Financial Audit - Grandma Is Dying In Poverty

Episode Date: January 17, 2024

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What do you do up there for a living? I am a commercial loan closer. Commercial loan closer. Wonderful. Well, we might be talking soon if I ever get into that world. Hopefully at some point, I'm in the residential for now. But how much are you making off of this position? My base salary is about little over 95, 96.

But with overtime, this year I'm getting 130. So people are closing on those commercial loans, huh? Yes, it's mainly corporations, like big corporations. I don't know how I can say them, but like face, you know, all the big ones. Oh, sure. Yeah. So 130,000. Mm-hmm.

Is that the income for the household, or is there a dual income household? No, just me. Okay. How do we feel? I mean, that's incredible. Thank you. That's incredible. It confuses me how we're in so much debt with that, but that is the American way.

$130,000. Oh. Someone over the age of 25 and high income. income. You've begged for it. And I don't have a bachelor's degree. Oh, that's awesome. So, wow, okay, very cool. So how do you feel living in Dallas? 130,000? I mean, that's pretty killer. It is. It's from where I was, I just moved into a house. I was in an apartment, which was like $17, $1,800 a month, which was great. But I've moved into a house and it's the, the rent is a little bit higher. I didn't want to go higher. I wanted to go higher. I wanted to go.

lower, but my kids needed a place to stay. How many kids? How many kids? How old? Twenty-five and twenty-eight. And they both live with you? They both live with me. They're families.

They do pay me rent, so I get $700 a month from them also. Combined $700? No, $1,400 combined. Oh, okay. Well, that's not insignificant. What's the total rent that you have to pay? 2209. Okay, so I mean.

It's not bad, but I... Well, I mean, with their $1,400. Yeah. I wanted to go down to a one-bedroom paying like 14-15 so I can really start attacking my debt and everything, but life happens. Is that $2,200? $2.09 a month. And why didn't you move down specifically for them to come back in? Well, they were, okay, they moved into my apartment. So I had a two-bedroom apartment.

They moved in, and they were there for a couple of months, and I asked them, are you able to move out? Because they're not, I know one son, my oldest son, he had lost to. his job and his girlfriend was working. My youngest son is getting in the process of getting a divorce. So they were like, no, not really. So I was like, okay, fine. So seven people in a two-bedroom is not ideal.

So I ended up renting the house. Wait, seven people. Who are the others? My oldest son, his girlfriend, their two kids. Okay, so grandkids. I have grandkids. My youngest son has a two-year-old. So it was quite crowded.

Okay, that became completely different than I was just picturing two people living there. Oh, no, no, no, no. So the divorce person, the one who's going through divorce, is it just like the litigation cost and everything like that, or just taking away from them being able to live on their own? Yeah, because his wife is still in the apartment that they shared together. Oh, okay, so that makes sense. And his name was on the lease and he moved out. She moved someone in, so he had to move out.

How long has he been with you? Since December of last year. Oh, that's a long time. It is a very long time. That I feel like, okay, first of all, I mean, if you want them there, that's a completely different story. So that's like, I'm like, okay, sure, absolutely. If you're like, all right, it's time to get on your own, a year later at the age of either 25 or 28, whatever this one is. And he's the 25 year old.

He could and should figure it out. I'm trying to shove them all out because I really want to, I don't want to live where I live. I was living in the city, which I really like, being single. It was nice. I was around everything. It was nice. Now I'm in the suburbs. And it takes me longer to get to work now.

Sacrifice a lot for them in their situations. And, you know, I can't fully judge their situation here. Like, I can't say that, you know, they're being either irresponsible or whatever without seeing everything they're doing. But certainly sacrifice a lot for them. Even still, though, your rent payment in terms of what you owe, 2209. I mean, 809 on $130,000 a year, there should be absolutely no reason why any debt exists.

No reason. Why the, why the, why, why does the debt exist? Honestly, I don't know. Oh, come on. No, no, I'm honestly, I'm very, I'm serious. I don't have an excuse. Like, I, I have one credit card that I pay off on a consistent basis, and then I use it. And then I was in the process of really, really paying it off before I moved.

So I had like four credit cards paid off. And when this happened, it was just... $800,000, though. $130,000 a year. $800 doesn't make a difference here. No, it does. And $130,000 a year. I can't even, I don't even know where it goes.

Well, we did have what we consider necessary food purchases, i.e. grocery stores to be $2,8,98. Is that a month? Within the most recent month, I've never seen anything like that in my life. Really? Yeah, like what the possible. I'm even surprised. I didn't even know I was going to the grocery store that much. In the bullshit.

$426 eating out. Extra miscellaneous bulls. It's like tequitos and bulls like that. 460 bucks. Are you shopping for them? Grocerty shopping for them? I probably was grocery shopping for them. They're big boys.

I mean, they have kids. They've done adult things. Again, I'm good with you helping out. I'm good with you helping out. It sounds like you would rather them not. leave with you, not because you don't like them or anything, but because, you know, just like fly little birdies. Right.

I don't know if we're... I'm trying not to be an enabler. I really am waiting. I did want to talk about that. We'll talk about that after the debt, but go ahead and give yourself a score in zero to ten. Oh, probably about a two. I'd like to thank today's episode sponsor, Factor. The ultimate solution for those of us that are constantly on the go.

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to get 50% off your first factor box. Again, that's code Hammer 50 to get 50% off. off your first factor box at the link in the description below. Thanks again to Factor for sponsoring this episode. So let's start with the Quicksover. Okay. Classic Quicksover. $2,256.

With a $75 minimum monthly payment, you made a minimum monthly payment, then $52 of interest accrued, so we only went from $2,279 to $2,256. So even though you paid $76, we only went down like $20, $30,000. Magic of interest. Yeah. What is this card? Why is this card up to 2,256? Oh my gosh.

You don't have to give me excuses. That's what you said, but I need to at least know how long has this been building up. That card has been probably at that balance for years, for years. That's one of my oldest credit cards that I've had. The Capital One cards are the oldest cards that I have. Why are the balance this high for so long? I have no excuse. I don't have a single excuse.

And the thing about it is, I don't even know where that card is. So people confuse excuses with reasons. If you're excuse, excuses you trying to excuse this because of the reason. I'm not, you're not necessarily trying to do that. I'm just trying to figure out the, the actual, sorry, I am a swear word. 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. Then go seafood.

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Like there's cards in front of that. Oh, then I'm going to have some major problems with that as we go through this. Yeah, there are cards in front of that that need to be paid off. off before. Sure, but you're talking years, years. And you could be, you could be, withdrawing from your tax advantage retirement accounts in 15 years, 15 years. That's why I love to have someone 45. I mean, that's incredible. 46, sorry. It's incredible. 14, and a half years. You could be withdrawing, Roth IRA, that kind of stuff. No penalties. we can't be headed into that that decade before you're able to do that with this kind of debt.

We can't. That's scary. My heart absolutely sinks. I think about it a lot. Like what my, because I'm closer to retirement than I am anything else. So I think about it like constantly. If you think about it constantly, then your actions should be showing that. Yeah.

Like I really want to get rid of this debt. Like it's just, my student loans are gone. So that's a good thing. I love that you want to get rid of the debt. Years now, though. You said you've had this. Yeah. And I've tried, and then it's, I pay it off, and then I reuse it, pay it off, reuse it, pay.

And then they, then they increase the credit limit. And so then I said, okay, I'm not, I'm not going to even touch it. And then I end up touching it, and it goes up. And it's just like a, like a seesaw, up and down, up and down. Well, the reality is, no offense, close it. Close on the accounts. Close them. I don't want you to have access to them.

Bad. This equals bad. Yeah. Bad. Nauty, noughty. We don't have these kind of cards. If we've gone through the cycle multiple times, we literally have proven to ourselves we are not a credit card person.

You can not use credit cards. Close them. Pay them off. Never again. It is okay. You might want to buy a house at some point. Well, see, that's, okay, so that's another thing. I really am a credit card person.

I want to. I am. You're not. I'm going to tell you why. I'm going to tell you why. I'm going to tell you why. I'm going to tell you why. I bought a house in 2020.

It was a condo. And I was working my job plus a job at Target. So I had two jobs and I was really working to pay it off. So this was 2020. So I had paid off the majority of the credit cards. The only one left was my Discover card. I had $3,000 left on that Discover card. And so...

Which means you're not a credit card person. So then after that, I ended up moving in with somebody selling my place. They didn't help me pay the bills like they were supposed. to so I ended up putting my mortgage on a credit card, everything else on credit cards. You said you sold your place. I did sell it. But I was only there a year, so I didn't have enough equity in order to draw anything out. No, no.

You, okay. So let's say you bought it for $400,000. You put 10% down something like that. Did you sell it for $400,000 again? And then, you know, like closing costs and seller fees and stuff like that. So you lost. Yeah, basically. So fun fact, spoiler.

You're not a credit card person. But I was at the point to where I was using them and paying them off ASAP before this same money drops. You said you had a balance of $4,000. If you have a balance of $4,000, we are not a credit card person because you have a balance. Balance and interest accruing equals. But I can't use credit cards. Really working to pay those off. Like really working.

Like my heart. If you're working to pay them off, the hardest, we are not a credit card person. A credit card person equals $0. $0.00 of interest ever accrued. in a year, never holding a balance. Fun fact. And it's really not so fun. Total interest charged on this year so far, $598.

Not a credit card person. Lots. I don't even want to get into that Discover card. Well, we're getting into the city. Of which we owe now, oh my gosh, $3,000. These balances are too high, man. You're not late in life.

You're middle in life. Yeah. But where you are, I don't want you to be headed into that period with these deaths. This is scary. Okay, we made a hundred. $120, well, $120 minimum monthly payment, which was more than the minimum, so that's good. But then you purchased $710.

And you say you're a credit card person? Not Latin recently. No, I'm not a credit card person now. All it takes is one time not to be. $42. This is my least favorite thing that I ever see. Yeah, interest is just like. If interest is accruing on a card, why are we possibly purchasing on it?

If we cannot pay it off and it just is accruing, why are we possibly purchasing? I don't even know what's on that. I hate that card with a passion. Well, you certainly love to swipe it. $3,5006-0. Dude. What's on that? I don't have my glass and I can't see.

I want to give you a hugging root for you, but I got to rip you apart first and just show you how bad this is. This is the part of Kitchen Nightmares where I show you the old moldy food and vomit. And this is going to make me vomit. We're paying our afterpay twice on a credit card afterpay. That's by something. Or you got something to Best Buy. What is it?

Consulting. What kind of consulting are you paying for? Home goods? Oh, no, no, no. Oh, I have a side business. I'm a travel agent on the side. So my monthly fee for my travel agent comes out of on that car. How much you earn from that?

About $5,000 a year. Is that on top of the $130? So you make $135? Yes. Okay. Well, Ms. Travel Agent, did you travel with an Uber and then an Uber again? No, no. That's for my mother.

What? She needed Uber to the airport. So I paid for her Uber. But you're paying on it. You make $130,000 here. You're paying on a card that you can't, that you're not paying off and interest is accruing. Pay it on it for a checking account.

$466 of interest this year so far and fees of $6. Lost. So we could do afterpay and after pay and best buying home goods. Those things, whatever you're using after pay, is not more important than you being able to retire. Right. It is not. You are too damn important.

You're a human being on this planet. You deserve to actually get your shit together and live the life that would be amazing. All right. This is the card you didn't want to talk about, right? Yeah, that's the card. $8,858. And four cents of death. You did it again.

I know. What are we doing here? $20 of purchases. Sure, you made the minimum monthly payment, which was more than that, but we're purchasing our card that we're losing $138 of interest on a monthly basis. Mineral monthly payments, $178. We went and purchased $20. What did we possibly purchase?

What did we purchase? What did we purchase? Amazon. Amazon? Great. If I purchased anything from Amazon, I had to have needed it because I don't really, I'm kind of an Amazon person. Let me see your Amazon.

Like my thing? No, pull up, you're up. Let's see these necessities. And while she's looking for these necessities, make sure you hit subscribe because we're trying to get to a million subscribers. And I love you all so much. Everyone has subscribed. Thank you so much for supporting the idea of living a good financial future. Thanks for you for being on the show.

Thank you. Being in the hot seat. Dry record. Okay, I can see that. Ultra light, small, compact, like, table thing? Camping side table. Oh, no, no, no. I needed that for when I travel for work.

my laptop and my all this stuff goes on top of that table toothbrush okay USBC okay adjustable tablet stand yeah for the new tablet that I had bought so your casual dress I mean I don't

I haven't gone I haven't gone through your clothes I don't know I don't know what you have and don't have and there's the portable monitor we have it's like we're justifying a lot of things and other fall women's winter thing a big a nice lunch bag Nice lunch bag

And that's it I go Okay I can see you Justifying some of those Obviously the toothbrush Okay yeah sure I can see you trying to justify some of those

If they're considered 100% necessities I do not know Well the dress no But the stuff I needed for work When I travel and stuff And the other clothing thing The sweater I'm sure you're hitting the town

Looking great in that dress Thank you Let's look great after debt I know I'm here with you Now everyone looks brighter and happier after day. It really do. I've seen people.

Like my best friend has no debt, and she's just... Amazing. Amazing. Her cars paid off. Her house is paid off. Look at that. It's incredible. Yeah.

Could be you. I want to get to that point. It should be you. It should have been me a long time ago. Elisa's one's not in carrying interest, but you spent $957 on this. Is this the car that you pay off all the time? Yes. Yeah, that's the...

T.J. Max. Yeah, necessity. No. Necessity. Some food, wine. Capital One lounge we're spending in there. Hollywood Sweet Hollywood. Oh, I used that card.

I went out of town in October, and I used that card to pay for the hotel. Whoa, your brothers and Taco Joint and Amazon and Royal Caribbean Cruise. That way. You weren't selling whatever you're selling on Royal Caribbean. That's me. And some plane tickets and some thaw. I love me some fah. How about get the fuck out of debt?

$68. But you pay this on $1.5.5. You pay this off every month, but we've had $54. The fees and $68.99. And fees? I don't know what that fee is. What quick silver card is it? It might just have an annual fee.

Is it the quick? Oh, yeah, that card has an annual fee. It has like some type of weird annual fee. Well, that's fine, but the interest. Yeah. The interest. Yeah, the interest is worse than a fee, so. Well, yeah.

You say you pay this off every month. $70 of interest. Not a. Credit card person. Wow, there are so many things to go through. Okay. NFM card, what the fuck is that? I've never heard of that in my life.

That is a Nebraska Furniture Mart. I mean, I did 0% on Ashley Holton. Yeah, I get 0% on that. If you pay it off. If I paid off. The first one I did, this is my second go-around with them. I needed furniture since we just moved. I bought the kids of bunk bed,

my son of bed. Kids? My grandkids. Yeah, I bought them a bunk. I don't know. I don't know if I like this situation. You'll be in an awesome mom and grandma, and I love that. I love that.

But also, I care about you and you're the one that's sitting here. So I'm going to focus on improving you. Damn, that has to be so hard. Okay, $1,524. What's the minimum monthly payment on this in order to pay it off by the time? Interest is occurring. This one, I just put that on there, so it doesn't have one yet. I haven't gotten a statement from there.

Like, I just put that on it. When does interest start accruing? For, like, 24 months, I think. Okay. We're paying in order to avoid interest, $63.50 a month. Cool. Cool. Now I'm good with 0% financing things.

I don't think you fall in the category as someone who can do that very well. I did it the first time. When I first moved to my apartment, I needed a couch and some other things, and I paid it off like within six months. So I'm very confident since that's like zero. The current could scare me. Yeah. But, okay.

Oh, all right, we're back to the... I can't even... What is this? That's Gap. Oh, that's Gap? Yeah. It looks like... It looks bad.

It's like, it's my Gap card. Okay. Gap. We owe 2,400. For Gap? Yeah. Gap? That car was paid off.

It's the cheapest place that ever exists anyway. It was paid off. It was paid off. When was it paid off? It was paid. I paid that card off in September. And then I put- There's like a month ago!

Yeah. I paid that card off in September. And we're up to $2,400? I put the... Wow, that's a lot of gap. No, I didn't even go to gap. That's for the house, like for the moving, like for the, um, deposits,

the first month's rent. You make too much money to do that. You make too much money. $209 purchases. And we're losing $57. $84. of interest and of course we're only making minimum with the payment

and yet we're still putting more money on it yeah Tom Thumb McDonald's for a move Tom Thumb Seafood that's a move Wing Stop that's a move That must not be my new statement That must be the old statement

So yeah that will always fade off We heard of $23 of interest Stolen from our lives this year so far And it's a 30% interest I'll I make too much money, so I owe them every single year. Every single year.

So we pay them. I'm on the monthly payment plan. Yeah, you are. Why didn't we just pay them? Because I had just paid off last year, and then I had to file for this year. And who are we talking about? Everyone's favorite department. The IRS.

Yeah. Of which we owe $1,955 to, 56 cents. Oh, man. And I've been paying on this loan. Well, this since, I think July. What's the interest? You did not sign her for something and not know the interest, did you? No, I can't remember how much interest is with them.

Half percent monthly penalty for not paying the tax you owe by the due day. Which is 60 bucks. Failure to pay, but that's your failure to pay. It started out at $2,000 and something, and I pay $2.46 monthly. This is 2022. too. Yeah, that's for last year's taxes. Okay.

Are you ready for this year's taxes? No. No. All right. Well, you know what I have? I got smarter this year. I'm taking a little bit more. I'm having my job withhold a little bit more out of my check for the taxes.

So it won't be so bad when I... You know, you can withhold from yourself, though. I'm putting in like a high-old savings account like so fine, get 4.6%. That's better. That just requires discipline and maturity. Yeah. $246 minimum monthly payment. Okay, Honda.

What do we have? What's our car? It's a 2018 Honda CRV. You love it? I do. $27,937.67. I do not see an interest rate. What is it?

5.5. Okay. Not death. Not death. With depreciation and everything, especially after the time you probably bought this. Still not thrilling. But, hell, $5.71 minimum payment kind of hurts.

Because the payment, 28. It's going to take five more years. Oh, four. Basically, this year's done. Yeah. Yep. I don't like the long terms. 20% down.

No more than 8% of your income. And no payoff longer than three years is the rule. It's the money guy rule that I have stolen for cars. Well, that's my last car. Once that car is paid off like I'm done with cars. I'm tired of paying a car. Well, you might have to get another car at some point. I'll probably, if I, if I,

When I pay off my debt and have savings, I want to get a cash car and just drive around in a cash. So I don't, I don't, I'm done with car notes after this car. It's more furniture? It's, yeah. Nebraska? Yeah. You're making furniture in Nebraska? That one is probably for my mother.

I bought her a couch and she's going to pay me back. Family debt. Yeah. Never a good idea. Okay. Let's talk about her for a second. Again, this is not an order on her, but this is going to full round it. situation, age and income situation and retirement?

She is, I believe she's in her 60s. She retired, but she had to come back. She has like no savings, nothing. She's selling the house and moving into a retirement community. She can afford that? Social Security, Medicaid. She's still working. And then I think she's going to collect Social Security at some point.

She hasn't started? I don't think so. at least I don't I don't know I try not to get into her finances Well I would say I would say Good Maybe a daughter shouldn't get into her parents' finances If we're buying her furniture because she can't afford it

That's different conversation So she says this is what she told me when she sells the house And gets the proceeds from the house And she's going to pay off this card And it sounds like this house has so much trustworthy Financial backing behind it doesn't it historically I'm just hoping things will change Listen you're not

nice you have a wonderful heart i love it it's incredible i just don't want you a gift so that was just recently that i purchased is this also interest free yes and for how many months the same 24 months so she's in the community now she just moved in the community and it is in the process of selling the house maybe she needs an audit 22 dollars and 68 cents a month okay yep how you're doing so far now this is a lot I know it's a mess. I know it's a mess. Laro card. Yep, my gas card.

My trusty gas card. It looks like you did gassy, but you paid it off. Yes. I pay that off every single month. I think that's it. I think that's the end of the cards. It should be a...

I have a couple of more cards. It should be an American Express card in there somewhere. We're taking a look, seeing if we missed something. I don't think we did, but American Express? Yes. Well, we look for that. Tell me about this.

What does this cruise line bowl? What's going on here? Oh, this is actually good. This is my earnings from my travel business. Oh. I thought this was just like you spend. So you sell Carnival Cruise Line. I sell everything.

Everything. And then you go take a Carnival Cruise Line. My passion is traveling. I have so much going on with my family and my life. I love to travel. So most of my money goes to traveling. Well, the majority of my money goes to traveling. But I also sell it.

When you get out of death first? I'm sorry. It's a temperate. I think because we can travel much more around the debt. I know. Well, actually, paying for it, not going into debt. We do not have those cards. If you want to pull up your apps, that would be great.

There's always hidden debts. And trust me, we thought we had all of it. I thought I said them all. So this is Miami. No, it's not. That is Miami. What are you doing? It's MiamiX.

Buddy, we're at 1, 2, 3, 4, 5, 6, 7, 8, 9 debts now. We can't be going into our 50s with nine debts, four more years. But, you know, round-bought. I hope to be out of this within a year or two is my plan. Well, how was your plan to get there? Because you've had the debts forever and you haven't done anything about it. I'm using two apps, and I have a financial coach that I go to now. Really?

Yeah, I'm using the app undeaded. So you put all your bills or your debts in this app. It tells you how much to pay. pay on each one every month and it tells you how long it will take you to get debt free. So I'm using that. And according to them, I should be debt free in like a year and a couple of months, minus my car, because I didn't add my car. It requires a lot of discipline if you follow it.

So in order to build the budget, what we're going to do is we're putting you through our budgeting program. It's like the best budgeting program that exists online that we could find. Go through that, go through the few hours of classes, take the quizzes, make sure you're actually learning things. And then we also have a debt payoff thing. And we're updating it too to make it even better as it goes and goes. And it will plug it like with your budget and everything combined. Like we can make sure you're actually getting in the place you want to get to. Okay.

You're $139 from the limit of this card. And I need to make a payment on that card actually this month. Interest $59.4. There's no minimums left this month that looks like. But what I am trying to figure out is what the normal minimum is. It's $84 a month. Okay. These are stacking up.

I would like to see your purchases. How do I get there? Oh, sorry. Go ahead. Let me see. Under Armour. And paying for things at the airport. And electricity.

Yeah, but that's not bad. I wouldn't put it on a card that's maxed out, but at least it's not a purchase. just that needs to be like. You have other debt? I have a venture card. Let's get on to the 10th debt. Venture. You know the app you're using

and the program you're using relies on you not spending the money that you're spending right? I always have to go in and update the amounts when I actually do spend on the cards. Which we're always doing. It's defeating the purpose, yeah. I don't know who this coach is,

but please don't be a big valise. Please don't be a big value. What the fuck? But that's all spent. That's what you just spent. You spend more money than the money we have you spending? An extra $2.000. Did you pay this off?

No. No, no, no. What the fuck we possibly buy? What do we possibly buy? What is it? Cafe and rent. You put your rent on this? Yeah, I did.

First of all, you're going to lose like fees and stuff putting rent on a credit card. Well, that credit card has no. It's 0%. 0% what? Oh, okay. Yeah. Still,

fees can hit, though. When you try to find any fees. I'm not seeing any. Sometimes, like the charge of rent can be more on credit cards, though.

It is. It was like $50. Dude, you make too much money and your rent is so minimal. Even if the rent was the $2,000, whatever, that's comfortably fits in your income.

But it's really $800 because you're kit. Then we had to get Cajun. I had to get Cajun. Okay. Any other debt? I have a payday loan. You do not. I do.

It's not mine. It's not mine, but I'm paying for it. No, no, no. It's not mine, but I'm paying. It's my brothers. Oh. We went out of town, and when we came back here, he had wrecked my niece's car, and he didn't have any money to get it fixed.

So I helped him get the money to pay the car. You didn't have any insurance under his dad? No, because he lives in New York, so he doesn't have a car or anything like that. Why are you paying for it? What does he do? He lives in New York. What is he doing for a living? He's an aspiring actor, so he's a waiter.

Oh, so he's fucking around and you're having to pay for it. Well, not really. He just came off tour. And when I talked to him about it, he thought I was taking the money out of his account because he's on one of my accounts. And to pay off the loan and I told him, no, because you can barely pay your half of the phone bill. So.

He's on the phone bill. Yeah. We're on the same. He's on my plan with me. You guys, you're in your 40s. We're not doing that. I have a problem. I help people.

You do. And again, I love that about you. You're just fucking yourself. What is this pay? What is this pay day loan? How much is it? You shouldn't be paying for this. To be very clear.

His fucking responsibility. He's going to pay you back. He's going to pay you back, yeah? Yeah. Yeah. When I talked to him about it, he was like, when he gets a better job. then I can start taking it out of his account.

So 35%? Okay, it's better than most paid loans. Yeah. It's still death insanity, crazy, worse than credit cards. Oh, no. Oh, I think I have the current balance on there. Not on there. That's just the original document.

Oh. I want you. The one thing I don't want you to become as a... Please don't become a... I'm trying not to be... You're breaking like all the rules. I'm sorry. I know.

That's the current balance on that one. Actually saying it and seeing them Like this it looks pretty bad Oh It looks really bad Does it? It looks really really bad It looks really bad

Interesting It's almost like this show Works its intended purpose $128 minimum monthly payment Oh no That's every two weeks It's every two weeks 2,805 balance

128 92 times two $257.84 cents. Checking account? Checking account? Nothing and savings. Okay, awesome. $44.

And it's just the little round-up stuff that you do. Yeah. Oh, let's see. You ask for my heart rate. I'll give you a heart rate monitor because I feel like I'm dying right now. Sorry. Yeah, let's see.

Heart rate current monitor sits up. 113. You got me to 113. Oh, wow. That's high. Well, mine's probably higher than yours, so. We started with $2,300. We ended with $928. That's not great.

Oh, look at this. I make sure there's no personal information. Okay, there's not. Pink equals... The other thing is equal necessity. Mm-hmm. If we don't have money, if we can't even pay the minimum... If we can't even pay off our debts early,

should we have this high of a percentage of bull... Marble slab. Uh-uh. Fishing. Uh-uh. McDonald's, Dart. Oh, I rolled the train to the state fair. Chew, too, no.

To the train. Well, it was cheaper to ride the train. It is to park. Okay, well, never mind. It works. Thank you. But also don't go to the state fair. You can't afford to live.

I got a free ticket. And then you spent money to use it. True. True. Some, something in a plaza, sending out money cash app, more Spirit Airlines, Golden Chick. tie love me some tie

I love tie No you don't anymore You hate it Tom thumb Tom thumb You go to Tom thumb Every second of your life

Shop fund Ticitos Tom thumb Biscuits Panda Express Apple Apple Bill NNT Cindy's Raising Cains

No I think this calendar budget thing actually makes sense So we can do that That obviously makes sense Yeah To use Tom thumb To keep track of my budget

Do you use Tomthon To keep track of your budget No ruin your budget. That's the grocery store. Like that Tom Thumbum, yeah. It's like an Albertsons. It's like an Albertsons.

Yeah, it's Tomphton. You used to be right next door to my apartment. That's why 2,900. Probably, yeah. Spotify, we can listen to ads. We're trying to get out of debt series X-M. No one even uses that anyway. Don't know why you have it.

After pay. What are we after paying? We were already doing all the other people spending out on the credit card. Louisiana, famous fried Dallas, and Chick-fil-A. And then, Ron. transfers, blah, blah, blah, blah.

Zells. All the good stuff. Lots of zels. Zell on every second of our life. Merge is fun. $262. So, yeah, let's not go to the state fair where we spend more money if we don't even have even close to our fraction of a percentage

of a small part of an emergency fund. Vacation, vacation debit, vacation? No. I got... You're not going to escape your debt by flying away. It's not how that works. Okay, now this, you know, if we were not 46, I'd be happy about 100 to 14,000 hours in retirement. The shows you've released, you know, you've done, you know, I'm trying to say.

I've lost my mind at this point. This shows that you've, I was standing loans. You're you borrowing against this? I did it once. I needed furniture when I first bought my place in 2020. So I have loans. But you still, 07. I still owe on those loans, yeah.

I didn't catch this when we were going through it before. I forgot all about them. They just come out of my check and it's just... $7,778. $37. I don't know what the interest rate is because they didn't not catch this. It's like $4.5. That's still money.

I don't know what the minimum of money either. So the Bank of America 401K plan a Vest of balance $107,000, which I like. this says $122,000. Yeah, that's my current balance. Okay, so good. Yeah, the market's had a big

upswing recently headed into this, so that makes sense. Listen, this is not a bad balance as far as balances go. I think the average retiree, average, not median, median's obviously worse, but average being carried by

wealthy individuals, mostly have an average of, ah, shit, I'm at like $300,000. and these types heading into retirement, and you'd be right around then, you know, if we consider it doubling every seven, eight years or so. It got my, my, um,

the percentage that I invest every year goes up 1% every year. So I'm at seven, I'm at seven. These market returns are not beating the, you know, 35% of the payday alone. They're not beating the, it doesn't make sense. Yeah. Unless you're getting a match, it would be doing zero percent.

Yeah, they match 100% up to, My job up to 5%, 5%. Well, I would take that, and then I would negate the other two for now. And then I'd max it out eventually. But to be clear, again, this number, I think we're going along with average. You're still behind where I'd want you to be for the retirement that I know you're going to want to live, especially your traveling enjoyment. So that's still dramatically behind where I'd want you to be.

But I am glad you got there because I could be talking to someone, 46 was zero in retirement, right? I should have looked at the minimum monthly payment. It gets taken from your pay, though, before it hits? Yeah, after taxes. Okay. So it's like $200. And we don't have to put that in the budget anyway, but we'll put the payoff. Okay.

Either way, I mean, you have like a, what, $120 in there, but your debt is closer to, with the new debt that we now know you have, almost $60,000 of bad debt. There's nothing there working for your benefit. There's no, like, real estate or anything. So this is all just shit. It was higher than that with my student loans, but they were forgiven. So they were like $55,000. Now I can just focus on the credit card, which are pretty bad.

Now that I see them right now. 4.5% of your spending went to paying off debt. But again, grocery? It was like 20. I cannot believe I was spending that much money on groceries. Welcome to reality. 4.5 was to debt, but 4.2 went to eating out. Or sorry, 4.6 went to like unnecessary.

That wasn't eating out, just extra unnecessary. Things like, uh, Other large purchases like Spirit Airlines, Royal Caribbean Cruise and Best Buy, came out to an additional 4.4%. So by now, you could have basically 4xed. Yeah, 4xed. How much money you put towards your debt? You could have, but you're choosing.

But then we also had, let's see, unknown shopping. Let's see where that one. Usually that stuff like Amazon. Yep, Amazon. Apple, we don't know where that is. Usually it's in Amazon. There's your consulting thing that's business. We can hopefully write that off.

Afterpay. Oh, the afterpay was. the big chunk in there. Walmart and Target, you never know exactly what that is. If that's more grocery, that's not necessarily good because we already spent so much.

So that's an additional 4.4%. Oh, no, no, no. 6%. 6%. So this is not including groceries. With unknown shopping, put the food.

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Rounded it to 20 with the other large purchases. 20% of our spending. 20% of spending that went to nothing productive that could have have gone towards the debt when you only put 4.5% you're spending towards debt. That's your future. That's your future that you chose to say, nope. Not taking care of my...

I'm just going to spend money on living life around instead of actually taking care and doing it. Now, transportation, this is expensive. With the car insurance and the car payment and tolls and then the dart thing and then Uberine and then gas, that came out to 11.2% or 1,100. $130 total. Well, I just talked to my insurance and had my insurance lowered, so that's going down. From 246, too.

Well, I paid 171. You paid for two people's insurance? No, just one. Want my... We had 246. Either way, what is it now? It's 150. All right.

You're going to go through the program and you're going to make an actual concrete budget that applies to your situation and all that education will help you, but obviously we only have limited time here. We're going to do a... a loosey-goosey budget to give you a concept of where we could go, what direction we should go towards what we should do in order to get us in the place. We're out of debt after how long. Rent, $2,209.

Utilities. I budget $150 for electricity. About $100 a month for water. I think that's it. What about Internet? Oh, Internet is $150 a month. What about gas? No gas.

Okay. It's electric heating? Yes. Oh, that can be expensive. I turn it off a lot. I would. Get some blankets. It looks like we go to the gym, 2496.

2496, yes. Totally supportive. I just lost like 50 pounds. Come on. Thank you. It's incredible. Got to get that cruise body, right? Exactly.

And I'm going on a cruise in December. You are not. No, you're not. I am. What is this a joke? No, I'm serious. I'm serious. Are you serious about that?

So you're not serious about your future? I'm very serious. Because here's the thing. I have to go. Like, I have to go. Like, if I don't go. What the fuck? Why I'm disgusted right now?

What do you mean? I just, I can't. I can't. I have to go. It's already paid for. It's already paid for. It's already paid for. It's already paid for.

Refund. Can you? No, it's too late. We leave in a couple of weeks Who's we? Me and my It's okay I'm on a third wheel

type of thing My friends like to Travel with me But they like to travel with their Significant others And I don't have one And they still want me to go So it's my two friends

Their husbands and me And it's on a cruise And I've never been on Royal Caribbean So it's kind of like research Oh Fuck off So Talk to CPS

See if you can credit off. But fuck off. So, yeah. What did you spend on this? I spent about, I spent $1,200. Oh. And I took it out of my budget.

Oh, what budget? There's no, no, no, no. It didn't come off of credit cards. It came off of. No, no, no, no, no, no, just one. No, no, no, no. You know why I did? You know why I did go to your credit cards?

Because you didn't pay any extra on your credit cards and your credit cards weren't paid off. And if your credit cards weren't paid off and you were doing this extra thing, that means the money that should have been going to the credit cards. It was not put to the credit cards. That is true. That is true. That is true.

I don't even want to finish this. We're putting a cruise. That's very disappointing. I didn't put a cruise on my credit card. Are you saying I'm putting a cruise before? Over your future. Okay. Okay.

But I used the money from my travel agent to pay for it. My travel agency to pay for it when I got a commission check. It doesn't make it better, but. Where could that commission check? Some of it does go to. Where could that entire commission check have gone? To credit cards, to my debts. Don't try to justify it.

You're going to ruin me. How are we doing groceries of this house? Okay, so now that we have moved, my oldest and his girlfriend are doing groceries. I don't pay for groceries anymore. At all? Any? None. Okay. None.

Good. I understand the divorce one. Going through divorce. What the fuck are they still there? They're still there because my son got a job, but she lost her job. And they have two kids. So they need like a two bedroom or whatever? They don't have an emergency fund, do they?

No. They don't have anything. Now I have an emergency fund is an emergency. and then you move back in with your parents. Yeah. I'd get on there and be like, yo, let's save it open a merchant's phone.

I had thought about the monies that they give me, not actually using it towards anything, but just keeping it and then saving it up and then giving it to them, so they'll have enough money to move. No, they're adults, they're adults, they're adults.

I would say yes as a caring person, absolutely do it. If we were not just drowning and 35% at our peak debt, no, we're not doing that. Unfortunately, we're just not. Okay. I'm sorry.

Sorry, we're just not. Okay, I'm giving you like 100 bucks for makeup and $12. I appreciate that. You're welcome. Thank you. I paid for the cruise. Got to look pretty. Ongoing medical, prescriptions, anything?

They're all paid for. My prescriptions are paid for. Every now and then I go to the doctor and I pay like a co-pay. Or I pay like when they take lab tests and then I have to pay whatever my insurance doesn't pay. So every now and then maybe it's like $50 every six months. or something when I go to the doctor for the lab test. Okay. Gas, we had about 112.

That sounds reasonable? Yes. Yes. No more brain. I don't, I told me those are from my stepmother. No more tolls. I moved away from the toll road, so now I don't take any tolls. Because I used to live off the toll way.

Conscience is not 150. Phone bill? Your portion. 135. The other portion is paid? The other portion is I take from my brother's account and pay his portion. Never any issues with that No, I always take it out

So he doesn't even know I take it I just snatch it Can you snap Can you snatch the 257 for the payday loan? If he has enough money in there He told me I could snatch it So he's, I think he just got another job He's just waiting to get paid

So he says once he has enough Then I can start snatching that too I'm not going to put that in Wait, wait, whoa, wait Did you take it out? Is it in your name? Yeah, he My, my, where I, no, no, The payday loan?

Yes, it's in my name. It's in my name. Because at the time, he didn't have a job. Now having an emergency fund is an emergency. Okay. Okay. Okay. Okay.

Okay. What else do we need to survive? What else? Where are we out? Okay. You have rent, utility, gym, toll paper, gas, car insurance, phone. Renters insurance?

20 bucks? No, I paid that. $75 a year, so I've already paid that. Not even worth it. putting in. Okay. Anything else? That it's required who you to survive? No. No.

I don't really go out. I don't do too much, so. Put it an extra $30 for car maintenance. Those oil changes goes to fixing, getting a tire, all that stuff, when it needs to happen. Let's figure out these debt minimum monthly payments because I'm about to drown in numbers.

Death numbers of kill me. You are a brave you. Very brave. I expect that. Very brave. I think my brother is the only person that knows that I'm doing this.

I didn't tell anybody. You're a B-B-B-B-T. No, you're truly a B-B-B-G-K because I know I'm very tough. I can take it. I'm tough. So without the payday loan, of which, it's in your name, so we have to, we have to do it. I have to put it in your name. Okay.

So, debt, and this is the insanity part. 100, 1,682.56. A month. So necessary minimum, in order to survive, this is not calculating them paying you rent, but necessary for you to survive, $4,843. $52.

A month? Yeah. Oh, okay. Total income that came in was $5,699. Does that sound up all right? Yeah, it depends on overtime, so it can go up and down. What would you say is the average

that hits your account on a monthly basis? I average. I average about 50, 56, so that's about right. Okay. Yeah. I get a raise in a couple of months and a bonus. Good. All goes towards debt. Yeah, this is insane. You make too much money. Your budget's overblown because you're trying to help everyone. You're trying to do everything. $756 is not what should be left over on a monthly basis. I mean, just to get a one-month emergency fund, and this is crazy. Usually our first step in pain off the debt process to get a one-month emergency fund.

That takes six and a half months. that's a step one. Wow. And you make way too much money for that to be a thing. Obviously, a bonus will get us there quicker. Obviously, a raise will get us there quicker. More commissions will get us there quicker. Right.

I do have commissions coming in. Good. But if we're still averaging at that number, oh man, we're already on an hour. So I'd go on and talk to you forever, but I'm just trying to think. Okay, the reality, we said about $60,000. So include the one-month emergency fund in that.

Actually, let's include a six-month-merchice fund total that you'd save up after the words, which 4844 minus the debt payments, which we wouldn't have anymore, gives you a monthly necessity of $3,162 times that by six is, you need a $19,000, six-month emergency fund, plus that by the $60,000 of debt you have. Okay, so you need $79,000. is back to just like step zero of financial like being okay. Divide that by the $756. We have a month extra.

It takes 104 and a half months. Oh, gosh. Okay. That's a couple months. That's a couple months. Basically nine years. Now, something that changes this situation, you collect $1,400 in rent. Yes.

So what we can do, now this we want to be a temporary thing. Yes. Very much so. But you might not have the option for it to be a temporary thing. You actually might need to house hack with them for a bit. Really? As long as you're not giving them extra shit. Them helping you pay rent might be like, this adds 14.

This brings you to an extra $2,156 a month. Now, I don't think you're going to be able to keep that the entire way. But what did we say? You needed $80,000. That's what we said? $79,000. Okay. So divide that by $2,156, 36 months versus $100,000.

whatever months. 36 is the whole lot better. Right? Three years. Three years. Three years. Three years with them paying you, though. I don't think they're going to live there for three years.

No. Unless they're just like lazy, but I'm not going to take any assumptions. No, probably not. So that becomes very hard for me. Now, what that doesn't include is if you pay off the debt, the minimum monthly payment's going to go away for that and you put a choice together debt, but it also is not including any interest that's going to accrue. So I'm essentially allowing that to offset itself.

what I am since since the whole house situation is kind of like clearing and everything is getting settled so I have started back paying off so the the capital one will be paid off I'm putting more towards the IRS next month so I'm in the process of going back and starting back paying off my debts I couldn't figure out what the IRS interest was what I would do since that's already been negotiated you're already having more withholdings from your account first of Sit down to the CPA, see if you can write off anything from your extra $5,000. You know, but whatever. What I would do, the high-priority things I would take advantage of now,

is get to that one-month emergency fund, would you be able to get to in a couple months with the rent they give you? Right. Because of that. So as long as they live with you, we're throwing this 2156 towards the debt. We're not having you paid for fun. You're going on this cruise.

That's going to be the last time you do that for a few years. Before you do anything that's paid for, You're going to go to a park or your friends are going to pay for things. Or are you going to get some, you know, gorgeous person to take you on dates in downtown Dallas, you know, take you to those expensive steak nights. So that's an option. You're not paying for it. It's not an option. Oh, I guess.

Okay. It's not an option. Well, I wish it was, but it's not. The kids will take you that. So I need you to get that one about the emergency fund first and foremost. I'm doing small to largest snowball on this because you just have so many dead. debts that you chipping away the minimum monthly payments is going to help. Technically, the avalanche still saves more money over time,

but you're going to see more progress, and that's going to be helpful with this many debts. If you had this within three debts, the interest rates were, you know, high, mid, low. I would do high interest, then mid and low. But we're just going to snowball small slashes, so I would attack, you know, the NFM first and just go from there to the small sluggist. Actually, the Nebraska would be first. Save yourself the minimum monthly payments.

I know it's interest for it. Well, okay. I mean, I would throw a little loophole in there. The interest-free ones, the Nebraska and the other one, I would admit a monthly payment until those are paid off. And then I would do small, so large, just all the other ones. Okay. Pay day long, this is another thing.

We're having a conversation with the brother. Yo, I'm sorry. I know you're living an expensive place. I just simply can't afford this right now. Love you. You're paying for it. Be an adult. Okay.

So I'm taking this from you on a monthly basis no matter what. It just needs to be a thing, and you've got to put your foot down on that. This is not a thing. you're going to get your your mom needs to pay you back immediately for that other one so those are the high priority items so you start minimum monthly payment you're minimum monthly payment on everything uh small is the largest on the debts except for the ones that are interest free you're doing what is necessary to pay those off before interest is accruing you're getting a two month emergency fund you are telling your brother that the payday loan is being taken care of that he is going to pay that two fifty seven on a monthly basis more than that if he wants to save one interest way he's paying for it now um but the risk is still in your book that's what i hate And your mom needs to get her to sell that house, and it might not be the best market right now. I don't know. It's more of a buyer's market,

even though the interest is... I mean, Texas has had a rough go for selling in general this year. But she needs to pay whatever she owes you back, whatever one that was. Was that the Nebraska one? That was the Nebraska one. Yeah, that's one of the Nebraska ones. So however get that money,

and I wouldn't even put that money towards it, I'd put it towards whatever the smallest one still is at that time. and just still interest-free that one. Right. Until it's done. That's what I would do. It's going to take a long time. Okay, let me throw another thing.

And when they and every move out, try to see if they can all move out around the same time, so there's not much, you know, like one moves out, and then we're sitting for six months, like waiting for the other person, like, you've got to go. Once they all move out, we're going to downgrade you. We're going to downgrade. I'm in a four-bedroom house.

Exactly. It's too big. If we can get you like $1,500 a month, I mean, that still slows down your progress because it takes you from like $8.50 or whatever that you're actually putting shorts rent and almost doubling it. So that's still going to slow down the progress. My best guess is this is going to take about with all those things included from now paying off all the debt to an emergency fund six months, four to five years. Okay. Is my guess.

Sucks? Sure. No one likes to hear that. that but it doesn't matter because it's this is already where it is it's already where it is i don't want you to go through bankruptcy anything like that i don't think that's necessarily a thing you have to do right now um i know it's another interruption but you can get five thousand dollars by listening to the end of this right now if you transfer your portfolio to mu mu which i personally use for my individual stock picks you can get up to five thousand dollars

it's literally free money and an amazing investment platform and it's what i personally use so check it out in the description below i highly recommend I think you can buckle down, take care of this, make more money, by the way, through the raises and grind those commissions, work as much overtime as you can, drop it down to three to four years. That's awesome. Cool. We're approaching 50-51 at that time.

You have a decade to contribute like 35% a month, maybe even 40% if you can, to retirement, and we can still get you to a, you know, a solid, comfortable retirement. You might be working towards your upper 60s, maybe 70, but you're going to be pumping it, pumping it, pumping it, stacking up that cash and trying to take advantage of some kind of compound. You're going to talk to a financial advisor and figure out your risk profile where you set if this is going into a more conservative, balanced, more aggressive portfolio, you're going to figure that out. You and your financial advisor will figure that out, but I need you to get this money going. But in order to do that, we need to beat down the 35% interest first.

Right. So that's what the next four to five or three to four years look like, however you decide to do it. Okay. What do you think? I just gave you a huge. You did, you did. I'm good with it. It needs to be gone. I don't want to go into retirement with debt. So it's like getting like heavy. Because I know I'm getting close.

Yeah. It needs to go. Life is bright on the other side. The other side of the tunnel is bright. It is. It requires sacrifice to get there. Yeah. So I really see three options.

I see one correct option. option, but I see three options. Well, we just talked about getting out of it, setting yourself up for a comfortable retirement. Two, declaring bankruptcy. Don't want that option. Three, probably just never retiring, to be completely honest. Those are the options that I see. I choose option number one.

Sacrifice now. Yes. No more cruises. Temporarily. Okay. Friends can pay for that if they want to. Dude, if they want to gift it to you, go for it. Don't ask, but if they want to gift it, let them know your situation.

Let everyone around you that you're really close to know your situation. Really? Sending them this video, they'll know your situation. Oh, my gosh. You can get out of this. Just work hard. Please, for the sake of your life, for the sake of your future, it's so important. And I would start putting our foot down on just some of the kids' things as well.

Educate them a little. Educate them a little. I'm happy to put them through the budgeting program as well if you want to send us their emails. If they want to take advantage of that, they can figure that out. Get a six-month emergency phone and then they can move out, and they shouldn't never have to move back in. again because they'll have a six-month emergency funding, they'll be good. They'll never have to be lying on you.

I think we need to start putting our foot down on mom, on kids, on brother. You're nice. You have a big heart. Don't let anyone take advantage of it. Okay. I think that's my problem. I just hate telling people no, especially family. So it's hard.

It's really, really hard. It is. No, it's incredibly difficult. But you matter. Your future matters. Thank you. You make sure you're telling yourself that. You make sure.

taking care of yourself isn't not taking care of others. It's not putting yourself in front of other people. Being selfish is like, okay, like, what? Five French fries in front of you, you take it all. Like, you didn't need that to survive. You need to do this to survive. It's not selfish taking care of this, you know?

So, any final thoughts? Any final questions? I'm good. I appreciate it. I appreciate you going through it, writing it down, because I would never do it. I'm thinking I'm in a business. better place than what I am and I'm

not. So it's a very eye-opening experience, so. That's why we do what we do. And now we show you there's a way out of it, and we're going to put you through the program and make sure you get there. Okay. I appreciate it. Hammer Financial Score, well, obviously that budget was completely blown to smithereens, so that was

just disgusting, terrible and like, the debt. Same thing. IRS debt? Come on. Zero out of ten. IRS debt. A media zero. Emergency fund. it's a generous one one out of ten because we weren't even a tenth of the way there I'm like a fortieth of the way there

retirement average average doesn't mean great because average retirement's pretty bad but I'll give a five out of ten real estate zero out of ten was higher at one point unfortunately sold it hopefully we'll get back into it eventually point five out of ten hammer financial score for now don't forget to check out of the resources linked in the description below they are what I use or would use in specific situations including the best budgeting program in the history of the internet

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