Financial Audit - Controlling Karen Exploits Cuck Husband | Financial Audit

Episode Date: November 13, 2024

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USAA knows dynamic duos can save the day, like superheroes and sidekicks or auto and home insurance. With USAA, you can bundle your auto and home and save up to 10%. Tap the banner to learn more and get a quote at usa.com slash bundle. Restrictions apply. To watch episodes of Financial Audit a week earlier, check us out on YouTube. You're a little domineering, aren't you? I don't mean to be. I am controlling that. Do you feel like she just, like, talks for you?

Because I want to hear your thoughts on it, but I feel like she just answers for you. I mean, yes, she does. Give me your thoughts. I want to hear your answer. answer on this. Stocks and crypto I was in. You should ask him what he had invested in. And start my family members more.

You're such a controlling bitch. Hi, my name is Alyssa and I'm 40 years old. Hi, my name is Connor and I'm 32 years old. And we live in Fort Worth, Texas. And this is financial audit. Welcome down to Austin. So let's start with you, Alyssa. What do you do for living in Fort Worth, Texas?

I am a registered nurse. I've been a nurse for 20 years. Great. Good income there sometimes, depending. it's very good income. And then I am a trauma program manager currently. Oh, double job. So no, I upgraded from bedside nursing to management in 2020. Oh, cool. So what do you make? I make 111,000 a year. Beautiful, gorgeous. That's awesome. We love to see that. What do you make, Connor? I am in construction. I make $25 an hour. Okay. 40 hours a week.

Uh-huh. Comes out to about $4,000 a month. Mm-hmm. And is that paid time off and everything? No pay time off. Oh, how much time do you take off usually? I typically... Two weeks a year? Yeah.

On average. So looking at probably like $50,000 a year? Mm-hmm. Okay. Very good. So $161,000. How are we living? How are we doing?

How's $4 worth living? 161,000. We make enough to live well. Uh-huh. We just made some bad. decisions. Well, sure. Okay. The spending gets a little up there sometimes. Well, up there, we have an up there income. Maybe spending's a lot to be up there potentially based on certain situations. That wasn't always our income. So he's just now consistently working and making that

kind of money. Probably in just this year. Okay. Well, that's, well, I'm, that would help us then. Yeah. Yes. Yeah. So before that, and like last year, 20, 23, he didn't make, he made like 20. thousand dollars okay but i mean you're clearly the income you know owner of the home bringing that in which is awesome um i guess it depends on what our spending is whether or not that's a problem right because if we're going absolutely insane taking crazy vacations or something then sure that's but well how long have you guys been together married we got married in 2018 and we've been together since 2016 very good very good okay cool so What is going on then?

What do we have here? Because for, you make it sound kind of mid, but I have a really big stack, what is going on? It's just debt that's piled up. Why would debt be piling up with such a strong household income? What kind of debt? A lot of credit card debt.

Why? Why would be in credit card debt? What's happening? Prior to me, prior to this year, I wasn't really earning much at all. Yeah, you brought in $30,000 more, but you guys are making, you know, at least $120,000, $130,000, $140,000 a year as a household. So buy a reing credit card to give him for it. Not one of the most expensive cities in the United States.

So in 2022, I took a salary job from ER nursing. Okay. I was at the top of my pay for ER nursing. I wasn't going to get any higher. I would pick up one extra shift a week so he could be a stay-at-home dad. So he was a stay-at-home dad up until then. Oh, kids. What do we have?

Ages? So our youngest is four, and our oldest is 14. They're four, ten years apart. All right. And we made 130 for like a year, probably 13, 1,40 a year. Okay. The last like five years. It's not answering my question.

I know. Why are we in credit card debt? When I took this job, we had just taken a vacation to California for like a month long. What, two years ago? Yeah. A month-long vacation. That's a long vacation. We spent like $20,000.

On a vacation? Yeah, I know. You guys are actually like your like multi-millionaires $20,000 of vacation. I couldn't even imagine $20,000 on vacation. It was a very... Could hardly imagine $2,000 on vacation. And so...

How do you spend $20,000 on a vacation? What do you do $20,000? It's whenever you take your family with you. What family? Everyone, everyone in the world? The whole extended? We took our... My brother and also his brother

and then we took my... What, is he not a big boy? He can't pay for himself? He wasn't working. Yeah, he was... Maybe he doesn't get to go on a vacation then. Probably would have been a smart decision. And then...

Are you seeing all the credit card debt I have is because he went on a stupid vacation? No, no, no. Okay, then what happened? Why do we have debts? So when we got back, I accepted this job and I got nervous that I was... What my income was going to look like? Because I at first I was supposed to take a pay cut hourly, but I actually never did. But I can't...

I used to be able to increase my income by working extra shifts. I could pick up a shift and make a thousand dollars. Your income is good. Yeah. I am asking, guys. I will try to get back to this. I will try to get back to this. It's not about how, oh, but, well, we can't make $200,000 here.

That's our own debt. Why do we have credit card debt living in Fort Worth, Texas, earning over six figures as a household, over the median household income in Fort Worth, Texas. So why? What am I looking at here? What is happening? We made minimum payments instead of statement balance,

like which I normally did, because I just got nervous. And then I- Nervous, nervous about what? Just about how much I was going to make. Nervous about not having to pay interest? Yeah, exactly. I should have.

I did everything. everything wrong and I knew what I was doing was wrong. And then we didn't change our habits. Like we were living that inflated lifestyle and we didn't change the amount of money we spend. Okay. So so it's so. And so and he didn't really work in 2023. He made like 20 grand. So it didn't no offense to Mr. Dude. It's not the biggest contribution to the household. I don't think that's the big problem. Even just on you alone, you make over the median household income. Yeah. I know. I would say it's at Fort Worth. It's we just didn't change our habits. We didn't change our lifestyle. Gosh, I want to see these habits then. We're really lean on the habits and the

spending. So obviously, they must be beyond horrendous. Cool. So how much came in? Do we think? How much came in? What do we think? We bring anywhere from 11,000 to 13,000 based on where we're in the account. And some of it was a ticket master refund. So what are we talking about? So only about 10,000 hours would have hit with multiple pots in payroll. There's, yeah, we got paid again the day after I sent those. But yeah, we, it's, it's, it's an average. These are a monthly statement. It should be about $10,000 a month. About $10,000.

If I'm making my minimum $4,000, you're making it at $6,000. Some of my income goes into a different account to pay for taxes because he's $10.99. Do I not have the account? No, you have that account. So it would be accounted for it. It doesn't go into that account at all. We would have it accounted for it. This is across all your accounts.

This is my magical little spreadsheets that have all accounts baked into one. Yeah, I make $29 in my region's account. It's $29 biweekly, and he brings home about $1,000 weekly. And then the other account, I deposit $350 in it every biweekly. You know, that adds up to $10,000, right? Is am I doing that math wrong? No, I might be. What, $3,000 twice and then $1,000, four times?

And then the $700 that goes into the SO-5 savings. Yeah, but from what? From what we already may? No, no. I have it direct deposit it separately. So that way they don't ever. Okay, I'm going to say $10,500 hits the account. Yeah, that's mine.

Okay. Cool. How much was spent? We, I think, spent 10,500, maybe 10,600. What do you think? 11,000. Closer. $11,184 when again, just a reminder, 10,000 came in. So, you know, taking account the refund.

Why? Why are we spending $1,000 in $100 more than we bring in? Why? Where does it going? Do we know? Well, we did make extra payments on some things, but I also know that we did not, we ate out a few times that we shouldn't have as well. A few times. More than three.

I guess a few is not the right answer. Going out a few times would lead to spending $1,150 more than we make on a monthly basis. Do we know the issue? Do we have any insights into our own finances? Do we sit down? Do we talk? Do we know what the household looks like? Who looks at the finances?

Do we both look at the finances? Do we talk about the finances? What does this look like? What does the household look like financially? Until recently it was me, but we've been doing it together since about April and me. Okay. Yeah. But you both gave me wrong numbers.

He was closer. We look at them together. Do we look at them? We had wrong numbers. We sometimes look at them. She looks at them more often. And I look at the month like from the first to the 30th. usually. So I'll, I add what we spend on a spreadsheet. So I, I, when I was printing those out,

like I don't know which days it stopped and started on. So statement balance. This is just a full month. Yeah. How do you guys budget if at all? Do you guys budget if at all? We definitely try. You said you look at a spreadsheet. We spend a lot of money on groceries that we shouldn't spend. Like our grocery budget is out of control. Why? I don't know. It's my favorite question.

I don't know. I even started going to ATB instead of Costco just to make sure it wasn't spending money on things that weren't groceries. I have $382 on groceries. That's not. Though, actually, for what it's worth, we have unknown shopping category. Unknown shopping category can be Target, can be Walmart, can be Amazon. Yeah, usually are groceries out there?

No. Or do you have a grocery shop from? Costco and ATB. and then there's like three things we buy on Amazon. Okay, we do have separate Costco. We put that in a separate category just to be safe because you never know. You can walk in there and get a piece of furniture. We don't do that.

H-U-B. It's a little different. Yeah. Why are we buying so much food? Okay, yeah, we got two kids. One's in the teenage phase. Eat everything in the world. Okay.

So what are we trying to do? Yeah. We kind of just wing our groceries and try to do our best. Groceries have been a big issue. Okay. Can you guys just tell me, how does it actually look when you guys sit down and go over your finances? You guys go down. Do you guys go over every purchase, what we spend in each category?

You do? Then why do we have a different number in terms of what you guys are spending? Why do you guys not know that you guys are spending more than you come in? I'm confused. That's not possible. Because you went to a concert this last month and. Well, then you would have known that. You would have said that because you go over the finances together.

Yeah, no. And I. The concert was $1,150? No. Okay. The concert itself was free. It was the things that went in going to go to a concert. For the concert?

Uh-huh. The concert was free. I was on the guest. The cost of everything else. Oh, for the concert. I got my daughter a t-shirt there for $45. I don't think that led us to $1,000. No, I didn't know.

Okay, go ahead. What else? And then we had parking and charges for like the gas, like not gas, but the electric charges to get there. And then I spent like $30 on Target. And then we did go get our daughter. Guys, math is not math. I'm not sure why the math is not mapping.

We paid $1,000 on a credit card this last month, though, so I think that might be part of it. It doesn't matter if you go ahead and purchase more. Sure. Besides your spending. Also, that doesn't go towards spending, does it take? A payment on a card card? If there's no other transactions. So we do the mathematical offset of charges versus putting on a card.

I thought we would be slightly in the positive. I don't know why I even dare. too, but I also like, I don't, yeah, I thought we were in the positive. Because we got those refunds from Ticketmaster. All right. I want to know self-assessed. Where do you guys think your household is? I'm going to go three, two, one, go.

On go, I want a score. Zero to ten, zero being the absolute worst finance as possible, 10 being the absolute best finances possible. Where do we think we are as a household? Three, two, one. Three. Two. Okay, you didn't say it at the same time.

I'm sorry. I'm sorry. But it's okay. You think you're a little below average. You think you're a little lower. Okay. If you guys want your hammer financial score, it is free. Link in the description below.

And if you want to come on the show, go to Calebhammer.com slash apply. We'd be happy to have you on. Couple and single. Anyone and everyone. Let's go ahead and give us a nice little, nice little thing. All right. A nice tech. All right.

We're going to start with the financial auto classic because apparently, uh, what the, why are we not paying tax? Why does no one pay taxes? I'm so confused. I don't get it. I will never understand it. Why? Why is 2023?

22 is good. And then 2021. So 2021 was actually only 5,000. There's some fees from like not from interest, right? That's what happens? That's the year that they were, I made a lot of money and put us over a tax bracket. And I had an adjusted amount I claimed and I didn't pay.

I just made a payment plan because I wasn't being smart. What? I just did a payment plan instead of. paying it off. Why? I don't know. I should have paid it off. It's not an answer. I don't know. Why? Why did you choose it? Because I didn't know. Is that an answer? We are not going to get places. In 2021, I don't, I haven't, I think I was, you know, I'm the only one working. In 2020. So as many of you know, I've been a big supporter of course careers for a long time. I'm not just a partner. I actually own stock and I'm an investor. So why did I partner with course careers? Because I truly believe in what they're doing. A lot of people

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starting a new career without wasting years or piling up debt, give course careers a try. Start with their free intro course linked in the description to explore your options. And when you're ready, use the link in the description for $50 off the full course. Your future starts right now in course careers is here to help you shape it. So in 2020, we didn't know any taxes. No, no, no, no, no, no. In the year 2022, would have been for 2021's taxes.

Yes. So this would have happened in year 2022. You don't pay 2021's taxes in 2021 unless you're paying quarterly or something. No, you don't, no. I just did the payment plan because I didn't. What's your monthly payment? It's like 198 is what we... That's horrendous.

That's going to take forever. Is there interest on it? When I called them, they said it was going to be below 8%, but probably 7.9. Yeah, that's below 8, I guess. So you're not really keeping up with the stock market if it's averaging like 8% a year, up years and down years combined. So why wouldn't we just pay that? Because then we want to be able to retire at some point as well.

You're just losing out. Okay, then what happened to 2023? Because if I remember right at the beginning of the conversation, you said, why put money aside for taxes so that I can. can pay for his taxes because it's a contractor. Because in 2023, so we did our taxes. Also known as last year. Yes, we did our taxes in March of this year.

Uh-huh. And he is a 1099 employee. Sure. And he didn't, we didn't put anything back for his taxes. And did you not get the forms from your employers necessary? All the people that hired you contractually. I got the 1099 form. Yeah.

What was necessary? Even more so in 2023, we couldn't even do our taxes and how to do an extension because they didn't give us. Okay. Yeah, it didn't give us his 1099 until like June. They kept getting lost in the mail. And so we didn't even. Okay, but why do we owe?

So we owe because we didn't save for his taxes. Well, why? That's different. You already knew taxes were coming. I know. In March. So we also were paying child care and he wasn't making enough and we were. I don't give a shit.

You knew that taxes were coming and you guys can afford child care, by the way. Yeah, we weren't being smart with our finances. That's not an answer. I don't, we did not save. We weren't communicating with finances either. We didn't sit down with each other. Like, I was still handling it by myself. But then we did not.

In 2023, it was still all me. And at one point, I was done. I was like, here, I need you to take over of this because I can't make my income any more than it is. And I need you to see where we're at because we're not making enough money to pay off the debt. We're not even close to being able to be prepared for retirement, especially you. You're like a, I know. I mean, you're a decade away from being able to take it out, two decades away from being able to take it. out without any penalties.

And your three decades out, essentially, we're not even close to being able to take advantage of any kind of retirement, which means that your kids, your kids, they're going to feel morally responsible to take care of you when they see mommy and daddy not being able to pay bills. Because mommy and daddy do not have money. And who knows what Social Security will look like at that point. And my mom is a financial advisor. So I...

Why not? Why not ask her? But did she not know? You do not talk to Mommy? financial advisor, mommy? So she doesn't give advice to family members. She's retired from that. But also like-

She would be so- She would just be disappointed. She might not give like here, buy the stock, by this stock, but she would probably tell you like, hey, maybe don't have this debt, right? Yeah. Would she be willing to do that? Yeah, I know. And we've talked a little bit.

Last time I saw her, I did tell her, like we have like a lot of credit card debt that we're working on getting out of. But she would be so, oh, gosh. She doesn't know. She didn't know about the IRS. Why would she lean on her knowledge? I don't get it. I guess she doesn't want to give like full investment advice and stuff like that,

but what's wrong with leaning on knowledge? I don't know. I just, I didn't want to disappoint my mom. Okay, well, you are. Exactly.

I know a lot of stuff that you say. Like, I'm like, yeah, my mom would say that too. But it's different. But you're making it worse. I know.

You have two years of taxes, dude. Yeah. I would like to get them paid off this year if we can. Like, that's my, one of my goals is to have them paid off before the end of 20, Are we in alignment?

I know you guys look at money. Are we in alignment with the spending of the household? Where money is going? Paying off debt. Retirement. Maybe we know what happens in the past month, obviously not because you guys gave wrong answers. But okay, we pretend we do.

And do you guys, are you guys aligned on goals and understanding of what we want to do? I think so. It's rare for a couple on the show. Tell me what those goals are. We want to get out of all of our bad debt. Uh-huh. All the card cards, the taxes. in the car and then we want to start saving an emergency fund

on my 401k too emergency fund investing more into our retirement like we want all those things together we just want to make sure we can get there like we because we want to do other things eventually one day like we want to be able to take our kids to on trips we don't do that if we are in debt no because we chose not to pay taxes because I bet you could pay taxes for last year and if throughout this year you weren't you spending all your money on bulls Hey, I bet the 20, 21 taxes that we would have had to pay in 22 and 22. We could have paid if we didn't take a $20,000 vacation. Probably.

And I probably had that money. That's probably why. That's probably exactly why I didn't pay them because I knew we were going on that trip in June because we did it in April. That tracks. So, yeah. Yeah. I just, I don't know. Like, I kept thinking like I can work more and pay this off.

So let's just do a payment plan. That's what I've always done my whole life. Okay. So are you saying 2020, $2, $2,000. payment plan? So 2021 is on the other both on payment. What's the minimum payment for? So together it's $198 for both. $198 for both. That's going to take eternity. And then there's 9% interest on them. 8, 8. Yeah. That's going to take forever. Oh, just wait. There's more. Oh, I know there's more, but I'm talking about the taxes. Yeah. Yeah, I don't know if like I feel like we're

kind of wanting to prioritize the high interest credit cards. while keeping the IRS. The sad part of 2021 is that we had the money in 2021. I know, but if something goes wrong and you can, don't have an emergency fund,

they're going to garnish wages. Like, things get quick. Yeah. They have a lot more power. So there's a little more risk at it, even if the interest rate is lower. Yeah. So we,

and when we did taxes in 2022, like I could have paid our taxes that had the money in our account. In 2023, we have already like a sinking ship. When we did our taxes for 2023, like this was in, and we had,

hadn't saved the year before. And I felt like we were drowning. And that's kind of like our rock bottom when we did taxes in March of this year. That was like our rock bottom. But I was still concerned about the retirement. What does retirement like? How have you been doing retirement when you started working at everything? I haven't.

He had this great idea of doing Robin Hood. Okay. What were you doing on Robin Hood? When he started working in 2023? A year ago. Well, he put it. his money he opened up his own account separate from mine and then because this was money that he was supposed to be making to make up for what I lost by not being able to work that one extra day

a week and so he put his money in a separate account and then he would put most of it in Robin Hood and then pay his mom for child care and then by the time he was done with that your mom yes what are you paying your mom to take care of the kid we used to not anymore now she's in how much oh you're wait so the pay tick would come in and how would you just, most of it would go into Robin Hood? Oh, he, he would, he would buy groceries because he wouldn't put it in our main account, and then he would pay his mom, and then he would do Robin Hood. How much would go to Robin Hood? It was just sporadic. Over the course of a year, I might have put in 5,000. Or more. You made 20,000. She seems to disagree.

So, 25% of his income went to that, and then the other, like, what were you doing in Robin Hood? Does this exist? No, it's, because I don't have a statement. It doesn't. It doesn't. What happened? Oh, he lost money. Why? What are you doing? I was just slowly investing it. And then one day I lost all my discipline and pulled it all out.

Of the stocks and crypto I was in. You should ask him what he hadn't invested in. That's what I'm trying to understand. What was in this account? It doesn't even matter what I was invested in. I pulled it all out. And I started with options, made some money. And then blew it.

all up. Oh, for fakes sake. Yeah. I called my mom and she's like, that's basically gambling. I'm like, I know. So that was probably March this year. And he wasn't working consistently. March this year? This was just now. He pulled it out in March. Oh. And it was like done with it in

March. Well, how much you were you able to pull out? Nothing. Because it was like what? No, I met. Like, I sold all the assets and with the cash in the account, I started buying options. And doing that. Then when it was how much more I did you lose? Well, I started with 5,000, got up to 7,000 and then lost the 7,000.

He came out with nothing. What is wrong with low and slow and just getting to a point where our family is able to live? Why did you want to get all fancy-dancy with some options? Yeah, I don't know. We're kind of doing the low and slow with her account. Yeah, this happened this year. So that brings me concern. If this was five years ago, I'd be like, okay, we moved beyond.

I have no confidence that you're not going back to that. Why'd you do it and why'd you stop? Well, because you lost all your money. Why'd you do it? How about that? I wanted a quicker way to pay down some credit card debt. It don't work like that, buddy. Quick, fast.

Usually not the way. Shortcuts, I mean, specifically. That doesn't get us here. That gets us to where we lose $5,000. And so you only make 20 and you've lost five and then you've paid your mom. I was paying my mom too much at the time. Too much? What do you mean?

What am I talking about? What are we hearing? Probably a regular child care amount that you would pay someone. Is it what she requested? No, it's just I couldn't offer. Why? For why? I mean, there's nothing wrong with that as like a concept of, okay, I have a good heart.

And, you know, maybe this is what I'm buying. But you got fucking debt. And if she wasn't asking for, then what are we doing? I mean, I brought it up a few times and I'm like, hey, like your brother needs to pay rent. He lived with us at the time, too, and you didn't pay rent. Like, your brother needs to pay rent and we need to ask your mom to babysit for free. You talk for him a lot. I know. I'm sorry.

I'm used to. Well, do you feel like she just, like, talks for you? Because I want to hear your thoughts on it, but I feel like she just answers for you. I mean, yes, she does. Give me your thoughts. I want to hear your answer on this. Sorry, what was the question? See?

Oh. Okay. All right. Yeah, so she didn't have a job or she hasn't had a job in a while. And so I felt like I wanted to give her a little bit of income. I was starting to make money myself. and I don't know, I just wasn't, I didn't get the full scope of how bad of our debt was. Can I tell them what you told me that one time?

Sure. Well, no, no, no, let mute Abraham Lincoln say it. Oh, yeah, she was saying about how I told her we need to stop being so stingy with our money or something selfish word for word I was like I brought it up that we needed to like because reevaluate like how we're supporting family members no I was like you don't understand like we're in debt like bad like I need you to put your money toward our main finances this was like end of 20 23 what are you saying what get to it I'm sorry what what what was said he told me he told me is like I need to stop being selfish with our money

I wanted him to charge his brother for living with us and stop paying his mom as much as he was paying her. He doesn't love with us anymore, but he lived with us for a year for free. Okay. All right. Sure. Sorry. I don't. It's weird.

It's weird. It's weird. You're a little domineering, aren't you? I don't mean to be. I am controlling, though. I try not to be controlling. I really do try not to. I feel like that usually impacts decisions around the household if we have one that's a bit controlling.

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Yeah, I mean, there was a long time there where I wasn't working. COVID hit. I didn't have a job for two years. I was staying at home. And she, She was making all the money, but she was also making a lot of big... Make Mother's Day even more special at Whole Foods Market. Kick off brunch or dinner with quality cheese and charcutory with no synthetic nitrates.

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All right. Okay, yes, there's your IRS step payment. Yes. Okay. We have credit cards. Oh, good. Credit cards are transactions. So this one we pay off every month.

It's just we keep our subscription. It does look like. We keep our subscriptions on there. Why do we have paid subscriptions if we literally owe money to the IRS and we have no money to retire? What the fuck are we doing? So we have Spotify and- Good. And,

Us and ads. Use this platform we're on. And then we have Netflix for the kids. Good. Use this platform that we're on. It's free. Same with Disney Plus. Use this platform.

Lots of Disney clips on here. Oh, yeah. I promise. We don't have- They're also kids. They're dumb. They don't know things. They're just,

Well, the 14-year-old, I mean, but he's probably watching YouTube. Yeah, he only watches YouTube. Yeah, exactly. He has taste. The younger one, like, she is, like, I had to put a PIN number on Amazon Prime because she will play things. You'll see return. Yeah, well, it's on her TV, but you'll see returns on our thing from Prime because I have to, like, call them like, hey, I didn't buy this. My four-year-old did.

Sounds like an investment to not spend money. She buys, like, guitar center. Cancel. Interviews. It's hilarious. But you set up a pen. I have a pin number. She can't do it anymore.

But she was buying Guitar Center over and over again because she likes to watch the Papa Roach interviews. It's her favorite band. I'm dead serious. Cancel these subscriptions. Cancel these subscriptions.

There is a beautiful free platform right here. And the four-year-old doesn't know what the fuck going on in the world. She'll be fine. Okay. Jill bitch, chill wine, and we'll trap her in a closet. Okay. Now, Amazon.

Her favorite thing. So I think those are just shots of... Yeah, those are the things we buy on Amazon that are groceries. Uh-huh. Got cat food, crave grain, more cat food. Death Wish coffee. Yeah. So that's every other...

Yeah, it's really good. It's every other month subscription for a five-pound bag. Okay. Great. All right. City Advantage platinum card. Now this is a thick boy. Yeah?

Yeah. What is going on here? Is this the American Airlines or the Costco? American Airlines. Okay. This one is, I don't like this card. It charges me $99 a year.

I'd like to have it closed. I'd like to have it closed before. Close it then. Well, I have a... You mean pay off the balance. Yeah, I want to pay it, but I don't know. I want to close it because they charge you $99 to have the card.

Yeah. So close it. Yeah. Can you close it when you owe still? Typically? Yeah, I will get it closed. I'll still have to pay off the balance doesn't go away.

Yeah, I know. I just, I thought we had to have it paid off before we could close it. Typically not, but maybe. Okay. So we opened this.

Why is this here, guys? We had it a long time ago when we were, like we have family all over the country and we used to use the flight miles. We haven't used them over a year that card's worthless to us. You haven't used it a number of years. It's a thousand hours from being maxed out what the fuck are you talking about. Like, I mean, no, I meant the flight miles.

We haven't used those in over. Why is the balance so high? Guys, I don't care about the flight miles. I don't care about this. Why is it where it is? So we took a- Also, it was open to in 2021. So a long time ago, I don't think you know what that phrase means.

Truth. There's a $5,000 loan that we got on it. Because when I wrecked my car and we had to- Loan, like a separate? Yeah, so it's separately interest. It's like 12% which is still stupid. Yeah. So this sucks.

We did this. You don't know what you're talking about. There's a, it's like a $5,000, like, separate interest. Like, it's like a pay-for plan. Yeah, yeah, yeah. Yeah, it's a 27.74% interest. Well, no, I'm sorry, the $2,000 one. It was originally $5,000.

It's down to $2,000 now. There's two separate ones. So it's the $2,000. Yeah, that one. That was originally. 36 months? Yeah, it was originally $5,000. C-flex.

Mm-hmm. Own rate until paid in full. Hold on. charge the plan for $25. Interest charge on purchases $129. And charged the standard purchase was $1.37. Okay. So interest charging across the board like crazy.

Again, we're at $8,125 with the $368.68 minimum payment. Not insignificant. Luckily, you guys make money. Well, in our... It takes 17 years to pay off the minimum fee payments the way you guys are doing it. Congratulations. We're going to be approaching 60 by the time this is paid off. So we weren't always so close to the credit limit.

They've decreased it since then, which is fair. I would like to close it. But the $5,000 was so we could pay our taxes and title on our car when we wrecked it and had to get a new car. Oh, fuck. I shouldn't. You didn't have gap. I did have gap and I put my money toward my down payment. And then I forgot that I was going to need to pay the taxes and title separately.

Don't roll it into the loan. And so that was right. Well, you did roll it into the loan. You took out our 12% loan. I know. Which is higher than your car interest rate alone. Yes. So it would have been better to put it in your car loan.

Yeah. Technically. They just didn't put it in your car loan back then for that. They wouldn't ever know it. Rucking my car was a big setback because we had. When was that? I wrecked it in August of 22 the month I took my new job. I told it.

This was just two years ago. Yeah. So it was a setback because we had a really great interest rate and a great payment and a great purchase price on my car. and then now we have the same car for, and our insurance went up a lot, and we have the same car with a higher interest rate and a higher payment.

Because everything, the price of everything went up. Like, even, like, I got my money's, I got what I owed, and then some back on that car, and we put what we got back on my car as a down payment just to get it down close to what we paid on the first one. All right, all right. We'll get to the car. We'll get to the car.

Wells Fargo, $164 and $53. that's the car. That's the minimum monthly. Yeah. That's an insane minimum monthly. What possible car is this? It's a Tesla. Tesla model what?

Why? For a thousand dollars a month, Tesla model Y, that's like a Model X type payment. It was, it used to be 764, and we had a 2.4% APR, and then when I totaled it.

Guys, the interest rates for these cars right now are zero percent. I know. It makes me sick. it literally makes me sick because when you bought it, the price of the Model Y went up, and then I had to get a performance to get it quicker. Why do you need it quicker? What are you talking about? It already goes quick.

Well, back then, like, I waited eight months for my first Model Y. Like, I was on the waiting list. Get another fucking car! Yeah, that's what I should have done. But I was, I didn't want to go back to courts. You ever feel like you're just burning money on car insurance? That used to be me every single month, throwing cash out the window for a plan I didn't even understand.

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People don't really understand. And all the car prices were going up. And at that time, could you afford this? Does it really make sense? You're paying $1,000 a month. It was the same month I took my new job. And I could afford my other car. And it was the same month I took my new job.

But it was $250 less a month with a lower interest rate. Yeah. And also my insurance was $180 before and now it's $360. Why? Because I had a car accident and I told my Tesla. What was the accident? What was the accident? So I was getting off on an exit that had construction.

So it was a makeshift exit and both the barriers. were on the white lines. So my car didn't even tell me that I was close, because it wasn't registering, I was on the white lines. I just clipped the right side of my car when I was exiting. That totaled it?

It like tore off the whole front tire. Why don't you look? Why do you need the car to tell you? No, no, just you know how Tesla has those warning signs? It'll beep at you if you get close to the white line. I was just too close to the side. It was just, it was really narrow. They had both concrete barriers on both lines.

I get that part. Why did you hit it? It was just, I have accident. I'm a shamed driver. then you shouldn't be driving. Glancing at that big, nice screen. No, right. No, it was like six in the morning.

It was my very first trauma meeting that I was hosting, and I was nervous. You shouldn't be driving if you can't do that. I'm confused. There's a lot of people out there who know me who will not disagree with you that maybe I shouldn't be driving because I am a horrible driver. No, this is like an actual societal thing. No, I can drive. But I clipped the right end, the right front end of it. And that's what total dicks.

It ripped off the tire. Rips off the tire? Like I clipped the front of the car and it just pulled the tire off. I honestly thought that they... What do you mean? Anyway, it was total of insurance completely paid off. They completely paid it off. And then we had extra.

And then he was like, we should just buy a cash card. I'm like, no. Yeah, maybe let's let's let him talk. What is your thoughts on this, buddy? I didn't want to get a Tesla in the first place. I wanted to keep our paid off Equinox. Sounds great She traded it in

Got a Tesla That was the first Tesla Cool Wait why why Why you guys were in a disagreement With this Why did you lose Because

She was able to She was able to convince me That it was a good idea To get the original Tesla How much did you yap at him For this convincing Not that much Are you sure

Probably no I Was it because Mama makes the money Mama gets to spend the money I've always loved my job And I did not love my job at the time. And so driving to work was literally a nightmare because I worked

in the ER as a ER nurse during COVID. And COVID was still very big. I know, I know. But I wanted to enjoy my drive to work. And I've never not had a car payment. I've always had car payments my whole life. So we're going to enjoy our drive to work because we get a car. No, like I was about to pay my equinox off. Yeah. So I knew I could afford it. And so I'm like, if I'm the one driving to work, I'm the one making the money, like I would like to enjoy my drive to work. I don't know how long the entire household. Okay, okay. Yeah. Yeah. Basically. Yeah. That's great. He didn't want it. I did. It was mean. And then why'd you win though? Why did you get the win? Why did you get to win the I get the house award? I don't know. Because we also know that the price of these cars have gone down.

I know so much. Oh yeah. We bought it. The worst time. They aren't really going down anymore, but they increased their ability to produce these more effectively. They pushed out output. There was more supply. It was, you know. It is the best car I've ever owned. I will say that. Model X is better. I could see that. I like. I like. I like, I was just. I just, I don't know. Like, I, at the time, like, I really just, we had already talked about getting a Tesla. He says he didn't want one, but I don't care. What I was just trying to say is that it's worth $29,000, but you owe $45,000.

I know. That's, we looked at that because we were. Okay. So, oh, she's thirsty. All the spending makes you thirsty. Okay. I'd be thirsty if I couldn't. My mom used to tell me this thing that I'm broke because I want to be.

Yeah. I mean, you wanted the Tesla. She's like, you're broke because you want me? There's nothing wrong with getting a Tesla or a car. And you guys honestly probably could have. You guys are in a financial position where you could have, you could purchase a model Y in cash today. Yeah.

I used to live by this. I don't see life. Like, I feel like a car payment is just part of life. And recently I've come to learn. You guys didn't have a car payment. What the fucking talked about? We still did.

I paid it. So what I did is, it had like two years left. And so what I did is I. Choice hotels. get you more of what you value. Here's a little tune to help you remember. Same drive, different day.

Don't you wish you were getting away? Pack your beds and come on through. Texas, Ohio, Alaska, we're up there too. Comfort in. It's calling your name. Save on the stay. Oh, and free waffles are yours to claim. Well, I hope you like my little song.

Book Direct at sourcehill.com. What are you guys talking about? Because he told me there was a paid off car. It wasn't paid off. It was within a year. It was within a year. I increased our car payment to $900 a month for a year, six months. Which is already insane.

What is the term on this? It's, I don't know. I think it's the five-year one. Seven percent, not great. No. So my Equinox, I increased our car payment up to $900 and paid more on it. Okay. So to see if I could get if that was.

something I could afford. I knew that the Tesla was going to be expensive. And I did that first. Could you afford it if you cut back on everything? Sure. Does it still make math? Is it good for the household? No,

not necessarily. So that, I mean, there's different conversations. Makes everything harder and, and then you accidentally bought $100 for autopilot that one time. A couple times, yeah.

A couple times. What do you do you fucking? I don't know. Sometimes I do the pilot subscription. You saw that full self-driving? Are you talking about that? Yeah, that one. That's full self-driving.

I did that in July. for a month. How do you do you accidentally? And in May. It wasn't an accident. I did autopilot in May. This conversation is irritating me. This conversation is starting to irritate me.

For sake. City double cash. Are these all? What? Who's? What? Are they both yours? Are they each other?

What? Who? City double cash. What? Who? So he opened that one. Yeah. Okay.

Tell me about it because you're basically a couple of thousand from Max. Yeah, so I opened about four, I opened four balance transfer cards a couple months ago. Oh, okay. And my transfer balances off of. Okay. And what is that helping other than interest? Because you guys aren't changing behavior not for a single second. You guys just get, you're going to make your debt worse.

Every time everyone does this in your guys' situation, they balance transfer, then the card that no longer has a balance, they build all the way back up again. You realize this, right? Yeah, we're hoping. We're hoping that's what happens. Hoping that's, hoping doesn't get us there. Hoping doesn't get us to not spend money. the hoping's not a strategy what the f*** are we talking about we want to get a wake-up call so we can

get our life together i'm not a magic pill i can help you understand your debt get a budget connect you with resources absolutely like for example i mean we're going to put you through the debt class the budgeting class the investing class which are by the way all bundled for 25% off right now you guys get to go through all that and you should together go through all the quizzes go through all the education you get that yeah well as you guys put in the action out of it matters you know i go to school i do all these things if i go to like a music class not of it matters if I don't go home in practice. Okay.

So this is a balance transfer. It already had $2,000. And then... No, there's just multiple balance transfers. Okay, minimum payment is $69. That's why it's maxed out is... Zero percent. Yeah, there's like four balance transfer cards, I think, in there.

Expires and... There's one that expires in like 12 months and the rest are 15 to 18 months. Yeah, this looks closer to that 15, 18. And doing that... And that balance transfer. fees, of course. My credit score from we don't really.

Yeah. We don't really. Why would you want to do? Yeah, no. Yeah. Because of the utilization rate. You guys are not credit card. People you don't even know.

I'm okay with. FIS cards geared more towards college students. It's a debit card that helps build credit. And I recommend that to every guest and you guys kind of can. But the rewards are geared more towards college students. So I don't know. I don't know. But those are the kind of cards you need to use credit cards.

You can not use credit cards. Then close the accounts. So you don't have access to that. them you want to hope okay then close the account so you can't spend money on it all my cards back in January you can unlock them close them your card of your card of course already

they haven't unlocked them since January but you can but I could yes you go out and accidentally buy full self-driving for a month so I don't I've closed sounds so bad I've closed a few like some of the cards that we transferred on to here I've closed those like we had a target card I closed

that one like it was that that was one of the transfers to one of these Cool, so you know how to do it, then do it for all of them. Why not? Why haven't you? I just thought I had to pay them off to close them, so I will get them closed because I don't, I agree with you. I'm not a credit card person. Obviously, if I got myself into this kind of mess. Okay, we got Costco. Yeah, that one's so bad. I don't even know. You're going to give this.

We were still using this one for a while and we were making it. Guys, this card card is a doom. Yeah, we used to spend a lot of money in groceries at Costco. and I'm like, I don't think Costco is good for us. I think we, because a lot of this food is insane. It is insane. Is it even Ian? Like, what is happening? So actually, it used to be much higher.

It used to be $20,000. Like, we stopped using it and started, like, we're trying to, that, that's our focus right now is that card. But yeah, that one was. Okay. $291 of interest is accruing, $471 minimum fee payment, balance of $18,048, guys. It's crazy. Insane. Stupid.

All in Costco spending? Yep. Well, no, you can buy that. You can use that card anywhere. I'm asking you guys. No. I mean, mostly, we would spend like $800 every time I go to Costco. And how often would you go to Costco? We would go like twice a month.

I'm telling our grocery bill is out of crazy. Why? I don't understand. Why? What are you guys getting and using? And we use that card a lot. That didn't answer my question. Yeah, we just, I don't know.

You just dodged that. I did. What are you guys getting? I kind of used to buy wine there, which was, bad. We don't do that anymore. I don't buy wine there anymore. How much of a wine drunk are? Yeah. That's a lot of wine. How do you think we spent $20,000 in California?

Oh, for a fissionary. Oh, for sake. Why are you living a millionaire life and you guys have $40,000 in retirement and more than that in debt? Yeah, that's a good question. That's a pretty darn good one. Yeah. I wish there was a good answer. Well, 25 years to pay off if we only do our minimum fee payments. interest this year so far on just this card $3,200.

Of course, if we add them all up probably five, six, seven thousand dollars at interest this year so far. Absolutely crazy insanity. That's bad. I think we added our interests up for like a month, one time. What it is monthly and it's insane. It's like a car payment. Oh my gosh, guys.

It just keeps going. Okay, who's discovered it? What? What? That's one of the balance transfers. Oh, my gosh. Okay. So you're the balance.

transfer king. Uh-huh. That's your thing. $10,287. $37.37. The $206 minimum payment, you're only doing the minimums. Okay.

0% until February of a year from this upcoming February. So we have some time there. But still, that's such a huge balance of that time is like if we've all a snowball or avalanche method.

Either way, it's just like, do we get to by the time the interest free period runs? I don't know. Okay. Gap rewards. So I use that one of my kids. They're closed.

I have it set to pay statement balances. I don't make, I pay. But do you trust yourself? I don't trust you to have a credit card. I don't. Especially since you've paid interest on this card this year so far. So obviously you do not pay it off in time all the time.

Yeah. That's true. I switched it to statement balance early. It's early this year. Well, it's not up and early enough. Because when I first, like, I first had them all at minimum. Also had fees. Yeah, so I had it linked to auto pay off my debit card.

And my debit card expired and I didn't realize it was not auto paying that card. And I had to call them. I think they reversed it. But that's what that fee was. Is this PayPal paid off every time too? Looks pretty close. Is that the master card PayPal? Yeah.

It's what it's linked to my, or like. I don't know. You tell me. Our Steam account. Yeah. What are you guys steaming? We're gamers. We like to play video games.

Okay, great. Play the games you already have. So my son will buy like expansions. Okay. He does chores around the house. Like that's what he wants to spend it on. Hello son. Mom and dad are never going to be over there.

I tell him that. I literally I'm like, dude, you're going to get you wrapped on. You tell him no. He's a 14. Yeah. So those are his purchases. But he did give me cash. He had cash from Christmas.

Oh, okay. Well, that part's okay. It's set up for statement. It's a rate towards it. Yeah. You got Steam games. in Microsoft, then Microsoft and Microsoft and Blizzard and then Domino's. Blizzards.

What's that? Domino's is not gaming. Blizzard would be. Domino's is not gaming, but it was related to gaming. You get out of Blizzard. Because we were playing Diablo when the new expansion came out. Oh my gosh, you guys. You just don't have money.

You just don't have money. Play what you already have. We have Diablo. I'm sure you guys have a vast library. That was his. Play it for a couple years. You're going to be working to get out of debt quicker, so I don't even like. Yeah, like, I only play.

blow and new seasons and expansions come out and I own it and I don't have to pay for anything. I think you had to buy some coins to have like this. I don't get guys. Stop. I don't need a fucking just like. It's not a life story. I'm sorry. It's just like you don't have money.

Don't spend it. But that's why we went to Domino's because. Because we didn't have money. Mom didn't want to cook that day because I wanted to play video games. Yeah. Are you a child? I was that weekend. My 14 year old called me a child.

Because he was like, dude, I'm not playing video games right now. Like, all they want is... I'm losing hope here, guys. Yeah, it was bad. If our 14-year-old has to tell us. That's not a joke. No, it's not funny. It's not funny.

That's not funny at all, guys. Oh, good. It really just keeps going. Just keeps going. American Express Blue Cash every day. That's you. There it is. That makes sense.

That's falling. into what we're used to. Well, okay, we have $1,504 on here and $75, wonderful. Minimum monthly 40 and that's all we put towards it. It means it's going to take four years to pay off the way you're doing it now, which means the interest is certainly going to start before then,

so I don't know. Did we have a plan? What was the plan? I don't see anything indicating a possible plan within here other than that larger payment on that one credit card. This ends a year for, now. Do we have a plan? Keep making larger payments on the

high interest credit cards. Okay, so avalanche method. Yeah. At the rate we're doing one so far, we get out of debt in... There's a pie chart here. We get out of debt in 118 months. So, bad plan, guys. Bad plan.

Bad plan. Okay? Okay. Bad plan. That's too many months. That's too many months. That's more months than I would like. Sorry, I just threw something at your wife.

Only you were legally allowed to do that in the state of Texas. Wait. He's legally allowed to do that in the state of Texas. Amazon synchrony card. So this one was another one that had my debit card connected to it that expired. And so I had two missed payments. But when I went, went to go call them and try to get them reversed because I never had a miss payment before

said on auto play. They offered me 0% if I closed the account. So I took it and I closed the account and took the 0%. Good. So, so. Good. Zero percent forever. Yes, until it's paid off. And they have a minimum monthly. So right now that's not our top priority because it's zero percent. Me too. I was like, can my other cards do this? Is it all because I missed two payments because of the, yeah, I called. I called all of our credit cards after that. And none of them would even lower our interest rate. Well, it takes four years to pay out $44 a month. Oh, is this your Tesla breakdown?

Mm-hmm. Gosh, let's see. I see full self-driving on here. Yeah, we didn't add it to the thing. Like, it's just, we didn't pay extra for full self-driving. You're talking about it right now? Why is it on here? It's capable, but it's not.

We didn't pay extra for it. You got the performance breaks? we got the performance because it was still going to be four or five months Black, oh, you got the premium interior Had to get the premium interior guys We got it exactly the way our other one was But the model P, the model Y performance

Instead of the Model Y long range So it was a thousand dollars more We got the performance pedals Yeah Guys If it makes you feel like we will not buy another car Until that is paid off And we have cashed by another car

Uh-huh. It's the only option. Yeah. But we're not going to be able. So I have. Seriously continue. What, what bothers me, though, is that they, you know, Tesla doesn't offer gap insurance when you buy your car from them. You can get insurance through other insurance providers like I do. Because I don't, I've called.

Don't get Tesla insurance if that's the case. No, I have, I have State Farm and they don't offer gap insurance. Okay. And so if we have an accident, now we're, because our car. literally is not worth. Well, we know you're not able to drive with a wall next to you. That's true. Yes, exactly. Thank God that I can't drive.

No, but if we had another car accident, like, that's our only car. We only have one car. So he has a work fan, but I mean, we know you're dramatically underwater. Yes. So, like, I don't have gap insurance. Like, I don't know where to get gap insurance because I've called State Farm. So Progressive will offer it, but I have to switch all my stuff to Progressive. And since I have an accident on my record, my-

Have you worked up? a broker? Yeah, I have a broker. And? She put it, plugged it in through all of the other places, and they couldn't, she couldn't give me a better rate than what I was getting at State Farm. Great, but where is she able to get you gap? She could get me gap my monthly would go up. No shit. Like, it wasn't the gap that made it go up. The gap was only like $6 a month. It was everything else because I, like, State Farm, even though they're charging me an extra 150 a month because I had a car accident. That was a total. Oh, it's because your car accident bullshund. I had a car accident.

So it, like we stayed with State Farm because they, but they, my rates are like $150 more than they used to be. Actually, they're way more than $150. But it'll show you, the accident will fall off soon,

but it'll show you on there that, um, you're getting charged like a premium $150 a month because you've had a car accident. And it should, I talked to them today on our way here. Wells Fargo says they do. They offer Gap insurance. So do I just need to call them and ask them?

We took two seconds to Google it. I didn't know that. You guys have been around the technology of Google for a while now. I don't understand why no guest on the show is capable of literally... This is Euphoria Calvin Klein, the new elixir collection, featuring three perfume intense scents, inspired by a unique orchid accord, paired with vanilla, each with its own distinct attitude, each with its own universe, bold elixir, sensual, woody, addictive, magnetic elixir, sweet and romantic, like a lingering touch, solar elixir, a radiant expression of joy.

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So I can call Wells Fargo and ask to add gap insurance on. Do some Googles. I don't know that, dude. All right, cool. What is this? SoFi MasterCard. That's a 0% that he goes. So the balance transfer?

Yeah, that's the fourth one. Why are all the balance transfers him? Because all the credit cards were in my name and he had nothing open and he had a $750 credit score. So he opened. He just did it. I came home from work and he's like, hey, I opened four balance transfer cards. Without you knowing? Because you led me to believe that you communicate.

But now with the Tesla and with this, that is incorrect. So why would you do this without her knowing, my dude? She was happy I did it. It was. You did it without her knowing a big financial move. I mean, yeah. It's kind of like when you're saying. Why would you do it without her knowing?

I feel like we had discussed it previously. I just, I just screenshot about 0% credit cards. I'm like, yeah, I would never get approved for that right now. and that's like not an option for me. But D? But D? Yeah.

Why? Because. He wants us out of debt. If he doesn't get us out of debt, you just move the debt, and then you pay transfer fees on top of it. I know that there's less interest, but usually most people just build the debt back on the card that now has zero balance. I don't care about that reason.

I want to know why you did it without tucking. Hmm. If you saw your high yield savings rate drop down, you need to keep listening. The Fed just started cutting rates with more expected to be on the way, potentially even dropping all the way back to zero. Even I got a notice from my bank about the cut. So if you see your savings rate already shrinking, it's time to take action. You can lock in today's rates with U.S. government bonds for one, two, or even ten years.

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So don't wait. The Fed's next rate cut decision is November 7th, and there's a good chance they'll cut it again. Check out Silo markets using the link in the description below, and you'll get a 1% bonus on your deposit. That means a 4.2 Treasury becomes over 5%. Take advantage of this last opportunity to lock it over 5% rates only with Silo at the link in the description below. Now let's jump back into the episode. That's not the first time either. What? What else? You open that credit card, the capital and credit card that you had, that we paid off.

of one of those without me knowing and the checking account, the savings count when you started working. Why? Why are you doing all these things? You're a man, a few words. Doesn't mean you can't tell her anything? I don't know. That's not an answer, but guy.

It's not an answer. What did you think? You came home. Boom. Credit cards. Zero percent. Transfer. I was just like,

this is only going to work if we don't charge money to them. So they need to be, you need to set up auto pay right away. What do you think about him doing it? Oh, I was, I was a little. bit like taken back that you didn't ask me but then also was kind of like well this will help us if we can make big payments on the other one so it will help it wasn't a bad thing I actually

called my mom and told her and talked to her about it too afterwards I was like hey like Nathan opened up some zero percent cards transferred it to he's like well she's like that's good if you don't recharge any finances I guess I do talk to my mom a little bit I didn't she just doesn't know how much that we have but also it wasn't a bad thing I wasn't mad, but I also was like, it is only going to work if you don't use these cards. And I think there's one card where when I went to go put in our, because I have to logged in to enter all of our auto pay stuff. And I'm like, well, smoke a headset.

What is that? Why are you using this card or not? A transfer. There's one. I did do that one time. Yeah, you did. On that so far. So he, like, has a history of opening up things without it being a family decision.

Okay. Which would lead me to believe that that is not going to. happen again in the future? It would lead you to believe that. I see how we believe that. How do we prevent that? That's not a good thing. I don't know how to not prevent it.

Just to not do it. You remember the plane ticket to New York? So the plane ticket to New York that you got after we decided that we weren't going to do that. When? So like when we hit rock bottom in April May, like he was supposed to fly in New York for his brother's bachelor party and we had decided that like that's not something we can do financially like he needs to tell his brother he can't go and then when he came out of our his gaming room to tell me that he talked to his brother it was to tell me that he bought a plane ticket instead

or do you independent are you not married i am confused uh he only has one brother i didn't go to either one of my sister's bachelor at yeah i did say that that was his reason he has one brother No, I don't. I'm not against you going. I'm against the fact that you do things without conversating about them. Ever. We had a conversation. The conversation was that it's probably financially smart that we don't do this.

Do you not think you're married? I'm confused. I think I'm married. Why do you act like you're not financially? Does she have no say? She has no interest? Or is it because she's so domineering that you want a little independence? I don't know.

Could be that. I mean, I do like to have control of situations, but I also, don't like I do care about what you need and want I just don't I was hoping he was an answer not you but yeah I got some help to pay for it and so I just did it which is not something I'm cool with you yeah but everything come my buddy all the yeah I'm like sorry oh guys oh guys oh boy okay advantage who student loan do we have um so it's if it's one point one percent it's mine. I think advantage is me and Nenlet

Tim. Yes. Advantage is small. What did you do? This is a associate's degree. Good, good, good, yes, that's right. That is right. We have $2,427. What's your monthly payment? It's like 20 something.

And the other one's another. I say 25 because it is small. It's a 1.86%. I would amend the monthly payment until it's paid off. Who has Nell-Net That would be me What do you got What'd you do

Do you get this? You went to college You went to trade school What'd you do? I went to college And did not complete a degree So that That loan was essentially

Just To help me Survive my early 20s I guess Oh you didn't even use it For like the school Oh dude Okay

Uh Monthly payment 59 bucks It's not crazy 59 15 and then we owe $6,248 and $44. Okay. Interest rates, we're looking at three or four. So I would minimum payment until we pay off.

On mine, it's two, it's broke down. I don't know why. There was only one, but it's $2,000 twice. What's your other minimum fee payment? 20. It comes out to $59 total a month or $49. Mine is 59. Yeah, yours is 49.

Mine's 39 total a month. But they're both about 2000. Like every year when I would do my FAFA or whatever, they would do a whole new loan. So they're all low interest, but they're just separated out. I've always just paid the minimums because they're one percent. So we own our home. Yes. Yes.

Okay. What is it worth? Do we know? Do we know? Yeah, it's worth like anywhere from, depends on what site you go on, like 480 to 550. Okay, we have a great equity position. We only owe $299,000. $297.991.

Wonderful. The minimum of the payment of $2,514.47. And that includes our like taxes and insurance. Oh yeah. All the goodies. It's your mortgage. It's a full package. Yeah.

Yeah, I bet you. At 2.5%. I had minimum monthly payment until that is paid off. Great equity position. What did you guys put down for it? I think we put like 15,000 down. It wasn't quite 20%. Then you guys have just rode the market and it's been beautiful.

Wonderful. We get 15,000 from. My 401K. We pulled it out when we moved, when we bought that house. Yes, I know. Literally, it was the 401K that we did that.

We pulled it out. It was no, it was whatever. Because I moved back from Washington, so instead of rolling it in, we just took it out and used it to put down on our house. And then started my 401k over in 2020.

I know. I did tell my mom. You're lucky it worked out. Yes. Because I pulled it out, and then the market crashed. Yeah, yeah, yeah. Okay.

Available balance, $6,900 in a checking account. That's great. Why do we have so much in there? We try to always keep enough in our checking account to pay all of our bills the next month. You have enough. Yeah. We don't like it to go.

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We just... Starbucks Chick-fil-Aid, Raising Cains, Blizzard, more Blizzard, that must be you. Zelen out 45! That's our lawn service. Our lawnmower broke. It was cheap. Amazon, Amazon, Costco. Costco's groceries.

I know what Costco is, guys. The Amazon. Ramen. I don't need this for every purchase. I don't. AMK. R&B event. Target.

You never really know. Target. Mealy Q. The Children's Something. Express. Great American. Amazon. Zallant out 45.

Zal and out 50. Prime video. Prime Video. Kincaids. Target. So those are returned. Recurring cartram. transaction, something, $358.

That's my, that's my insurance, $358. Oh, that's my car insurance. Target, Amazon, Culvers, Amazon, Starbucks, all this, what we have, IRS debt, mind you. And we have to consolidate or we have to transfer our debt because we can't pay us. So let's go get Starbys. Amazon, Amazon, Amazon, Amazon, Amazon. Those who are the purchases my daughter made that we got refunded? Every single one.

No, no. There's some bigger ones. buy some stuff to make a pumpkin for work because we have to submit a decorated pumpkin. Have to? Have to. It's a part of our, like, leadership. They gave you a budget then. No.

Tell them it's all in. You have to spend your own money. Well, you don't have to go all out on the pumpkin like I do, but it's a very intense competition. $4,000 so-five savings. That's for taxes. We just started, we started it like this year. It's an emergency one.

It's a pay for taxes for the year. that is in the room. $43,000 in a retirement fund. Mostly S&P 500, actually fully S&P 500. No, it's 50. Oh, okay, you're right. 35 to go fund and then S&P 500. Who is this?

Me. Okay, so do you have nothing? I have nothing. Why? Well, I've had some gaps in my employment. Congratulations. Why weren't you investing? Well, you didn't have the gaps.

I guess that's on me because I guess I could have put money into a thing for you. Why can he do it? himself. He's not your child. Oh, I thought, no, I thought you said why he had gaps in the way. I'm currently not investing in my retirement because of all of our bad debt. But you could save money on your taxes.

So he's a 1099 employee. Uh-huh. He could save money on his taxes. I didn't know that. With a Rothyer? His tax advantage retirement accounts? Maybe a solo 401K? Oh. Oh.

Okay. Oh. Oh, total income. 10,500. That's what we agreed upon at the beginning in terms of not hitting our account. But how what number of that is yours? Probably 4500. Wait for income coming to our account. You make it like your minimum that you'll make every, if you work 40 hours is a thousand a week.

Yeah. Cool. Let's set 400 aside for taxes. So I put. No, no, no, no, no, no. Let's set 800 aside for taxes. Yeah, I put seven. Seven.

Probably not enough. Because you have to do direct deposit to get the APR in the SOFi account. We probably need to actually set aside $1,200 a month for taxes. Okay, $1,200. Cool. So real income then, $7,350 if you actually pay your taxes. And we know you guys don't like to, but maybe we should start doing that so we're not always. Okay, debt payments.

Let's see. Non-mortgage. Oh, these are going to add up. Oh, my gosh. Tesla. this is crazy Costco card this stuff is wild

to discover it these are huge so many cards guys what world are we living in okay not not even including mortgage our debt payment is $2,594 and 69 cents

it's insane our mortgage okay $2,514 and 77 we already see by the way that five is gone out of the 7-3. Great. What about utilities, internet, all that combined?

Internet's 45. Um, water is, um, electric's 2.75. Okay. Water is, I think water right now is 80. Gas. Forty-five, maybe. Okay, 45. Phone bill. So we, um, it was 205, but we have, I've called 18, T. I started looking at my bill marks. We have, so we had phones that we turned in. They gave us a... Guys, what is your phone bill? 205. No, it's 145 now because I removed a bunch

of things off of it. If you, if your phone is paid off, I'd switch to helium, dude. They'll be paid off in May. Then do that. The same towers as T-Mobile. Gas, room to room, drive, drive. Well, we know you don't. What about yours? His is usually... About 100.

A month? Okay. Car insurance is... 358. For both. TP fund, anything else you need to survive? This is also including just, you know, if you get pencils or stuff for school for the kids, $200, okay, necessary food,

we could easily do follow the meal plan and our thing, apply it to yourself, tweak it to your needs. I mean, I think we're, like, the kids are good for school for the rest of the year, and then, like, we just got made as close. I am calculating your food budget, please. Oh. We should be able to do $1,000.

You're meal prepping a couple times a week, guys. medical health care co-pays anything we have a really good medical insurance we just had to pay for that's another thing that came out of our account recently was our daughter's surgery it was like 350 but that's very rare but okay but no ongoing co-pays medication stuff like that okay $40 every three months for my ADHD medicine okay we have pets who have pet insurance no but our dog is 10 he's a great game it's gonna be hard to get pet insurance well we he's on his he's probably not going to make it past this year. What about cat? So the cat is a is a pretty young cat. I don't have pet insurance. I'd get pet insurance. I'm putting 35 there because it makes it easier once it gets to

the situation of like the Great Dane. Hopefully the Great Dane lives many, many, much longer. I would love to, I would love him to get to 12, but he's absolutely. We lost our other Great Dane in 2022. 2020 was just a really rough year. I'm not going to lie. Like our other Great Dane died. And we cost us a thousand dollars to put him down. And that's the absolute. I'm so sorry. Hopefully, hopefully this one just, you know, lives a very long, safe, happy life. Yeah, well, they usually only live like 12 years. He's at 10. I would love him to live too more. Keep going, guys. I would love to give him two more years. Yeah. Okay, 35 for the cat. And then next time you guys get pets get pet insurance helps in those types of situations.

Okay, pet food. So we buy our dogs food at Costco and it's, we roll it into our grocery budget because it's just 45 bucks, I think, for his dog food. And then the cat stuff was already on here. We buy the canned food once a month and then the dry foods every other month. Guys, pet food. How much a month? 100? 100. Okay.

I'm sorry. All right. Jim? No, we have a gym in our house. Anything else? Then I need to put it in your budget that I have not taken into account. We haven't had one of these in a second for, you know, high income earners. But in order for you guys to survive, because of where you got and yourself, we actually need an

extra $142 a month. You guys are under. So are you factoring in the 700 that I put into SOFi every month into that? Because I make 3100. I bring home 3100 twice a month, sometimes three. It's like, so I get 26 checks a year. So I always bring home 60,200. And he brings home, I guess, yeah, no, you're right. I'm sorry. No, you're correct. That math works because he brings home four. So that's 10.4. A reminder, we are saying 1,200 aside for taxes. Yeah. Going to be taxes.

Yeah, no, that's true. So we're behind. I mean, I can always work a PRN job. You can. On the weekends. But we have a potential solution. Okay. I don't necessarily like this.

You're going to, if you do this, you're going to do it the exact perfect. It's not a good. Do you guys want to sell your house? I mean, we would be open for it if it was like a way for us to, be debt-free. I don't necessarily want you guys to, but here's the thing. We're on the, like, we've talked about it. Like, should we sell our house and pay off all of our debt and then rent for a little

while, but then we'll never see a 2.5% APR again. I know. That's the hard part that sucks. One thing I'm potentially considering it is a movement of debt, but it potentially helps. If you close all your cards, if, I don't know if you'll qualify. I was thinking maybe a home equity. We've talked about that.

I know. But again, it's just like the balance transfer. You still got to pay it off, but it is going to help your minimum payment go down. Plus is going to help your minimum payment go down. Plus is going to help your. interest go down. The only way I'm going to allow you to do it if it's if you close all your credit cards and you follow the budget. It's the only way to do it. If you sell the house, you will have enough money in the equity position if your valuation is correct to pay off your debt and still

put a down payment down on the house. Your rate's going to be closer to about 6%. That sucks. Six percent is still historically okay. And if we did that, we would probably move to a cheaper area because Texas is expensive. Well, you guys would move? I don't know, maybe. I can matter. That sounds like more like her saying that. to let me saying that. It's not him. His whole family's here. My family doesn't live here at all.

Okay, you guys aren't aligned. Maybe we're not. I don't know. I thought we were. But maybe we're not. You're right. Or you can go get another job. But again, go bring an extra thousand hours net a month.

And this takes 100 and, what was it, 11 months to pay off? And you just says that. It takes 10 years to pay off. I don't know. I think you guys have gotten yourself into such a hole. You f*** up so much that we either, consolidate it through an equity thing, which I only am willing to do if you guys fully follow the budget, demonstrate that you have the behavior to do this, and that you aggressively pay that off,

aggressively pay that off, because I don't like it if you guys still have your debt, still have access to it, and then you say you're spending. If you do it, you're just moving, you're making it worse. Or sell the house. I don't necessarily, if this is your guys' dream house, I don't want you to get rid of it. It's not our dream house, but I also don't know where we would live close to our. Well, you'll still have a chunky down payment. That's true.

You'll have a chunk of a down payment. You'll get a house at a more expensive price. It absolutely will feel like that. But listen, but you're wiping your debt. Would it be smarter to rent until? Mind you, your minimum monthly debt payments outside of your mortgage is more than your mortgage payment. And you're wiping that. Yeah.

We've talked about it. Like we weren't. I don't want you to. We weren't sure. But guess what? You've put yourself in the situation where you're almost needing to. Or you can take, or you can go make more money, work more. in general or get a better job or you're going to pick up a lot more nursing at a second

nursing place or something. I don't know. Yeah, I can do it. If you guys do that and bring in actually $3,000 a month, then we're talking about paying all this off in like three years. But you guys have to do that for three years. You got to do that and keep the house if you guys want to. And you still need to go out of fully fund and a rest fund.

Then you need to catch up in retirement minimum 25% a month for both of you. Have your pay. I would shortcut this because, listen, people have a lot of emotional attachment. with the homes. For me, a home is a home as a home. I don't really care. So I'd sell it in a heartbeat. But I understand. Yeah, but you might, the kids might, you know, there's a whole family thing here. If I sell a home, it's just me, you know, and my dogs, they don't care. They'll pee on any yard. So it's just there's more going here. But if you guys are able to, you really don't care, that might be the

best option as a shortcut, you know, and we still get a substantial equity position in a home, but we get a higher rate and we're buying a more expensive home because home prices have gone not. Yeah. But that could be a way. And it's still, even if your mortgage payments an extra thousand hours a month, you're still saving yourself $2,594 in minimum wage payments on debts, including IRS debt. Okay? Yeah, that one's a big one. So those are the options. That's kind of how I'd go. That's what I'd personally do. Again, consider that as a big family thing, because that's a big family impact. So have big conversations around that. If not, go bring an extra $3,000 hours a month. I know you guys can combine, but it's also more work and it's also more

child care. It's also, you know, there's things to think about. But there are options. gigs are coming up in nursing too. So I could work weekends. Exactly. There are options, but they suck. And I'd personally rather do the house, but it is up to you guys. And if you do the equity, you're just moving it, mind you again, you're not actually making any progress. I don't want you to think you are, but you need to close all debt and you need to follow the budget tightly. What are the interest rates on the home equity lines of credit right now? I've seen some 6 to 7 percent, but I don't know what you guys will call for it because your credit scores.

So that's why I still like the sell option. Because our debt to income is really high. It really is. And your credit age is pretty low because you just opened a bunch of credit cards. Okay, spending it a budget. You ever spent zero out of ten debt. You have IRS debt. Zero out of ten emergency fund.

That's tax money for next year. Not an emergency fund. So zero out of ten retirement. There is retirement dramatically behind for 40. 40. With the income you make, we would want to see you at... At least a hundred. Maybe more than that, level.

For your income, we'd probably want you two to three, two to three to four. 100, okay? So, no, your retirement score is really bad. Two out of ten. Real estate, this is where it's good. This is what's good. We have a great rate. This is what's going to save you.

I mean, it's an eight out of ten. It's fantastic. It's absolutely wonderful, okay? It's going to be a hammer financial score two out of ten. Guys, make sure to join us for the post show. We're going to try to convince her to call the mom and see if she'll finally confess how bad this whole situation. as we'll bring in the producers. We have a lot more to talk about that the producers know because they know your entire lives.

And make sure to check out the debt, investing and budgeting course where you can really change your life like over 10,000 people have. It's all bundled together. Cheapest price ever, 25% off. I'll see you guys in the post show. Please tell me what you just told me. Into the mic, into the mic, into the mic. We had an accident on our way here. On the way here?

Yes. That's fucking insane. Which really sucked because when I went to the concert in October 3rd. Hold on, I don't get. You just got under car crash. I do not care about a concert. You got in a car crash. Okay, let me tell this.

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Because her birthday is coming up. The wedding though. Two weeks. Two weeks. Thanksgiving's after that? A couple weeks after her birthday. And Christmas is only a couple weeks. In New Year's.

And the MLK Day. But wonderful human Guys She's just not good Wonderful, wonderful human I do love her She is a wonderful person I like like her

No, she's a great person Here's a thing Great person It's just We know she's a good Perfect Like wonderful, wonderful human But she's just so into me

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