Financial Audit - Beta Boy Compensating With Stupid Car

Episode Date: April 12, 2024

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Hi, my name is Ian. I'm 21 years old. I'm based out of Arlington, Texas, and this is financial audit. Okay. I have intermediate thought and concern just going in front of me. Not the largest stack by any means. The immediate thought and concern, but first, I want to know what are you doing for a living and what are you bringing in? I'm an assistant manager at a quick trip in South Dallas. Okay. It explains all the quick trip purchases. It should. And I make a. around 60 to 65 a year. Really, as an assistant manager. How many hours a week are you working?

The base is 46, and that's where the 60 comes from. But the range is because I take a lot of extra shifts. What's your hourly? 15. Okay, wow. But we get bonuses. Okay, are the bonuses based off of location performance? Store profits, yeah.

And we have secret shoppers that come in, and their scores they give our store determines the other part of the bone. So it sounds like you have a pretty good score. Yes. So you have a pretty good score on your job part, which leads me to extra concern as to why the possible... We are having a late fee on this first thing that's in front of me. First thing.

First thing. 21 years old. Not what I want to see for someone, 21. Immediately throwing their financial future down the drain, especially when you're making money. that's going to be upsetting. So $55.68 cents of lay fees. Right there.

Off the bat. It is, yeah. I essentially made a decision to defer that payment to the next month. What? It's a credit card. What do you mean? It's my car payment. This one's your car payment?

Yes. Okay, but we do have another one that's a credit card that you're also laid on. Yes. You make too much. much money. The money that came in at 21, by the way, I would have done way too many terrible things to bring in 3,000 net, $3,301.2 from your job. Is that a normal month? No. Is that from the month of February? It's from the statements you gave us. Yeah, so I recently, after that month, I was, so our bonuses are based off the previous month before.

So that would have been from January when I was, my very first store they put me at was a slow store, like a starting store, and I was promoted to a busier store. Within like, we're only a few months into the year. Yes. So I was there for a month and I got moved to a busier store. What would you say it's your account on average? On average, if I work normal hours, my three of the four weeks, the regular pay is about 750 and then the bonus week is 1500 to 1700 let's be conservative 15 yeah so okay a little more a few hundred bucks more 3,750 yeah but that's before taxes right or are you saying that's not that's

okay well again 21 the things I would have done it's what I've heard yeah one believes the pay but so why are you fucking it up immediately then like seriously yeah man No, why are you up immediately is what you're going to answer? I made some decisions to enjoy. I already before getting promoted was when I

owed on the credit card quite a bit and I basically just when I promoted I wanted it to feel that way in my spending rather than having to just immediately dump it into bills. But these are bills that you agree to. These are bills

that you took out. Welcome to a Hallhood three years in, congratulations, or do you need to be coddled and held at home? You signed up for these bills. I did. There isn't the I just want to go spending, so I'm not going to take care of my life's responsibilities. Leave these payment enough. Someone's going to come take that car and just who get an owe on it after whatever they sell it for.

Yeah. There's a pretty big gap in the loan, too, how much it's worth, versus how much my loan is. That 21 golden opportunity, golden opportunity being squandered. Oh, it hurts to see. I just did like a mouth fart. That was great. That was interesting. Okay.

I'm glad I could. Could you say that again? What was happening? This is chaos. Glad I can have a laugh when I'm seeing just this terror and pain. In front of us. And then you also go to school, don't you? Yes.

I think I saw. Yes. I'm a full-time college student. Okay, well, that's a lot of time. I don't even have time to spend the section of money that you're spending. Okay. So what are you studying? History.

Okay. And I plan on going to law school post- undergrad. Interesting. Okay. How many years or semesters are we into undergrad? This is the end of my third year, so I have one more to be graduating, May 2025. And then when you plan to go to law school, Immediately?

Yeah. Fall time. Okay. Well, I know someone. His name is Ian, and he doesn't like to pay debt when he owes it into law school. How are you paying for that? Are we borrowing a few hundred thousand dollars? Yes. I would have to.

Does that make sense for someone who's like, I don't pay debt? When you put it like that, maybe. What kind of law? I want to do criminal, defense attorney. Okay. In court arguments. All right, give yourself a financial score, 0 to 10. 10 being the best, 0 being the worst.

I'd probably make good money compared to other college students. So that's the only reason I'd probably get myself like a 3. You're missing debt payments and you gave yourself a 3. You're missing debt payments and you gave yourself a... This is going to be this. I need this to be the ultimate wake-up call of a conversation. My 21-year-olds out there, you better... Listen into this

Yeah, I wouldn't be laughing But I get it, Cope laugh Everyone does it If you want your financial score It's free, link in the description below Also, be nice to our boy over here He came on, he was brave enough to actually be here I'm the Caleb Springer

Only I can meme on you and meme on you And the title and thumbnail And you know we will But it'll be nice to him You know, he's coming on here But I'm going to give you a wake-up call Because this is insanity If you have a business and you're ready

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Use my link in the description below and you get an exclusive 35% discount on selected LLC plans. Again, the total amount due right now, total amount due on this, whatever the fuck this even is, which we'll get to, $1,113 is what you owe right now. On my car. Yes, on your car. Yes. I know. That's what we're talking about. 1,000

uh okay so what's the okay so the total balance 20,883 61 cents which is insanity to have in your position of a college student

wanting to go borrow hundreds of thousands of dollars to go to law school which I'm totally supportive of it that's the career route we want to go down um you just got to grind you got grind and we don't go into

insane car debt before to get okay what's the normal minimum monthly payment my dude $556 what's the interest rate on this 24.1% no yes

that's that is one of the more disgusting thing it's the age thing the age thing dude the interest rate is higher than your little age why are you laughing about that

I got it when I was... How can you possibly... How can you possibly sit there and get a gig a lot of that? I get it. I'm a little bit... My words. Okay, fine. Am I...

Some copla. If you're getting confronted for the first time, but buddy, do you know how... That is? Like, legitimately. How absolutely life-ruining that is to your finances. I did it until I decided to... ...multiply the minimum payment by the length of the loan.

What's the length of the loan? 72 months. Are you? Who sold this to you? I need to go beat the shit with this person. It was Carmx. I thought I could trust them. Oh, yeah, it was.

Yeah, it was. How many years are we into this? I got it in June last year. Okay. So you got it when you were 20. Yes. If you're selling this to a 20, you know, never mind.

It's a free open economy. You're an adult, you're allowed to go make stupid decisions, but like I would personally feel a bit gross selling you this. I put a $5,000. down payment as well. It was a $25,000 car.

And you put $5,000 down on it? I did. But you owe $21,000. So it's only gone up. Oh, that's probably because you're not paying your payments. The vehicle was $25. The loan ended up being $26 something. After you put $5 down on it?

Yes. Because of taxes and registration and you? Yes, exactly. What is this car? It's a 2017 Ford Mustang. A Mustang? Why even care about just like a modern? Isn't aren't the only cool Mustangs from like the 70s or 60s?

Those are the ones that made me get this one. This is probably a modern piece of shit. It's like nothing. Who's getting a Mustang these days? Kind of, what? I promise this, what you said, 2017? Yes. I promised this 2017 muscle car is not making up for your twinkness.

This is not going to turn you until like an ultimate. Man. No, not at all. At 21.15%. I need to see this thing, man. I need to see this thing that you have your life for. Can we see? Are we allowed to take a look at it? Yes. We're allowed to take a camera together because I want to go take a look at this thing.

It's pretty. It's like a game show. Let's go on the... Let's go. Let's go. Let's go. This is insanity. Let's see. We get a camera. Wait a minute. We're getting...

Okay, so we're getting a battery. Well, my producer just told me to sit back down for a second. Just a number that I wasn't aware of, something else. Okay, so he said insurance. Insurance. Please, okay. What's your insurance? Car insurance payment is $770 a month.

I've never heard of that. What the fuck your life? I haven't been licensed for very long either. I got it when I was, my license when I was 19. It's part of it. And then the car has two doors. So they charge a lot more for that as well. What is this car worth today?

Around 16, 500. It's not the world's worst, gal for this. This is, you're 21. This is insane. I don't want to shame you for this, but I'm just like processing how fucking, I've never heard of an issue. insurance payment like that.

I've never heard of an insurance payment. That's insane. It was a lot cheaper when I was on a plan with other vehicles. When I got my own plan, though, it jumped. Where did you apply to the show through? Where did you apply? Through the link in the YouTube description. Okay.

Okay. You're just someone from the audience. Again, I've heard a couple people, you're someone from the audience. Like, yes. I wish we were faking that you had a $700 payment, dude. You're 19 insurance payment? Let's take a look at this thing.

I got to see this, this magical thing that's worth throwing our lives away. How is this? This is like the most basic I've ever seen in my life. How is this worth ruining your life? I'm confused. When did you save up and work hard to get something like cool?

Just straight up. Legitimately, I would rather drive. The guy who's filming this, his name is Noah. He's a producer. I'd rather drive his piece of jeep right. I'm not even kidding. It's a liberty. I'm not even kidding, though.

I would, because at least like, there's space. Can I get it in the front? He's on brain. Oh, gosh. I mean, I legitimately don't get it. This thing looks like it was, this thing looks like it's from 2001 in here. Well, throwing our lives away for this for all these fucking buttons and... This is the premium version with leather seating and the screen here.

I don't believe five seconds zero to 60. Five seconds? One way to find out. May I? Am I allowed to? Yeah. I'll be honest. I sent someone hit my Jeep.

They were in a turn lane and I was driving by and they're like, oh, I don't want to be in this turn lane anymore. They hit me. I ended up having to get a new car and I got a Tesla. Every other car feels like a piece of... Compared to the Tesla. Yes. But it's also like the same price of your car after tax incentives. Okay.

Let's take this on a road. Gosh, we'll be sure to give you gas money. Why is it making like a triplet over duos? It's actually because my front right blinkers out. It sounds like it's a Christmas song. Oh, da-da-da-da-da-dun sport. Buddy. Buddy.

I didn't even feel anything. Yeah, there's no kick. What the f*** just happened? I was expecting so much more. Let me try to not crash your car. Wouldn't that be pretty cool? Oh, I just realized I only know how to park now with the thing telling me how far I...

I'm such a little baby. I don't think I can drive cars anymore. That was the most underwhelming zero to 60 I've ever experienced him. He's talking about Tesla. Those aren't even real cars. What do you mean not even real cars? It's electric. It's silent.

Cars have heart and soul and volume. That's like someone who used an ice box in the past, saying that refrigerators aren't even real cooling devices. They're not. I'm driving something that's going to like. last 300,000 miles. You're driving something that's going to die in 75,000 while going to zero to 60 in like 10 seconds. I think you're just too used to the fake cars. Too used to modern technology that's been invented post-1940. Yeah, I am.

That's okay. You stay on that old. I'm going to join the rest of the world in the 21st century. Wasn't your suggestion for me to get a 1970? No, I'm saying if you actually want a I keep thinking of like Camaro or Mustang. What are the Mustang? Mustang. If you want a Mustang, get the one that's at least considered cool. No one gives a shit the 2010's versions or the 2020 versions, do they? If you pull up next to them, I'm like, oh, that dude's in a Dodge Charger.

Like, that's what I would think. I'm like, oh, that's an asshole who's like deeply in debt probably because every single person that drives those kind of cars is deeply in debt. And they're just trying to pretend like they're a little longer than four inches. And like, I feel like that's all that's happening. Is that what we do? is that what we do ladies and gentlemen are we in the point where we are missing car payments

have a 21.4% interest rate 24.1. 24. Oh, it's worse than I. The fuck. 24.1% interest rate missing payments and a $700 insurance payment just so that people think we're above the national

average. It's more for myself. I don't do it for attention from others. I enjoy the car I enjoy the experience driving the car I love how it looks I can look out at it we have cameras in the parking lot

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I'm not at work I'm working I can look at my car Oh good fuck Get it off to your car now Okay, this is... Sorry, I know I'm bullying you. I am. Actually, I'm not that sorry, but...

Because it's kind of fun. I can tell. Because it's so silly. It's such a silly thing to ruin your life for it, 21. I don't get it. I don't get it. I would sell this car today. I would sell this car today.

Are you willing to consider selling this car today? No, I don't know what I would do with that gap. And I'd be... No, no, no. The gap is... so minimal compared to what you could save. If you got a $7,000 beater piece of... Something that would get you reliably around where you need to get for a few years to come safely.

You could borrow the gap and you'd still save so much money. Especially when we're talking about a 70-month term at 24.1% and my entire life now. I just don't think I could drive a car like that every day. I promise it's not much worse than that. I've driven cars and I'm not a car person, but there was nothing unique driving that. I'll just be honest. I know, I'm being shaky, being a little dick. But to be completely honest, there was nothing special about driving that.

My Jeep did not go that much slower before someone decided to hit it. You know, like... We could test that. We could test it, and it was slower, but I did not get that much of a difference. I did not get that much of a difference. Your gas mileage? I don't know. No, but, I mean, it's a pain in the...

We don't need to go in circles on this. You're seriously not willing to consider this. Why come out on a financial show if you're not willing to take what is probably one of the bigger things off the list. We could save you close to just in balance alone $9,000 if we did this and we finessed it. But it would save you probably in total, $15,000, $16,000 in total when you're calculating the interest that you're going to be losing. Because once it's sold, it doesn't cover the full. I know. I said you're borrowing the gap.

Oh, so getting a loan on another car and adding the gap to that car. Yeah, your gap's what? $4,000? $5,000? We've got a $7,000 car, you know, so we're looking at a $12,000 loan potentially. At an interest rate, that's not great, but that saves you $8,000 to $9,000 on the balance there alone. And then it's much easier to pay off aggressively, hopefully before we go to law school, which a whole different conversation. Can't wait for that one. And your interest is honestly probably going to be better on some kind of personal loan. And the term is certainly going to be better.

You're breaking my boy's hearts over at the money guy. Do you know the money guys? I don't. Okay. They're a great finance channel. They're more for the, where we're, you know,

a little more entertaining and focused on the beginner stuff. They're more advanced and, you know, just diving into more advanced stuff. But when they talk about car loans, they say no more than eight percent. of your income is the minimum is the minimum monthly payment no longer than three-year term you've broken the fuck out of that and a 20% down which you're kind of close to but you're

breaking that term thing they don't have rules about interest but I'm sure they would be very upset at your interest rate well okay so that's one loan 30 minutes into this and one loan I don't know where we are at in the video because I'm sure a lot of that stuff was edited but Okay. So we have a Discover card. I would be willing to sell my car for a more expensive, newer car. Maybe you would like the newer one, too. And it could be worth the money if it's going to be spent anyways.

You know what we just talked about the gap in borrowing like $7,000 for a $7,000 car? What was you talking about? So with other people that have had the same income and position at my age, They've been approved for $50,000 cars. So even if I got something that's 40, add on the five. I'm just going off the fact that your young,

dumb, full of complete stupidity. And I'm going to take that and I'm going to be gentle here. I'm going to be gentle. Gentle Caleb. Everyone loves Gentle Caleb. What kind of car? What are you even talking about?

I've looked I like something with the luxury specifically I've looked at a Lexus RCF but I thought the whole

point of the Mustang was that that's like your family yeah the you care about a Lexus the the Lexus is it's like a Japanese

Mustang is what they call the RCF who has ever said I'm sure people have said it has the exact same engine and like drivetrain or the engine is that

not that one it's It's the same engine as the higher level of the Mustang. Well, it's zero to 60 because that was not six seconds, like you said. Probably 3.8. No, I doubt. So according to you, it's probably double that because that was like 12 seconds. No, you might just not.

You said you didn't know how to drive. I think that could be accurate. Didn't know how to. Well, it's not not knowing how to drive. It was getting that whole bulky thing with antiquated technology. to a parking spot. Wow. But yes, I have been spoiled as of late with my new one.

But why do you need that at 21? Like legitimately, why do you think you need that? I'm going gentle. I feel like I want to slap you across the face tell you're stupid. But I'm going gentle. And I want to at least hear your thoughts on this. So why the possible? Do you feel like you need that?

Is it the income thing that you said other people in my income and my age are doing that? Is it that? That just really is my justification to know that I could. But my reasoning was just that's just my only interest that I have is cars. And I drive a lot. So I want to enjoy those. I drive like 70 miles to and from work. I'd love to enjoy it.

Do you want a car that expensive that you're putting that many miles on on a daily basis? Well, I guess recently it's been 70. But with my new apartment, it won't be as much. But the more I drive, then the more worth it is to have a nicer car. I feel better. No, no, no, I don't feel better. There's so many different ways to. So that's your only interest in life?

Like, legit? Outside of, well, I play video games, watch, anime, things like that. But as far as things that cost money with my interests, I play basketball. Basketball. Basketball can cost money. I can. But I have a gym membership. And they have a court, so it's not too expensive compared to the only major expense that I,

something that like people have hobbies and some people will buy a car and throw thousands into it to change it. But I don't do that. I just spend it everyone. Hold it together. Be proud of me, guys. Caleb Springer's holding it together. This, this, yeah, because it just, it like ruins. it ruins this conversation for me because there's more to go through. There's spending to go through. There's a couple more debts.

This card, this credit card with another late payment, but we're still on this car thing. And you know what? Let's loop back to the car because I'm going to get derailed and I want to keep the conversation going and get your full financial picture on display. But I'm going to, it's,

I feel dead inside that a 21-year-old is. the things that you're saying. And it's actually just, you don't understand how you are making the remainder of your life right now. But let's move forward. 78,000, 56 cents. There it is. There it is.

Plate fee because, oh, we make good money. Hey, guys, guess what? If I make good money like other people in my position, I should be able to go get a fucking Lexus. You're not paying on the car load you already have. You're not paying on this credit card that you have here. You're not going to cash full any part of school. and you're like, I'm going to go borrow

$200,000, $300,000 of loans. What in the possible do you think you can do? You think you deserve a Lexus and you're not paying on an easy, simple, simple, simple, minimal monthly payment credit card? How old the possible... Do you...

It's... I know that if I... Stupid. ...had to... If I could... It brings me security to know that I could pay it at any point. Oh, fuck you. What do you mean?

Security. is having no bad debt in a fully funded emergency fund, security. Security, what security you're talking about security? There's no security here. You currently have a $44, minimum monthly payment, because you're not manning up. You're just sitting there jerking off to the Mustang all day, instead of taking care of your shit.

It's essentially I know that I have... You need to get sent to, like, the military or something. They don't make as much money. It's not about that. It's not your discipline, your mindset, your immaturity. It's like I'm talking to a 14-year-old. I think that I know that I have, if it's $400, the total is I think $770.

I have that much left over every month, so any month I could just... So why haven't you paid it then like an adult? Tell me. Tell me why you haven't done it. I having to move out this month very abruptly, very suddenly. Why? I was in a three-year relationship with my ex-girlfriend, and that ended a couple weeks ago, two or three weeks ago. I'm sorry, that sucks. It really sucks.

We live together. Yeah. Okay, so, um, that's what the... Did it end poorly? It did. Okay, I was going to say, the fact that you're being forced out. Yeah. It was not a, not a...

clean split. It was... Why? What happened? We couldn't, just couldn't communicate, really. It was the main issue. And so any small thing would get bloated into a bigger argument. Eventually, it was just reached a breaking point after...

How old is she? 21. Okay. And you literally... Okay. So you just signed a new department. You mentioned that earlier. I did.

I just paid my moving fees and got my keys today. What's your new room? friends. It is 1323. It's 40% of your net, dude. I, wow, maybe it was a blessing at the beginning. I was like, I'm fucking do crazy at 201 to make that much money. But you know what? With the mental maturity I had around that age,

it took me many years to grow the fuck up and like actually get my shit taken care of. Maybe if I made this much money at that age, it would have hurt me even more. Because you've lifestyle inflated the fuck out of yourself. You didn't need rent that expensive right now at 21. Come on, we've all lived in a shoebox when we were that young. Just trying to make it.

You're just spoiling yourself. You're just, and you want to get a fucking Lexus? It's just like, go. My reason for, I chose to choose a higher rent than some other ones in the area, mostly because of safety. I work in a really unsafe area, and that's a lot of my days. And so when I go home, I don't want to feel that same worry. What you're talking about?

What city is the, you're working? It's in South Dallas. Okay. There's a lot of Dallas left besides that one area. A lot of Dallas. I chose to live in Arlington because my school is in Fort Worth. So it's about halfway in between both. That's not a completely unjustifiable reason.

But I know for a. Thanks, yours too. What does RAV stand for anyway? To me, it's the remarkably advanced vehicle. Really? To me, it's the runway approved vehicle for its amazing style. What about remarkably adaptable vehicle because of its versatile cargo space? Or really admired vehicle? Oh, or really awesome vehicle.

It really is the recreational activity vehicle. The stylish 2026 Toyota RAP4 Limited. What's your Rav For? Fact you could have gotten rent cheaper. And it's not even just pissing me off. that you did this, it's, it's, what's worrying me is that everything, man, you've lifestyle inflated yourself in every situation. Your spending certainly has as well, we haven't gotten there yet, but in terms of where any purchase that you are doing, you're taking it to the extreme,

pretending like you're making $100, $150,000 a year when you're not. And you have this massive thing you want to take on called law school here in a bit. You're putting yourself in, such a hole. It's, it's beyond dangerous. It's Wednesday. You need a free $20. Usually you get $5 for signing up for Acorns, but using my link in the description below, you get a free $20. There's no strings

attached. Make your Wednesday better by getting a free $20 for signing up for an amazing platform in the link in the description below. And there's your leave fee. $41 and then interest is charging as well. So we already have some student loans, it looks like. Yes. That's for this semester and the

previous semester. What was happening before then? I was paying out of pocket for it. What changed? Oh, the fucking Mustang. Yes. Actually, so you're choosing these other debts for these other luxury items in an apartment that is too expensive for you.

You're choosing that over cash flow in your school. Good. I don't know. Okay. You push back on the car. Maybe you can walk away from something to this conversation. I really hope you do. And we're going to connect you with good resources.

way but more than anything my goodness if you are young out there and you're even considering this it's just like watch this watch this send this video to everyone who is about to go to school or considering a car purchase because this is insane insane in my mind is going in circles right now and I like school I'm good with going to school borrowing to go to school can be good and I talk about certifications with course careers I talk about trade schools I I love all that stuff. There's a lot of good ways to go about education, but the fact that you were cash flowing it, and now you've actively chosen not to in order to take out more debt for luxury items is like

one of the dumbest things I think I've ever heard in my life legitimately. Like, end my entire life right now. This is so beyond stupid. This is so... Before, this is my, this is my first car. So before getting it, I was walking to work. Good. Keep walking to work. And then we moved so I could no longer walk. Oh, well. You and your girlfriend moved, though? Yes, yes. There are cheaper cars, believe it or not, than $25,000.

This is the only car I really looked at when I was searching. I was set. Oh, fuck me. Okay. Let's keep going. Let's keep going. This is stupid. So what does that balance?

So what is the semester cost? Are you borrowing the whole thing? Yes. It was 2250 this semester and 2250 last semester. So 4,500. And then you're doing another year, and let me guess you're financing that. So we're borrowing a total of $9,000 old, but that's a dropping bucket because guess what we're about to borrow minimum $200,000 on law school? And you gave yourself a hammer financial score a three.

That's hysterical. That's the best joke I've ever heard. I had a comedian on the podcast a few weeks ago, but that's the best joke I've heard in this last year. It felt fair. What are you? Like a trophy? like I deserve a trophy kind of person. Is that who I'm talking to?

I thought my score, I picked a three just because I feel like I have a pretty good potential to fix this. It's not about potential. It's about where you are today. You're assessing where you are. It's not about where you think you might be. That doesn't make any sense.

It's not the Hammer future financial score. Is that what it's called? I don't think so. I'm being a, but I, I, I was, I'm losing it. Like, I'm like hyperventilating. Like I feel like my vision's like, because I'm like breathing so much of how just stupid this is.

$50. $82. That's in our checking account. Yeah, it makes sense to get a busting $1,200, $1,300 rent or whatever it is. That makes sense. Chick-fil-A, apple bill, chick-fil-a, Panera bread, cash app, and out money.

You're sending it to your cash app. Ritz Carlton. Oh, yeah, we're living that real boozy life. Well, what are you doing in a Ritz? That was Valentine's Day and of anniversary celebration. Well, guess what? That didn't work out very well, did it?

Fair enough. That was mean. I apologize. I'm a quippy little... But not the little... That's necessary to buy a 2017 sports car. I think that the Tesla says some more, though. It doesn't make any sense.

You tried something, but that didn't even make any sense. Gong Cha, Panera bread. cash app and out money Waterburger Casheap and out money Chick-fil-A I'm going to look like such a This episode So many people are going to be angry

Funera bread Oh Nails and Spa We treated the X We did Rip That's okay I'm recently in X as well

Not three years Six months but No Well I get it Yeah I'm hitting those apps We can be app buddies

We can be hinge buddies We can suffer together That's I don't think I'll be doing that I'm I'm not interested in moving on personally. She was great. Yeah, but also that's not how it works.

I know. Someone who's been through a few breakups. That's not how it works. Was this your first breakup? Yes, my first relationship. Oh, buddy. I was a little younger than you, but you should have seen how I took my first breakup.

It was embarrassing. My goodness, my friends could tell you so many stories. I could not handle breakups And I get it You will move on It might take a little longer It's fresh It is

How fresh A couple weeks Yeah Oh After three years Go Yep that's fresh But we are still friends

It doesn't sound like it from You being kicked out Not roommate enough friends But Well if you're friends You'd let someone not be homeless But okay Chick-fil-A Microsoft

Vioch Panera bread Apple Bill, Panera bread, McDonald's, cash up and out money, some tequitos and DoorDash Dash Pass. Yeah, that's what makes sense when we have $50 in our checking account. That's really smart. That's awesome, guys. Tequitos, tequitos.

You're just getting drinks and snacks at QT while you work there? A lot of, sometimes a small charge at QT is if I'm, I pass a lot of other quick trips on my way to work. And so if I don't have enough gas to make it, I'll just stop, get what I need. $3. Because sometimes I'm running a little late. But I have... You make so much money

for to be a $3 stop at a gas station. I used to be a $3 stop at a gas station, but I made no fucking money. And also I don't have to do that anymore. That's another win. You have to take a two hour break to charge it. Or more, 20. I plug it in once a week at home while I'm asleep.

You have a home charger. That's different, I guess. Yeah. Not everybody's there. It's like, I think it was like 200. dollars. Think if you're getting like a 20,000, 30,000-hour car after rebates, you're getting a $200 thing to plug into a wall at home. I thought it was a lot more than that. Car guide knows nothing about cars. Well, real cars. Real car. Okay. Okay. And we're getting some tequitos and

DoorDash, cheesecake, Sedergate, Apple Bill, some millennium thing. Center Place and Nails. You gave her lots of nails And she gave you lots of homelessness She did offer me a place to stay I just didn't feel I felt like I was I felt I didn't want to take Advantage of just that she She's just really nice

And so she didn't want me to be homeless Didn't want me to be out there You are not over her $1 in a cash app thing It's mostly just I can't tell where a lot of money's going It's cash-up payments between people and items. But all the times there's money going back and forth between me and my girlfriend for bills sometimes,

but also if we're at dinner or whatever else, it's being moved. And sometimes I would just transfer money to my cash-up and then use my cash-up card to pay. That makes sense. Yeah, this is money back and forth. PlayStation, you already had Microsoft, but okay. And some tequitos or just a $3 gas and Chick-fil-A. Waterburger. I mean,

this is fast food. Savings. Whopping. Zero dollars. Imagine making that much money and just like choosing. Choosing to like potentially die,

poor and in debt. That's what you're doing. Let's do a little example before we go into any budgets or car talk because I know we need to talk about that again. Uh-oh. We are putting our arm around you in terms of,

is the tough love, but we're going to give you lots of love afterwards and we're going to do follow-ups and all that good stuff. But, but we'll give you some, that guy that was filming back there, Noah, you know? Yeah. Oh, that dude's getting matches left and right on hinge.

I saw. He's going out on dates every like five seconds. I did see that that was about three months ago, though. He was a killer, isn't he? Oh, look at that beard, handsome man, handsome man back there. He's, you know, with the, ladies. I've got like three matches since I downloaded Hinge the other day. That guy gets like three matches every 50 seconds. So I'll put my arm around you financially.

But we'll get nowhere to put his arm around you like bro like wingman style. You can go to the bars now. See, I hate bars, but he invited me to the bars the other night and I was like, I don't want to go because ew, that's gross. And it's past 10 p.m. But maybe you guys can go. You'll do some cold approaches. You'll get maybe your second woman in your entire life. And I'll be like well i've met my girlfriend i met her on tinder well tinder's pretty much out but yeah she was the first person that i matched with oh she sounds like the first person for a lot of things for you but um we're gonna grow beyond that 700 for the i'm in a mood in this episode you that's that that whole car thing put my brain in an other level i think that you haven't experienced a

a great car you know it gets you hooked a great car buddy I drove that car if that's what's considered a great car I literally drove it

well it's the entry level entry level drug to the to the car activity 24.1% that's entry level

okay you're 21 let's get to just 59 and a half so 39 years of investing based on your income I know it's not your dream job

but let's just pretend that's what's happening. You're investing $750 a month, which is 20% of your net. This is go conservative. And then 8% annual returns, which is the average return of the stock market from its beginning to where it is today. Okay.

Yeah, you'd be retiring with $2.4 million. Also worth about, you know, 1.5 in today's money, 1.25. Okay. That's what you'd get, dude. Is that solid? I don't know, almost, I don't really know anything about retirement.

is that a solid amount? You could certainly retire. I mean, that's, okay, 2.4. Let's just do the 4% rule because you'd be retiring in your 60s. You don't need to have a last, like forever and ever, multiple endless decades,

which is where you do 3%. That's $96,000 a year. Can you survive on $96,000 a year? Sorry. Okay, and that's what you're giving up by going and getting a dumb car and going and getting a rent you can't afford when there's a lot of options.

And fast food, $50 in our account. Not paying our minimum monthly payments. On the two deaths you have, you're literally not paying your minimum monthly payments. Your credit score must be... It's... I think it hasn't really changed since I... What is it?

About 600. Okay, so it's definitely not great. No. Of your spending categories... Let's just get some stupid stuff here. This is stupid. Okay. 13.3% of your spending or $618.

$14.42 because the debt payment it was catching up on that even though you're not caught up. You're still buying you owe $1,000. Great. 6.4% went to transportation, probably gas. And is car insurance included in that? We didn't have the car insurance at that time. So that percentage would be completely blown out. But at that time, it was $299.88.

Necessary food, 2.3%. Come on, that's groceries. $107.49. That's insane. We're going out to eat as $9.6% or $4.45,994. You're an adult, you're three years into adulthood. You do not need to be coddled anymore. If you are incapable of living as an adult at 21 or 18 or 19 or 20,

then you should be sheltered. You shouldn't be able to go off to college. You shouldn't be able to drive. You shouldn't be able to rent a car. If you're a child, you're a child, you're a child, then you need to be treated like a child. But you're not. So act like a fucking adult.

Unknown shopping 13.3% of your spending. It's typically Walmart, Amazon. Don't really know what it is. $6.16. $0.76. Missillanees bull-s-up and Tegito's 5.5% of your spending or $254.70. Subscriptions, 0.6% of your spending and the Bigwopper, and we'll go through the individual items. 49.1% your spending is other large purchases are $2,291.42.

And that's cash that money just going out. And that's where you send it between bullshit. Ritz Carlton, because I'm loving that boosh. Like, f*** the red roof, dude. Like, come on. and a cash-app loan repayment I did it's paid off now but I did take out

a cash-up loan you're too young for those this like actively hurts to see you could have so much potential you have no idea with your income with your brains I got your SAT scores like we collect financial information

but I got your SAT scores you're very fucking smart yeah I've been told but you're the dumbest mother fuck I've ever met in my life life at the same time. I've now been told that too. What to do, what to do. So your spending was $4,064. Great. But again, the quick trip income was $3,301. No surprise, we're missing payments.

And balances on debts are going up. We're not paying the minimums. Y'all, this is the time to switch to my favorite high-yield savings account. With SO-Fi, you can get 4.6% on your money. I hate when my money is just losing value, so make sure you're keeping up with inflation at the very least. You can also get FDIC insurance on that money up to $2 million with them. Plus, they'll give you money up to $300 when you set up in account with them. There's even extra perks like being able to get paid a couple days early.

So-Fi is what I use when I'm setting money aside, and it is the banking app of the future. Sign up, link in the description below. I always want my money to be making more money, so don't lose money on yours. If you've ever wanted to see disappointed Caleb Springer, you have found him. I do also get, I get $200 a month from my dad because he never paid child support. And so kind of made a new agreement. For how long?

How long did he not pay? No, no, no. How long until he doesn't? Until I graduate undergraduate. So next May. Not permanent. Okay. So let's include that $300, $3,950 a month then now comes in.

Your debt minimum monthly. What's your normal car payment? Remind me. $5.65. Yes. What's the normal Discover payment if you weren't being a dumb $1 not paying on it? It was like $35. Oh, Wada.

You are such a little child. $600 for debt minimum fee payments. What's your new rent again? $13.23. Okay. And you want to be very clear because I know. I've been in like a mood this episode and I am just like

I really do want you to do well I approach these conversations in like a just a tough love approach but I also like to meme on people it's just my sense of humor and it's also how I like people to approach me and I really do want you to do well and I hope you know that

and that's where we start going into this and we're gifting you our budgeting programs the best they can be found online there's there's a lot of good things that come from here this is the wake-up call and that's the point of this conversation This is the point of this channel, not an investing channel. I don't know why people would recommend that.

But that's the point of this. And I do want you to do better. What's your phone, Bill? I'm on my parents. Okay. When you start your own get helium, it's like $20 a month. But stand your parents tell you got it. Well, your water, gas and electric, what do you think it's going to be?

I would say it all together, probably maybe 100. That's what they gave me an estimate from the complex. Okay. Okay, and internet? Have you signed up? I have not. Okay, well, you're one of those guys that, like, is going to get fiber for a f*** up, right? No, absolutely not. I would probably want good internet, though. Lots of places can expose you to identity theft.

Oh, no. That's why LifeLock monitors hundreds of millions of data points a second for threats to your identity, which is way more than anyone can do on their own. If we find anything suspicious, like new loans or changes to your financial accounts, we alert you right away all through text, phone, email, or the LifeLock app. Get the alerts that could make all the difference. Save up to 40% your first year at LifeLock.com slash special offer. Terms apply.

I'm going to say 50 bucks. Gas. You spent $200, but your location is going to be changing. Yes. Right? So. And I would say it's about 20 miles to school. Just giving your estimated gas payment.

What's it going to be like? 125 now? Probably by 150, I would say. Car insurance was what again? 770. Oh, it's the most... It's the cheapest option I found. The general was going to charge me 1100.

Yeah, because you at 21 with no driving history, got a sports car like the dumbest piece of... $300 for food, $100 for grocery fund, that's anything else you need to survive, for your TPP fund, sorry. Grocery is $300. $2. $2.

Anything else you need to survive? Is there any ongoing medical or gym? Jim's 15. 50? 15. Got to get buff for the new ladies out there. See, my thing is, I'm saying how fat I can get for the ladies out there. It's, that's the way.

So far. So good. Dad, bod. Yeah, I think we've passed that. And your subscriptions giving $0 doesn't really make sense. I think that's it. Anything else you can think of that you have to pay for? I'm not including your school fees.

I should, but I'm not. I think that's it as well. I'm only 90% interested in getting fit for the ladies. I really have only used the gym to play basketball. That sounds fun. I like tennis. I'd love to have a workout routine, but I feel like if I go in there and just do random things,

I would look like an idiot and make no progress. You know, I think that's my... fear too. If you have a friend, I think that can be helpful, a friend to go to the gym with who's like a little more well-known. But also, I think people are just focused on their own thing. Yeah. People are recording themselves in gyms these days. I mean, they're just so hyper-focused on their own thing. Just go look like it down because after a while you won't anymore. That's true. Or just watch a couple things on YouTube as well. This site is free. $3,408. Maybe we'll talk about your potential workout routine in the post show.

That'd be great. From Noah because like, I can. help with that. Actually, I do like lifting. This show's getting off the rails. Save that for the post show. $542. It's what you have leftover because what you need to survive is $3,408 in a minimum monthly basis.

You should have more leftover, but your car insurance is the dumbest thing I've ever seen. And your rent is too expensive. Okay. But, with that, my friend, here's my diagnosis and prescription. Discover, pay that off in two months. Easy. that's done

car huh you're not going to do this but this I literally only give the recommendations that I would do I pulled myself out a really bad debt worse debt than you and this is what I would do

sell the car borrow the $5,000 you need get a $7,000 car as well so then we have a $12,000 loan and an interest rate you're a 600 credit score maybe like a 20% it sucks

but that's $12,000 to pay off as quick as possible versus $20,000. You just save yourself $8,000 and potential interest as well. So with this, I'd also be working as many hours you can. Try to get that as higher as you can. For sure. I've been working 65, 70 recently. Okay, because it still takes almost four years to pay off that,

which is beyond bad, and you're going to be deep in law school. And it's just like, you're not going to be working as much while you're in law school, if any, because that's basically a full-time job. So this is... Wait a second. No, because you're going to sell this car. You're going to get a stupid just basic assadam or just even an SUV, whatever.

Your car insurance is going to be so much cheaper. And that's going to allow you more... I think you can pay this off in a year and a half because your car insurance should be minimum half the cost because you're not being a dumb... Do you have any arrests, any tickets? Any car crashes? I don't.

Okay. So, yes, it's your sports car, clearly, at your age. Yes. So, like, no, no, you're going to have so much more money to throw out this. This is great. So I would 100% do this because in a year and a half, basically, that car payment's completely gone, now looped up in your beater, and your discoverer is completely gone.

And then, so actually after graduation, what I would do is this, when your gap- To full semesters. That's what one year is. I would do that so that you don't get-f-fool-at-school, because you could get-f-f-fing-b-b-fing-bott-school, and you just can't afford anything and you're not getting approved

for extra loans or grants or whatever. I also apply for as many scholarships and grants as you can. You're smart, you know how to do it, do it. But what that one year does is gives you that, first of all of all of you go ready in the law school, all of a sudden in that six months that you have left to pay off the car or the personal loan in that case,

which is making up for the car, you're not going to have time to work. And that's going to be extended and it's still more minimum payment than you can afford. So you'll just be borrowing to pay those minimums payments. It just gets bad. you've made the choices you are now.

You've made adult choices that were stupid and you're dealing with the consequences. The consequences that your dream of going to law school is going to take one next year. That's fine. You're still going into law school at 22 and a half, 23. Like, oh, my gosh, oh no. We're making lawyer money at 26.

That's terrible. That's crazy. I don't know how long it takes to make a lawyer money because I know you got to eat for a bit, right? Yeah, three years and then you don't get straight into the real. Yeah, but either way, you're going to be making decent money by 30, which is incredible. You're already making decent money now,

but you're going to be making great money by then. And that's fantastic. And then you're going to aggressively pay off the loans. And then at that point, you're going to be catching up on retirement as quick as possible, you know, and that's what the exciting stuff is.

I love buying stocks through Mumu. I love my solo 401K and all that crap through fidelity. There's a lot of great things. That's what the exciting part of the conversation really goes, but we're not there yet. And what really, here's what terrifies me. Let's be honest.

I don't think you're going to sell your car and there's no ways it's going to even Okay, this is what I think is actually going to happen And I'm sorry to doubt you so much But I mean, just based on this conversation, come on. You're going to continue accumulating student loans. Your car is going to just not get paid off if you're going to be doing,

you're not even going to be paying your minimum monthly payments on their discovery. You're going to be going into law school borrowing all these hundreds of thousands of dollars You're not going to have any money to make your minimum monthly payments on all the loan. you've accumulated because you spend all your money and now you won't have an income at that point and you're going to be in such a bad spot where you might even drop out with all these

loans you're going to end you're just going to be you're going to be working into your late years just to pay off the minimum payment that you didn't pay five months ago and it's just going to be this reoccurring terrible process that is crap and we've seen these people that are unsuccessful careers, who are smart people that have just been dumb their finances and it's gonna ruin your life, man. And that's not what I want to see. You're young, you're smart, you have the ability to live a good life, but you are not living that good life right now.

I think that the car is hard. It'd be hard to let go. Built a relationship with it. Buddy, you're already getting over one relationship. You can get over the second one. I'm not over there. I'm not. Make that clear. I take one, one at a time.

This isn't the FFLC show with the strangest addictions. You're not making love to that car. You can get rid of it, dude. Get rid of it. If you're still watching you, you've seen that episode, it's very weird. Let me know in the description comments below. No. All right.

Let's get your hammer financial score. Well, one thing I wanted to mention about the student loans, that they could have been non-existent if I was offered through my high school into the community college free tuition for just graduating high school and going straight into the community college. But my first semester, I ended up withdrawing from all my classes and that voided my... So you didn't go to community college, though? I did. That's right. Okay, and you were getting free...

That's where you are now? Yes. You're getting your bachelor degree from the community college? Well, I'm getting, I have most of the credits that will transfer. When are you going to the university? I would have to in the fall. And only for one year? Yes.

Okay. Why'd you drop out? It was, I had a lot of mental things going on at the time. And I could have still kept up with my classes, but I essentially tried to preserve my mental space. What was going on? just lost it was I was super I guess disappointed in the fact that I was in community college because I was going to Texas A&M until it was COVID it was the year it was

2020 and they were going to have us pay full I get a full loan for housing but there was no in-person classes it was all going to be online from the dorm so was your housing covered through this program no oh okay so I thought that would be a dumb decision aren't you at home though it was community college i was so but going if i went to texas a and m like i originally planned but why would you have if college was free i mean the saddest people in life are the ones who like grasp on to the college they went to like they're never able to move on and that's the highlight of their lives meaning the remaining decades of their lives are just sad and depressing that's true like i would give it it's a place where i mean it's okay texas an m has a disappointing football team

anyway so it doesn't even matter like okay but but that's your feeling Yeah. I'm not going to invalidate it. Actually, no, it is stupid, but that's okay. Because community college is great. And more people need to know that. But I've realized no. So you ended up going to community college and that's what you dropped out for a second? Yes. So I started at community college and I had about six classes and I saw that my grades were falling behind. And I knew that if those ended up on my record that it would be really hard trying to transfer out of the community college into a good school to have a solid like, school on my degree, so I just withdrew from them so that they would be, the grades would be redacted, basically, from the record. And that, that voided my eligibility for the free tuition. But you're back in, and now you have to pay for it because of that? Yes, and that's what the

loans are for. Spending your budget is ridiculous. You're not making your payments on your car, so you're spending your budget has to be a zero. I mean, people hate it when that's a zero out of ten, but I think this is going to be a zero. I mean, just look at these. I mean, you have nothing in your debts. You're not So I mean, I'm sorry. Sorry, we can't complain about it, but zero out of ten is your hammer financial score. Make sure to stick around for the post show. We'll dig into some more stuff and it'll be fun and check out the links in the description below as they are the resources that I use or would use in specific situations, including the best budgeting program in the history of the internet.

Today on the financial audit post show. So Noah, I hear that our boy Ian over here likes to fuck his car. Oh, boy. Wow, we're really diving in. For people like you, you're just being a. dumb. You were just being a dumb piece of stupid. To watch the financial audit post show, click the join button below.

Make sure to check out the link in the description below to get 35% off Select LLC plans from Taylor Brands.