 1:21:03Speaker 04

  I love Big Lots and it's closing down and I'm really sad about it.

• 1:21:05Caleb Hammer?

  Good. So you can't spend there. Vintage Stock. Oh, Dr. Pepper. What a joke. Okay, what's this?

• 1:21:15Speaker 05

  I think that might be my twenty four Kirk County.

• 1:21:19Caleb Hammer?

  Oh, yeah, it's the exact same. Which one went to the math, Jake?

• 1:21:24Caleb Hammer?

  Oh, so the math, the math that I called out at the beginning was your twenty twenty four stuff wasn't even including the twenty twenty three. So it's like, yes, your math is beyond, your math is beyond, guess what? It's the same exact stuff. There's blizzards, there's Dr. Pepper, Taco Casa. It's the same exact stuff we already called out.

• 1:21:38Speaker 04

  Blizzard isn't blizzards. Blizzard is actually wow. Yeah.

• 1:21:41Caleb Hammer?

  Yes, I know.

• 1:21:42Speaker 04

  Okay, I thought you were saying Blizzard's like ice cream.

• 1:21:44Caleb Hammer?

  They would say Dairy Queen if it was. Spotify, Dr. Pepper's everywhere, Apple bill, pop stroke. It's the same exact bullshit. Multi pages, stupid spending, dumbest thing in the entire life. Again, nine hundred like fifty ish going out to eat, seven hundred fifty on miscellaneous bullshit. It's stupid, just no tits. Thousand dollars in this account. What's this? Wells Fargo. This has so many accounts. This is fucking crazy. Roth IRA three thousand, who's that?

• 1:22:09Speaker 04

  Me.

• 1:22:10Caleb Hammer?

  So you do have retirement.

• 1:22:11Speaker 04

  Yeah, but it's so minimal.

• 1:22:13Caleb Hammer?

  Yeah, it is so minimal, but and then twenty two thousand in your thing. Okay.

• 1:22:20Caleb Hammer?

  It's a big mountain.

• 1:22:23Speaker 04

  I do think we have too many accounts open, but I don't really know how. I don't know how we consolidated at this point.

• 1:22:29Caleb Hammer?

  Well, it's can start putting the auto pays on other accounts, you direct deposits into certain accounts, close the other accounts, sit down for a day, grind it out. Some of this just takes a little bit of work. Nothing's wrong with that.

• 1:22:41Caleb Hammer?

  Maybe instead of putting insulation in a house that day and borrowing for it.

• 1:22:47Caleb Hammer?

  Okay, total household income that hits on a net monthly basis, eight thousand four hundred. Okay, okay, let's get.

• 1:22:57Caleb Hammer?

  Let's do the land as the mortgage of eight fifteen thirty eight. Utilities, costs.

• 1:23:04Speaker 04

  Water is included in our well. Um, phone is one forty, electric.

• 1:23:09Caleb Hammer?

  Phone's one forty?

• 1:23:11Speaker 05

  Um, that might be a different type of utility.

• 1:23:14Speaker 04

  Oh, sorry.

• 1:23:15Speaker 05

  That that's our AT&T bill, but.

• 1:23:17Caleb Hammer?

  Well, hold on. What's your? Okay, what's internet?

• 1:23:19Speaker 05

  Internet and electrical is the same, and that one's gonna be one sixty a month.

• 1:23:23Caleb Hammer?

  Okay.

• 1:23:24Speaker 05

  For internet and electrical.

• 1:23:26Caleb Hammer?

  Okay, is there gas?

• 1:23:27Speaker 05

  No.

• 1:23:28Caleb Hammer?

  Okay. Phone bill, what's your phone bill?

• 1:23:31Speaker 04

  One forty.

• 1:23:32Caleb Hammer?

  One forty, okay. You can do helium if T-Mobile works out there. I'm not sure for the rural areas. T-Mobile doesn't work?

• 1:23:40Speaker 04

  No, I had it before we got.

• 1:23:42Caleb Hammer?

  Damn, that sucks because you could have done forty bucks with both of you combined. That would have been great. Okay, gas, vroom vroom, drive, drive. How much combined?

• 1:23:53Speaker 05

  I'd probably fill up.

• 1:23:56Speaker 04

  I'm gonna say four hundred for both of us. We have to drive.

• 1:23:59Caleb Hammer?

  This is true?

• 1:24:01Speaker 05

  I probably fill up once a week, sixty times four, you know, two hundred forty. And then her car is super cheap. So yeah, four hundred bucks a month.

• 1:24:10Caleb Hammer?

  Okay, car insurances?

• 1:24:13Speaker 05

  I pay two sixty-nine.

• 1:24:15Caleb Hammer?

  You?

• 1:24:16Speaker 04

  Two hundred.

• 1:24:18Caleb Hammer?

  We're gonna start doing this like a joint house because we're preparing for that. Okay, so four sixty-nine.

• 1:24:25Caleb Hammer?

  Okay, medical, healthcare, any ongoing expenses other than the insurance that gets taken out pre?

• 1:24:29Speaker 04

  Mine is not taken out.

• 1:24:31Caleb Hammer?

  Okay, how much?

• 1:24:31Speaker 04

  Mine, three thirty-five.

• 1:24:33Caleb Hammer?

  Cool, and then, copay is anything? Okay, three thirty-nine.

• 1:24:39Caleb Hammer?

  Uh, any pets?

• 1:24:40Speaker 05

  One.

• 1:24:42Caleb Hammer?

  Age, health?

• 1:24:43Speaker 04

  She's.

• 1:24:44Speaker 05

  Four.

• 1:24:45Caleb Hammer?

  Pet food? How much?

• 1:24:47Speaker 05

  I get.

• 1:24:48Speaker 04

  Almost nothing. Fifty bucks a month, maybe?

• 1:24:51Speaker 05

  Yeah.

• 1:24:52Speaker 04

  We get it. His mom owns a pet store and we get.

• 1:24:54Caleb Hammer?

  Oh, that's really cool.

• 1:24:55Speaker 04

  Discounted.

• 1:24:56Caleb Hammer?

  You have pet insurance?

• 1:24:57Speaker 04

  No.

• 1:24:57Caleb Hammer?

  You have pet insurance, forty bucks a month.

• 1:25:01Caleb Hammer?

  If you can't afford it, you can't afford a pet because you're not gonna let it die if something happens. TP fund, anything else you guys need to survive? There's makeup, there's toilet papers, whatever, a hundred fifty bucks. Groceries, we can do about five hundred. Use our cookbook that comes with the app, guys. Use the cookbook. Okay, your debt payments is what we need to add up. And while I am, is there anything else that needs to be in the budget that I have not included? Gym?

• 1:25:24Speaker 04

  Child support. Oh, no, I'm sorry, that's before.

• 1:25:26Caleb Hammer?

  Yeah, that's pre.

• 1:25:28Speaker 05

  Yeah, she, I get my gym for free, but for her, to be honest, it's twenty-five bucks.

• 1:25:32Speaker 04

  Yeah.

• 1:25:33Caleb Hammer?

  Twenty-five for gym?

• 1:25:34Speaker 04

  Yeah.

• 1:25:35Caleb Hammer?

  Okay, well, debt minimum monthly payments not including the mortgage is $2,269.16. Crazy guys. Alright, in order to survive is $5,357. There's no reason why you guys earn this much that. How much would do you need a budget towards the house on a monthly basis to continue whatever?

• 1:25:54Speaker 04

  We have, honestly, we've had pretty much everything bought at this point. We need to buy some flooring. So

• 1:26:00Caleb Hammer?

  What's that gonna cost?

• 1:26:01Speaker 04

  Maybe 500 bucks.

• 1:26:04Caleb Hammer?

  Okay. You have an extra $3,042 left on a monthly basis. There's no reason why you, like I said, you could have cash flow this whole thing. What a joke. Okay, come on, guys. It's, just pay off smalls to larges, focus your money together and just pay off the debts. It isn't really complicated. You guys are getting married. Maybe you can pretend like you are. If you're not ready yet for that, that's okay. You can wait till marriage, but even still. Paying off the $96,217 of bad debt. Actually, no, let's get rid of your student loans. Admin a monthly payment and tell you student loans you're paid off. So student loans is $31,000 of that, 85441, so $64,362.84 of bad debt.

• 1:26:47Caleb Hammer?

  With the 3,000, I'll give you guys 500 dollars of fun, okay? That is a lot more than people get on the show. So putting $2,500 towards your bad debt on a monthly basis. You're paid off in just over a year. Come on. This is the easiest thing in the world, guys. Use the budgeting app. You guys got this if you actually stick to it and actually discipline and not around and try all this extra bull Lego crap that you guys are doing. This is so dumb. You guys are out of debt in no time, bad debt. And then your minimum payments on the student loans and the mortgage and then you get a six month emergency fund. Come on. Spending your budget, you overspend, zero out of 10, your debt score, IRS debt, that brings us down to a zero out of 10. Emergency fund, there's nothing in savings right now.

• 1:27:29Speaker 04

  Um, I have 1,000.

• 1:27:31Caleb Hammer?

  One out of 10, retirement, yes, you're about a three, you're about a one, combined, no, you're about a four, you're about a one, combine those, we're gonna get a two out of 10. For the household, then real estate, you have the land, we've done, the house situation's rough. Sure, you could sell the land, but for the loan, for the money you put in the house, it's not a great situation. Can I give you a five out of 10 there? All right, Hammer Financial Score rounded up 2 out of 10. Join us in the post-show, guys. Join us there. And joining Elite for a Better Value of Your Money helps support the channel and you get over 1,000 hours of extra content and just endless stuff on a weekly basis. You can call in and even talk to me. It's a good time. Make sure to check out all of our education. It's all 15% off. And check out the simpler money budgeting app. See you in the post-show.

• 1:28:14Caleb Hammer?

  This is big. A major tea update. This is an update on my dating life. And only the pro gooners get to know about the updates on my dating life. To watch the Financial Audit Post-Show, click the Join button below.